Management Discussion and Analysis (MD&A) Padaeng Industry Public Company Limited and its subsidiaries For the year ended December 31, 2019 1 | Padaeng Industry Public Company Limited and its

months period ended September 30, 2017 of Capital Engineering Network Public Company Limited (“Company”) and its subsidiaries as profit 26.59 Million Baht as 73.99 Million Baht increased when compared to

consumption) NNP = Normalized net profit O&M = Operations and maintenance P.A. = Per annum PEA = Provincial Electricity Authority (Thailand) PPA = Power purchase agreement PTT = PTT Public Company Limited SG&A

135.29 million increased compared with year 2016, the company had revenue from sales and services of Baht 1,428.55 million, a net profit of Baht 103.73 million. 1.2 Revenues from electricity distribution

System Engineering and Service Company Limited (ESES) for the construction of a building and the installation of electricity-generating machinery at the exaggerated price of 58 million baht. Nongree Power

. ("WPS"), a subsidiary company, in which the parent company holds 84.50% of it’s shares. Revenue from electricity sales Baht 51.07 million increased by Baht 10.07 million or 8.31%. Cost of sales For the

FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION 3 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Electricity Sales to Industrial Users (IUs

electricity has been sold yet. (3) Expenses Quarter 1-2018 the company and its subsidiaries has total expenses of 703.52 Million Baht as 49.26 Million Baht decreased when compared to same period of previous

Padaeng Industry Public Company Limited and its subsidiaries _______________________________________________________________ Management Discussion and Analysis (MD&A) For the three-month and six

- Electricity business 62.29 40.31 21.97 16.34 Total expenses 291.794 251.51 40.27 16.01 Operating Performance of the Company and subsidiaries For Q1/2020 ended March 31, 2020 2019 (Restated) Changes % Share of