of Thailand after the formal announcement has been made. The nature of company’s business is depending on the mixture of capital including equity, working capital and loans from financial institution

business Revenues from hotel business declined by 10.0% yoy to THB 3,091 million due mainly to • Revenues from hotels in Thailand including hotels under Property Fund dropped by 7.5% yoy driven mainly by

was 14,256.55 million Baht, increased by 194.34 million Baht mainly from the investment of projects under construction, including Prasae-Nongplalai pipeline project and Nongplalai-Nongkho 2 pipeline

million up by THB 845 million or 87.8% in the corresponding period last year. The considerable rise was due to increase in major expenses including (1) employee’s remuneration package and rental payments in

good opportunity to continue to work with other business partners in the future, including exchange of knowledge between each other and to cooperate in research and development in order to bring

disclose the said transaction to the Stock Exchange of Thailand including to require the approval for entering into of the said transaction from the Shareholders’ meeting of the Company in accordance with

Concession Contracts including of the obligation for extensions of the MRT Pink Line Project and the MRT Yellow Line Project with Mass Rapid Transit Authority of Thailand ("MRTA"). On October 9, 2017, the

EBITDA Margin (%) 4.0% 12.9% 13.3% 9% 0.4% 2.8% 15.5% 12.7% บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน) Management’s Discussion and Analysis | 8 Note : (1) Including Gain/(Loss) from FX and Derivatives (2

and equipment was 14,228.39 million Baht, increased by 166.18 million Baht from the end of the year 2016 mainly from the investment of projects under construction, including Prasae-Nongplalai pipeline

business including telecommunication system and construction and electrical system, supply and maintenance. Type 2016 2017 MB % MB % Sales Revenue Sales Revenue from Turnkey Business 259.36 45.52 545.12