from (1) decreased cash and cash equivalents as the Company repaid loans and invested in property, plant, and equipment for store expansion; (2) reduced trade accounts receivable since the Company
will fully focus on international expansion across the ASEAN market. This will enable MACO to leverage PlanB’s platform, contents, and secure minimum guarantee. Moreover, the integration efforts between
partly offset by cash paid for corporate income tax of THB 25mn. Net cash used in investing activities was THB 286mn, mainly from cash paid for acquisition of equipment of THB 208mn from expansion of media
of most of depreciation related to major factory building, plants and equipment for canning capacity expansion project in Q2 2018. 3 Selling, general and administrative (SG&A) expenses SG&A expenses
in March 2018, resulting in realization of most of depreciation related to major factory building, plants and equipment for canning capacity expansion project in Q2 2018. 3 Selling, general and
for 1) acquisition of equipment of THB 349mn from expansion of media capacity, 2) short-term loans to related parties of THB 120mn and 3) net cash paid for investment in subsidiaries of THB 28mn. Net
partly offset by cash paid for corporate income tax of THB 45mn. Net cash used in investing activities was THB 369mn, mainly from cash paid for 1) acquisition of equipment of THB 210mn from expansion of
to the fourth quarter of 2016, almost of the increase of employees’ expenses and premises and equipment expenses that provide for business expansion. The ratio of operating expenses to total operating