Thai Beverage Pcl Ord

half 2025 results call. All participants have been placed in a lesson-only mode. I later will conduct a question-and-answer session, and instructions will be given at the time. I will now hand over the call to the presenters, Amnesty Nanthong Anstoransi of Tybev's Head of Investor Relations and the members of Tybev's Senior Management Team. Thank you.

good evening ladies and gentlemen and welcome to thai barrage the first half 2025 uh ended the 31st of march 2025 financial results conference call i am nam phone asutarangsi head of investor relations for the call tonight i will start with a summary of the results then we will open the line for our q a with our management team here Please note that following the consolidation of F&N in September 2024, VCH accounted for asset-biz combination under common control by the same ultimate controlling shareholder. The group financial results for the first quarter, sorry, for the second quarter and the first half ended 31st of March 2024 have been restated for comparison purposes. For the summary of the first half results, The total sales revenue of the group for the first half was 177,617 million baht, an increase of 1% when compared to the same period last year. This was due to an increase in sales revenue of beer business, non-alcoholic beverage and food business, while there was a decrease in sales revenue from spirit business and other business. Net profit including associated companies was 17,769 million baht, a decrease of 9.2% compared to the same period last year. This was due to a decrease in net profit from spirits, non-alcoholic beverages, food business, and other business, partly upset by an increase in net profit from the beer business. High Best Board of Directors agreed to propose an interim dividend payment of 3,770 million baht or 0.15 baht per share, the same as last year. The company remains committed with our full-year dividend policy of not less than 50% of the net profit after deducting of our specified reserve subject to our investment plans and as the Board of Directors deem appropriate. In the first half of 2025, the Spritz business generated sales revenue of 64,520 million baht, a decrease of 1.5% year-on-year. This was due to a decrease of 1.9% year-on-year in total sales volume. In addition, higher raw material costs alongside increased brand investment and marketing activities led to a 10.3% year-on-year decline of net profit to 11,601 million baht. The beer business recorded sales revenue amounting to 66,201 million baht in the first half, an increase of 3% year-on-year. This was mainly due to a 7.4% year-on-year increase in total sales volume. The net profit increased by a robust 19% to 3,152 million baht, driven by a decrease in key raw material cost and improvement in production efficiency. The non-alcoholic beverage business recorded a 2.5% year-on-year rise in sales revenue to 33,438 million baht in the first half, supported by a 4.1% year-on-year increase in total sales volume driven by the drinking water and carbonated soft drink. Despite this, net profit decreased by 11.3% year-on-year to 3,114 million baht due to a lower share of profit from associated companies and higher tax expenses from expired tax incentives. In the first half of 2025, the food business registered 11,145 million baht in sales revenue, an increase of 0.7% year-on-year. Despite this, net profits fell by 61% year-on-year to 124 million baht, weighted down by a rise in raw material cost, labor and marketing expenses, and increased depreciation expense from restaurant expansion. In the first half of 2025, the group's other business registered a decline in sales revenue of about 0.8% year-on-year to 2,438 million baht. This was mainly due to a decrease from licensing income impact from depreciation of Thai baht against Singapore dollar, partly offset by an increase in education sales in this year. The net loss was 222 million baht. due to no profit sharing from FPL in this year. That's a summary of the first half result. We now open for a call to any questions on our result. Operator, please help open the line for Q&A.

Thank you.