-day recognition in Q1/2019 and full-quarter recognition in Q2/2019 and Q3/2019. However, cost of natural gas decreased by THB 439 million due to lower natural gas consumption of Sriracha Power Plant as

Solutions grew by THB 35.31 million or 13.43% from the recognition of license income and implementation fee from projects in Thailand and Malaysia, as well as, organic growth in recurring outsourcing income

1.60 Other Revenue 3.46 2.75 2.70 2.33 0.37 15.88 Total Revenue 198.09 182.62 174.40 171.32 3.08 1.80 Costs of Sales 138.50 130.45 130.80 126.04 4.76 3.78 Cost of distributions 20.55 14.79 16.57 12.85

19.31 27.79 Total cost of sales and services 74.99 41.99 75.57 35.60 The gross margin increased from 35.60% to 41.99% is mainly due to the contribution from recognition of license fee from HR solutions

HR solutions. HR solutions grew by THB 26.27 million or 15.04% from the recognition of license income and implementation fee from projects in Thailand and Malaysia, as well as, moderate growth in

economy growth in 2019, the slowdown of Government’s energy Saving programs promoting the replacement of conventional lamps to LED and the delays of sales revenue recognition resulting from product

increasing from 4.79% in 2018 to 12.76% in 2019. The loss incurred is due to the recognition of gross loss from the construction business; higher administration cost to support the expansion of construction

. which is held 51% by the Company starts to recognize revenue. 1.3) Revenue from Real Estate Development increase THB 80.79 million due to starting of revenue recognition of the subsidiary. 1.4) Revenue

9.11 percent. The revenue recognition from the projects of the quarter 2/2017 was from substations construction projects that caused high gross profit rate. The gross profit from sales business was

December 31, 2017 + (-) % Total revenue 132,427.65 95,599.22 38.52 Revenue from Sale 127,813.63 90,492.00 41.24 Cost of sales 76,977.28 57,183.36 34.61 GROSS PROFIT 50,836.35 33,308.64 52.62 Selling and