an unfavorable condition of the Company’s traditional trade channel because of the terminated contract with the distributor, which was effective since 30 June 2019. Further in this year, the period

0 1 8 but later terminated the contract with the distributor which is effective on 3 0 June 2 0 1 9 . During the period, the Company was unable to make any sales through traditional trade channel or

excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line, driving higher yield loss; and cost

% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1/ Energy Drinks, Sport Drinks, and Functional Drinks 2

consolidation. EBITDA margin to maintain at 45-47% with cash outflow CAPEX of approx. Bt25,000mn AIS continues to digitally transform to optimize the cost to serve customers while ensuring an effective spending

-month period ended 31 March 2019, the Company and its subsidiaries have adopted TFRS 15 “Revenue from Contracts with Customers” which become effective for fiscal years beginning on or after 1 January 2019

baht, an increase of 1.0% q- q. However, the Company still maintained effective operating cost control with cost to income ratio at 36.4% of total revenues, reduced from 37.7% of previous year

profit margin (%) = (Total revenues from sales – Total cost of sales of goods) / Total revenues from sales SG&A to net sales ratio (%) = (Selling and distribution expenses + Administrative expenses

% Effective gas cost Baht/mmBtu 245.98 236.59 -3.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTS EXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL

nearly the whole quarter, hence the maintenance cost will increase and the revenue from Availability Payment (AP) will drop. Likewise, Rayong Central Utility Plants and IRPC-CP will have the scheduled