Company”) would like to submit our management’s discussion and analysis for the third quarter of 2019 ended September 30, 2019, as follows: (Unit : Million Baht) Jan – Sep Jan – Sep Increased/ (Decreased

gross profit margin in the year 2019 was 49.67 percent or decreased. Down from the same period last year by 13.79 percent, an increase in cost of sales corresponding With the increase of sales revenue in

from rentals the real estate, amount Baht 0.036 million, decrease Baht 0.015 million or decreased 29.41 percent due to less tenant. 1.5) Other Incomes, amount Baht 0.97 million, decrease Baht 7.70

, decreasing -3.2%YoY, -0.8% QoQ through cost measures. As a result, EBITDA ( pre- TFRS16) was Bt19,139mn, flat YoY and decreased -2.2%QoQ while NPAT was Bt7,235mn, -6.7%YoY and +3.3%QoQ. In summary for 1H20

and activities, marketing expenses were Bt2,880mn, decreasing 14% YoY. Admin & other expenses were also optimized to drop 13% YoY to 7,759mn. Total SG&A hence decreased 13% YoY to stand at Bt10,639mn

decreased from the previous year. Due to the size of the project last year is larger than the current year project Resulting in both income And the cost this year and the previous year is different 2.2

decreased amount of 451.16 million Baht or 69.52% Because the ownership of the land and buildings has been transferred In order to pay the debt of the https://market.sec.or.th/public/idisc/Download?FILEID=dat

and equipment, and intangible assets.  Total interest-bearing debts decreased 3.5% from Baht 55,205 million as of December 31, 2016 to Baht 53,259 million https://market.sec.or.th/public/idisc/Download

margin decrease 4.8% 6M YoY from 33.5% to 28.7%, mainly derived from gross profit margin of natural gas power plant decreased from 29.9% to 19.5% and decrease from 31.1% to 20.3%, respectively. This was

are highlighted as follows: • Cash and Cash Equivalent increased by THB 64 million corresponding to the increase in sales performance. • Land, Property and Equipment decreased by THB 17 million mainly