investment, fiscal stimulus, increase in relocations of production base to Thailand would be beneficial to private consumptions and investments and lessen the negative impacts from the external factors. For

PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2018 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

our higher interest rate borrowings (note that the financing costs of BIP1 and BIP2 is 5.6% p.a. for fiscal year end 2017). Acquisition of BGYSP BGRIM acquired additional of 51% shares of B.Grimm Yanhee

the tourism sector, political uncertainties and strengthening of the Thai Baht which may impact competitiveness in international trades. However, acceleration in public investment, fiscal stimulus

burden of SME and consumers and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. For 2020, the Thai economy is projected to contract

and increase liquidity in the markets and to further support the fiscal measures that have already been introduced earlier. 3 For 2020, the Thai economy is projected to contract significantly due to (1

judicial system • Innovation • Wealth equality • Civil liberties Governance • Government strength & political stability • Corruption assessment • Fiscal transparency Our ESG and investment teams have

Yongvanich Expert Member (since January 18, 2012) 4 5 Mr. Krisada Chinavicharana Director-General, Fiscal Policy Office Ex-officio Member (since June 27, 2014) 3 Mr. Krisada Chinavicharana obtained an LLB from

Assessment, an annex to this Rosc. dSi: department of special Investigations fAP: Federation of Accounting Professions fPO: Fiscal Policy office GdP: gross domestic Product GmS: general meeting of shareholders

had allowances for doubtful debts in the amount of Baht 3,947.5 million, increased by Baht 184.3 million or 4.9% when compared to the year 2018. TFRS9 is effective for fiscal years beginning on or after