standards was recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact of the adoption on the consolidated statement of financial

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

generation of XPCL and longer maintenance period of Quezon. Meanwhile, SBPL has recognized the operating result because the commencement on September 26, 2019 and NTPC has higher electricity sales to EDL

million Baht or 86.89% due to in year 2019, the company recognized the doubtful debt reduced by 276.22 million Baht and also the income from the disposal of assets and the write-off of creditors amount of

Renewable Energy Projects for industrial customers started from Solar Rooftop Projects. WHAUP recognized Power Business performance in a form of (i) Revenue, (ii) Share of Profit, and (iii) Dividend Income

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE In

initial franchise fee from “After You” Hongkong and initial franchise fee from “Mikka” • *Actual franchise fee recognized in Q2/2020 was THB 0.48 million Management Discussion & Analysis Q2/2020 292 294 259

from “After You” Hongkong, Initial franchise fee and royalty fee from “Mikka” sales • *Actual franchise fee recognized in Q3/2020 was THB 0.75 million Management Discussion & Analysis Q3/2020 • Revenue

100 – 500 MB. In this regard, the large projects in which the Company has recognized revenue in 2020 such as The New Parliament Project in Information and Communication Technology, The Purchasing and

decrease in deferred income tax. • Land, Property and Equipment increased by THB 4 million mainly due to the value of investment in expanding branches is higher than the depreciation expense recognized