economy of scale that resulted in staff expense increasing slower than the company revenue growth. Analysis of Financial Position Assets As of 31 December 2017, and 30 September 2018, the Group had total

franchise fees (3) increased efficiency in support functions due to economy of scale that resulted in staff expense increasing slower than the company revenue growth. Zen Corporation Group Public Company

%.  Distribution costs for the 4th quarter 2018 represented 21.2% of revenue from sales, increased from the same period last year Baht 2.39 million or 2.7%. The change was due to increasing of rental expense. 1/2

last year. This is result from increasing in normal administrative expense. 5. Selling expenses were Baht 43.54 million, increased Baht 5.40 million or 14.16 % from the same period of last year. This is

or 6.92 % from the same period of last year. This is result from increasing in normal administrative expense. 6. Finance cost was Baht 55.05 million; increased Baht 14.11 million or 34.47 % from the

%, increased from the same period last year by Baht 12.79 million or 16.7%, which changed in the same direction of revenue. The major change was due to increasing of branches rental expense, marketing and

Baht. Increased by 1.27 Million Baht, or 8.20% compared with same period of last year. The main reason of increasing expense is to the increasing of number of employee to support the Group’s new projects

% of revenue from sales while in 2018 was at 22.1% of revenue from sale, increased from the same period last year Baht 13.3 million or 17.6%. The major change was due to increasing of rental expense

from the same period last year by Baht 14.77 million or 16.9%, which changed in the same direction of sale. The major change was due to increasing of rental expense, bank charge and marketing and

million baht. • Although market price of Thai rice keep stagnant in Q3/2018, accumulated COGs per revenue ratio still presented at 83%. • Increasing in selling expense increase of 39 million baht or 24