with the increasing number of kiosks. 2) Service & Administrative expenses was Bt63mn, represented 7.9%of total revenues from core business, which decreased from last period, due to effective cost

290.50 16% Revenue from Hospital Operations 383.47 331.95 16% 766.39 645.80 19% Cost of hospital operations 274.71 237.95 15% 532.07 464.83 14% Gross margin 108.76 94.00 16% 234.33 180.97 29% % Gross

4.5% Effective gas cost Baht/mmBtu 236.59 252.07 6.5% 250.98 266.45 6.2% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

years. 2) Service & Administrative expenses was Bt61.36mn, representing 7.2% of total revenues from core business, decreasing 7.9% YoY, due to effective cost control and lower service & administrative

years. 2) Service & Administrative expenses was Bt61.36mn, representing 7.2% of total revenues from core business, decreasing 7.9% YoY, due to effective cost control and lower service & administrative

margin 95,426 83,001 12,425 14.97% Selling Expenses (24,213) (22,124) 2,089 9.44% Admin Expenses (28,825) (18,495) 10,330 55.85% Finance cost 831 946 (115) (12.16%) Net profit 30,641 28,250 2,391 8.46

continued to grow well by c.20%.  Net profit in Q2/2017 was Baht 61 million, a decrease of 57% YoY due to 1) higher cost per unit resulted from lower capacity utilization; 2) higher depreciation resulted

% yoy, +6% qoq) and non- mobile enterprise business grew 13% yoy. We continued on with cost optimization while expanding 5G network which resulted in controlled cost of service (+3% yoy, -0.5% qoq) and

(25.5) (1.7%) 6,502.1 6,166.0 (336.1) (5.2%) Revenue from finance lease under power purchase agreement 102.4 104.5 105.2 104.6 (0.6) (0.6%) 414.9 416.7 1.8 0.4% Cost of sales and services (1,274.4

3.28 2.8% 3.30 3.30 0.0% Electricity to IU - Vietnam Baht/KWh 2.46 2.37 -3.7% 2.39 2.38 -0.4% Steam to IU - Thailand Baht/Ton 1,034.45 1,105.73 6.9% 1,126.70 1,185.75 5.2% Effective gas cost Baht/mmBtu