) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2018 2019 change Q4’18 Q3’19

household purchasing power remained weak. Despite improvements of both farm and nonfarm income, households’ purchasing power is compressed by the high debt burden and the waning confidence regarding

private sector contribute a high demand of skilled workers and lead to an increase in household income and consumer purchasing power (Source: Bank of Thailand). Meanwhile, a rise in average oil price in the

4,203 Q2/2016 Q1/2017 Q2/2017 -2% YoY -1% QoQ -1% GLOBAL POWER SYNERGY PLC. Q2/2017 Management Discussion & Analysis (MD&A) Other non-operating income and expenses Other non-operating income and expenses

net profit increased by Baht 172 million or 23% even though the company did not receive dividend income from Ratchaburi Power Company Limited (RPCL) as in Q1/2017. The increase in net profit is mainly

season. However, in Q3/2018, the company received the dividend income from Ratchaburi Power Company Limited (RPCL) in the amount of Baht 135 million. The net profit in Q3/2018 slightly rose by Baht 11

for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery

mainly because of the interest expense of IRPC-CP and Ichinoseki Solar Power 1 GK (ISP1) after COD in late 2017. Non-operating other income and expenses Non-operating other income and expenses in Q2/2018

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the

farmers lose their income and lack purchasing power. Despite the government’s stimulus measures and tax measures to stimulate domestic spending, the tourism industry, and promoting many mega projects as