Description Amount % Amount % More (Less) Amount % Average Capacity Utilization 76.47% 75.41% 1.06% Revenue from sales 371,293 100.0% 380,912 100.0% (9,619) (2.5%) Cost of sales (292,720) (78.8%) (319,235

Baht 859 million or 17% as a result of GLOW’s power plants have reached the Contracted Availability Hours set out in the PPA in December 2019, resulting in the decrease of Availability Payment in Q4/2019

% 5. Details of the Company’s rental and services income compared to last year are as follows: (million baht) 2 nd quarter of 2018 2 nd quarter of 2017 Rental and services income 797.50 737.23 Cost

is the main customer of the company resulted in non-achievable to the sale target. Other incomes for 2019 are 2.86 million baht with no significantly transaction changes. 2. Cost of sales , Profit

173,892 91.30 Income from Sevice 60,291 107,527 (47,236) (43.93) Cost of Sale of Goods (244,903) (151,506) 93,397 (61.65) Cost of Service (34,589) (59,328) (24,739) 41.70 Gross Profit 145,153 87,155 57,998

100.00% 449.83 100.00% 591.78 131.56% 1,842.01 100.00% (800.39) (43.45%) Cost of Goods Sold (994.78) (95.96%) (413.84) (92.73%) 580.94 140.38% (1,665.17) (90.64%) (670.39) (40.26%) NRV 44.15 4.26% (18.49

% 1,964.18 99.17% 3,540.12 180.23% Service 9.78 0.18% 16.49 0.83% (6.71) (40.69%) Total Revenues 5,514.08 100.00% 1,980.67 100.00% 3,533.41 178.39% Cost of Goods Sold (4,928.18) (89.53%) (1,972.43) (100.42

sales and services amounted to Baht 8,678 million, increased by Baht 863 million or 11% QoQ. Revenue increase came from sale volume increase but still had net loss because raw material cost increase

companies of 2.40 million baht and others of 1.16 million baht. 1.2 Cost and Expenses In year 2018, the company and its subsidiaries had gross margin 3.11 percent and Net loss (27.99) percent of total

Page 1 of 4 No. RJH – SET 4/2019 25 February 2019 Subject : Management’s Discussion and Analysis for the fourth Quarter of 2018 and year ended December 31, 2018 To : The President The Stock Exchange