resulted in reallocation between sales and service revenue as well as marketing expenses while device subsidy is capitalized as contract assets and amortized against the service revenue over the customer

decrease. Also, device subsidy recognized as marketing expense will be capitalized as contract assets and amortized against the service revenue over the customer contract term. b) On balance sheet, there

%, part of which contributed from the successful deals with new partners in new export markets including Australia and Libya. Under these circumstances, the Group’s aggressive marketing policy to expand

discount was provided to those being impacted by measures to contain COVID-19. Still, the discount did not significantly drag gross profit margin down due to reduction in advertising and marketing expense

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

Management discussion and analysis /Page 2 - Efficiently cost and expenses control measure such as managing staff productivity, marketing expenses control by shift to more social media and digital marketing

. Marketing expenses declined significantly by -12%YoY from lower activities during lockdown, while admin and other expenses dropped -5.5%YoY from shop rental saving during lock down and one-time legal

margin of 51% from revenue growth, lower pressure in utility cost, as well as efficient cost management in marketing expenses. AIS reported a net profit of Bt8,146mn, increasing 35% YoY and increasing 14

commission, resulted in overall cost of service decreasing -1.5%YoY and remained flat QoQ. SG&A was under well-controlled, declining -26%YoY and flat QoQ. Marketing expenses dropped -33%YoY from lower

% YoY, with admin expense up 35% YoY due to higher performance-related staff costs. Marketing expenses increased by 6.0% YoY while maintaining a focus on cost-effective strategies that generate returns