Ended 30 September 2017 2018 THB mm % THB mm % THB mm % Raw material and packaging 119.21 85.73 77.35 79.17 (41.86) (35.11) Labor costs 12.28 8.83 8.99 9.20 (3.29) (26.79) Depreciation costs 3.76 2.70

manufacture, particularly energy drinks in both bottle and can formats, delivered an improving gross margin quarter by quarter as a result of lower costs of key raw material and packaging items, as well as

importance for Golden Lime: the limestone quarry operated by TMC has already been one of the raw material suppliers in the past, but Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR

raw material in stock and impairment of raw material. • Disposal asset group classified as held for sales decreased from THB 1,136.81 million as at December 31, 2019 to THB 902.31 million as at Q2-2020

labor cost and raw materials since the 2nd quarter of this year. Even though this resulted in the Company had the production cost and the cost of goods sold increased, but this policy would finally help

0.47 million 2. Gross Profit and Gross Profit Margin: (Unit: THB Million) Gross profit = Total Operating Revenue – Cost of Sales Cost of sales mainly consists of cost of raw materials, packages, supplies

due to time lag in price adjustment from rising raw material prices of Portugal operations in the first half of 2022. However, raw material prices started to normalize in Q3 2022 while http

from 45. 3 percent in 3M17 to 45. 0 percent mainly due to the increasing of cost of raw material that used for production. The net profit rate was slightly decreased from 4. 8 percent in 1Q17 to 4. 5

production was partly offset by lower volumes at PHP plant in Germany due to force majeure by raw material supplier. Quarterly Last Twelve Months 1Q18 4Q17 1Q17 1Q18 YoY LTM 1Q18 LTM 1Q17 LTM YoY Production

of raw material increases. EBITDA in year 2018 and 2017 amounted THB 83.9 MB and THB 209.3 MB respectively. ZIGA INNOVATION PUBLIC COMPANY LIMITED 999/9,10,11 MOO 9 NAIKLONGBANGPLAKOD, PHASUMUDJADEE