another to falsify documents and make false entries of revenues from sales in SINGHA?s 2007 financial statements in a total amount of 543.3 million baht or 47.3 percent of the total of goods sold. This

Heat and Power Producing Company Limited (CHPP), despite the increased in overall cost of goods and services. In order to acquire shares of Glow Energy Public Company Limited (“GLOW”), the company had

cost from relocating some product from the old production line to the new one; 4) higher excise tax as well as sugar tax following the Excise Act, B.E. 2560, effective since 16 September 2017; 5) higher

of goods and rendering of services of ISP1 significantly dropped. The gross profit of the company increased mainly due to: • Independent Power Producer (IPP) (Sriracha Power Plant): The gross profit

decreased by 4%. • Very Small Power Producer (VSPP) and other: The gross profit decreased by Baht 11 million mainly due to the increased in the cost of goods sold and rendering service from maintenance cost

. PPA Amortization Accounting impact Net Income consolidated PAGE 9PAGE 9 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Operating Revenue Cost of Sales of Goods and Rendering of Services (Exclude

10.06% as compared to 2016. However, higher proportion of cost of sales to net revenues from sales increased from 48.69% to 49.08% as a result of increasing prices of goods and raw materials including

due to the effect of an annual selling price adjustment, a change in foreign currency exchange rate and an increase in the cost of goods sold resulting from a continuously high cost of raw materials

increasing in cost of goods sold of 36% and increasing in selling expenses of 10% Financial results of 3-month ended period Unit: million baht for 3-month period ended March Detail 2018 2017 diff % Total

million, mainly caused by increased of finished goods Baht 330.4 million, work in process Baht 14.7 million, raw materials Baht 53.7 million, supplies Baht 38.7 million, and decreased of goods in transit