Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation

revised CAPEX guidance to approx. 30bn focusing on optimization to manage network quality. Market and Competitive Environment Overall demand in 2Q22 recovered through an increase in foreign tourist arrivals

underlying projects. (Bonds that intentionally mix Green and Social Projects are referred to as Sustainability Bonds, and specific guidance for these is provided separately in the Sustainability Bond

objectives for the underlying projects. (Bonds that intentionally mix green and social projects are referred to as Sustainability Bonds, and specific guidance for these is provided separately in the

sales was 1,711.86 million Baht or at 95.29% of revenue from sales which increased from 93.65% of year 2017 due to higher energy costs and product mix. 3. Selling and administrative expenses increased

mainly due to the followings: (a) Lower contribution margin recorded resulted from unfavorable model mix; and (b) Higher tax expense recorded during the 3-months period ended 30 April 2019 by Baht 2.82

444.9 million Baht or at 93.39% of sales which decreased from the 3rd quarter of last year of 102.32% and decreased from the last quarter of 95.17% and that was due to product mix and improving in yield

Baht or at 104.43% of revenue from sales which increased from 95.29% of year 2019 due to higher production costs and product mix. 3. Selling and administrative expenses was 96.17 million Baht which

lower Gross Profit Margin from 34.9 % in Q2/2019 to 34.3 % in Q2/2020 resulting from a higher related freight charges added to production costs and an unfavorable product mix; - SG&A including Interest

value. Sustainability implies that the company must manage effectively the governance, social and environmental aspects of its activities as well as financial operations. In doing so, companies should