Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc./(Dec.) % Construction income

expenses, Cost of services and the administrative expenses, were totaled Bt2,270.7 million, an increase of Bt80.9 million or 3.7%(y-o-y). The profit from operations before finances cost and taxes (EBIT) in

fee. Total expenses, Cost of services and the administrative expenses, were totaled Bt2,270. 7 million, an increase of Bt80. 9 million or 3. 7%(y-o-y) . The profit from operations before finances cost

). The profit from operations before finances cost and taxes (EBIT) was of Bt495.3 million, increasing by Bt27.1 million, or 5.8%(y-o-y). Representing operating profit margin before finances expense and

million in Q1’2019 primarily due to the commercial operations of ABPR3, ABPR4 and ABPR5 SPP projects in February, June and October 2018 respectively and the SPP1 acquisition in March 2019. • Sales and

of 2018: THB 18.20 million) mainly due to the increase in revenue from sale of electricity following greater irradiation and an increase in other income not related to business operations. - Sales

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the three months period ended March 31

2018 to Bt5,498 million as of March 31, 2019; short-term debt as well as the long term loan decreased due to increased cash flow from operations. As of March 31, 2019, Net Interest-bearing Debt to Equity

seasonal billings for year end. Cash surplus increased by 22.73mb or 20.4% due to our cash flow generated from operations and good working capital management. (b) Total Liabilities Total liability as of

Capital and receives support fee for the amount of totally not more than 1.2 million baht and ACSS provides the support on debt collection and litigation operations to ACS Capital and receives support fee