, primarily due to business combination consolidated TBSP Public Company Limited (“TBSP”) since April 4, 2018. Excluding TBSP, Company’s core revenues increased by 4.3% or THB 14 mil from q-q. For 6M19, Company

806.4 542 48.8% Marvel Pack 0.3 - 100.0% For 9M19, Company reported revenue growth of 24.8% y-y or THB 372 million, driven primarily by business combination. Excluding TBSP, Company’s core revenues

341 mil from q-q, primarily due to business combination consolidated TBSP Public Company Limited (“TBSP”) since April 4, 2018. Excluding TBSP, Company’s core revenues increased by 20.6% or THB 64 mil

. Sales in 1Q18 represented new prices for delivery that took effect in January 2018 with an effective markdown of nearly 2%. Cost of Sales and Gross Profit The profit margin in 1Q18 dropped Q-o-Q and Y-o-Y

4.5% Effective gas cost Baht/mmBtu 236.59 252.07 6.5% 250.98 266.45 6.2% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL

subsidiaries recorded cost of goods sold of Baht 977 million. Cost of goods sold to sales decreased to 80% from 83% in Q1/2019. Cost of goods sold ratio lessened 9%, mainly due to effective cost of goods sold

3.28 2.8% 3.30 3.30 0.0% Electricity to IU - Vietnam Baht/KWh 2.46 2.37 -3.7% 2.39 2.38 -0.4% Steam to IU - Thailand Baht/Ton 1,034.45 1,105.73 6.9% 1,126.70 1,185.75 5.2% Effective gas cost Baht/mmBtu

, the SEC communicates with and educates the stakeholders on a continuing basis, especially via training sessions to prepare them for the soon-to-be-effective financial reporting standards. The

the future; higher excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line for some products

1,705.4 1,735.6 30.2 1.8% 5,315.9 6,502.1 1,186.2 22.3% Revenue from finance lease under power purchase agreement 102.3 95.3 109.4 107.9 (1.5) (1.4%) 411.0 414.9 3.9 0.9% Cost of sales and services (1,149.4