securities and exchange; “Stock Exchange” means the Stock Exchange of Thailand according to the law on securities and exchange; “board of directors” means the board of directors of a securities clearing house

Thailand, the economy in 2020 is expected to see slower growth, likely to fall below the lower end of the projection range of 2.5-3.0 percent, plagued by the COVID-19 outbreak, the global economic slowdown

still in downturn from the trade war between USA and China that continues to escalate as well as unclear situation of BREXIT. Thailand economy continues to slow down from the previous quarter, contributed

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

660 104% 91% 646 1,005 56% Adjusted EBITDA Margin (%) 6.7% 8.1% 13.7% 7.0% 5.5% 7.0% 11.1% 4.0% Note : (1) EPS is calculated from 1,023,666,700 shares (2) Adjusted EBITDA refers to EBITDA excluding

Microsoft Word - ACE MDA Q3 22 - EN 1 No. ACE-ACC-4/2022 11 November 2022 Subject Management Discussion and Analysis for the period ended 30 September 2022 To President The Stock Exchange of Thailand

Microsoft Word - ACE MDA Q2 23 - EN 1 No. ACE-ACC-3/2023 11 August 2023 Subject Management Discussion and Analysis for the period ended 30 June 2023 To President The Stock Exchange of Thailand

Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 September 2023 of the Company and the

Microsoft Word - ACE MDA YE 23 - EN 1 No. ACE-ACC-1/2024 29 February 2024 Subject Management Discussion and Analysis for the year ended 31 December 2023 To President The Stock Exchange of Thailand

and administrative expenses; 3) higher finance costs due to investments in machinery, and joint ventures in Thailand and overseas; 4) higher depreciation of investments in machinery and 5) non-cash, one