% 128.84 69.46 59.38 85.49% Other income 0.72 3.09 (2.37) (76.70%) 3.36 9.21 (5.85) (63.52%) Selling expenses 10.40 8.34 2.06 24.70% 28.75 21.56 7.19 33.35% Administrative expenses 38.60 25.09 13.51 53.85

revenue 1,696 2,954 74.2% Cost of sales 901 1,901 111.1% Gross profit 795 1,052 32.3% Selling, general & administrative expenses 487 815 67.3% EBITDA 441 459 4.1% Net profit from operation 232 135 -41.8

suitable and in line with other companies in the same industry. Administrative Expenses For the years ending 31 December 2018 and 2019, administration costs increased from THB 448.6 Mn to THB 489.7 Mn

last year. This resulted to the decrease of revenue from land and building leasing. 6. Selling administrative expenses in the current year decreased 6 million Baht compared to the previous year. Main

), Coal Mining, Operating and Maintenance (O&M), Management and Administrative Services (Management Services). Details of each plant are as follows: (1) Subsidiaries which can be categorized into 2

Other incomes 262.24 224.88 37.36 16.6 Total revenues 4,442.69 3,994.95 447.74 11.2 Cost of sale and rendering of services (excluded Fuel Cost) 1,333.23 1,244.20 89.03 7.2 Administrative expenses 389.70

Expenses analysis Q3 2016 Q3 2017 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 40.2 40.9 0.7 1.5% Administrative expense 245.5 270.7 25.2 10.3% Finance costs 628.2 406.1 (222.1) (35.3%) Total

revenues 3,978.12 3,261.44 716.68 22.0 Cost of sale and rendering of services (excluded Fuel Cost) 1,302.41 1,284.73 17.68 1.4 Administrative expenses 396.63 359.70 36.93 10.3 Finance costs 374.40 361.62

(mn) 2016 2017 YoY (%) Operating revenue 735 932 26.9% Cost of sales 330 390 18.1% Gross profit 405 542 34.1% Selling, general & administrative expenses 281 292 3.8% EBITDA 173 348 101.4% Net profit

/(Decrease) THB mm THB mm THB mm % Selling expense 223.4 317.2 93.8 42.0% Administrative expense 1,271.9 1,385.2 113.3 8.9% Finance costs 2,432.2 1,616.5 (815.6) (33.5%) Total expense 3,927.4 3,318.9 (608.5