February 2019 1 Management Highlights

 However, good desserts are still in high demand. 2018 Challenging Market AU Actions 2018  Open 6 new branches (3 BKK,  High competition for Chiangmai, Udon Thani and restaurant / café business * ) in 2018  Unimproved purchasing  AU is establishing infrastructure power for diversified revenue, i.e Plant,  Declining Chinese Tourists back office, licenses and QC by 60-70% in Q4** processes.  Transformation from  Launched new menu every traditional shopping to on-line quarter with Q4/18 new sales / delivery. product champion at fair margin * = Kasikorn Research Center, # 2904 page 3, 2018 ** = The Association of Thai Travel Agents enhancing the bottom line. 2 New Activities / Outlook in 2019

Activities Objective Business Plan

Open New branch 10 branches Increase sales 1 Phase 2 Build and add more 2.1 Cold storage Reduce cost, Increase storage 2 capacities 2.2 Solar Roof Save electricity cost

2.3 Machinery and equipment Raise Production purchase Fresh better / Fresh Milk bun Capacity to reach 10,000 boxes / Boost capacity to satisfy influx of (new product champion) day in 1H demand 3 More pop up kiosk & more 7 -10 Days sales at up-country Explore demand and increase sales 4 event catering malls, events

New Menu / Marketing Event & Increase sales and other income On-going development & B2B collaboration without open more branch 5

HK outlet by Franchisee to open in Prepare for inter. business New base of income / model3 2H’2019 6 Sukumvit 101

ICON SIAM Third Place

2019 2019 in in

The Market

Raja Prasong

4 Branches Branches 4 First First

Pa Tong 4 2018 Completion / 2019 New Branches expansion plan New Branch 2018 2019 2019 No. of branch

Q1 Don Muang (16 Jan) 1 Grab Food started 101 The Third Place (5 Feb), 3 in Oct. 2018 . On- Phuket Patong (14 Feb), line sales (inclu. The Market LineMan) was up to Bt. 3 m in Nov.. CTW Office Sukhumvit 11 1 Q2 Had Yai , 1 Northern City 2 Due to some delays BKK In-Town, 2 in 2018 mall 1 Northeastern City opening, some postpones to 2019 Udonthani 1 Southwestern City 1 with more focus in Total 1H 4 Branches, Net 3 10 Branches 10 areas dominated by Jul Rama 2 foreigners.

Total Q3 1 Branch 2017 – First up- Oct Terminal Pattaya country in Korat 2018 – Chiang Mai, Total Q4 1 Branch Udon Thani5 , Pattaya Total in year net 2 BKK, up-country 3 10 Branches = up-country 1H 2019 – Open 5 up-countries 2H 2019 – First After You Dessert Café in HK

6 2019 CAPEX

Building and Improvement 66.8 Utilities , Furniture and office equipment 90.5 Kitchenware and appliances 36.3 Computer & Software 12.0 Vehicles 1.6 Total CAPEX 2019 207.2

7 A s a t 9 mo ’18, revenue rose by 18%

Revenue EBITDA Net Profit % EBITDA % Net Profit

800 35.0% 735

700 30.0% 627 608 600 531 25.0% 500 20.0% 400 15.0% 300 216 197 196 202 209 10.0% 200 155.8 157.3 139.2 128.9 94.9 100 98.8 98.6 5.0% 60 49 49.5 60.4 41.7 31.2 38.5 28.9 0 0.0% 2016 3Q'17 9 mo'17 2017 1Q'18 2Q'18 3Q'18 9 mo'18 8 Financial Figures : Still enhance net profit amount while more admin expenses

No. of Branch were31 needed31 for expansion25 27 9 mo'18 3Q'18 Q3'17 Remarks : 2017 mil mil mil % Inc. mil Unit : MB % % % 9 mo.’18 and 3Q’18 % Baht Baht Baht (Dec) Baht Higher sales from 6 more branches (organic Dessert café 98% 206.6 96% 192.0 98% 704.3 97% 606.4 8% growth) Catering/Pop Catering / OEM more than double from 2% 8.49 4% 3.13 2% 19.7 3% Up/OEM 14.1 171% Airline Total Sales 100% 215.13 100% 195.1 100% Sales grew 10% from Q3'17 724.0 100% 620.5 10% COGS was kept low from raw material Cost of sales -199.9 -32% -67.517 -31% -63.17 -32.4% -244.3 -33.7% sourcing and cost management 7% Gross Profit 420.6 68% 147.613 69% 131.91 68% 12% GP is well maintained & stable 479.7 66% yield from S-T investment declined from Other income 6.6 1% 1.231 1% 2.11 1% 11.4 2% -42% reduction in principal Expenses related to café' branches (wage, Selling Exp. -200.9 -32% -66.86 -31% -58.7 -30% -227.5 -31% 14% rental, depre) following more café' branch more work to serve expansion or export via Admin. Exp. -106.8 -17% -35.01 -16% -24.8 -12.7% -106.1 -15% license, consult fees, QC, and lab. 41% EBIT 119.5 19% 46.974 22% 50.6 26% -7% 157.5 21.4% Net profit margin is slightly better than budget Net Profit 98.6 15.7% 38.4 17.7% 41.7 21.2% due to COGS and selling Expense were well- 128.9 18% -8% controlled 9 EPS (Bt. Per share) 0.12 0.047 0.05 -6% 0.16 Financial Position

Assets Assets Liabilities Equity - Reduction in Assets resulted from annual dividend payment in May 1,200 2018 1,034 994 1,000 982 Liabilities 932 909 - Heavily drop after Dec.’16 loan 809 800 repayment from IPO cash received.

600 E q u i t y - Retained earning soars from net

400 profit and reduced by dividend payment which is 95 - 1 0 0 % p ay- o u t ratio during the last 3 years. 200 173 102 86

0 2016 2017 3Q' 18 10 Branches Province Location Type Launched 1 J Avenue Thonglor 13 BKK Community mall 2007 Oct 2 La Villa Aree BKK Community mall 2009 Jan 3 BKK Shopping Centre 2010 Dec 16 4 The Crystal Park BKK Community mall 2011 Sep 7 5 Central Plaza Lardprao BKK Shopping Centre 2012 Feb 16 6 Int Intersect Rama 3 BKK Community mall 2013 Jul 30 7 Central World BKK Shopping Centre 2013 Jul 30 8 Silom Complex BKK Shopping Centre 2013 Sep 19 9 The Mall Bangkapi BKK Shopping Centre 2014 Jul 26 10 One BKK Shopping Centre 2014 Sep 9 11 Tha Maharaj BKK Community mall 2015 Jul 27 12 Mega Bangna Sumutprakan Shopping Centre 2015 Aug 17 13 The Crystal Ratchapruek Community mall 2015 Mar 16 14 The Mall Bangkae BKK Shopping Centre 2015 Nov 16 15 Future Park Pathumthani Shopping Centre 2015 Dec 30 16 BKK Shopping Centre 2016 Jul 11 17 BKK Shopping Centre 2016 Sep 21 18 Central Plaza Pinklao BKK Shopping Centre 2016 Nov 9 19 The Portal Impact Muangthong Thani Nonthaburi Community mall 2017 Mar 9 20 Hospital BKK Hospital 2017 Jun 8 21 Esplanade Ratchadapisek BKK Community mall 2017 Jun 28 22 MBK Center BKK Shopping Centre 2017 Sep 7 23 The Promenade BKK Community mall 2017 Sep 17 24 Central Plaza Bangna BKK Shopping Centre 2017 Sep 20 32 Branches as at End ’2018 End as at Branches 32 25 The Mall Korat Korat Shopping Centre 2017 Oct 15 26 Central Plaza Westgate BKK Shopping Centre 2017 Dec 22 27 (To-go) Offices at Central World BKK Office Building 2018 Mar 28 Central Festival Chiang Mai Chiangmai Shopping Centre 2018 Jun 3 29 Central Plaza Udonthani Udonthani Shopping Centre 2018 Jun 28 30 Central Plaza Rama 2 BKK Shopping Centre 201811 Jul 4 31 Terminal 21 Pattaya Pattaya Shopping Centre 2018 Oct 19 MAYGORI 32. Siam Square One BKK Shopping Centre 2016 Jun 9

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