Company had cash and cash equivalents of THB 4,486 million, increased by THB 4,110 million from 31 December 2017. The Company had cash flows from operating activities of THB 3,612 million. Net cash from

Discussion and Analysis (MD&A) for year 2018 Unit : Million Baht Jan - Dec 2018 Cash flows from operating activities Net profit (Loss) for the period (836) Adjustments for Depreciation and amortization 882

Discussion and Analysis (MD&A) for year 2018 (Revised) Unit : Million Baht Jan - Dec 2018 Cash flows from operating activities Net profit (Loss) for the period (836) Adjustments for Depreciation and

of water, comparing to the same period of previous year. Additionally, interest and corporate income tax expenses were decreased. Page 10 EGCO: Unit : Million Baht Quarter 1 Change Increase (Decrease

, decreasing by Baht 722.04 million from Baht 11,695.25 million on December 31, 2018. The details were summarized below: (Million Baht) Net cash from operating activities 2,922.73 Net cash from investing

interim dividend payment of 0.35 Baht per share (THB 1,051.31 million) from the Company’s operating results based on separate financial statements for the period January - June 2019, which showed the net

revenue under the contract. Whereas they were booked under selling expenses when the transaction occurred. All comparisons of changes in this report are based on the adjusted accounting policy and

16 Unit : Million Baht Jan -Mar 2018 Cash flows from operating activities Net profit (Loss) for the period 366 Adjustments for Depreciation and amortization 217 Work roll amortisation 25 Finance costs

in operating activities, the Tax expense also increased by THB 28mn from THB 55mn to THB 82mn in this quarter. As a result of the aforementioned improved operating activities, VGI Group generated total

received from investing activities was 33,014 million Baht. The amount of 31,620 million Baht were received from disposal of shares in MPPCL, East Water and GIDEC. The dividend received from joint ventures