structure rental to be always in line with the revenue. 3.4.6 Risk of being un able to renew the governmental concession and the private space lease contract The main factor for the Company's business

cost recognizes based on actual incurred construction cost according to TFRIC 12 – Concession Agreement B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Electricity Sales to

PDR which offset with the construction cost recognizes based on actual incurred construction cost according to TFRIC 12 – Concession Agreement B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s

concession fee from 5% to 10% (revenue sharing scheme which increases by 5% every 5 years since May 2015), full quarter consolidation of newly acquired companies Multi Sign and COMASS by MACO. Cost-to-sales

cost of sales which came to THB 385mn, an increase of THB 55mn or 16.7% YoY, primarily from higher sales, an increase in the Transit media concession fee from 5% to 10% (revenue sharing scheme, which

Concession Contracts including of the obligation for extensions of the MRT Pink Line Project and the MRT Yellow Line Project with Mass Rapid Transit Authority of Thailand ("MRTA"). On October 9, 2017, the

, primarily from higher sales, an increase in the Transit media concession fee from 5% to 10% in May 2017 (revenue sharing scheme, which increases by 5% every 5 years since May 2012) and full year consolidation

392mn, an increase of THB 36mn or 10.1% YoY. The increase was primarily attributable to an increase in the Transit media concession fee from 5% to 10% in May 2017 (revenue sharing scheme, which increases

business overseas. VGM has recently expanded its footprint into Indonesia, securing a 20-year concession to manage Transit media in North-South line – the first mass transit system in Jakarta.  In the end

cases where the assets of the business in which an infrastructure fund invests are not in the form of ownership, such as being lease rights, concession rights, the right to receive benefits from future