had a higher impact from the decline in domestic purchasing power leading to lower prepaid usage despite an increase in tourism-related income. Competition remained intense with the market continued

0.7 (11.4) N.A.(

) Source of fund Use of fund Operating cash flow 92,104 CAPEX & Fixed assets 28,057 Sale of equipment 109 Spectrum license 26,835 Interest received 326 Income tax and Finance cost paid 10,719 Net borrowing

2017 while gross profit margin contributed of 14.32% in 2018, decreased from 16.41% in 2017. GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 4 of 14 Other Income The

incurred from the acquisition of GLOW. However, the net profit of the company excluding amortization of the difference between fair value and book value of the net assets of GLOW (Adjusted Net Income

and subsidiaries reported Baht 9,744 million in net profit, decreasing Baht 1,173 million or 10.75 percent over-quarter. The decrease could be attributed to non-interest income, which dropped Baht 3,187

UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Sales and service income, EBITDA, and NNP in 2017 hit record high; EBITDA margin enhanced

Income from Utilities Business2 3.0 21.9 (86.3%) 4.4 32.3 (86.5%) Costs of Sales and Services (279.4) (272.2) 2.7% (552.4) (530.6) 4.1% Gross Profit 144.0 133.3 8.1% 293.0 262.9 11.5% Gross Profit from

, plant and equipment (1,132) Increase in deferred tax assets (1,094,526) Decrease in accrued expenses 7,484 Decrease in retained earnings 30,557 Weighted-average incremental borrowing rate (% per annum

decrease in current investments, dividend income from investments in associates and cash received from sales of equipment. However, this was offset by cash paid for acquisition of property, plant and