TTW Public Company Limited and its subsidiaries Review report and interim consolidated financial statements For the three-month period ended 31 March

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1 TTW Public Company Limited and its subsidiaries Review report and interim consolidated For the three-month period ended

2 Independent Auditor s Report on Review of Interim Financial Information To the Shareholders of TTW Public Company Limited I have reviewed the accompanying consolidated statement of financial position of TTW Public Company Limited and its subsidiaries as at, the related consolidated statements of comprehensive income, changes in shareholders equity, and cash flows for the three-month period then ended, as well as the condensed notes to the consolidated. I have also reviewed the separate financial information of TTW Public Company Limited for the same periods. Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review. Scope of Review I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting. Manee Rattanabunnakit Certified Public Accountant (Thailand) No EY Office Limited Bangkok: 10 May

3 TTW Public Company Limited and its subsidiaries Statement of financial position As at Consolidated Separate Note (Unaudited (Audited) (Unaudited (Audited) Assets Current assets but reviewed) but reviewed) Cash and cash equivalents 89, ,808 77, ,915 Current investments 4 3,476,190 2,359,470 3,038,107 1,744,712 Trade and other receivables 5 562, , , ,288 Current portion of long-term loans to related party and interest receivable , ,433 Raw materials and supplies 23,320 23,055 12,606 12,696 Other current assets 43,966 26,903 33,242 22,501 Total current assets 4,196,025 3,279,550 3,918,740 2,808,545 Non-current assets Long-term loans to related party, net of current portion , ,080 Investments in subsidiaries ,304,060 2,358,675 Investment in associate 7 4,550,655 4,508,502 4,228,013 4,228,013 Other long-term investments 29,000 29, Property, plant and equipment 8 782, , , ,865 Assets for production of treated water with public sector agency: Assets that are owned by the Company 9 9,877,594 9,993,246 9,877,594 9,993,246 Assets that must be transferred at end of concession of subsidiary 10 2,191,091 2,270, Rights to produce and sell treated water and treat waste water from private sector agency 11 1,227,221 1,238,008 1,227,221 1,238,008 Rights to produce and sell treated water from business acquisition 12 1,079,997 1,128, Intangible assets 3,758 4, Deferred tax assets 4,041 3, Other non-current assets 46,356 46,504 43,001 43,043 Total non-current assets 19,792,224 19,997,491 18,770,916 19,036,930 Total assets 23,988,249 23,277,041 22,689,656 21,845,475 The accompanying notes are an integral part of the.

4 TTW Public Company Limited and its subsidiaries Statement of financial position (continued) As at Consolidated Separate Note (Unaudited (Audited) (Unaudited (Audited) Liabilities and shareholders' equity Current liabilities but reviewed) but reviewed) Trade and other payables , , ,226 88,315 Current portion of long-term loans , , , ,000 Current portion of debentures 15 1,500,000 1,000,000 1,500,000 1,000,000 Income tax payable 404, , , ,301 Accrued interest 78, ,018 78, ,018 Other current liabilities 64,793 68,680 43,520 46,507 Total current liabilities 2,671,348 2,046,324 2,512,715 1,923,141 Non-current liabilities Retention payable - subsidiary ,000 5,000 Long-term loans, net of current portion 14 3,675,000 3,795,000 3,675,000 3,795,000 Debentures, net of current portion 15 4,895,363 5,395,118 4,895,363 5,395,118 Provision for long-term employee benefits 42,057 40,253 22,316 21,319 Deferred tax liabilities 123, ,440 92,808 90,586 Total non-current liabilities 8,736,264 9,352,811 8,690,487 9,307,023 Total liabilities 11,407,612 11,399,135 11,203,202 11,230,164 The accompanying notes are an integral part of the.

5 TTW Public Company Limited and its subsidiaries Statement of financial position (continued) As at Consolidated Separate Note (Unaudited (Audited) (Unaudited (Audited) Shareholders' equity Share capital Registered but reviewed) but reviewed) 3,990,000,000 ordinary shares of Baht 1 each 3,990,000 3,990,000 3,990,000 3,990,000 Issued and fully paid-up 3,990,000,000 ordinary shares of Baht 1 each 3,990,000 3,990,000 3,990,000 3,990,000 Share premium 2,637,770 2,637,770 2,637,770 2,637,770 Retained earnings Appropriated - statutory reserve 399, , , ,000 Appropriated - other reserve 16 1,691,231 1,691,231 1,691,231 1,691,231 Unappropriated 4,367,693 3,699,629 2,768,453 1,897,310 Other components of shareholders' equity (543,146) (582,131) - - Equity attributable to owners of the Company 12,542,548 11,835,499 11,486,454 10,615,311 Non-controlling interests of the subsidiaries 38,089 42, Total shareholders' equity 12,580,637 11,877,906 11,486,454 10,615,311 Total liabilities and shareholders' equity 23,988,249 23,277,041 22,689,656 21,845, The accompanying notes are an integral part of the. Directors

6 TTW Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended (Unit: Thousand Baht, except earnings per share expressed in Baht) Consolidated Separate Note Profit or loss: Revenues Sales of treated water to public sector agency: Sales of treated water - minimum offtake quantities 1,245,134 1,231, , ,667 Sales of treated water - above minimum offtake quantities 117,050 22,776 74,310 22,776 Sales of treated water to private sector agencies 49,603 47,150 49,603 47,150 Total sales of treated water 1,411,787 1,301, , ,593 Service income 29,071 28,849 9,872 10,061 Interest income 2,470 3,131 10,473 15,500 Dividend income , ,458 Other income 6,792 20,895 8,737 22,537 Total revenues 1,450,120 1,354,064 1,430,708 1,394,149 Expenses Cost of sales of treated water and services 413, , , ,160 Administrative expenses 62,658 62,962 47,378 49,496 Amortisation of investments in subsidiaries ,615 54,615 Amortisation of rights to produce and sell treated water and treat waste water from private sector agency 11 12,501 10,745 12,501 10,745 Amortisation of rights to produce and sell treated water from business acquisition 12 48,556 49, Total expenses 537, , , ,016 Profit before share of profit (loss) from investment in associate, finance cost and income tax expenses 912, ,055 1,073,530 1,060,133 Share of profit (loss) from investment in associate 7 3,168 (10,982) - - Profit before finance cost and income tax expenses 915, ,073 1,073,530 1,060,133 Finance cost (94,679) (93,120) (94,679) (93,120) Profit before income tax expenses 821, , , ,013 Income tax expenses 17 (148,476) (166,536) (107,708) (125,283) Profit for the period 672, , , ,730 The accompanying notes are an integral part of the.

7 TTW Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the three-month period ended (Unit: Thousand Baht, except earnings per share expressed in Baht) Consolidated Separate Note Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Unrealised gain from cash flow hedges - net of income tax 38,007 27, Gain on change in value of available-for-sale investments - net of income tax 978 3, Other comprehensive income for the period 38,985 31, Total comprehensive income for the period 711, , , ,730 Profit attributable to: Equity holders of the Company 668, , , ,730 Non-controlling interests of the subsidiaries 4,605 4, , ,417 Total comprehensive income attributable to: Equity holders of the Company 707, , , ,730 Non-controlling interests of the subsidiaries 4,605 4, , ,922 Basic earnings per share 18 Profit attributable to equity holders of the Company The accompanying notes are an integral part of the.

8 TTW Public Company Limited and its subsidiaries Cash flows statement For the three-month period ended Consolidated Separate Cash flows from operating activities Profit before tax 821, , , ,013 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation and amortisation 195, , , ,431 Allowance for doubtful accounts 3, Amortisation of investments in subsidiaries ,615 54,615 Amortisation of rights to produce and sell treated water from business acquisition 48,556 49, Amortisation of rights to produce and sell treated water and treat waste water from private sector agency 12,501 10,745 12,501 10,745 Share of (profit) loss from investment in associate (3,168) 10, Dividend income - - (437,262) (446,458) Withholding tax deducted at source written off Provision for long-term employee benefits 1,804 1, ,306 Interest expenses 94,679 93,120 94,679 93,120 Profit from operating activities before changes in operating assets and liabilities 1,174,889 1,101, , ,772 Operating assets (increase) decrease Trade and other receivables (8,808) (31,274) (6,262) (21,112) Raw materials and supplies (265) Other current assets (17,063) (9,998) (10,741) (4,557) Other non-current assets Operating liabilities increase (decrease) Trade and other payables 4,472 (176,641) 6,233 (173,395) Other current liabilities (3,887) (5,531) (2,987) (5,020) Cash from operating activities 1,149, , , ,934 Cash paid for interest expenses (114,633) (111,808) (114,633) (111,808) Cash paid for income tax (12,853) (12,733) (8,534) (8,453) Net cash from operating activities 1,021, , , ,673 The accompanying notes are an integral part of the.

9 TTW Public Company Limited and its subsidiaries Cash flows statement (continued) For the three-month period ended Consolidated Separate Cash flows from investing activities Increase in current investments (1,110,063) (106,959) (1,286,738) (336,753) Decrease in long-term loans to related party ,785 91,785 Increase in property, plant and equipment (5,500) (1,779) (5,257) (1,608) Increase in assets for production of treated water - (61,894) - (61,894) Cash paid for capitalised interest - (23,115) - (23,115) Increase in assets for production of treated water under agreements with public sector agency - assets that are owned by the Company - (260,737) - (260,737) Increase in assets for production of treated water that must be transferred at the end of concession of subsidiary (1,370) Increase in rights to produce and sell treated water and treat waste water from private sector agency (1,714) (4,854) (1,714) (4,854) Dividend received , ,458 Net cash used in investing activities (1,118,647) (459,338) (764,662) (150,718) Cash flows from financing activities Repayment of long-term loans (120,000) (272,500) (120,000) (272,500) Cash received from debentures 998, ,897 - Repayment of debentures (1,000,000) - (1,000,000) - Dividend paid (114) - (114) - Dividend paid for non-controlling interests of the subsidiary (8,923) (9,112) - - Net cash used in financing activities (130,140) (281,612) (121,217) (272,500) Net increase (decrease) in cash and cash equivalents (226,892) 13,238 (203,369) 36,455 Cash and cash equivalents at beginning of period 316, , , ,870 Cash and cash equivalents at end of period 89, ,525 77, , Supplemental cash flows information Non-cash transactions Increase in accounts receivable from securities trading (4,135) (37,956) (4,135) (37,956) Increase in accounts payable from securities trading 10,792 37,605 10,792 37,605 Portion of advance payment to subcontractor deducted from payment for equipment Portion of advance payment to subcontractor deducted from payment for assets production of treated water - 3,538-3,538 Transfer property, plant and equipment to (from) assets for production of treated water under agreements with public sector agency (4,296) 7,700 (4,296) 7,700 Transfer property, plant and equipment to rights to produce and sell treated water and treat waste water from private sector agency - 134, ,711 The accompanying notes are an integral part of the.

10 TTW Public Company Limited and its subsidiaries Statement of changes in shareholders' equity For the three-month period ended Consolidated Equity attributable to owners of the Company Other components of equity Other comprehensive income Surplus on Difference on Total other Total equity Equity attributable to Issued and Retained earnings changes in value Unrealised reorganisation of components attributable to non-controlling Total paid-up Appropriated - Appropriated - of available-for-sale gain (loss) from business of of shareholders' owners of interests of shareholders' share capital Share premium statutory reserve other reserve Unappropriated investments cash flow hedges group companies equity the Company the subsidiaries equity Balance as at 1 January 3,990,000 2,637, ,000 1,691,231 3,432,943 4,974 (62,419) (600,363) (657,808) 11,493,136 42,254 11,535,390 Profit for the period , ,251 4, ,417 Other comprehensive income for the period ,777 27,728-31,505 31,505-31,505 Total comprehensive income for the period ,251 3,777 27,728-31, ,756 4, ,922 Decrease in non-controlling interests of the subsidiary from dividend payment of the subsidiary (9,112) (9,112) Balance as at 3,990,000 2,637, ,000 1,691,231 4,026,194 8,751 (34,691) (600,363) (626,303) 12,117,892 37,308 12,155,200 Balance as at 1 January 3,990,000 2,637, ,000 1,691,231 3,699,629 8,974 9,258 (600,363) (582,131) 11,835,499 42,407 11,877,906 Profit for the period , ,064 4, ,669 Other comprehensive income for the period ,007-38,985 38,985-38,985 Total comprehensive income for the period , ,007-38, ,049 4, ,654 Decrease in non-controlling interests of the subsidiary from dividend payment of the subsidiary (8,923) (8,923) Balance as at 3,990,000 2,637, ,000 1,691,231 4,367,693 9,952 47,265 (600,363) (543,146) 12,542,548 38,089 12,580,637 - The accompanying notes are an integral part of the.

11 TTW Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the three-month period ended Separate Issued and Retained earnings paid-up Appropriated - Appropriated - Total share capital Share premium statutory reserve other reserve Unappropriated shareholders' equity Balance as at 1 January 3,990,000 2,637, ,000 1,691,231 1,590,866 10,308,867 Profit for the period , ,730 Other comprehensive income for the period Total comprehensive income for the period , ,730 Balance as at 3,990,000 2,637, ,000 1,691,231 2,432,596 11,150,597 Balance as at 1 January 3,990,000 2,637, ,000 1,691,231 1,897,310 10,615,311 Profit for the period , ,143 Other comprehensive income for the period Total comprehensive income for the period , ,143 Balance as at 3,990,000 2,637, ,000 1,691,231 2,768,453 11,486,454 - The accompanying notes are an integral part of the.

12 TTW Public Company Limited and its subsidiaries Notes to interim consolidated For the three-month period ended 1. General information 1.1 The Company s general information TTW Public Company Limited ( the Company ) is a public company incorporated and domiciled in Thailand. Its major shareholder is Mitsui Water Holdings (Thailand) Company Limited, which was incorporated in Thailand. The Company is principally engaged in the production and sale of treated water to the Provincial Waterworks Authority ( PWA ) in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom and the Amphur Muang and Amphur Kratumban areas of Samut Sakhon, under the Water Purchase Agreement made with the PWA dated 21 September 2000 (An amendment agreement dated 29 December 2008), which covers a period of 30 years as from the Actual Commencement Date (21 July 2004), and under the Concession to operate treated water granted by the Ministry of Natural Resources and Environment ( the Concessionaire ) for a period of 25 years commencing on 11 March The Company has to comply with certain conditions as stipulated in the Water Purchase Agreement and the Concession. The terms of the Concession include certain significant conditions, such as that when the Company has completed half of the concession period, if the government or the local government agency wish to purchase the water production business of the Company, the Concessionaire is entitled to cancel the concession in order to purchase it, or permit the relevant local government agency to purchase it, at market price. However, it must provide the Company with advance notice of six months of such action. The Company s registered office is at 30/130 Moo 12, Budha Monthon 5 Road, RaiKhing, Sam Pran, Nakhon Pathom. 1.2 Basis for preparation of interim These interim are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company choosing to present condensed interim. However, the Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual. 1

13 The interim are intended to provide information additional to that included in the latest annual. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual. The interim in Thai language are the official statutory of the Company. The interim in English language have been translated from the Thai language. 1.3 Basis of consolidation These consolidated interim include the of TTW Public Company Limited and its subsidiaries and are prepared on the same basis as the consolidated for the year ended, with no structural changes related to subsidiaries occurring during the current period. 1.4 New financial reporting standards (a) Financial reporting standards that became effective in the current year During the period, the Company and its subsidiaries have adopted the revised financial reporting standards and interpretations (revised ) which are effective for fiscal years beginning on or after 1 January. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have any significant impact on the Company and its subsidiaries. (b) Financial reporting standard that will become effective in the future During the period, the Federation of Accounting Professions issued the financial reporting standard TFRS 15 Revenue from Contracts with Customers, which is effective for fiscal years beginning on or after 1 January Key principles of this standard are summarized below. TFRS 15 Revenue from Contracts with Customers TFRS 15 supersedes TAS 11 Construction Contracts and TAS 18 Revenue, together with related Interpretations. Entities are to apply this standard to all contracts with customers unless those contracts fall within the scope of other standards. The standard establishes a five-step model to account for revenue arising from contracts with customers, with revenue being recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model. 2

14 At present, the management of the Company and its subsidiaries is evaluating the impact of this standard to the in the year when it is adopted. 2. Significant accounting policies The interim are prepared using the same accounting policies and methods of computation as were used for the for the year ended. 3. Related party transactions During the period, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties. Consolidated Separate For the three-month periods ended Transfer pricing policy Transactions with subsidiary companies (eliminated from the consolidated ) Interest income - - 8,774 12,699 Minimum Loan Rate minus stipulated margin per annum Management income - - 3,900 3,900 Based on contract Dividend income , ,458 As declared Cost of sales and services - - 8,963 8,714 Based on contract Transactions with related parties Sales of treated water 10,938 7,321 10,938 7,321 Based on contract Service income Based on contract Construction in progress - 284, ,957 Based on contract 3

15 As at and, the balances of the account between the Company and those related parties are as follows: Consolidated Separate Trade and other receivables - related parties (Note 5) Subsidiaries - - 1,391 1,391 Related companies (related by shareholders or committees) 3,998 8,194 3,998 8,194 Total trade and other receivables - related parties 3,998 8,194 5,389 9,585 Trade and other payables - related parties (Note 13) Subsidiary - - 3,194 3,157 Related companies (related by shareholders or committees) Total trade and other payables - related parties ,313 3,398 Retention payable - subsidiary - - 5,000 5, ,000 5,000 Long-term loans to related party As at and, the balance of long-term loans between the Company and a related party and the movement are as follows: Separate Balance as at Balance as at 1 January During the period Company s name Related by Increase Decrease Pathum Thani Water Company Limited Subsidiary Loans 828,220 - (91,785) 736,435 Interest receivable 293 8,775 (8,894) 174 Total 828,513 8,775 (100,679) 736,609 4

16 Separate Long-term loans to related party and interest receivable Pathum Thani Water Company Limited Loans 736, ,220 Interest receivable Total 736, ,513 Less: Current portion and interest receivable (367,314) (367,433) Long-term loans to related party, net of current portion 369, ,080 Long-term loans to subsidiary were subject to interest at the Minimum Loan Rate minus a stipulated margin (MLR - margin) per annum. Repayment is to be made in quarterly installments and due in full within December Directors and management s benefits During the three-month periods ended and, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below. Consolidated Separate Short-term employee benefits 16,801 17,651 13,166 14,167 Post-employment benefits Total 17,201 18,510 13,489 14, Current investments Consolidated Separate Fixed deposits 535, , , , , , , ,176 Investments in trading securities at fair value Government and state enterprise bonds 403, , , ,967 Private sector debt securities 2,264,181 1,065,478 1,956, ,720 Marketable equity securities 273, , , ,849 2,941,014 1,824,294 2,632,931 1,339,536 Total current investments 3,476,190 2,359,470 3,038,107 1,744,712 5

17 The balances of current investments represent investments in trading securities and the 4-12 month fixed deposits, carrying interests and return on investments between 0.65% and 5.10% per annum ( : between 0.65% and 4.38% per annum). The Company had maintained the fixed deposits according to the addition amendment of the agreement to the concession to operate treated water as described in Note Trade and other receivables Consolidated Separate Trade receivables - related parties Aged on the basis of due dates Not yet due 3,985 3,896 3,985 3,896 Past due Up to 3 months 13 4, ,298 Total trade receivables - related parties 3,998 8,194 3,998 8,194 Trade receivables - unrelated parties Aged on the basis of due dates Not yet due 529, , , ,827 Past due Up to 3 months 2,431 11,121 2,431 11,121 Total trade receivables - unrelated parties 532, , , ,948 Total trade receivables 536, , , ,142 Other receivables Other receivables - related parties - - 1,391 1,391 Other receivables - unrelated parties 20,139 20,139 11,221 11,221 Interest receivables - unrelated parties 6,340 3,966 5,350 3,597 Other receivables from securities trading 13,682 9,547 13,682 9,547 Total other receivables 40,161 33,652 31,644 25,756 Less: Allowance for doubtful debts (13,688) (10,064) (6,489) (5,610) Total other receivables - net 26,473 23,588 25,155 20,146 Total trade and other receivables - net 562, , , ,288 6

18 6. Investments in subsidiaries Details of investments in subsidiaries as presented in separate are as follows: Dividend received Company s name Paid-up capital Shareholding percentage Cost during the three-month periods ended (%) (%) Thai Water Operations Company Limited 60,000 60, , , Pathum Thani Water Company Limited 1,200,000 1,200, ,998,310 3,998, , ,458 4,698,310 4,698, , ,458 Less: Accumulated amortisation of investments in subsidiaries (2,374,250) (2,319,635) - - Less: Dividend received from income before purchase of shares (20,000) (20,000) - - Total 2,304,060 2,358, , ,458 7

19 7. Investment in associate Consolidated Company s name Nature of business Country of incorporation Shareholding percentage Cost Carrying amounts based on equity method (%) (%) CK Power Public Company Limited Making investment in other companies Thailand ,228,013 4,228,013 4,550,655 4,508,502 Total 4,228,013 4,228,013 4,550,655 4,508,502 Separate Company s name Nature of business Country of incorporation Shareholding percentage Cost Carrying amounts based on cost method (%) (%) CK Power Public Company Limited Making investment in other companies Thailand ,228,013 4,228,013 4,228,013 4,228,013 Total 4,228,013 4,228,013 4,228,013 4,228,013 8

20 In May 2015, the Company received, at no cost, million warrants to purchase million newly issued ordinary shares (at a ratio of 1 warrant to 1 ordinary share), with an exercise price of Baht 6 per share. The warrants have a term of 5 years from the date they were issued and offered and can be exercised every 3 months, beginning on 30 September 2015 and with the final exercise date on 28 May Property, plant and equipment Movements of the property, plant and equipment account during the three-month period ended are summarised below. Consolidated Separate financial financial statements statements Net book value as at 1 January 775, ,865 Acquisitions during period - at cost 5,500 5,257 Depreciation for the period (3,195) (2,686) Transfer from assets for production of treated water under agreements with public sector agency - assets that are owned by the Company 4,296 4,296 Net book value as at 782, , Assets for production of treated water with public sector agency - assets that are owned by the Company Movements of assets for production of treated water that are owned by the Company account during the three-month period ended are summarised below. Consolidated/Separate Net book value as at 1 January 9,993,246 Amortisation for the period (111,356) Transfer to property, plant and equipment (4,296) Net book value as at 9,877,594 Amortisation of such assets for production of treated water has been included as part of cost of sales of treated water. 9

21 10. Assets for production of treated water with public sector agency - assets that must be transferred at end of concession of subsidiary Movements of assets for production of treated water that must be transferred at end of concession of subsidiary account during the three-month period ended are summarised below. Consolidated Water treatment plant and distribution treated Land water system Total Net book value as at 1 January 98,799 2,171,309 2,270,108 Acquisition during period - at cost - 1,370 1,370 Amortisation for the period (4,208) (76,179) (80,387) Net book value as at 94,591 2,096,500 2,191,091 Amortisation of such assets for production of treated water has been included as part of cost of sales of treated water. Assets for production of treated water of Pathum Thani Water Company Limited will be transferred to Provincial Waterworks Authority after the end of the 25-year concession to produce and sell treated water. 11. Rights to produce and sell treated water and treat waste water from private sector agency Consolidated / Separate Machinery and Assets in Rights equipment progress Total Net book value as at 1 January 1,091, ,042 3,828 1,238,008 Acquisitions during period - at cost ,714 Transfers in (out) - 3,828 (3,828) - Amortisation for the period (11,015) (1,486) - (12,501) Net book value as at 1,080, , ,227,221 During the period, the Company had construction in progress to produce, sell treated water and treat water from private sector. These assets must be transferred to the owner of the rights after the end of the 30-year concession. 10

22 12. Rights to produce and sell treated water from business acquisition Consolidated Rights to produce and sell treated water from business acquisition 3,169,109 3,169,109 Less: Accumulated amortisation of rights to produce and sell treated water from business acquisition (2,089,112) (2,040,556) Rights to produce and sell treated water from business acquisition, net 1,079,997 1,128, Trade and other payables Consolidated Separate Trade payables - related party - - 3,194 3,157 Trade payables - unrelated parties 13,069 18,431 5,257 9,510 Amounts due to related parties Amounts due to unrelated parties 13,119 14,788 11,573 12,268 Construction payable - unrelated parties Retention payable for contract work - unrelated parties 4,221 4,004 3,734 3,593 Accounts payable from securities trading 19,328 8,536 19,328 8,536 Accrued expenses 92,992 81,698 61,878 50,867 Total trade and other payables 142, , ,226 88,315 11

23 14. Long-term loans Consolidated / Separate Long-term loans 4,155,000 4,275,000 Less: Current portion (480,000) (480,000) Long-term loans, net of current portion 3,675,000 3,795,000 Movements in the long-term loans account during the three-month period ended are summarised below. Consolidated / Separate financial statements Balance as at 1 January 4,275,000 Less: Repayment (120,000) Balance as at 4,155,000 Such loans carry interest at the fixed rate per annum and the 6-month and 12-month fixed deposit rate plus a stipulated margin per annum. The loan agreements contain several covenants which, among other things, require the Company to maintain certain debt to equity ratio, net debt to EBITDA and EBITDA to interest ratio at the rate prescribed in the agreements. 15. Debentures Movements in the debentures account during the three-month period ended are summarised below. Consolidated / Separate financial statements Balance as at 1 January 6,395,118 Less: Repayment (1,000,000) Add: Debenture issuing 1,000,000 Less: Deferred debenture issuing costs (1,103) Add: Amortisation of deferred debentures issuing cost 1,348 Less: Current portion of debentures (1,500,000) Balance as at 4,895,363 12

24 All debentures of the Company are unsecured senior debentures, with no trustees and with a par value of Baht 1,000 each. The interest is payable every 6 months throughout the life of the debentures. The Company is required to maintain certain financial ratios i.e. debt to equity ratio, net debt to EBITDA and EBITDA to interest ratio at the rate prescribed. 16. Other reserve According to the amendment of the concession to operate treated water dated 20 March 2008, prior to paying a dividend the Company is required to set aside 10% of its annual net profit to other reserve. However, according to the additional amendment of the agreement to the concession to operate treated water dated 28 October 2016, amendment the articles above to prior to paying a dividend from net profit the Company is required to set aside 10% of its full registered share capital to the legal reserve. Retained earnings set aside as the legal reserve are to be retained in cash and deposited at a bank or financial institution licensed by the Bank of Thailand. 17. Income tax Interim corporate income tax was calculated on profit before income tax for the period, using the estimated effective tax rate for the year. Income tax expenses for the three-month periods ended and are made up as follows: Consolidated Separate Current income tax: Interim corporate income tax charge 147, , , ,487 Deferred tax: Relating to origination and reversal of temporary differences ,289 2,221 14,796 Income tax expenses reported in the statements of comprehensive income 148, , , ,283 13

25 18. Basic earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. 19. Segment information Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The Company and the subsidiaries are principally engaged in the production and sell of treated water. Its operations are carried on only in Thailand. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the. As a result, all of the revenues, operating profits and assets as reflected in these pertain exclusively to the aforementioned reportable operating segment and geographic area. 20. Commitments and contingent liabilities 20.1 Capital commitments As at, the Company had capital commitments of Baht 5 million relating to magnetic flow chamber construction in Mahachai pumping station and improvement of sludge treatment for waste water treatment system at Bang Pa-in Industrial Estate. (31 December : Baht 6 million relating to magnetic flow chamber construction in Mahachai pumping station and installation of fire protection system at Bang Len water supply plant) Service commitments and other commitments a) The Company and its subsidiary have entered into operation and maintenance agreements with Thai Water Operations Company Limited ( the subsidiary of the Company ), whereby the subsidiary is to manage and maintenance of production and supply of treated water system and to manage the waste water system. Under the conditions of the agreements, the Company and its subsidiary are to pay service fees at a rate stipulated in the agreements, which have an initial term of 1 year from 8 January 2010 and thereafter automatically renews each year for a further period of 1 year. b) As at, the Company and its subsidiaries had commitments totaling Baht 18 million (Separate financial statement: Baht 6 million) (( : Baht 12 million (Separate : Baht 3 million)) under other service agreements. 14

26 20.3 Operating lease commitments The Company has entered into vehicles and land lease agreements for office building. The term of the land lease agreement is between 1 March 2010 and 31 August Future minimum lease payments required under this non-cancellable operating lease contract were as follows: Consolidated/Separate Payable: In up to 1 year 12,791 7,637 In over 1 and up to 5 years 16,362 17,087 In over 5 years 33,201 33, Bank guarantees As at, there were outstanding bank guarantees of Baht 307 million (Separate : Baht 120 million) (( : Baht 307 million (Separate : Baht 120 million)) issued by banks on behalf of the Company and its subsidiaries in respect of certain performance bonds as required in the normal course of business. These included letters of guarantee as follows: Consolidated Separate Guarantee under the Water Purchase Agreement with the Provincial Waterworks Authority 228, ,300 62,000 62,000 Guarantee electricity use 65,732 65,732 44,984 44,984 Guarantee for others 13,101 13,101 13,101 13,101 Total 307, , , ,085 15

27 21. Fair value hierarchy As of and, the Company and its subsidiaries had the assets and liability that were measured at fair value or assets for which fair value are disclosed using different levels of inputs as follows: Consolidated As at Level 1 Level 2 Level 3 Total Financial assets measured at fair value Investments in trading securities Equity instruments 273, ,250 Debt instruments - 2,667,764-2,667,764 Other long-term investment - real estate investment trust 5, ,000 Asset for which fair value are disclosed Investment in associate 7,238, ,238,700 Other long-term investment - debentures - 24,172-24,172 Liability for which fair value are disclosed Debentures - 6,779,135-6,779,135 Consolidated As at Level 1 Level 2 Level 3 Total Financial assets measured at fair value Investments in trading securities Equity instruments 235, ,849 Debt instruments - 1,588,445-1,588,445 Other long-term investment - real estate investment trust 5, ,000 Asset for which fair value are disclosed Investment in associate 7,537, ,537,203 Other long-term investment - debentures - 24,128-24,128 Liability for which fair value are disclosed Debentures - 6,787,405-6,787,405 16

28 Separate As at Level 1 Level 2 Level 3 Total Financial assets measured at fair value Investments in trading securities Equity instruments 273, ,250 Debt instruments - 2,359,681-2,359,681 Asset for which fair value are disclosed Investment in associate 7,238, ,238,700 Liability for which fair value are disclosed Debentures - 6,779,135-6,779,135 Separate As at Level 1 Level 2 Level 3 Total Financial assets measured at fair value Investments in trading securities Equity instruments 235, ,849 Debt instruments - 1,103,687-1,103,687 Asset for which fair value are disclosed Investment in associate 7,537, ,537,203 Liability for which fair value are disclosed Debentures - 6,787,405-6,787,405 Valuation techniques and inputs to Level 2 valuation The fair value of investments in debt instruments has been determined by using the yield curve as announced by the Thai Bond Market Association or by other relevant bodies determined by using the yield curve of government bonds, adjusted with an appropriate risk premium, or, calculated using the yield curve announced by the Thai Bond Market Association, adjusted with an appropriate risk premium. During the current period, there were no transfers within the fair value hierarchy. 17

29 22. Events after the reporting period On 19 April, the Annual General Meeting of shareholders of the Company passed a resolution approving a dividend payment of Baht 0.30 per share from the operating result to the shareholders of 3,990 million shares, or a total of Baht 1,197 million. The dividend paid on 7 May. 23. Approval of These interim were authorised for issue by the Company s Audit Committee on 10 May. 18