on finance cost; and • A 8.0% decrease year-on-year in interest expense from ABPIF from Baht 594 million in 2016 to Baht 546 million in 2017 based on the benefits transferred from the business

rights of APC business operation, including all benefits related to transferred assets. UAPC has started operation since 1 May 2015; then, 2015 operating results has started from May - December 2015

recognize CMG revenues when goods are ready for transfer to customers and not when it has been transferred. This impacted the Company and its subsidiaries’ financial statement on total sales and net profit

cash so ownership of assets will be transferred to the person expected to be a buyer. 2. Transaction parties Seller : Bangkok Post Public Company Limited Expected Buyer : The Company may sell each asset

operation in 2016; and (ii) a 10.7% decrease in interest expense from ABPIF of Baht 198 million compared to Baht 176 million for the six months ended June 30, 2017 based on the benefits transferred from the

debt restructuring regarding to the major 4 creditors has transferred all amount payable under the contracts to new creditor. 2. Short-term loan from other party decreased by THB 10 million due to the

million since it has transferred its rights to operate and maintain Nam Ngum 2 Hydroelectric Power Plant in April 2016, in exchange for Baht 134.71 million. 3.3 The effect of exchange rate of the Company

transferred all amount payable under the contracts to new creditor. 2. Debt restructuring according to debt-to-equity conversion scheme which receiving resolution from the Extra Ordinary Shareholders’ meeting

Discussion and Analysis For the Year Ended December 31, 2017 Page 7 by Baht 188.38 million as it has transferred its rights of such service agreement to Nam Ngum 2 Power Company Limited in April 2016, in

and have undertaken in guaranteeing minimum EBITDA of the REIT, thus, their significant risk and reward were not transferred to the buyer. However, during the period 2019, the Company has reconsidered