product differentiation strategy and careful allocation of marketing and promotional budgets to spur growth through priority channels. The launch of Green Apple flavored energy drink in the late 2016 is an

profit margin as a percentage of sales has increased from 25.49% in the previous year to 25.90% due to change in product sales mix of general merchandise and the enhancement of directly sourced private

in capital expenditure. However, external demand softened as the value of merchandise exports grew at a slower pace. (Source: BOT Press Release No.3/2020 on the Economic and Monetary Conditions for

profit margin as a percentage of sales has increased from 25.51% in previous year to 26.45% due to change in product sales mix of both general merchandise and directly sourced private-label goods, product

margin as a percentage of sales has increased from 25.89% in previous year to 26.17% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods

MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

% Revenue from Retail Merchandise 3.4 0.5% 10.4 1.7% 208.4% Total Revenue from Sales of Food and Beverages 710.0 100.0% 616.1 100.0% -13.2% In the 1st quarter of 2019 and 2020, revenue from sales of food and

of 77.2% and 74.5%, respectively. Product mix differentiation (the slowdown of Automotive sector and the startup of Network Switch line) and the Thai Baht appreciation against the USD together with the

segment in both consumer and enterprise as well as build strong retention program and product/service differentiation. FBB targets to achieve 1.6mn subscribers and continues leveraging mobile subscriber

expanded at a slower pace compared to the previous quarter, with merchandise exports contracting as global trade weakened, resulting in a decline in domestic industrial production. Meanwhile, tourism