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FINANCIAL REPORT

2017

Global Power Synergy Public Company Limited

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GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Board of Directors’ responsibility for financial reporting

The consolidated financial statements of Global Power Synergy Public Company Limited and its subsidiaries have been prepared in conformity with the requirements of the Securities Exchange Commission under the Securities and Exchange Act B.E. 2535, the Announcement of the Department of Business Development, issued in accordance with Section 11,Paragraph 3 of the Accounting Act B.E.2543, and the Financial Reporting Standards prescribed by the Federation of Accounting Professions. The Board of Directors is responsible for financial statements and the disclosures to ensure that the financial statements are presented fairly, in all material aspects. The effectiveness of internal control has been established to provide reasonable assurance of the financial statements, together with sufficiency and accuracy of accounting data, to preserve the Company’s asset and prevent fraud and irregularities with material implications. The Company’s ability to continue as a going concern has been assessed in preparing the financial report. The financial report has been prepared in accordingly to appropriate accounting policy and consistency practices, and in conformity with Thai Financial Reporting Standards. Significant information has sufficiently disclosed in notes to financial statements, where the auditor expressed an opinion on the financial statements of Global Power Synergy Public Company Limited and its subsidiaries in the auditor’s report.

Mr. Surong Bulakul Chairman

Mr. Toemchai Bunnag President and Chief Executive Officer

FINANCIAL REPORT 2017

Independent Auditor’s Report Independent Auditor’s Report To the Shareholders of Global Power Synergy Public Company Limited Opinion I have audited the consolidated and separate financial statements of Global Power Synergy Public Company Limited and its subsidiaries (the “Group”) and of Global Power Synergy Public Company (the “Company”), respectively, which comprise the consolidated and separate statements of financial position as at 31 December 2017, the consolidated and separate statements of income and comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. In my opinion, the accompanying consolidated and separate financial statements present fairly, in all material respects, the financial position of the Group and the Company, respectively, as at 31 December 2017 and their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards (TFRSs). Basis for Opinion I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements section of my report. I am independent of the Group and the Company in accordance with the Code of Ethics for Professional Accountants issued by the Federation of Accounting Professions that is relevant to my audit of the consolidated and separate financial statements, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Key Audit Matters Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of my audit of the consolidated and separate financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Independent Auditor’s Report Recoverability of loan to and interest receivable from and investment in 24M Technologies, Inc. Refer to Note 3 4 and 7 to the consolidated and separate financial statements The key audit matter How the matter was addressed in the audit At 31 December 2017, the Group has loan to and My audit procedures in this area included, among interest receivable totalling to Baht 171.1 million others: and investment of Baht 715.6 million, representing • evaluating the Group’s process for identifying 18% share in the capital of 24M Technologies, Inc. indicators of impairment; in the form of an unquoted equity instrument which • evaluating the appropriateness of the recoverable amount and the key assumptions, is carried at cost. including sales volume and prices, operating costs and long-term growth rates, which The recoverability of loan to and interest receivable included comparing these inputs with and investment is an area of my focus because the Company is still in the development stage and externally derived data as well as my therefore not yet profitable. The Group need to knowledge of the client and the industry; involves significant judgement to estimate the • consulting KPMG valuation specialists to recoverable amount. assist in evaluating the appropriateness of the discount rates applied comparing with market average; • performing sensitivity analysis, which included assessing the effect of reasonably possible reductions in growth rates and forecast cash flows to evaluate the impact on the cashgenerating unit; • evaluating the adequacy of financial statement disclosures according to Thai Financial Reporting Standards.

FINANCIAL REPORT 2017

Independent Auditor’s Report Impairment on old machines and assets not used in operation Impairment on old machines and assets not used in operation Refer to Note 3 15 and 16 to the consolidated and separate financial statements Refer to Note 3 15 and 16 to the consolidated and separate financial statements The key audit matter How the matter was addressed in the audit The key audit matter How the matter was addressed in the audit The Group holds old machines and certain group of My audit procedures in this area included, among The Group holds old machines and certain group of My audit procedures in this area included, among assets which are not used in operation due to the others: assets which are not used in operation due to the others: fact that the projects has been suspended for certain • evaluating the appropriateness of estimated fact that the projects has been suspended for certain • evaluating the appropriateness of estimated recoverable amount process of the underlying periods and no progress. periods and no progress. recoverable amount process of the underlying asset; asset; • challenging the fair value of underlying asset The old machines and assets not used in operations The old machines and assets not used in operations • challenging the fair value of underlying asset estimated by the independent appraiser using totalling net balances of Baht 182.7 million in the totalling net balances of Baht 182.7 million in the estimated by the independent appraiser using market approach for selling consideration consolidated financial statements. There is a risk of consolidated financial statements. There is a risk of market approach for selling consideration recoverability of the assets which requires purpose; recoverability of the assets which requires purpose; significant judgement of key assumptions and • assessing the competency of the independent significant judgement of key assumptions and • assessing the competency of the independent estimates of future sales prices. appraiser engaged by the Group; estimates of future sales prices. appraiser engaged by the Group; • consulting KPMG’s external expert evaluating • consulting KPMG’s external expert evaluating I focused on the estimate of recoverable amount the appraisal report; I focused on the estimate of recoverable amount the appraisal report; that is based on the higher of the value in use or the • evaluating the appropriateness of the that is based on the higher of the value in use or the • evaluating the appropriateness of the recoverable amount and the key assumptions, fair value less cost to sell. fair value less cost to sell. recoverable amount and the key assumptions, including sales volume and prices, operating including sales volume and prices, operating costs and long-term growth rates, which costs and long-term growth rates, which included comparing these inputs with included comparing these inputs with externally derived data as well as my externally derived data as well as my knowledge of the client and the industry; knowledge of the client and the industry; • consulting KPMG valuation specialists to • consulting KPMG valuation specialists to assist in evaluating the appropriateness of the assist in evaluating the appropriateness of the discount rates applied comparing with market discount rates applied comparing with market average; average; • evaluating the adequacy of financial statement • evaluating the adequacy of financial statement disclosures according to Thai Financial disclosures according to Thai Financial Reporting Standards. Reporting Standards. Other Information Other Information Management is responsible for the other information. The other information comprises the information Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated and separate financial statements and my included in the annual report, but does not include the consolidated and separate financial statements and my auditor’s report thereon. auditor’s report thereon. My opinion on the consolidated and separate financial statements does not cover the other information and I My opinion on the consolidated and separate financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. do not express any form of assurance conclusion thereon. In connection with my audit of the consolidated and separate financial statements, my responsibility is to In connection with my audit of the consolidated and separate financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or my knowledge obtained in the audit, or otherwise with the consolidated and separate financial statements or my knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material appears to be materially misstated. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report the fact. I have nothing to report in this misstatement of this other information, I am required to report the fact. I have nothing to report in this regard. regard.

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Independent Auditor’s Report Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate Financial Statements Management is responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with TFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated and separate financial statements, management is responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s and the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements My objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with TSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements. As part of an audit in accordance with TSAs, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: 

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 

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Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated and separate financial

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Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of FINANCIAL REPORT 2017 not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 4 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.

Independent Auditor’s Report

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the consolidated and separate financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

(Waiyawat Kosamarnchaiyakij) Certified Public Accountant Registration No. 6333 KPMG Phoomchai Audit Ltd. Bangkok 12 February 2018

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Global Power Synergy Public Company Limited and its Subsidiaries Statement of income

Statement of financial position

financial statements Global Power Synergy Public Company LimitedConsolidated and its Subsidiaries

Global Power Synergy Public Company Limited and its Subsidiaries For the year ended Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Statement of financial position 31 December

Statement of financial position Statement of financial position

Note 4, 32

Revenue from sale and rendering of services

Assets from finance lease Revenue Assets Assets Cost of sale and rendering of services Current assets Gross profit Current assets Current Cash andassets cash equivalents Cash and cash equivalents Cash and cash equivalents Restricted accounts Revenue from sale of Nitrogen Restricted accounts Restricted accounts Cost of sale of Nitrogen Current investments Current investments Current investments Net foreign exchange gain (loss) Trade accounts receivable Trade accounts receivable Trade accounts Dividend incomereceivable Current portion of finance lease receivable Current portion of finance lease receivable Other income Current portion of finance lease receivable Other receivables Other receivables Selling and distribution expenses Other receivables Current portion of long-term loan to related party Current portion of long-term loan to related party Administrative expenses Current portion of long-term loan to related party Inventories Inventories Share of profit assets of associates and joint ventures Inventories Other current Other current assets Profit before finance Other current current assets Total assets cost and tax expense Total current assets Finance costs assets Total current Profit before assets tax expense Non-current Non-current assets Tax expense Non-current Investments inassets joint ventures Investments joint ventures Profit for theinyear Investments in joint ventures associates Investments in associates Investments in associates subsidiaries Investments in subsidiaries Profit attributable to: Investments in subsidiaries Other long-term investments Other long-term investments Owners of the parent Other long-term Long-term loans investments to and interest receivables Long-term loans to and interest receivables Non-controlling interests Long-term loans to and interest receivables from related parties Profit the year from for related parties from related Finance lease parties receivable Finance lease receivable Finance lease receivable Property, plant and Basic earnings per equipment share Property, plant and equipment Property, equipment Assets notplant usedand in operation Assets not used in operation Assets not used in operation Goodwill Goodwill Goodwill Intangible assets Intangible assets Intangible assets Deferred tax assets Deferred tax assets Deferred tax of assets Right of use natural gas distribution pipeline Right of use of natural gas distribution pipeline Right of use of natural asset gas distribution pipeline Right of use of asset Right use of asset Other of non-current assets Other non-current assets Other non-current Total non-currentassets assets Total non-current assets Total non-current assets

Note Note Note

5 5 4 65 6 76 7 4,78 4, 8 4,98 4 9 4 9 4,10 4,10 4 4,10 4 4 4, 27 4 11 11 12 11 30

12 12 12 12 12 13 13 13 7 7 7 4 4 4 9 9 9 15 15 15 16 16 16

17 17 17 18 18 18 4 4 4 15 15 15 4 4 4

Total assets Total assets Total assets

3,964,780,634 3,964,780,634 3,964,780,634 286,420,851 108,026,487 286,420,851 286,420,851 (102,641,010) 6,000,000 6,000,000 6,000,000 (3,344,368) 3,663,404,827 3,663,404,827 3,663,404,827 270,005,280 605,187,023 605,187,023 478,040,738 605,187,023 687,580,920 687,580,920 (10,570,439) 687,580,920 (839,520,726) 484,785,602484,785,602 517,130,619 484,785,602 219,819,327 219,819,327 3,957,942,144 219,819,327 9,917,979,184 9,917,979,184 (361,011,385) 9,917,979,184

31 December

5,421,670,109 5,421,670,109 5,421,670,109 359,235,832 96,175,480 359,235,832 359,235,832 (89,966,103) 2,032,103,449 2,032,103,449 2,032,103,449 3,594,377 2,179,932,758 2,179,932,758 2,179,932,758 420,006,791 436,700,770 436,700,770 243,908,240 436,700,770 628,124,671 628,124,671 (8,449,025) 628,124,671 (891,653,580) 457,758,228457,758,228 346,206,648 457,758,228 149,497,052 149,497,052 3,429,733,163 149,497,052 11,665,022,869 11,665,022,869 (417,524,768) 11,665,022,869 3,012,208,395

3,917,037,946 3,917,037,946 3,917,037,946 108,026,487 (102,641,010) (1,970,533) 2,774,001,586 2,774,001,586 2,774,001,586 591,292,814 605,187,023 605,187,023 371,264,055 605,187,023 461,195,073 461,195,073 (10,570,439) 461,195,073 47,760,000 47,760,000 (733,254,832) 47,760,000 468,764,033 468,764,033 468,764,033 81,123,897 81,123,897 3,293,535,009 81,123,897 8,355,069,558 8,355,069,558 (233,065,729) 8,355,069,558

4,754,685,349 4,754,685,349 4,754,685,349 96,175,480(89,966,103) 2,032,103,449 2,032,103,449 2,032,103,449 2,233,499 1,758,092,840 1,758,092,840 1,758,092,840 752,248,479 436,700,770 436,700,770 260,129,708 436,700,770 525,026,002 525,026,002 (8,449,025) 525,026,002 73,000,000 73,000,000 (791,062,624) 73,000,000 452,173,981 452,173,981 452,173,981 76,816,24976,816,249 3,015,054,981 76,816,249 10,108,598,640 10,108,598,640 (331,373,917) 10,108,598,640

3,060,469,280

2,683,681,064

(256,761,967) 2,626,124,182 2,626,124,182 3,340,168,792 2,626,124,182 6,148,316,461 6,148,316,461 6,148,316,4612,923,374,6302,923,374,630 3,174,581,310 2,923,374,630 165,587,482 2,965,049,601 3,340,168,792 2,965,049,601 2,965,049,601 5,354,189,796 5,354,189,796 5,354,189,796 27,245,713,382 27,245,713,382 2.12 27,245,713,382 73,114,997 73,114,997 73,114,997 14,874,653 14,874,653 14,874,653 509,983,447 509,983,447 509,983,447558,932,130558,932,130 558,932,130 1,043,439,584 1,043,439,584 1,043,439,584 587,333,074 587,333,074 587,333,074 50,050,445,937 50,050,445,937 50,050,445,937

(140,234,111) 2,476,611,172 2,476,611,172 2,871,974,284 2,476,611,172 4,461,336,767 4,461,336,767 4,461,336,7672,923,124,6302,923,124,630 2,699,902,814 2,923,124,630 172,071,470 2,529,589,401 2,871,974,284 2,529,589,401 2,529,589,401 5,959,376,819 5,959,376,819 5,959,376,819 26,128,519,497 1.80 26,128,519,497 26,128,519,497 60,983,204 60,983,204 60,983,204 15,805,968 15,805,968 15,805,968 526,905,888 526,905,888 526,905,888 6,063,197 6,063,197 6,063,197 563,020,000 563,020,000 563,020,000 380,000,000 380,000,000 380,000,000 331,924,502 331,924,502 331,924,502 46,363,261,045 46,363,261,045 46,363,261,045

(224,701,018) 2,522,672,690 2,522,672,690 2,835,768,262 2,522,672,690 923,750,000 923,750,000 923,750,000 8,499,119,392 8,499,119,392 8,499,119,392 2,923,374,630 2,923,374,630 2,835,768,262 2,923,374,630 3,215,789,601 2,835,768,262 3,215,789,601 3,215,789,601 5,354,189,796 5,354,189,796 5,354,189,796 14,113,270,206 1.89 14,113,270,206 14,113,270,20681,738,85681,738,856 81,738,856417,001,042417,001,042 417,001,042 38,050,906,213 38,050,906,213 38,050,906,213

(143,664,897) 2,496,552,690 2,496,552,690 2,540,016,167 2,496,552,690 673,437,500 673,437,500 673,437,500 7,626,921,229 7,626,921,229 7,626,921,229 2,923,124,630 2,923,124,630 2,540,016,167 2,923,124,630 2,733,089,401 2,540,016,167 2,733,089,401 2,733,089,401 5,959,376,819 5,959,376,819 5,959,376,819 14,539,102,730 1.70 14,539,102,730 14,539,102,73077,529,60177,529,601 77,529,601180,833,309180,833,309 180,833,309 37,209,967,909 37,209,967,909 37,209,967,909

59,968,425,121 59,968,425,121 59,968,425,121

58,028,283,914 58,028,283,914 58,028,283,914

46,405,975,771 46,405,975,771 46,405,975,771

47,318,566,549 47,318,566,549 47,318,566,549

The accompanying notes are an integral part of these financial statements

8 The accompanying notes are an integral part of these financial statements

For the year ended

2017 2016 2017 2016 Consolidated financial statements Separate financial statements (in Baht) Consolidated financial statements Separate financial statements Consolidated financial statements Separate31 financial statements 31 December December 19,325,029,263 20,036,605,415 17,010,624,311 17,786,407,520 31 December 31 December 31 December 31 December 2017 591,730,622 2016 2017 2016 638,336,064 591,730,622 638,336,064 2017 2016 2017 2016 2017 2016 2017 2016 (in Baht) (16,375,944,322) (17,365,031,144) (14,530,966,466) (15,630,998,017) (in Baht) (in Baht) 3,540,815,563 3,309,910,335 3,071,388,467 2,793,745,567

3,596,930,759 31

Separate financial statements

FINANCIAL REPORT 2017

Global Power Synergy Public Company Limited and its Subsidiaries Statement of income

Statement of financial position

Consolidated financial statements Global Power Global PowerPublic Synergy Public Limited CompanyandLimited and its Subsidiaries Synergy Company its Subsidiaries

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of financial position Statement of financial position

Note Revenue from sale and rendering of services Liabilities and equity Liabilities and equitylease Revenue from finance Cost of sale and rendering of services Current liabilities Current liabilities Gross profit Trade accounts payable Trade accounts payable Other payables Other payables Revenue from sale of Nitrogen Payable for assets under construction Cost of sale Nitrogen Payable for of assets under construction Current portion of long-term borrowings Net foreign exchange gain (loss) Current portion of long-term borrowings from financial institutions Dividend incomeinstitutions from financial Provision Other income Provision Other current liabilities Selling and distribution Other current liabilitiesexpenses Total current liabilities Administrative Total current expenses liabilities Share of profit of associates and joint ventures Non-current liabilities Profit before liabilities finance cost and tax expense Non-current Long-term borrowings from financial institutions Finance costs Long-term borrowings from financial institutions Debentures Profit before tax expense Debentures Deferred tax liabilities Tax expense Deferred tax liabilities Non-current for employee benefits Profit for theprovisions year Non-current provisions for employee benefits Other non-current liabilities Other non-current liabilities Total liabilities Profit non-current attributable to: Total non-current liabilities Total liabilities Owners of the parent Total liabilities Non-controlling interests Profit for the year Equity Equity Share capital Share earnings capital per share Basic Authorised share capital Authorised share capital Issued and paid-up share capital Issued and paid-up share capital Premium on ordinary shares Premium on ordinary shares Other surpluses (deficits) Other surpluses (deficits) Retained earnings Retained earnings Appropriated Appropriated Legal reserve Legal reserve Unappropriated Unappropriated Other components of equity Other components of equity Equity attributable to owner of the parent Equity attributable to owner of the parent Non-controlling interests Non-controlling interests Total equity Total equity

Note Note

4, 32 4

4, 20 4, 20 4, 21 4, 21

19 19 22 22

4 4 4 4, 27 12

19 19 19 19 18 18 23 23 4 4

30 31

24 24

25 25 25 25 14 14

Total liabilities and equity Total liabilities and equity

For the year ended

31 December

2017 2016 2017 2016 Consolidated financial statements Separate financial statements Consolidated financial statements Separate financial statements (in Baht) 31 December 31 December 31 December 20,036,605,415 31 December 17,786,407,520 19,325,029,263 17,010,624,311 2017 2016 2017 2016 2017 591,730,622 2016 2017 2016 638,336,064 591,730,622 638,336,064 (in Baht) (in Baht) (16,375,944,322) (17,365,031,144) (14,530,966,466) (15,630,998,017) 3,540,815,563 1,622,867,058 1,622,867,058 607,695,094 607,695,094 108,026,487 576,644,074 (102,641,010) 576,644,074

3,309,910,335 1,140,238,110 1,140,238,110 748,156,348 748,156,348 96,175,480 307,798,910 (89,966,103) 307,798,910

3,071,388,467 1,038,546,384 1,038,546,384 497,900,611 497,900,611 108,026,487 100,445,767 (102,641,010) 100,445,767

2,793,745,567 1,003,719,256 1,003,719,256 616,293,410 616,293,410 96,175,480 64,719,693 (89,966,103) 64,719,693

(3,344,368) 990,568,752 270,005,280 990,568,752 101,170,772 478,040,738 101,170,772 188,631,812 (10,570,439) 188,631,812 4,087,577,562 (839,520,726) 4,087,577,562

3,594,377 1,913,278,023 420,006,791 1,913,278,023 243,908,240 85,784,356 (8,449,025) 85,784,356 4,195,255,747 (891,653,580) 4,195,255,747

(1,970,533) 591,292,814 101,170,772 371,264,055 101,170,772 126,484,649 (10,570,439) 126,484,649 1,864,548,183 (733,254,832) 1,864,548,183

2,233,499 1,594,836,477 752,248,479 1,594,836,477 260,129,70877,988,309 (8,449,025) 77,988,309 3,357,557,145 (791,062,624) 3,357,557,145

517,130,619

346,206,648

3,957,942,144

3,429,733,163

3,293,535,009

3,015,054,981

(233,065,729) 4,993,464,074 3,060,469,280 4,993,464,074 408,517,561 (224,701,018) 408,517,561 57,435,360 2,835,768,262 57,435,360 18,019,457 18,019,457 5,477,436,452 5,477,436,452 7,341,984,635 2,835,768,262 7,341,984,635 -

5,599,441,786 (331,373,917) 5,599,441,786 2,683,681,064 360,479,716 (143,664,897) 360,479,716 49,819,108 2,540,016,167 49,819,108 6,009,740,610 6,009,740,610 9,367,297,755 2,540,016,167 9,367,297,755 -

9,824,030,650 (361,011,385) 9,824,030,650 4,993,464,074 3,596,930,759 4,993,464,074 507,690,427 (256,761,967) 507,690,427 76,669,665 3,340,168,792 76,669,665 105,072,263 105,072,263 15,506,927,079 15,506,927,079 19,594,504,641 3,174,581,310 19,594,504,641 165,587,482

14,294,808,542 (417,524,768) 14,294,808,542 3,012,208,395 463,717,174 (140,234,111) 463,717,174 66,682,106 2,871,974,284 66,682,106 253,706,970 253,706,970 15,078,914,792 15,078,914,792 19,274,170,539 2,699,902,814 19,274,170,539 172,071,470

3,340,168,792

2,871,974,284

2,835,768,262

2,540,016,167

14,983,008,000 2.12 14,983,008,000 14,983,008,000 14,983,008,000 9,485,108,656 9,485,108,656 (1,118,213,914) (1,118,213,914)

1.80 14,983,008,000 14,983,008,000 14,983,008,000 14,983,008,000 9,485,108,656 9,485,108,656 (1,118,213,914) (1,118,213,914)

1.89 14,983,008,000 14,983,008,000 14,983,008,000 14,983,008,000 9,485,108,656 9,485,108,656 78,467,400 78,467,400

1.70 14,983,008,000 14,983,008,000 14,983,008,000 14,983,008,000 9,485,108,656 9,485,108,656 78,467,400 78,467,400

707,995,886 707,995,886 14,496,214,903 14,496,214,903 (7,233,732) (7,233,732) 38,546,879,799 38,546,879,799 1,827,040,681 1,827,040,681 40,373,920,480 40,373,920,480

566,207,473 566,207,473 13,185,888,249 13,185,888,249 47,909,989 47,909,989 37,149,908,453 37,149,908,453 1,604,204,922 1,604,204,922 38,754,113,375 38,754,113,375

707,995,886 707,995,886 13,809,411,194 13,809,411,194 39,063,991,136 39,063,991,136 39,063,991,136 39,063,991,136

566,207,473 566,207,473 12,838,477,265 12,838,477,265 37,951,268,794 37,951,268,794 37,951,268,794 37,951,268,794

59,968,425,121 59,968,425,121

58,028,283,914 58,028,283,914

46,405,975,771 46,405,975,771

47,318,566,549 47,318,566,549

The accompanying notes are an integral part of these financial statements

8 The accompanying notes are an integral part of these financial statements The accompanying notes are an integral part of these financial statements

Separate financial statements

For the year ended

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Global Power Synergy Public Company Limited and its Subsidiaries Statement of income

Statement of income

Consolidated financial statements Global Power Global PowerPublic Synergy PublicLimited Company Limited and its Subsidiaries Synergy Company and its Subsidiaries

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of income Statement of income

Note Revenue from sale and rendering of services Revenue from finance lease Cost of sale and rendering of services Gross profit Revenue from sale and rendering of services Revenue from sale and rendering of services Revenue from finance lease Revenue from finance lease Revenue from sale of Nitrogen Cost of sale and rendering of services Cost of sale and rendering of services Cost of sale of Nitrogen Gross profit Gross profit Net foreign exchange gain (loss) Dividend income Revenue from sale of Nitrogen Revenue from sale of Nitrogen Other income Cost of sale of Nitrogen Cost of sale of Nitrogen Selling and distribution expenses Net foreign exchange gain (loss) Net foreign exchange gain (loss) Administrative expenses Dividend income Dividend income Share of profit of associates and joint ventures Other income Other income Profit before finance cost and tax expense Selling and distribution expenses Selling and distribution expenses Finance costs Administrative expenses Administrative expenses Profit before tax expense Share of profit of associates and joint ventures Share of profit of associates and joint ventures Tax expense Profit before finance cost and tax expense Profit for before Profit the finance year cost and tax expense Finance costs Finance costs Profit before tax expense Profit before tax expense Profit attributable to: Tax expense Tax expense Owners theyear parent Profit forofthe Profit for the year Non-controlling interests Profit for the year Profit attributable to: Profit attributable to: Owners of the parent Owners of the parent Basic earnings per share Non-controlling interests Non-controlling interests Profit for the year Profit for the year Basic earnings per share Basic earnings per share

4, 32 Note Note 4

Separate financial statements

For the year ended

31 December

2017 2016 Separate financial statements Separate financial statements (in Baht) For the year ended For the year ended 17,010,624,311 17,786,407,520 31 December 31 December 591,730,622 638,336,064 2017 2016 2017 2016 (14,530,966,466) (15,630,998,017) (in Baht) (in Baht) 3,071,388,467 2,793,745,567 17,010,624,311 17,786,407,520 17,010,624,311 17,786,407,520 591,730,622 638,336,064 591,730,622 638,336,064 108,026,487 96,175,480 (14,530,966,466) (15,630,998,017) (14,530,966,466) (15,630,998,017) (102,641,010) (89,966,103) 3,071,388,467 2,793,745,567 3,071,388,467 2,793,745,567 (1,970,533) 2,233,499

3,540,815,563 19,325,029,263 19,325,029,263 591,730,622 591,730,622 108,026,487 (16,375,944,322) (16,375,944,322) (102,641,010) 3,540,815,563 3,540,815,563 (3,344,368)

3,309,910,335 20,036,605,415 20,036,605,415 638,336,064 638,336,064 96,175,480 (17,365,031,144) (17,365,031,144) (89,966,103) 3,309,910,335 3,309,910,335 3,594,377

270,005,280 108,026,487 108,026,487 478,040,738 (102,641,010) (102,641,010) (10,570,439) (3,344,368) (3,344,368) (839,520,726) 270,005,280 270,005,280 517,130,619 478,040,738 478,040,738 3,957,942,144 (10,570,439) (10,570,439) (361,011,385) (839,520,726) (839,520,726) 3,596,930,759 517,130,619 517,130,619 (256,761,967) 3,957,942,144 3,957,942,144 3,340,168,792 (361,011,385) (361,011,385) 3,596,930,759 3,596,930,759 (256,761,967) (256,761,967) 3,174,581,310 3,340,168,792 3,340,168,792 165,587,482

420,006,791 96,175,480 96,175,480 243,908,240 (89,966,103) (89,966,103) (8,449,025) 3,594,377 3,594,377 (891,653,580) 420,006,791 420,006,791 346,206,648 243,908,240 243,908,240 3,429,733,163 (8,449,025) (8,449,025) (417,524,768) (891,653,580) (891,653,580) 3,012,208,395 346,206,648 346,206,648 (140,234,111) 3,429,733,163 3,429,733,163 2,871,974,284 (417,524,768) (417,524,768) 3,012,208,395 3,012,208,395 (140,234,111) (140,234,111) 2,699,902,814 2,871,974,284 2,871,974,284 172,071,470

591,292,814 108,026,487 108,026,487 371,264,055 (102,641,010) (102,641,010) (10,570,439) (1,970,533) (1,970,533) (733,254,832) 591,292,814 591,292,814 371,264,055 371,264,055 3,293,535,009 (10,570,439) (10,570,439) (233,065,729) (733,254,832) (733,254,832) 3,060,469,280 (224,701,018) 3,293,535,009 3,293,535,009 2,835,768,262 (233,065,729) (233,065,729) 3,060,469,280 3,060,469,280 (224,701,018) (224,701,018) 2,835,768,262 2,835,768,262 2,835,768,262 -

752,248,479 96,175,480 96,175,480 260,129,708 (89,966,103) (89,966,103) (8,449,025) 2,233,499 2,233,499 (791,062,624) 752,248,479 752,248,479 260,129,708 260,129,708 3,015,054,981 (8,449,025) (8,449,025) (331,373,917) (791,062,624) (791,062,624) 2,683,681,064 (143,664,897) 3,015,054,981 3,015,054,981 2,540,016,167 (331,373,917) (331,373,917) 2,683,681,064 2,683,681,064 (143,664,897) (143,664,897) 2,540,016,167 2,540,016,167 2,540,016,167 -

3,340,168,792

2,871,974,284

2,835,768,262

2,540,016,167

33 14 14

3,174,581,310 3,174,581,310 2.12 165,587,482 165,587,482 3,340,168,792 3,340,168,792

2,699,902,814 2,699,902,814 1.80 172,071,470 172,071,470 2,871,974,284 2,871,974,284

2,835,768,262 2,835,768,262 1.89 2,835,768,262 2,835,768,262

2,540,016,167 2,540,016,167 1.70 2,540,016,167 2,540,016,167

33 33

2.12 2.12

1.80 1.80

1.89 1.89

1.70 1.70

4, 32 4, 32

4 4

44 4 4

4 4, 27 4 4 12 4 4 4 4 30 4, 27 4, 27 12 12 31 30 30 31 31 14

The accompanying notes are an integral part of these financial statements

8 The accompanying notes are an integral part of these financial statements

FINANCIAL REPORT 2017

Global Power Synergy Public Company Limited and its Subsidiaries Statement of income

Statement of Comprehensive income

Consolidated financial statements Global Power Global PowerPublic Synergy PublicLimited Company and its Subsidiaries Synergy Company and Limited its Subsidiaries

Global Power Synergy Public Company Limited and its Subsidiaries For the year ended

Statement of income Statement of comprehensive income

31 December Note

Revenue from sale and rendering of services Revenue from finance lease Cost of sale and rendering of services Gross profit Revenue from sale and rendering of services Profit for the year Revenue from finance lease Revenue from sale of Nitrogen Cost of sale and rendering of services Other Cost ofcomprehensive sale of Nitrogenincome (loss) Gross profit Items that will be reclassified subsequently to profit or loss Net foreign exchange gain (loss)

Exchangeincome differences on translating financial statement Dividend Revenue from sale of Nitrogen Total income items that will be reclassified subsequently Other Cost of sale of Nitrogen to profit loss Selling andor distribution expenses Net foreign exchange gain (loss) Administrative expenses Dividend income Items of that willof not be reclassified to profit or loss Share profit associates and joint ventures Other income Share of other comprehensive income of assoicates Profit before finance cost and tax expense Selling and distribution expenses and joint ventures Finance costs Administrative expenses Losses on remeasurements Profit before tax expense of defined benefit plans Share of profit of associates and joint ventures Total items that will not be reclassified to profit or loss Tax expense Profit before finance cost and tax expense Other for comprehensive income (loss) for the year, Profit the year Finance costs net of tax Profit before tax expense Total comprehensive Profit attributable to:income (loss) for the year Tax expense Owners of the parent Profit for the year Total comprehensive income (loss) attributable to: Non-controlling interests Owners theyear parent Profit forofthe Profit attributable to: Non-controlling interests Owners of the parent Basic per share Total earnings comprehensive income (loss) for the year Non-controlling interests

4, 32 Note Note 4 4, 32

4 4

4, 27 4 12 4 12 4 30 4, 27 18, 23 12 31 30 31 14

14 33 14

Profit for the year Basic earnings per share

For the year ended 31 December

2017 2016 Consolidated financial statements Consolidated financial statements For the year ended For the year ended 19,325,029,263 20,036,605,415 31 December 31 December 591,730,622 638,336,064 2017 2016 2017 2016 (16,375,944,322) (17,365,031,144) 3,540,815,563 19,325,029,263 3,340,168,792 591,730,622 108,026,487 (16,375,944,322) (102,641,010) 3,540,815,563 (3,344,368)

2017 2016 Separate financial statements Separate financial statements (in Baht) For the year ended For the year ended 17,010,624,311 17,786,407,520 31 December 31 December 591,730,622 638,336,064 2017 2016 2017 2016 (14,530,966,466) (15,630,998,017) (in Baht) (in Baht) 3,309,910,335 3,071,388,467 2,793,745,567 20,036,605,415 17,010,624,311 17,786,407,520 2,871,974,284 2,835,768,262 2,540,016,167 638,336,064 591,730,622 638,336,064 96,175,480 108,026,487 96,175,480 (17,365,031,144) (14,530,966,466) (15,630,998,017) (89,966,103) (102,641,010) (89,966,103) 3,309,910,335 3,071,388,467 2,793,745,567 3,594,377 (1,970,533) 2,233,499

(55,433,694) 270,005,280 108,026,487 478,040,738 (102,641,010) (55,433,694) (10,570,439) (3,344,368) (839,520,726) 270,005,280 517,130,619 478,040,738 579,677 3,957,942,144 (10,570,439) (361,011,385) (839,520,726) 3,596,930,759517,130,619 579,677 (256,761,967) 3,957,942,144 3,340,168,792 (361,011,385) (54,854,017) 3,596,930,759 3,285,314,775 (256,761,967) 3,174,581,310 3,340,168,792 165,587,482

17,836,976 420,006,791 96,175,480 243,908,240 (89,966,103) 17,836,976 (8,449,025) 3,594,377 (891,653,580) 420,006,791 346,206,648 243,908,240 26,923 3,429,733,163 (8,449,025) (417,524,768) (891,653,580) (816,031) 3,012,208,395 346,206,648 (789,108) (140,234,111) 3,429,733,163 2,871,974,284 (417,524,768) 17,047,868 3,012,208,395 2,889,022,152 (140,234,111) 2,699,902,814 2,871,974,284 172,071,470

591,292,814108,026,487 371,264,055 (102,641,010) (10,570,439) (1,970,533) (733,254,832) 591,292,814 371,264,055 3,293,535,009(10,570,439) (233,065,729) (733,254,832) 3,060,469,280(224,701,018) 3,293,535,009 2,835,768,262 (233,065,729) 3,060,469,280 2,835,768,262 (224,701,018) 2,835,768,262 2,835,768,262 -

752,248,47996,175,480 260,129,708 (89,966,103) (8,449,025) 2,233,499 (791,062,624) 752,248,479 260,129,708 3,015,054,981(8,449,025) (331,373,917) (791,062,624) 2,683,681,064(143,664,897) 3,015,054,981 2,540,016,167 (331,373,917) 2,683,681,064 2,540,016,167 (143,664,897) 2,540,016,167 2,540,016,167 -

3,120,017,266 3,340,168,792

2,716,874,912 2,871,974,284

2,835,768,262 2,835,768,262

2,540,016,167 2,540,016,167

165,297,509 3,174,581,310 3,285,314,775 2.12 165,587,482

172,147,240 2,699,902,814 2,889,022,152 1.80 172,071,470

2,835,768,262 2,835,768,262 1.89 -

2,540,016,167 2,540,016,167 1.70 -

3,340,168,792

2,871,974,284

2,835,768,262

2,540,016,167

2.12

1.80

1.89

1.70

The accompanying notes are an integral part of these financial statements

8 The accompanying notes are an integral part of these financial statements

Separate financial statements

The accompanying notes are an integral part of these financial statements The accompanying notes are an integral part of these financial statements

The accompanying notes are an integral part of these financial statements

Balance at 31 December 2016 Balance at 31 December 2016

Balance December Transferatto31legal reserve 2016 Transfer to legal reserve

Other Total comprehensive comprehensive income(loss) (loss) for the year Transfer to legal reserveincome Total comprehensive income (loss) for the year

Comprehensive income (loss)(loss) for the year Other comprehensive income Comprehensive income (loss) (loss) for the Profit for the year Total comprehensive income foryear the year Profit for the year Other comprehensive income (loss)

Total transactions with(loss) owners, recorded Comprehensive income for the year directly in equity Total Profittransactions for the year with owners, recorded directly in equity

Acquisition of non-controlling without a change in control Total changes inwith ownership interests indirectly subsidiaries Total transactions owners,interests recorded in equity Total changes in ownership interests in subsidiaries

25 25

14,983,008,000 14,983,008,000

9,485,108,656 9,485,108,656

9,485,108,656 -

14,983,008,000 -

-- -- -

-- -

- -

9,485,108,656

ordinary shares 9,485,108,656

Share premium on ordinary shares

Share premium on

ordinary shares

14,983,008,000

share capital 14,983,008,000

Issued and capital paid-up share

Issued and paid-up

share capital

Changes in ownership interests in subsidiaries Total changes in ownership interests in subsidiaries Changes in ownership interests in subsidiaries Acquisition of non-controlling interests without a change in control

Note

Issued and paid-up

Total contributions by and distributions to owners of the parent Acquisition of non-controlling interests without a change in control

Dividends Changes in ownershipby interests in subsidiaries Total contributions and distributions to owners of the parent

Transactions with owners, recorded directly in equity Dividends Transactions withbyowners, recorded directly equity Contributions and to owners of theof parent Total contributions by distributions and distributions to in owners the parent Contributions Dividends by and distributions to owners of the parent

For the year 31 December 2016 Balance at 1ended January 2016recorded Transactions with owners, directly in equity Balance at 1 January Contributions by and2016 distributions to owners of the parent

For the year ended 31 December 2016

Balance at 1 January 2016

For the year ended 31 December 2016

Statement of changes in equity

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Statement of changes in equity

Statement of changes in equity

Share premium on

10 10

(1,118,213,914) (1,118,213,914)

(1,118,213,914) -

- - -- -

-- -

- -

(1,118,213,914)

(deficits) (1,118,213,914)

Other(deficits) surpluses

Other surpluses

(deficits)

Other surpluses

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

Global Power Synergy Public Company Limited and its Subsidiaries

Legal reserve

566,207,473 566,207,473

566,207,473 127,000,808 127,000,808

- - 127,000,808- -

-- -

- -

439,206,665

Legal439,206,665 reserve

13,185,888,249 13,185,888,249

13,185,888,249 (127,000,808) (127,000,808)

(789,109) 2,699,113,705 (127,000,808) 2,699,113,705

2,699,902,814 2,699,113,705 2,699,902,814 (789,109)

(789,109)

(1,573,215,840) (1,573,215,840) 2,699,902,814

- (1,573,215,840) -

(1,573,215,840) -

(1,573,215,840) (1,573,215,840)

(1,573,215,840)

12,186,991,192

(in Baht)

Unappropriated (in Baht) 12,186,991,192

Unappropriated

(in Baht)

Retained earnings Legal reserve Unappropriated

Retained earnings

47,909,989 47,909,989

47,909,989 -

17,761,207 17,761,207 17,761,207

17,761,207 17,761,207

17,761,207

-- -

- -

30,148,782

foreign operations 30,148,782

Translating foreign operations

Translating

Other components shareholders' equity Translating shareholders' equity foreign operations

Consolidated Retained earnings financial statements shareholders' equity Consolidated financial statements Other components

Other components

Consolidated financial statements

Equity

37,149,908,453 37,149,908,453

37,149,908,453 -

16,972,0982,716,874,912 2,716,874,912

2,699,902,814 2,716,874,912 2,699,902,814 16,972,098

16,972,098

(1,573,215,840) (1,573,215,840) 2,699,902,814

- (1,573,215,840) -

(1,573,215,840) -

(1,573,215,840) (1,573,215,840)

(1,573,215,840)

36,006,249,381

owners of the parent 36,006,249,381

attributable owners of thetoparent

owners ofEquity the parent Equity attributable to

attributable to

1,604,204,922 1,604,204,922

1,604,204,922 -

75,770172,147,240 172,147,240

172,071,470 172,147,240 172,071,470 75,770

75,770

310,505,224 310,505,224 172,071,470

310,505,224

310,505,224 310,505,224 310,505,224

310,505,224

310,505,224-

- -

1,121,552,458

interests 1,121,552,458

Non-controlling interests

Non-controlling

interests

Non-controlling

38,754,113,375 38,754,113,375

38,754,113,375 -

17,047,8682,889,022,152 2,889,022,152

2,871,974,284 2,889,022,152 2,871,974,284 17,047,868

17,047,868

(1,262,710,616) (1,262,710,616) 2,871,974,284

310,505,224 310,505,224 (1,262,710,616) 310,505,224

310,505,224

(1,573,215,840) 310,505,224

(1,573,215,840) (1,573,215,840)

(1,573,215,840)

37,127,801,839

Total equity 37,127,801,839

Total equity

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

The accompanying notes are an integral part of these financial statements

Balance at 31 December 2017

Transfer to legal reserve

Balance at 31 December 2017

Total comprehensive income (loss) for the year

Transfer to legal reserveincome (loss) Other comprehensive

Profit for the year

Total comprehensive income foryear the year Comprehensive income (loss) (loss) for the

Other comprehensive income (loss)

Profittransactions for the year with owners, recorded directly in equity Total

Comprehensive income (loss) for the year

Total changes in ownership interests in subsidiaries

Total transactions with owners,interests recorded directly in equity Acquisition of non-controlling without a change in control

14,983,008,000

9,485,108,656

9,485,108,656 ordinary shares

Share premium on

ordinary shares

Share premium on

Changes in ownership interests in subsidiaries

Total changes in ownership interests in subsidiaries

14,983,008,000

14,983,008,000 share capital

Issued and paid-up

share capital

Note

Acquisition of non-controlling interests without a change in control Total contributions by and distributions to owners of the parent

Changes Dividendsin ownership interests in subsidiaries

Contributions by and distributions to owners of the parent

Total contributions by and distributions Transactions with owners, recorded directlyto inowners equity of the parent

Dividends

Contributions by and2017 distributions to owners of the parent Balance at 1 January

Transactions with owners, recorded directly in equity For the year ended 31 December 2017

Balance at 1 January 2017

For the year ended 31 December 2017

Statement of changes in equity

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

Issued and paid-up

(1,118,213,914)

(1,118,213,914) (deficits)

Other surpluses

(deficits)

Other surpluses

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

Global Power Synergy Public Company Limited and its Subsidiaries

Other components shareholders' equity

707,995,886

141,788,413

707,995,886

141,788,413-

566,207,473

Legal566,207,473 reserve

14,496,214,903

(141,788,413)

14,496,214,903

3,175,160,987

(141,788,413) 579,677

3,174,581,310

3,175,160,987

579,677

3,174,581,310 (1,723,045,920)

(1,723,045,920) -

(1,723,045,920)

13,185,888,249

(in Baht)

13,185,888,249 Unappropriated

(in Baht)

Legal reserve Unappropriated Retained earnings

(7,233,732)

(55,143,721)

47,909,989

47,909,989 foreign operations

Translating

foreign operations shareholders' equity

Translating Other components

Consolidated financial statements

Retained earnings

Consolidated financial statements

Equity

38,546,879,799

3,120,017,266

(54,564,044)

3,174,581,310

3,120,017,266

(54,564,044)

3,174,581,310 (1,723,045,920)

(1,723,045,920) -

(1,723,045,920)

37,149,908,453

37,149,908,453 owners of the parent

attributable to

Equity

owners of the parent

attributable to

1,827,040,681

165,297,509

(289,973)

165,587,482

165,297,509

(289,973)

165,587,482 57,538,250

57,538,250

57,538,250-

1,604,204,922

1,604,204,922 interests

Non-controlling

interests

Non-controlling

40,373,920,480

3,285,314,775

(54,854,017)

3,340,168,792

3,285,314,775

(54,854,017)

3,340,168,792 (1,665,507,670)

57,538,250

(1,665,507,670) 57,538,250

57,538,250

57,538,250 (1,723,045,920)

(1,723,045,920)

38,754,113,375

38,754,113,375 Total equity

Total equity

12 FINANCIAL REPORT 2017

Statement of changes in equity

For the year ended 31 December 2017

Statement of changes in equity

The accompanying notes are an integral part of these financial statements

Balance at 31 December 2017

Balance 31 December 2016 Transfer toatlegal reserve

Balance at 31 December 2016

Transfer to legal reserve Total comprehensive income (loss) for the year

Other comprehensive income (loss)

25 14,983,008,000

25-

9,485,108,656

707,995,886

9,485,108,656 141,788,413

9,485,108,656

9,485,108,656 -

566,207,473

9,485,108,656

(1,118,213,914)

14,983,008,000 -

14,983,008,000

Transfer to legal reserve

Profit for the year

Comprehensive income (loss) for the year

Total comprehensive income for the year

14,983,008,000

ordinary shares (1,118,213,914)

share capital 9,485,108,656

Equity

Unappropriated

14,496,214,903

78,467,400 (141,788,413)

78,467,400

3,175,160,987

579,677

3,174,581,310

(1,723,045,920) -

- -

(1,723,045,920)

78,467,400

(7,233,732)

566,207,473 -

566,207,473

127,000,808 (55,143,721)

(55,143,721)

127,000,808

439,206,665

(1,573,215,840)

(1,723,045,920)

(1,573,215,840)

36,984,468,467

38,754,113,375

Total equity

2,540,016,167-

57,538,250 (1,665,507,670) 2,540,016,167

(289,973)

(54,854,017)

3,340,168,792

2,540,016,167 165,587,482

2,540,016,167-

57,538,250

2,540,016,167

57,538,250

38,546,879,799

12,838,477,265 -

1,827,040,681

40,373,920,480

37,951,268,794 -

(127,000,808) 165,297,509 3,120,017,266 3,285,314,775 12,838,477,265 37,951,268,794

(54,564,044)

(127,000,808)

2,540,016,167 3,174,581,310

2,540,016,167-

(1,723,045,920)

2,540,016,167

(1,573,215,840) (1,573,215,840) 57,538,250 57,538,250

(1,573,215,840)

(1,723,045,920)

11,998,677,746

Total equity

Total equity 1,604,204,922

interests

Non-controlling

11,998,677,746

37,149,908,453

(in Baht) Legal reserve 47,909,989

Unappropriated

Retained earnings foreign operations owners of the parent

attributable to

Legal reserve

13,185,888,249 (in Baht)

(deficits)

(deficits) Other surpluses (in Baht)

OtherUnappropriated surpluses

Translating

Separate financial statements Retained earnings

Separate financial statements

shareholders' equity

Other components

Consolidated financial statements Retained earnings

paid-up (deficits) Share premium onreserve Legal share capital ordinary shareson Issued and paid-up Share premium

Issued and ordinary shares

Other surpluses

Total Othercomprehensive comprehensiveincome income for the year

Profit for the year

Total with owners, recorded directly in equity Othertransactions comprehensive income

Profit for the year Comprehensive income for the year

Total contributions by and distributions to owner of the Company Acquisition of non-controlling interests without a change in control

Total changes in income ownershipfor interests in subsidiaries Comprehensive the year

Total contributions bythe and to owner of the Company Dividend owners interests of Company Changes into ownership indistributions subsidiaries

14,983,008,000

Note

share capital

Contributions by and Dividend to owners ofdistributions the Companyto owner of the Company

Total contributions by and distributions to owners of the parent

Contributions by and distributions owner of Company Transactions with owners, recordedtodirectly in the equity

Dividends

Transactions with owners, recorded directly in equity

Contributions by and distributions to owners of the parent

Balance at 1 January 2016

Transactions with owners, recorded directly in equity

Balance at 1 January For the year ended 312016 December 2016

Note

Issued and paid-up

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Statement of changes in equity

Share premium on

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

Balance at 1 January For the year ended2017 31 December 2016

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Note

The accompanying notes are an integral part of these financial statements

Balance at 31 December 2016

Transfer to legal reserve

Balance at 31 December 2017

Total comprehensive income (loss) for the year

Transfer to legal reserve

25 14,983,008,000

Profit for the year

14,983,008,000

Note

share capital

Issued and paid-up

Other comprehensive income (loss)

Comprehensive income (loss) for thefor year Total comprehensive income the year

Other comprehensive income

Profittransactions for the year Total with owners, recorded directly in equity

Comprehensive income for the year

Total changes in ownership interests in subsidiaries

Acquisition of non-controlling interests without a change in control

Total contributions by and distributions to owner of the Company

Changes in ownership interests in subsidiaries

Dividend to owners of the Company

Total contributions anddistributions distributions totoowners thethe parent Contributions by by and ownerofof Company

Dividends Transactions with owners, recorded directly in equity

Contributions by and distributions to owners of the parent

Balance at 1with January Transactions owners,2017 recorded directly in equity

For the year ended 31 December 2017

Balance at 1 January 2016

For the year ended 31 December 2016

Statement of changes in equity

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

9,485,108,656

566,207,473

127,000,808

9,485,108,656

(1,118,213,914)

14,983,008,000

9,485,108,656

439,206,665

ordinary shares (1,118,213,914)

14,983,008,000

9,485,108,656

share capital

13,185,888,249

(127,000,808)

78,467,400

2,699,113,705

(789,109)

2,699,902,814

(1,573,215,840)

78,467,400

Equity

141,788,413

47,909,989

707,995,886

17,761,207

566,207,473

30,148,782

Legal reserve

(1,573,215,840)

310,505,224

(1,723,045,920) 310,505,224

(1,723,045,920)

37,951,268,794

37,127,801,839

(141,788,413)

37,149,908,453

38,754,113,375

2,889,022,152

17,047,868

2,871,974,284

2,835,768,262

39,063,991,136

172,147,240

75,770

172,071,470

1,604,204,922

13,809,411,194

2,716,874,912

16,972,098

2,699,902,814

2,835,768,262

2,835,768,262 310,505,224 2,835,768,262 (1,573,215,840) (1,262,710,616)

(1,723,045,920)

(1,573,215,840)

Total equity

Total equity 1,121,552,458

12,838,477,265

36,006,249,381

interests

Non-controlling

Unappropriated

owners of the parent

attributable to

Retained earnings

foreign operations

(in Baht) 12,186,991,192

(deficits)

(in Baht)

Other surpluses

Unappropriated

Translating

Separate financial statements

shareholders' equity

Other components

Consolidated financial statements Retained earnings

Legal reserve

Share premium on

(deficits)

Other surpluses

Issued and paid-up

ordinary shares

Share premium on

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of changes in equity

The accompanying notes are an integral part of these financial statements

14 FINANCIAL REPORT 2017

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Global Power Synergy Public Company Limited and its Subsidiaries Statement of income

Statement of cash flows

Global Power Synergy Public Company LimitedConsolidated and its Subsidiaries financial statements

Global Global Power Power Synergy Synergy Public Public Company Company Limited Limited and and its its Subsidiaries SubsidiariesFor the year ended Global Power Synergy Public Company Limited and its Subsidiaries Statement of cash flows Statement of cash flows Statement of cash flows

Revenue from sale and rendering of services Revenue from finance lease Cost of sale and rendering of services Gross profit Cash flows from operating activities Cash flows from operating activities Cash flows from operating activities Profit for the year Profit for from the year Revenue sale of Nitrogen Profit for the year Adjustments to reconcile profit to cash receipts (payments) Adjustments to reconcile profit to cash receipts (payments) Cost of sale of Adjustments to Nitrogen reconcile profit to cash receipts (payments) Tax expense Tax expense Net foreign exchange gain (loss) Tax expense Finance costs Finance costs Dividend income Finance costs Depreciation and amortisation Depreciation amortisation Other incomeand Depreciation and amortisation Impairment losses on assets Impairment losses on assets Selling and distribution expenses Impairment losses on assets Provision expense Provision expense Administrative expenses Provision expense Unrealised loss on foreign exchange Unrealised loss on foreign exchange Share of profit and joint ventures Unrealised lossofonassociates foreign exchange Share of profit of associates and joint ventures Share of profit of associates and joint ventures Profit before finance cost and Share of profit of associates and tax jointexpense ventures Bad and doubtful debts expenses Bad and doubtful debts expenses Finance Bad and costs doubtful debts expenses Reversal of losses on inventories devaluation Reversal of losses on inventories devaluation Profit before tax expense Reversal of losses on inventories devaluation Loss on disposal of property, plant and equipment Loss on disposal of property, plant and equipment Tax Lossexpense on disposal of property, plant and equipment Provisions expense for employee benefits Provisions expense for employee benefits Profit for the year for employee benefits Provisions expense Dividend income Dividend income Dividend income Income from liquidated damages for delay in construction Income from liquidated damages for delay in construction Incomeattributable from liquidated Profit to: damages for delay in construction Interest income Interest income Interest Ownersincome of the parent Non-controlling interests Changes in operating assets and liabilities Changes in operating assets and liabilities Changes operating Profit forinthe year assets and liabilities Trade accounts receivable Trade accounts receivable Trade accounts receivable Finance lease receivable Finance lease receivable Basic earnings per share Finance lease receivable Other receivables Other receivables Other receivables Inventories Inventories Inventories Other current assets Other current assets Other current assets Other non-current assets Other non-current assets Other non-current assets Trade accounts payable Trade accounts payable Trade accounts payable Other payables Other payables Other payables Other current liabilities Other current liabilities Other current liabilities Provisions for employee benefits Provisions for employee benefits Provisions for employee benefits Other non-current liabilities Other non-current liabilities Other non-current liabilities Net cash generated from operating Net cash generated from operating Net cash generated from operating Taxes paid Taxes paid Taxes paid Net cash from operating activities Net cash from operating activities Net cash from operating activities

31 December

Note 4, 32 Note 4Note Note

4 31 31 31 30 4 30 30 29 4 29 29 15, 16 16 415, 15, 16 22 4, 2722 22 12 30 31

12 12 12 11 11 11 23 23 23 4 4 4

23 23 23

Separate financial statements For the year ended 31 December

2017 2016 2017 2016 Consolidated financial statements Separate financial statements Consolidated financial statements (in Baht)Separate financial statements Consolidated financial statements Separate financial statements For the year ended For the year ended For the year ended For the year ended 19,325,029,263 20,036,605,415 17,010,624,311 17,786,407,520 For the year ended For the year ended 31 December 31 December 31 December 638,336,064 31 December 638,336,064 591,730,622 591,730,622 31 December 31 December 2017 2016 2017 2016 2017 2016 2017 2016 (16,375,944,322) (17,365,031,144) (14,530,966,466) (15,630,998,017) 2017 2016 2017 2016 (in Baht) (in Baht) 3,071,388,467 3,540,815,563 3,309,910,335 2,793,745,567 (in Baht) 3,340,168,792 3,340,168,792 108,026,487 3,340,168,792 (102,641,010) 256,761,967 256,761,967 (3,344,368) 256,761,967 361,011,385 361,011,385 270,005,280 361,011,385 1,351,305,100 1,351,305,100 478,040,738 1,351,305,100 30,859,730 30,859,730 (10,570,439) 30,859,730 101,170,772 101,170,772 (839,520,726) 101,170,772 3,264,715 3,264,715 517,130,619 3,264,715 (517,130,619) (517,130,619) 3,957,942,144 (517,130,619) 4,290,063 4,290,063 (361,011,385) 4,290,063 3,596,930,759 780,156 780,156 (256,761,967) 780,156 10,613,759 10,613,759 3,340,168,792 10,613,759 (270,005,280) (270,005,280) (270,005,280) (130,473,652) (130,473,652) (130,473,652) (246,791,781) (246,791,781) (246,791,781) 3,174,581,310 4,295,825,107 4,295,825,107 4,295,825,107 165,587,482

2,871,974,284 2,871,974,284 96,175,480 2,871,974,284 (89,966,103) 140,234,111 140,234,111 3,594,377 140,234,111 417,524,768 417,524,768 420,006,791 417,524,768 1,265,758,361 1,265,758,361 243,908,240 1,265,758,361 100,228,903 100,228,903 (8,449,025) 100,228,903 (891,653,580)-6,903,178 6,903,178 346,206,648 6,903,178 (346,206,648) (346,206,648) 3,429,733,163 (346,206,648) (417,524,768)(149,767) (149,767) 3,012,208,395 (149,767) 15,457,862 15,457,862 (140,234,111) 15,457,862 9,625,940 9,625,940 2,871,974,284 9,625,940 (420,006,791) (420,006,791) (420,006,791) (215,444,009) (215,444,009) (215,444,009) 2,699,902,814 3,845,900,192 3,845,900,192 3,845,900,192 172,071,470

2,835,768,262 2,835,768,262 108,026,487 2,835,768,262 (102,641,010) 224,701,018 224,701,018 (1,970,533) 224,701,018 233,065,729 233,065,729 591,292,814 233,065,729 1,091,968,904 1,091,968,904 371,264,055 1,091,968,904 (10,570,439) 101,170,772 101,170,772 (733,254,832) 101,170,772 6,618,132 6,618,132 6,618,1323,293,535,0094,290,063 4,290,063 (233,065,729) 4,290,063 3,060,469,280780,156 780,156 (224,701,018) 780,156 8,176,452 8,176,452 2,835,768,262 8,176,452 (591,292,814) (591,292,814) (591,292,814) (256,490,848) (256,490,848) (256,490,848) 2,835,768,262 3,658,755,826 3,658,755,826 3,658,755,826-

2,540,016,167 2,540,016,167 96,175,480 2,540,016,167 (89,966,103) 143,664,897 143,664,897 2,233,499 143,664,897 331,373,917 331,373,917 752,248,479 331,373,917 1,071,603,309 1,071,603,309 260,129,708 1,071,603,309 100,228,903 100,228,903 (8,449,025) 100,228,903 (791,062,624) 5,001,376 5,001,376 5,001,3763,015,054,981(331,373,917) (149,767) (149,767) 2,683,681,064 (149,767) 15,434,068 15,434,068 (143,664,897) 15,434,068 7,673,294 7,673,294 2,540,016,167 7,673,294 (752,248,479) (752,248,479) (752,248,479) (225,383,845) (225,383,845) (225,383,845) 2,540,016,167 3,237,213,840 3,237,213,840 3,237,213,840-

3,340,168,792 (1,483,472,069) (1,483,472,069) (1,483,472,069) 436,700,770 436,700,770 436,700,770 2.12 85,862,423 85,862,423 85,862,423 (27,027,374) (27,027,374) (27,027,374) (73,308,551) (73,308,551) (73,308,551) (252,753,007) (252,753,007) (252,753,007) 482,628,947 482,628,947 482,628,947 (69,747,327) (69,747,327) (69,747,327) 17,619,224 17,619,224 17,619,224 (626,200) (626,200) (626,200) (143,191,214) (143,191,214) (143,191,214) 3,268,510,729 3,268,510,729 3,268,510,729 (115,543,779) (115,543,779) (115,543,779) 3,152,966,950 3,152,966,950 3,152,966,950

2,871,974,284 668,584,277 668,584,277 668,584,277 532,558,480 532,558,480 532,558,480 1.80 282,290,323 282,290,323 282,290,323 (51,311,902) (51,311,902) (51,311,902) (17,660,251) (17,660,251) (17,660,251) 2,544,332 2,544,332 2,544,332 (819,555,765) (819,555,765) (819,555,765) (106,534,602) (106,534,602) (106,534,602) (162,667,442) (162,667,442) (162,667,442) (885,664) (885,664) (885,664) 49,025,206 49,025,206 49,025,206 4,222,287,184 4,222,287,184 4,222,287,184 (92,196,802) (92,196,802) (92,196,802) 4,130,090,382 4,130,090,382 4,130,090,382

2,835,768,262 (1,015,908,746) (1,015,908,746) (1,015,908,746) 436,700,770 436,700,770 436,700,770 1.89 80,737,707 80,737,707 80,737,707 (16,590,051) (16,590,051) (16,590,051) (4,307,647) (4,307,647) (4,307,647) (217,013,192) (217,013,192) (217,013,192) 34,827,129 34,827,129 34,827,129 (141,679,401) (141,679,401) (141,679,401) (12,775,733) (12,775,733) (12,775,733) (560,200) (560,200) (560,200) 18,019,456 18,019,456 18,019,456 2,820,205,918 2,820,205,918 2,820,205,918 (115,391,104) (115,391,104) (115,391,104) 2,704,814,814 2,704,814,814 2,704,814,814

2,540,016,167 855,502,571 855,502,571 855,502,571 532,558,480 532,558,480 532,558,480 1.70 118,512,655 118,512,655 118,512,655 (45,727,655) (45,727,655) (45,727,655) 51,178,761 51,178,761 51,178,761 (15,735) (15,735) (15,735) (815,188,736) (815,188,736) (815,188,736) (112,960,355) (112,960,355) (112,960,355) (61,623,108) (61,623,108) (61,623,108) (797,500) (797,500) (797,500) 3,758,653,218 3,758,653,218 3,758,653,218 (92,072,095) (92,072,095) (92,072,095) 3,666,581,123 3,666,581,123 3,666,581,123

The accompanying notes are an integral part of these financial statements

FINANCIAL REPORT 2017

Global Power Synergy Public Company Limited and its Subsidiaries

Statement of cash flows

Statement of income

Global Power Synergy Public Company LimitedConsolidated and its Subsidiaries financial statements

Global Global Power Power Synergy Synergy Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries Global Power Synergy Public Company Limited and its SubsidiariesFor the year ended

Statement Statement of of cash cash flows flows Statement of cash flows

Revenue from sale and rendering of services Revenue from finance lease Cost of sale and rendering of services Cash Gross profitfrom Cash flows flows from investing investing activities activities Cash flows from investing activities (Increase) decrease decrease in in restricted restricted accounts accounts (Increase) (Increase) decrease in restricted accounts Revenue from sale of Nitrogen Cash outflow for right of use Cash outflow for right of use Cash outflow for right of use Cost of salecost of Nitrogen Borrowing related Borrowing cost related to to acquisition acquisition of of assets assets Borrowing cost related to acquisition of assets Proceeds from sale of current investments Net foreign exchange gain (loss) Proceeds from sale of current investments Proceeds from sale of current investments Cash for Dividend income Cash outflow outflow for investments investments in in joint joint ventures ventures Cash outflow for investments in joint ventures Cash outflow for investments in associates Other income for investments in associates Cash outflow Cash outflow for investments in associates Cash for in Selling and distribution expenses Cash outflow outflow for investments investments in subsidiaries subsidiaries Cash outflow for investments in subsidiaries Cash outflow for other long-term Administrative expenses Cash outflow for other long-term investments investments Cash outflow for other long-term investments Cash received received from short-term loan toventures related party party Share of profit from of associates andloan jointto Cash short-term related Cash received from short-term loan to related party Cash outflow for short-term loans to related parties Profit before finance cost and tax expense Cash outflow for short-term loans to related parties Cash outflow for short-term loans to related parties Cash Finance costs from Cash received received from long-term long-term loan loan to to related related party party Cash received from long-term loan to related party Cash outflow outflow for long-term loan to to related related parties parties Profit before for taxlong-term expense loan Cash Cash outflow for long-term loan to related parties Purchase of Tax expense Purchase of plant plant and and equipment equipment Purchase of plant and equipment Purchase of intangible assets Profit forof the year Purchase intangible assets Purchase of intangible assets Translating foreign operations Translating foreign operations Translating foreign operations Dividends received Profit attributable Dividends received to: Dividends received Interest received Ownersreceived of the parent Interest Interest received Net cash cash from from (used (used in) in) investing activities Net Non-controlling interestsinvesting activities Net cash from (used in) investing activities Profit for the year Cash Cash flows flows from from financing financing activities activities Cash flows from financing activities Payment borrowing fee to financial Payment borrowing fee to financial institutions institutions Basic earnings per share Payment borrowing fee to financial institutions Proceeds from short-term Proceeds from short-term borrowing borrowing from from financial financial institutions institutions Proceeds from short-term borrowing from financial institutions Repayment of short-term borrowing from financial institutions Repayment of short-term borrowing from financial institutions Repayment of short-term borrowing from financial institutions Proceeds Proceeds from from short-term short-term borrowing borrowing from from related related party party Proceeds from short-term borrowing from related party Repayment of of short-term short-term borrowing borrowing from from related related party party Repayment Repayment of short-term borrowing from related party Proceeds Proceeds from from long-term long-term borrowings borrowings from from financial financial institutions institutions Proceeds from long-term borrowings from financial institutions Repayment of long-term borrowings from financial Repayment of long-term borrowings from financial institutions institutions Repayment of long-term borrowings from financial institutions Proceeds from from issue issue of of debentures debentures Proceeds Proceeds from issue of debentures Transaction costs from Transaction costs from issue issue of of debentures debentures Transaction costs from issue of debentures Dividend paid Dividend paid Dividend paid Interest paid paid Interest Interest paid Proceeds Proceeds from from subsidiaries' subsidiaries' shares shares from from non-controller non-controller Proceeds from subsidiaries' shares from non-controller Net cash used in financing activities Net cash used in financing activities Net cash used in financing activities

For the year ended

31 December Note 4, 32 Note Note 4 Note

4 12 12 12 4 12 12 12 4 13 13 13 4, 27 12 44 4 44 4 30 44 4 44 4 31

4 4 4 4 4 4 19 19 19 19 19 19 19 19 19 35 35 35 30 30 30

Net Net increase increase (decrease) (decrease) in in cash cash and and cash cash equivalents, equivalents, Net increase (decrease) in cash and cash equivalents, before effect effect of of exchange exchange rates rates before before effect of exchange rates Effect Effect of of exchange exchange rate rate changes changes on on cash cash and and cash cash equivalents equivalents Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash Cash and and cash cash equivalents equivalents at at beginning beginning of of period period Cash and cash equivalents at beginning of period Cash and cash equivalents at ending of 5 Cash and cash equivalents at ending of period period 5 Cash and cash equivalents at ending of period 5 The accompanying notes are an integral part of these financial statements Non-cash Non-cash transactions transactions Non-cash transactions Payable Payable for for assets assets under under construction construction Payable for assets under construction

Separate financial statements 31 December

2017 2016 2017 2016 Consolidated Separate Consolidated financial financial statements statements Separate financial financial statements statements Consolidated financial statements (in Baht)Separate financial statements For For For the the year year ended ended For the the year year ended ended For the year ended For the year ended 19,325,029,263 20,036,605,415 17,010,624,311 17,786,407,520 31 December December 31 December December 31 31 31 December 638,336,064 31 December 638,336,064 591,730,622 591,730,622 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (16,375,944,322) (17,365,031,144) (14,530,966,466) (15,630,998,017) (in Baht) (in Baht) (in Baht) 3,540,815,563 3,309,910,335 3,071,388,467 2,793,745,567 72,814,981 72,814,981 72,814,981 108,026,487 (797,070,865) (797,070,865) (797,070,865) (102,641,010) (222,789,540) (222,789,540) (222,789,540) 2,026,103,449 (3,344,368) 2,026,103,449 2,026,103,449 (26,120,000) 270,005,280 (26,120,000) (26,120,000) (1,640,353,500) 478,040,738 (1,640,353,500) (1,640,353,500) (10,570,439)-(250,000) (839,520,726) (250,000) (250,000) 517,130,619 -3,957,942,144 -(361,011,385)-(277,910,402) 3,596,930,759 (277,910,402) (277,910,402) (2,047,502,947) (256,761,967) (2,047,502,947) (2,047,502,947) (22,184,525) 3,340,168,792 (22,184,525) (22,184,525) (22,192,829) (22,192,829) (22,192,829) 564,459,464 564,459,464 564,459,464 80,650,163 3,174,581,310 80,650,163 80,650,163 (2,312,346,551) (2,312,346,551) 165,587,482 (2,312,346,551) 3,340,168,792

(123,747,454) (123,747,454) (123,747,454) 96,175,480 (395,607,164) (395,607,164) (395,607,164) (89,966,103) (214,957,214) (214,957,214) (214,957,214) 6,288,576,562 3,594,377 6,288,576,562 6,288,576,562 (238,279,000) 420,006,791 (238,279,000) (238,279,000) (1,082,541,000) 243,908,240 (1,082,541,000) (1,082,541,000) (8,449,025) -(236,247,219) (891,653,580) (236,247,219) (236,247,219) 346,206,648 -3,429,733,163 -(417,524,768) -(2,463,160,000) 3,012,208,395 (2,463,160,000) (2,463,160,000) (3,563,420,902) (140,234,111) (3,563,420,902) (3,563,420,902) (29,772,930) 2,871,974,284 (29,772,930) (29,772,930) (24,934,466) (24,934,466) (24,934,466) 699,748,475 699,748,475 699,748,475 194,014,027 2,699,902,814 194,014,027 194,014,027 (1,190,328,285) (1,190,328,285) 172,071,470 (1,190,328,285) 2,871,974,284

-108,026,487 (61,432,000) (61,432,000) (61,432,000) (102,641,010)-2,032,103,449 (1,970,533) 2,032,103,449 2,032,103,449 (26,120,000) 591,292,814 (26,120,000) (26,120,000) (250,312,500) 371,264,055 (250,312,500) (250,312,500) (872,198,163) (10,570,439) (872,198,163) (872,198,163) (250,000) (733,254,832) (250,000) (250,000) --3,293,535,009-33,000,000 (233,065,729) 33,000,000 33,000,000 (332,910,402) 3,060,469,280 (332,910,402) (332,910,402) (594,893,960) (224,701,018) (594,893,960) (594,893,960) (15,747,625) 2,835,768,262 (15,747,625) (15,747,625) -564,459,475 564,459,475 564,459,475 90,093,935 2,835,768,262 90,093,935 90,093,935 565,792,209 565,792,209 565,792,209 2,835,768,262

-96,175,480-(89,966,103) -6,288,576,562 2,233,499 6,288,576,562 6,288,576,562 (238,279,000) 752,248,479 (238,279,000) (238,279,000) 260,129,708-(2,265,793,692) (8,449,025) (2,265,793,692) (2,265,793,692) (236,247,219) (791,062,624) (236,247,219) (236,247,219) 333,686,325333,686,325 333,686,325 (157,226,745) 3,015,054,981 (157,226,745) (157,226,745) 28,500,000 (331,373,917) 28,500,000 28,500,000 (2,578,160,000) 2,683,681,064 (2,578,160,000) (2,578,160,000) (243,787,969) (143,664,897) (243,787,969) (243,787,969) (23,851,430) 2,540,016,167 (23,851,430) (23,851,430) -699,748,475 699,748,475 699,748,475 204,906,451 2,540,016,167 204,906,451 204,906,451 1,812,071,758 1,812,071,7581,812,071,758 2,540,016,167

(23,548,531) (23,548,531) 2.12 (23,548,531) 5,700,000,000 5,700,000,000 5,700,000,000 (5,700,000,000) (5,700,000,000) (5,700,000,000) 1,000,000,000 1,000,000,000 1,000,000,000 (1,000,000,000) (1,000,000,000) (1,000,000,000) 1,896,485,860 1,896,485,860 1,896,485,860 (7,227,427,803) (7,227,427,803) (7,227,427,803) 5,000,000,000 5,000,000,000 5,000,000,000 (6,135,926) (6,135,926) (6,135,926) (1,723,045,920) (1,723,045,920) (1,723,045,920) (279,229,551) (279,229,551) (279,229,551) 57,538,250 57,538,250 57,538,250 (2,305,363,621) (2,305,363,621) (2,305,363,621)

(83,975,173) (83,975,173) 1.80 (83,975,173) ---(1,617,862) (1,617,862) (1,617,862) 2,905,081,039 2,905,081,039 2,905,081,039 (1,601,050,000) (1,601,050,000) (1,601,050,000) --(1,573,215,840) (1,573,215,840) (1,573,215,840) (338,699,412) (338,699,412) (338,699,412) 310,505,224 310,505,224 310,505,224 (382,972,024) (382,972,024) (382,972,024)

(14,876,712) (14,876,712) 1.89 (14,876,712) 5,700,000,000 5,700,000,000 5,700,000,000 (5,700,000,000) (5,700,000,000) (5,700,000,000) 1,000,000,000 1,000,000,000 1,000,000,000 (1,000,000,000) (1,000,000,000) (1,000,000,000) -(7,218,686,435) (7,218,686,435) (7,218,686,435) 5,000,000,000 5,000,000,000 5,000,000,000 (6,135,926) (6,135,926) (6,135,926) (1,723,045,920) (1,723,045,920) (1,723,045,920) (153,363,180) (153,363,180) (153,363,180) -(4,116,108,173) (4,116,108,173) (4,116,108,173)

(27,616,438) (27,616,438) 1.70 (27,616,438) -----(1,601,050,000) (1,601,050,000) (1,601,050,000) --(1,573,215,840) (1,573,215,840) (1,573,215,840) (277,829,150) (277,829,150) (277,829,150) -(3,479,711,428) (3,479,711,428) (3,479,711,428)

(1,464,743,222) (1,464,743,222) (1,464,743,222) 7,853,747 7,853,747 7,853,747 (1,456,889,475) (1,456,889,475) (1,456,889,475) 5,421,670,109 5,421,670,109 5,421,670,109 3,964,780,634 3,964,780,634 3,964,780,634

2,556,790,073 2,556,790,073 2,556,790,073 -2,556,790,073 2,556,790,073 2,556,790,073 2,864,880,036 2,864,880,036 2,864,880,036 5,421,670,109 5,421,670,109 5,421,670,109

(845,501,150) (845,501,150) (845,501,150) 7,853,747 7,853,747 7,853,747 (837,647,403) (837,647,403) (837,647,403) 4,754,685,349 4,754,685,349 4,754,685,349 3,917,037,946 3,917,037,946 3,917,037,946

1,998,941,453 1,998,941,453 1,998,941,453 -1,998,941,453 1,998,941,453 1,998,941,453 2,755,743,896 2,755,743,896 2,755,743,896 4,754,685,349 4,754,685,349 4,754,685,349

576,644,074 576,644,074 576,644,074

307,798,910 307,798,910 307,798,910

100,445,767 100,445,767 100,445,767

64,719,693 64,719,693 64,719,693

(Increase) decrease in restricted accounts Cash outflow for right of use Borrowing cost related to acquisition of assets

72,814,981

(123,747,454)

(797,070,865)

(395,607,164)

(222,789,540)

Proceeds from sale of current investments

2,026,103,449

(214,957,214) 6,288,576,562

6,288,576,562

G L O B A L P O W12E R S Y N (26,120,000) E R G Y P U B L(238,279,000) I C C O M P A N Y(26,120,000) LIMITED 12

Cash outflow for investments in subsidiaries

(1,640,353,500)

(1,082,541,000)

Global Power Synergy Public Company Limited and its Subsidiaries (250,000)

Cash outflow for other long-term investments

Statement of cash flows

(236,247,219)

Statement of income Cash received from short-term loan to related party

Cash outflow for short-term loans to related parties

Consolidated financial statements -

Cash receivedGlobal Power Synergy Public Company Limited and its Subsidiaries from long-term loan to related party 4 Global Global Power Power Synergy Synergy Public Public Company Company Limited Limited and and its its Subsidiaries SubsidiariesFor the year ended

Statement Statement of of cash cash flows flows

Purchase of plant and equipment Purchase of intangible assets

Note

Translating foreign operations Revenue from sale and rendering of services Dividends received Revenuereceived from finance lease Interest Costcash of sale and(used rendering of services Net from in) investing activities Cash Grossflows profitfrom Cash flows from investing investing activities activities Cash flows from financing activities (Increase) decrease decrease in in restricted restricted accounts accounts (Increase) Payment borrowing fee touse financial institutions Revenue from sale of Nitrogen Cash outflow for right of Cash outflow for right of use Proceeds from borrowing from financial institutions Cost of sale of short-term Nitrogen Borrowing cost related Borrowing cost related to to acquisition acquisition of of assets assets Repayment of short-term borrowing from financial institutions Proceeds from sale current investments Net foreign exchange (loss) Proceeds from sale of of gain current investments Proceeds from short-term borrowing from related party Cash outflow for Dividend income Cash outflow for investments investments in in joint joint ventures ventures Repayment offor short-term borrowing from related party Cash outflow investments in associates Otheroutflow income for investments in associates Cash Proceeds fromfor long-term borrowings from financial institutions Cash outflow in Selling and distribution expenses Cash outflow for investments investments in subsidiaries subsidiaries Repayment of long-term borrowings from financial institutions Cash outflow other Administrative Cash outflow for forexpenses other long-term long-term investments investments Proceeds from from issueshort-term of debentures Cash received loan toventures related party party Sharereceived of profit from of associates andloan joint Cash short-term to related Transaction costs from issueloans of debentures Cash outflow for short-term to related parties Profit before finance cost and tax expense Cash outflow for short-term loans to related parties Dividend paid Cash received Finance costs from Cash received from long-term long-term loan loan to to related related party party Interest paid Cash outflow for long-term loan to to related related parties parties Profitoutflow before for taxlong-term expense loan Cash Proceeds from subsidiaries' shares from non-controller Purchase of Tax expense Purchase of plant plant and and equipment equipment Net cash used in financing activities Purchase intangible Profit forof year assets Purchase ofthe intangible assets Translating Translating foreign foreign operations operations Net increase (decrease) in cash and cash equivalents, Dividends received Profit attributable Dividends received to: before effect of exchange rates Interest Ownersreceived of the parent Interest received Effect of exchange rate changes on cash and cash equivalents Net cash in) Net cash from from (used (used in) investing investing activities activities Non-controlling interests Net increase (decrease) in cash and cash equivalents Profit for the year Cash and cash equivalents atactivities beginning of period Cash Cash flows flows from from financing financing activities Cash and cash equivalents at ending of period Payment borrowing fee to Payment borrowing to financial financial institutions institutions Basic earnings per fee share Proceeds from short-term borrowing Proceeds from short-term borrowing from from financial financial institutions institutions Non-cash transactions Repayment of short-term borrowing from financial institutions Repayment of short-term borrowing from financial institutions Payable for assets under construction Proceeds Proceeds from from short-term short-term borrowing borrowing from from related related party party Repayment of short-term short-term borrowing borrowing from from related related party party Repayment of Proceeds from long-term borrowings from financial Proceeds from long-term borrowings from financial institutions institutions Repayment Repayment of of long-term long-term borrowings borrowings from from financial financial institutions institutions

4, 32 Note Note 4

4 4 12 12 4 4 12 12 19 4 13 13 19 4, 27 19 4 12 4 4 4 35 30 4 4 30 4 4 31

(250,312,500)

(238,279,000) -

(872,198,163)

(2,265,793,692)

(250,000)

(236,247,219)

333,686,325

(157,226,745) Separate financial statements 33,000,000 28,500,000

(2,463,160,000)

For the year ended (332,910,402) (2,578,160,000)

31 December (3,563,420,902) (2,047,502,947)

31 December (243,787,969) (594,893,960)

Cash outflow for long-term loan to related parties

2,032,103,449

Cash outflow for investments in joint ventures Cash outflow for investments in associates

(61,432,000)

(277,910,402)

2017 2016 2017 2016 (22,184,525) (29,772,930) (15,747,625) (23,851,430) Consolidated Separate Consolidated financial financial statements statements Separate financial financial statements statements (in Baht) (22,192,829) (24,934,466) For For For the the year year ended ended For the the year year ended ended 19,325,029,263 20,036,605,415 17,010,624,311 17,786,407,520 564,459,464 699,748,475 564,459,475 699,748,475 31 December December 31 December December 31 31 591,730,622 638,336,064 591,730,622 638,336,064 80,650,163 194,014,027 90,093,935 204,906,451 2017 2016 2017 2016 2017 2016 2017 2016 (16,375,944,322) (17,365,031,144) (14,530,966,466) (15,630,998,017) (2,312,346,551) (1,190,328,285) 565,792,209 1,812,071,758 (in Baht) (in Baht) 3,540,815,563

3,309,910,335

3,071,388,467

2,793,745,567

72,814,981 72,814,981 (23,548,531) 108,026,487 (797,070,865) (797,070,865) 5,700,000,000 (102,641,010) (222,789,540) (222,789,540) (5,700,000,000) 2,026,103,449 (3,344,368) 2,026,103,449 1,000,000,000 (26,120,000) 270,005,280 (26,120,000) (1,000,000,000) (1,640,353,500) 478,040,738 (1,640,353,500) 1,896,485,860(10,570,439)(7,227,427,803) (250,000) (839,520,726) (250,000) 5,000,000,000517,130,619 (6,135,926) 3,957,942,144 -(1,723,045,920) (361,011,385)-(279,229,551) (277,910,402) 3,596,930,759 (277,910,402) 57,538,250 (2,047,502,947) (256,761,967) (2,047,502,947) (2,305,363,621) (22,184,525) 3,340,168,792 (22,184,525) (22,192,829) (22,192,829)

(123,747,454) (123,747,454) (83,975,173) 96,175,480 (395,607,164) (395,607,164) (89,966,103) (214,957,214) (214,957,214) 6,288,576,562 3,594,377 6,288,576,562 (238,279,000) 420,006,791 (238,279,000) (1,617,862) (1,082,541,000) 243,908,240 (1,082,541,000) 2,905,081,039(8,449,025)(1,601,050,000) (236,247,219) (891,653,580) (236,247,219) 346,206,648 --3,429,733,163 (1,573,215,840) (417,524,768)-(338,699,412) (2,463,160,000) 3,012,208,395 (2,463,160,000) 310,505,224 (3,563,420,902) (140,234,111) (3,563,420,902) (382,972,024) (29,772,930) 2,871,974,284 (29,772,930) (24,934,466) (24,934,466)

-(14,876,712) 108,026,487 (61,432,000) (61,432,000) 5,700,000,000 (102,641,010) -(5,700,000,000) 2,032,103,449 (1,970,533) 2,032,103,449 1,000,000,000 (26,120,000) 591,292,814 (26,120,000) (1,000,000,000) (250,312,500) 371,264,055 (250,312,500) (872,198,163) (10,570,439) (872,198,163) (7,218,686,435) (250,000) (733,254,832) (250,000) 5,000,000,000 -(6,135,926) 3,293,535,009-(1,723,045,920) 33,000,000 (233,065,729) 33,000,000 (153,363,180) (332,910,402) 3,060,469,280 (332,910,402) (594,893,960) (224,701,018) (594,893,960) (4,116,108,173) (15,747,625) 2,835,768,262 (15,747,625)

564,459,464 564,459,464 (1,464,743,222) 80,650,163 3,174,581,310 80,650,163 7,853,747 (2,312,346,551) (2,312,346,551) 165,587,482 (1,456,889,475)

699,748,475 699,748,475 2,556,790,073 194,014,027 2,699,902,814 194,014,027 (1,190,328,285) (1,190,328,285) 172,071,470 2,556,790,073

-564,459,475 564,459,475 (845,501,150) 90,093,935 2,835,768,262 90,093,935 7,853,747 565,792,209 565,792,209(837,647,403)

-(27,616,438) 96,175,480-(89,966,103) --6,288,576,562 2,233,4996,288,576,562 (238,279,000) 752,248,479(238,279,000) 260,129,708-(2,265,793,692) (8,449,025) (2,265,793,692) (1,601,050,000) (236,247,219) (791,062,624) (236,247,219) 333,686,325 333,686,325(157,226,745) 3,015,054,981 (157,226,745) (1,573,215,840) 28,500,000 (331,373,917) 28,500,000 (277,829,150) (2,578,160,000) 2,683,681,064 (2,578,160,000) (243,787,969) (143,664,897) (243,787,969) (3,479,711,428) (23,851,430) 2,540,016,167 (23,851,430) --

3,340,168,792 5,421,670,109

2,871,974,284 2,864,880,036

2,835,768,262 4,754,685,349

2,540,016,167 2,755,743,896

699,748,475 699,748,475 1,998,941,453 204,906,451 2,540,016,167 204,906,451 1,812,071,758 1,812,071,758 1,998,941,453-

4 4 4 4

3,964,780,634 (23,548,531) (23,548,531) 2.12 5,700,000,000 5,700,000,000 (5,700,000,000) (5,700,000,000) 576,644,074 1,000,000,000 1,000,000,000 (1,000,000,000) (1,000,000,000)

5,421,670,109 (83,975,173) (83,975,173) 1.80 --307,798,910 -(1,617,862) (1,617,862)

3,917,037,946 (14,876,712) (14,876,712) 1.89 5,700,000,000 5,700,000,000 (5,700,000,000) (5,700,000,000) 100,445,767 1,000,000,000 1,000,000,000 (1,000,000,000) (1,000,000,000)

4,754,685,349 (27,616,438) (27,616,438) 1.70 --64,719,693 ---

19 19 19 19

15 (7,227,427,803) (7,227,427,803)

1,896,485,860 1,896,485,860

2,905,081,039 2,905,081,039 (1,601,050,000) (1,601,050,000) --

-(7,218,686,435) (7,218,686,435) 5,000,000,000 5,000,000,000

-(1,601,050,000) (1,601,050,000) --

5 33

The accompanying notes are an integral part of these financial statements

Proceeds from from issue issue of of debentures debentures Proceeds Transaction costs from Transaction costs from issue issue of of debentures debentures

19 19

5,000,000,000 5,000,000,000 (6,135,926) (6,135,926)

Dividend Dividend paid paid Interest paid paid Interest

35 35 30 30

(1,723,045,920) (1,723,045,920) (279,229,551) (279,229,551)

-(1,573,215,840) (1,573,215,840) (338,699,412) (338,699,412)

(6,135,926) (6,135,926) (1,723,045,920) (1,723,045,920) (153,363,180) (153,363,180)

-(1,573,215,840) (1,573,215,840) (277,829,150) (277,829,150)

57,538,250 57,538,250 (2,305,363,621) (2,305,363,621)

310,505,224 310,505,224 (382,972,024) (382,972,024)

-(4,116,108,173) (4,116,108,173)

-(3,479,711,428) (3,479,711,428)

Proceeds Proceeds from from subsidiaries' subsidiaries' shares shares from from non-controller non-controller Net cash used in financing activities Net cash used in financing activities Net Net increase increase (decrease) (decrease) in in cash cash and and cash cash equivalents, equivalents, before effect effect of of exchange exchange rates rates before Effect Effect of of exchange exchange rate rate changes changes on on cash cash and and cash cash equivalents equivalents Net increase (decrease) in cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash Cash and and cash cash equivalents equivalents at at beginning beginning of of period period Cash and cash equivalents at ending of Cash and cash equivalents at ending of period period

5 5

The accompanying notes are an integral part of these financial statements Non-cash Non-cash transactions transactions Payable Payable for for assets assets under under construction construction

(1,464,743,222) (1,464,743,222) 7,853,747 7,853,747

2,556,790,073 2,556,790,073 --

(845,501,150) (845,501,150) 7,853,747 7,853,747

1,998,941,453 1,998,941,453 --

(1,456,889,475) (1,456,889,475) 5,421,670,109 5,421,670,109

2,556,790,073 2,556,790,073 2,864,880,036 2,864,880,036

(837,647,403) (837,647,403) 4,754,685,349 4,754,685,349

1,998,941,453 1,998,941,453 2,755,743,896 2,755,743,896

3,964,780,634 3,964,780,634

5,421,670,109 5,421,670,109

3,917,037,946 3,917,037,946

4,754,685,349 4,754,685,349

307,798,910 307,798,910

100,445,767 100,445,767

64,719,693 64,719,693

576,644,074 576,644,074

FINANCIAL REPORT 2017

Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements For the ended 31 December 2017 2017 For theyear year ended 31 December Note

Contents

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

General information Basis of preparation of the financial statements Significant accounting policies Related parties Cash and cash equivalents Restricted accounts Other investments Trade accounts receivable Finance lease receivable Other receivables Inventories Investments in associates and joint ventures Investments in subsidiaries Non-controlling interests Property, plant and equipment Assets not used in operation Intangible assets Deferred tax Interest-bearing liabilities Trade accounts payable Other payables Provisions Provisions for employee benefits Share capital Legal reserves and the other components of equity Segment information Administrative expenses Employee benefit expenses Expenses by nature Finance costs Income tax expense Promotional privileges Basic earnings per share Financial instruments Dividend Commitments with non-related parties Events after the reporting period Reclassification of accounts

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

General information Global Power Synergy Public Company Limited, “GPSC”, arose from the amalgamation between PTT Utility Company Limited, “PTTUT”, and Independent Power (Thailand) Company Limited, “IPT” and was registered on 10 January 2013 in accordance with the Civil and Commercial Code.The amalgamation has resulted in the exchange of shares of PTTUT and IPT with the Company’s shares for PTTUT’s and IPT’s shareholders whose name appear in the Shareholder’s registration book of PTTUT and IPT. GPSC is entitled to all the assets, liabilities, rights, obligations and commitments under agreements that PTTUT and IPT entered into prior to the amalgamation. Global Power Synergy Public Company Limited, the “Company”, is incorporated in Thailand and has its registered offices as follows: Head Office

: 555/2, Energy Complex, Building B, 5th Floor, Vibhavadi-Rangsit Road, Chatuchak, Bangkok, Thailand.

Branch 1

: 24, PakornSongkrao-Rat Road, Tambon Huai Pong, Amphur MueangRayong, Rayong, Thailand

Branch 2

: 92/9, Rayong 3191 Road, Tambon Map Ta Phut, Amphur MueangRayong, Rayong, Thailand

Branch 3

: 5/11, PakornSongkrao-Rat Road, Tambon Map Ta Phut, Amphur MueangRayong, Rayong, Thailand

Branch 4

: 42/3 Moo 1, Sukhumvit Road, Tambon Tungsukla, Amphur Sriracha, Chonburi, Thailand

Branch 5

: 98/19, Highway - Rayong No.3191 Road, Tambon Map Ta Phut, Amphur MueangRayong, Rayong, Thailand.

The Company was listed on the Stock Exchange of Thailand (“SET”) on 14 May 2015. The major shareholders during the financial year were PTT Global Chemical Public Company Limited (22.73% shareholding), PTT Public Company Limited (22.58% shareholding), Thaioil Power Company Limited (20.79% shareholding) and Thai Oil Public Company Limited (8.91% shareholding). All were incorporated in Thailand. The ultimate parent company was PTT Public Company Limited.

FINANCIAL REPORT 2017

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Global Notes to the financial statements Limited Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries GlobalPower PowerSynergy SynergyPublic PublicCompany CompanyLimited Limitedand andits itsSubsidiaries Subsidiaries

Notes to the financial statements Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December 2017 Global Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2017 Notes to the financial statements Notes to the financial statements Notes to the financial statements For the year ended 31 December 2017 toFor thethefinancial statements For the year ended 31 December 2017 Notes year ended 31 December2017 2017 For the year ended 31 December 2017 For year 31 Forthe the yearended ended 31December December 2017 For the year ended 31 December 2017

The principal businesses of the Company are the production and distribution of electricity, steam and The principal businesses of the Company are the production and distribution of electricity, steam and The principal businesses of the Company are the production and distribution of electricity, steam and water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 The principal businesses of the Company are the production and distribution of electricity, steam and water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 The principal businesses of the Company are the production and distribution of electricity, steam and The principal businesses of the Company are the production and distribution of electricity, steam and The principal businesses of the Company are the production and distribution of electricity, steam and water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 December 2017 and 2016 as follows: The principal businesses ofwere the Company are the production and distribution of electricity, steam and water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 December 2017 and 2016 were as follows: water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 December water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 December December 2017 and 2016 were as follows: water for industrial purpose. Details of the Company’s subsidiaries and joint ventures as at 31 December 2017 and 2016 were as follows: December 2017were and as 2016 were as follows: 2017 2017and and2016 2016 were asfollows: follows: Country of Ownership interest December 2017 and 2016 were as follows: Country of Ownership interest Country of Ownership interest Name of the entity Type of business incorporation (%) Country of Ownership interest Name of the entity Type of business incorporation (%) Country of Ownership interest Country of Ownership interest Countryof of Ownership Ownership interest Name of the entity Type of business incorporation (%) 2017 2016 Country interest Name of the entity Type of business incorporation (%) 2017 2016 Name of the entity Type of business incorporation (%) Name of the entity Type of business incorporation (%) Name of the entity Type of business incorporation (%) 2017 Direct subsidiaries Name of the entity Type of business incorporation (%) 2016 2017 2016 Direct subsidiaries 2017 2016 2017 2016 2017 2016 Direct subsidiaries Combined Heat and Power Production and distribution of Thailand 100 100 2017 2016 Direct subsidiaries Combined Heat and Power Production and distribution of Thailand 100 100 Direct subsidiaries Direct subsidiaries Direct subsidiaries Combined Heat and Power Production and distribution of Thailand 100 100 Producing Co., Ltd electricity and chilled water Direct subsidiaries Combined Heat and Power Production and distribution of Thailand 100 100 Producing Co., Ltd electricity and chilled water Combined Heat and Power Production and distribution of Thailand 100 100 Combined Heat and Power Production and distribution of Thailand 100 100 Combined Heat and Power Production distribution of Thailand 100 100 Producing Co., Ltd electricity and chilled water /construction and Combined Heat and Power Production and distribution of Thailand 100 100 Producing Co., Ltd electricity and chilled water /construction and Producing Co., Ltd electricity and chilled water Producing Co., Ltd electricity and chilled water Producing Co., Ltd electricity and chilled water /construction and installation of electricity Producing Co., Ltd electricity and chilled water /construction and installation of electricity /construction and /construction and /construction and installation of electricity generating system /construction and installation of electricity generating system installation of electricity installation of electricity installation ofelectricity electricity generating system Natee Synergy Co., Ltd Holding company Thailand 100 100 installation of generating system Natee Synergy Co., Ltd Holding company Thailand 100 100 generating system generating system generating system Natee Synergy Co., Ltd Holding company Thailand 100 100 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 generating system Natee Synergy Co., Ltd Holding company Thailand 100 100 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 Natee Synergy Co., Ltd Holding company Thailand 100 100 Natee Synergy Co., Ltd Holding company Thailand 100 100 Natee Synergy Co., Ltd Holding company Thailand 100 100 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 electricity, steam and water Natee Synergy Co., Ltd Holding company Thailand 100 100 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 electricity, steam and water IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 51 IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 electricity, steam and water for industrial purpose IRPC Clean Power Co., Ltd Production and distribution of Thailand 51 5151 electricity, steam and water for industrial purpose electricity, steam and water electricity, steam and water electricity, steam and water for industrial purpose Ichinoseki Solar Power 1 GK Production and distribution Japan 99 99 electricity, steam and waterof for industrial purpose Ichinoseki Solar Power 1 GK Production and distribution Japan 99 99 for industrial purpose for industrial purpose forindustrial industrial purpose of Ichinoseki Solar Power 1 GK Production and distribution of Japan 99 99 electricity for purpose Ichinoseki Solar Power 1 GK Production and distribution of Japan 99 99 electricity Ichinoseki Solar Power 111GK Production and distribution of Japan 99 99 Ichinoseki Solar Power GK Production and distribution of Japan 99 99 Ichinoseki SolarPower Power GK Production anddistribution distributionof of Hongkong Japan 99 99 electricity GPSC International Holdings Holding company 100 100 Ichinoseki Solar 1 GK Production and Japan 99 99 electricity GPSC International Holdings Holding company Hongkong 100 100 electricity electricity electricity GPSC International Holdings Holding company Hongkong 100 100 Limited electricity GPSC International Holdings Holding company Hongkong 100 100 Limited GPSC International Holdings Holding company Hongkong 100 100 GPSC International Holdings Holding company Hongkong 100 100 GPSC International Holdings Holding company Hongkong 100 100 Limited Joint ventures GPSC International Holdings Holding company Hongkong 100 100 Limited Joint ventures Limited Limited Limited Joint ventures Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Limited Joint ventures Thai Renewable Co., Ltd. Holding company Thailand 40 40 Joint ventures Joint ventures JointSolar ventures Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Joint ventures Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Generating Co., Ltd. electricity Thai Solar Renewable Co., Ltd. Holding company Thailand 40 40 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Generating Co., Ltd. electricity Nava Nakorn Electricity Production and distribution of Thailand 30 30 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Generating Co., Ltd. electricity Nam Lik 11 Power Co., Ltd. Production and distribution of Lao PDR 40 40 Nava Nakorn Electricity Production and distribution of Thailand 30 30 Generating Co., Ltd. electricity Nam Lik Power Co., Ltd. Production and distribution of Lao PDR 40 40 Generating Co., Ltd. electricity Generating Co., Ltd. electricity Generating Co.,Ltd. Ltd.Ltd. electricityand distribution of Nam Lik 1 Power Co., Production Lao PDR 40 40 electricity Generating Co., electricity Nam Lik Power Co., Ltd. Production and distribution of Lao PDR 40 40 electricity Nam Lik 1111Power Co., Ltd. Production and distribution of Lao PDR 40 40 Nam Lik Power Co., Ltd. Production and distribution of Lao PDR 40 40 Nam Lik Power Co., Ltd. Production and distribution of Lao PDR 40 40 electricity Indirect Joint venture Nam Lik 1 Power Co., Ltd. Production and distribution of Lao PDR 40 40 electricity Indirect Joint venture electricity electricity electricity Indirect Joint venture 40 40 Siam Solar Energy 1 Co., Ltd Production distribution of Thailand electricity and Indirect Joint venture 40 40 Siam Solar Energy 1 Co., Ltd Production and distribution of Thailand Indirect Joint venture Indirect Joint venture Indirect Joint venture 40 40 Siam Solar Energy 1 Co., Ltd Production and distribution of Thailand electricity Indirect Joint venture 40 40 Siam Solar Energy 1 Co., Ltd Production and distribution of Thailand electricity 40 40 40 40 Siam Solar Energy 111Co., Ltd Production and distribution of Thailand Siam Solar Energy Co., Ltd Production and distribution of Thailand 40 Siam Solar Energy Co., Ltd Production and distribution of Thailand electricity 40 4040 Siam Solar Energy 1 Co., Ltd Production and distribution of Thailand electricity electricity electricity electricity electricity Basis of preparation of the financial statements

22 Basis of preparation of the financial statements 22 Basis of preparation of the financial statements Basis of preparation of the financial statements 2 Basis of preparation of the financial statements 2 Basis of preparation of the financial statements 2 Basis of preparation of the financial statements Statement of compliance 2(a) Basis of preparation of the financial statements (a) Statement of compliance (a) (a) (a) (a) (a) (a)

.. . ... . .

Statement of compliance Statement of compliance Statement of Statement ofofcompliance compliance Statement complianceare prepared in accordance with Thai Financial Reporting Standards (TFRS); The financial statements Statement of compliance The financial statements are in with Thai Reporting Standards (TFRS); The financial statements aretheprepared prepared in accordance accordance withProfessions Thai Financial Financial Reporting Standardsrules (TFRS); guidelines promulgated by Federation of Accounting (“FAP”); and applicable and The financial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS); guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and The financial statements are prepared in with Thai Financial Reporting Standards (TFRS); The financial statements are prepared ininaccordance accordance with Thai Financial Reporting Standards (TFRS); The financial statements are prepared accordance with Thai Financial Reporting Standards (TFRS); guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission. The financial statements arethe prepared in accordance with Professions Thai Financial Reporting Standards rules (TFRS); guidelines promulgated by Federation of Accounting (“FAP”); and applicable and regulations of the Thai Securities and Exchange Commission. guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission. guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission. regulations of the Thai Securities and Exchange Commission. regulations of the Thai Securities and Exchange Commission. regulations of the Thai Securities and Exchange Commission. The FAP has issued and TFRS for regulations of the Thainew Securities and Exchange Commission. The FAP has issued new and revised revised TFRS effective effective for annual annual accounting accounting periods periods beginning beginning on on or or The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or TheFAP FAP hasissued issued new andrevised revised TFRSof effective forand annual accounting periods beginning onor or after 1 January 2017. The initial application these new revised TFRS has resulted in changes in certain of the Group’s accounting policies. These changes have no material effect on the financial The has new and TFRS effective for annual accounting periods beginning on after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in certain of the Group’s accounting policies. These changes have no material effect on the financial after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes certain of the Group’s policies. no material on financial statements. after 1 January 2017. Theaccounting initial application ofThese these changes new and have revised TFRS has effect resulted inthe changes inin certain of the Group’s accounting policies. These changes have no material effect on the financial statements. certain of the Group’s accounting policies. These changes have no material effect on the financial certain of the Group’s accounting policies. These changes have no material effect on the financial certain of the Group’s accounting policies. These changes have no material effect on the financial statements. certain of the Group’s accounting policies. These changes have no material effect on the financial statements. statements. statements. statements. In addition to the above new and revised TFRS, the FAP has issued aa number of other new and revised statements. In addition to the above new and revised TFRS, the FAP has issued number of other new and revised In addition to the above new and revised TFRS, the FAP has issued aa or number of other new and revised TFRS which are effective for annual financial periods beginning on after 1 January 2018 and have In addition to the above new and revised TFRS, the FAP has issued number of other new and revised TFRS which are effective for annual financial periods beginning on or after 1 January 2018 and have In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised TFRS which are effective for annual financial periods beginning on or after 1 January 2018 and have not been adopted in the preparation of these financial statements. The Group has made a preliminary In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised TFRS which are effective for annual financial periods beginning on or after 1 January 2018 and have not been adopted in the preparation of these financial statements. The Group has made a preliminary TFRS which are effective for annual financial periods beginning on or after 111has January 2018 and have TFRS which are effective for annual financial periods beginning on or after January 2018 and have TFRS which are effective for annual financial periods beginning on or after January 2018 and have not been adopted in the preparation of these financial statements. The Group made a preliminary assessment of the potential initial impact on the consolidated and separate financial statements of these TFRS which are effective for annual financial periods beginning on or after 1 January 2018 and have not been adopted in the preparation of these financial statements. The Group has made aa preliminary preliminary assessment of the potential initial impact on the consolidated and separate financial statements of these not been adopted in the preparation of these financial statements. The Group has made a not been adopted in the preparation of these financial statements. The Group has made preliminary not been adopted in the preparation of these financial statements. The Group has made a preliminary assessment of the potential initial impact on the consolidated and separate financial statements of these new and revised TFRS expects that there will be no material impact on the financial in not been adopted in the and preparation of these financial statements. The Group has made astatements preliminary assessment of the potential initial impact on the consolidated and separate financial statements of these new and revised TFRS and expects that there will be no material impact on the financial statements in assessment of the potential initial impact on the consolidated and separate financial statements of these assessment of the potential initial impact on the consolidated and separate financial statements of these assessment of the potential initialimpact impact onthe the consolidated andseparate separate financial statements ofthese these new and revised TFRS and expects that there will be no material impact on the financial statements in the period of initial application. assessment of the potential initial on consolidated and financial statements of new and revised TFRS and expects that there will be no material impact on the financial statements in the period of initial application. new and revised TFRS and expects that there will be no material impact on the financial statements in new and revised TFRS and expects that there will be no material impact on the financial statements in new and revised TFRS and expects that there will be no material impact on the financial statements the period of initial application. new and revised TFRS and expects that there will be no material impact on the financial statements inin the period of initial application. the period of initial application. the period of initial application. theperiod periodofofinitial initialapplication. application. the

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements For the Foryear the year ended3131December December 2017 ended 2017 (b)

Basis of measurement The financial statements have been prepared on the historical cost basis except for defined benefit liabilities which measured by present value of the defined benefit obligation as explained in note 3 (p).

(c)

Functional and presentation currency The financial statements are presented in Thai Baht, which is the Companyâ&#x20AC;&#x2122;s functional currency. All financial information presented in Thai Baht has been rounded in the notes to the financial statements to the nearest thousand unless otherwise stated.

(d)

Use of judgements and estimates The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes: Note 7 Note 9 Note 15 Note 16 Note 18 Note 22 Note 23 Note 34

Other investments Finance lease receivable Property, plant and equipment Assets not used in operation Deferred tax Provision Provision for employee benefits Financial instruments

Measurement of fair values A number of the Groupâ&#x20AC;&#x2122;s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of TFRS, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the Groupâ&#x20AC;&#x2122;s Audit Committee.

FINANCIAL REPORT 2017

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements Global Power Synergy Public Company Limited and its Notes to the financial statements Limited and its Subsidiaries Notes to the financial statements Global Power Synergy Public Company Subsidiaries Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December 2017 Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December 2017 to the financial statements Notes Global Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December 2017 Notes to the financial statements For the year ended 31 December 2017 Notes to the financial statements the ended 2017 For Foryear the year ended31 31December December 2017 For For the the year year ended ended 31 31 December December 2017 2017

33 33 33 3 (a) (a) (a) (a) (a) (a) (a)

When measuring the fair value of an asset or aa liability, the Group uses observable market data as far as When measuring the fair value of an asset or liability, the Group uses observable market data as far as When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in aa fair value hierarchy based on the inputs When measuring the fair value of an asset or aa liability, the Group uses observable market data as far as used in the valuation techniques as follows: possible. Fair values are categorised into different levels in fair value hierarchy based on the inputs When measuring the fair value of an asset or liability, the Group uses observable market data as far as used in the valuation techniques as follows: possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: possible. values techniques are categorised into different levels in a fair value hierarchy based on the inputs used in theFair valuation as follows: in valuation techniques as used Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. in the the valuation techniques as follows: follows: used Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or  liability, 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).  Level 2: inputs other than quoted prices included in Level 11 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 2: inputs other than quoted prices included in Level that are observable for the asset 3: inputs for the asset or liability that are not based on observable market data (unobservable liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). 2: either inputsdirectly other than quoted prices included in Level 1 from that are observable for the asset or or  liability, Level 3: inputs for the asset or liability that are not based on observable market data (unobservable (i.e. as prices) or indirectly (i.e. derived prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).  inputs). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). inputs). Level 3: inputs inputs for the the asset or or liability that that are not not based on on observable market market data (unobservable (unobservable inputs).  Level inputs). Level 3: 3: inputs for for the asset asset or liability liability that are are not based based on observable observable market data data (unobservable inputs). inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy as the lowest level input that is significant to the entire measurement. of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level If the inputs usedhierarchy, to measure the fair value of measurement an asset or is liability mightto be categorised inindifferent levels of the fair value hierarchy as lowest level input that significant the entire measurement. of the fair value then the fair value is categorised in its entirely the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same of the fair value hierarchy as the lowest level input that is significant to the entire measurement. of the the fair value hierarchy, then the fair value measurement is categorised in entire its entirely in the same level level of fair value hierarchy as the lowest level input that is significant to the measurement. of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. The Group recognises transfers between levels of the fair value hierarchy at the end of the period during which the change has occurred. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting reporting period during which the change has occurred. period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following Further information about the assumptions made in measuring fair values is included in the following notes: Further information about the assumptions made in measuring fair values is included in the following notes: Further information about the assumptions made in measuring fair values is included in the following notes: Further information about the assumptions made in measuring fair values is included in the notes: Further information about the assumptions made in measuring fair values is included in the following following notes: notes: Note 15 Property, plant and equipment notes: Note 15 Property, plant and equipment Note 15 Property, plant and equipment Note 16 Assets not used in Note 15 Property, equipment Note 16 Assets notplant usedand in operation operation Note 15 Property, plant and equipment Note 16 Assets not used in operation 15 Property, plant and equipment Note 34 Financial instruments Note 16 Assets not used in operation 15 Property, plant and equipment Note 34 Financial instruments Note 16 Assets not used in operation Note 34 Financial instruments Note 16 Assets not used in operation Note 34 Financial instruments Note 16 Assets not used in operation Note 34 Financial instruments Note Financial Significant accounting Note 34 34 Financial instruments instruments Significant accounting policies policies

Significant accounting policies Significant accounting policies Significant accounting policies Significant accounting The accounting policies set out below have been applied consistently to all periods presented in these Significant accounting policies policies

The accounting policies set out below have been applied consistently to all periods presented in these The accounting policies set out below have been applied consistently to all periods presented in these financial statements. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. The accounting policies set out below have been applied consistently to all periods presented in financial statements. The accounting policies set out below have been applied consistently to all periods presented in these these financial statements. financial statements. Basis of consolidation financial statements. Basis of consolidation Basis of consolidation Basis of consolidation Basis of consolidation Basis of consolidation The consolidated financial statements relate to the referred to as Basis of consolidation The consolidated financial statements relate to the Company Company and and its its subsidiaries subsidiaries (together (together referred to as The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures. The consolidated financial statements relate to the Company and its subsidiaries (together referred to the “Group”) and the Group’s interests in associates and joint ventures. The“Group”) consolidated financial statements relate to the Company and its subsidiaries (together referred to as as the and the Group’s interests in associates and joint ventures. the “Group”) and the Group’s interests in associates and joint ventures. Business combinations the “Group”) and the Group’s interests in associates and joint ventures. Business combinations Business combinations Business combinations Business combinations Business combinations The Group applies the acquisition method for all business combinations when control is transferred to Business combinations The Group applies the acquisition method for all business combinations when control is transferred to The Group applies the acquisition method for all business combinations when control is transferred to the Group other than those with entities under common control. The Group applies the acquisition method for all business combinations when control is transferred to the Group other than those with entities entities under common control. The Group applies the acquisition method for all business combinations when control is transferred to the Group other than those with under common control. The Group applies the acquisition method for all business combinations when control is transferred the Group other than those with entities under common control. TheGroup Groupother applies the acquisition method for common all business combinations when control is transferred to to the than those with entities under control. the Group other than those with entities under common control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits the Group other than those with entities under common control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that Control is the power to govern the financial and operating policies of an entity so as to obtain benefits currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from its activities. In assessing control, the Group takes into consideration potential voting rights that Control is the power to govern the financial and operating policies of an entity so as to obtain benefits currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from its activities. In assessing control, the Group takes into consideration potential voting rights that Judgment is applied in determining the acquisition date and determining whether control is transferred currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from its activities. In assessing control, the Group takes into consideration potential voting rights that Judgment is applied in determining the acquisition date and determining whether control is transferred currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. Judgment is applied in determining the acquisition date and determining whether control is transferred currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from one party to another. Judgment is applied in determining the acquisition date and determining whether control is transferred currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. from one party to another. Judgment is applied in determining the acquisition date and determining whether control is transferred from one party to another. Judgment is in from one party to another. Judgment is applied applied in determining determining the the acquisition acquisition date date and and determining determining whether whether control control is is transferred transferred from one party to another. from one party to another. Goodwill is measured as the fair value of the consideration transferred including the recognised amount from one party to another. Goodwill is measured as the fair value of the consideration transferred including the recognised amount Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of Goodwill is measured as the fair value of the consideration transferred including the recognised amount the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of Goodwill is measured as the fair value of the consideration transferred including the recognised amount the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of on bargain purchase is recognised in profit or loss immediately. the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of on bargain purchase is recognised in profit or loss immediately. the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain on bargain purchase is recognised in profit or loss immediately. the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain on bargain purchase is recognised in profit or loss immediately. the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain on bargain purchase is recognised in profit or loss immediately. on on bargain bargain purchase purchase is is recognised recognised in in profit profit or or loss loss immediately. immediately.

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Public Company and its Subsidiaries Global Power Synergy Synergy Public Company Limited andLimited its Subsidiaries Notes to the financial statements For the Foryear the year ended 31 December 2017 ended 31 December 2017 Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group to the previous owners of the acquiree, and equity interests issued by the Group. Consideration transferred also includes the fair value of any contingent consideration and share-based payment awards of the acquiree that are replaced mandatorily in the business combination. If a business combination results in the termination of pre-existing relationships between the Group and the acquiree, then the lower of the termination amount, as contained in the agreement, and the value of the off-market element is deducted from the consideration transferred and recognised in other expenses. A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably. Transaction costs that the Group incurs in connection with a business combination, such as legal fees, and other professional and consulting fees are expensed as incurred. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Acquisitions from entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if earlier, at the date of acquisition. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group controlling shareholderâ&#x20AC;&#x2122;s consolidated financial statements. The components of equity of the acquired entities are added to the same components within Group equity. Any difference between cash paid for the acquisition and assets and liabilities acquired is recognised directly in equity. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Non-controlling interests At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree. Changes in the Groupâ&#x20AC;&#x2122;s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions Loss of control When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which F I N A ceases. NCIAL REPORT 2017 control Non-controlling interests

Notes to the financial statements

At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree.

Global Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December Changes in the Group’s interest 2017 in a subsidiary that do not result in a loss of control are accounted for as equity transactions Loss of control When the Group loses Public control Company over a subsidiary, it derecognises the assets and Global Power Synergy Limited and its Subsidiaries

liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting Notes to the financial statements gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at For the year ended 31 December 2017 fair value when control is lost. Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interests in associates and joint ventures. Associate is the entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence or joint control ceases. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b)

Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates at the reporting date. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to functional currency at the foreign exchange rates at the dates of the transactions. Foreign exchange differences arising on translation are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Thai Baht at the foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the foreign exchange rates ruling at the dates of the transactions.

Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group 25 G L OatB AtheL dates P O WofE RtheS transactions. YNERGY PUBLIC COMPANY LIMITED entities at exchange rates Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rates at the reporting date.

Notes to the financial statements Non-monetary assets and liabilities measured at cost in foreign currencies are translated to functional

Global Power Synergy Company and itsofSubsidiaries currency at the foreignPublic exchange ratesLimited at the dates the transactions. For the year ended 31 December 2017

Foreign exchange differences arising on translation are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Thai Baht at the foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the foreign exchange rates ruling at the dates of the transactions. Goodwill and fair value adjustments arising on the acquisition of foreign operations are stated at exchange rates ruling on reporting dates.

Global Power Synergy Public Company Limited and its Subsidiaries

exchange differences NotesForeign to the financial statementsarising on translation are recognised in other comprehensive income and presented in the foreign currency2017 translation reserve in equity until disposal of the investment, except to For the year ended 31 December extent that the translation difference is allocated to non-controlling interest.

When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its 22 interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. (c)

Derivative financial instruments Derivative financial instruments are used to manage exposure to foreign exchange and interest rate from operational and financing activities. The Group uses financial instruments to reduce exposure in fluctuation of foreign currency exchange and interest rate risk. These instruments, which mainly comprise foreign currency forward contracts and interest rate swap contracts, are not recognised in the financial statement on inception. Foreign currency forward contracts Foreign currency forward contracts protect the Company from risks in fluctuation of exchange rates by establishing the future exchange rate. At the settlement date, the differences between contracted forward rates and the transaction rates are recognised in profit or loss. Interest rate swap contracts Interest rate swap contracts protect the Company from risks in fluctuation of interest rates. The differences under interest rate swaps are recorded as adjustments to the interest expense relating to the financial obligations in profit or loss.

(d)

Cash and cash equivalents Cash and cash equivalents in the statements of cash flows comprise cash balances, current and savings accounts and highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose of the statement of cash flows.

(e)

Trade accounts receivables Trade accounts receivable are stated at their invoice value less allowance for doubtful accounts.

establishing the future exchange rate. At the settlement date, the differences between contracted forward rates and the transaction rates are recognised in profit or loss. Interest rate swap contracts

F I N A Nrate C I A swap L R E Pcontracts O R T 2 0 1protect 7 Interest the Company from risks in fluctuation of interest rates. The differences under interest rate swaps are recorded as adjustments to the interest expense relating to the financial obligations in profit or loss.

(d)

Cash andto cash Notes theequivalents financial statements

Global Power Synergy Public Company Limited and its Subsidiaries Cash and cash equivalents in the statements of cash flows comprise cash balances, current and savings For the year December 2017 investments. Bank overdrafts that are repayable on demand are a accounts andended highly31liquid short-term component of financing activities for the purpose of the statement of cash flows.

(e)

Trade accounts receivables Trade accounts receivable are stated at their invoice value less allowance for doubtful accounts. The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Bad debts are written off when incurred.

(f)

Finance lease receivable Finance lease receivable are stated outstanding balance net of unearned interest income less allowance for doubtful.

Global Power Synergy Public Company Limited and its Subsidiaries

Group determines whether an arrangement that does not take the legal form of a lease, convey right NotesThe to the financial statements to control the use of underlying asset during the arrangement period in return of a payment or series of For the year ended 31 December 2017 payments. The underlying asset is a specific asset that is subject for a lease arrangement. (g)

Inventories Inventories are measured at the lower of cost and net realisable value less allowance for doubtful accounts. 23 Cost of inventory is calculated using the weighted average cost principle, and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of production overheads based on normal operating capacity. Spare parts and supplies for maintenance are classified as inventories and recognised in profit or loss when they are used. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.

(h) Investments Investments in associates, subsidiaries and joint ventures Investments in associates, subsidiaries and joint ventures in the separate financial statements of the Company are accounted for using the cost method. Investments in associates and joint ventures in the consolidated financial statements are accounted for using the equity method. Investments in other equity securities Equity securities which are not marketable are stated at cost less any impairment losses. (i)

Property, plant and equipment Recognition and measurement Owned assets Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale. (h) Investments

G L O Bsubsidiaries A L P O W Eand R Sjoint Y N Eventures RGY PUBLIC COMPANY LIMITED Investments in associates,

Investments in associates, subsidiaries and joint ventures in the separate financial statements of the Company are accounted for using the cost method. Investments in associates and joint ventures in the consolidated financial statements are accounted for using the equity method.

Notes to the financial statements

Global Power Synergy Public Company Limited and its Subsidiaries Investments in other equity securities For the year ended 31 December 2017

Equity securities which are not marketable are stated at cost less any impairment losses.

(i)

Property, plant and equipment Recognition and measurement Owned assets Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses Major standby spare parts and equipments where the Group estimates useful life is more than one year and other spare parts and equipments used in major repair and maintenance processes that to be used in connection with the property, plant and equipment will be reclassified as property, plant and equipments and depreciated from acquisitions and available-for-use. Major standby spare parts which are replaced by a major overhaul will be disposed and record replaced spare parts at the net book value at the date of replacements.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of selfconstructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of thatPower equipment. Global Synergy Public Company Limited and its Subsidiaries

Notes to the financial statements When parts of an31 item of property, plant and equipment have different useful lives, they are accounted For the year ended December 2017 for as separate items (major components) of property, plant and equipment.

Any gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and 24 are recognised in profit or loss. Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows: Buildings and building improvements Power plant, machinery and plant equipment Furniture, fixtures and office equipment Vehicles No depreciation is provided on land or assets under construction.

5 - 40 3 - 40 5 - 28 5

years years years years

profit or loss as incurred. Depreciation

Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other F I N A Nsubstituted C I A L R Efor P Ocost, R T 2less 0 1 its 7 residual value. amount Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows:

Notes to the financial statements

Buildings and building improvements Global Power Synergy Public Company Limited and its Subsidiaries Power plant, machinery and plant equipment For the year fixtures ended 31and December 2017 Furniture, office equipment

Vehicles

5 - 40 3 - 40 5 - 28 5

years years years years

No depreciation is provided on land or assets under construction. Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. (j)

Service concession arrangements The Group recognises a financial asset arising from a service concession arrangement when it has an unconditional right to receive cash or another financial asset from or at the direction of the grantor for the construction or upgrade services provided. Such financial assets are measured at fair value upon initial recognition. Subsequent to initial recognition, the financial assets are measured at amortised cost.

(k)

Intangible assets Goodwill Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee.

Right fees and computer software Global Power Synergy Public Company Limited and its Subsidiaries

NotesRight to thefees financial statements and computer software that are acquired by the Group, which have finite useful lives, are For the year ended 31 2017 measured at cost lessDecember accumulated amortisation and impairment losses. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated25 impairment losses. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is calculated over the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Software licenses Right to power purchase agreement and right to operate

5 - 20 20

years years

Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Subsequent expenditure

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.

Notes to the financial statements

Amortisation Global Power Synergy Public Company Limited and its Subsidiaries For the year ended 31 December 2017cost of the asset, or other amount substituted for cost, less its residual Amortisation is calculated over the

value.

Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Software licenses Right to power purchase agreement and right to operate

5 - 20 20

years years

Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. (l)

Deferred charges Deferred charges are amortised over the estimated period to which the benefits relate, which are principally in line with the agreements to which such deferred charges relate.

(m)

Impairment The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The impairment loss is recognised in profit or loss Calculation of recoverable amount

The recoverable amount of a non-financial asset is the greater of the asset’s value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using aSynergy pre-tax discount rateCompany that reflects current market assessments of the time value of money Global Power Public Limited and its Subsidiaries and the risks specific to the asset. For an asset that does not generate cash inflows largely independent Notes to the financial statements of those from other assets, the recoverable amount is determined for the cash-generating unit to which For the year ended 31 December 2017 the asset belongs. Reversals of impairment An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised in 26 profit or loss. An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of other non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change inthe estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (n)

Reversals of impairment

An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable F I N A Ncan C I AbeL related R E P O objectively R T 2 0 1 7 to an event occurring after the impairment loss was recognised in amount profit or loss. An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of other non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change inthe Global Power Synergy Public Company Limited amount. and its Subsidiaries estimates used to determine the recoverable An impairment loss is reversed only to the extent For ended 31 December thatthe theyear assetâ&#x20AC;&#x2122;s carrying amount 2017 does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Notes to the financial statements

(n)

Interest-bearing liabilities Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the borrowings on an effective interest basis.

(o)

Trade and other accounts payable Trade and other accounts payable are stated at cost.

(p)

Employee benefits Defined contribution plans Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Defined benefit plans The Groupâ&#x20AC;&#x2122;s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount. The calculation of defined benefit obligations is performed every three years by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any application minimum funding requirements. Remeasurements of the net defined benefit liability, actuarial gains or losses are recognised immediately in OCI. The Group determines the interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.

Global Power Synergy Public Company Limited and its Subsidiaries When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that

Notesrelates to thetofinancial statements past service or the gain or loss on curtailment is recognised immediately in profit or loss. The For the year ended 31 December 2017 Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. Other long-term employee benefits

The Groupâ&#x20AC;&#x2122;s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in profit or loss inthe period in which they arise. Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of

Global Power Synergy Public Company Limited and its Subsidiaries

Notes to the financial statements GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED For the year ended 31 December 2017

Other long-term employee benefits

Notes to the financial statements

The Groupâ&#x20AC;&#x2122;s net obligation in respect of long-term employee benefits is the amount of future benefit Global Power Synergy Public Company Limited and its Subsidiaries that employees have earned in return for their service in the current and prior periods. That benefit is For the yeartoended 31 December 2017value. Remeasurements are recognised in profit or loss inthe period discounted determine its present in which they arise.

Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted. Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Share-based payments The grant-date fair value of equity-settled share-based payment award granted to employees is generally recognised as as an anexpense expenseforforthethe period employee entitle the award period thatthat the the employee entitle to thetoaward with with non-vesting condition. (q) (q)

Provisions A provision is recognised if, as a result of a past event, the Group has a present legal that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre- tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(r) (r)

Revenue Revenue excludes value added taxes and other sales taxes and is arrived at after deduction of trade discounts. Sale of goods Revenue is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. Rendering of services The Group recognises revenue from rendering of services in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed based on surveys of work performed.

FINANCIAL REPORT 2017

Finance costs Interest expenses and similar costs are charged to profit or loss for the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial year of time to be prepared for its intended use.

(t)

Lease payments Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease. Lease incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the lease. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.

(u)

Income tax Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that they relate to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to investments in

Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed. (u)

Income tax

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that they relate to a business combination, or items recognised directly in equity or in other comprehensive income.

Notes to the financial statements

Global Public tax Company Limited and its Subsidiaries CurrentPower tax isSynergy the expected payable or receivable on the taxable income or loss for the year, using tax the rates enacted enacted at the reporting date, and any adjustment to tax payable in For year endedor31substantively December 2017 respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction not Subsidiaries a business combination and that Global Power Synergy Public Company Limited that andis its affects neither accounting nor taxable profit or loss; and differences relating to investments in Notes to the financial statements subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable For the year ended 31 December 2017 future. 29consequences that would follow the manner in which The measurement of deferred tax reflects the tax the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. (v)

Earnings per share The Group presents basic earnings per share (EPS) for its ordinary shares. EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the year.

(w)

Segment reporting Segment results that are reported to the Groupâ&#x20AC;&#x2122; s chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Related parties For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised. (v)

(w)

Earnings per share

FINANCIAL REPORT 2017

The Group presents basic earnings per share (EPS) for its ordinary shares. EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the year.

Notes to the financial statements

Segment reporting Global Power Synergy Public Company Limited and its Subsidiaries For the year endedthat 31 are December Segment results reported2017 to the Group’ s chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Related parties

For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group andPower the partySynergy are subject Public to common control or common Related parties may be Global Company Limitedsignificant and itsinfluence. Subsidiaries individuals or other entities. Notes to the financial statements

For the year ended 31 December 2017

Relationships with related parties were as follows: Name of entities

Country of incorporation/ Nationality

PTT Plc. PTT Global Chemical Plc. Thai Oil Plc. Thaioil Power Co., Ltd Combined Heat and Power Producing Co., Ltd Natee Synergy Co., Ltd Ichinoseki Solar Power 1 GK IRPC Clean Power Co., Ltd GPSC International Holdings Limited Thai Solar Renewable Co., Ltd. Nam Lik 1 Power Co., Ltd. Nava Nakorn Electricity Generating Co., Ltd. Bangpa-in Cogeneration Co., Ltd. Siam Solar Energy 1 Co., Ltd Xayaburi Power Co., Ltd IRPC Plc.

Thailand Thailand Thailand Thailand Thailand 30 Thailand Japan Thailand Hongkong

The ultimate parent company Shareholder and common director Shareholder and common director Shareholder and common director Subsidiary, 100% shareholding

Thailand Lao PDR Thailand

Joint venture, 40% shareholding Joint venture, 40% shareholding Joint venture, 30% shareholding

Thailand Thailand Lao PDR Thailand

PTT Energy Resources Co., Ltd.

Thailand

HMC Polymers Co., Ltd.

Thailand

Associate, 25% shareholding Indirect joint venture Indirect associate Major shareholding by the ultimate parent company, subsidiary’s shareholder and common director Major shareholding by the ultimate parent company Joint venture of the ultimate parent company

PTT Asahi Chemical Co., Ltd.

Thailand

PTT Tank Terminal Co., Ltd.

Thailand

Energy Complex Co., Ltd.

Thailand

PTT Maintenance and Engineering Co., Ltd. PTT Polymer Logistic Co., Ltd.

Thailand

Business Services Alliance Co., Ltd.

Thailand

Nature of relationships

Subsidiary, 100% shareholding Subsidiary, 99% shareholding Subsidiary, 51% shareholding Subsidiary, 100% shareholding

Joint venture of the ultimate parent company and common director Major shareholding by the ultimate parent company Major shareholding by the ultimate parent company Major shareholding by the Company’s shareholder Major shareholding by the Company’s shareholder Shareholding by the ultimate parent company and the Company’s shareholder, 25% preferred shareholding

Siam Solar Energy 1 Co., Ltd Xayaburi Power Co., Ltd IRPC Plc.

Thailand Lao PDR Thailand

Indirect joint venture Indirect associate Major shareholding by the ultimate parent company, subsidiary’s shareholder and 35 G L O B A L P O W E R S Y N E R G Y P Ucommon B L I C C director OMPANY LIMITED PTT Energy Resources Co., Ltd. Thailand Major shareholding by the ultimate parent company HMC Polymers Co., Ltd. Thailand Joint venture of the ultimate parent company

Notes toChemical the financial PTT Asahi Co., Ltd.statements Thailand

Joint venture of the ultimate parent company

and common director Global Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Power Public Company andshareholding its Subsidiaries PTT Tank Terminal Co., Ltd. Thailand Major by the ultimate parent Notes For the year ended 31 December 2017 to the financial statements company

For the year Complex ended 31Co., December 2017 Energy Ltd.

Thailand

Major shareholding by the ultimate parent company PTT Maintenance and Engineering Thailand Major shareholding by the Company’s Name of entities Country of Nature of relationships Co., Ltd. shareholder incorporation/ PTT Polymer Logistic Co., Ltd. Thailand Major shareholding by the Company’s Nationality shareholder Business Services Alliance Thailand Shareholding by theby ultimate parent company NPC Safety and Environmental Thailand Major shareholding the Company’s Co., Ltd. and the Company’s shareholder, 25% Service Co., Ltd. shareholder preferred shareholding TOC Glycol Co., Ltd. Thailand Major shareholding by the Company’s PTT Digital Solutions Co., Ltd. Thailand Major shareholding by the ultimate parent shareholder (Formerly PTT Co., ICT Ltd. Solutions company and theby Company’s shareholder Solution Creation Thailand Major shareholding the Company’s Co., Ltd.) and common director shareholder Thai Fatty Alcohols Co., Ltd. Thailand Indirect major shareholding by the Company’s Global Power Synergy Public Company Limited andmajor its Subsidiaries shareholder Vencorex (Thailand) Co., Ltd. Thailand Indirect shareholding by the Company’s NotesGlobal to theGreen financial statements Chemicals Plc. Thailand Major shareholding by the Company’s shareholder For the year ended 31 December 2017 Thailand shareholder and common directors Advanced Biochemical (Thailand) Indirect shareholding by the Company’s Co., Ltd. shareholder PTT Phenol Co., Ltd. Thailand Major shareholding by the Company’s Thai Ethoxylate Co., Ltd. Thailand Indirect joint venture of the Company’s shareholder Name of entities Country of Nature of relationships shareholder Dhipaya Insurance Plc. Thailand Shareholding by the ultimate parent company incorporation/ Eastern Thailand Shareholding VinythaiFluid Plc. Transport Co., Ltd. Thailand Shareholdingby bythe theCompany’s Company’sshareholder shareholder Nationality Ratchaburi Power Co., Ltd. Thailand 15% shareholding San Enterprise Thailand Major parent NPCPalung SafetySocial and Environmental Thailand Majorshareholding shareholdingby bythe the ultimate Company’s 31 Co., Ltd. company and shareholding by the Service Co., Ltd. shareholder Company’s shareholder, 10% shareholding TOC Glycol Co., Ltd. Thailand Major shareholding by the Company’s Sak Chaisidhi Co., Ltd. Thailand Indirect major shareholding by the Company’s shareholder shareholder Solution Creation Co., Ltd. Thailand Major shareholding by the Company’s PTT Green Energy (Thailand) Thailand Major shareholding by the ultimate parent shareholder Co., Ltd. company 24M Technologies, Inc. United States 18% preferred shareholding common Vencorex (Thailand) Co., Ltd. Thailand Indirect major stock shareholding by theand Company’s director shareholder TOP SPP Co., Ltd. Thailand Major shareholding byby thethe Company’s Advanced Biochemical (Thailand) Thailand Indirect shareholding Company’s shareholder Co., Ltd. shareholder and common director PTT Management Thailand Shareholding the ultimate parent company ThaiRetail Ethoxylate Co., Ltd.Co., Ltd. Thailand Indirect jointby venture of the Company’s PTT Polymer Marketing Co., Ltd. Thailand Major shareholding by the Company’s shareholder shareholder and common director Eastern Fluid Transport Co., Ltd. Thailand Shareholding by the Company’s shareholder Key management personnel Thailand Persons having authority and responsibility for Ratchaburi Power Co., Ltd. Thailand 15% shareholding planning, directingby andthe controlling the San Palung Social Enterprise Thailand Major shareholding ultimate parent activities theshareholding entity, directly indirectly, Co., Ltd. companyofand byorthe including anyshareholder, directors (whether executive or Company’s 10% shareholding otherwise) of the Company. Sak Chaisidhi Co., Ltd. Thailand Indirect major shareholding by the Company’s shareholder The for particular types of Thailand transactions areMajor explained further belows: PTTpricing Green policies Energy (Thailand) shareholding by the ultimate parent Co., Ltd. company Transactions Pricing stock policies 24M Technologies, Inc. United States 18% preferred shareholding and common director Sale goods Contract price TOPofSPP Co., Ltd. Thailand Major shareholding by the Company’s Rendering of service Contract price shareholder and common director Purchase of Management goods/raw materials Contract price PTT Retail Co., Ltd. Thailand Shareholding by the ultimate parent company Rental fee Contract price PTT Polymer Marketing Co., Ltd. Thailand Major shareholding by the Company’s Services fee Contract price shareholder and common director Technical fee Contract price Key management personnel Thailand Persons having authority and responsibility for Interest income/interest expense Contract rateplanning, directing and controlling the activities of the entity, directly or indirectly,

Advanced Biochemical (Thailand) Co., Ltd. Thai Ethoxylate Co., Ltd.

Thailand

Indirect shareholding by the Company’s shareholder Thailand Indirect joint venture of the Company’s shareholder Eastern Fluid Transport Co., Ltd. Thailand Shareholding by the Company’s shareholder F I N A N C Power I A L R ECo., P OLtd. RT 2017 36 Ratchaburi Thailand 15% shareholding San Palung Social Enterprise Thailand Major shareholding by the ultimate parent Co., Ltd. company and shareholding by the Company’s shareholder, 10% shareholding Sak Chaisidhi Co., Ltd. Thailand Indirect major shareholding by the Company’s shareholder GlobalPower Power Synergy PublicPublic CompanyCompany Limited and its Subsidiaries Global Synergy and its Subsidiaries PTT Green Energy (Thailand) ThailandLimited Major shareholding by the ultimate parent For the year ended 31 December 2017 Co., Ltd. company Notes to the financial statements 24Myear Technologies, 18% preferred stock shareholding and common For the ended 31 Inc. December 2017 United States director TOP SPP Co., Ltd. Thailand Major shareholding by the Company’s Name of entities Country of Nature of relationships shareholder and common director incorporation/ PTT Retail Management Co., Ltd. Thailand Shareholding by the ultimate parent company Nationality PTT Polymer Marketing Co., Ltd. Thailand Major shareholding by the Company’s shareholder and common director NPC Safety and Environmental Thailand Major shareholding by the Company’s Key management personnel Thailand Persons having authority and responsibility for Service Co., Ltd. shareholder planning, directing and controlling the TOC Glycol Co., Ltd. Thailand Major shareholding by the Company’s activities of the entity, directly or indirectly, shareholder including any directors (whether executive or Solution Creation Co., Ltd. Thailand Major shareholding by the Company’s otherwise) of the Company. shareholder

Notes to the financial statements

The pricing policies for particular types of transactions are explained further belows: Vencorex (Thailand) Co., Ltd. Thailand Indirect major shareholding by the Company’s shareholder Transactions Pricing policies Advanced Biochemical (Thailand) Thailand Indirect shareholding by the Company’s Co., Ltd. shareholder Sale goods Contract price ThaiofEthoxylate Co., Ltd. Thailand Indirect joint venture of the Company’s Rendering of service Contract price shareholder Purchase of goods /raw materials Contract price Eastern Fluid Transport Co., Ltd. Thailand Shareholding by the Company’s shareholder Rental fee Power Co., Ltd. Contract price Ratchaburi Thailand 15% shareholding Global Power SynergyPublic PublicCompany Company Limited and itsSubsidiaries Subsidiaries Global Power Synergy Limited and its Services fee Contract price San Palung Social Enterprise Thailand Major shareholding by the ultimate parent Notes thefinancial financial statements Notes totothe statements Technical fee Contract price Co., Ltd. company and shareholding by the Forthe the yearincome/interest ended31 31December December 2017 For year ended Interest expense2017 Contract rateCompany’s shareholder, 10% shareholding Sak Chaisidhi Co., Ltd. Thailand Indirect major shareholding by the Company’s shareholder Significant transactions for the year ended 31 December with relatedparties partieswere wereasasfollows: follows: Significant transactions for the year ended 31 December with related PTT Green Energy (Thailand) Thailand Major shareholding by the ultimate parent Co., Ltd. company Consolidated Separate Consolidated Separate 24M Technologies, Inc. Unitedfinancial States statements 18% preferred stock shareholding and common financial statements financial statements financial statements 32 director Year ended 31 December 2017 2016 2017 2016 Year ended 31 December 2017 2016 2017 2016 TOP SPP Co., Ltd. Thailand Major(in shareholding by the Company’s (inthousand thousandBaht) Baht) shareholder and common director The ultimate parent company The ultimate parent company PTT Retail Management Co., Ltd. Thailand Shareholding by the ultimate Other income 10 623 623 Other income 10 623 1010parent company 623 Cost of sale PTT Polymer Marketing Co., Ltd. Thailand Major shareholding by the Company’s 12,945,650 13,820,611 11,597,955 12,496,195 Cost of sale 12,945,650 13,820,611 11,597,955 12,496,195 shareholder and common director Selling,distribution distributionand and Selling, Key managementexpenses personnel Thailand having authority and responsibility for administrative expenses 59,599 Persons 45,046 59,492 44,844 administrative 59,599 45,046 59,492 44,844 planning, directing and controlling the Finance cost 1,639 1,639 Finance cost 1,639 1,639 -activities of the entity, directly or indirectly, Cost of assets 175,629 Cost of assets 175,629 -including any directors (whether executive or otherwise) of the Company. Shareholders Shareholders Revenuefrom fromsale sale 3,976,802 4,003,812 3,976,802 4,003,812 Revenue 3,976,802 4,003,812 3,976,802 4,003,812 The pricing policies for particular types of transactions are explained further belows: Other income 124 2,724 124 2,724 Other income 124 2,724 124 2,724 Cost of sale 44,601 37,383 44,601 37,383 Cost of sale 44,601 37,383 44,601 37,383 Transactions Pricing Administrativeexpenses expenses 17,188 23,520 policies17,188 17,188 23,520 Administrative 17,188 23,520 23,520 Sale of goods Subsidiaries Subsidiaries Rendering of service Interestincome income Interest Purchase of goods/raw materials Other income Other income Rental fee Services fee Associate Associate Technical fee Dividendincome income Dividend Interest income/interest expense Jointventures ventures Joint

Contract price Contract price -Contract price Contract price Contract price Contract - - price Contract rate

---

14,109 14,109 14,814 14,814

15,583 15,583 6,770 6,770

20,288 20,288

40,575 40,575

Otherofincome 10 623 10 623 Cost 12,945,650 13,820,611 11,597,955 12,496,195 Cost of sale sale 12,945,650 13,820,611 11,597,955 12,496,195 Selling, distribution and Cost of sale 12,945,650 13,820,611 11,597,955 12,496,195 Selling, distribution and Selling, distribution and administrative expenses 59,599 45,046 59,492 44,844 Selling, distribution and administrative expenses 59,599 45,046 59,492 44,844 administrative expenses 59,599 45,046 59,492 44,844Finance cost 1,639 1,639 administrative expenses 59,599 45,04659,492 44,844 Finance cost 1,639 1,639 -Finance cost 1,639 -1,639Cost of assets 175,629 Finance cost 1,639 1,639 Cost of assets 175,629 -- M P A N Y L I M--I T E D --37 G L O B A L P O W E R S Y N E R G Y P U B L I C C O Cost of assets 175,629 Cost of assets 175,629 Shareholders Shareholders Shareholders Revenue from from sale sale 3,976,802 4,003,812 3,976,802 4,003,812 Shareholders Revenue 3,976,802 4,003,812 3,976,802 4,003,812 Revenue from sale 3,976,802 4,003,812 3,976,802 4,003,812 Other income 124 2,724 124 2,724 Revenue from sale 3,976,802 4,003,812 3,976,802 4,003,812 Other income 124 2,724 124 2,724 Global Power Synergy Public Company Limited and its Subsidiaries Other income 124 2,724 124 2,724 Cost of sale 44,601 37,383 44,601 37,383 124 Otherofincome 2,724 124 2,724 Cost sale 44,601 37,383 44,601 37,383 Notes to the financial statements Cost of sale 44,601 37,383 44,601 37,383 Administrative expenses 17,188 23,520 17,188 23,520 Cost of sale Synergy 44,601 37,383 44,601 37,383 Public Company its Subsidiaries23,520 Administrative expenses 17,188 17,188 23,520 Administrative expenses For theGlobal yearPower ended 31 December 2017 Limited and 17,188 23,520 17,188 23,520 Administrative expenses 17,188 23,520 17,188 23,520 For the year ended 31 December 2017 Subsidiaries Subsidiaries Subsidiaries Interest income income 14,109 15,583 Subsidiaries Interest --- with related parties --Significant transactions for the year ended 31 December were14,109 as follows: 15,583 Interest income 14,109 15,583 Other income 14,814 6,770 Interestincome income 14,109 15,583 Other ----14,814 6,770 Other income 14,814 6,770 Other income 14,814 6,770 Consolidated Separate Associate Associate financial statements financial statements Associate Dividend income income 20,288 40,575 Associate Dividend 20,288 40,575 Year ended 31 December 2017 2016 2017 2016 Dividend income 20,288 40,575 Dividend income 20,288 40,575 (in thousand Baht) Joint ventures ventures Joint The ultimate parent company Joint ventures Interest income 2,544 2,544 Joint ventures Interest income 2,544 2,544 Other income 10 623-10 623-Interest income 2,544 2,544 Other income 5,244 3,0805,244 3,080Interest income 2,544 2,544 Other 5,244 3,080 5,244 3,080 Cost ofincome sale 12,945,650 13,820,611 11,597,955 12,496,195 Other income 5,2443,0805,244 3,080 Dividend income 301,000 291,667 Other income 5,244 3,080 5,244 3,080 Dividend income --301,000 291,667 Selling, distribution and Dividend income 301,000 291,667 Dividend income 301,000 291,667 administrative expenses 59,59945,04659,492 44,844 Indirect associate Indirect associate Finance cost 1,639 1,639 Indirectincome associate Interest 160,742 66,429 160,742 66,429Indirect associate Interest income 160,742 66,429 160,742 66,429 Cost of assets 175,629 Interest income 160,742 66,429 160,742 66,429 Other income income 7,920 7,393 7,920 7,393Interest income 160,742 66,429 160,742 66,429 Other 7,920 7,393 7,920 7,393 Other income income 7,920 7,393 7,920 7,393 Other 7,920 7,393 7,920 7,393 Shareholders Other related parties Other related parties Other related parties Revenue from 3,976,802 4,003,812 3,976,802 4,003,812 Revenue from sale sale 8,115,109 8,187,671 6,017,263 6,132,464 Other related parties Revenue from sale 8,115,109 8,187,671 6,017,263 6,132,464 Revenue from sale of Nitrogen 8,115,109 8,187,671 6,017,263 6,132,464 Other income 124 2,724 124 2,724 108,026 96,175 108,026 96,175 8,115,109 8,187,671 6,017,263 6,132,464 Revenue from sale of Nitrogen 108,026 96,175 108,026 96,175 Revenue from sale of Nitrogen 108,026 96,175 108,026 96,175 Interest income 8,767 8,767 Cost of sale 44,601 37,383 44,601 37,383 Revenueincome from sale of Nitrogen 108,026 96,175108,026 96,175-Interest 8,767 8,767 Interest income 8,767 8,767 Other income 74,253 7,202 74,253 7,202-Administrative 17,188 23,520 17,188 23,520 Interestincome incomeexpenses 8,767 8,767 Other 74,253 7,202 74,253 7,202 Other income 74,253 7,202 74,253 7,202 Dividend income 270,005 420,007 270,005 420,0007 Other income 74,253 7,202 74,253 7,202 Dividend income 270,005 420,007 270,005 420,0007 Dividend income 270,005 420,007 270,005 420,0007 Cost of sale 577,002 683,566 515,393 625,124 Dividend income 270,005 420,007 270,005 420,0007 Subsidiaries Cost 577,002 683,566 515,393 625,124 Cost of of sale sale 577,002 683,566 515,393 625,124 Selling, distribution and and Cost of sale 577,002 683,566 515,393 625,124 Interest income 14,109 15,583 Selling, distribution Selling, distribution and 81,771 78,537 administrative expenses 77,444 74,888 Selling, distribution and Other income 81,771 78,537 14,814 6,770 administrative expenses 77,444 74,888 81,771 78,537 administrative expenses 77,444 74,888 Cost of assets and intangible assets 38,799 79,031 7,081 33,031 81,771 78,537 administrative expenses 77,444 74,888 Cost of and assets 79,031 7,081 33,031 Global Power Synergy Public Limited its Cost of assets assets and intangible intangible assetsCompany38,799 38,799 79,031 7,081 33,031 Cost of assets and intangible assets 79,031 7,081 33,031 Global Power Synergy Public Company38,799 Limited and and its Subsidiaries Subsidiaries Associate Notes Dividend to the financial statements Key management personnel income statements 20,288 40,575 management personnel Notes Key to the financial Key management personnel 2017 compensation For the year ended 31 December Key management personnel compensation For the year ended 31 December 2017 compensation Short-term employee benefits benefits 60,173 32,576 58,426 30,867 compensation Short-term employee Joint ventures 60,173 32,576 58,426 30,867 Short-term employee benefits 60,173 32,576 58,426 30,867 Short-term employee benefits 60,173 32,57658,426 30,867 Interest income 2,544 2,544 Balances as at 31 December with related parties were as follows: Balances as at 31 December with related parties5,244 were as follows:3,080 Other income 5,244 3,080 Dividend incomereceivable - related parties 301,000 291,667 Trade accounts Trade accounts receivable - related parties Indirect associate Separate 33 Consolidated Consolidated66,429 Separate 66,429 Interest income 160,742 160,742 33 financial statements financial statements 33 financial statements financial 33 Other income 7,920 7,393 7,920 statements 7,393 2017 2016 2017 2016 2017 2016 2017 2016 (in (in thousand thousand Baht) Baht) Other related parties Shareholders Shareholders Revenue from sale Plc. 8,115,109 8,187,671 6,017,263 6,132,464 PTT Global Chemical 756,492 353,821 756,492 353,821 PTT Global Chemical Plc. 756,492 353,821 756,492 353,821 Revenue from sale of Nitrogen 108,026 96,175 108,026 96,175 Interest income 8,767 8,767 Other related Other related parties parties Other income 74,253 7,202 74,253 7,202 TOC Glycol Co., 171,568 84,721 171,568 84,721 TOC Glycol Co., Ltd. Ltd. 171,568 84,721 171,568 84,721 Dividend income 270,005 420,007 270,005 420,0007 Global Green Chemicals Plc. Global Green Chemicals Plc. Cost of sale Thai Oleochemicals Co., Ltd.) 577,002 683,566 515,393 625,124 (Formerly 69,607 32,871 69,607 32,871 (Formerly Thai Oleochemicals Co., Ltd.) 69,607 32,871 69,607 32,871 Selling, distribution and PTT Phenol Co., Ltd. 557,490 270,914 557,490 270,914 PTT Phenol Co., Ltd. 557,490 270,914 557,490 270,914 81,771 78,537 administrative expenses 77,444 74,888 Thai Ethoxylate Co., Ltd. 2,337 2,625 2,337 2,625 Thai Ethoxylate Co., Ltd. 2,337 2,625 2,337 2,625 Cost of assets and intangible assets 38,799 79,031 7,081 33,031 Thai Fatty Alcohols Co., Ltd. 18,895 8,766 18,895 8,766 Thai Fatty Alcohols Co., Ltd. 18,895 8,766 18,895 8,766 HMC Polymers Co., Ltd. 266,394 131,923 266,394 131,923 HMC Polymers Co., Ltd. 266,394 131,923 266,394 131,923 Key Asahi management personnel PTT 46,582 20,699 46,582 20,699 PTT Asahi Chemical Chemical Co., Co., Ltd. Ltd. 46,582 20,699 46,582 20,699 compensation PTT Polymer Logistics Co., Ltd. 9,033 4,131 9,033 4,131 PTT Polymer Logistics Co., Ltd. 9,033 4,131 9,033 4,131 Short-term employee benefits 60,173 32,576 58,42630,867IRPC Plc. 300,256 390,113 IRPC Plc. 300,256 390,113 Vencorex 9,506 3,129 9,506 3,129 Vencorex (Thailand) (Thailand) Co., Co., Ltd. Ltd. 9,506 3,129 9,506 3,129 PTT 3,191 ---PTT Retail Retail Management Management Co., Co., Ltd. Ltd. 3,191 2,211,351 1,303,713 1,907,904 913,600 2,211,351 1,303,713 1,907,904 913,600 Less allowance for doubtful accounts -

Notes to the financial statements

Balances as at 31 December with related parties were as follows: Trade accounts receivable - related parties Trade accounts receivable - related parties Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) Global Power Synergy Public Company Limited and Subsidiaries (in its thousand Baht) Shareholders NotesShareholders to the financial statements PTTPower Global Chemical 756,492 353,821 756,492 353,821 Global SynergyPlc.Public Company its Subsidiaries Limited and PTTyear Global Chemical Plc. 756,492 353,821 756,492 353,821 For the ended 31 December 2017 Notes to the financial statements Global Power Synergy Public Company Other related parties For the yearrelated ended 31 December 2017 Limited and its Subsidiaries Other parties TOC Glycol Co., Ltd. 171,568 84,721 171,568 84,721 For theGlycol year 31 December Balances as ended at 31 Ltd. December with2017 related parties were as follows: TOC 171,568 84,721 171,568 84,721 Global GreenCo., Chemicals Plc. Global GreenThai Chemicals Plc. Co., Ltd.) (Formerly Oleochemicals 69,607 32,871 69,607 32,871 Significant transactions for the year 31 December as follows: 32,871 Trade accounts receivable - related parties (Formerly Thai Oleochemicals Co., ended Ltd.) 69,607 with related 32,871parties were 69,607 PTT Phenol Co., Ltd. 557,490 270,914 557,490 270,914 PTT Co., Co., Ltd. Ltd. 557,490 270,914 557,490 270,914 Thai Phenol Ethoxylate 2,337 2,625 2,337 2,625 Consolidated Separate Consolidated Separate Thai Ethoxylate Co., Ltd. 2,337 2,625 2,337 2,625 Thai Fatty Alcohols Co., Ltd. 18,895 8,766 18,895 8,766 financial financial financial statements financial statements Thai Fatty Alcohols Co., Ltd. 18,895 statements 8,766 18,895 statements 8,766 HMC Polymers Co., Ltd. 266,394 131,923 266,394 131,923 Year Polymers ended 31 Co., December 2017 2016 2017 2016 HMC 266,394 131,923 266,394 131,923 2017 2016 2017 2016 PTT Asahi ChemicalLtd. Co., Ltd. 46,582 20,699 46,582 20,699 (in thousand Baht) PTT Asahi Chemical Co., Ltd. 46,582 20,699 46,582 20,699 (in thousand Baht) PTT Polymer Logistics Co., Ltd. 9,033 4,131 9,033 4,131 ThePolymer ultimate parent company PTT Logistics Co., Ltd. 9,033 4,131 9,0334,131Shareholders IRPC Plc. 300,256 390,113 Other income 10 623 10623IRPC Plc. 300,256 390,113 PTT Global ChemicalCo., Plc.Ltd. 756,492 353,821 756,492 353,821 Vencorex (Thailand) 9,506 3,129 9,506 3,129 Vencorex (Thailand) Co., Ltd. 9,506 3,129 9,506 3,129 Cost of sale 12,945,650 13,820,611 11,597,955 12,496,195 PTT Retail Management Co., Ltd. 3,191 PTT Retail Management 3,191 Other related parties Selling, distribution andCo., Ltd. 2,211,351 1,303,7131,907,904913,6002,211,351 1,303,713 1,907,904 913,600 TOC Glycol Co., Ltd. 171,568 84,721171,568 84,721administrative expenses 59,59945,046 59,49244,844 Less allowance for doubtful accounts Less allowance for doubtful accounts Global Green Chemicals Plc. Global Power Synergy Public Company Limited and its Subsidiaries Finance cost 1,639 1,639 Net 2,211,351 1,303,7131,907,904 913,600-(Formerly Thai Oleochemicals Co., Ltd.) 69,607 32,871 69,607 32,871Net 2,211,351 1,303,713 1,907,904 913,600 Notes to theoffinancial statements Cost assets 175,629 PTT Phenol Co., Ltd. 557,490 270,914 557,490 270,914 For the year 31debts December Bad andended doubtful expense2017 Thaiand Ethoxylate Co., Ltd. 2,337 2,625 2,337 2,625 Bad doubtful debts expense Shareholders for the year Thai Fatty Alcohols Co., Ltd. 18,895 8,766 18,895 8,766 for the year Revenue from sale 3,976,802 4,003,812 3,976,802 4,003,812 HMC Polymers Co., Ltd. 266,394 with related 131,923 266,394 Significant transactions for the year ended 31 December parties were as124 follows: 131,923 Other income 124 2,724 2,724 Other receivables - related parties PTT Asahi Chemical Co., Ltd. 46,582 20,699 46,582 20,699 Other receivables - related parties Cost of sale 44,601 37,383 44,601 37,383 PTT Polymer Logistics Co., Ltd. 9,033 4,131 9,033 4,131 Consolidated Separate Consolidated Separate Administrative expenses 17,188 23,520 17,188 23,520 IRPC Plc. 300,256 390,113 Consolidated Separate financial statements financial statements financial statements financial statements Vencorex (Thailand) Co., Ltd. 9,506 statements 3,129 9,506 statements 3,129 financial financial Year ended 31 December 2017 2016 2017 2016 2017 2016 2017 2016 Subsidiaries PTT Retail Management Co., Ltd. 3,191 2017 2016 2017 2016 (in thousand Baht) Interest income 14,109 15,583 2,211,351 1,303,713 1,907,904 913,600 (in thousand Baht) Ultimate parent company The ultimate parent company Other income Less allowance for doubtful accounts 14,814 6,770 Ultimate parent company PTT Plc. 680 592 680 592Other income 10 623 10 623 Net 2,211,351 1,303,713 1,907,904 913,600 PTT Plc. 680 592 680 592 Cost of sale 12,945,650 13,820,611 11,597,955 12,496,195 Associate Shareholders Selling, distribution and Shareholders Dividend income -1 20,2881 40,5756 Bad and doubtful debts expense PTT Global Chemical Plc. 6PTT Global Chemical Plc. 1616administrative expenses 59,599 45,046 59,492 44,844 Thai Oil Plc. 4,906 5,990 4,906 5,990 for the year Thai OilPower Plc. 4,9065,990 4,9065,990 Finance cost 1,639 1,639 Thaioil Co., Ltd. 2,915 2,915 Joint ventures Thaioil Power Co., Ltd. 2,9152,915 Cost ofreceivables assets 175,629 -Interest income - related parties 2,544 2,544 Other Subsidiaries Other income 5,244 3,080 5,244 3,080 Subsidiaries Combined Heat and Power Producing Shareholders Consolidated Separate Combined Heat and Power Producing Dividend income -301,000 291,667 Co., Ltd. -9,638 10,134 financial financial Revenue from sale 3,976,802 4,003,812-3,976,802 4,003,812 Co., Ltd. -- statements 9,638 10,134 Natee Synergy Co., Ltd. 771 statements 771 2017 2016 2017 2016 Natee Synergy Co., Co., Ltd. Ltd 771 771 Other income 124-2,724-124 2,724 IRPC Clean Power 870 3,021 Indirect associate IRPC Clean Power Co.,1Ltd -870 3,021 (in thousand Baht) Cost of sale 44,601-37,383 44,601 37,383 Ichinoseki Solar Power GK 308 618 Interest income 160,742 66,429 160,742 66,429 Ichinoseki Solar Power 1 GK 308 618 Ultimate parent company GPSC International Holdings Limited 499 169 Administrative 17,188 23,520 17,188 23,520 OtherInternational income expenses 7,9207,3937,920 7,393 GPSC Holdings Limited 499 169 PTT Plc. 680 592 680 592 Joint ventures Other related parties Subsidiaries Joint ventures Shareholders Nam Lik 1 Power Co., Ltd. 6,249 8,348 6,249 8,348 Revenue sale 8,115,109 8,187,671 6,017,263 6,132,464 Interest income -1 14,109 15,583 PTT Lik Global Chemical Nam 1from Power Co., Plc. Ltd. 6,249 8,348-6 6,2491 8,3486 Nava Nakorn Electricity Generating Revenue from sale of Nitrogen 108,026 96,175 108,026 96,175 Other income 14,814 6,770 Thai Oil Plc. 4,906 5,990 4,906 5,990 Nava Electricity Generating Co.,Nakorn Ltd. 450271450271Interest income 8,767 8,767 Thaioil Power Co., Ltd. 2,915 2,915 Co., Ltd. 450 271 450 271 Thai Solar Renewable Co., Ltd. 79,333 52,500 79,333 52,500 Other income 74,253 7,202 74,253 7,202 Associate Thai Solar income Renewable Co., Ltd. 79,333 52,500 79,333 52,500 Subsidiaries Dividend 270,005 420,007 270,005 420,0007 34 Dividend income 20,288 40,575 34 Combined Heat and Power Producing Cost of sale 577,002 683,566 515,393 625,124 Co., Ltd. 9,638 10,134 Selling, distribution and Joint ventures Natee Synergy Co., Ltd. 771 771 81,771 78,537 administrative expenses 77,444 74,888 Interest income 2,544-2,544 IRPC Clean Power Co., Ltd 870 3,021 Cost of assets and intangible assets 38,799 79,031 7,081 33,031 Other income 5,2443,0805,244 3,080 Ichinoseki Solar Power 1 GK 308 618 GPSC International 499 169 Dividend income Holdings Limited --301,000 291,667 Key management personnel compensation Joint ventures Indirect associate Short-term employee 60,173 32,576 58,426 30,867 Nam Lik 1 Power Co.,benefits Ltd. 6,249 8,348 6,249 8,348 Interest income 160,742 66,429 160,742 66,429 Nava Nakorn Electricity Generating Other income 7,920 7,393 7,920 7,393 Co., Ltd. 450 271 450 271 Thai Solar Renewable 79,333 52,500 79,333 52,500 Other related parties Co., Ltd.

FINANCIAL REPORT 2017

Notes to the financial statements

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Global Power Synergy Public Company Limited Limited and and its its Subsidiaries Subsidiaries NotesFor the year ended 31 December 2017 to the financial statements Notes to the financial statements For For the the year year ended ended 31 31 December December 2017 2017

Indirect Indirect associate associate Xayaburi Xayaburi Power Power Co., Co., Ltd. Ltd. Other Other related related parties parties Solution Solution Creation Creation Co., Co., Ltd. Ltd. PTT Tank Terminal PTT Tank Terminal Co., Co., Ltd. Ltd. PTT PTT Phenol Phenol Co., Co., Ltd. Ltd. PTT PTT Digital Digital Solutions Solutions Co., Co., Ltd. Ltd. (Formerly PTT ICT Solutions (Formerly PTT ICT Solutions Co., Co., Ltd.) Ltd.) PTT PTT Asahi Asahi Chemical Chemical Co., Co., Ltd. Ltd. Dhipaya Insurance Plc. Dhipaya Insurance Plc. Siam Siam Solar Solar Energy Energy 1 1 Co., Co., Ltd Ltd IRPC Plc. IRPC Plc. Vencorex Vencorex (Thailand) (Thailand) Co., Co., Ltd Ltd Thai Ethoxylate Co., Ltd. Thai Ethoxylate Co., Ltd. NPC NPC Safety Safety and and Environmental Environmental Service Service Co., Ltd. Co., Ltd. Less Less allowance allowance for for doubtful doubtful accounts accounts Net Net Bad Bad and and doubtful doubtful debts debts expense expense for the year for the year

616 616

660 660

616 616

7,050 7,050 1,094 1,094 8,667 8,667

7,050 7,050 1,268 1,268 171,901 171,901

7,050 7,050 1,094 1,094 8,667 8,667

7,050 7,050 1,268 1,268 171,901 171,901

208 208 21,391 21,391 71,195 71,195 504 504 76 76 65,771 65,771 1,203 1,203

104 104 46,558 46,558 107,614 107,614 480 480 43,988 43,988 15,863 15,863 --

208 208 21,391 21,391 57,899 57,899 504 504 65,771 65,771 1,203 1,203

104 104 46,558 46,558 96,004 96,004 480 480 -15,863 15,863 --

66 269,444 269,444 -269,444 269,444

-466,064 466,064 -466,064 466,064

66 268,158 268,158 -268,158 268,158

-425,179 425,179 -334,777 334,777

Long-term Long-term loans loans to to and and interest interest receivables receivables from from related related parties parties

Subsidiaries Subsidiaries Combined Combined Heat Heat and and Power Power Producing Producing Co., Ltd. Co., Ltd. -- Current Current portion portion of of long-term long-term loan loan -- Long-term loan Long-term loan Joint Joint venture venture Nam Nam Lik Lik 1 1 Power Power Co., Co., Ltd. Ltd. -- Long-term loan Long-term loan -- Interest Interest receivable receivable Indirect Indirect associate associate Xayaburi Xayaburi Power Power Co., Co., Ltd. Ltd. -- Long-term Long-term loan loan -- Interest Interest receivable receivable

---

47,760 47,760 250,740 250,740

73,000 73,000 203,500 203,500

101,146 101,146 2,495 2,495

---

101,146 101,146 2,495 2,495

---

2,463,160 2,463,160 227,172 227,172

2,463,160 2,463,160 66,429 66,429

2,463,160 2,463,160 227,172 227,172

2,463,160 2,463,160 66,429 66,429

PTT Asahi Chemical Co., Ltd. Dhipaya Dhipaya Insurance Insurance Plc. Plc. Siam Solar Siam Solar Energy Energy 1 1 Co., Co., Ltd Ltd IRPC Plc. IRPC Plc. Vencorex Vencorex (Thailand) (Thailand) Co., Co., Ltd Ltd F I N A N C I A L R E P ORT 2017 Thai Thai Ethoxylate Ethoxylate Co., Co., Ltd. Ltd. NPC NPC Safety Safety and and Environmental Environmental Service Service Co., Ltd. Co., Ltd. Less Less allowance allowance for for doubtful doubtful accounts accounts Net Net

21,391 71,195 71,195 504 504 76 76 65,771 65,771 1,203 1,203

46,558 107,614 107,614 480 480 43,988 43,988 15,863 15,863 --

21,391 57,899 57,899 504 504 65,771 65,771 1,203 1,203

46,558 96,004 96,004 480 480 -15,863 15,863 --

66 269,444 269,444 - 269,444 269,444

-466,064 466,064 -466,064 466,064

66 268,158 268,158 -268,158 268,158

-425,179 425,179 -334,777 334,777

Notes to the financial statements

Global Power Synergy Public Company Limited and its Subsidiaries Bad doubtful expense For and the year endeddebts 31 December Bad and doubtful debts expense 2017 for for the the year year

Long-term Long-term loans loans to to and and interest interest receivables receivables from from related related parties parties

---

47,760 47,760 250,740 250,740

73,000 73,000 203,500 203,500

101,146 101,146 2,495 2,495

---

101,146 101,146 2,495 2,495

---

Indirect Indirect associate associate Xayaburi Power Co., Xayaburi Power Co., Ltd. Ltd.Public Company Limited and its Subsidiaries Global Power Synergy Global-- Power Synergy Public Company Limited 2,463,160 and its Subsidiaries Long-term loan 2,463,160 2,463,160 Long-term loan 2,463,160 2,463,160 2,463,160 Notes to the financial statements Interest receivable 227,172 227,172 66,429 Notes to-- the financial statements Interest receivable 227,172 227,172 66,429

2,463,160 2,463,160 66,429 66,429

Joint Joint venture venture Nam Lik Nam Lik 11 Power Power Co., Co., Ltd. Ltd. -- Long-term Long-term loan loan -- Interest Interest receivable receivable

For the year ended 31 December 2017 For the year ended 31 December 2017

Other related party Other related party 24M Technologies, Inc.* 24M Technologies, Inc.* - Long-term loan - Long-term loan - Interest receivable - Interest receivable Total Total

Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 35 2017 2016 2017 2016 35 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 162,573 162,573 8,504 8,504 2,965,050 2,965,050

2,529,589 2,529,589

162,573 162,573 8,504 8,504 3,263,550 3,263,550

2,806,089 2,806,089

* See Note 7 for recoverability of loan to and interest receivable from and investment in 24M * See Note 7Inc. for recoverability of loan to and interest receivable from and investment in 24M Technologies, Technologies, Inc. Long-term loan agreements Long-term loan agreements Combined Heat and Power Producing Co., Ltd. Combined Heat and Power Producing Co., Ltd. Credit facility of Baht 350.0 million with loan agreement dated on 24 June 2014, due in 10 years with Credit facility of Baht 350.0 million with loan agreement dated on 24 June 2014, due in 10 years with an interest rate per annum at MLR minus discount, payable in semi-annual installments commencing in an interest rate per annum at MLR minus discount, payable in semi-annual installments commencing in December 2014. The purpose of this loan is for repayment of short-term loan and for working capital. December 2014. The purpose of this loan is for repayment of short-term loan and for working capital. Xayaburi Power Co., Ltd. Xayaburi Power Co., Ltd. Credit facility of long-term loan of Baht 2,463.2 million with loan agreement dated on 2 August 2016 Credit facility of long-term loan of Baht 2,463.2 million with loan agreement dated on 2 August 2016 under condition in the Sponsor Agreement between Xayaburi Power Co., Ltd. and the Company which under condition in the Sponsor Agreement between Xayaburi Power Co., Ltd. and the Company which is one of those sponsors, due in 15 years with an interest rate per annum at MLR plus margin, payable is one of those sponsors, due in 15 years with an interest rate per annum at MLR plus margin, payable semi-annual installments commencing in year 2021 from 5.6% to 14.0% per year of total loan as semi-annual installments commencing in year 2021 from 5.6% to 14.0% per year of total loan as indicated in the agreement. The repayments of loan must comply with terms and condition under their indicated in the agreement. The repayments of loan must comply with terms and condition under their

- Long-term loan - Interest receivable Total

162,573 8,504 2,965,050

2,529,589

162,573 8,504 3,263,550

2,806,089

* See Note 7 for recoverability of loan to and interest receivable from and investment in 24M 41 Technologies, Inc. G L O B A L P O W E R S Y N E R G Y P U B L I C C O M P A N Y L I M I T E D Long-term loan agreements

Combined Power Producing Co., Ltd. Notes toHeat theandfinancial statements

Global Power Synergy Public Company Limited and its Subsidiaries Credit facility of Baht 350.0 million with loan agreement dated on 24 June 2014, due in 10 years with For the yearrate ended December 2017 an interest per 31 annum at MLR minus discount, payable in semi-annual installments commencing in December 2014. The purpose of this loan is for repayment of short-term loan and for working capital. Xayaburi Power Co., Ltd. Credit facility of long-term loan of Baht 2,463.2 million with loan agreement dated on 2 August 2016 under condition in the Sponsor Agreement between Xayaburi Power Co., Ltd. and the Company which is one of those sponsors, due in 15 years with an interest rate per annum at MLR plus margin, payable semi-annual installments commencing in year 2021 from 5.6% to 14.0% per year of total loan as indicated in the agreement. The repayments of loan must comply with terms and condition under their loan agreement with financial institutions then the repayment can be made to the Company. The purpose of this loan is for construction of the project. As at 31 December 2017, the credit facility has been fully utilised. Nam Lik 1 Power Co., Ltd. Credit facility of long-term loan of U.S. Dollars 3.1 million with loan agreement dated on 21 March 2017 under condition in the Sponsor Agreement between Nam Lik 1 Power Co., Ltd. and the Company which is one of those sponsors, due in 12 years with an interest rate per annum at LIBOR 3M plus margin, payable semi-annual installments commencing in year 2019. The repayments of loan must comply with terms and condition under their loan agreement with financial institutions then the repayment can be made to the Company. The purpose of this loan is for construction of the project. As at 31 December 2017, the credit facility has been fully utilised. 24M Technologies, Inc. Subordinated convertible promissory note of U.S. Dollars 5.0 million or equivalent to Baht 162.6

million, with Synergy agreement dated on 7Company April 2017, bears fixed and interest per annum. This note shall be Global Power Public Limited itsrate Subsidiaries

to share capital according to the terms specified in the agreement. Maturity date is on Notesconvertible to the financial statements 31 December 2018 or at the conversion For the year ended 31 December 2017 date whichever sooner. The management intention is to convert the note to share capital. Therefore, this note is classified as long-term loan.

On 31 January 2018, the Company has entered into the new subordinated convertible promissory note with 24M Technologies, Inc. to provide loan of U.S. Dollars 1.5 million, granted on 2 Febuary 2018. This note bears fixed interest rate per annum and shall be convertible to share capital according to the terms specified in this agreement. Maturity date is on 31 December 2019 or at the conversion date whichever sooner. 36 Movements during the year ended 31 December of loans from related parties were as follows: Short-term loan to related party Separate financial statements 2017 2016 (in thousand Baht) As at 1 January Increase Decrease Exchange differences on translating financial statement As at 31 December Long-term loans to related parties

183,429 157,227 (373,984)

33,328 -

Global Power Synergy Public Company Limited and its Subsidiaries Global FPower I N A N C ISynergy A L R E P O Public R T 2 0 1 7Company Limited and its Subsidiaries 42 Notes to the financial statements Notes to the financial statements For the year ended 31 December 2017 For the year ended 31 December 2017

Notes to the financial statements

On 31 January 2018, the Company has entered into the new subordinated convertible promissory note On 31 January 2018, the Company has entered into the new subordinated convertible promissory note with 24M Technologies, Inc. Company to provideLimited loan of Dollars 1.5 million, granted on 2 Febuary 2018. Global Power Synergy Public andU.S. its Subsidiaries with 24M Technologies, Inc. to provide loan of U.S. Dollars 1.5 million, granted on 2 Febuary 2018. This note bears fixed interest rate per annum and shall be convertible to share capital according to the This note bears fixed interest rate per annum and shall be convertible to share capital according to the For the year ended 31 December terms specified in this agreement.2017 Maturity date is on 31 December 2019 or at the conversion date terms specified in this agreement. Maturity date is on 31 December 2019 or at the conversion date whichever sooner. whichever sooner. Movements during the year ended 31 December of loans from related parties were as follows: Movements during the year ended 31 December of loans from related parties were as follows: Short-term loan to related party Short-term loan to related party Separate Separate financial statements financial statements 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 183,429 183,429 157,227 157,227 (373,984) (373,984)

As at 1 January As at 1 January Increase Increase Decrease Decrease Exchange differences on translating Exchange differences on translating financial statement financial statement As at 31 December As at 31 December

33,328 33,328 -

Long-term loans to related parties Long-term loans to related parties

Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 2,463,160 2,739,660 190,000 2,463,160 2,739,660 190,000 277,910 2,463,160 332,910 2,578,160 277,910 2,463,160 332,910 2,578,160 (33,000) (28,500) (33,000) (28,500) (14,191) (14,191) 2,726,879 2,726,879

2,463,160 2,463,160

(14,191) (14,191) 3,025,379 3,025,379

2,739,660 2,739,660

Right of use of natural gas distribution pipeline - related party Right of use of natural gas distribution pipeline - related party

Ultimate parent company Ultimate parent company PTT Plc. PTT Plc. Total Total

37 37

563,020 563,020 563,020 563,020

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Synergy Public Company Limited andits itsSubsidiaries Subsidiaries Global Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Power Public Company and Global Power Synergy Public Company Limited and its Subsidiaries NotesFor to the theyear financial statements Notes endedstatements 31 December 2017 Notes to to the the financial financial statements For the year ended 31 December 2017 For For the the year year ended ended 31 31 December December 2017 2017

Other non-current assets - related parties Other Other non-current non-current assets assets -- related related parties parties

Shareholder Shareholder Shareholder Thai Oil Plc. Thai Thai Oil Oil Plc. Plc. Other related party Other related party Other related party Energy Complex Co., Ltd. Energy Complex Co., Ltd. Energy Complex Co., Ltd. Total Total Total Trade accounts payable - related parties Trade Trade accounts accounts payable payable -- related related parties parties

Ultimate parent company Ultimate Ultimate parent company company PTT Plc.parent PTT Plc. PTT Plc. Shareholders Shareholders Shareholders Thai Oil Plc. Thai Oil Plc. Thai Oil Power Plc. Co., Ltd Thaioil Thaioil Power Co., Thaioil PowerChemical Co., Ltd Ltd Plc. PTT Global PTT Global Chemical PTT Global Chemical Plc. Plc.

Other related parties Other related parties Other related parties Co., Ltd. PTT Asahi Chemical PTT Asahi Chemical Co., Ltd. PTT Asahi IRPC Plc. Chemical Co., Ltd. IRPC Plc. IRPC TOP Plc. SPP Co., Ltd. TOP SPP TOP SPP Co., Co., Ltd. Ltd. Total Total Total Other accounts payable - related parties Other Other accounts accounts payable payable -- related related parties parties

Ultimate parent company Ultimate Ultimate parent company company PTT Plc.parent PTT Plc. PTT Plc. Shareholders Shareholders Shareholders PTT Global Chemical Plc. PTT Global Chemical PTT Chemical Plc. Plc. ThaiGlobal Oil Plc. Thai Oil Plc. Thai Oil Plc.

Subsidiary Subsidiary Subsidiary GPSC International Holdings Limited GPSC GPSC International International Holdings Holdings Limited Limited

Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in (in thousand thousand Baht) Baht) 2,938 2,938 2,938 2,938 2,938 2,938 2,938 2,938 2,938 2,938 2,938 2,938 4,320 4,320 4,320 7,258 7,258 7,258

4,320 4,320 4,320 7,258 7,258 7,258

Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in (in thousand thousand Baht) Baht) 1,523,476 1,051,897 953,551 932,113 1,523,476 1,051,897 953,551 932,113 1,523,476 1,051,897 953,551 932,113 3,503 3,503 3,503-597 597 597

963 963 963 312 312 312 837 837 837

3,503 3,503 3,503-597 597 597

963 963 963 312 312 312 837 837 837

34,739 34,739 34,739 7,819 7,819 7,819 2,313 2,313 2,313 1,572,447 1,572,447 1,572,447

38,118 38,118 38,118 10,220 10,220 10,220 -1,102,347 1,102,347 1,102,347

34,739 34,739 34,739-2,313 2,313 2,313 994,703 994,703 994,703

38,118 38,118 38,118 --972,343 972,343 972,343

Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in (in thousand thousand Baht) Baht) 21,952 14,613 21,568 14,597 21,952 14,613 21,568 14,597 21,952 14,613 21,568 14,597 2,519 2,519 2,519 5,574 5,574 5,574 --

4,838 4,838 4,838 5,574 5,574 5,574 --

2,519 2,519 2,519 5,574 5,574 5,574

4,838 4,838 4,838 5,574 5,574 5,574

179 179 179

Ultimate Ultimate parent parent company company PTT Plc. PTT Plc.

1,523,476 1,523,476

1,051,897 1,051,897

953,551 953,551

932,113 932,113

3,503 3,503 -597 597

963 963 312 312 837 837

3,503 3,503 -597 597

963 963 312 312 837 837

Other Other related related parties parties 34,739 PTT Asahi 38,118 PTT Asahi Chemical Chemical Co., Co., Ltd. Ltd. 34,739 38,118 Global Power Synergy Public Company Limited and its Subsidiaries IRPC Plc. 7,819 10,220 IRPC Plc. 7,819 10,220 TOP SPP Co., Ltd. 2,313 -For the year ended TOP SPP Co., Ltd.31 December 2017 2,313 Total 1,572,447 1,102,347 Total 1,572,447 1,102,347

34,739 34,739 -2,313 2,313 994,703 994,703

38,118 38,118 --972,343 972,343

Shareholders Shareholders Thai F I NOil A NPlc. CIAL REPORT 2017 Thai Oil Plc. Thaioil Power Thaioil Power Co., Co., Ltd Ltd PTT Global Chemical PTT Global Chemical Plc. Plc.

Notes to the financial statements

Other Other accounts accounts payable payable -- related related parties parties

Ultimate Ultimate parent parent company company PTT Plc. PTT Plc. Shareholders Shareholders PTT PTT Global Global Chemical Chemical Plc. Plc. Thai Oil Plc. Thai Oil Plc. Subsidiary Subsidiary GPSC GPSC International International Holdings Holdings Limited Limited

14,613 14,613

21,568 21,568

14,597 14,597

2,519 2,519 5,574 5,574

4,838 4,838 5,574 5,574

2,519 2,519 5,574 5,574

4,838 4,838 5,574 5,574

179 179

1,087 1,087

2,216 2,216

1,087 1,087

2,216 2,216

Global Power Power Synergy Synergy Public Public Company CompanyLimited Limited and andits its Subsidiaries Subsidiaries Global Joint venture NotesJoint tothe the financialstatements statements venture Notes to financial Nam Lik 1 Power Co., Ltd. Forthe the year ended 31Co., December 2017 Nam Likended 1 Power Ltd. For year 31 December 2017

Other related parties Other related parties Thai Ethoxylate Co., Ltd. Thai Ethoxylate Co., Ltd. PTT ICT Solutions Co., Ltd. PTT ICT Solutions Co., Ltd. (Formerly PTT ICT Solutions (Formerly PTT ICT Solutions Co., Ltd.) Co., Ltd.) Business Services Alliance Co., Ltd. Business Services Alliance Co., Ltd. PTT Maintenance and PTT Maintenance and Engineering Co., Ltd. Engineering Co., Ltd. IRPC Plc. IRPC Plc. Energy Complex Co., Ltd. Energy Complex Co., Ltd. Vencorex (Thailand) Co., Ltd. Vencorex (Thailand) Co., Ltd. PTT Energy Resources Co., Ltd. PTT Energy Resources Co., Ltd. Dhipaya Insurance Plc. Dhipaya Insurance Plc. PTT Phenol Co., Ltd. PTT Phenol Co., Ltd. NPC Safety and Environmental Service NPC Safety and Environmental Service Co., Ltd. Co., Ltd. PTT Green Energy (Thailand) Co., Ltd. PTT Green Energy (Thailand) Co., Ltd. PTT Retail Management Co., Ltd. PTT Retail Management Co., Ltd. PTT Polymer Marketing Co., Ltd. PTT Polymer Marketing Co., Ltd. Total Total

38 38 Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 4,161 4,161

3,841 3,841

4,161 4,161

3,841 3,841

6,549 6,549 7,153 7,153

10,541 10,541 7,501 7,501

6,208 6,208 6,726 6,726

10,088 10,088 7,157 7,157

8,178 8,178 31,463 31,463 204 204 61,468 61,468 -

9,937 9,937 17,669 17,669 206 206 14,825 14,825 41 41 266 266 158,237 158,237

8,178 8,178 204 204 61,468 61,468 -

9,937 9,937 15 15 206 206 14,825 14,825 41 41 221 221 158,237 158,237

864 864 103 103 1,160 1,160 1 1 152,436 152,436

250,305 250,305

864 864 103 103 118,660 118,660

231,972 231,972

Engineering Co., Ltd. 8,178 9,937 8,178 Engineering Co., Ltd. 8,178 9,937 8,178 IRPC Plc. 31,463 17,669 IRPC Plc. 31,463 17,669 Energy Complex Co., Ltd. 204 206 204 Energy Complex Co., Ltd. 204 206 204 Vencorex (Thailand) Co., Ltd. 61,468 14,825 61,468 Vencorex (Thailand) Co., Ltd. 61,468 14,825 61,468 PTT Energy Resources Co., Ltd. 41 PTT Energy Resources G LCo., O B ALtd. L P O W E R S Y N E R G--Y P U B L I C 266 C41 O M P A N Y L I M --I T E D Dhipaya Insurance Plc. Dhipaya Insurance Plc. 266 PTT Phenol Co., Ltd. 158,237 PTT Phenol Co., Ltd. 158,237 NPC Safety and Environmental Service NPC Safety and Environmental Service Co., Ltd. 864 864 Co., Ltd. 864 864 103 PTT Green Energy (Thailand) Co., Ltd. 103 PTT Green Energy (Thailand) Co., Ltd. 103 103 PTT Retail Management Co., Ltd. 1,160 GlobalRetail PowerManagement Synergy Public Company its Subsidiaries PTT Co., Ltd. Limited and1,160 PTT Polymer Marketing Co., Ltd. 1 PTT Polymer Marketing Co., Ltd. 1 For the year ended 31 December 2017 Total 152,436 250,305 118,660 Total 152,436 250,305 118,660

Notes to the financial statements

9,937 9,937 15 15 206 206 14,825 14,825 41 41 45221 221 158,237 158,237 231,972 231,972

Short-term borrowing from related party Short-term borrowing from related party Credit facility agreement Credit facility agreement The company entered into credit facility agreement with ultimate parent company on 15 June 2017. The The company entered into credit facility agreement with ultimate parent company on 15 June 2017. The credit facility includes principle and interest of Baht 1,500 million or 3% of net assets of the company, credit facility includes principle and interest of Baht 1,500 million or 3% of net assets of the company, whichever is lower. The borrowing, which can be provided in currencies of Thai Baht or U.S. Dollars, whichever is lower. The borrowing, which can be provided in currencies of Thai Baht or U.S. Dollars, bears interest at MMR plus margin and repayment date is as agreed by both parties. bears interest at MMR plus margin and repayment date is as agreed by both parties. The agreement shall be expired in 1 year and can be renewal according to conditions stipulated in The agreement shall be expired in 1 year and can be renewal according to conditions stipulated in the agreement for the period of 1 year or less. the agreement for the period of 1 year or less. Movement during the year ended 31 December of short-term loan from related party were as follows: Movement during the year ended 31 December of short-term loan from related party were as follows: Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) As at 1 January 1,617 As at 1 January Global Power Synergy Public Company Limited and1,617 its-Subsidiaries Increase 1,000,000 1,000,000 Increase 1,000,000 1,000,000 NotesDecrease to the financial statements (1,000,000) (1,000,000) (1,617) Decrease (1,000,000) (1,000,000) (1,617) For the year ended 31 December 2017 As at 31 December As at 31 December -

Other non-current liabilities - related party

Other related party IRPC Plc. Total

Consolidated Separate financial statements financial statements 2017 2016 2017 2016 (in thousand Baht) 39 39 161,322 161,322 -

Significant agreements with related parties As at 31 December 2017, the Group has significant agreements with related parties as follows: Natural Gas Supply Agreements The Company and its subsidiaries entered into Natural Gas Supply Agreement with a related company to supply natural gas for producing electricity and steam for the period of 3 - 25 years at volume and price as stipulated in agreements. Electricity and Utilities Purchase and Sale Agreements The Company and its subsidiary entered into agreements with related companies to purchase and sell electricity, steam, water for industrial purpose and Nitrogen for the period of 15 - 27 years or as indicated in the agreements at volume, price and renewable conditions as stipulated in agreements. Right of Throughput Agreements The Company entered into right of throughput agreements with related companies for the period of

As at 31 December 2017, the Group has significant agreements with related parties as follows: Natural Gas Supply Agreements

F I NCompany A N C I A and L R EitsP subsidiaries O R T 2 0 1 7entered into Natural Gas Supply Agreement with a related company The to supply natural gas for producing electricity and steam for the period of 3 - 25 years at volume and price as stipulated in agreements.

Notes to the financial statements

Electricity and Utilities Purchase and Sale Agreements

Global Power Synergy Public Company Limited and its Subsidiaries

The Company and its subsidiary entered into agreements with related companies to purchase and sell For the yearsteam, endedwater 31 December 2017 purpose and Nitrogen for the period of 15 - 27 years or as indicated electricity, for industrial in the agreements at volume, price and renewable conditions as stipulated in agreements. Right of Throughput Agreements The Company entered into right of throughput agreements with related companies for the period of 15 - 25 years. The Company has right of throughput agreements with related companies. The agreements are effective for a period of 15 years commencing from date as specified in each agreements and are renewable for another period subject to both parties agreeing to the conditions and further renewal detail of agreements. Cost Reimbursement Agreement The Company has cost reimbursement agreement with a related company covering the reimbursement of construction costs of natural gas pipeline facilities and the use of the pipeline facilities, raw water pipeline and the use of land for the construction of a transmission line connecting the Company to the Electricity Generating Authority of Thailand (â&#x20AC;&#x153;EGATâ&#x20AC;?). Under the terms of the agreement, the Company agrees to share the cost of investments with a related company on the basis and conditions stipulated in the agreement. These agreement is effective for a period of 25 years, or until the termination of the power purchase agreement entered into by the Company to EGAT, whichever is sooner. Land Lease Agreements

Global Power Synergy Public Company Limited and its Subsidiaries

Company has statements land lease agreements with a related company to lease/ sublease certain parcels of NotesThe to the financial land ending in September 2022 with For the year ended 31 December 2017total rental fee for the year 2017 of Baht 6.9 million ( for the year 2016 of Baht 6.4 million), and the rate will be adjusted every 5 years. Office Building Space Rental and Service Agreements The Company and its subsidiary entered into two 40agreements of office building space rental and service with a related company for the period of 2 and 3 years. These agreements are renewable. Service and Supplies Agreement The Company has a services and supplies agreement with a related company, whereby a related company provides the Company for material acquisition service, advisory and consultancy services and etc. The agreement is effective for a period of 3 years commencing from date as specified in the agreement and the last payment will be on December 2018. Management Service Agreements The Company has management service agreements with related companies. The agreements are effective from date as specified in the agreement with a service fee as stipulated in the agreements. Management service fee shall be increasingly adjusted by the contract rate in an annual basis. Technical Management and Project Supporting Services Agreement A subsidiary has technical management and project supporting services agreement with related party effective from agreement date with service fees stipulated in the agreement. Insurance Agreements The Company and subsidiaries has all risks insurance contracts with a local insurance company with

company provides the Company for material acquisition service, advisory and consultancy services and etc. The agreement is effective for a period of 3 years commencing from date as specified in the agreement and the last payment will be on December 2018. Management Service Agreements

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

The Company has management service agreements with related companies. The agreements are effective from date as specified in the agreement with a service fee as stipulated in the agreements. Management service fee shall be increasingly adjusted by the contract rate in an annual basis.

Notes to the financial statements

Technical Management andCompany Project Supporting Services Agreement Global Power Synergy Public Limited and its Subsidiaries

Forsubsidiary the year ended 31 December 2017 and project supporting services agreement with related party A has technical management effective from agreement date with service fees stipulated in the agreement. Insurance Agreements The Company and subsidiaries has all risks insurance contracts with a local insurance company with total sum insures as stipulated in the agreements and annually renew. However, the Company and certain subsidiaries entered into agreements to assign their rights to proceeds from insurance claims under the insurance agreements to the lenders under certain borrowing agreements. Maintenance Agreements The Company and a subsidiary has preventive and corrective maintenance agreement with related company (â&#x20AC;&#x153;service providerâ&#x20AC;?), whereby a related company provides the overall machines and equipment maintenance service in the power plant. The agreement is effective for 1 and 2 years with service fees stipulated in the agreement. Land sale and purchase contract Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements

On 29 December 2017, the Company has entered into land sale and purchase contract of Baht 269.3 Notes toyear the financial statements For the ended December million with the31 ultimate parent2017 company. The purpose is for construction and operating Companyâ&#x20AC;&#x2122;s For the year ended 31 December 2017 power plant. The land has been paid and transferred on 15 January 2018.

5 5

Cash and cash equivalents Cash and cash equivalents Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) Cash on hand Cash hand - current and saving Cash on at banks Cash at banks accounts - current and saving accounts Fixed deposits Fixed deposits (maturity period is less than 3 months (maturity period is less than 3 months from the investment date) from the investment date) Promissory notes Promissory notes is less than 3 months (maturity period (maturity period is less than 3 months from the investment date) from the investment date) Total Total

6 6

139 139 1,960,633 1,960,633

177 177 1,119,915 1,119,915

9 9 1,917,027 1,917,027

1,044,879 1,044,879

41 2,000,002 2,000,002

2,000,002 2,000,002

4,007 4,007 3,964,781 3,964,781

4,301,578 4,301,578 5,421,670 5,421,670

3,917,0383,917,038

3,709,806 3,709,806 4,754,685 4,754,685

Restricted accounts Restricted accounts As at 31 December 2017, the Group pledged its restricted cash at banks in Baht 137.1 million and JPY As at 31 December 2017, the restricted cash at banks in Bahtneeded 137.1 million and JPY 515.3 million or totaling BahtGroup 286.4pledged millionits which will be withdrawn when as specified the 515.3 million or totaling Baht Baht 286.4359.2 million which will be withdrawn when needed as specified the borrowing agreements. (2016: million) borrowing agreements. (2016: Baht 359.2 million)

7 7

Other investments Other investments

Current investments

2017

2016 2017 (in thousand thousand Baht) Baht) (in

Cash 139 177 Cash on on hand hand 139 177 F I N A N C I A L R E P O R T 2 0 1 7 Cash at banks current and saving Cash at banks - current and saving accounts 1,960,633 1,119,915 accounts 1,960,633 1,119,915 Fixed deposits Fixed deposits (maturity period period is is less less than than 3 3 months months (maturity from the the investment investment date) date) 2,000,002 from 2,000,002 - Promissory notes Promissory notes Global Power Synergy Public Company Limited and its Subsidiaries (maturity (maturity period period is is less less than than 3 3 months months For thethe year ended 31date) December 2017 from investment 4,007 4,301,578 from the investment date) 4,007 4,301,578 Total 3,964,781 5,421,670 Total 3,964,781 5,421,670

Notes to the financial statements

2016

1,917,027 1,917,027

1,044,879 1,044,879

2,000,002 2,000,002

-3,917,038 3,917,038

3,709,806 3,709,806 4,754,685 4,754,685

Restricted accounts accounts Restricted As Baht 137.1 million and As at at 31 31 December December 2017, 2017, the the Group Group pledged pledged its its restricted restricted cash cash at at banks banks in in Baht 137.1 million and JPY JPY 515.3 million 515.3 million or or totaling totaling Baht Baht 286.4 286.4 million million which which will will be be withdrawn withdrawn when when needed needed as as specified specified the the borrowing million) borrowing agreements. agreements. (2016: (2016: Baht Baht 359.2 359.2 million)

Other investments investments Other

Current investments investments Current Cash at banks Cash at banks -- fixed fixed deposits deposits Promissory note Promissory note Other long-term long-term investments investments Other Other non-marketable non-marketable equity equity securities securities Other Total Total

987,667 987,667 1,044,436 1,044,436 2,032,103 2,032,103

----

987,667 987,667 1,044,436 1,044,436 2,032,103 2,032,103

2,923,375 2,923,375 2,923,375 2,923,375 2,923,375 2,923,375

2,923,125 2,923,125 2,923,125 2,923,125 4,955,228 4,955,228

2,923,375 2,923,375 2,923,375 2,923,375 2,923,375 2,923,375

2,923,125 2,923,125 2,923,125 2,923,125 4,955,228 4,955,228

42 42

Notes to the financial statements

Human resource management Research and develop in battery

Preferred shares Business Services Alliance Co., Ltd. 24M Technologies, Inc. (Paid-up capital in thousand U.S. dollars)

Total

Production of electricity Social enterprise

Ratchaburi Power Co., Ltd. San Palung Social Enterprise Co., Ltd.

Ordinary shares

Other non-marketable equity securities

Type of business

25 19

2,000

2,500

7,325,000

2017

(%)

2016

2,000

7,325,000

2016

Paid-up capital

2017

Ownership interest 2016

2,923,125

716,125

716,125 2,923,375

715,625

500

2,207,000

2,207,250

500

2,207,000

250

2,207,000

(in thousand Baht)

2017

Cost

270,005

420,007

420,000

2016

270,000

2017

Dividend income

Consolidated financial statements / Separate financial statements

Other investments as at 31 December 2017 and 2016, and dividend income from those investments for the years then ended, were as follows:

For the year ended 31 December 2017

to the financial statements Notes For the year ended 31 December 2017

Power Public Company and its Subsidiaries Global Global PowerSynergy Synergy Public Company Limited Limited and its Subsidiaries

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

FINANCIAL REPORT 2017

Trade accounts receivable

Note Related parties Other parties Total Less allowance for doubtful accounts Net Bad and doubtful debts expense for the year

Consolidated Separate financial statements financial statements 2017 2016 2017 2016 (in thousand Baht) 2,211,351 1,452,054 3,663,405

1,303,713 876,220 2,179,933

1,907,904 866,098 2,774,002

913,600 844,493 1,758,093

3,663,405

2,179,933

2,774,002

1,758,093

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Public Company and its Subsidiaries Global Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements to the financial statements Notes For the year ended December 2017 2017 For the year ended 3131 December For the year ended 31 December 2017

Aging analyses for trade accounts receivable were as follows: Aging analyses for trade accounts receivable were as follows: Note Note Related parties Related parties Within credit terms Within credit terms Overdue: Overdue: Less than 3 months Less 3 months 3 - 6 than months 36 -- 612months months 6 - 12 months Less allowance for doubtful Less allowance for doubtful accounts accounts Other parties Other Withinparties credit terms Within credit terms Overdue: Overdue: Less than 3 months Less 3 months 6 - 12than months 6 - 12 months Less allowance for doubtful Less allowance for doubtful accounts accounts Net Net

4 4

1,303,713 1,303,713

1,878,272 1,878,272

913,600 913,600

11,564 11,564 7,524 7,524 10,544 10,544 2,211,351 2,211,351

--1,303,713 1,303,713

11,564 11,564 7,524 7,524 10,544 10,544 1,907,904 1,907,904

--913,600 913,600

2,211,3512,211,351

1,303,7131,303,713

1,907,9041,907,904

913,600913,600

1,452,054 1,452,054

795,601 795,601

866,098 866,098

763,874 763,874

-1,452,0541,452,054

80,587 80,587 32 32 876,220 876,220

-866,098866,098

80,587 80,587 32 32 844,493 844,493

1,452,0541,452,054

876,220876,220

866,098866,098

844,493844,493

3,663,405 3,663,405

2,179,933 2,179,933

2,774,002 2,774,002

1,758,093 1,758,093

The normal credit term granted by the Group is 30 days. The normal credit term granted by the Group is 30 days.

1,028,432 (591,731) 436,701 436,701

605,187

3,054,993

4,566,537 (1,511,544) 3,054,993 2,759,210

4,546,723 (1,787,513) 2,759,210 2,299,197

2,589,728 (290,531) 2,299,197

(in thousand Baht)

3,200,167

3,757,579 (557,412) 3,200,167

Consolidated financial statements / Separate financial statements The periods to maturity after The periods to maturity one year but within five years after five years 2017 2016 2017 2016

1,148,037 (542,850) 605,187

The periods to maturity within one year 2017 2016

As at 31 December 2017 and 2016, the Group and the Company has no overdue balance of finance lease receivable.

Less allowance for doubtful accounts Net

Finance lease receivable Less unearned interest income

Finance lease receivable

Notes toGlobal Power Synergy Public Company Limited and its Subsidiaries the financial statements year 31 December 2017 For theFor theended year ended 31 December 2017

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Total

5,959,377

8,304,302 (2,344,925) 5,959,377

2017

6,396,078

9,332,734 (2,936,656) 6,396,078

2016

52 FINANCIAL REPORT 2017

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Public Company and Global Power Synergy Public Company Limited and its its Subsidiaries Subsidiaries Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Notes Notes to to the the financial financial statements statements For theForyear the year ended December2017 2017 ended 31 31 December For the year ended 31 December 2017 10 10

Other Other receivables receivables

Note Note Related Related parties parties Other Other parties parties Prepaid Prepaid expenses expenses Other Other receivable receivable Refundable Refundable value value added added tax tax Accrued Accrued interest interest income income Others Others Total Total Less Less allowance allowance for for doubtful doubtful accounts accounts Net Net

11 11

Consolidated Separate Consolidated Separate financial statements financial financial statements financial statements statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 269,444 466,064 268,158 425,179 269,444 466,064 268,158 425,179 234,094 234,094 161,918 161,918 15,205 15,205 6,678 6,678 4,532 4,532 422,427 422,427

101,768 101,768 27,170 27,170 14,657 14,657 12,588 12,588 5,878 5,878 162,061 162,061

156,134 156,134 30,133 30,133 -6,650 6,650 4,410 4,410 197,327 197,327

56,540 56,540 26,576 26,576 -12,305 12,305 4,426 4,426 99,847 99,847

691,871 691,871

628,125 628,125

465,485 465,485

525,026 525,026

(4,290) (4,290) 687,581 687,581

-628,125 628,125

(4,290) (4,290) 461,195 461,195

-525,026 525,026

Inventories Inventories

Raw Raw material material Finished Finished goods goods Factory supplies Factory supplies Less Less allowance allowance for for Inventories Inventories devaluation devaluation Net Net

Consolidated Separate Consolidated Separate financial financial financial statements statements financial statements statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 6,412 7,988 6,412 7,988 6,412 7,988 6,412 7,988 1,433 1,380 1,433 1,380 1,433 1,380 1,433 1,380 476,941 448,390 460,919 442,806 476,941 448,390 460,919 442,806 484,786 457,758 468,764 452,174 484,786 457,758 468,764 452,174 -484,786 484,786

-457,758 457,758

-468,764 468,764

-452,174 452,174

FINANCIAL REPORT 2017

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Global Power Public Company and its Subsidiaries Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Notes to the financial statements Notes to the statements Foryear the financial year ended December2017 2017 For the ended 31 31 December For the year ended 31 December 2017 12 12

Investments in in associates associates and and joint joint ventures ventures Investments

Associates Associates At 11 January January At Share of of net net profit profit of of associates associates Share Share of other comprehensive income Share of other comprehensive income Dividend income Dividend income Increase in in share share capital capital Increase At 31 31 December December At Joint ventures ventures Joint At 1 January At 1 January Share of of net net profit profit of of joint joint ventures ventures Share Dividend income Dividend income Increase in in share share capital capital Increase Exchange differences on translating translating Exchange differences on financial statement financial statement At 31 December December At 31 Total Total At 11 January January At Share of net net profit profit of of associates associates and and Share of joint ventures joint ventures Share of of other other comprehensive comprehensive income income Share Dividend income income Dividend Increase in share capital capital Increase in share Exchange differences on translating translating Exchange differences on financial statement financial statement At 31 December December At 31

3,413,934 3,413,934 5,410 5,410 27 27 (40,575) (40,575) 1,082,541 1,082,541 4,461,337 4,461,337

673,438 673,438 ---250,312 250,312 923,750 923,750

673,438 673,438 ----673,438 673,438

2,476,611 2,476,611 450,797 450,797 (301,000) (301,000) 26,120 26,120

2,177,010 2,177,010 340,797 340,797 (291,667) (291,667) 238,279 238,279

2,496,553 2,496,553 --26,120 26,120

2,258,274 2,258,274 --238,279 238,279

(26,404) (26,404) 2,626,124 2,626,124

12,192 12,192 2,476,611 2,476,611

-2,522,673 2,522,673

-2,496,553 2,496,553

6,937,948 6,937,948

5,590,944 5,590,944

3,169,991 3,169,991

2,931,712 2,931,712

517,131 517,131 580 580 (321,288) (321,288) 1,666,473 1,666,473

346,207 346,207 27 27 (332,242) (332,242) 1,320,820 1,320,820

---276,432 276,432

---238,279 238,279

(26,404) (26,404) 8,774,440 8,774,440

12,192 12,192 6,937,948 6,937,948

-3,446,423 3,446,423

-3,169,991 3,169,991

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

During the year ended 31 December 2017 there were increase in share capital of investment in associates and joint ventures as follows: Bangpa-in Cogeneration Company Limited During the year ended 31 December 2017, the company paid for the additional share capital in the remaining proportion of investment 75.0% of par value, totalling paid-up share capital amounting to Baht 250.3 million. Xayaburi Power Company Limited During the year ended 31 December 2017, Natee Synergy Company Limited paid for the additional share capital in the remaining proportion of investment 52.4% of par value of Xayaburi Power Company Limited amounting to Baht 1,390.0 million. Nam Lik 1 Power Company Limited During the year ended 31 December 2017, the company paid for the additional share capital in the remaining proportion of investment 5.6% of par value, totalling paid-up share capital amounting to U.S. Dollars 0.8 million or equivalent to Baht 26.1 million.

40 40

25 25

Associate Associate Bangpa-in Cogeneration Co., Ltd. Bangpa-in Cogeneration Co., Ltd.

Indirect associate Indirect associate Xayaburi Power Co., Ltd Xayaburi Power Co., Ltd

Total Total

30 30

25 25

40 40

Joint ventures Joint ventures Thai Solar Renewable Co., Ltd. Thai Solar Renewable Co., Ltd. Navanakorn Electricity Generating Navanakorn Electricity Generating Co., Ltd. Co., Ltd. Nam Lik 1 Power Co., Ltd. (Paid-up Nam Lik 1 Power Co., Ltd. (Paid-up capital in thousand U.S. Dollars) capital in thousand U.S. Dollars)

Ownership interest Ownership interest 2017 2016 2017 2016 (%) (%)

22,064,828 22,064,828

2,705,000 2,705,000

25,400 25,400

1,525,000 1,525,000

583,333 583,333

50 50

16,504,664 16,504,664

1,707,050 1,707,050

23,400 23,400

1,525,000 1,525,000

583,333 583,333

Paid-up capital Paid-up capital 2017 2016 2017 2016

9,240,892 9,240,892

5,794,469 5,794,469 5,794,469 5,794,469

923,750 923,750 923,750 923,750

344,773 344,773 2,522,673 2,522,673

480,900 480,900

1,697,000 1,697,000

7,574,419 7,574,419

4,404,428 4,404,428 4,404,428 4,404,428

673,438 673,438 673,438 673,438

318,653 318,653 2,496,553 2,496,553

480,900 480,900

1,697,000 1,697,000

8,774,440 8,774,440

5,330,804 5,330,804 5,330,804 5,330,804

817,512 817,512 817,512 817,512

325,664 325,664 2,626,124 2,626,124

588,631 588,631

1,711,829 1,711,829

6,937,948 6,937,948

3,962,371 3,962,371 3,962,371 3,962,371

498,966 498,966 498,966 498,966

296,455 296,455 2,476,611 2,476,611

466,579 466,579

1,713,577 1,713,577

Consolidated financial statements Consolidated financial statements Cost Equity Cost Equity 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht)

321,288 321,288

332,242 332,242

291,667 291,667

301,000 301,000

40,575 40,575 40,575 40,575

20,288 20,288 20,288 20,288

291,667 291,667

301,000 301,000

Dividend income Dividend income 2017 2016 2017 2016

Investments in associates and joint ventures as at 31 December 2017 and 2016, and dividend income from those investments for the years then ended, were as Investments in associates and joint ventures as at 31 December 2017 and 2016, and dividend income from those investments for the years then ended, were as follows: follows:

Notes the financial statements Forto ended 31 December 2017 Notes tothe theyear financial statements For the year ended 31 For the year ended 31 December December 2017 2017

Global Synergy Public Company Limited and GlobalPower Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its its Subsidiaries Subsidiaries

Notes to the financial statements 56 FINANCIAL REPORT 2017

Notes to the financial statements

40 40

25 25

Associate Associate Bangpa-in Cogeneration Bangpa-in Cogeneration Co., Ltd. Co., Ltd. 2,705,000 2,705,000

25,400 25,400

1,525,000 1,525,000

583,333 583,333

1,707,050 1,707,050

23,400 23,400

1,525,000 1,525,000

583,333 583,333

Paid-up capital Paid-up capital 2017 2016 2017 2016

673,438 673,438 673,438 673,438 3,169,991 3,169,991

3,446,423 3,446,423

318,653 318,653 2,496,553 2,496,553

480,900 480,900

1,697,000 1,697,000

Separate financial statements Separate financial statements Impairment Impairment 2016 2017 2016 2016 2017 2016 (in thousand Baht) (in thousand Baht)

923,750 923,750 923,750 923,750

344,773 344,773 2,522,673 2,522,673

480,900 480,900

1,697,000 1,697,000

2017 2017

Cost Cost

3,446,423 3,446,423

923,750 923,750 923,750 923,750

344,773 344,773 2,522,673 2,522,673

480,900 480,900

1,697,000 1,697,000

3,169,991 3,169,991

51 51

673,438 673,438 673,438 673,438

318,653 318,653 2,496,553 2,496,553

480,900 480,900

1,697,000 1,697,000

At cost - net At cost - net 2017 2016 2017 2016

None None of of the the Companyâ&#x20AC;&#x2122;s Companyâ&#x20AC;&#x2122;s associates associates and and joint joint ventures ventures are are publicly publicly listed listed and and consequently consequently do do not not have have published published price price quotations. quotations.

Total Total

30 30

25 25

40 40

Joint ventures Joint ventures Thai Solar Renewable Thai Solar Renewable Co., Ltd. Co., Ltd. Navanakorn Electricity Navanakorn Electricity Generating Co., Ltd. Generating Co., Ltd. Nam Lik 1 Power Co., Ltd. Nam Lik 1 Power Co., Ltd. (Paid-up capital in (Paid-up capital in thousand U.S. dollars) thousand U.S. dollars)

Ownership interest Ownership interest 2017 2016 2017 2016 (%) (%)

Notes to the financial statements For For the the year year ended ended 31 31 December December 2017 2017

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Limited Power Synergy Public Company Company Limited and and its its Subsidiaries Subsidiaries Global For the year ended 31 December 2017 Notes to the financial statements

321,288 321,288

20,288 20,288 20,288 20,288

301,000 301,000

332,242 332,242

40,575 40,575 40,575 40,575

291,667 291,667

Dividend income Dividend income 2017 2016 2017 2016

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

FINANCIAL REPORT 2017

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Global Power Synergy Public Company Limited andand itsSubsidiaries Subsidiaries Global Global Power Synergy Public Company Limited andLimited its Subsidiaries Global Power Power Synergy Synergy Public Public Company Company Limited and its its Subsidiaries Notes to the financial statements Notes to the financial statements For the year ended 31 December 2017 Notes Notes to the thetoyear financial the ended financial statements For 31 statements December 2017 Forthe theyear yearyear ended December 20172017 For For the ended ended 3131December 31 December 2017

Associates ventures Associates andand jointjoint ventures Associates Associates and joint and ventures joint ventures following table summarises financial information of the associates ventures as included TheThe following table summarises the the financial information of the associates andand jointjoint ventures as included The following The following table summarises table summarises the financial the financial information information of the of associates the associates and joint and ventures joint ventures as included as included in their financial statements, adjusted value adjustments at acquisition differences in their ownown financial statements, adjusted for for fairfair value adjustments at acquisition andand differences in in in their in own their financial own financial statements, statements, adjusted adjusted for fair for value fair value adjustments adjustments at acquisition at acquisition and differences and differences in to in accounting policies. The table also reconciles the summarized financial information accounting policies. The table also reconciles the summarized financial information to accounting accounting policies. policies. The The table table also also reconciles reconciles the summarized the summarized financial financial information information to to carrying amount of the Group’s interest in these companies. the the carrying amount of the Group’s interest in these companies. the carrying the carrying amount amount of theofGroup’s the Group’s interest interest in these in these companies. companies. Xayaburi Solar Xayaburi ThaiThai Solar Xayaburi Xayaburi Thai Solar Thai Solar Power Co., Ltd Renewable Power Co., Ltd Renewable Co.,Co., Ltd.Ltd. Power Power Co., Ltd Co., Ltd Renewable Renewable Co., Ltd. Co., Ltd. 2017 2016 2017 2016 2017 2016 2017 2016 2017 2017 2016 2016 2017 2017 2016 2016 (in thousand Baht) (in thousand Baht) (in thousand (in thousand Baht)Baht) Revenue 1,480,733 1,478,238 1,478,238 Revenue - - - 1,480,733 a 1,478,238 a Revenue Revenue - 1,480,733 1,480,733 1,478,238 Profit (loss) from continuing operations (86,432) (174,541) 738,215 708,704 a a Profit (loss) from continuing operations (86,432) (174,541) 738,215 708,704 a a a a ProfitOther Profit (loss)comprehensive (loss) from continuing from continuing operations operations (86,432) (86,432) (174,541) (174,541) 738,215 738,215 708,704 708,704 income Other comprehensive income - - - - OtherTotal Other comprehensive comprehensive income income(100%) comprehensive income (86,432) (174,541) 738,215 708,704 Total comprehensive income (100%) (86,432) (174,541) 738,215 708,704 Total Total comprehensive comprehensive income income (100%) (100%) (86,432) (86,432) (174,541) (174,541) 738,215 738,215 708,704 708,704 Group’s share of total comprehensive Group’s share of total comprehensive Group’s Group’s shareshare of total of comprehensive total comprehensive income (21,608) (43,635) 295,286 283,482 income (21,608) (43,635) 295,286 283,482 income income (21,608) (21,608) (43,635) (43,635) 295,286 295,286 283,482 283,482 b b 948,252 434,667 580,833 555,744 Current assets b b 948,252 434,667 580,833 555,744 Current assets b b b 948,252 948,252 434,667 434,667 580,833 580,833 555,744 555,744b Current Current assetsassets 106,802,916 89,411,742 6,835,951 7,405,333 Non-current assets 106,802,916 89,411,742 6,835,951 7,405,333 Non-current assets c 7,405,333 c 106,802,916 106,802,916 89,411,742 6,835,951 6,835,951 7,405,333 Non-current Non-current assets assets (1,098,376)89,411,742 (2,670,181) (779,798) (781,797) Current liabilities c c (1,098,376) (2,670,181) (779,798) Current liabilities c c (781,797) c c d d (1,098,376) (1,098,376)(2,670,181) (2,670,181) (779,798) (779,798) (781,797) (781,797) Current Current liabilities liabilities (85,468,933) (71,466,101) (2,445,610) (2,983,475) Non-current liabilities d d (85,468,933) (71,466,101) (2,445,610) Non-current liabilities d d(2,983,475) d d (85,468,933) (85,468,933) (71,466,101) (2,445,610) (2,983,475) Non-current Non-current liabilities liabilities 21,183,859(71,466,101) 15,710,127 (2,445,610) 4,191,376 (2,983,475) 4,195,805 assets (100%) 21,183,859 15,710,127 4,191,376 4,195,805 NetNet assets (100%) 21,183,859 21,183,859 15,710,127 15,710,127 4,191,376 4,191,376 4,195,805 4,195,805 Net assets Net assets (100%) (100%) Group’s share of net assets 5,295,965 3,927,532 1,676,550 1,678,298 Group’s share of net assets 5,295,965 3,927,532 1,676,550 1,678,298 Group’s Group’s share share of net of assets net assets 5,295,965 5,295,965 3,927,532 3,927,532 1,676,550 1,676,550 1,678,298 1,678,298 Adjustment 34,839 34,839 35,279 35,279 Adjustment 34,839 34,839 35,279 35,279 Adjustment Adjustment 34,839 34,839 34,839 34,839 35,279 35,279 35,279 35,279 Carrying amount of interest in Carrying amount of interest in Carrying Carrying amount amount of interest of interest in in associate/joint venture 5,330,804 3,962,371 3,962,371 1,711,829 1,711,829 1,713,577 1,713,577 associate/joint venture 5,330,804 associate/joint associate/joint venture venture 5,330,804 5,330,804 3,962,371 3,962,371 1,711,829 1,711,829 1,713,577 1,713,577 Solar Renewable ThaiThai Solar Renewable Co.,Co., Ltd.Ltd. Thai Solar Thai2017 Solar Renewable Renewable Co.,2016 Ltd. Co., Ltd. 2017 2016 2017 2017 2016 2016 (in thousand Baht) (in thousand Baht) (in thousand (in thousand Baht)Baht) a. Includes a. Includes : : a. Includes a. -Includes : : depreciation amortisation 233,027 232,998 - depreciation andand amortisation 233,027 232,998 - depreciation -interest depreciation and amortisation and amortisation 233,027 233,027 232,998 232,998 expense 150,236 177,711 - interest expense 150,236 177,711 - interest -income interest expense expense 150,236 150,236 177,711 177,711 tax expense 7,079 2,495 - income tax expense 7,079 2,495 - income income tax expense tax expense 7,079 7,079 2,495 2,495 b. Includes cash and cash equivalents 2,281 1,314 b. Includes cash and cash equivalents 2,281 1,314 b. Includes b. Includes cash and cash cash and equivalents cash equivalents 2,2812,281 1,3141,314 c. Includes current financial liabilities c. Includes current financial liabilities c. Includes c. (excluding Includes current current financial financial liabilities liabilitiesand provisions) trade and other payables 537,750 537,750 (excluding trade and other payables and provisions) 537,750 537,750 (excluding (excluding trade trade and other and financial other payables payables and provisions) and provisions) 537,750 537,750 537,750 537,750 d. Includes non-current liabilities d. Includes non-current financial liabilities d. Includes d. (excluding Includes non-current non-current financial financial liabilities liabilities trade other payables provisions) 2,397,041 2,934,791 2,934,791 (excluding trade andand other payables andand provisions) 2,397,041 (excluding (excluding trade trade and other and other payables payables and provisions) and provisions) 2,397,041 2,397,041 2,934,791 2,934,791

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Notes to Global Power Synergy Public Company Limited and its Subsidiaries Notes to the the financial financial statements statements For the year ended December2017 2017 ended 31 December For the theForyear year ended 31 31 December 2017 Immaterial associate and and joint joint ventures ventures Immaterial associate

The The following following is is summarized summarized financial financial information information for for the the Group’ Group’ ss interest interest in in immaterial immaterial associate associate and and joint ventures based on the amounts reported in the Group’s consolidated financial statements: joint ventures based on the amounts reported in the Group’s consolidated financial statements: 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) Carrying Carrying amount amount of of interests interests in in immaterial immaterial associates associates and and joint joint ventures ventures Group’s Group’s share share of: of: -- Profit Profit from from continuing continuing operations operations -- Other comprehensive Other comprehensive income income (loss) (loss) -- Total Total comprehensive comprehensive income income (loss) (loss)

13 13

1,731,807 1,731,807 242,088 242,088 (25,824) (25,824) 216,264 216,264

1,262,000 1,262,000 106,360 106,360 -106,360 106,360

Investments Investments in in subsidiaries subsidiaries Separate Separate financial financial statements statements 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) At At 11 January January Increase Increase in in share share capital capital At 31 December At 31 December

7,626,921 7,626,921 872,198 872,198 8,499,119 8,499,119

5,360,948 5,360,948 2,265,973 2,265,973 7,626,921 7,626,921

During During the the year year ended ended 31 31 December December 2017 2017 there there were were increase increase in in share share capital capital of of investment investment in in subsidiaries as follows: subsidiaries as follows: Combined Combined Heat Heat and and Power Power Producing Producing Company Company Limited Limited During During the the year year ended ended 31 31 December December 2017, 2017, the the Company Company paid paid for for the the additional additional share share capital capital amounting amounting to Baht 10.5 million, totalling paid-up share capital amount of Baht 371.7 million. to Baht 10.5 million, totalling paid-up share capital amount of Baht 371.7 million. Natee Natee Synergy Synergy Company Company Limited Limited During During the the year year ended ended 31 31 December December 2017, 2017, the the Company Company paid paid for for the the additional additional share share capital capital amounting amounting to Baht 798.6 million, totalling paid-up share capital amount of Baht 5,627.5 million. to Baht 798.6 million, totalling paid-up share capital amount of Baht 5,627.5 million. IRPC IRPC Clean Clean Power Power Company Company Limited Limited During During the the year year ended ended 31 31 December December 2017, 2017, the the Company Company paid paid for for the the additional additional share share capital capital amounting amounting to to Baht Baht 59.9 59.9 million, million, totalling totalling paid-up paid-up share share capital capital amount amount of of Baht Baht 3,083.0 3,083.0 million. million. GPSC GPSC International International Holdings Holdings Limited Limited During During the the year year ended ended 31 31 December December 2017, 2017, The The Company Company paid paid for for the the additional additional share share capital capital amounting amounting to to U. U. S. S. Dollars Dollars 93,000 93,000 equivalent equivalent to to Baht Baht 3.2 3.2 million, million, totalling totalling paidpaid- up up share share capital capital amount amount to to U. U. S. S. Dollars Dollars 98,000. 98,000.

100 100 100 100 51 51 99 99 100 100

100 100 100 100 51 51

99 99

100 100 98 98

10 10

371,730 371,730 5,627,457 5,627,457 3,083,000 3,083,000

5 5

10 10

361,220 361,220 4,828,813 4,828,813 2,965,575 2,965,575

Paid-up capital Paid-up capital 2017 2016 2017 2016

3,336 3,336 8,499,119 8,499,119

545,250 545,250

265,510 265,510 5,862,693 5,862,693 1,822,330 1,822,330

179 179 7,626,921 7,626,921

545,250 545,250

255,000 255,000 5,064,049 5,064,049 1,762,443 1,762,443

54 54

Separate financial statements Separate financial statements Cost Impairment Cost Impairment 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht)

None of the Groupâ&#x20AC;&#x2122;s subsidiaries are publicly listed and consequently do not have published price quotations. None of the Groupâ&#x20AC;&#x2122;s subsidiaries are publicly listed and consequently do not have published price quotations.

Subsidiaries Subsidiaries Combined Heat and Power Producing Combined Heat and Power Producing Co., Ltd. Co., Ltd. Natee Synergy Co., Ltd. Natee Synergy Co., Ltd. IRPC Clean Power Co., Ltd. IRPC Clean Power Co., Ltd. Ichinoseki Solar Power 1 GK Ichinoseki Solar Power 1 GK (Paid-up capital in thousand JPY) (Paid-up capital in thousand JPY) GPSC International Holdings Limited GPSC International Holdings Limited (Paid-up capital in thousand (Paid-up capital in thousand U.S. Dollars) U.S. Dollars) Total Total

Ownership interest Ownership interest 2017 2016 2017 2016 (%) (%)

3,336 3,336 8,499,119 8,499,119

545,250 545,250

265,510 265,510 5,862,693 5,862,693 1,822,330 1,822,330

179 179 7,626,921 7,626,921

545,250 545,250

255,000 255,000 5,064,049 5,064,049 1,762,443 1,762,443

At cost - net At cost - net 2017 2016 2017 2016

Dividend income Dividend income 2017 2016 2017 2016

Investments in subsidiaries as at 31 December 2017 and 2016, and dividend income from those investments for the years then ended, were as follows: Investments in subsidiaries as at 31 December 2017 and 2016, and dividend income from those investments for the years then ended, were as follows:

Notes For to the the financial year endedstatements 31 December 2017 Notes to the financial statements For the year ended 31 December 2017 For the year ended 31 December 2017

Global PowerSynergy Synergy Public Company Limited Limited and its Subsidiaries Global Power Public Company and Global Power Synergy Public Company Limited and its its Subsidiaries Subsidiaries

Notes to the financial statements

60 FINANCIAL REPORT 2017

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Synergy Limited and its Subsidiaries GlobalPower Power Synergy PublicPublic CompanyCompany Limited and its Subsidiaries Notes to the financial statements Power Synergy Public Company Limited and its Subsidiaries Global Global Power Power Synergy Synergy Public Public Company Company Limited Limited and and itsits Subsidiaries Subsidiaries Global For the yearended ended 31December December 2017 For the year 31 2017 Notes to the financial statements Notes Notes toto the the financial financial statements statements For the year ended 31 December 2017 For For the the year year ended ended 3131 December December 2017 2017 14 Non-controlling interests

14 1414Non-controlling Non-controlling Non-controlling interests interests The following interests table summarises the information relating to each of the Group’s subsidiaries that has a material non-controlling interest, before any intra-group eliminations: The following table summarises the information relating to each of the Group’s subsidiaries that has The The following following table table summarises summarises thethe information information relating relating to to each each ofof thethe Group’s Group’s subsidiaries subsidiaries that that hashas aamaterial non-controlling interest, before any intra-group eliminations: material a material non-controlling non-controlling interest, interest, before before any any intra-group intra-group eliminations: eliminations: 31 December 2017 Other 31 December 2017 3131 December December 2017 2017 IRPC Clean individually Other Other Other Power immaterial Intra-group IRPC Clean IRPC IRPC Clean Clean individually individually Co., Ltd. individually subsidiaries eliminations Total Power immaterial Intra-group Power Power immaterial immaterial Intra-group Intra-group (in thousand Baht) Co., Ltd. Total Co., Co., Ltd. Ltd. subsidiaries subsidiaries subsidiaries eliminations eliminations eliminations Total Total (in thousand Baht) (in(in thousand thousand Baht) Baht) Non-controlling interest percentage 49% Current assets 1,238,483 Non-controlling percentage 49% Non-controlling Non-controlling interest interest percentage percentage 49% 49% Non-current interest assets 12,186,948 Current assets 1,238,483 Current Current assets assets 1,238,483 1,238,483 Current liabilities (1,988,637) Non-current assets 12,186,948 Non-current Non-current assets assets 12,186,948 12,186,948 Non-current liabilities (7,716,564) Current (1,988,637) Current Current liabilities liabilities (1,988,637) (1,988,637) Net liabilities assets 3,720,230 Non-current liabilities (7,716,564) Non-current Non-current liabilities liabilities (7,716,564) (7,716,564) Carrying amount of non-controlling Net assets 3,720,230 Net Net assets assets 3,720,230 3,720,230 interest 1,822,913 2,051 2,077 1,827,041 Carrying amount of Carrying Carrying amount amount ofnon-controlling of non-controlling non-controlling interest 1,822,913 2,051 2,077 interest interest 1,822,913 1,822,913 2,051 2,051 2,077 2,077 1,827,041 1,827,041 1,827,041 Revenue 2,093,963 Profit 338,318 Revenue 2,093,963 Revenue Revenue 2,093,963 2,093,963 Total comprehensive income 338,318 Profit 338,318 Profit Profit 338,318 338,318 Profit (loss) allocated to nonTotal comprehensive income 338,318 Total Total comprehensive comprehensive income income 338,318 338,318 controlling interest 165,776 Profit (loss) allocated to nonProfit Profit (loss) (loss) allocated allocated to to nonnonOther comprehensive income (loss) controlling interest 165,776 controlling controlling 165,776 165,776 allocatedinterest tointerest non-controlling interest Other comprehensive income (loss) Other Other comprehensive comprehensive income income (loss) (loss) allocated to interest -- allocated allocated tonon-controlling to non-controlling non-controlling interest interest Cash flows from operating activities 447,394 Cash flows used in investing activities (1,008,950) Cash flows from operating activities 447,394 Cash Cash flows flows from from operating operating activities activities 447,394 447,394 Cash flows from financing activities 518,012 Cash flows used in investing activities (1,008,950) Cash Cash flows flows used used in in investing investing activities activities (1,008,950) (1,008,950) Net decrease in cash and cash Cash flows from financing activities 518,012 Cash Cash flows flows from from financing financing activities activities 518,012 518,012 equivalents (43,544) Net decrease in and cash Net Net decrease decrease incash in cash cash and and cash cash equivalents (43,544) equivalents equivalents (43,544) (43,544)

(189) (189) (189) (189) (130) (130) (130) (130)

-- (159) (159) (159) (159)

165,587 165,587 165,587 165,587 (289) (289) (289) (289)

FINANCIAL REPORT 2017

Notes to the financial statements

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries NotesFor the year ended 31 December 2017 to the financial statements For the year ended 31 December 2017

IRPC Clean Power Co., Ltd. Non-controlling interest percentage Current assets Non-current assets Current liabilities Non-current liabilities Net assets Carrying amount of non-controlling interest

31 December 2016 Other individually immaterial Intra-group subsidiaries eliminations (in thousand Baht)

Total

49% 671,749 11,130,193 (325,780) (8,211,674) 3,264,488 1,599,599

Revenue Loss Total comprehensive income (loss) Profit (loss) allocated to noncontrolling interest Other comprehensive income (loss) allocated to non-controlling interest

2,055,207 352,192 352,192

Cash flows from operating activities Cash flows used in investing activities Cash flows from financing activities Net decrease in cash and cash equivalents

561,521 (3,017,785) 2,396,014

172,574 -

(60,250)

2,370

(503) 2

2,336

1,604,205

172,071

Notes to the financial statements

15 15

1,117,737 1,117,737 50,511 50,511-1,168,248 1,168,248 77 77 (253,489) (253,489) 914,836 914,836 ------1,117,737 1,117,737 1,168,248 1,168,248 914,836 914,836

Depreciation and impairment losses Depreciation and impairment losses At 1 January 2016 At 1 January 2016 Depreciation charged for the year Depreciation charged for the year Transfers Transfers Disposals Disposals At 31 December 2016 and 1 January 2017 At 31 December 2016for and January 2017 Depreciation charged the1year Depreciation charged for the year Impairment loss Impairment Disposals loss Disposals At 31 December 2017 At 31 December 2017

Net book value Net value At 1book January 2016 At 1 January 2016 At 31 December 2016 and 1 January 2017 At 31 December 2016 and 1 January 2017 At 31 December 2017 At 31 December 2017

Land and Land and improvement improvement

Cost Cost At 1 January 2016 At 1 January 2016 Additions Additions Transfers Transfers Disposals Disposals At 31 December 2016 and 1 January 2017 At 31 December 2016 and 1 January 2017 Additions Additions Transfers Transfers Disposals Disposals At 31 December 2017 At 31 December 2017

Property, plant and equipment Property, plant and equipment

to the statements Notes thefinancial year ended 31 December 2017 For theFor year ended 31 December 2017 For the year ended 31 December 2017

696,911 696,911 663,762 663,762 1,454,882 1,454,882

251,108 251,108 36,895 36,895(4,728) (4,728) 283,275 283,275 40,425 40,425-323,700 323,700

948,019 948,019 16,733 16,733 2,515 2,515 (20,230) (20,230) 947,037 947,037 9,068 9,068 822,477 822,4771,778,582 1,778,582

Buildings Buildings and building and building improvements improvements

57 57

17,301,375 17,301,375 16,841,164 16,841,164 23,745,887 23,745,887

6,940,184 6,940,184 1,183,355 1,183,355 (8,318) (8,318) (20,903) (20,903) 8,094,318 8,094,318 1,245,679 1,245,679(1,780) (1,780) 9,338,217 9,338,217

24,241,559 24,241,559 202,813 202,813 524,283 524,283 (33,173) (33,173) 24,935,482 24,935,482 7,200 7,200 8,195,389 8,195,389 (3,807) (3,807) 33,134,264 33,134,264

36,257 36,257 54,595 54,595 55,843 55,843

61,419 61,419 11,045 11,045(6,000) (6,000) 66,464 66,464 13,031 13,031(236) (236) 79,259 79,259

97,676 97,676 20,373 20,373 17,581 17,581 (14,571) (14,571) 121,059 121,059 11,763 11,763 3,082 3,082 (802) (802) 135,102 135,102

192 192 97 97 14,593 14,593

2,934 2,934 95 95-3,029 3,029 2,225 2,225-5,254 5,254

3,126 3,126--3,126 3,126 16,721 16,721-19,847 19,847

Consolidated financial statements Consolidated financial statements Power plant, Power plant, Machinery Furniture, Machinery Furniture, and factory fixtures and and factory fixtures and equipment equipment Vehicles equipment equipment Vehicles (in thousand Baht) (in thousand Baht)

Power Public Company and its Subsidiaries Global Global PowerSynergy Synergy Public Company Limited Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements

4,314,728 4,314,728 7,400,653 7,400,653 1,059,672 1,059,672

----42,99042,99042,990 42,990

4,314,728 4,314,728 3,740,797 3,740,797 (652,925) (652,925) (1,947) (1,947) 7,400,653 7,400,653 2,672,797 2,672,797 (9,020,948) (9,020,948) 1,052,502 1,052,502

Construction in Construction progress in progress

23,467,200 23,467,200 26,128,519 26,128,519 27,245,713 27,245,713

7,255,645 7,255,645 1,231,390 1,231,390 (8,318) (8,318) (31,631) (31,631) 8,447,086 8,447,086 1,301,360 1,301,360 42,990 42,990 (2,016) (2,016) 9,789,420 9,789,420

30,722,845 30,722,845 4,031,227 4,031,227 (108,546) (108,546) (69,921) (69,921) 34,575,605 34,575,605 2,717,626 2,717,626 (253,489) (253,489) (4,609) (4,609) 37,035,133 37,035,133

Total Total

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

FINANCIAL REPORT 2017

Notes to the financial statements

250,197 250,197 300,708 300,708 300,785 300,785

Net book value Net book value At 1 January 2016 At 1 January 2016 At 31 December 2016 and 1 January 2017 At 31 December 2016 and 1 January 2017 At 31 December 2017 At 31 December 2017

250,197 250,197 50,511 50,511 300,708 300,708 77 77 300,785 300,785

Land and Land and improvement improvement

Depreciation Depreciation At 1 January 2016 At 1 January 2016 Depreciation charged for the year Depreciation charged for the year Transfers Transfers Disposals Disposals At 31 December 2016 and 1 January 2017 At 31 December 2016 and 1 January 2017 Depreciation charged for the year Depreciation charged for the year Disposals Disposals At 31 December 2017 At 31 December 2017

Notes to the financial statements For the year ended 31 December 2017 For the year ended 31 December 2017

538,570 538,570 511,695 511,695 508,391 508,391

204,244 204,244 29,482 29,482 (4,728) (4,728) 228,998 228,998 28,220 28,220 257,218 257,218

742,814 742,814 15,594 15,594 2,515 2,515 (20,230) (20,230) 740,693 740,693 9,068 9,068 15,848 15,848 765,609 765,609

Buildings Buildings and building and building improvements improvements

59 59

13,610,911 13,610,911 13,144,421 13,144,421 12,466,225 12,466,225

6,826,739 6,826,739 998,222 998,222 (8,318) (8,318) (20,903) (20,903) 7,795,740 7,795,740 1,011,450 1,011,450 (1,780) (1,780) 8,805,410 8,805,410

20,437,650 20,437,650 40,892 40,892 494,792 494,792 (33,173) (33,173) 20,940,161 20,940,161 16,313 16,313 318,968 318,968 (3,807) (3,807) 21,271,635 21,271,635

35,489 35,489 53,723 53,723 54,734 54,734

60,537 60,537 10,775 10,775 (5,934) (5,934) 65,378 65,378 12,716 12,716 (236) (236) 77,858 77,858

96,026 96,026 19,950 19,950 17,582 17,582 (14,457) (14,457) 119,101 119,101 11,451 11,451 2,842 2,842 (802) (802) 132,592 132,592

192 192 98 98 14,335 14,335

2,934 2,934 94 94 3,028 3,028 2,173 2,173 5,201 5,201

3,126 3,126 3,126 3,126 16,410 16,410 19,536 19,536

Separate financial statements Separate financial statements Power plant, Power plant, machinery Furniture, machinery Furniture, and factory fixtures and and factory fixtures and equipment equipment Vehicles equipment equipment Vehicles (in thousand Baht) (in thousand Baht)

Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Synergy Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries Power Global For the year ended 31 December 2017 Notes to the financial statements

989,117 989,117 528,458 528,458 768,800 768,800

989,117 989,117 164,723 164,723 (623,435) (623,435) (1,947) (1,947) 528,458 528,458 578,000 578,000 (337,658) (337,658) 768,800 768,800

Construction in Construction in progress progress

15,424,476 15,424,476 14,539,103 14,539,103 14,113,270 14,113,270

7,094,454 7,094,454 1,038,573 1,038,573 (8,318) (8,318) (31,565) (31,565) 8,093,144 8,093,144 1,054,559 1,054,559 (2,016) (2,016) 9,145,687 9,145,687

22,518,930 22,518,930 291,670 291,670 (108,546) (108,546) (69,807) (69,807) 22,632,247 22,632,247 631,319 631,319 (4,609) (4,609) 23,258,957 23,258,957

Total Total

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

FINANCIAL REPORT 2017

Notes to the financial statements Global Power Public Company and its Subsidiaries Global Global Power Synergy Synergy Public Company Limited andLimited its Subsidiaries Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements Notes For the year ended 31 December 2017 to the financial statements For the year ended 31 December 2017 For the year ended 31 December 2017

The gross amount of the Company’ s fully depreciated plant and equipment that was still in use as at The gross amount the Company’ fully depreciated plantBaht and295.9 equipment that was still in use as at 31 December 2017of amounted to Bahts 406.3 million. (2016: million). 31 December 2017 amounted to Baht 406.3 million. (2016: Baht 295.9 million). Security Security At 31 December 2017 the Company’ s land, construction, and machinery wasn’ t used as collateral to At 31 December 2017 the Company’ s land, construction, wasn’ t used as collateral to secure long-term loans. (2016: Baht 13,625.7 million) (see and notemachinery 19). secure long-term loans. (2016: Baht 13,625.7 million) (see note 19).

16 16

Assets not used in operation Assets not used in operation

Cost Cost At 1 January At 1 January Transfers Transfers At 31 December At 31 December Depreciation and impairment losses Depreciation At 1 January and impairment losses At 1 January Transfers Transfers Impairment losses (reversal) Impairment losses (reversal) At 31 December At 31 December Net book value Net value At 1book January At 1 January At 31 December At 31 December

Consolidated financial Separate Consolidated financial Separate statements financial statements statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 350,822 350,822-

369,247 369,247 (18,425) (18,425) 350,822 350,822

108,547 108,547108,547108,547

108,547108,547 108,547 108,547

289,839 289,839-

(12,132) (12,132) 277,707 277,707

226,023 226,023 (36,413) (36,413) 100,229 100,229 289,839 289,839

108,547 108,547-108,547108,547

8,3188,318 100,229 100,229 108,547 108,547

60,983 60,983 73,115 73,115

143,224 143,224 60,983 60,983

350,822350,822

Impairment on assets not used in operation Impairment on assets not used in operation As at 31 December 2017, the Group holds power generating machines and certain group of assets which As 31used December 2017, the Group holds power generating machines and certain group of assets which are at not in operation. are not used in operation. The Group has engaged an independent appraiser to determine the fair value of the power generating The Group has market engaged an independent appraiser to determine fair value of machine using approach in November 2017. As a result,the a subsidiary hasthe to power record generating revesal of machine using market approach in November 2017. As a result, a subsidiary has to record revesal of impairment loss totaling Baht 12.1 million. impairment loss totaling Baht 12.1 million. Measurement of fair value Measurement of fair value Fair value hierarchy Fair value hierarchy The fair value of assets not used in operation was determined by external, independent property valuers, The fairappropriate value of assets not used professional in operation was determinedand by external, independent valuers, having recognised qualifications recent experience in property the location and having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The independent valuers provide the fair value of the Group’s category of the property being valued. The independent valuers provide the fair value of the Group’s assets not used in operation portfolio on a timely basis. assets not used in operation portfolio on a timely basis. The fair value measurement for assets not used in operation of Baht 73.1 million has been categorised The fair value measurement assets not to used operation of Baht used 73.1 million been approach. categorised as a Level 3 fair value based for on the inputs theinvaluation technique by usinghas market as a Level 3 fair value based on the inputs to the valuation technique used by using market approach.

Net book value At 1 January At 31 December

60,983 73,115

143,224 60,983

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Impairment on assets not used in operation

As at 31 December 2017, the Group holds power generating machines and certain group of assets which are not used in operation.

Notes to the financial statements

Global Powerhas Synergy Public Limited and itstoSubsidiaries The Group engaged an Company independent appraiser determine the fair value of the power generating For the year ended 31 December machine using market approach2017 in November 2017. As a result, a subsidiary has to record revesal of impairment loss totaling Baht 12.1 million.

Measurement of fair value Fair value hierarchy The fair value of assets not used in operation was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The independent valuers provide the fair value of the Groupâ&#x20AC;&#x2122;s assets not used in operation portfolio on a timelyLimited basis. Global Power Synergy Public Company and its Subsidiaries

Global Synergy Public Notes toPower the financial statements Global Global Power Power Synergy Synergy Public PublicCompany Company CompanyLimited Limited Limitedand and andits its itsSubsidiaries Subsidiaries Subsidiaries The fair value measurement for assets not used in operation of Baht 73.1 million has been categorised Notes to the financial For the year ended 31statements December 2017 Notes Notes to tothe the financial financial statements statements as a Level 3 fair31value based on2017 the inputs to the valuation technique used by using market approach. For the year ended December For Forthe theyear yearended ended31 31December December2017 2017 17 17 17 17

Intangible assets Intangible assets Intangible Intangibleassets assets

Cost Cost At 1 January 2016 Cost Cost At 1 January 2016 Additions At At11January January2016 2016 Additions Disposal Additions Additions Disposal Effect of movements in exchange rates Disposal Disposal Effect of movements in exchange rates 2017 At 31 December 2016 and 1 January Effect Effectofofmovements movements ininexchange exchange rates rates At 31 December 2016 and 1 January 2017 Additions At At31 31December December2016 2016and and11January January2017 2017 Additions Effect of movements in exchange rates Additions Additions Effect movements in exchange rates At 31of December 2017 Effect Effect of ofmovements movements ininexchange exchangerates rates At 31 December 2017 At At31 31December December2017 2017 Amortisation Amortisation At 1 January 2016 Amortisation Amortisation At 1 January 2016 Amortisation for the year At At11January January2016 2016 Amortisation for the year Disposal Amortisation Amortisationfor forthe theyear year Disposal At 31 December 2016 and 1 January 2017 Disposal Disposal At 31 December and 1 January 2017 Amortisation for2016 the year At At31 31December December 2016 2016 and and11January January2017 2017 Amortisation for the year At 31 December 2017 Amortisation Amortisation for forthe the year year At 31 December 2017 At At31 31December December2017 2017 Net book value Net book value 2016 At 1book January Net Netbook value value At January 20162016 and 1 January 2017 At1131 December At 1January January 2016 2016 At 31 December 2016 and 1 January 2017 At 31 December 2017 At 31 December 2016 2016and and11January January2017 2017 At 31 December 2017 At At31 31December December2017 2017

Consolidated financial statements Consolidated financial statements Right to Consolidated Consolidated financial financialstatements statements Right to power Right Right toto power purchase power power purchase agreement purchase purchase agreement and right Software agreement agreement and right Software to operate licenses Total and andright right Software Software to operate (in thousand licenses Baht) Total totooperate operate licenses licenses Total Total (in thousand Baht) (in (inthousand thousandBaht) Baht) 431,363 103,992 535,355 431,363 103,992 535,355 30,892 30,892 431,363 431,363 103,992 103,992 535,355 535,355 -30,892 30,892 (1,699) (1,699) -30,892 30,892 30,892 30,892 (1,699)(1,699) 12,018 12,018 -(1,699) (1,699) (1,699) (1,699) 12,018 12,018 443,381 133,185 576,566 12,018 12,018 -12,018 12,018 443,381 133,185 576,566 22,184 22,184 443,381 443,381 133,185 133,185 576,566 576,566 22,184 22,184 (26,125) (26,125) -22,184 22,18422,184 22,184 (26,125) (26,125) 417,256 155,369 572,625 (26,125) (26,125) -(26,125) (26,125) 417,256 155,369 572,625 417,256 417,256 155,369 155,369 572,625 572,625 --------- ---431,363 431,363 443,381 431,363 431,363 443,381 417,256 443,381 443,381 417,256 417,256 417,256

38,339 38,339 11,901 38,339 38,339 11,901 (580) 11,901 11,901 (580) 49,660 (580) (580) 49,660 12,982 49,660 49,660 12,982 62,642 12,982 12,982 62,642 62,642 62,642 65,653 65,653 83,525 65,653 65,653 83,525 92,727 83,525 83,525 92,727 92,727 92,727

38,339 38,339 11,901 38,339 38,339 11,901 (580) 11,901 11,901 (580) 49,660 (580) (580) 49,660 12,982 49,660 49,660 12,982 62,642 12,982 12,982 62,642 62,642 62,642 497,016 497,016 526,906 497,016 497,016 526,906 509,983 526,906 526,906 509,983 509,983 509,983

FINANCIAL REPORT 2017

Global Notes to the financial statements Limited Global Power Synergy Public Company and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Global Power Power Synergy Synergy Public Public Company CompanyLimited Limited and andits its Subsidiaries Subsidiaries

Notes to the financial statements Global Power Synergy Public Company Limited andLimited its Subsidiaries Notes to the financial statements Global Global Power Power Synergy Synergy Public Public Company Company Limited and andits itsSubsidiaries Subsidiaries Notes to the financial statements Notes to the financial statements For the year ended 31 December 2017 For the year ended 31 December 2017 Notes Notes to toyear the the financial statements For the financial year ended 31 December2017 2017 For the year ended 31statements December 2017 For the ended 31 December For Forthe theyear yearended ended31 31December December2017 2017

Cost Cost Cost Cost At 11 January 2016 At January 2016 Cost Cost At 1 January 2016 At 1 January 2016 Additions Additions At At 1 1 January January 2016 2016 Additions Additions Disposal Disposal Additions Additions Disposal Disposal At 31 December 2016 and 1 January 2017 At 31 December 2016 and January 2017 Disposal Disposal At 31December December2016 2016and and11 1January January2017 2017 At 31 Additions Additions At At 31 31 December December 2016 2016 and and 1 1 January January 2017 2017 Additions Additions At 31 December 2017 At 31 December 2017 Additions Additions At31 31December December2017 2017 At At At31 31December December2017 2017 Amortisation Amortisation Amortisation Amortisation At 11 January 2016 At January 2016 Amortisation Amortisation At January2016 2016 At 11January Amortisation for the year Amortisation for the year At At 1 1 January January 2016 2016 Amortisation forthe theyear year Amortisation for Disposal Disposal Amortisation Amortisation for for the the year year Disposal Disposal At 31 December 2016 and 1 January 2017 At 31 December 2016 and January 2017 Disposal Disposal At 31December December 2016 and11 1January January2017 2017 At 31 2016 and Amortisation for the year Amortisation for the year At At 31 31 December December 2016 2016 and and 1 1 January January 2017 2017 Amortisationfor forthe theyear year Amortisation At 31 December 2017 At 31 December 2017 Amortisation Amortisation for for the the year year At31 31December December2017 2017 At At At31 31December December2017 2017 Net book value Net book value Net book value2016 Net book value At 11book January At January 2016 Net Net book value value At 1 January 2016 At 131 January 2016 At December 2016 and 1 January 2017 At 31 December 2016 and January 2017 At 1 1 January January 2016 2016 At31 31December December 2016and and11 1January January2017 2017 At 2016 At 31 December 2017 At 31 December 2017 At 31 December 2016 2016 and and 1 1 January January 2017 2017 At 31 December 2017 At 31 December 2017 At At31 31December December2017 2017

18 Deferred tax tax 18 Deferred 18 Deferred Deferredtax tax 18 18 18 Deferred Deferredtax tax

Separate financial Separate financial Separate financial Separate financial statements statements Separate Separate financial financial statements statements Software licenses Software licenses statements statements Software licenses Software licenses (in thousand Baht) (in thousand Baht) Software Software licenses licenses (inthousand thousand Baht) (in Baht) (in (inthousand thousandBaht) Baht) 99,687 99,687 99,687 99,687 24,970 24,970 99,687 99,687 24,970 24,970 (1,699) (1,699) 24,970 24,970 (1,699) (1,699) 122,958 122,958 (1,699) (1,699) 122,958 122,958 15,747 15,747 122,958 122,958 15,747 15,747 138,705 138,705 15,747 15,747 138,705 138,705 138,705 138,705 35,446 35,446 35,446 35,446 10,562 10,562 35,446 35,446 10,562 10,562 (580) (580) 10,562 10,562 (580) (580) 45,428 45,428 (580) (580) 45,428 45,428 11,538 11,538 45,428 45,428 11,538 11,538 56,966 56,966 11,538 11,538 56,966 56,966 56,966 56,966 64,241 64,241 64,241 64,241 77,530 77,530 64,241 64,241 77,530 77,530 81,739 81,739 77,530 77,530 81,739 81,739 81,739 81,739

Deferred tax assets and liabilities as at 31 December were as follows: Deferred tax assets and liabilities as 31 December were as follows: Deferredtax taxassets assetsand andliabilities liabilitiesas asatat at31 31December Decemberwere wereas asfollows: follows: Deferred Deferred Deferredtax taxassets assetsand andliabilities liabilitiesasasatat31 31December Decemberwere wereasasfollows: follows: Consolidated financial statements Consolidated financial statements Consolidatedfinancial financialstatements statements Consolidated Assets Liabilities Assets Liabilities Consolidated Consolidated financial financial statements statements Assets Liabilities 2016 Assets Liabilities 2017 2016 2017 2017 2016 2017 2016 Assets Assets Liabilities 2017 2016 2017 Liabilities2016 2016 2017 2016 2017 (in thousand Baht) (in thousand Baht) 2017 2017 2016 2016 2017 2017 2016 2016 (inthousand thousandBaht) Baht) (in (in (inthousand thousandBaht) Baht) Total 786,447 924,799 (1,294,137) (1,382,453) Total 786,447 924,799 (1,294,137) (1,382,453) Total 786,447 924,799 (1,294,137) (1,382,453) Total 786,447 924,799 (1,294,137) (1,382,453) Set off of tax (786,447) (918,736) 786,447 918,736 Set off of tax (786,447) (918,736) 786,447 918,736 Total Total 786,447 786,447 924,799 924,799 (1,294,137) (1,294,137) (1,382,453) (1,382,453) Setoff offof oftax tax (786,447) (918,736) 786,447 918,736 Set (786,447)(918,736) 786,447 918,736 Net deferred tax assets (liabilities) 6,063 (507,690) (463,717) Net deferred tax assets (liabilities) 6,063 (507,690) (463,717) Set Set off off of of tax tax (786,447) (786,447) (918,736) (918,736) 786,447 786,447 918,736 918,736 Net deferred tax assets (liabilities) 6,063 (507,690) (463,717) Net deferred tax assets (liabilities) -6,063 (507,690) (463,717) Net Netdeferred deferredtax taxassets assets(liabilities) (liabilities) -6,063 6,063 (507,690) (507,690) (463,717) (463,717) Separate financial statements Separate financial statements Separatefinancial financialstatements statements Separate Assets Liabilities Assets Liabilities Separate Separate financial financial statements statements Assets Liabilities 2016 Assets Liabilities 2017 2016 2017 2017 2016 2017 2016 Assets Assets Liabilities 2017 2016 2017 2016 2017 2016 2017 Liabilities2016 (in thousand Baht) (in thousand Baht) 2017 2017 2016 2016 2017 2017 2016 2016 (inthousand thousandBaht) Baht) (in (in (in thousand thousand Baht) Baht) Total 783,358 918,736 (1,191,876) (1,279,216) Total 783,358 918,736 (1,191,876) (1,279,216) Total 783,358 918,736 (1,191,876) (1,279,216) Total 783,358 918,736 (1,191,876) (1,279,216) Set off of tax (783,358) (918,736) 783,358 918,736 Set off of tax (783,358) (918,736) 783,358 918,736 Total Total 783,358 783,358 918,736 918,736 (1,191,876) (1,191,876) (1,279,216) (1,279,216) Setoff offof oftax tax (783,358) (918,736) 783,358 918,736 Set (783,358) (918,736) 783,358 918,736 Net deferred tax liabilities (408,518) (360,480) Net deferred liabilities --(408,518) (360,480) Set Setoff off ofoftax tax tax (783,358) (783,358) (918,736) (918,736) 783,358 783,358 918,736 918,736 Net deferred taxliabilities liabilities (408,518) (360,480) Net deferred tax (408,518) (360,480) Net Netdeferred deferredtax taxliabilities liabilities --(408,518) (408,518) (360,480) (360,480)

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Global Power Public Company and Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Global Power Synergy Public Company Limited and its its Subsidiaries Subsidiaries Notes to the financial statements Notes to the financial statements For the year ended 31 December 2017 Notes to the financial statements For the year ended 31 December 2017 For For the the year year ended ended 31 31 December December 2017 2017

Movements in total deferred tax assets and liabilities during the year year were as follows: Movements Movements in in total total deferred deferred tax tax assets assets and and liabilities liabilities during during the the year were were as as follows: follows: At 1 At At 11 January January January 2017 2017 2017 Deferred tax assets Deferred tax Deferred tax assets assets Other long-term investment Other long-term investment Other long-term investment Property, plant and equipment Property, plant and equipment Property, plant and equipment Provisions for employee Provisions for employee Provisions for employee benefits benefits benefits expense Investment Investment expense Investment expense Others Others Others Total Total Total Deferred tax liabilities Deferred tax Deferredlease tax liabilities liabilities Finance receivable Finance lease receivable Finance lease receivable Property, plant and equipment Property, plant and Property, plant and equipment equipment Intangible assets Intangible assets Intangible assets Total Total Total Net Net Net

42,000 42,000 42,000 824,112 824,112 824,112 12,769 12,769 12,769 41,672 41,672 41,672 4,246 4,246 4,246 924,799 924,799 924,799

Deferred tax liabilities Deferred tax Deferredlease tax liabilities liabilities Finance receivable Finance lease receivable Finance lease receivable Intangible assets Intangible assets Intangible assets Total Total Total Net Net Net

At 31 At At 31 31 December December December 2017 2017 2017

(50) (50) (50) (116,444) (116,444) (116,444) 1,806 1,806 1,806 (19,418) (19,418) (19,418) (4,246) (4,246) (4,246) (138,352) (138,352) (138,352)

-----------

(1,279,216) (1,279,216) (1,279,216) -(103,237) (103,237) (103,237) (1,382,453) (1,382,453) (1,382,453)

87,340 87,340 87,340 (5,107) (5,107) (5,107) -82,233 82,233 82,233

--------

---6,083 6,083 6,083 6,083 6,083 6,083

(457,654) (457,654) (457,654)

(56,119) (56,119) (56,119)

6,083 6,083 6,083

507,690 507,690 507,690

Consolidated financial statements Consolidated financial statements Consolidated financial statements (Charged) / Credited to: (Charged) / Credited to: (Charged) / Credited to: Exchange Profit or Exchange Profit or Exchange Profit or differences loss Equity differences loss Equity loss (in thousand EquityBaht) differences (in (in thousand thousand Baht) Baht)

At 31 At 31 At 31 December December December 2016 2016 2016

At 11 At At 1 January January January 2016 2016 2016 Deferred tax assets Deferred tax Deferred tax assets assets Other long-term investment Other long-term investment Other long-term investment Property, plant and equipment Property, plant and equipment Property, plant and equipment Provisions for employee Provisions for employee Provisions for employee benefits benefits benefits expense Investment Investment Investment expense expense Others Others Others Total Total Total

Consolidated financial statements Consolidated financial statements Consolidated financial statements (Charged) / Credited to: (Charged) / Credited to: (Charged) / Credited to: Exchange Profit or Exchange Profit or Exchange Profit or differences loss Equity differences loss Equity loss (in thousand Equity Baht) differences (in (in thousand thousand Baht) Baht)

41,950 41,950 41,950 707,668 707,668 707,668 14,575 14,575 14,575 22,254 22,254 22,254-786,447 786,447 786,447 (1,191,876) (1,191,876) (1,191,876) (5,107) (5,107) (5,107) (97,154) (97,154) (97,154) (1,294,137) (1,294,137) (1,294,137)

-(101,299) (101,299) (101,299)

----

42,000 42,000 42,000 824,112 824,112 824,112

1,638 1,638 1,638 21,372 21,372 21,372 4,246 4,246 4,246 (74,043) (74,043) (74,043)

----

12,769 12,769 12,769 41,672 41,672 41,672 4,246 4,246 4,246 924,799 924,799 924,799

(1,385,728) (1,385,728) (1,385,728) (100,439) (100,439) (100,439) (1,486,167) (1,486,167) (1,486,167)

106,512 106,512 106,512-106,512 106,512 106,512

------

-(2,798) (2,798) (2,798) (2,798) (2,798) (2,798)

(1,279,216) (1,279,216) (1,279,216) (103,237)) (103,237)) (103,237)) (1,382,453) (1,382,453) (1,382,453)

(487,325) (487,325) (487,325)

32,469 32,469 32,469

(2,798) (2,798) (2,798)

(457,654) (457,654) (457,654)

42,000 42,000 42,000 925,411 925,411 925,411 11,131 11,131 11,131 20,300 20,300 20,300-998,842 998,842 998,842

FINANCIAL REPORT 2017

Notes to the financial statements

Global Power Synergy Synergy Public Company Limited andLimited its Subsidiaries Global Power Public Company and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries Notes to the financial statements Global Public2017 Company Limited and its Subsidiaries ForPower the financial year Synergy endedstatements 31 December Notes to the For the year ended 31 December 2017 Notes toyear the financial For the ended 31statements December 2017 For the year ended 31 December 2017

Deferred tax assets Deferred tax assets Other long-term investment Deferred tax assets Other long-term investment Property, plant and equipment Other long-term investment Property, plant and equipment Employee benefit Property, plant and equipment Employee Investmentbenefit expense Employee benefit Investment expense Others Investment expense Others Total Others Total Total Deferred tax liability Deferred tax liability Finance lease receivable Deferred tax liability Finance lease receivable Total Finance Total lease receivable Total Net Net Net

Deferred tax assets Deferred tax assets Other long-term investment Deferred tax assets Other long-term investment Property, plant and equipment Other long-term investment Property, plant and equipment Employeeplant benefit Property, and equipment Employee benefit Investment expense Employee benefit Investment expense Others Investment expense Others Total Others Total Total Deferred tax liability Deferred tax liability Finance lease receivable Deferred tax liability Finance lease receivable Total Finance Total lease receivable Total Net Net Net

At 1 At 1 January At 1 January 2017 January 2017 2017 42,000 42,000 820,854 42,000 820,854 9,964 820,854 9,964 41,672 9,964 41,672 4,246 41,672 4,246 918,736 4,246 918,736 918,736 (1,279,216) (1,279,216) (1,279,216) (1,279,216) (1,279,216) (1,279,216) (360,480) (360,480) (360,480) At 1 At 1 January At 1 January 2016 January 2016 2016 42,000 42,000 925,411 42,000 925,411 8,589 925,411 8,589 20,300 8,589 20,300 20,300-996,300 996,300996,300 (1,385,728) (1,385,728) (1,385,728) (1,385,728) (1,385,728) (1,385,728) (389,428) (389,428) (389,428)

Separate financial statements Separate financial statements (Charged) / Credited to: At 31 Separate financial statements (Charged) / Credited to: At 31 Profit or December (Charged) / Credited to: At 31 Profit December lossor Equity 2017 Profit or December loss Equity 2017 (in thousand Baht) loss Equity 2017 (in thousand Baht) (in thousand Baht) (50) 41,950 (50) -41,950 (113,186) 707,668 (50) -41,950 (113,186) 707,668 1,522 11,486 (113,186) 707,668 1,522 -11,486 (19,418) 22,254 1,522 -11,486 (19,418) 22,254(4,246) (19,418) -22,254(4,246) (135,378) 783,358 (4,246) (135,378) 783,358(135,378) 783,358 87,340 87,340 87,340 87,340 --87,340 87,340 (48,038) (48,038) (48,038) Separate financial statements Separate financial statements (Charged) / Credited to: Separate financial statements (Charged) / Credited to: Profit or / Credited to: (Charged) Profit lossor Equity Profit or loss Equity (in thousand Baht) loss Equity (in thousand Baht) (in thousand Baht) -(104,557) -(104,557) 1,375 (104,557) --1,375 21,372 1,375 --21,372 4,246 21,372 --4,246 (77,564) 4,246 --(77,564) (77,564) 106,512 106,512 106,512 106,512 106,512 106,512 28,948 28,948 28,948

---

(1,191,876) (1,191,876) (1,191,876) (1,191,876) (1,191,876) (1,191,876) (408,518) (408,518) (408,518) At 31 At 31 December At 31 December 2016 December 2016 2016 42,000 42,000 820,854 42,000 820,854 9,964 820,854 9,964 41,672 9,964 41,672 4,246 41,672 4,246 918,736 4,246 918,736 918,736 (1,279,216) (1,279,216) (1,279,216) (1,279,216) (1,279,216) (1,279,216) (360,480) (360,480) (360,480)

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Public Company and Power Synergy Public Company Limited and its its Subsidiaries Subsidiaries Global Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Notes to the financial statements Notes to the financial statements For the Foryear the year ended 31 December 2017 ended 31 December 2017 For the year ended 31 December 2017 19 19

Interest-bearing Interest-bearing liabilities liabilities

Current Current Current Current portion portion of of long-term long-term borrowings borrowings from financial institutions from financial institutions Secured Secured Less: Less: deferred deferred financing financing costs costs Total current interest-bearing Total current interest-bearing liabilities liabilities Non-current Non-current Long-term Long-term borrowings borrowings from from financial institutions financial institutions Secured Secured Less: Less: deferred deferred financing financing costs costs Debentures Debentures Less: Less: deferred deferred financing financing fee fee Total Total non-current non-current interest-bearing interest-bearing liabilities liabilities

996,290 996,290 (5,721) (5,721)

1,925,096 1,925,096 (11,818) (11,818)

---

1,601,050 1,601,050 (6,214) (6,214)

990,569 990,569

1,913,278 1,913,278

1,594,836 1,594,836

9,908,102 9,908,102 (84,071) (84,071) 9,824,031 9,824,031

14,406,480 14,406,480 (111,671) (111,671) 14,294,809 14,294,809

----

5,617,636 5,617,636 (18,194) (18,194) 5,599,442 5,599,442

5,000,000 5,000,000 (6,536) (6,536) 4,993,464 4,993,464

----

14,817,495 14,817,495

14,294,809 14,294,809

----

5,000,000 5,000,000 (6,536) (6,536) 4,993,464 4,993,464 4,993,464 4,993,464

5,599,442 5,599,442

The periods periods to to maturity maturity of of interest-bearing interest-bearing liabilities, liabilities, excluding excluding finance finance lease lease liabilities, liabilities, as as at at The 31 December were as follows: 31 December were as follows: Consolidated Separate Consolidated Separate financial statements financial financial statements financial statements statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) Within Within one one year year After one After one year year but but within within five five years years After five years After five years Total Total

990,569 990,569 7,027,239 7,027,239 7,790,256 7,790,256 15,808,064 15,808,064

1,913,278 1,913,278 8,245,072 8,245,072 6,049,737 6,049,737 16,208,087 16,208,087

-3,495,464 3,495,464 1,498,000 1,498,000 4,993,464 4,993,464

1,594,836 1,594,836 5,156,891 5,156,891 442,551 442,551 7,194,278 7,194,278

Secured Secured interest-bearing interest-bearing liabilities liabilities as as at at 31 31 December December were were secured secured on on the the following following assets: assets:

Note Note Restricted Restricted accounts accounts Land Land Building Building and and power power plant plant -carrying carrying value value

6 6 15 15 15 15

Consolidated Separate Consolidated Separate financial statements financial financial statements financial statements statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) 286,421 359,236 --286,421 359,236 614,050 864,247 250,197 614,050 864,247 250,197 12,052,255 12,052,255

22,633,009 22,633,009

13,375,564 13,375,564

14,817,495 14,817,495

liabilities

14,294,809 14,294,809

4,993,464 4,993,464

5,599,442 5,599,442

The The periods periods to to maturity maturity of of interest-bearing interest-bearing liabilities, liabilities, excluding excluding finance finance lease lease liabilities, liabilities, as as at at 31 December were as follows: 31 December were as follows:

FINANCIAL REPORT 2017

Notes to the financial statements

Within 990,569 1,913,278 Within one one year year 990,569 1,913,278 Global Power Synergy Public Company Limited and its Subsidiaries After 7,027,239 8,245,072 After one one year year but but within within five five years years 7,027,239 8,245,072 After five years 7,790,256 6,049,737 For the year ended 31 December 2017 After five years 7,790,256 6,049,737 Total 15,808,064 16,208,087 Total 15,808,064 16,208,087

-3,495,464 3,495,464 1,498,000 1,498,000 4,993,464 4,993,464

1,594,836 1,594,836 5,156,891 5,156,891 442,551 442,551 7,194,278 7,194,278

Secured Secured interest-bearing interest-bearing liabilities liabilities as as at at 31 31 December December were were secured secured on on the the following following assets: assets:

Note Note

Restricted 6 Restricted accounts accounts 6 Land 15 Land 15 Building and power plant -Building and power plant Global Power SynergyPublic PublicCompany Company Limitedand anditsitsSubsidiaries Subsidiaries Global Power Synergy Limited carrying value 15 12,052,255 22,633,009 -carrying value 15 12,052,255 22,633,009 Notes to the financial statements Total 12,952,726 23,856,492 -Notes to the financial statements Total 12,952,726 23,856,492 For the year ended 31 December 2017

For the year ended 31 December 2017

13,375,564 13,375,564 13,625,761 13,625,761

65 65 Long-term borrowings from financial institutions Long-term borrowings from financial institutions Details of principal features of the Groupâ&#x20AC;&#x2122;s borrowings as at 31 December were as follows: Details of principal features of the Groupâ&#x20AC;&#x2122;s borrowings as at 31 December were as follows:

The Company The Company 1) Baht 3,500 million Credit Facility 1) Baht 3,500 million Credit Facility Agreement at interest of 6 months Agreement at interest of 6 months FDR plus a margin, payable in FDR plus a margin, payable in semi-annual instalments semi-annual instalments commencing in February 2009 commencing in February 2009 2) Baht 3,600 million Credit Facility 2) Baht 3,600 million Credit Facility Agreement at interest of 6 months Agreement at interest of 6 months FDR plus a margin, payable in FDR plus a margin, payable in semi-annual instalments semi-annual instalments commencing in December 2011 commencing in December 2011 3) Baht 3,400 million Credit Facility 3) Baht 3,400 million Credit Facility Agreement at interest of 6 months Agreement at interest of 6 months FDR plus a margin, payable in FDR plus a margin, payable in semi-annual instalments semi-annual instalments commencing in September 2012 commencing in September 2012 4) Baht 5,510 million Credit Facility 4) Baht 5,510 million Credit Facility Agreement at interest of 6 months Agreement at interest of 6 months FDR plus a margin, payable in FDR plus a margin, payable in semi-annual instalments semi-annual instalments commencing in June 2012 commencing in June 2012

700,000 700,000

1,620,000 1,620,000

1,870,000 1,870,000

3,028,687 3,028,687

8,090,000 8,090,000

1,014,390 1,014,390

Subsidiaries Subsidiaries 1) Baht 10,000 million Credit Facility 8,610,000 1) Baht 10,000 million Credit Facility 8,610,000 Agreement at interest rate of 6 Agreement at interest rate of 6 months FDR plus margin, payable months FDR plus margin, payable in semi-annual instalments in semi-annual instalments commencing in June 2018. commencing in June 2018. 2) JPY 8,503 million Credit Facility 2,136,631 2) JPY 8,503 million Credit Facility 2,136,631 Agreement at interest rate of JPY-

700,000 700,000

1,620,000 1,620,000

1,870,000 1,870,000

3,028,686 3,028,686

Agreementatatinterest interestofof6 6months months Agreement FDR plus a margin, payable FDR plus a margin, payable inin semi-annualinstalments instalments semi-annual commencing February2009 2009 commencing ininFebruary 2) Baht 3,600 million Credit 1,620,000 2) Baht 3,600 million 73 G LCredit O B A Facility L Facility P O W E R S Y N E R G- -Y P U1,620,000 B1,620,000 L I C C O M P A N Y L I M- I-T E D 1,620,000 Agreementatatinterest interestofof6 6months months Agreement FDRplus plusa amargin, margin,payable payableinin FDR Global Power Synergy Public Company Limited and its Subsidiaries semi-annual instalments semi-annual instalments Notes to thecommencing financial statements December2011 2011 commencing ininDecember For the3)3) year ended 31 December 2017 -Baht 3,400 million Credit Facility 1,870,000 1,870,000 Baht 3,400 million Credit Facility 1,870,000 -1,870,000 Agreement at interest of 6 months Global Power Synergy Publicof Company Agreement at interest 6 monthsLimited and its Subsidiaries FDRplus plusa amargin, margin,payable payableinin FDR For the yearborrowings endedinstalments 31 December 2017 institutions Long-term from financial semi-annual semi-annual instalments commencingininSeptember September2012 2012 commencing Details of principal features of the Groupâ&#x20AC;&#x2122;s borrowings as at 31 December were as follows: 4) Baht 5,510 million Credit Facility 3,028,687 3,028,686 4) Baht 5,510 million Credit Facility -3,028,687 -3,028,686 Agreement at interest of 6 months Agreement at interest of 6 months Consolidated Separate FDRplus plusa amargin, margin,payable payableinin FDR financial statements financial statements semi-annualinstalments instalments semi-annual 2017 2016 2017 2016 commencingininJune June2012 2012 commencing (in thousand Baht) The Company Subsidiaries Subsidiaries 1) Baht million Credit Facility 700,000 -700,000 Baht3,500 10,000 million Credit Facility 8,610,000 8,610,000 8,090,000 1)1) Agreement Baht 10,000 million Credit Facility 8,090,000 at interest of 6 months Agreementatatinterest interestrate rateofof6 6 Agreement FDR plusFDR a margin, payable payable in months plusmargin, margin, months FDRinstalments plus payable semi-annual semi-annualinstalments instalments ininsemi-annual commencing ininFebruary 2009 commencing June2018. 2018. commencing in June 2)2) Baht 3,600 million Credit Facility 1,620,000 -1,620,000 JPY8,503 8,503million millionCredit CreditFacility Facility 2,136,631 1,014,390 2) Agreement JPY 2,136,631 1,014,390 at interest of 6 months Agreementatatinterest interestrate rateofofJPYJPYAgreement FDR plusplus a margin, payable in in LIBOR margin, payable LIBOR plus instalments margin, payable in semi-annual semi-annualinstalments instalments semi-annual commencing 2011 commencingin inDecember May2018. 2018. commencing in May 3)3) Baht million Credit Credit Facility Facility 1,870,000 -1,870,000 Baht3,400 169million million 157,761 8,499 3) Agreement Baht 169 Credit Facility 157,761 8,499 at interest of 6 months Agreementatatfixed fixedinterest interestrate, rate, Agreement FDR plus in a margin, payable in payable semi-annual instalments payable in semi-annual instalments semi-annual instalments commencingininJune June2017. 2017. commencing commencing in September 2012 Total 10,904,392 16,331,576 16,331,576 7,218,686 Total 10,904,392 7,218,686 4) Baht 5,510 million Credit Facility 3,028,687 -3,028,686 Less: deferred financing costs (89,792) (123,489) (24,408) Less: deferred financing (89,792) (123,489) (24,408) Agreement at interestcosts of 6 months Total interest-bearing liabilities 10,814,600 16,208,087 7,194,278 Total interest-bearing 10,814,600 16,208,087 7,194,278 FDR plus a margin, liabilities payable in Global semi-annual Power Synergy Public Company Limited and its Subsidiaries instalments During the year2017, 2017, theCompany Companyhas hasmade madeearly earlyrepayment repaymentfor forlong-term long-termborrowings borrowingsfrom fromfinancial financial During year the in statements June 2012 Notes to commencing thethe financial institutions totalling Baht 7,218.7 million. totalling 7,218.7 2017 million. For institutions the year ended 31 Baht December Subsidiaries 1) Baht 10,000 million Credit Facility 8,610,000 8,090,000 TheAgreement loan agreements contain conditions such as timing of future capital increase, dividend at interest rate ofcertain 6 payment, ofmargin, share capital, merger and acquisition and maintaining financial ratios e.g. debt to monthsreduction FDR plus payable 6666 equity ratio and debt service coverage ratio. in semi-annual instalments commencing in June 2018. 2) million2017, Creditthe Facility As JPY at 318,503 December Group had2,136,631 unutilised credit facilities totalling Baht- 2,517.5 million. 1,014,390 interest of JPY(31 Agreement December at 2016: the rate Group and the Company totalling Baht 13,774.3 million and Baht 9,300.0 million, respectively). LIBOR plus margin, payable in semi-annual instalments commencing in May 2018. Debentures 3) Baht 169 million Credit Facility 157,761 8,499 at fixed rate, On Agreement 29 September 2017,interest The Company issued unsubordinated and unsecured debentures for institution payable inhigh semi-annual investors and net worthinstalments investors. The purposes of these debentures are for repayment of long-term commencing in for Juneoperation 2017. and/ or for working capital. The Company agrees to certain financial borrowings and/ or Total 10,904,392 7,218,686 ratios to comply with the terms and conditions stating the 16,331,576 rights and duties of debentures issuer. Less: deferred financing costs (89,792) (123,489) (24,408) Detailsinterest-bearing of the Companyâ&#x20AC;&#x2122;s debentures as at10,814,600 31 December 2017 were as follows: Total liabilities 16,208,087 7,194,278

Notes to the financial statements

Total offering Facerepayment value Interest During the year 2017, the Company has made early for long-term borrowings from financial amount per unit Period rate Maturity date institutions totalling Baht 7,218.7 million. (in million Baht) (Baht) (Year) (% p.a) Unsubordinated and unsecured debenture

3,500

1,000

2.21

29 September 2021

payment, reduction of share capital, merger and acquisition and maintaining financial ratios e.g. debt to payment, reduction of share merger and payment, reduction ofservice share capital, capital, merger and acquisition acquisition and and maintaining maintaining financial financial ratios ratios e.g. e.g. debt debt to to equity ratio and debt coverage ratio. equity ratio and debt service coverage ratio. equity ratio and debt service coverage ratio.

As at 31 December 2017, the Group had unutilised credit facilities totalling Baht 2,517.5 million. As at 31 2017, the had unutilised credit totalling Baht 2,517.5 million. As at 31 December December 2017, the Group Group hadCompany unutilised credit facilities facilities totalling Bahtand 2,517.5 million. (31 December 2016: the Group and the totalling Baht 13,774.3 million Baht 9,300.0 (31 December 2016: the Group and the Company totalling Baht 13,774.3 million and Baht 9,300.0 F I N A N C I A L R E P O R T 2 0 1 7 (31 December 2016: the Group and the Company totalling Baht 13,774.3 million and Baht 9,300.0 million, respectively). million, respectively). million, respectively). Debentures Debentures Debentures

Notes to the financial statements

On 29 September 2017, The Company issued unsubordinated and unsecured debentures for institution On 29 2017, The Company issued unsubordinated and debentures for institution On 29 September September 2017, The investors. CompanyThe issued unsubordinated and unsecured unsecured debentures for institution investors and high net worth purposes of these debentures are for repayment of long-term Global Power Synergy Public Company Limited and its Subsidiaries investors and high net worth investors. The purposes of these debentures are for repayment of long-term investors and high net worth investors. The purposes of these debentures are for repayment of long-term borrowings and/ or for operation and/ or for working capital. The Company agrees to certain financial borrowings and/ or for operation and/ or for working capital. The Company agrees to certain financial For the year ended 31 December 2017 borrowings and/ or for operation and/ or for working capital. The Company agrees to certain financial ratios to comply with the terms and conditions stating the rights and duties of debentures issuer. ratios to comply with the terms and conditions stating the rights and duties of debentures issuer. ratios to comply with the terms and conditions stating the rights and duties of debentures issuer.

Details of the Companyâ&#x20AC;&#x2122;s debentures as at 31 December 2017 were as follows: Details debentures as as at at 31 31 December December 2017 2017 were were as as follows: follows: Details of of the the Companyâ&#x20AC;&#x2122;s Companyâ&#x20AC;&#x2122;s debentures Total offering Total offering Total offering amount amount amountBaht) (in million (in (in million million Baht) Baht)

Face value Face value Face value per unit per unit per unit (Baht) (Baht) (Baht)

3,500 3,500 3,500 1,500 1,500 1,500

Unsubordinated and Unsubordinated and Unsubordinated and unsecured debenture unsecured debenture unsecured debenture Unsubordinated and Unsubordinated and Unsubordinated and unsecured debenture unsecured debenture unsecured debenture

20 20 20

Period Period Period (Year) (Year) (Year)

Interest Interest Interest rate rate rate (% p.a) (% (% p.a) p.a)

Maturity date Maturity Maturity date date

1,000 1,000 1,000

44 4

2.21 2.21 2.21

29 September 2021 29 29 September September 2021 2021

1,000 1,000 1,000

77 7

2.82 2.82 2.82

29 September 2024 29 29 September September 2024 2024

Trade accounts payable Trade Trade accounts accounts payable payable Note Note Note

Related parties 4 1,572,447 1,102,347 994,703 Related parties 4 1,572,447 1,102,347 994,703 Global Power Synergy Limited its Global Power Synergy Public Public Company Company Limited and and its Subsidiaries Subsidiaries Related parties 4 1,572,447 1,102,347 994,703 Other parties 50,420 37,891 43,843 Other parties Notes to financial NotesOther to the theparties financial statements statements Total Total For the year Total ended 31 December 2017

For the year ended 31 December 2017 21 21

37,891 37,891 1,140,238 1,140,238 1,140,238

43,843 43,843 1,038,546 1,038,546 1,038,546

972,343 972,343 972,343 31,376 31,376 31,376 1,003,719 1,003,719 1,003,719

Other Other payables payables

Note Note Related Related parties parties Others Others Other Other payables payables Accrued Accrued operating operating expenses expenses Advance received Advance received Accrued Accrued interest interest Other Other payable payable -- employees employees Total Total

22 22

50,420 50,420 1,622,867 1,622,867 1,622,867

4 4

250,305 250,305

118,660 118,660

231,972 231,972

277,866 277,866 82,318 82,318 30,437 30,437 33,231 33,231 31,407 31,407 455,259 455,259 67 67 67 607,695 607,695

336,932 336,932 91,090 91,090 30,209 30,209 23,427 23,427 16,193 16,193 497,851 497,851

232,609 232,609 54,394 54,394 30,429 30,429 30,568 30,568 31,241 31,241 379,241 379,241

259,122 259,122 71,408 71,408 30,098 30,098 7,670 7,670 16,023 16,023 384,321 384,321

748,156 748,156

497,901 497,901

616,293 616,293

Provision Provision The The Company Company has has been been assessed assessed by by the the Revenue Revenue Department Department for for the the corporate corporate income income tax tax in in respect respect to to 1999 and 2000 revenues resulting to the utilisation of tax loss carry forwards in subsequent 1999 and 2000 revenues resulting to the utilisation of tax loss carry forwards in subsequent years years (( the the Central Central Tax Tax Court Court ruled ruled in in favour favour of of the the Company) Company) .. Later, Later, the the Revenue Revenue Department Department has has filed filed aa notice notice of of appeal. appeal. On On 12 12 May May 2015, 2015, the the Central Central Tax Tax Court Court has has read read the the judgment judgment of of the the Supreme Supreme Court Court which reversed the judgment into not withdraw the letters of change in loss carry forwards which reversed the judgment into not withdraw the letters of change in loss carry forwards of of year year 1999 1999 and and 2000 2000 and and the the adjudication adjudication of of Appeal Appeal Committee. Committee. The The Supreme Supreme Court Court judgment judgment was was related related to to the the utilization utilization of of tax tax loss loss carry carry forwards forwards of of 2003 2003 and and 2005 2005 which which the the Revenue Revenue Department Department has has sent sent the notice letter to the Company regarding the income tax assessment of year 2003 and 2005 including

Note Related parties Related parties

4 4

2017

2016 2017 (in thousand Baht) (in thousand Baht)

2016

152,436 152,436

250,305 250,305

231,972 231,972

118,660 118,660

259,122 259,122 71,408 71,408 30,098 30,098 7,670 7,670 16,023 16,023 384,321 384,321

Total Total

616,293 616,293

Notes to the financial statements

For the year ended 31 December 2017 22 22

Others GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED Others Other payables 277,866 336,932 232,609 Other payables 277,866 336,932 232,609 Accrued operating expenses 82,318 91,090 54,394 Accrued operating expenses 82,318 91,090 54,394 Advance received 30,437 30,209 30,429 Advance received 30,437 30,209 30,429 Accrued interest 33,231 23,427 30,568 33,231 Accrued interest 23,427 30,568 Other payable - employees 31,407 16,193 31,241 Other payable employees 31,407 16,193 31,241 Global Power Synergy Public Company Limited and its Subsidiaries 455,259 497,851 379,241 455,259 497,851 379,241 607,695 607,695

748,156 748,156

497,901 497,901

Provision Provision The Company has been assessed by the Revenue Department for the corporate income tax in respect to The Company has been assessed by the Revenue Department for the corporate income tax in respect to 1999 and 2000 revenues resulting to the utilisation of tax loss carry forwards in subsequent years 1999 and 2000 revenues resulting to the utilisation of tax loss carry forwards in subsequent years ( the Central Tax Court ruled in favour of the Company) . Later, the Revenue Department has filed a ( the Central Tax Court ruled in favour of the Company) . Later, the Revenue Department has filed a notice of appeal. On 12 May 2015, the Central Tax Court has read the judgment of the Supreme Court notice of appeal. On 12 May 2015, the Central Tax Court has read the judgment of the Supreme Court which reversed the judgment into not withdraw the letters of change in loss carry forwards of year 1999 which reversed the judgment into not withdraw the letters of change in loss carry forwards of year 1999 and 2000 and the adjudication of Appeal Committee. The Supreme Court judgment was related to and 2000 and the adjudication of Appeal Committee. The Supreme Court judgment was related to the utilization of tax loss carry forwards of 2003 and 2005 which the Revenue Department has sent the utilization of tax loss carry forwards of 2003 and 2005 which the Revenue Department has sent the notice letter to the Company regarding the income tax assessment of year 2003 and 2005 including the notice letter to the Company regarding the income tax assessment of year 2003 and 2005 including penalty and surcharge amounting to Baht 121 million. Accordingly, the Company filed a notice of penalty and surcharge amounting to Baht 121 million. Accordingly, the Company filed a notice of appeal to the Appeal Committee. The Appeal Committee rules that the facts in this case are final in appeal to the Appeal Committee. The Appeal Committee rules that the facts in this case are final in accordance with the Supreme Court judgment. However, the Company submitted appeal to the Central accordance with the Supreme Court judgment. However, the Company submitted appeal to the Central Tax Court in respect to the relevant taxable expense matter under Revenue Code Section 65 which has Tax Court in respect to the relevant taxable expense matter under Revenue Code Section 65 which has not been addressed and considered. not been addressed and considered. Subsequently, on 26 September 2017, the Central Tax Court dismissed the case. Therefore, Subsequently, on 26 September 2017, the Central Tax Court dismissed the case. Therefore, the Company recognised net provision at the amount of Baht 101. 2 million due to the obligation is the Company recognised net provision at the amount of Baht 101. 2 million due to the obligation is highly probable. However, the Company has filed a notice of appeal to the Court of Appeal for highly probable. However, the Company has filed a notice of appeal to the Court of Appeal for Specialised Cases regarding the relevant taxable expense matter. Specialised Cases regarding the relevant taxable expense matter.

23 23

Provisions for employee benefits Provisions for employee benefits

Statement of financial position Statement of financial position provisions for: provisions for: Post-employment benefits Post-employment benefits Other long-term employee benefits Other long-term employee benefits Total Total

62,658 62,658 4,024 4,024 66,682 66,682

53,978 53,978 3,457 3,457 57,435 57,435

46,377 46,377 3,442 3,442 49,819 49,819

Year ended 31 December Statement of comprehensive income: Recognised in profit or loss: Post-employment F I N A N C I A L Rbenefits EPORT 2017 Other long-term employee benefits

9,887 727 10,614

8,714 912 9,626

7,600 576 8,176

7,084 589 7,673

Recognised in other comprehensive Global Notes to the financial statements Global Power Synergy Public Company Limited Limited and its its Subsidiaries Power Synergy Globalincome: Power Synergy Public Public Company Company Limited and and its Subsidiaries Subsidiaries

Notes to to the Power financial statements Global Power Synergy Public Company Limited and its SubsidiariesGlobal Synergy Public Notes the financial statements Actuarial losses recognised inCompany the year Limited and its Subsidiaries 816 Notes to the financial statements For the the year ended 31statements December 2017 Notes to the For ended 31 December Foryear the financial year ended 31 December2017 2017 For year ended 31 December 2017 For the the year ended 31 December 2017 Movement in the present value of the defined benefit obligations.

Note

Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht)

Year ended ended 31 31 December December Year Year ended 31 December Statement of comprehensive income: Year endedof31comprehensive December Statement income: At 1 January 66,682 57,126 49,819 42,943 Statement of comprehensive Recognisedofin incomprehensive profit or or loss: loss: income: Statement income: Recognised profit Recognised in or Post-employment benefits 9,887 8,714 7,600 7,084 Recognised in profit profit or loss: loss: Include in profit or loss: Post-employment benefits 9,887 8,714 7,600 7,084 Post-employment benefits 9,887 8,714 7,600 7,084 Other long-term employee benefits 727 912 576 589 Post-employment benefits benefits 9,887 8,714 7,600 7,084 Current service cost 8,286 7,637 6,430 6,180 Other long-term employee 727 912 576 589 Other long-term employee benefits 727 912 576 589 10,614 9,626 8,176 7,673 Other long-term employee benefits 727 912 576 589 Interest on obligation 2,328 1,989 1,746 1,494 10,614 9,626 8,176 7,673 10,614 9,626 8,176 7,673 10,614 9,626 8,176 7,673 28 7,674 Recognised in other comprehensive Recognised in other comprehensive Recognised other income:in in Recognised in other comprehensive comprehensive Included other income: income: Actuarial losses recognised in the the year year 816 comprehensive income income: Actuarial losses recognised in --816 ----Actuarial 816 loss recognised 816 Actuarial losses losses recognised in in the the year year 816 Movement in in the the present present value value of of the the defined defined benefit benefit -obligations. obligations. 816 Movement Movement Movement in in the the present present value value of of the the defined defined benefit benefit obligations. obligations. Benefit paid (626) (560) (798) Consolidated (886) Separate Consolidated Separate Consolidated Separate financial statements financial statements Consolidated Separate financial statements financial statements financial statements financial statements At 31 December 76,670 66,682 57,435 49,819 2017 2016 2017 2016 Note financial statements financial statements 2017 2016 2017 2016 Note 2017 2016 2017 2016 Note (in thousand Baht) 2017 2016 2017 2016 Note (in thousand Baht) (in Actuarial gains and losses recognised in other comprehensive income arisingBaht) from: (in thousand thousand Baht) At 1 January 66,682 57,126 49,819 42,943 At 11 January 66,682 57,126 49,819 42,943 At January 66,682 57,126 49,819 42,943 At 1 January 66,682 49,819 Consolidated57,126 Separate 42,943 Include in in profit profit or or loss: loss: financial statements financial statements Include Include in profit or Current service cost 8,286 7,637 6,430 6,180 Include in profit or loss: loss: 2017 2016 2017 2016 Current service cost 8,286 7,637 6,430 6,180 Current service cost 8,286 7,637 6,430 6,180 Interest on obligation 2,328 1,989 1,746 1,494 Current on service cost 8,286 7,637 6,430 6,180 (in thousand Baht) Interest obligation 2,328 1,989 1,746 1,494 Interest on obligation 2,328 1,989 1,746 1,494 28 10,614 9,626 8,176 7,674 Interest on obligation 2,328 1,989 1,746 1,494 28 10,614 9,626 8,176 7,674 28 10,614 9,626 8,176 7,674 814 Financial assumptions 28 10,614 9,626 8,176 7,6742 Experienceinadjustment Included other Included in other Included in other 816 Total comprehensive income Included in other income comprehensive comprehensive income Actuarial loss 816 comprehensive income Actuarial loss -816 --Actuarial 816 -816 --Actuarial loss loss 816 -816 -816 Benefit paid paid (626) (886) (560) (798) Benefit (626) (886) (560) (798) Benefit paid (626) (886) (560) (798) Benefit paid (626) (886) (560) (798) At 31 December 76,670 66,682 57,435 49,819 At 31 December 76,670 66,682 57,435 49,819 69 At 76,670 66,682 57,435 49,819 At 31 31 December December 76,670 66,682 57,435 49,819 Actuarial gains and losses recognised in other comprehensive income arising from: Actuarial gains and losses recognised in other comprehensive income arising from: Actuarial Actuarial gains gains and and losses losses recognised recognised in in other other comprehensive comprehensive income income arising arising from: from: Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) (in thousand Baht) 814 Financial assumptions assumptions --814 ----Financial 8142 Financial assumptions -Experience adjustment 814 Financial assumptions 22 Experience adjustment Experience adjustment 8162 Total Experience adjustment --816 ----Total 816 Total 816 Total

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries Global Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries Power Public Company and its Subsidiaries Notes to the financial statements to statements Notes Forthe the financial year ended31 31December December 2017 For the year ended 2017 For the year ended 31 December 2017

Actuarial assumptions Actuarial assumptions The following were the principal actuarial assumptions at the reporting date (expressed as weighted The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages). averages). Consolidated Consolidated financial statements financial 2017 statements 2016 2017 2016 2.9 - 3.5 2.9 4.0- -3.5 10.0 4.0 - 10.0

Discount rate Discount rate growth Future salary Future salary growth

Separate Separate financial statements financial 2017 statements 2016 2016 (%) 2017 (%) 2.9 - 3.5 3.5 3.5 2.9 3.5- 10.0 3.5- 10.0 4.0- -3.5 10.0 4.0 4.0 4.0 - 10.0 4.0 - 10.0 4.0 - 10.0

Assumptions regarding future mortality have been based on published statistics and mortality tables Assumptions regarding future mortality have been based on published statistics and mortality tables At 31 December 2017, the weighted- average duration of the defined benefit obligation was 23 years At(2016:23 31 December years).2017, the weighted- average duration of the defined benefit obligation was 23 years (2016:23 years). Sensitivity analysis Sensitivity analysis Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding Reasonably possible constant, changes at the reporting date totheone of the benefit relevantobligation actuarial by assumptions, holding other assumptions would have affected defined the amounts shown other assumptions constant, would have affected the defined benefit obligation by the amounts shown below. below.

At 31 December 2017 AtDiscount 31 December 2017 rate (1% movement) Discount rate (1% movement) Future salary growth (1% movement) Future salary growth (1% movement) At 31 December 2016 AtDiscount 31 December 2016 rate (1% movement) Discount rate (1% movement) Future salary growth (1% movement) Future salary growth (1% movement)

Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements Increase Decrease Increase Decrease Increase Decrease Decrease (in thousandIncrease Baht) (in thousand Baht) (11,398) (11,398) 12,895 12,895

13,409 13,409 (11,229) (11,229)

(8,309) (8,309) 9,905 9,905

10,279 10,279 (8,190) (8,190)

(9,674) (9,674) 11,388 11,388

11,861 11,861 (9,501) (9,501)

(7,147) (7,147) 8,519 8,519

8,842 8,842 (7,044) (7,044)

Although the analysis does not take account of the full distribution of cash flows expected under Although analysis does take account of the full distribution of cash flows expected under the plan, the it does provide an not approximation of the sensitivity of the assumptions shown. the plan, it does provide an approximation of the sensitivity of the assumptions shown.

24 Share capital 24 Share capital

Authorised Authorised At 1 January At- 1Ordinary January shares - Issue Ordinary shares of new shares Issue of new shares At 31 December

Consolidated financial statements / Consolidated Separate financial financial statements statements / Separate financial statements 2017 2016 2017 2016 Par value Number of Number of Par of Number of pervalue share Number shares Amount shares Amount per share shares Amount shares Amount (in baht) (thousand shares/thousand Baht) (in baht) (thousand shares/thousand Baht) 10 1010 10

1,498,301 1,498,301 -

14,983,008 14,983,008 -

1,498,301 1,498,301 -

1,4983,008 1,4983,008 -

At 31 December 2017 AtF 31 Discount movement) I N ADecember Nrate C I A(1% L R2017 EPORT 2017 Discount rate (1% movement) Future salary growth (1% movement) Future salary growth (1% movement)

Consolidated Separate financial statements financial statements financial statements financial statements Increase Decrease Increase Decrease Increase Decrease Increase Decrease (in thousand Baht) (in thousand Baht) (11,398) (11,398) 12,895 12,895

13,409 13,409 (11,229) (11,229)

(8,309) (8,309) 9,905 9,905

10,279 10,279 (8,190) (8,190)

At 31 December 2016 At 31 December 11,861 Discount rate (1%2016 movement) (9,674) (9,674) 11,861 Discount rate growth (1% movement) 11,388 (9,501) Future salary (1% movement) 11,388 Future salary growth (1% movement) Global Power Synergy Public Company Limited and its Subsidiaries (9,501)

(7,147) (7,147) 8,519 8,519

8,842 8,842 (7,044) (7,044)

Notes to the financial statements

Although analysis does not 2017 take account of the full distribution of cash flows expected under For the yearthe ended 31 December Although not take account the full distribution of cash shown. flows expected under the plan, itthe doesanalysis providedoes an approximation of theofsensitivity of the assumptions the plan, it does provide an approximation of the sensitivity of the assumptions shown.

24 24

Share capital Share capital

Par value Par share value per per share (in baht) (in baht)

Consolidated financial statements / Consolidated financialstatements statements / Separate financial Separate financial statements 2017 2016 Number of 2017 Number of 2016 Number Number shares of Amount shares of Amount shares Amount shares Amount (thousand shares/thousand Baht) (thousand shares/thousand Baht)

Authorised Authorised At 1 January 1 January 10 1,498,301 14,983,008 1,498,301 -AtOrdinary shares 10 1,498,30114,983,0081,498,301-Issue Ordinary of newshares shares 10 Issue of new shares 10 At 31 December Global Power Synergy Public Company Limited and its Subsidiaries Global Power Synergy Public Company Limited and its Subsidiaries AtOrdinary 31 December Synergy Public Company Limited14,983,008 and its Subsidiaries 1,498,301 1,498,301 shares Notes--to toOrdinary the financial financial statements 10 10 financial statements 1,498,301 14,983,008 1,498,301 sharesstatements Notes the

For the the year year ended ended 31 31 December December 2017 2017 For 31 December 2017

Par value value Par value Par per share per share share per (in baht) (in baht) baht) (in Issued and and paid-up paid-up Issued paid-up At 1 January At 1 January Ordinary shares shares shares -- Ordinary Issue of new shares shares Issue of new shares At 31 December At 31 December December -- Ordinary Ordinary shares shares shares

25 25

1,4983,008 1,4983,00814,983,008 14,983,008

70 70

Consolidated financial statements Consolidatedfinancial financialstatements statements/// Consolidated Separate financial statements Separatefinancial financialstatements statements Separate 2017 2016 2017 2016 2017 2016 Number of Number of Numberof of Numberofof Number Number shares Amount shares Amount shares Amount shares Amount shares Amount shares Amount (thousand shares/thousand Baht) (thousandshares/thousand shares/thousandBaht) Baht) (thousand

10 10 10 10 10 10

1,498,301 1,498,301 1,498,301 ---

14,983,008 14,983,008 14,983,008 ---

1,498,301 1,498,301 1,498,301 ---

14,983,008 14,983,008 14,983,008 ---

10 10 10

1,498,301 1,498,301 1,498,301

14,983,008 14,983,008 14,983,008

1,498,301 1,498,301 1,498,301

14,983,008 14,983,008 14,983,008

Legal reserve reserve and and other other components components of of equity Legal and other components of equity equity Section 116 116 of of the the Public Companies Companies Act B.E. B.E. 2535 requires requires that aa company company shall allocate allocate not less less than Section the Public Public Companies Act Act B.E.2535 2535 requiresthat that a companyshall shall allocatenot not lessthan than 5% of its annual net profit, less any accumulated losses brought forward (if any), to a reserve account 5% of its annual annual net net profit, profit, less less any any accumulated accumulated losses lossesbrought broughtforward forward(if (ifany), any),totoaareserve reserveaccount account (“legal reserve”), reserve”), until this this account reaches reaches an amount amount not less less than 10% 10% of the registered registered authorised (“legal reserve”), until until this account account reaches an an amount not not lessthan than 10%ofofthe the registeredauthorised authorised capital. The legal reserve is not available for dividend distribution. capital. The legal reserve is not available for dividend distribution. legal reserve is not available for dividend distribution. Other components components of equity equity Other components of of equity Currency translation translation differences Currency translation differences differences The currency currency translation translation differences account account within equity equity comprises all all foreign currency currency differences The translation differences differences account within within equitycomprises comprises allforeign foreign currencydifferences differences arising from the translation of the financial statements of foreign operations to Thai Baht. arising from the the translation translation of of the the financial financial statements statementsof offoreign foreignoperations operationstotoThai ThaiBaht. Baht.

26 26

Segment information information Segment information TheGroup Grouphas hasthree three reportablesegments, segments,as asdescribed describedbelow, below,which whichare arethe theGroup’s Group’sstrategic strategicdivisions. divisions. The The Group hasdivisions three reportable reportable segments, asof described below,and which are the Group’s strategic divisions. The strategic offer different size power plant, are managed separately because they The strategic divisions offer different size of power plant, and are managed separately because they The strategic divisions offer different size of power plant, and are managed separately because they require different technologies and marketing strategies. For each of the strategic divisions, the chief require different technologies and marketing strategies. For each of the strategic divisions, the chief require different technologies and marketing strategies. For each of the strategic divisions, the chief operating decision decision maker maker ((CODM) CODM) reviews reviews internal internal management management reports reports on on at at least aa quarterly quarterly basis. operating operating decision makerdescribes ( CODM)the reviews internal management reports on atleast least a quarterlybasis. basis. The following summary operations in each of the Group’s reportable segments.

25 25

Legal Legal reserve reserve and and other other components components of of equity equity Section Section 116 116 of of the the Public Public Companies Companies Act Act B.E. B.E. 2535 2535 requires requires that that aa company company shall shall allocate allocate not not less less than than 5% of its annual net profit, less any accumulated losses brought forward (if any), to a reserve 5% of its annual net profit, less any accumulated losses brought forward (if any), to a reserve account account (“legal 79 G Lthis O Baccount A L P O reaches W E R S an Y Namount E R G Y not P U less B L I than C C O10% M P Aof Y Lregistered I M I T E D authorised (“legal reserve”), reserve”), until until this account reaches an amount not less than 10% ofNthe the registered authorised capital. The legal reserve is not available for dividend distribution. capital. The legal reserve is not available for dividend distribution. Other Other components components of of equity equity

Notes to the financial statements

Currency Currency translation translation differences differences

Global Power Synergy Public Company Limited and its Subsidiaries

The currency translation differences For the year ended 31 December 2017 account The currency translation differences account within within equity equity comprises comprises all all foreign foreign currency currency differences differences arising from the translation of the financial statements of foreign operations to Thai Baht. arising from the translation of the financial statements of foreign operations to Thai Baht.

26 26

Segment Segment information information The strategic divisions. divisions. The Group Group has has three three reportable reportable segments, segments, as as described described below, below, which which are are the the Group’s Group’s strategic The strategic divisions offer different size of power plant, and are managed separately because they The strategic divisions offer different size of power plant, and are managed separately because they require different different technologies technologies and and marketing marketing strategies. strategies. For For each each of of the the strategic strategic divisions, divisions, the the chief chief require operating decision maker ( CODM) reviews internal management reports on at least a quarterly basis. operating decision maker ( CODM) reviews internal management reports on at least a quarterly basis. The following following summary summary describes describes the the operations operations in in each each of of the the Group’s Group’s reportable reportable segments. segments. The   

Segment 11 Segment Segment 22 Segment Segment 33 Segment

Independent Power Power Producer Producer Independent Small Power Producer Small Power Producer Very Small Small Power Power Producer Producer Very

Information Information regarding regarding the the results results of of each each reportable reportable segment segment is is included included below. below. Performance Performance is is measured based on segment profit before tax, as included in the internal management reports that are measured based on segment profit before tax, as included in the internal management reports that are Global Power Synergy Public Company Limited and its Subsidiaries reviewed by the ss CODM. Segment before tax to Global Power Synergy Public Company Limited and itsused Subsidiaries reviewed by Synergy the Group’ Group’ CODM. Segment profit profit beforeand tax is is used to measure measure performance performance as as Global Power Public Company Limited its Subsidiaries Notes to the financial statements management believes that such information is the most relevant in evaluating the results of certain Notes to the financial statements management believes that such information is the most relevant in evaluating the results of certain Notes toyear the financial statements For 2017 segments relative other that For the the year ended ended 31to December 2017 segments relative31 toDecember other entities entities that operate operate within within these these industries. industries.

For the year ended 31 December 2017

Information Information about about reportable reportable segments segments Information about reportable segments Segment Segment Segment Segment 111 Segment 222 Segment 333 Elimination Elimination Segment Segment Segment Elimination (in thousand Baht) (in thousand Baht) (in thousand Baht) For For the the year year ended ended 31 31 December December 2017 2017 For the year ended 31 December 2017 Revenue Revenue from from sale sale of of goods goods and and Revenue from sale of goods and rendering of services rendering of services of services -- rendering External 3,828,085 220,442 -External 3,828,085 7115,276,502 15,276,502 220,442 -Revenue External 3,828,085 15,276,502 220,442 -from finance lease 591,731 71 Revenue from from finance finance lease lease 591,731 Revenue 591,731 -Finance costs (16,752) (329,508) (28,860) 14,109 Finance costs (16,752) (329,508) (28,860) 14,109 Finance costs (16,752) (329,508) (28,860) 14,109Depreciation (39,207) (33,377) Depreciation and and amortisation amortisation (39,207) (1,278,721) (1,278,721) (33,377) Depreciation and amortisation (39,207) (1,278,721) (33,377) -Share of net profit (loss) of Share of net profit (loss) of Share of net profit (loss) of investment investment in in associates associates and and investment in associates and joint ventures (21,608) 239,486 299,253 -joint ventures (21,608) 239,486 299,253 jointbefore ventures (21,608) 239,486 299,253 -Profit tax expense 392,196 2,934,483 270,252 Profit before before tax tax expense expense 392,196 2,934,483 270,252 Profit 392,196 2,934,483 270,252 --Tax expense (72,633) (183,957) (172) Tax expense (72,633) (183,957) (172) Tax expense (72,633) (183,957) (172) --Profit for the year 319,563 2,750,526 270,080 Profit for the year 319,563 2,750,526 270,080 Profit for the year 319,563 2,750,526 270,080 -For For the the year year ended ended 31 31 December December 2016 2016 For the year ended 31 December 2016 Revenue from sale of goods and Revenue from sale of goods and Revenue from sale of goods and rendering rendering of of services services rendering of services -- External 4,522,939 15,318,675 194,991 -External 4,522,939 15,318,675 194,991 -Revenue External 4,522,939 15,318,675 194,991 -from finance lease 638,336 Revenue from from finance finance lease lease 638,336 Revenue 638,336 -Finance costs (12,343) (397,445) (23,328) 15,591 Finance costs (12,343) (397,445) (23,328) 15,591 Finance costs (12,343) (397,445) (23,328) 15,591Depreciation (40,506) (22,000) Depreciation and and amortisation amortisation (40,506) (1,203,252) (1,203,252) (22,000) Depreciation and amortisation (40,506) (1,203,252) (22,000) -Share of profit (loss) of investment Share of profit (loss) of investment Share of profit (loss)joint of investment in (43,634) 106,401 283,440 -in associates associates and and joint joint ventures ventures (43,634) 106,401 283,440 in associates and ventures (43,634) 106,401 283,440 Profit before tax expense 479,805 2,283,440 248,956 7 Profit before before tax tax expense expense 479,805 2,283,440 248,956 7 Profit 479,805 2,283,440 248,956 7 Tax (86,430) (53,714) (90) -Tax expense expense (86,430) (53,714) (90) Tax expense (86,430) (53,714) (90) Profit for the year 393,375 2,229,726 248,866 7 Profit for for the the year year 393,375 2,229,726 248,866 Profit 393,375 2,229,726 248,866 77 As As at at 31 31 December December 2017 2017 As at 31 December 2017 Investment in associates and Investment in associates and Investment in associates and 5,330,804 1,731,808 joint ventures 1,711,829 -5,330,804 1,731,808 joint ventures 1,711,829 5,330,804 1,731,808 joint ventures 1,711,829 -Capital expenditure 4,431 1,517,318 1,323,290 Capital expenditure 4,431 1,517,318 1,323,290

Total Total Total

19,325,029 19,325,029 19,325,029 591,731 591,731 591,731 (361,011) (361,011) (361,011) (1,351,305) (1,351,305) (1,351,305) 517,131 517,131 517,131 3,596,931 3,596,931 3,596,931 (256,762) (256,762) (256,762) 3,340,169 3,340,169 3,340,169

20,036,605 20,036,605 20,036,605 638,336 638,336 638,336 (417,525) (417,525) (417,525) (1,265,758) (1,265,758) (1,265,758) 346,207 346,207 346,207 3,012,208 3,012,208 3,012,208 (140,234) (140,234) (140,234) 2,871,974 2,871,974 2,871,974 8,774,441 8,774,441 8,774,441 2,845,039 2,845,039

investment in associates and joint ventures Profit before tax expense Tax expense Profit for the year

FINANCIAL REPORT 2017

(21,608) 392,196 (72,633) 319,563

239,486 2,934,483 (183,957) 2,750,526

299,253 270,252 (172) 270,080

517,131 3,596,931 (256,762) 3,340,169

For the year ended 31 December 2016 Revenue from sale of goods and rendering of services 4,522,939 Limited 15,318,675and its 194,991 GlobalExternal Power Synergy Public Company Subsidiaries - 20,036,605 Revenue from finance lease 638,336 638,336 Notes to the financial statements FinancePower costs Synergy Public Company Limited (12,343) (397,445) (23,328) 15,591 (417,525) Global and its Subsidiaries For the year ended December 2017 (40,506) (1,203,252) Depreciation and 31 amortisation (22,000) (1,265,758) For the year ended 31 December 2017 Share of profit (loss) of investment in associates and joint ventures (43,634) 106,401 283,440 346,207 Information about reportable segments Profit before tax expense 479,805 2,283,440 248,956 7 3,012,208 Tax expense (86,430) (53,714) (90) (140,234) Segment 1 Segment 2 Segment 3 Elimination Total Profit for the year 393,375 2,229,726 248,866 7 2,871,974 (in thousand Baht) For the year ended 31 December 2017 As at 31 December 2017 Revenue from sale of goods and Investment in associates and rendering of services 5,330,804 1,731,808 joint ventures 1,711,829 8,774,441 -Capital External 3,828,085 15,276,502 220,442 - 19,325,029 expenditure 4,431 1,517,318 1,323,290 2,845,039 Revenue from finance lease 591,731 591,731 Segment assets (8,646,258) 59,968,425 13,724,796 51,625,840 3,264,047 Finance costs (16,752) (329,508) (28,860) 14,109 (361,011) Segment liabilities (213,428) 1,604,822 15,443,211 2,759,900 19,594,505 Depreciation and amortisation (39,207) (1,278,721) (33,377) (1,351,305) Share of net profit (loss) of As at 31 December 2016 and investment in associates Investment in associates and joint ventures (21,608) 239,486 299,253 517,131 3,962,371 1,262,000 jointbefore ventures 1,713,577 6,937,948 Profit tax expense 392,196 2,934,483 270,252 3,596,931 Capital expenditure 12,724 3,075,897 877,293 3,965,914 Tax expense (72,633) (183,957) (172) (256,762) Segment (7,927,782) Profit for assets the year 319,563 2,750,526 270,080 3,340,169 13,770,369 49,518,643 2,667,054 58,028,284 Segment liabilities (278,760) 19,274,171 801,407 17,104,288 1,647,236 For the year ended 31 December 2016 Revenue from sale of goods and Geographical segments Global PowerofSynergy rendering services Public Company Limited and its Subsidiaries Notes- toExternal the financial statements 4,522,939 15,318,675 194,991 - 20,036,605 The Group is managed and operates principally in Thailand. There is no material revenues derived from, Revenue from finance lease 638,336 638,336 For the year ended 31 December 2017 or assets located in, foreign countries. Finance costs (12,343) (397,445) (23,328) 15,591 (417,525) Depreciation and amortisation (40,506) (1,203,252) (22,000) (1,265,758) Majorofcustomers Share profit (loss) of investment in associates and joint ventures (43,634) 106,401 283,440 346,207 Duringbefore the year, the Group has two major customers, the first customer has revenue from of goods Profit tax expense 479,805 2,283,440 248,956 7 sale3,012,208 Tax (53,714) (140,234) and expense rendering of services and revenue (86,430) from finance lease amounting to(90) Baht 5,903.9 million and Baht Profit for the year 393,375 2,229,726 248,866 7 2,871,974 591.7 million, respectively (2016: Baht 6,030.8 million and Baht 638.3 million, respectively). The second customer has revenue from sale of goods and rendering of services amounting to Baht 72 revenues are from all segments. As at 31million December 2017Baht 3,986.4 million). These 3,976.8 (2016: Investment in associates and 5,330,804 1,731,808 joint ventures expenses 1,711,829 8,774,441 27 Administrative Capital expenditure 4,431 1,517,318 1,323,290 2,845,039 Segment assets (8,646,258) 13,724,796 51,625,840 3,264,047 59,968,425 Consolidated Separate Segment liabilities (213,428)statements 1,604,822 financial 15,443,211 2,759,900 19,594,505 statements financial 2017 2016 2017 2016 As at 31 December 2016 (in thousand Baht) Investment in associates and Outsourcing expenses 185,996 311,673 3,962,371202,504 1,262,000 354,018 joint ventures 1,713,577 6,937,948 Personnel expenses 291,662 209,920 256,877 179,237 Capital expenditure 12,724 3,075,897 877,293 3,965,914 Provisionassets expense 101,171 Segment (7,927,782) 13,770,369101,171 49,518,643 2,667,054 58,028,284Impairment losses 30,860 100,229 100,229 Segment liabilities (278,760) 801,407 17,104,288 1,647,236 19,274,171 Office supplies and utilities expenses 44,148 37,126 43,503 37,151 Rental expenses 37,982 33,575 35,399 31,344 Geographical segments Depreciation and amortisation 24,560 25,469 23,522 24,591 System monitoring and maintenance The Group is managed and operates principally in Thailand. There is no material revenues derived from, 13,559 13,772 13,540 13,767 orexpenses assets located in, foreign countries. Others 93,075 117,545 73,247 93,071 Total 839,521 891,654 733,255 791,063

Notes to the financial statements

Employee benefit expenses Consolidated

Separate

2017 2017

2016 2017 2016 2017 (in thousand Baht) (in thousand Baht)

2016 2016

Outsourcing 202,504 354,018 185,996 Outsourcing expenses expenses 202,504 354,018 185,996 Personnel expenses 291,662 209,920 256,877 Personnel expenses 291,662 209,920 256,877 Provision expense 101,171 N E R G Y P U B L I C C -O M P A N101,171 Y LIMITED Provision expense G L O B A L P O W E R S Y101,171 101,171 Impairment losses 30,860 100,229 -Impairment losses 30,860 100,229 Office 44,148 37,126 43,503 Office supplies supplies and and utilities utilities expenses expenses 44,148 37,126 43,503 Rental expenses 37,982 33,575 35,399 Rental expenses 37,982 33,575 35,399 Depreciation and amortisation 24,560 25,469 23,522 Depreciation and amortisation 24,560 25,469 23,522 System monitoring and maintenance System monitoring andPublic maintenance Global Power Synergy Company Limited and its Subsidiaries13,772 expenses 13,559 13,540 expenses 13,559 13,772 13,540 Others 93,075 117,545 73,247 For the year ended 31 December 2017 Others 93,075 117,545 73,247 Total 839,521 891,654 733,255 Total 839,521 891,654 733,255

Notes to the financial statements

28 28

311,673 311,673 179,237 179,237 81 -100,229 100,229 37,151 37,151 31,344 31,344 24,591 24,591 13,767 13,767 93,071 93,071 791,063 791,063

Employee Employee benefit benefit expenses expenses Note Note Management Management Salaries Salaries and and wages wages Contribution Contribution to to provident provident fund fund Others Others Other Other employees employees Salaries Salaries and and wages wages Contribution Contribution to to provident provident fund fund Pension costs defined benefit Pension costs - defined benefit plans plans Others Others

Global Power Synergy Public

7,465 7,465 535 535 15 15 8,015 8,015

32,727 32,727 1,935 1,935 700 700 35,362 35,362

7,465 7,465 535 535 15 15 8,015 8,015

377,929 377,929 18,309 18,309

311,978 311,978 15,259 15,259

321,251 321,251 15,945 15,945

277,087 277,087 13,567 13,567

9,626 8,176 9,626 8,176 62,006 73,543 62,006 73,543 and its Subsidiaries 398,869 418,915 398,869 418,915

7,673 7,673 61,960 61,960 360,287 360,287

23 23

10,614 10,614 74,164 74,164 Company Limited 481,016 481,016

Notes to the financial statements For the year ended 31 December 2017 Total Total

517,893 517,893

406,884 406,884

454,277 454,277

368,302 368,302

Defined benefit plans Details of the defined benefit plans are disclosed in note 23. Defined contribution plans

73 73 funds established by the Group for its employees. The defined contribution plans comprise provident Membership to the funds is on a voluntary basis. Contributions are made monthly by the employees at rates ranging from 5% to 10% of their basic salaries and by the Group at rates ranging from 5% to 10% of the employeesâ&#x20AC;&#x2122; basic salaries. The provident funds are registered with the Ministry of Finance as juristic entities and are managed by licensed Fund Managers.

Expenses by nature Consolidated Separate financial statements financial statements 2017 2016 2017 2016 (in thousand Baht) Raw materials and consumables used Manufacturing overhead Depreciation and amortisation Personnel expenses and outsourcing Repair and maintenance expenses Total cost of sales of goods, distribution costs and administrative expenses

Finance costs

13,651,704 275,053 1,351,305 846,891 681,650

14,698,081 247,633 1,265,758 890,618 772,016

12,232,204 218,847 1,091,969 759,327 617,144

13,249,282 232,076 1,071,603 789,240 724,062

16,806,603

17,874,106

14,919,491

16,066,263

Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) FINANCIAL REPORT 2017 (in thousand Baht) Raw materials and consumables used 13,651,704 14,698,081 12,232,204 13,249,282 Raw materials and consumables used 13,651,704 14,698,081 12,232,204 13,249,282 Manufacturing overhead 275,053 247,633 218,847 232,076 Manufacturing overhead 275,053 247,633 218,847 232,076 1,351,305 1,265,758 1,091,969 1,071,603 Depreciation and amortisation 1,351,305 1,265,758 1,091,969 1,071,603 Depreciation and amortisation Personnel expenses and outsourcing 846,891 890,618 759,327 789,240 Personnel and outsourcing 846,891 890,618 759,327 789,240 Repair andexpenses maintenance expenses 681,650 772,016 617,144 724,062 Repair and maintenance expenses 772,016 617,144 724,062 Global Power Company Limited681,650 and its Subsidiaries Total cost ofSynergy sales ofPublic goods, Total sales of goods, distribution costs and Fordistribution thecost yearofended 31 December 2017 costs and administrative expenses 16,806,603 17,874,106 14,919,491 16,066,263 administrative expenses 16,806,603 17,874,106 14,919,491 16,066,263

Notes to the financial statements

30 30

Finance costs Finance costs Note Note Interest expense Interest Related expense party Related party Financial institutions Financial institutions Total interest expense Total interest expense

4 4

568,203 568,203 568,203 568,203

1,639 1,639 174,622 174,622 176,261 176,261

Fees Fees Finance costs 26,840 38,473 14,877 Finance costs of deferred 26,840 38,473 14,877 Amortisation Amortisation of deferred financing cost and other financing cost finance costs and other 45,459 32,439 41,928 finance costs 45,459 32,439 41,928 Total fees 72,299 70,912 56,805 Total 72,299 70,912 56,805 Less: fees amounts included in the Global Power Synergy Public Company Limited and its Subsidiaries Less: amounts included Public in the Global Power Synergy Company Limited its Global Power Synergy Public Company Limitedand and itsSubsidiaries Subsidiariescost of qualifying assets (226,430) (221,590) cost of qualifying assets (226,430) (221,590) Notes to the financial statements Notes to the financial statements 361,011 417,525 233,066 Notes Net to the financial statements Net 361,011 417,525 233,066 For the the year ended ended 31 31 December December 2017 2017 For year

For Forthe theyear yearended ended31 31December December2017 2017

276,606 276,606 276,606 276,606 25,680 25,680 29,088 29,088 54,768 54,768 331,374 331,374

31 Income tax expense 31 31 Income Incometax taxexpense expense Income tax recognised ininprofit profit or loss Income Incometax taxrecognised recognisedin profitor orloss loss

Note Note Note Current tax expense Current Currenttax taxexpense expense Current year Current Currentyear year Under (over) provided inin Under Under(over) (over)provided providedin prior years prior prioryears years Deferred tax expense Deferred Deferredtax taxexpense expense Movements in temporary Movements in Movements intemporary temporary differences differences differences Total Total Total

18 18 18

Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements financial financial financialstatements statements financialstatements statements 2017 2016 2017 2016 74 2017 2016 2017 2016 2017 2016 2017 2016 74 (in thousand Baht) (in thousand Baht) (in thousand Baht) 203,493 203,493 203,493

171,786 171,786 171,786

179,513 179,513 179,513

171,697 171,697 171,697

(2,850) (2,850) (2,850) 200,643 200,643 200,643

917 917 917 172,703 172,703 172,703

(2,850) (2,850) (2,850) 176,663 176,663 176,663

917 917 917 172,614 172,614 172,614

56,119 56,119 56,119 256,762 256,762 256,762

(32,469) (32,469) (32,469) 140,234 140,234 140,234

48,038 48,038 48,038 224,701 224,701 224,701

(28,949) (28,949) (28,949) 143,665 143,665 143,665

Reconciliation ofofeffective effective tax rate Reconciliation Reconciliationof effectivetax taxrate rate Consolidated financial statements Consolidated Consolidatedfinancial financialstatements statements 2017 2016 2017 2016 2017 2016 Rate (in thousand Rate (in thousand Rate (in Rate (in Rate (inthousand thousand Rate (inthousand thousand (%) Baht) (%) Baht) (%) Baht) (%) Baht) (%) Baht) (%) Baht) Profit before income tax expense Profit Profitbefore beforeincome incometax taxexpense expense Income tax using the Thai corporation Income Incometax taxusing usingthe theThai Thaicorporation corporation tax rate tax taxrate rate Tax effect from Tax Taxeffect effectfrom from Income not subject tototax tax orordouble double Income Incomenot notsubject subjectto taxor double deductible expenses deductible deductibleexpenses expenses

3,596,931 3,596,931 3,596,931

3,012,208 3,012,208 3,012,208

20.00 20.00 20.00

719,386 719,386 719,386

20.00 20.00 20.00

602,442 602,442 602,442

(17.48) (17.48) (17.48)

(628,856) (628,856) (628,856)

(16.20) (16.20) (16.20)

(487,953) (487,953) (487,953)

Income tax recognised in profit or loss

Consolidated Separate financial statements financial statements Consolidated Separate 2017 2016 2017 2016 Note financial statements financial statements (in thousand Baht) 83 G L O B A L P Note O W E R S Y N2017 E R G Y P U B L2016 I C C O M P A N Y2017 L I M I T E D 2016 Current tax expense (in thousand Baht) Current 203,493 171,786 179,513 171,697 Currentyear tax expense Under (over) provided in Current year 203,493 171,786 179,513 171,697 prior (over) years provided in (2,850) 917 (2,850) 917 Under 200,643 172,703 176,663 172,614 (2,850) prior years 917 (2,850) 917 Deferred tax expense 200,643 172,703 176,663 172,614 Global Power Synergy Public Company Limited and its Subsidiaries Movements temporary Deferred taxinexpense For the year in ended 31 December 2017 differences 18 56,119 (32,469) 48,038 (28,949) Movements temporary Total 256,762 140,234 224,701 143,665 differences 18 56,119 (32,469) 48,038 (28,949) Total 256,762 140,234 224,701 143,665 Reconciliation of effective tax rate Reconciliation of effective tax rate Consolidated financial statements 2017 2016 Consolidated financial statements Rate 2017(in thousand Rate 2016(in thousand (%) Baht) (%) Baht) Rate (in thousand Rate (in thousand (%) Baht) (%) Baht) Profit before income tax expense 3,596,931 3,012,208 Incomebefore tax using the tax Thaiexpense corporation Profit income 3,596,931 3,012,208 tax rate 20.00 719,386 20.00 602,442 Income tax using the Thai corporation Tax effect from tax rate 20.00 719,386 20.00 602,442 Income subject to tax or double Tax effectnot from deductible expenses (17.48) (628,856) (16.20) (487,953) Income not subject to tax or double Expenses not deductible for tax deductible expenses (17.48) (628,856) (16.20) (487,953) purposesnot deductible for tax 4.53 163,090 0.43 12,833 Expenses Under (over) provided in prior years (0.08) (2,850) 0.03 917 purposes 4.53 163,090 0.43 12,833 Current year losses for which no Under (over) provided in prior years (0.08) (2,850) 0.03 917 deferred taxlosses asset for waswhich recognised 0.17 5,992 0.40 11,995 Current year no Total 7.14 256,762 4.66 140,234 deferred tax asset was recognised 0.17 5,992 0.40 11,995 Total 7.14 256,762 4.66 140,234 Separate financial statements 2017 2016 Separate financial statements Rate 2017(in thousand Rate 2016(in thousand (%) Baht) (%) Baht) Rate (in thousand Rate (in thousand (%) Baht) (%) Baht) Profit before income tax expense 3,060,469 2,683,681 Income tax using the tax Thaiexpense corporation Profit before income 3,060,469 2,683,681 tax rate 20.00 612,094 20.00 536,736 Income tax using the Thai corporation Tax effect from tax rate 20.00 612,094 20.00 536,736 Income subject to tax or double Tax effectnot from deductible expenses (17.89) (547,633) (15.16) (406,821) Income not subject to tax or double Expenses not deductible for tax deductible expenses (17.89) (547,633) (15.16) (406,821) purposesnot deductible for tax 5.33 163,090 0.48 12,833 Expenses Under (over) provided in prior years (0.09) (2,850) 0.03 917 purposes 5.33 163,090 0.48 12,833 Total 7.35 224,701 5.35 143,665 Under (over) provided in prior years (0.09) (2,850) 0.03 917 Total 7.35 224,701 5.35 143,665

Notes to the financial statements

75 75

FINANCIAL REPORT 2017

Notes to the financial statements Global Power Public Company and its Subsidiaries Global PowerSynergy Synergy Public Company Limited andLimited its Subsidiaries to the financial statements Notes For the year ended 31 December 2017 For the year ended 31 December 2017 Income tax reduction Revenue code Amendment Act No. 42 B.E. 2559 dated 3 March 2016 grants a reduction of the corporate income tax to 20% of net taxable profit for accounting periods which begin on or after 1 January 2016.

Promotional privileges By virtue of the provisions of the Industrial Investment Promotion Act of B.E. 2520, the Group has been granted privileges by the Board of Investment relating to production of electricity, steam, water and chilled water. The privileges granted include: (a)

exemption from payment of income tax for certain operations for a period of eight years from the date on which the income is first derived from such operations;

(b)

a 50% reduction in the normal income tax rate on the net profit derived from certain operations for a period of five years, commencing from the expiry date in (a) above; and

(c)

exemption from payment of import duty on machinery approved by the Board.

As promoted companies, the Group must comply with certain terms and conditions prescribed in the promotional certificates. Summary of revenue of the Company and the Group during the year from promoted and non-promoted businesses:

Local sales

Promoted businesses

2017 Nonpromoted businesses

5,907,275

13,417,754

Promoted businesses

2017 Nonpromoted businesses

3,773,596

13,237,028

Consolidated financial statements Promoted Total businesses (in thousand Baht) 19,325,029

8,606,731

Separate financial statements Promoted Total businesses (in thousand Baht) 17,010,624

6,356,533

2016 Nonpromoted businesses

Total

11,429,874

20,036,605

2016 Nonpromoted businesses

Total

11,429,875

17,786,408

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Global Power Power Synergy Synergy Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries Global Notes to the financial statements Global Power Synergy Public Company Limited and its Subsidiaries Notes to to Power the financial financial statements Global Power Synergy Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries Notes the statements Global Synergy Public

Notes to the financial Global Power Synergy Public Company and its Subsidiaries Global Synergy Public Company Limited andLimited its Subsidiaries For the the year ended 31statements December 2017 Notes to the Power financial statements For year ended 31 December 2017 Notes to the financial statements For ended 31 December Notes to the For the the year ended 31statements December 2017 Foryear the financial year ended 31 December2017 2017 For For the the year year ended ended 31 31 December December 2017 2017 33 Basic Basic earnings earnings per per share share 33 33 Basic earnings per share 33 Basic Basic earnings earnings per per share share 33 33 The Basic earnings of per share calculations basic earnings per share for the year ended 31 December were based on the profit

34 34 34 34 34 34

The calculations of basic earnings per share for the year ended 31 December were based on the profit The calculations of share year ended December were on the for the the year attributable attributable toearnings ordinaryper shareholders of the the Company and the weighted weighted average number of The calculations of basic basicto earnings per share for for the the yearCompany ended 31 31and December were based based onnumber the profit profit for year ordinary shareholders of the average of The calculations of basic earnings per share for the year ended 31 December were based on the profit for the year attributable to ordinary shareholders of the Company and the weighted average number of The calculations of basic earnings per share for the year ended 31 December were based on the profit ordinary shares outstanding during the year as follows: for the year attributable to ordinary shareholders of the Company and the weighted average number ordinary shares outstanding during the year as follows: for the year attributable to ordinary shareholders of the Company and the weighted average number of of ordinary shares outstanding during the year as follows: for the year attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding during the year as follows: ordinary ordinary shares shares outstanding outstanding during during the the year year as as follows: follows: Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements Consolidated Separate financial statements financial statements Consolidated Separate financial statements financial statements Consolidated Separate 2017 2016 2017 2016 financial statements statements financial statements statements 2017 2016 2017 2016 financial financial 2017 2016 2017 2016 financial statements financial statements (in thousand Baht // thousand thousand shares) 2017 (in 2016 Baht 2017 shares) 2016 thousand 2017 2016 2017 2016 (in thousand Baht // thousand shares) 2017 2016 2017 2016 Profit attributable to ordinary (in thousand Baht thousand shares) Profit attributable to ordinary (in thousand Baht / thousand shares) Profit attributable to ordinary Baht / thousand shares) 2,540,016 shareholders of the the Company 3,174,581 (in thousand 2,699,903 2,835,768 Profit attributable to ordinary shareholders of Company 3,174,581 2,699,903 2,835,768 2,540,016 Profit attributable to ordinary shareholders of the Company 3,174,581 2,699,903 2,835,768 2,540,016 Profit attributable to ordinary Weighted average number of ordinary shareholders of the Company 3,174,581 2,699,903 2,835,768 2,540,016 Weighted average number of ordinary shareholders of the Company 3,174,581 2,699,903 2,835,768 2,540,016 Weighted average number of ordinary shareholders of the Company 3,174,581 2,699,903 2,835,768 2,540,016 shares outstanding during the year 1,498,301 1,498,301 1,498,301 1,498,301 Weighted average number of ordinary shares outstanding during the year 1,498,301 1,498,301 1,498,301 1,498,301 Weighted average number of ordinary shares outstanding during year 1,498,301 1,498,301 1,498,301 1,498,301 Weighted average number ofthe ordinary Basic earnings per share (in Baht) 2.12 1.80 1.89 1.70 shares outstanding during the year 1,498,301 1,498,301 1,498,301 1,498,301 Basic earnings per share (in Baht) 2.12 1.80 1.89 1.70 shares outstanding during the year 1,498,301 1,498,301 1,498,301 1,498,301 Basic earnings per share (in Baht) 2.12 1.80 1.89 1.70 shares outstanding during the year 1,498,301 1,498,301 1,498,301 1,498,301 Basic earnings per per share (in (in Baht) 2.12 1.80 1.89 1.70 Basic 2.12 1.80 1.89 1.70 Basic earnings earnings per share share (in Baht) Baht) 2.12 1.80 1.89 1.70

Financial instruments instruments Financial Financial instruments Financial instruments instruments Financial Financial instruments Financial risk management policies

Financial risk Financial risk management management policies policies Financial Financial risk risk management management policies policies Financial management policies The Group Grouprisk is exposed exposed to normal normal business risks risks from from changes changes in in market market interest interest rates rates and and currency currency The is to business The Group is exposed to normal business risks from changes in market interest rates and currency exchange rates and from non-performance of contractual obligations by counterparties. The Group does The Group Group is exposed exposed tonon-performance normal business businessofrisks risks from changes changes in market market interest rates rates and currency exchange rates and from contractual obligations by counterparties. The Group does The is to normal from in interest and currency exchange rates and from non-performance of contractual obligations by counterparties. The Group does The Group is exposed to normal business risks from changes in market interest rates and currency not hold or issue derivative financial instruments for speculative or trading purposes. exchange rates and from non-performance of contractual contractual obligations by counterparties. counterparties. The Group Group does does not hold or issue derivative financial instruments for speculative or trading purposes. exchange rates and from of obligations by The not hold or issue derivative financial instruments for speculative or trading purposes. exchange rates and from non-performance non-performance of contractual obligations by counterparties. The Group does not hold or issue derivative financial instruments for speculative or trading purposes. not hold or issue issue derivative derivative financial instruments for speculative or trading trading purposes. not or instruments or Riskhold management is integral integralfinancial to the the whole whole businessfor of speculative the Group. Group. The The Grouppurposes. has aa system system of of controls controls in in Risk management is to business of the Group has Risk management is integral to the whole business of the Group. The Group has a system of controls in placemanagement to create create an an isacceptable acceptable balance between theofcost cost of risks risksThe occurring and athe the cost of of controls managing Risk integral to tobalance the whole whole business the Group. Group. Group has has system in place to between the of occurring and cost of managing Risk management is integral the business of the The Group aathe system of controls in place to create an acceptable balance between the cost of risks occurring and cost of managing Risk management is integral to the whole business of the Group. The Group has system of controls in the risks. The management continually monitors the Group’s risk management process to ensure that an place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually the Group’s risk management process to ensure that an place to create an acceptable balance monitors between the cost of risks occurring and the cost of managing the risks. The management continually monitors the Group’s risk management process to ensure that an place to create an acceptable balance between the cost of risks occurring and the cost of managing appropriate balance between risk and control control is achieved. achieved. the risks. The management continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and is the risks. The management continually monitors the Group’s risk management process to ensure that appropriate balance between risk and control is achieved. the risks. Thebalance management continually monitors the Group’s risk management process to ensure that an an appropriate between risk and control is achieved. appropriate balance appropriate balance between between risk risk and and control control is is achieved. achieved. Capital management management Capital Capital management Capital management management Capital Capital management The Board of Directors’ Directors’ policy policy is is to to maintain maintain aa strong strong capital capital base base so so as as to to maintain maintain investor, investor, creditor creditor The Board of The Board of Directors’ policy is to maintain aa strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board monitors The Board of Directors’ policy is to maintain strong capital base so as to maintain investor, creditor and marketofconfidence and to future development of the business. The investor, Board monitors monitors The Board Directors’ policy issustain to maintain a strong capital base so as to maintain creditor and market confidence and to sustain future development of the business. The Board The Board of Directors’ policy is to maintain a strong capital base so as to maintain investor, creditor the return on capital, which the Group defines as result from operating activities divided by total and market confidence and to sustain future development of the business. The Board monitors the return on capital, which the Group defines as result from operating activities divided by total and market confidence and to sustain future development of the business. The Board monitors the return on capital, which the Group defines as result from operating activities divided by total and market confidence and to sustain future development of the business. The Board monitors shareholders’ equity, excluding non-controlling interests and also monitors the level of dividends to the return return on on equity, capital,excluding which the thenon-controlling Group defines defines interests as result resultand from operating activities divided by total total shareholders’ also monitors the level of dividends to the capital, which Group as from operating activities divided by shareholders’ equity, excluding non-controlling interests and also monitors the level of dividends to the return on capital, which the Group defines as result from operating activities divided by total ordinary shareholders. shareholders’ equity, excluding non-controlling non-controlling interests and and also monitors monitors the level level of dividends dividends to ordinary shareholders. shareholders’ equity, ordinary shareholders. shareholders’ equity, excluding excluding non-controlling interests interests and also also monitors the the level of of dividends to to ordinary shareholders. ordinary shareholders. ordinary shareholders. Interest rate rate risk Interest risk Interest rate risk Interest rate risk Interest rate risk Interest is the the risk risk that that future future movements movements in in market market interest interest rates rates will will affect affect the the results results of of Interest rate risk Interest rate risk is Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group’s operations and its cash flows. The Group is primarily exposed to interest rate risk from loan Interest rateoperations risk is is theand riskitsthat that future movements in market interest interest rates will affect affect the from results of the Group’s cashfuture flows.movements The Group Group in is primarily primarily exposed to interest interest rate risk risk loan Interest rate risk risk market rates will the results of the Group’s operations and its cash flows. The is exposed to rate from loan Interest rate risk and is the the risk that future movements in market interest rates will affect the results of to related parties and loan from financial institutions as at 31 31 December December 2017 and 2016 2016 as disclosed in the Group’s operations and its cash flows. The Group is primarily exposed to interest rate risk from loan to related parties loan from financial institutions as at 2017 and as disclosed in the Group’s operations and its cash flows. The Group is primarily exposed to interest rate risk from loan to related parties and loan from financial institutions as at 31 December 2017 and 2016 as disclosed in the Group’s operations and its cash flows. The Group is primarily exposed to interest rate risk from loan Note 4 and Note 19, respectively. to related related parties andrespectively. loan from financial financial institutions as as at 31 31 December 2017 2017 and 2016 2016 as disclosed disclosed in Note 44 and Note 19, to parties and loan Note and Note 19, to related parties andrespectively. loan from from financial institutions institutions as at at 31 December December 2017 and and 2016 as as disclosed in in Note 4 and Note 19, respectively. Note 4 and Note 19, respectively. Foreign currency risk Note 4 and Note 19, respectively. Foreign currency risk Foreign currency risk Foreign currency risk Foreign currency risk to foreign currency risk relating to financial assets and liabilities which are The Group Group is exposed exposed Foreign currency risk to The is foreign currency risk relating to financial assets and liabilities which are The Group is to foreign currency risk relating to financial assets and liabilities are denominated inexposed foreign currencies. currencies. The Group Group primarily utilises forward exchange contractswhich to hedge hedge The Group is exposed to foreign currency risk relating to financial assets and liabilities which are denominated in foreign The primarily utilises forward exchange contracts to The Group is exposed to foreign currency risk relating to financial assets and liabilities which are denominated in foreign currencies. The Group primarily utilises forward exchange contracts to hedge The Group is exposed to foreign currency risk relating to financial assets and liabilities which are some short-term foreign currency risk when appropriate. denominated in foreign currencies. The Group primarily utilises forward exchange contracts to hedge some short-term foreign currency risk when appropriate. denominated in currencies. The Group primarily some foreign currency when appropriate. denominated in foreign foreign Group primarily utilises utilises forward forward exchange exchange contracts contracts to to hedge hedge some short-term short-term foreigncurrencies. currency risk riskThe when appropriate. some short-term foreign currency risk when appropriate. some short-term foreign currency risk when appropriate.

FINANCIAL REPORT 2017

GlobalNotes to the financial statements Power Synergy Public Company Limited and its Subsidiaries

Global Power Synergy Public Company and Global Power Synergy Public Company Limited andLimited its Subsidiaries Global Synergy Public Company Limited and its its Subsidiaries Subsidiaries Notes to to Power the financial financial statements Notes the statements Notes to the Foryear the financial year ended 31 December2017 2017 For the the year ended 31statements December 2017 For ended 31 December For the year ended 31 December 2017

At 31 31 December, December, the the Group Group were were exposed exposed to to foreign foreign currency currency risk risk in in respect respect of of financial financial assets assets and and At At 31 December, the Group were exposed to foreign currency risk in respect of financial assets and liabilities denominated in the following currencies: liabilities denominated in the following currencies: liabilities denominated in the following currencies: Consolidated Separate Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand Baht) (in thousand Baht) (in thousand Baht) United States States Dollars Dollars United United States Dollars Cash and and cash cash equivalents equivalents 272 37 34 37 Cash 272 37 34 37 Cash and cash equivalents 272 37 34 37 Other investments 715,625 715,625 715,625 715,625 Other investments 715,625 715,625 715,625 715,625 Other 715,625 715,625 715,625 715,625 Other investments payables (10,358) (6,782) (10,358) (6,782) Other payables (10,358) (6,782) (10,358) (6,782) Other payables (10,358) (6,782) (10,358) (6,782) Euro Euro Euro Cash and and cash cash equivalents equivalents Cash Cash and cash equivalents Other payables Other payables Other payables Japanese Yen Yen Japanese Japanese Yen equivalents Cash and cash Cash and cash equivalents Cash cash equivalents Tradeand accounts receivable Trade accounts receivable Trade accounts receivable Other receivable receivable Other Other receivable Restricted account Restricted account Restricted account Other payables Other payables Other payables Payable for assets assets under under construction construction Payable for Payable for assets under construction Long-term borrowings borrowings from from Long-term Long-term borrowings from financial institution financial institution financial institution New Zealand Zealand Dollars Dollars New New Zealand Dollars Other payables Other payables Other payables Pound Sterling Sterling Pound Pound Sterling Other payables Other payables Other payables Hong Kong Kong Dollars Dollars Hong Hong Kong Dollars Other payables Other payables Other Grosspayables balance sheet sheet exposure exposure Gross balance Gross balance sheet exposure Estimated purchase purchase of of asset asset Estimated Estimated purchase of asset Gross exposure Gross exposure Gross exposure Currency forwards forwards Currency Currency forwards Net exposure exposure Net Net exposure

646,871 646,871 646,87114 14 14 2,051 2,051 2,051 9,758 9,758 9,758 149,332 149,332 149,332 (2,866) (2,866) (2,866) (59,496) (59,496) (59,496) (2,101,258) (2,101,258) (2,101,258) --

-(7,251) (7,251) (7,251)

646,871 646,871 646,871-

-(7,251) (7,251) (7,251)

15 15 1519,22519,225 19,225 184,078 184,078 184,078 (5,446) (5,446) (5,446) (67,679) (67,679) (67,679) (973,413) (973,413) (973,413)

14 14 14------

15 15 15--(2,146) (2,146) (2,146) ---

(212) (212) (212)

(211) (211) (211)

(778) (778) (778)

(211) (211) (211)

(778) (778) (778)

-(650,266) (650,266) (650,266) (1,280,972) (1,280,972) (1,280,972) (1,931,238) (1,931,238) (1,931,238) 631,879 631,879 631,879 (1,299,359) (1,299,359) (1,299,359)

(67) (67) (67) (142,648) (142,648) (142,648) (648,644) (648,644) (648,644) (791,292) (791,292) (791,292) 621,362 621,362 621,362 (169,930) (169,930) (169,930)

-1,351,975 1,351,975 1,351,975 (1,262,177) (1,262,177) (1,262,177) 89,798 89,798 89,798 612,881 612,881 612,881 702,679 702,679 702,679

(67) (67) (67) 698,441 698,441 698,441 -698,441 698,441 698,441 -698,441698,441 698,441

Credit risk risk Credit Credit risk Credit risk risk is is the the potential potential financial financial loss loss resulting resulting from from the the failure failure of of aa customer customer or or counterparty counterparty to to settle settle Credit Credit risk is and the potential financial loss resulting from the of a they customer or counterparty settle its financial financial contractual obligations to the the Group Group as failure and when when fall due. due. The Group Grouptohas has no its and contractual obligations to as and they fall The no its financialcredit and contractual obligations to thesince Group as and maintains when theybusiness fall due.with Thelarge Group has no significant risk with any counterparties the Group customers significant credit risk with any counterparties since the Group maintains business with large customers significant credit with any counterparties since the Group maintains business with large customers in petroleum petroleum and risk power industries. in and power industries. in petroleum and power industries.

GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED

Notes to the financial statements Global Power Public Company and its Subsidiaries Global Power Synergy Synergy Public Company Limited andLimited its Subsidiaries to the theyear financial statements NotesFor ended 31 December 2017 For the year ended 31 December 2017 Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. Fair values of financial assets and liabilities As at 31 December 2017, the Group has forward exchange contracts and interest rate swap contract and the Company has forward exchange contracts which the fair value of liabilities from derivative instruments are at the amount of Baht 11.4 million and Baht 9.2 million, respectively (2016: the Group has liabilities from derivative instruments at the amount of Baht 57. 5 million) . The Group determined the fair value by level 2 input. The fair value of long-term loans and borrowings carrying a floating rate, which is considered to be market rate, are taken to approximate their fair values. The fair value of other financial assets and liabilities are taken to approximate carrying value due to the relatively short-term maturity of these financial instruments. Measurement of Fair values Financial instruments measured at fair value

Type

Valuation technique

Forward exchange contracts and interest rate swap

Market comparison technique: The fair values are based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments.

Significant unobservable inputs

Inter-relationship between significant unobservable inputs and fair value measurement

Not applicable.

Not applicable

Dividend At the Company’s Board of Directors meeting held on 15 August 2017, the board of directors approved the appropriation of 2017 interim dividend for the operating result from 1 January 2017 till 30 June 2017 of Baht 0.45 per share, totaling Baht 674.2 million. The interim dividend was paid to shareholders on 11 September 2017. At the annual general meeting of the shareholders of the Company held on 3 April 2017, the shareholders approved the appropriation of 2016 annual dividend at Baht 1. 15 per share, totalling Baht 1,723.0 million. After a deduction of the interim dividends of Baht 0.45 per share which were paid to the Company’ s shareholders in September 2016, the remaining dividends of Baht 0. 70 per share, totalling Baht 1,048.8 million, were paid to shareholders on 11 April 2017.

Type

Valuation technique

Significant unobservable inputs

F I N A Nexchange C I A L R E P O RMarket T 2 0 1comparison 7 Forward Not applicable. contracts and technique: The fair interest rate swap values are based on broker quotes. Similar contracts are traded in an active market andand its Subsidiaries Global Power Synergy Public Company Limited the quotes reflect the For the year ended 31 December 2017 actual transactions in similar instruments.

between significant unobservable inputs and fair value measurement Not applicable

Notes to the financial statements

At the annual general meeting of the shareholders of the Company held on 3 April 2017, the shareholders approved the appropriation of 2016 annual dividend at Baht 1. 15 per share, totalling BahtPower 1,723.0 Synergy million. After a deduction of the interim dividends BahtSubsidiaries 0.45 per share which were paid Global Public Company Limited andofits its Global Power Synergy Public Company Limited and Subsidiaries to the Company’ s shareholders in September 2016, the remaining dividends of Baht 0. 70 Notes to to the the financial financial statements statements Notes peryear share,ended totalling 1,048.82017 million, were paid to shareholders on 11 April 2017. For the 31 Baht December

For the year ended 31 December 2017

At the the Company’s Company’s Board Board of of Directors Directors meeting meeting held held on on18 18 August August 2016, 2016, the the board board of of directors directors approved approved At the appropriation of 2016 interim dividend for the operating result from 1 January 2016 till 30 June June the appropriation of 2016 interim dividend for 79 the operating result from 1 January 2016 till 30 2016 of Baht 0.45 per share, totaling Baht 674.2 million. The interim dividend was paid to shareholders 2016 of Baht 0.45 per share, totaling Baht 674.2 million. The interim dividend was paid to shareholders on 14 14 September September 2016. 2016. on At the the annual annual general general meeting meeting of of the the shareholders shareholders of of the the Company Company held held 44 April April 2016, 2016, the the shareholders shareholders At approved the the appropriation appropriation of of 2015 2015 annual annual dividend dividend of of Baht Baht 0. 0.95, 95, amounting amounting to to Baht Baht 1,423. 1,423.44 million. million. approved This amount include the interim dividends of Baht 0. 35 per share which were paid to the Company’ This amount include the interim dividends of Baht 0. 35 per share which were paid to the Company’ ss shareholders in in September September 2015, 2015, the the remaining remaining dividends dividends of of Baht Baht 0. 0.60 60 per per share, share, totalling totalling Baht Baht 899. 899.00 shareholders million, were paid to shareholders on 12 April 2016. million, were paid to shareholders on 12 April 2016.

36 36

Commitments with with non-related non-related parties parties Commitments Consolidated Separate Consolidated Separate financial statements financial statements financial statements financial statements 2017 2016 2017 2016 2017 2016 2017 2016 (in thousand thousand Baht) Baht) (in

Capital commitments commitments Capital Contracted but not not provided provided for: for: Contracted but Design, construction and installment for Design, construction and installment for machinery and equipment and project machinery and equipment and project construction construction Total Total

3,328,851 3,328,851 3,328,851 3,328,851

2,267,739 2,267,739 2,267,739 2,267,739

3,014,857 3,014,857 3,014,857 3,014,857

104,637 104,637 104,637 104,637

Future minimum minimum lease lease payments payments under under Future non-cancellable operating operating leases leases non-cancellable Within one year Within one year After one one year year but but within within five five years years After After five years After five years Total Total

68,610 68,610 164,243 164,243 207,144 207,144 439,997 439,997

84,982 84,982 194,778 194,778 231,194 231,194 510,954 510,954

66,345 66,345 155,186 155,186 165,732 165,732 387,263 387,263

82,718 82,718 185,721 185,721 192,970 192,970 461,409 461,409

Forward Foreign Foreign Exchange Exchange Contracts Contracts Forward As at at 31 31 December December 2017, 2017, the the Company Company has has outstanding outstanding forward forward contract contract to to buy buy Euro Euro 15.8 15.8 million, million, As equivalent to Baht 621.8 million with maturity date in January to November 2018. equivalent to Baht 621.8 million with maturity date in January to November 2018. As at at 31 31 December December 2017, 2017, aa local local subsidiary subsidiary has has outstanding outstanding forward forward contract contract to to buy buy U. U.S. S. Dollars Dollars 0.6 0.6 As

Capital commitments Contracted but not provided for: Design, construction and installment for machinery and equipment and project construction G L O B A L P O W E R S3,328,851 Y N E R G Y P U B2,267,739 L I C C O M P A 3,014,857 NY LIMITED Total 3,328,851 2,267,739 3,014,857

104,637 89 104,637

Future minimum lease payments under non-cancellable operating leases Within one year 68,610 84,982 Global Power Synergy Public Company Limited and its Subsidiaries After one year but within five years 164,243 194,778 After 207,144 231,194 For thefive yearyears ended 31 December 2017 Total 439,997 510,954

82,718 185,721 192,970 461,409

Notes to the financial statements

66,345 155,186 165,732 387,263

Forward Foreign Exchange Contracts As at 31 December 2017, the Company has outstanding forward contract to buy Euro 15.8 million, equivalent to Baht 621.8 million with maturity date in January to November 2018. As at 31 December 2017, a local subsidiary has outstanding forward contract to buy U. S. Dollars 0.6 million, equivalent to Baht 18.8 million with maturity date in January to July 2018. (2016: U.S. Dollars 0.8 million equivalent to Baht 28.1 million) Interest Rate Swap Contract A oversea hasPublic entered Company into interest rate swap contract a commercial Global Powersubsidiary Synergy Limited and itswith Subsidiaries

bank in other country to manage exposure and fluctuations in interest rates of longterm loans for JPY currency, Notes to the financial statements whereby exchanging floating interest rate based on JPY- LIBOR plus margin with fixed interest rate. For the year ended 31 December 2017 The swap contract effective from 28 February 2018 to 31 May 2036. Long-term Maintenance Agreements The Company and a subsidiary have combustion turbine supply and maintenance agreements with local and oversea companies (“service provider”), whereby the service providers will supply and repair parts used for yearly and scheduled repairs. In this regard, the Company and a subsidiary are committed to pay for the parts and maintenance service fees to the service providers at the prices specified the agreements. The period of agreements are 10- 17 years. These agreements are effective till the end of 80 usage or at the specified maintenance period as agreement period or maximum number of hours stipulated in each agreement. Product Sale and Purchase Agreements The Company and a subsidiary have power purchase agreements for 25 years with the Electricity Generating Authority of Thailand (“EGAT”) whereby the Company and a subsidiary will supply the electric energy to EGAT at the agreed quantity and price. As a contracted party with EGAT. The Group entered into agreements with domestic companies to purchase and sell electricity, steam, water for industrial purpose for the period of 15 years or as indicated in the agreements at volume, price as stipulated in agreements. Equity Contribution Agreement As specified in Equity Contribution Agreements between the Group’ s entities, creditor financial institutions (as Intercreditor Agent) and shareholders, the Company and a subsidiary as a shareholder of those entities are committed for additional investments to the entities whenever they acquires loans from their creditors in order to constantly maintain debt to equity ratio as specified in the agreements. Loan agreements Under the Group’s loan agreements with financial institutions, the Group and the Company, as a shareholder, has some commitments as specified in the agreements such as maintain its shareholding, provide financial support in proportion of its shareholding and additional investment required in order to maintain debt to equity ratio. Letters of Guarantee

The Company and a subsidiary have power purchase agreements for 25 years with the Electricity Generating Authority of Thailand (“EGAT”) whereby the Company and a subsidiary will supply the electric energy to EGAT at the agreed quantity and price. As a contracted party with EGAT.

The Group entered into agreements with domestic companies to purchase and sell electricity, steam, F I N for A Nindustrial C I A L R Epurpose P O R T for 2 0 the 1 7 period of 15 years or as indicated in the agreements at volume, price water as stipulated in agreements. Equity Contribution Agreement

Notes to the financial statements

As specified in Equity Contribution Agreements between the Group’ s entities, creditor financial Global Power Synergy Public Company Limited and its Subsidiaries institutions (as Intercreditor Agent) and shareholders, the Company and a subsidiary as a shareholder of For theentities year ended 31 December 2017 those are committed for additional investments to the entities whenever they acquires loans from their creditors in order to constantly maintain debt to equity ratio as specified in the agreements.

Loan agreements Under the Group’s loan agreements with financial institutions, the Group and the Company, as a shareholder, has some commitments as specified in the agreements such as maintain its shareholding, provide financial support in proportion of its shareholding and additional investment required in order to maintain debt to equity ratio. Letters of Guarantee As at 31 December 2017, the Group and the Company had commitment to local banks and Thailand office of foreign financial institutions for letter of guarantee issued for sale and purchase electricity and natural gas, electricity used, purchase of machinery and rental agreements to certain government sector and private sectors totalling Baht 669.4 million and Baht 207.7 million, respectively (2016: Baht 1,443.0 million and Baht 196.0 million, respectively). Long-Term Land Lease Agreement The subsidiary has non- cancellable land lease agreement with an oversea company, using for power plant operation in Japan for the period of 20 years commencing from commercial operation date with total rental fee of JPY 45.0 million per annum. The subsidiary has land lease agreement with a domestic individual, using for solar power plant operation for the period of 25 years commencing from commercial operation date. The initial rental fee willPower be paid at the agreement signed date of Baht 6. 0 million. annual rental fee of Baht 1. 5 Global Synergy Public Company Limited andThe itsfirst Subsidiaries million is due on 1 August 2016 and the remaining instalments will be due on 1 August of years. Notes to the financial statements The annual rental fee will be increase 5% every three years. For the year ended 31 December 2017

Event after the reporting period

At the meeting of the Board of Directors of the Company held on 12 February 2018, the Company’ s Board of Directors approved the submission for approval at the annual general meeting of the shareholders of the Company the appropriation of 2017 annual dividends at Baht 1.25 per share, totalling Baht 1,872.9 million. After a deduction of the interim dividends of Baht 0.45 per share which were paid to the Company’s shareholders in September 2017, the remaining dividends of Baht 0.80 per share, totalling Baht 1,198.6 million This dividend is subject to the approval of the Company’ s shareholders at the 2018 annual general meeting.

Reclassification of accounts Certain accounts in the statement of financial position as at 31 December 2016, which are included in the 2017 interim financial statements for comparative purposes, have been reclassified to conform to the presentation in the 2017 interim financial statements as follows:

Statement of financial position as at 31 December 2016

2016 Consolidated financial statements Before After reclassification Reclassification reclassification (in thousand Baht)

Global Power Synergy Public Company Limited and its Subsidiaries

Global Power Synergy Public Company Limited and its Subsidiaries Notes Notes to to the the financial financial statements statements Notes toyear the financial statements 2017 For the ended 31 For the year ended 31 December December 2017 For the year ended 31 December 2017 37 37 37

Event G L O B Aperiod L POWER SYNERGY PUBLIC COMPANY LIMITED Event after after the the reporting reporting period Event after the reporting period

At At the the meeting meeting of of the the Board Board of of Directors Directors of of the the Company Company held held on on 12 12 February February 2018, 2018, the the Company’ Company’ss At the meeting of the approved Board of Directors of the Company held on 12 February 2018, the meeting Company’ s Board of Directors the submission for approval at the annual general Board of Directors approved the submission for approval at the annual general meeting of of Board of Directors approved the submission for approval at the annual general meeting of the shareholders of the Company the appropriation of 2017 annual dividends at Baht 1.25 per share, the shareholders of the Company the appropriation of 2017 annual dividends at Baht 1.25 per share, the shareholders of the Company the appropriation of 2017 annual dividends at Baht 1.25 per share, totalling Baht After deduction of the interim totalling Baht 1,872.9 1,872.9 million. million. After aa Limited deduction interim dividends dividends of of Baht Baht 0.45 0.45 per per share share which which Globalpaid Power Synergy Public shareholders Company andof itsthe Subsidiaries totalling Baht 1,872.9 million. After a deduction of the interim dividends ofdividends Baht 0.45of perBaht share which were to the Company’s in September 2017, the remaining were paid to the Company’s shareholders in September 2017, the remaining dividends of Baht 0.80 0.80 per per were paid to the Company’s shareholders in Septemberis2017, the remaining dividends the of Baht 0.80 per For the year ended 31 1,198.6 December 2017 This share, totalling Baht million share, totalling Baht 1,198.6 million This dividend dividend is subject subject to to the the approval approval of of the Company’ Company’ ss share, totalling Baht 1,198.6 million This dividend is subject to the approval of the Company’ s shareholders shareholders at at the the 2018 2018 annual annual general general meeting. meeting. shareholders at the 2018 annual general meeting.

Notes to the financial statements

38 38 38

Reclassification Reclassification of of accounts accounts Reclassification of accounts

Certain Certain accounts accounts in in the the statement statement of of financial financial position position as as at at 31 31 December December 2016, 2016, which which are are included included in in Certain accounts in the statement of financial position purposes, as at 31 December 2016, which are included in the 2017 interim financial statements for comparative have been reclassified to conform the 2017 interim financial statements for comparative purposes, have been reclassified to conform to to the presentation 2017 interim financial statements for comparative purposes, have been reclassified to conform to the the presentation in in the the 2017 2017 interim interim financial financial statements statements as as follows: follows: the presentation in the 2017 interim financial statements as follows: 2016 2016 2016 Consolidated financial Consolidated financial statements statements Consolidated financial statementsAfter Before Before After Before After reclassification Reclassification reclassification reclassification Reclassification reclassification reclassification (inReclassification reclassification (in thousand thousand Baht) Baht) (in thousand Baht) Statement of financial position as at Statement of financial position as at Statement of financial position as at 31 31 December December 2016 2016 31 December 2016 Long-term and Long-term loans loans to to and interest interest receivables receivables Long-term loans to and interest receivables -from related parties 2,529,589 2,529,589 from related parties 2,529,589 2,529,589 from related parties 2,529,589) 2,529,589-Long-term loans to related parties 2,463,160 ( 2,463,160 Long-term loans to related parties 2,463,160 (2,463,160) Long-term loans to related parties 2,463,160 ( 2,463,160 ) Other 398,354 ((66,429 331,925 Other non-current non-current assets assets 398,354 66,429)) 331,925 Other non-current assets 398,354 66,429)) 331,925-Surplus 78,467 (((78,467 Surplus on on share-based share-based payment payment transactions transactions 78,467 78,467) Surplus on share-based payment transactions 78,467 ) (78,467) --Discount on common control transactions ( 1,196,681 1,196,681 Discount on common control transactions (1,196,681) 1,196,681 Discount on common control transactions ( 1,196,681 ) 1,196,681 Other ((1,118,214 ((1,118,214 Other surpluses surpluses (deficits) (deficits) 1,118,214)) 1,118,214)) Other surpluses (deficits) (1,118,214- ) (1,118,214) -

Statement Statement of of financial financial position position as as at at Statement of financial position as at 31 December 2016 31 December 2016 31 December 2016 Long-term loans and Long-term loans to to and interest interest receivables receivables Long-term loansparties to and interest receivables from related from related parties from related parties Long-term Long-term loans loans to to related related parties parties Long-term loans toassets related parties Other non-current Other non-current assets Other non-current assets Surplus Surplus on on share-based share-based payment payment transactions transactions Surplus on share-based payment transactions Other surpluses (deficits) Other surpluses (deficits) Other surpluses (deficits)

2016 2016 2016 Separate financial Separate financial statements statements Separate financial statements After Before Before After Before After reclassification Reclassification reclassification Reclassification reclassification reclassification reclassification (inReclassification reclassification thousand Baht) (in thousand Baht) (in thousand Baht) --

2,666,660 2,666,660 2,666,660 247,262 247,262 247,262 78,467 78,467 78,467-

The The reclassifications reclassifications have have been been made made in in order order to to comply comply with with The Pronouncement reclassificationsofhave been made in order to Development comply with the the Department of Business the Pronouncement of the Department of Business Development the financial Pronouncement of B.E. the Department of Business Development the the financial statements statements B.E. 2559” 2559” dated dated 11 11 October October 2016. 2016. the financial statements B.E. 2559” dated 11 October 2016.

82 82 82

2,733,089 2,733,089

2,733,089 ((2,666,660 2,666,660)) (2,666,660 ) ((66,429 66,429)) ((78,467 66,429)) (78,467) (78,467 78,467)

2,733,089 2,733,089 2,733,089-180,833 180,833 180,833-78,467 78,467 78,467

78,467 78,467the the classification classification set set out out theDetermination classification ofsetitems out “ “ Determination of items “ Determination of items

in in in in in

Global Power Synergy Public Company Limited 555/2 Energy Complex Building B, 5th Floor, Vibhavadiâ&#x20AC;&#x201C;Rangsit Road, Kwaeng Chatuchak,Khet Chatuchak, Bangkok 10900. Tel: 02-140-4600 , Fax: 02-140-4601 www.gpscgroup.com