1, 2019. Management Discussion and Analysis For the Year Ended December 31, 2019 Page 11 3.2 Analysis of liabilities and equity As at December 31, 2019, the total liabilities and equity were THB

than 5 percent of its shareholders’ equity or litigation case which may have material effect to its business operation or which is not caused by the company’s ordinary course of business. 13. Asset

company to establish Vanachai Wood Smith Co., Ltd. which will process a business as the exhibition and product promotion center for Vanachai Group. The distribution will be one stop service for wholesale

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 • Finance costs decreased by 25.3%, mainly from the fact

that had a planned maintenance. Moreover, there have 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

maintenance. Moreover, there has 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 511 MW. Such impact from

35.52 244.13 Total assets 36.08 264.09 Liabilities and shareholders' equity Current liabilities  Trade and other payables 6.57 229.85  Short-term loans 2.88 5.69 Total current liabilities 9.45 235.55

Industrial Waste Property Development Other Income Total Revenues 2019 86.80% 8.06% 5.14% 100.00% 2018 54.12% 7.31% 38.57% 100.00% (1) Revenue from Treatment of Industrial Waste Business Service income for the

September 2019 of THB 317.71 million. Advertising and Media Business For the nine-month period ended 30 September 2019, the Company and its subsidiaries earned service income totaled THB 4.19 million, a

debt to equity ratio of 0.61x, there is no risk in borrowing. The Company's performance For three months As at September 30, 2017, the net profit (loss) was Baht (8.93) million, compared with the same