gross margin from sale of land in industrial estates would be 44.6% and 61.9%, respectively. Utilities & Power Business Q3 2016 Q3 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 526.9 499.0 (27.9

& Trading Business Group 11 Marketing Business Group 13 Power Plant Business Group 14 Bio-Based Products Business Group 16 Natural Resources Business Group 18 Statement of Financial Position 20 Cash Flows

Yai and Chachoengsao branch). Industry Overview The retail industry in 2018 is expected to grow but at moderate level since the purchasing power of middle and low income consumers, who are the main

: Higher cost of production due to s cost increased from 3,649 THB/ton to 4,305 THB/ton in 2017, (4) Power business : Higher biomass , the gross profit margin dropped in the consolidate income statement from

183 (15%) EBITDA 27 33 22% 86 90 5% Net Profit(Loss) for the Company (3) (7) (133%) 10 4 (60%) Gross Profit Margin (%) 54.9% 56.2% 1.3% 59.5% 57.7% (1.8%) EBITDA Margin1 (%) 18.6% 23.9% 5.3% 23.6% 28.2

baht 10,474 12,123 12,547 Gross profit margin (%) 20.47% 22.84% 25.49% ratiosConsolidated financial 2019 2018 2017 Financial data and profitability ratios (continuous) Operating expense (including

of DCBU and CDBU. The other sales contributions are also from MPBG (Merchant Power Solutions), sales of which rose 27.7% from those of the same period last year. This was attributable to the continuous

profit of Small Power Producer (SPP) increased by THB 269 million mainly due to higher margin from sales of electricity and steam to industrial customers as a result of lower gas price despite adjustment

% - Other Revenue from Utilities Business2 112.7 25.4 343.7% - Power Business 10.2 3.2 221.8% Costs of Sales and Services (1,164.4) (1,120.0) 4.0% Gross Profit 692.8 588.3 17.8% Gross Profit from Operation3

%, compared to 49.3% in the same period of previous year. This was from higher average selling price and having gross margin for land transfer in this year. Utilities & Power Business 2016 2017 Increase