subsidiaries had stable financial status with very high liquidity and debt to equity ratio as low as 0.12 time, due to the proceeds of 164 million Baht from registered capital increase in January 2017, and from

146.93 million baht in the year 2017 compare to the year 2016 amount 148.73 million baht or decrease 1.80 million baht (1.21%) because sellling and administrative expenditures in this year were stable

and Debt to Equity ratio equal to 0.12:1 times, about the same as those of the same period of the previous year which were 7.76:1 and 0.10:1 times, respectively, indicating that the Company still stable

or 25.03% increase from the same period of last year. Details of each business units are:  VFX increased by THB 7.067 million or 59.20% compared to the same period of last year as a result of stable

plants in 2018. • EBITDA decreased 8.6% q-on-q to Baht 2,202 million in Q4’2018 due to stable selling price per unit to IUs from unchanged of Ft but an increase of gas cost however, this was the temporary

expertise of the company. In addition, solar plants have long-term power purchase agreements, which will continuously generate stable revenues which will support GPSC to have sustainable growth. • Progress

sales volume increased by 6% QoQ due to consistent sales volume push and an increase in B20 diesel sales. The Company has consistently increased the number of service stations providing B20 diesel

expertise of the company. In addition, solar plants have long-term power purchase agreements, which will continuously generate stable revenues which will support GPSC to have sustainable growth. • Progress

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS MD&A Q1/2020 PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 After fully completed the acquisition of Glow Energy Public Company Limited (“GLOW”) in December 2019, the Company holds 99.83 percent of GLOW's total issued and sold shares, therefore in Q1/2020, the company recognizes the full operating results from GLOW, together with the investment projects and projects that have been opened f...

spectrum licenses as well as lower interest- bearing debt QoQ. Average cost of borrowing stood at 3.0% per year. Profit In 1Q19, EBITDA was stable YoY at Bt18,906mn due to higher network OPEX and SG&A