As, the spot margin has tradition been a reasonable proxy for the expected margins 12 months in advance due to our hedging policy. However, as our product designs are becoming more complex and raw material component of our production cost are decreasing, consequently you should be cautious to model the spot margin as a proxy for the future. Raw materials as a percentage of cost of goods sold is now approaching 50% compared to the historically communicated around two thirds, furthermore, as, we are building a new production site in Chiang Mai, which also could have a short term impact on margins when opening next year..
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