industrial waste to energy power plant project located at Ratchaburi Industrial Estate and operated by Progress Interchem (Thailand) Co., Ltd. (“Interchem”) with a contracted capacity of 4.0 MW (an installed

Quantitative methods in accounting research A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals Sarayut Rueangsuwan Kasetsart University SEC Working Papers Forum 19th

% Progress 5.0% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EDL

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Commercial operation of

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS Announcement on Corporate Rating and Progress on Corporate Bond Issuance On April 5, 2018, TRIS Rating assigned the company rating of B. Grimm Power PLC

in Amata City Industrial Estate with 133 MW installed capacity, has 97.7% construction progress and target to commence COD on October 1, 2018 and expect to record revenue in Q4’2018. Solar WVO

from our first hydro power projects – XXHP – achieved COD in August 1, 2017 with an installed capacity of 20 megawatts. ABBREVIATION & OUR PROJECTS FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF

A String of Earnings Increases, Future Earnings Uncertainty, and Firm Fundamentals* Sarayut Rueangsuwan † Kasetsart University, Thailand August 2015 Abstract Prior literature on meeting or beating

and Analysis EXECUTIVE SUMMARY ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 B.Grimm stands with our stakeholders to

2020 PEA PPA 16 MW / 25 years % Progress 17.1% Progress on track B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION COD Commercial Operation Date EBITDA Earnings