Assets Notifications") has the highest value of 103.44% based on the net tangible assets value method according to the financial statements in which the equity method is applied of the Company ended 31

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

costs are still volatile according to the price of the raw material during the changed period. ▪ The By-products’ ratio of cost of sales to total revenue in 2019 was increased from 2018 to 6.36% or

Administrative Expenese due to accounting adjusted of doubtful debt amounted of Baht 22.5 million in 1Q2018 and professional fee for new projects according business plan; ii) 10.5% decrease of Other Income from

million or 63.0% as a result of in the first six months of 2016 the other income was recorded for the received compensation according to the judgment of the Supreme Court from a one company made damaged in

according to the judgment of the Supreme Court from a one company made damaged in FPT’s fuel pipeline at Phayathai train Station, both principal and interest of Bt42.8 million, and the reversal of the

financial statement as of 30 September 2017, the transaction size is of the highest value when calculated from net tangible asset test, which is equivalent to 14.48 per cent. According to the Notifications of

. Management Discussion and Analysis For the Year Ended December 31, 2017 Page 5 2. Operation performance according to consolidated financial statement Unit : Million Baht Revenue from sale and rendering of

in the third quarter of 2017 was 56.6%. This gross margin had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the

2019 had relatively low profit margins due to the high competition. - 4 - Selling expenses In Q4 – 2019, the selling expenses increased from Q3 – 2019 and Q4 – 2018 mainly due to the commission according