customers for international cargo terminal services. 6 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis Bangkok Airways is a full serviced airline providing premium service to passengers. Company

% 1,497.9 1,628.0 8.7% ค่า FiT Premium 14.7 19.6 19.1 (2.6%) 29.9% 47.9 38.7 (19.2%) รายได้จากการขายไฟฟ้าให้เอกชน (IU) 6.0 6.8 6.8 - 13.3% 12.9 13.6 5.4% รวมรายได้จากโครงการโรงไฟฟ้าชีวมวล 791.6 833.1 847.2

14.4% 13.7% 1,644.3 1,690.4 2.8% ค่า FiT Premium 13.9 10.1 9.4 (6.9%) (32.4%) 28.5 19.5 (31.6%) รายไดจ้ากการขายไฟฟ้าให้เอกชน (IU) 7.4 8.2 6.1 (25.6%) (17.6%) 16.7 14.3 (14.4%) รวมรายได้จากโครงการโรงไฟฟ้า

ตามอตัรา FiT ค่าไฟฟ้าพ้ืนฐาน และค่า Ft 895.9 902.1 1,001.3 11.0% 11.8% 2,540.2 2,691.6 6.0% ค่า FiT Premium 12.9 9.4 10.4 10.6% (19.4%) 41.4 30.0 (27.5%) รายไดจ้ากการขายไฟฟ้าให้เอกชน (IU) 7.0 6.1 6.2

payables of THB 104 million. As of December 31, 2017 THB 14,535 million As of March 31, 2018 THB 14,489 million Cash and Cash Equivalent Account Receivable, Inventory, and other Current Assets Other

resulted in EBITDA of Bt1,074.5 million, a decrease of Bt63.0 million or 5.5% (y-o-y), equivalent to EBITDA margin at 58.7% compared to 60.7% of the same period of last year. However, when excluding the

details as follows:  Cash and cash equivalent (including current investment of Baht 2,000 million) increased by Baht 3,217 million or 609% from cash from operations of Baht 935 million, cash from IPO of

quarter of 2017, the company has HRC sales of 188,225 tons which is the same level as previous quarter. The production was accounted for 188,249 tons which is equivalent to 96.5% of total capacity during

entire Leyland’s ordinary shares which currently have 1,000 shares with a par value of THB 1,000, equivalent to 100 percent of the total shares of Leyland and Leyland shall increase additional THB

44.1% compared to 46.8% of the same period of last year. And resulted in EBITDA of Bt1,613.8 million, a decrease of Bt84.4 million or 5.0%(y-o-y), equivalent to EBITDA margin at 59.4% compared to 61.3