Limited Management’s Discussion and Analysis (MD&A) Page 10 of 16 Total admin. expenses stood at THB 6,114 mn, a 20.7% increase YoY. Administrative Expenses Total administrative expenses constituted

sales as described earlier. Total admin. expenses stood at THB 1,421 mn, a 18.1% increase YoY. Administrative Expenses Total administrative expenses constituted expenses on personnel, marketing

2019, costs of sales at THB 359 mn, an increase of 60.5% YoY). The decrease is in-line with the lower revenue from sales as described earlier. Total admin. expenses stood at THB 1,684 mn, a 17.1

and ESCENT Khonkaen condominium projects. Total admin. expenses stood at THB 1,598 mn, a 37.8% increase YoY. Administrative Expenses Total administrative expenses constituted expenses on personnel

earlier. Total admin. expenses stood at THB 1,637 mn, a 2.4% increase YoY. Administrative Expenses Total administrative expenses constituted expenses on personnel, marketing & promotion, rental expense of

/ developer/ system admin/ IT security/ helpdesk/ IT compliance/ IT audit โดยนับรวมบุคลากรในทุกระดับตั้งแต่ officer ถึง C-suite level ทั้งนี้ ไม่นับรวมคณะกรรมการบริษัท แต่หาก C-suite level เป็นคณะกรรมการบริษัท

ratio to sales of 16.5%, an increase from the ratio of 6.7%, mainly due to the increase in sales and overall gross profit margin and the decline in selling and admin expenses as a results of strict

subsidies.  General admin expenses were Bt2,648mn relatively flat YoY while declining 19% QoQ from lower staff cost.  Depreciation and amortization was Bt110mn increasing 15% YoY mainly from shop expansion

postpaid segment and serving customer migration from prepaid to postpaid. As a result, marketing expenses to total revenue decreased to 6.8%, compared to 10.3% in 3Q16 and 7.3% in 2Q17.  General admin

admin expenses as a results of budgeting control scheme for ICUK’s operation coupled and lower international football sponsorship fees, which compensating the higher financial expenses and corporate