, improving from 76.1% in 2017 to 78.4% in 2018. Both HR services and Financial services showed positive increase in proportion of recurring income as we continue to expand our customer base for recurring

an existing plant. Source of Financial Capital As the group as no interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Major Factors which

considered a positive factor that shall enable the Company's operating performance to grow continually in the future. 2019 was considered the year that the Company had a remarkable performance and achieved the

products that offer well-perceived quality at reasonable prices. We believed that the notable Carabao brand is well imprinted among targeted customers and the positive feedback in term of sales of both the

881 Website: www.aapico.com Management Discussion and Analysis for the year 2019 3 The positive impact on net profit on the other hand include an increase of sales and service income from the automotive

opening of new branches, (2) positive same-store-sales growth and (3) increased sales of raw material to franchisees. Franchise fee income increased from THB 56.5 Mn in 2017 to THB 69.6 Mn in 2018, an

activities to create better value for the Company. Cash Flow from Investing Activities CFI as of March 31, 2019 was positive 5.62mb. We actively invested surplus funding that we received from our IPO in a

the same period of last year, mainly driven by new restaurant outlet expansion and positive same stores sales growth. Cost of Sales and Services Total cost of sales and services of the company for the

http://www.sevenup.co.th Tel. 0-2741-5700-5 / Fax 0-2741-6878 / Company Tax ID : 0107545000021 the long-term. Which, has a positive effect on the company’s performance and the expand scope of work for

projects The management maintain positive view onThailand's economic growth, which evaluated from the Company’s customers database and reports from the Bank of Thailand(BOT). BOTexpectsthat the