new flavors under Carabao Energy Drink Mandarin Orange. 2 Gross profits and gross profits margin Gross profits amounted to THB 1,003 million, rose by THB 125 million or 14.2%, representing gross profit

drop of 1.5% in the domestics. 2 Gross profits and gross profits margin Gross profits were THB 1,834 million, increased by THB 424 million or 30.1%, representing gross profit margin of 40.7%, an increase

47.2% 41.3 49.3 -16.2% Gross Profit Margin (%) 49.0% 47.1% 1.8% 42.6% 50.2% -7.6% EBITDA margin (%) 62.0% 41.3% 20.8% 37.8% 40.4% -2.6% EBIT margin (%) 55.1% 34.1% 21.0% 29.8% 33.2% -3.4% Net Profit

198.4 32.5% Gross Profit Margin 54.3% 69.4% GPM before adjustment with PPA /2 54.4% 69.6% 2. Sale of Investment Properties Revenue from Investment Properties 2,100.6 - (100.0%) Gross Profit 161.5 - (100.0

3,166.0 million baht from: Unit: million baht As at March 31, 2018 As at December 31, 2017 Variance Current assets Cash & cash equivalents and current investments 11,104.0 9,995.9 1,108.1 Trade and other

million baht from: Unit: million baht As at March 31, 2018 As at December 31, 2017 Variance Current assets Cash & cash equivalents and current investments 11,104.0 9,995.9 1,108.1 Trade and other

rate of the profit was higher than the increased rate of the revenue due to the higher revenue and the slightly higher gross profit margin. Comparing the profit in Q3–2019 with Q3–2018, the increased

] FX: THB/USD 32.0754 33.7691 35.018 Sales Revenue 13,982.5 14,195.4 -1.5% 13,797.5 +2.9% [ Sales Revenue, USD $435.9 $420.4 +3.7% $394.0 +6.7% ] Cost of Sales 10,351.4 9,933.1 8,985.0 Gross margin

327.23 293.24 (33.99) (10.39%) Cost of program rights 180.24 232.01 51.77 28.72% Gross profit of content business 146.99 179.69 32.70 22.25% Gross profit margin 44.92% 43.65% 2. Advertising and Media

% Gross profit 86.16 82.23 3.93 5% Gross profit margin 29% 28% SG&A 58.00 52.09 5.91 11% EBITDA 57.50 60.28 -2.78 -5% EBITDA margin 19% 20% Depreciation and amortization 28.53 29.44 -0.91 -3% EBIT 28.97