million derived from gain (loss) from investment value of the associates with the details as follows; 1. SAFE Energy Holdings Company Limited (SAFE) which is held 33.37 percent of total shares by ECF Power

million and keep gross profit margin at the same level. 3. Solar energy (“SE”) had gross profit and gross profit margin at the same level. 4. Trading business (“TD had an increase in gross profit for Baht 6

increase in gross profit for Baht 4 million. Main reason was both client retention and new client. Moreover, gross profit margin increased from 8.9% to 9.4%. 3. Both gross profit and revenue of Solar energy

. Alternative Energy  Currently, WHAUP has 4.0 Equity MW of solar rooftop power under operation and generated Baht 1.2 million of Share of Profit to WHAUP in 3Q2018, a 21.5% decreased from Baht 1.5 million in

SAAM Energy Development Public Company Limited - 1 - 13 February 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2018 To: The President The Stock Exchange of Thailand

SAAM Energy Development Public Company Limited - 1 - 4 January 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2017 To: The President of the Stock Exchange of Thailand

-term borrowings from financial institutions decreased by Baht (35.37) million, which mainly comes from the repayment of long-term borrowing in the solar energy business. The group’s equity increased by

Padaeng Industry Public Company Limited and its subsidiaries ( “ the Company” ) reassessed its business structure to move towards Green Businesses targeting renewable energy and real estate business. To

2017 Baht 19.50 million with the details as follows; 1. SAFE Energy Holdings Company Limited (SAFE) which is held 33.37 percent of total shares by ECF Power Company Limited (ECF-P) and ECF-P is the

244.45 (10.45) Finance Cost 26.69 30.80 (13.34) Net Profit 129.08 189.79 (31.99) (Unit : Million Baht) Financial statements in which equity method is applied 2018 2017 % Change Sales and Service Income