, with the decrease primarily occurring in Q1. However, sales improved in Q2 and Q3 as economic conditions strengthened. Franchise sales also showed improvement, supported by a strategic adjustment to
has resulted in a marginal increase in its debt to equity ratio. We strengthened our footprint in North America by acquiring the Corpus Christi JV which, once operational, will provide a low cost
but adversely impacted from strengthened THB appreciation against USD and PHP. Without such FX impact, revenue from overseas owned hotel should have increased by 7.6%. Revenue increase were contributed
flexibility to access. 3. CAZ will be more strengthened and increase its competitive advantage. 4. To be listed on the mai will increase liquidity and value of CAZ ordinary share. 8. Business Reliance
channel to the future fund raising, which has more flexibility to access. 3. CAZ will be more strengthened and increase its competitive advantage. 4. To be listed on the mai will increase liquidity and
raising, which has more flexibility to access. 3. CAZ will be more strengthened and increase its competitive advantage. 4. To be listed on the mai will increase liquidity and value of CAZ ordinary share. 8
reflecting management actions on working capital optimization and extract efficiencies. Net working capital reduced by three days over last year. The Thai Baht strengthened 7% yoy and adversely affected
operating other future hydroelectric power plant projects. (7) As the result of this investment, the business partnership with the Seller has been created and strengthened. The Seller is equipped with
loss of Bt -646mn last year. The strengthened THB in 4Q22 helped covered the FX losses from depreciated THB in the previous quarters. AIS has the policy to mitigate the currency risk using hedging