lower than condominiums Therefore considered as a risk diversification from increasing channels of income by the housing project of the company under the brand “Britannia” has received good feedback from

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

, 2018 are as follows: Consolidated Financial Statements As of September 30, 2018 (Million Baht) Total assets 529.94 Intangible assets (Deferred Income Tax) 18.86 Total liabilities 143.30 Enclosure Page 5

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

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

quarter but may be restrained by vulnerable and highly uncertain household income as well as elevated household debt. These factors are causing customers to be cautious on spending. Moreover, the tourism