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Management Discussion & Analysis

Management's Discussion and Analysis on Operating Results

Oishi Group Public Company Limited and subsidiaries clarify consolidated operating results and consolidated financial statements for the three-month period ended December 31, 2017 as the followings,

Sales

For Q1'2017, total sales revenue of the company was Baht 3,172 million, an decrease of 2.0% or Baht 65 million, from Baht 3,237 million of Q1'2016, mainly due to decrease in beverage business sales revenue and food business sales revenue by 0.3% and 3.6%, respectively. The proportion of beverage business sales revenue to food business sales revenue was 50:50.

Sales revenue of beverage business in Q1'2017 was Baht 1,586 million, decreased by 0.3%, or Baht 5 million, from Baht 1,591 million of Q1'2016 in accordance with overall economy.

Sales revenue of food business in Q1'2017 was Baht 1,586 million, decreased by 3.6%, or Baht 60 million, from Baht 1,646 million of Q1'2016, mainly due to closed restaurants for the maintenance and the fire situation, and sluggish economic which adversely affect consumer's spending.

Cost of sales

Total cost of sales of Q1'2017 was Baht 2,005 million or equivalent to 63.2% of total sales which is lower than total cost of sales in Q1'2016 or equivalent to 64.3% of total sales due to efficient cost management and higher cost efficiency from better utilization of production capacity.

Selling Expenses

Selling expenses of Q1'2017 was Baht 409 million, increased by 14% or Baht 50 million, from Baht 359 million of Q1'2016. In terms of percentage, selling expense in Q1'2017 was 12.9% of total sales, increased from 11.1% in Q1'2016 due to marketing and promotional campaigns.

Administrative Expenses

Administrative expense of Q1'2017 was Baht 519 million, decreased by 5.4% or Baht 30 million, from Baht 549 million of Q1'2016, mainly due to effective cost management and cost improvement.

Net Profit

Net profit of Q1'2017 was Baht 269 million, increased by 10.8% or Baht 26 million, from Baht 243 million of Q1'2016. In terms of percentage, net profit in Q1'2017 was 8.5% of total sales, increased from 7.5% of total sales in Q1'2016.

Financial Status

Assets

Total assets as at December 31, 2016 was Baht 9,387 million, increased by Baht 109 million or 1.2% from the last period. Current assets increased by Baht 48 million, mainly due to increase in trade accounts receivable. Non-current assets increased by Baht 62 million, mainly due to increase in property, plant and equipment.

Liabilities

Total liabilities as at December 31, 2016 was Baht 4,500 million, comprised of interest bearing debts of Baht 2,530 million, which are bond Baht 2,000 million, long-term loans from financial institutions Baht 500 million, finance lease liabilities Baht 30 million, and non-interest bearing debts of Baht 1,970 million. Total liabilities decreased by Baht 169 million or 3.6% from the last period mainly due to decrease in other payables and trade accounts payable.

Shareholders' equity

Total equity as at December 31, 2016 was Baht 4,888 million, increased by Baht 279 million or 6% from the last period, due to increase in net profit for the period.