1,417.3 153.8 9.4 377.5 26.6 Rental income from equipment for lease 69.7 55.2 58.1 14.5 26.3 11.6 20.0 Cost of sales and service 1,436.4 1,366.0 1,203.1 70.4 5.2 233.3 19.4 Selling and distribution expenses

%) 2,232.02 2,224.55 (7.47) (0.33%) Raw water cost 288.74 222.91 (65.83) (22.80%) 1,150.39 935.25 (215.14) (18.70%) Tap water cost 214.85 242.29 27.44 12.77% 824.58 879.02 54.44 6.60% Rental and services cost

312 144 (54%) 599 363 (39%) Cost of sales (111) (65) (41%) (210) (147) (30%) Gross Profit 201 79 (61%) 389 216 (44%) Other Income 1 1 (0%) 3 2 (33%) Selling and distribution expenses (85) (52) (39

(33%) 15 14 (7%) Selling and Distribution Expenses (82) (98) 20% (289) (373) 29% Administrative Expenses (45) (52) 16% (165) (203) 23% Finance Cost - (1) 100% (6) (4) (33%) Profit (Loss) before Income

addition, cost of service also increased in relevant to the opening of the projects. Moreover, financial cost decreased due to the prepayment fee from re-financing which recognized as expense total Baht 212

. Apart from the distribution disruption, negative factors affecting tourism in Thailand still emerged and caused a material fall in the number of tourists, especially from China, which is our target

profit margin (%) = (Total revenues from sales – Total cost of sales of goods) / Total revenues from sales SG&A to net sales ratio (%) = (Selling and distribution expenses + Administrative expenses

net sales ratio (%) = (Selling and distribution expenses + Administrative expenses) / Total revenues from sales EBIT margin (%) = (Profit before income tax expense + Finance Cost) / Total revenues

operate the project and has profit as agreed during the period of agreement after Phase 2-4 start to operate water distribution. HECH would purchase more GS’s share in the future from exisiting shareholder

% 426 583 37% Other income 2 3 50% 9 10 11% Selling and Distribution Expenses (74) (100) 35% (207) (275) 33% Administrative Expenses (43) (57) 33% (120) (151) 26% Finance Cost (2) (2) 0% (6) (3) (50