sale of general investment of Baht 25 million in the first quarter 2019. While in 2018 the company recorded large amount of unrealized loss from mark-to-market price of investment in listed equity

unrealized loss on exchange rate from UAC at the amount of Baht 7.66 million (in the beginning of the 4th quarter this loss will be reversed to be gain on exchange rate and UAC had already made forward

mostly due to unrealized loss on exchange rate. Summary of Performance For Q1 2020, the Company and its subsidiaries recorded net profit of 780 MTHB, increased by 232 MTHB or 42% comparing to Q1 2019. This

. 4. Loss on investments in marketable securities, representing a total loss increased amount of Baht 14.36 million, comparing to same period of last year. It is the transaction of unrealized loss on

2016 % Increase (Decrease) Liabilities and equity Current liabilities Trade accounts payable 606 2,039 (70%) Other payables and accrued expenses 648 1,239 (48%) Advance from customers 63 190 (67%) Short

: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2017 2018 % change Q3’2018

% 10.2% 12.2% % NNP - Owner of the parent 59.1% 63.1% 61.7% 64.2% Remark: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC

(%) 9.9% 9.9% 12.2% 7.7% % NNP - Owner of the parent 59.4% 61.3% 64.2% 56.8% Remark: * Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER

base and 3) ABP5 improving efficiency after gas turbine upgrade. Net profit • In Q1’2020 net profit was affected by two major non- cash expenses; 1) THB 886 million unrealized FX loss which was from the

62.5% 1,155.6% Unrealized gain / (loss) from FX 425 (201) n/a 245 (886) 685 179.6% n/a Non-recurring expense (151) (219) n/a (119) (113) n/a n/a n/a Normalized net profit (NNP)** 1,600 2,260 41.3% 913