business strategy for appropriate with the business environment by closed 2 departments which have accumulate loss in Quarter 1’ 2020. 3. Analysis of Operating Results Statements of Comprehensive Income

income 5,770 5,733 37 0.64% Other income 79 101 -22 -21.66% Cost of sales and services 5,192 5,176 17 0.32% Gross Profit 578 558 20 3.60% Gross Profit Margin (%) 10.02% 9.73% 0.29% SG&A expenses 449 397 52

UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Sales and service income, EBITDA, and NNP in 2017 hit record high; EBITDA margin enhanced

for the year 2016 % holdings Before % % holdings After % Publishing and advertising NMG 100.00 100.00 Advertising income 20.08 0.92% 20.08 1.21% Circulation income 34.23 1.57% 34.23 2.07% Total 54.31

for the year 2016 % holdings Before % % holdings After % Publishing and advertising NMG 100.00 100.00 Advertising income 20.08 0.92% 20.08 1.21% Circulation income 34.23 1.57% 34.23 2.07% Total 54.31

for the year 2016 % holdings Before % % holdings After % Publishing and advertising NMG 100.00 100.00 Advertising income 20.08 0.92% 20.08 1.21% Circulation income 34.23 1.57% 34.23 2.07% Total 54.31

Income from Utilities Business2 3.0 21.9 (86.3%) 4.4 32.3 (86.5%) Costs of Sales and Services (279.4) (272.2) 2.7% (552.4) (530.6) 4.1% Gross Profit 144.0 133.3 8.1% 293.0 262.9 11.5% Gross Profit from

3,293.90 -537.46 -16.3% Other income 19.49 25.33 -5.84 -23.1% Total revenue 2,775.93 3,319.23 -543.30 -16.4% Cost of goods sold & service 2,427.69 2,882.47 -454.78 -15.8% Selling & distribution expenses

use amortized assets 53,554 Interest Expense 10,910 Deferred income tax (income) expenses (1,927) Thai Financial reporting standard - Financial instruments group Allowance for impairment 1,900 Deferred

Change in fair value of available-for- sale investmetns ▪ Recognised in OCI (Other Comprehensive Income) THB 1.8 million ▪ Recognised in P/L THB 1.8 million Change in fair value of interest rate swaps