currency forward contracts 2 37 (19) N/A -152% 58 18 -70% Gain (loss) on foreign exchange 250 271 92 -63% -66% 335 363 9% Reversal of allowance for gain/(loss) from impairment of assets 0 (101) 19 N/A -118

from impairment of assets - (15) - N/A N/A Share of profit of associate and JV 123 21 157 28% 635% Profit/(loss) before finance costs and income tax expense 1,956 (1,579) 806 -59% 151% Finance costs (365

% -24% Reversal of allowance for gain/(loss) from impairment of assets (101) (78) - N/A N/A Share of profit (loss) of associate 18 324 92 422% -72% Profit before finance costs and income tax expense 3,035

loss from crude oil hedging contract and loss on foreign exchange. Other important events in this quarter:  BCPG Plc. which is a subsidiary of the company, assessed the fair value of assets and

to the amalgamation, the assessment of fair value of assets and liabilities received from the acquisition is required according to accounting standards, resulting in the Company realizing goodwill from

85.60 million). Management Discussion and Analysis For the 1 st Quarter Ended 31 March, 2018 Page 5 3. Analysis of Statements of Financial Position 3.1 Analysis of Assets As at March 31, 2018, the total

last year as interest rate and the loan balances were lower in the current period. Income tax expense increased by Baht 5 million due mainly to an increase of taxable profit in the current period as

due to lower loan balances but partially offset by higher interest rate in the current period. Income tax was Baht 13 million higher as compared to the same period last year mainly due to additional

the Infrastructure Fund of Japan in September 2018. This resulted in the steady amount of overall electricity generated. There were also a profit from the sales of the aforementioned assets before tax

(136) 29 (28) (209) 1 Gain (loss) from foreign currency forward contracts 95 (11) 27 95 16 Gain (loss) on foreign exchange (39) 57 168 133 225 Loss from impairment of assets (412) - - (412) - Share of