was Bt270mn, represented 8.7% of total revenues from core business, which decreased from last period represented 8.9%, due to effective cost control. Profit 1) Gross profit in 2017 was Bt732mn, an

2.46 -5.7% Steam to IU - Thailand Baht/Ton 1,059.31 1,034.45 -2.3% Effective gas cost Baht/mmBtu 240.00 239.89 235.26 -0.0% -2.0% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis

4.5% Effective gas cost Baht/mmBtu 236.59 252.07 6.5% 250.98 266.45 6.2% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

3.28 2.8% 3.30 3.30 0.0% Electricity to IU - Vietnam Baht/KWh 2.46 2.37 -3.7% 2.39 2.38 -0.4% Steam to IU - Thailand Baht/Ton 1,034.45 1,105.73 6.9% 1,126.70 1,185.75 5.2% Effective gas cost Baht/mmBtu

% Effective gas cost Baht/mmBtu 245.98 236.59 -3.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTS EXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL

- Thailand Baht/Ton 1,027.69 1,055.70 2.7% 1,035.55 1,078.14 4.1% Effective gas cost Baht/mmBtu 235.45 244.29 3.8% 237.21 250.98 5.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis

2.34 -2.5% Steam to IU - Thailand Baht/Ton 1,020.43 1,035.55 1.5% 1,029.17 1,035.55 0.6% Effective gas cost Baht/mmBtu 232.68 237.21 1.9% 231.23 237.21 2.6% B.GRIMM POWER PUBLIC COMPANY LIMITED

to IU - Thailand Baht/Ton 1,161.88 1,035.55 12.2% 1,185.75 -2.0% Effective gas cost Baht/mmBtu 281.52 237.21 18.7% 278.60 1.0% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis

production efficiently also enables effective water management. B.Grimm has worked closely with industrial estate operators for managing water usage prudently. It has been confirmed that water reserves in

mentioned. • EBITDA margin hike to 28.3% in Q3’2019 from 1) the contributions from solar projects in Vietnam which give relatively higher EBITDA margin and 2) a 2.1% q-on-q declining gas cost per unit while