GFPT Public Company Limited Management Discussion and Analysis for the Year 2019 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT

repayment of long-term debt from financial institutions 1.2 Accounts receivable and other accounts receivables decreased by THB 192 million caused by the declining of methyl ester selling price and sales

Australia’s installed capacity is approximately 46,000 megawatts based on National Electricity Market which accounts for 83 percent of total country capacity. Australia plans to retain 48 percent of total

Index (USD)** -5.29% -3.41% -5.29% 16.53% N/A N/A 24.44% * * Refers to the inception date of August 19, 2020. The Fund’s performance is based on net of fees. Index performance is shown for illustrative

of some spare parts and gas-cost saving of no less than THB 50 million per annum from gas-turbine upgrades in 2019-2020. B.Grimm has THB 21 billion cash on hand as of Q1’2020. Based on various scenario

Analysis For 2Q20 and 6M20 P a g e | 8 As of 30 June 2020, the Company had Interest bearing debt to equity attributable to owners of the Company (IBD/E) ratio at 3.20 times and IBD/E ratio excluding TFRS 16

) THB 188 million accretion cost from a discounting of long-term construction payables based on requirement of accounting standards. ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION

generation capacity and 10 tons per hour of steam generation capacity with the project cost of approximately Baht 3,105 million (the debt proportion is approximately 75 percent and the equity proportion is

of net proceed from base offering in July and over-allotment proceed in August. This proceed would allow us to enhance our capital structure reflecting in net-interest- bearing debt to equity ratio as

2017 to Baht 1,842 million in 2018, primarily due to commercial operation of new plants and an improvement on financing cost mainly attributable to debt refinancing after issuing project bond in May 2018