solar cell implementation service from Combine Heat and Power Producing Company Limited (CHPP) as well as the increase in maintenance cost leading to a fall in gross profit. The gross profit of the

from Ichinoseki Solar Power 1 GK (ISP1) and the decrease in revenue of solar cell implementation service from Combine Heat and Power Producing Company Limited (CHPP) following the existing projects. The

due to the decreased in revenue from solar cell implementation service from Combine Heat and Power Producing Company Limited (CHPP) as well as the decrease in revenue from chilled water following the

million mainly due to the decreased in revenue from Combine Heat and Power Producing Company Limited (CHPP) by Baht 19 million as a result of the lower revenue from solar cell implementation; despite the

Construction contract service (EPC) income of Combine Heat and Power Producing Company Limited (CHPP) as well as the increase in selling electricity of Ichinoseki Solar Power 1 (ISP1). However, the cost of sales

completion on 26 March 2020 and from increased gross profit of Combine Heat and Power Producing Company Limited (CHPP) from Engineering, Procurement and Construction service (EPC) in Q2/2020. Executive Summary

producing and distributing electricity from waste fuel 75.009% of “GP1” investment was made to purchase additional 24,990 shares at par value of 10.00 baht and 1,224,509 shares at 2.50 baht from ZW POWER

250 237 (5%) (4%) 255 247 (3%) Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q4/2017 and FY2017 ผลประกอบ การบริษัท Gross profit of the Combined Heat and Power Producing

% 43 60 38% Gross profit margin 45% 55% 54% (1%) 9% 45% 54% 9% 1H/2017Q2/2017 Change +/(-) 1H/2016Q1/2017Q2/2016 2.4 Combine Heat and Power Producing Company Limited (CHPP) : VSPP Unit: THB million 12

during Q1/2017 and there was the shutdown for commissioning in Q3/2017. 17 Management Discussion & Analysis (MD&A) Q3/2017 Management Discussion & Analysis Combine Heat and Power Producing Company Limited