decline in farm income both in terms of agricultural prices and production. Private investment also expanded by investment in machinery and equipment in line with the import of capital goods which partly

-durable and semi-durable goods contracted partly from the decline in farm income both in terms of agricultural prices and production. Private investment also expanded by investment in machinery and

products instead. In this regard, the Company foresees that should the manufacturing business continue, the Company would be required to bear such fixed costs as depreciation costs, salaries for production

design and printing provider for media production, especially BTS Sky Train and Office media wrap. MACO expects to obtain GSG’s expertise in media production and installation to support the Group’s media

%) Same-Store-Sales-Growth(%) -37% Management Discussion & Analysis Q3/2020 Selling expenses mainly consist of salaries of dessert café’s staff, space and equipment rental expenses, utility expenses, and

mainly consist of salaries of dessert café’s staff, space and equipment rental expenses, utility expenses, and other selling expenses such as marketing and promotional expenses, and depreciation of asset

Cost of sales mainly consists of cost of raw materials, packages, supplies, salary of production unit’s staff, depreciations, kitchen utensils and space usage expense of production unit. Major part of

, salary of production unit’s staff, depreciations, kitchen utensils and space usage expense of production unit. Major part of cost of sales is raw materials. Q1/2021 vs Q1/2022YoY • Gross Profit in Q1/2022

Operating Revenue – Cost of Sales Cost of sales mainly consists of cost of raw materials, packages, supplies, salary of production unit’s staff, depreciations, kitchen utensils and space usage expense of

83 Q1/22 Q1/23 30.8% 30.9% Selling expenses mainly consist of salaries of dessert café’s staff, space and equipment rental expenses, utility expenses, and other selling expenses such as marketing and