1,509 8.7% 725 783 8.0% Total expenses 12,842 14,090 9.7% 6,747 7,343 8.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

% 783 876 11.9% Total expenses 19,483 22,320 14.6% 7,343 8,230 12.1% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

had delivered raw materials to the company regarding to the settlement agreement (3) Extra items were expenses from raw materials derogation amounting to THB 2,004 million net of tax income from

commission, resulted in overall cost of service decreasing -1.5%YoY and remained flat QoQ. SG&A was under well-controlled, declining -26%YoY and flat QoQ. Marketing expenses dropped -33%YoY from lower

% YoY, with admin expense up 35% YoY due to higher performance-related staff costs. Marketing expenses increased by 6.0% YoY while maintaining a focus on cost-effective strategies that generate returns

) Administrative Expenses (25.4) (8.4) 17.0 (66.8) Finance Costs (146.0) (93.7) 52.3 (35.9) Share of Profit from Investments in Associates and Joint Ventures 250.8 659.2 408.5 162.9 Income Tax (Expense) Income 17.9

higher cost of goods sold. Administrative and Selling Expenses Selling, general, and administrative expense as a percent of sales increased slightly to 12.9% in 2018 compared to 12.8% the previous year

raw material cost which is higher by 1.5 percent. However, the selling and administration expenses consists of employee benefits, rental, depreciation and marketing expenses were THB 2,759 million

the selling and administration expenses from the same quarter of the previous year by THB 28. 1 million ( equal to 3. 9 percent) . A main reason is to the increase of the staff cost resulting from the

96.8 milli expenses w l and condo As of 3 MB. 7 3 9 23 50 12 1,26 13 2,03 2,26 14 om the sam ect the Jas U ual to 37.3 s period of 2 d last year 3rd quarter er of 2016. on baht wh were due to ominium an