million from the printing business and Baht 14.12 million the power plant business, compared to the same period of last year. The main reason is that the solar business has adjusted the unrealized exchange

(revenues) 1.72 1.32 0.4 30.30% Profit for the year 16.76 112.1 (95.34) -85.05% Unrealized gain (loss) from valuation (13.25) - (13.25) 100.00% Income tax relating to components of other comprehensive income

quarter of 2018, the company recorded unrealized loss from mark-to- market price of investment in listed equity securities of Baht 31.03 million and Loss on sale of investment in Thanh Cong Securities Joint

due to unrealized loss from mark to market price of investment in listed securities and sale of investment in Thanh Cong Securities Joint Stock Company (“Thanh Cong”). However, the company had already

and return on financial instruments increased by Baht 12.19 million mainly due to unrealized gain from mark to market price of investment in listed securities and increase in interest income from

associated company recognized unrealized foreign exchange loss of Baht 122.16 million, with details as follows: : - Summary of the company's and subsidiaries’ performance are as follows Unit : Million Baht

18.85 million mainly from the decrease of an unrealized gain from mark-to-market price of investment in listed equity securities and the gain on debt securities from the reduction the Company’s investment

) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-operating income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 2018 2019 change Q4’18 Q3’19

% EBITDA margin (%) 27.3% 27.9% NNP margin (%) 9.7% 9.5% % NNP - Owner of the parent 58.6% 59.1% Remark: *Normalized net profit = Net profit – Unrealized gain (loss) from FX – Non-recurring income / (expense

) ** Normalized net profit = Net profit – Unrealized gain / (loss) from FX – Non-recurring income / (expense) B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis 6M’18 6M’19 change Q2’18 Q1’19