Baht 5.79 million 11.25 2. The operation results (from the consolidated finance statements) Item Third quarter of 2019 Third quarter of 2018 Profit (Loss) for three months attributable to equity holders

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

also been a completion of COD of 5 SPPs since the second quarter of 2017 to the first quarter of 2018, adding the Company’s Equity MW under operation to 510.5 MW • Financial costs decreased by 30.8

117.79% Selling expenses 7.06 5.97 1.09 18.26% 6.15 0.91 14.80% 13.22 12.40 0.82 6.61% Administrative expenses 25.46 20.22 5.24 25.91% 24.96 0.50 2.00% 50.42 39.46 10.96 27.77% Net profit before finance

21.04% 7.06 1.28 18.13% 21.56 19.29 2.27 11.77% Administrative expenses 25.09 20.48 4.61 22.51% 25.46 (0.37) (1.45%) 75.52 59.94 15.58 25.99% Net profit before finance costs and corporate income tax (5.85

534.6% Share of profit (loss) from investment in an associate and joint ventures (50.2) (2.9%) (158.8) (13.8%) (108.6) (216.3%) Finance costs (Interest expenses) 205.5 11.7% 196.8 17.1% (8.8) (4.3

% 68.39 1.91% 42.16 160.76% 190.54 1.69% 187.42 1.81% (3.12) (1.64%) Finance income 1.46 0.04% 0.24 0.01% (1.22) (83.63%) 4.14 0.04% 2.93 0.03% (1.21) (29.15%) Finance cost 5.85 0.16% 4.55 0.13% (1.30

608.15 4.22% 589.08 4.36% (19.07) (3.14%) Administrative expenses 355.98 2.47% 359.98 2.66% 4.00 1.12% Profit from operating activities 271.85 1.89% 238.33 1.76% (33.52) (12.33%) Finance income 5.90 0.04

34.02% Administrative expenses 16.94 7.3% 21.67 10.9% - 4.73 -21.81% EBITDA 50.15 21.5% 45.55 22.9% 4.60 10.11% Finance cost 0.73 0.3% 1.39 0.7% - 0.66 -47.36% Income tax expenses 4.89 2.1% 2.50 1.3% 2.39

joint ventures In the period of third quarter 2017 and 9 months ended September 30, 2017, accumulated loss amount of 2.5 million. Due to loss from investments in joint ventures หน้า 4 ของ 5 IV Finance