Baht 118 million to Baht 132 million for the six months ended June 30, 2017 due to an increase in taxable profit. 2.5) Normalized Net Profit 6M'2016 6M'2017 % change million Baht million Baht % Net

year 2021. Income tax expenses Income tax expenses in Q4–2022 increased from Q3–2022 and Q4–2021. This is because in Q4–2022, some deferred tax assets were adjusted that may not be taxable in the future

gain in this quarter was not taxable. SG&A expenses were at Bt4,957mn, decreasing -12% YoY while increasing 1.0% QoQ driven by a tight control in marketing and administrative expenditures. • Marketing

wherein individual shareholders shall not include as taxable income and not be entitled to a dividend tax credit in the computation of tax. Management Discussion & Analysis (MD&A) Q3/2017 Management

increase in tax on profits arising from an increase in taxable profit. 9M'2016 9M'2017 % change million Baht million Baht y-on-y Finance cost Interest expense from borrowing 1,535 1,767 15.2% Interest

expense decreased 24.7% y-on-y and decreased 35.2% q-on-q (Baht 177 million in 2018 / Baht 46 million in Q4’2018), primarily attributable to a record of deferred tax income and a decrease in taxable profit

an increase in taxable profit. Q1’2017 Q1’2018 % change Q4’2017 Q1’2018 % change million Baht million Baht y-on-y million Baht million Baht q-on-q Finance cost Interest expense from borrowing 597 532

attributable to an decrease in taxable profit. 6M’2017 6M’2018 % change Q1’2018 Q2’2018 % change million Baht million Baht y-on-y million Baht million Baht q-on-q Finance cost Interest expense from borrowing

attributable to a record of deferred tax income. • Tax expense increased 238.1% q-on-q from Baht 21 million for Q2’2018 to Baht 71 million for Q3’2018, primarily attributable to an increase in taxable profit and

an increase in taxable profit. Q1’19 Q4’19 Q1’20 change change Btmn Btmn Btmn y-on-y q-on-q Finance cost Interest expense from borrowing 652 689 700 7.4% 1.6% Interest expense from ABPIF 56 44 40 (28.6