common understanding of the Statement of Corporate Governance Principles, compliance with regulatory requirements and internal control guidelines - Arranging orientation sessions on good corporate

. Management Discussion and Analysis For the Year Ended December 31, 2017 Page 5 2. Operation performance according to consolidated financial statement Unit : Million Baht Revenue from sale and rendering of

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

(income tax expense) 4.9 6.3 (1.1) (7.2) 6.1 > 100 2.9 (15.5) 18.4 > 100 Profit for the year 132.6 209.2 228.1 245.4 17.3 7.6 815.3 546.6 268.7 49.2 Other comprehensive income: - - - 1.1 1.1 100.0 1.1 5.4

expenses. 2As shown in financial statement, excluding minority interest. 3Net profit excludes minority interest, is adjusted for amortisation of PPA in MACO, gain of fair value measurement in MACO at

subsidiaries financial statement for 2nd quarter ended as of June 30, 2018, (1 April – 30 June), which details are as following; Results 2nd quarter 2018 Reviewed 2nd quarter 2017 Reviewed Increase (Decrease

% EBITDA margin 45.4% 47.1% 41.5% Net profit margin 20.6% 24.3% 21.5% 1As shown in financial statement, excluding minority interest. PERFORMANCE ANALYSIS (2Q 2018/19 vs 2Q 2017/18) VGI continued to

and its subsidiaries financial statement for 3rd quarter ended as of September 30, 2018, (1 Jul – 30 Sep), which details are as following ; Results 3rd quarter 2018 Reviewed 3rd quarter 2017 Reviewed

financial status and overall operation results 1. Summary of financial status and overall operation results of the Company and subsidiaries Unit : Thousand Baht Consolidated statement of financial position 31

statement after commencing commercial operation, interest on debentures of approximately THB 16 million, and, most of the remaining amount, interest related to liquidity management. For 9M/2019, financial