from fresh fruit in Luggaw stores across 5 branches • Sale of raw materials to Mikka Café franchisees in Thailand and After You Dessert Café in Hong Kong. • OEM/Food Manufacturing under the Company’s

across 8 company- owned outlets under “Mikka” brand • The sale of products from fresh fruit in Luggaw stores across 9 branches • Sale of raw materials to Mikka Café franchisees in Thailand and After You

) Industrial and chilled water Revenue (THB million) Natural gas (SPP) Maintenance fee Other raw materials Cost of sales and services (exclude depreciation and amortization) (THB million) Management Discussion

) Natural gas (SPP) Maintenance fee Other raw materials Others Cost of sales and services (exclude depreciation and amortization) (THB million) Industrial and chilled water +9% YoY +14% QoQ -4% YoY Management

the drop in the cost of raw materials of CHPP following the progress of EPC work. However, the proportion of revenue that decreased is larger than the decrease in cost of raw materials, resulting in a

equities increased by 6.2% from the end of 2018 to Baht 29,462 million as of September 30, 2019, primarily due to an increase in retained earnings during the period. • As a result of the foregoing, net

of 2018 to Baht 60,387 million as of December 31, 2019, primarily due to the short-term borrowing for project acquisition. • Total equities increased by 39.4% from the end of 2018 to Baht 38,677

and construction. • Total equities increased 2.9% from Baht 27,739 million as of December 31, 2018 to Baht 28,536 million as of March 31, 2019, primarily due to an increase in retained earnings during

borrowing for project acquisition. • Total equities increased by 3.0% from the end of 2018 to Baht 28,583 million as of June 30, 2019, primarily due to an increase in retained earnings during the period. • As

(SPP+VSPP) Steam -5% YoY +15% QoQ Natural gas (IPP)Electricity (IPP) Revenue (THB million) Natural gas (SPP) Maintenance fee Other raw materials Others Cost of sales and services (exclude depreciation