revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis

million, mainly came from the increase in cost of biomass power plants which the Group acquired in the third quarter of 2020 and cost of Municipal Solid Waste in Krabi which started its commercial operation

completion of the 6 power plants under construction  The COD of power projects under construction will enhance our operating performance  No further loss from development cost to occur  Power projects to

projects under construction will enhance our operating performance  No further loss from development cost to occur  Power projects to start to generate revenue  Power projects to consume large volume of

. Sales of natural gas power plant increased by Baht 246.3 million from increase in unit rate which is adjusted in line with the increase in average natural gas price. 3 Cost of sales and service Cost of

statements Q1-2022 Q1-2023 THB Mn THB Mn THB Mn % Sales of goods and services 1,518.7 1,638.2 119.5 7.9% Revenue from finance lease under power purchase agreement 102.3 102.4 0.1 0.1% Cost of sales and

of sales related to generation and distribution of electricity business under SAAM-SP1 mainly includes depreciation cost for a solar power plant, operation and maintenance (O&M) and utility expenses

solar cell implementation service from Combine Heat and Power Producing Company Limited (CHPP) as well as the increase in maintenance cost leading to a fall in gross profit. The gross profit of the

cost recognizes based on actual incurred construction cost according to TFRIC 12 – Concession Agreement B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Electricity Sales to

PDR which offset with the construction cost recognizes based on actual incurred construction cost according to TFRIC 12 – Concession Agreement B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s