emphasize on growing market share to become the leading brand in Thailand by stressing importance on effectiveness of corporate communication on both media advertising and promotional spending, as well as

, which is expected to commence in 2021. In 2019, Selling and administrative expenses (SG&A) level of spending was at 22.2% of sales (for Q4’19, SG&A spending was at 21.9% of sales), in accordance with the

The first quarter of 2017/18 (ended 30 June 2017) 1 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2017/18 2 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending

in 20172, mainly due to an ongoing postponement of festivities subsequent to the mourning period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a

and promotional spending as a percentage to sales. In addition, administrative expenses declined by -44.9% YoY in Q4’18 due to last year’s various extra expenses aforementioned. The Company Q4’18

income. Public spending also increased from spending on goods and services and compensation expenses while capital spending declined from the high base effect of last year from the disbursement of

, core SG&A declined, benefitting from lower selling and marketing expenses, administrative expenses reversal (lower pension spending), lower consulting fee as well as last year’s one-time expenses related

, decreasing of 128 million baht or 2% q-q and 12% y-y. This is the result of the COVID-19 pandemic situation and economic slowdown has made consumers more cautious on spending, especially in cash loan products

loss and high base of 2Q21 with one-time other income. Revised guidance from rising economic concerns Due to a rising concern on inflation, consumer spending, and continued intense competition, AIS

, 2017). • Economic stimulus—government subsidies—after the financial/pandemic crisis. • Corporate income tax deduction/exemption (via significant spending). • Import duty relief, etc. • Permission for