system to meet the demand of the customers. Q1/2018 Market environment and Directions in 2018 In terms of the situation in the power industry for the year 2018, the Energy Regulatory Commission (ERC

important step of GPSC in becoming future system integrator. Directions of power industry and GPSC in 2018 Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 5

business recorded net gains from foreign exchange THB 38 million. Mainly due to the Thai Baht appreciating against the Japanese Yen, resulting in the conversion of debt which was mostly in Japanese Yen, to

higher financing cost from additional interest- bearing debt following the acquisition of GLAND in September 2018 and new loan for business expansion to generate new revenue stream. CPN continues to

line with the softened household spending as a result of lower income, unemployment situation, and weakening consumer confidence coupled with the already high household debt level. Private investment

Thai economy in the first quarter of 2018 continued to grow from the previous quarter, corresponding with the world economy. The expanding of the exporting industry, tourism industry, and government

2018 continued to grow from the previous quarter, corresponding with the world economy. The expanding of the exporting industry, tourism industry, and government investment are main supports. The

exhausted pipes to automotive industry. For the period of 1st half ended 30th Sept 2017, the Company and its subsidiaries had net operating profit of Baht 166.19 million which accounting for the increase by

to automotive industry. For the period of nine months ended 31st Dec 2017, the Company and its subsidiaries had net operating profit of Baht 200.55 million which accounting for the increase by 34.5

called “The Company”) still has carried adjustment of the business strategy to focus on the large project since last year and we got purchase order from big industry in first quarter of 2019 in an