Microsoft Word - MD&A Y2017 _E_ Final Ratchaburi Electricity Generating Holding PCL Management Discussion and Analysis For the Year Ended 31 December, 2017 Management Discussion and Analysis For the

Subsidiary will purchase the ERU Project from Thai Oil. The ERU Project is a unit for the production of electricity and steam, using petroleum pitch, which is a by-product from the production process of the

associates 1,393 35 (20) - 1,408 Investments in joint ventures - Thai Solar Renewable Company Limited (TSR) - 230 (222) - 8 - Nava Nakorn Electricity Generating Company Limited (NNEG) - 86 - - 86 - Nam Lik 1

in associates 666 92 (81) - 677 Investments in joint ventures - Thai Solar Renewable Company Limited (TSR) - 227 (293) - (66) - Nava Nakorn Electricity Generating Company Limited (NNEG) 7 84 (108

) 902 (10) - - 892 Total investments in associates 902 15 (20) - 897 Investments in joint ventures - Thai Solar Renewable Company Limited (TSR) - 150 (161) - (11) - Nava Nakorn Electricity Generating

MANUFACTURING COMPANY LIMITED AGRIPURE HOLDINGS PUBLIC COMPANY LIMIT... AGROTECH THAI COMPANY LIMITED AI ENERGY PUBLIC COMPANY LIMITED AIKCHOL HOSPITAL PUBLIC COMPANY LIMITED AIM THAI INTERTRADE (2001) COMPANY

investments in associates 244 28 (13) - 259 Investments in joint ventures - Thai Solar Renewable Company Limited (TSR) - 78 (61) - 17 - Nava Nakorn Electricity Generating Company Limited (NNEG) - 36 - - 36

has shown consistency in the sales of both electricity and steam to industrial users when comparing to the previous quarter showing the ability and capability of both companies to operate stably

Golden Lime. Third, we closed the transaction to acquire a 99.79% majority stake in Thai Marble Corp., Ltd. (TMC), an ornamental stone and limestone business in Saraburi Province, that is of high strategic

in Thailand, and (2) revenues from the sale of electricity from its own solar power project operated by its direct subsidiary. In Quarter 3 of 202 0 , revenues are THB 59.96 million, a THB 1.83 million