manufacture, particularly energy drinks in both bottle and can formats, delivered an improving gross margin quarter by quarter as a result of lower costs of key raw material and packaging items, as well as

importance for Golden Lime: the limestone quarry operated by TMC has already been one of the raw material suppliers in the past, but Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR

last year mainly attributed to increase in Disposal Asset Group classified as held for sales of Power Plants business unit in the amount of THB 149.44 million. After considering the certainty of disposal

last year that had the amount of Baht 1.92 million, this caused from the realization of gain from investment in Green Earth Power (Thailand) Company Limited (GEP) that is the investor of solar power

0.47 million 2. Gross Profit and Gross Profit Margin: (Unit: THB Million) Gross profit = Total Operating Revenue – Cost of Sales Cost of sales mainly consists of cost of raw materials, packages, supplies

due to time lag in price adjustment from rising raw material prices of Portugal operations in the first half of 2022. However, raw material prices started to normalize in Q3 2022 while http

consumption remains reliant on the purchasing power of certain groups such as high income earners , the majority of consumers are still hindered by high household deb while agricultural household incomes still

production was partly offset by lower volumes at PHP plant in Germany due to force majeure by raw material supplier. Quarterly Last Twelve Months 1Q18 4Q17 1Q17 1Q18 YoY LTM 1Q18 LTM 1Q17 LTM YoY Production

warehouse space. However, the company's gain in exchange rate compare to the same period of last year due to efficient exchange rate fluctuations management. The company's efficient exchange rate fluctuations

assets and repayments of long-term loans, and dividend payment during the year. - The increase in inventory, by 14.35%, from raw material and inventory reserved. - The decrease of value added tax