the country has sufficient reserve margin. According to the Department of Alternative Energy Development and Efficiency, the current status of renewable energy power plants as of October 31, 2018, which

% Adjusted Net Income 942 1,529 1,948 27% 107% Gross profit margin (%) 27% 25% 29% 4% 2% Net profit margin (%) 10% 6% 9% 3% (1%) Adjusted Net Income Margin (%) 10% 8% 11% 3% 0% Executive Summary PAGE 2

margin (%) 22% 28% 26% (2%) 4% 26% 28% 2% Net profit margin (%) 8% 5% 6% 1% (2%) 14% 6% (8%) Adjusted Net Income margin (%) 8% 7% 8% 1% 0% 14% 8% (6%) Executive Summary PAGE 2 MANAGEMENT DISCUSSION

1,577 1,542 (2%) 61% 3,014 4,172 38% Gross profit margin (%) 24% 30% 28% (2%) 4% 27% 29% 2% Net profit margin (%) 13% 5% 5% 0% (8%) 15% 6% (9%) Adjusted Net Income margin (%) 13% 7% 7% 0% (6%) 15% 8% (7

December 2019 was Baht 37,066.12 million which decreased by Baht 4,782.89 million, or equivalent to 11.43% from amount recorded in 2018. Such change on Capital Structure was due to - The profit from company

(3) Interest bearing debt to equity net of cash and cash equivalent and short-term investments 1Q 4Q 1Q YoY QoQ 2018 2018 2019 (%) (%) Profitability Ratio Gross profit margin (1) (%) 52% 49% 50% (2%) 1

baht. In addition, the Company has unused credit facilities of 16,910 million baht and credit facilities with various financial institutions and cash and cash equivalent 2,797 million baht, which is

financial institutions and cash and cash equivalent 4,286 million baht, which is sufficient for the Company’s operation and debt payment. Credit Ratings The Company has received credit ratings and have

baht. In addition, the Company has unused credit facilities of 10,890 million baht and committed credit facilities of 3,000 million baht with various financial institutions and cash equivalent 3,950

1,081 15% 3% 1,973 2,023 3% Adjusted Net Income 1,053 942 1,441 53% 37% 1,973 2,383 21% Gross profit margin (%) 28% 27% 30% 3% 2% 28% 29% 1% Net profit margin (%) 16% 10% 5% (5%) (11%) 16% 7% (9