Management Discussion and Analysis for the 2st Quarter 2017 ended August 31 Management Discussion and Analysis for the 2 st Quarter 2017 ended August 31, 2017 AEON Thana Sinsap (Thailand) Public

company has still managed the cost of goods sold efficiently. In this regard, the cost of sales has decreased significantly since the management of distribution channel to less the cost. For the

from furniture as the core business decreased 7.59 from the previous year. That caused from the management policy of some distribution channels in domestic to enhance the efficiency of expenses. Such

% q-q which came from more effective management in logistic & distribution. Mil THB 56 53 6 42 55 Q2 18 Q2 19 105 +0.6% 17.7% 9.0% 9.2% TBSP TKS %SG&A Extra Exp TKS 1.1% 9.6% 7.0% 104 17.7% (0.5%) 6M19

effective management in logistic & distribution. Mil THB 56 55 1 6 43 40 Q3 18 Q3 19 101 +1.1% 16.2% 8.8% 6.5% 0.2% 9.3% 7.1% 100 16.6% 0.9% +389.3% -7.2% TBSP TKS Extra Exp TKS %SG&A to Sales Conso -1.3

from distribution fee from outsourced service provider of warehouse management and goods distribution that the company started using since September 2018 which is a total cost of 10.84 million baht

expenses represented at THB 8 mil. (1.2%), 31.8% decremental primary by lower logistic expenses which came from more effective management in logistic & distribution. Net Profit Statements of Financial

last year which came from more effective management in logistic & distribution. Statements of Financial Position and Selling and Administrative expenses Financial cost Unit : THB million Change Y2019

of the year 2019 due to the management of distribution channel by closing some ELEGA showrooms that could not generate income as planed and stopped to run the business of Can Do Thailand. However, the

delivered income thus also resulting from company has concentrate on cost management  Cost of distribution as amount of 6.42 Million Bath as 3.66 Million Baht decreased or 36.29 percent when compared to same