continuous increment in global crude price, leaving the retail price unable to keep up with the cost, in addition with government policy to peg the price of Diesel. Power Plant Business Group recorded total

" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two

environment The Thai economy for the year 2018 expanded as expected according to its potential. For the last quarter of 2018, the economy continued to expand largely from domestic demands contributed both from

average selling price decreased considerably due to slowdown in Thai economy, strengthening of Thai Baht, and surge in imports of Alloy Steel and Galvanised HRC post expiry of safeguard duties. While total

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2018 GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Management Discussion & Analysis

of 530 million baht or 2.12 baht per share, decreasing by 46% y-y. The financial performance can be summarized as follows. Overview The Thai economy in the first quarter of 2020 contracted by 1.8

2019 2018 YOY % Operating profit 457.27 403.89 53.38 13.22% Depreciation 124.10 100.14 23.96 23.92% Amortization 78.25 73.92 4.32 5.85% EBITDA 659.62 577.96 81.66 14.13% 2. ECONOMIC SITUATION Thai

esthetics. 2. Overview of operating results in the Quarter 1’2019. From 2018 to the first quarter of 2019, the global economy still has risk factors from international political and economic tensions

implementation of the amended Thai Labor Protection Act 3 Adjusted EBITDA is calculated from Profit (loss) before income taxes, plus Finance costs, plus Depreciation and Amortization, deduct gain from exchange

of 530 million baht or 2.12 baht per share, decreasing by 46% y-y. The financial performance can be summarized as follows. Overview The Thai economy in the first quarter of 2020 contracted by 1.8