services (excluding fuel cost) 2,058.80 1,554.21 504.59 32.5 Revenue from finance lease contract 750.86 885.23 (134.37) (15.2) Share of profit of associates and joint ventures 1,081.13 888.83 192.30 21.6

previous year mainly due to in 2017, one of subsidiary which operates ethanol business has amalgamated with Bio-fuel business of subsidiary of Bangchak Corporation PCL. This amalgamation in accounting aspect

fuel costs have decreased, and our SG&A is significantly down year on year -24% as we focused on reducing costs in order to compensate the challenging market conditions. Going forward we continue to seek

11.76 million. As the company started to generate revenue from commercial biomass fuel sales in Q2/2018. 2. The company’s cost of sales and services in the amount of Baht 354.49 million or 81.32 percent

SECURITIES AND EXCHANGE COMMISSION, THAILAND ANNUAL REPORT 2014ANNUAL REPORT 2014 CONTACT INFORMATION This report can be downloaded from www.sec.or.th For more information about this report, please contact: SECURITIES AND EXCHANGE COMMISSION, THAILAND 333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak, Bangkok, Thailand 10900 Tel. 1207 or +66 2695 9999 e-mail: info@sec.or.th This 2014 Annual Report is about policies, strategies and performance of the SEC. We aim to supervise and develop the Thai...

incremental change ...................... 7 Potential for radical decarbonisation is dependent on broader climate policy ............................ 8 Low carbon infrastructure which maintains high fossil fuel

maintenance and higher fuel costs. We are confident that the operational improvements made will allow us to grow sustainably in the final quarter of 2017 and into 2018.” 2. Outlook With a pickup in global trade

synergies of the acquisition contributed to the growth in revenue while variable cost synergies (particularly on fuel specific consumption optimization) contributed positively to consolidated EBITDA

services (excluded Fuel Cost) 6,656.26 6,287.22 369.04 5.9 Revenue from financial leases 3,995.45 4,491.34 (495.89) (11.0) Share of profit of associate entities and joint ventures 3,577.16 2,907.20 669.96

transition risk The cost of air pollution; fuel efficiency Automation / future of work Water scarcity The Age of Plastic Diversity Board effectiveness Remuneration Responsible lending; BNPL Wage underpayment