(TRANSLATION) INDEPENDENT AUDITOR S REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

Transcription

1 (TRANSLATION) INDEPENDENT AUDITOR S REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the Shareholders and Board of Directors of Power Line Engineering Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position as at 30 September 2018 and the related consolidated and separate statements of comprehensive income for the three months period and for the nine months period ended 30 September 2018, changes in shareholders equity and cash flows for the nine months period then ended, as well as the condensed notes to the interim financial information of Power Line Engineering Public Company Limited and its subsidiaries and the separate of Power Line Engineering Public Company Limited. Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard No. 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.

2 2 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 No. 34, Interim Financial Reporting. (Mr. Cherdsakul Onmongkol) Certified Public Accountant, Registration No CWWP Company Limited Bangkok, 14 November 2018

3 3 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF FINANCIAL POSITION As at 30 September 2018 Notes 30 September December September December 2017 Baht '000 Baht '000 Baht '000 Baht '000 Unaudited Audited Unaudited Audited Limited Reviewed Only Limited Reviewed Only ASSETS CURRENT ASSETS Cash and cash equivalents 789,010 2,008, ,610 2,003,200 Current investments 5 522, , , ,099 Trade accounts receivable Other parties 6 686, , , ,257 Related parties 7, Retention receivable 8 1,047, ,898 1,165, ,853 Unbilled on completed constructions 9 2,560,862 2,827,147 2,492,357 2,758,642 Short-term loans Related parties Constructions in progress 10 1,154, ,542 1,154, ,542 Advance payment for projects 191, , , ,626 Current tax assets 97, ,617 97, ,233 Other current assets 79,172 74,509 75,622 72,939 Total current assets 7,128,541 7,562,530 7,165,702 7,602,391 NON-CURRENT ASSETS Investments in associates Investments in subsidiaries , ,993 Investments in joint ventures Other long-term investments Investment property , , , ,754 Property, plant and equipment , , , ,887 Other intangible assets 15 9,925 6,782 10,128 7,055 Other non-current assets Pledged financial institution deposits 16 1,054,677 1,029, , ,606 Prior period tax assets 178, , , ,193 Others 20,591 20,166 20,590 20,016 Total non-current assets 1,529,728 1,473,517 1,855,144 1,800,666 TOTAL ASSETS 8,658,269 9,036,047 9,020,846 9,403,057 Notes to the interim financial information are an integral part of this interim financial information.

4 4 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF FINANCIAL POSITION As at 30 September 2018 Notes 30 September December September December 2017 Baht '000 Baht '000 Baht '000 Baht '000 Unaudited Audited Unaudited Audited Limited Reviewed Only Limited Reviewed Only LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Overdrafts and short-term borrowings from financial institutions 1,757,398 1,579,554 1,757,398 1,579,554 Trade accounts payable Other parties 1,400,898 1,350,435 1,393,580 1,343,117 Related parties ,096 8,777 4,463 7,068 Retention payable 255, , , ,277 Short-term borrowings Other parties 14,000 14,000 14,000 14,000 Related parties , ,855 Current portion of debentures , ,016 - Current portion of liabilities under finance lease agreements 1,799 1,549 1,799 1,549 Unbilled cost of constructions 249, , , ,005 Judgment debts from guarantee , , , ,477 Current income tax payable Advance received from customers 1,343,728 1,823,499 1,343,728 1,823,499 Other current liabilities 52, ,298 99, ,451 Total current liabilities 6,077,738 6,147,933 6,521,518 6,588,852 NON-CURRENT LIABILITIES Debentures , ,678 Liabilities under finance lease agreements 2,784 2,450 2,784 2,450 Non-current provisions of employee benefits 137, , , ,339 Total non-current liabilities 140, , , ,467 Total liabilities 6,218,361 6,722,089 6,658,176 7,159,319 Notes to the interim financial information are an integral part of this interim financial information.

5 5 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF FINANCIAL POSITION As at 30 September 2018 Notes 30 September December September December 2017 Baht '000 Baht '000 Baht '000 Baht '000 Unaudited Audited Unaudited Audited Limited Reviewed Only Limited Reviewed Only SHAREHOLDERS' EQUITY Share capital Authorized share capital 20 1,906,358,054 ordinary shares, at Baht 1.00 per share 1,906,358-1,906,358-2,722,700,705 ordinary shares, at Baht 1.00 per share - 2,722,701-2,722,701 Issued and paid-up share capital 1,361,817,913 ordinary shares, at Baht 1.00 per share 1,361,818 1,361,818 1,361,818 1,361,818 Share premium on ordinary shares 734, , , ,849 Retained earnings (deficits) Appropriated Legal reserve 7,400 7,400 7,400 7,400 Unappropriated 335, , , ,671 Total shareholders' equity of the parent 2,439,908 2,313,958 2,362,670 2,243,738 Non-controlling interests Total shareholders' equity 2,439,908 2,313,958 2,362,670 2,243,738 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,658,269 9,036,047 9,020,846 9,403,057 Notes to the interim financial information are an integral part of this interim financial information.

6 6 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF COMPREHENSIVE INCOME For the three months period ended 30 September 2018 Unaudited Limited Reviewed Only Notes 30 September September September September 2017 Baht '000 Baht '000 Baht '000 Baht '000 Revenues Revenue from constructions 2,102,962 1,939,513 2,102,962 1,939,513 Revenue from rental - 17, Other incomes 23 28,992 67,209 28,881 47,307 Total revenues 2,131,954 2,024,232 2,131,843 1,986,820 Expenses Cost of constructions 1,910,431 1,886,651 1,911,956 1,888,110 Cost of rental - 5, Administrative expenses 107, , , ,925 Other expenses 24 26, ,318 14,290 Finance costs 35,660 34,093 38,941 35,363 Total expenses 2,080,069 2,198,888 2,082,651 2,182,688 Share of gain (loss) of joint ventures 904 (594) - - Profit (loss) before income tax 52,789 (175,250) 49,192 (195,868) Income tax (expense) revenue 25 (3,637) 23,918 (3,163) 24,427 Profit (loss) for the period 49,152 (151,332) 46,029 (171,441) Other comprehensive income (expense) for the period Total other comprehensive income (expense) for the period 49,152 (151,332) 46,029 (171,441) Profit (loss) attributable to Shareholders of the parent 49,152 (151,332) Non-controlling interests ,152 (151,332) Total comprehensive income (expense) attributable to Shareholders of the parent 49,152 (151,332) Non-controlling interests ,152 (151,332) Basic earnings (loss) per share (Baht) Shareholders of the parent 0.04 (0.12) 0.03 (0.14) Notes to the interim financial information are an integral part of this interim financial information.

7 7 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF COMPREHENSIVE INCOME For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Notes 30 September September September September 2017 Baht '000 Baht '000 Baht '000 Baht '000 Revenues Revenue from constructions 5,260,801 4,693,987 5,260,801 4,693,987 Revenue from rental - 54, Other incomes , , , ,414 Total revenues 5,420,340 4,886,630 5,419,965 4,824,401 Expenses Cost of constructions 4,774,780 4,369,500 4,779,274 4,374,021 Cost of rental - 17, Administrative expenses 308, , , ,685 Other expenses 24 31,914 1,138 32,218 14,527 Finance costs 104,620 99, , ,426 Total expenses 5,219,876 4,989,323 5,227,056 4,893,659 Share of gain (loss) of joint ventures 856 (619) - - Profit (loss) before income tax 201,320 (103,312) 192,909 (69,258) Income tax (expense) revenue 25 (4,556) (1,492) (3,163) - Profit (loss) for the period 196,764 (104,804) 189,746 (69,258) Other comprehensive income (expense) for the period Total other comprehensive income (expense) for the period 196,764 (104,804) 189,746 (69,258) Profit (loss) attributable to Shareholders of the parent 196,764 (104,800) Non-controlling interests - (4) 196,764 (104,804) Total comprehensive income (expense) attributable to Shareholders of the parent 196,764 (104,800) Non-controlling interests - (4) 196,764 (104,804) Basic earnings (loss) per share (Baht) Shareholders of the parent 0.14 (0.08) 0.14 (0.06) Notes to the interim financial information are an integral part of this interim financial information.

8 8 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Attribute to shareholders of the parent Non-controlling Total Issued and paid-up Share premium Surplus Retained earnings (deficits) Total interests share capital on ordinary shares on expired warrants Appropriated Unappropriated attribute to shareholders Notes Legal reserve of the parent Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Beginning balance as at 1 January ,361, ,849-7, ,891 2,313,958-2,313,958 Transactions with owners Contributions by and distributions to owners of the Company Dividend payment (70,814) (70,814) - (70,814) Total contributions by and distributions to owners of the Company (70,814) (70,814) - (70,814) Total transactions with owners (70,814) (70,814) - (70,814) Total comprehensive income (expense) for the period Profit (loss) for the period , , ,764 Other comprehensive income (expense) for the period Total comprehensive income (expense) for the period , , ,764 Ending balance as at 30 September ,361, ,849-7, ,841 2,439,908-2,439,908 Beginning balance as at 1 January ,191,818 2,055,665 16,083 24,300 (2,290,286) 997,580 (31) 997,549 Transactions with owners Contributions by and distributions to owners of the Company Ordinary share increase 170,000 32, , ,963 Transfer surplus to compensate the deficits - (1,353,780) (16,083) (24,300) 1,394, Total contributions by and distributions to owners of the Company 170,000 (1,320,817) (16,083) (24,300) 1,394, , ,963 Total transactions with owners 170,000 (1,320,817) (16,083) (24,300) 1,394, , ,963 Total comprehensive income (expense) for the period Profit (loss) for the period (104,800) (104,800) (4) (104,804) Other comprehensive income (expense) for the period Total comprehensive income (expense) for the period (104,800) (104,800) (4) (104,804) Ending balance as at 30 September ,361, , (1,000,923) 1,095,743 (35) 1,095,708 Notes to the interim financial information are an integral part of this interim financial information.

9 9 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Issued and paid-up Share premium Surplus Retained earnings (deficits) Total share capital on ordinary shares on expired warrants Appropriated Unappropriated Notes Legal reserve Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Baht '000 Beginning balance as at 1 January ,361, ,849-7, ,671 2,243,738 Transactions with owners Contributions by and distributions to owners of the Company Dividend payment (70,814) (70,814) Total contributions by and distributions to owners of the Company (70,814) (70,814) Total transactions with owners (70,814) (70,814) Total comprehensive income (expense) for the period Profit (loss) for the period , ,746 Other comprehensive income (expense) for the period Total comprehensive income (expense) for the period , ,746 Ending balance as at 30 September ,361, ,849-7, ,603 2,362,670 Beginning balance as at 1 January ,191,818 2,055,666 16,083 24,300 (1,394,163) 1,893,704 Transactions with owners Contributions by and distributions to owners of the Company Ordinary share increase 170,000 32, ,963 Transfer surplus to compensate the deficits - (1,353,780) (16,083) (24,300) 1,394,163 - Total contributions by and distributions to owners of the Company 170,000 (1,320,817) (16,083) (24,300) 1,394, ,963 Total transactions with owners 170,000 (1,320,817) (16,083) (24,300) 1,394, ,963 Total comprehensive income (expense) for the period Profit (loss) for the period (69,258) (69,258) Other comprehensive income (expense) for the period Total comprehensive income (expense) for the period (69,258) (69,258) Ending balance as at 30 September ,361, , (69,258) 2,027,409 Notes to the interim financial information are an integral part of this interim financial information.

10 10 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF CASH FLOWS For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Notes 30 September September September September 2017 Baht '000 Baht '000 Baht '000 Baht '000 CASH FLOWS FROM OPERATING ACTIVITIES Profit (loss) before income tax 201,320 (103,312) 192,909 (69,258) Adjustment to profit (loss) before income tax for cash received (paid) from operation (Reversal of) bad debts and doubtful debts 9,574 (388) 9,877 (6,881) Depreciation 16,498 21,263 16,760 19,119 Amortization of land leasehold rights and buildings on land leasehold rights - 45, Amortization of other intangible assets 2,946 2,399 3,016 2,469 Written-off of tax assets 4,478 3,212 4,438 - Reversal of loss on impairment of investment property (2,572) - (2,572) - Unrealized (gain) loss on remeasuring of current investments (4,427) (1,079) (4,427) (1,078) (Gain) loss on sale of current investments (221) (309) (221) (309) Loss on impairment of investments ,278 Loss on impairment of property, plant and equipment (Gain) loss on disposal of property, plant and equipment (4,268) (4) (4,268) (4) Loss on written-off of property, plant and equipment (Gain) on written-off of liabilities (26,621) (54,195) (26,621) (26,029) Unrealized (gain) loss on foreign exchange rate Employee benefit expenses 10,811 10,634 10,535 10,078 Loss on wtitten-off of advance receive for leasehold rights Loss on guarantee of debts in disposal of investments in subsidiaries 22,333-22,333 - Loss on provision for guaratee Share of (gain) loss of joint ventuers (856) Loss on lawsuits 30, ,903 30, ,903 Interest income (14,478) (11,213) (14,121) (25,368) Interest expense 93,802 90, ,537 94,421 Amortization of debenture issuing fee 1,338 1,614 1,338 1,614 Profit (loss) from operation before changes in operating assets and liabilities 340, , , ,440 (Increase) decrease in operating assets Cash paid for purchase of trading securities - (315,000) - (315,000) Cash received from sale of trading securities 100, , , ,000 Trade accounts receivable - other parties (157,177) 45,781 (157,177) 18,649 Trade accounts receivable - related parties ,510 Retention receivable (189,877) (20,921) (189,878) (21,771) Unbilled on completed constructions 260,985 (593,477) 260,985 (604,125) Constructions in progress (999,188) 164,872 (999,188) 164,872 Advance payment for projects 140,276 (99,008) 140,276 (99,014) Notes to the interim financial information are an integral part of this interim financial information.

11 11 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF CASH FLOWS For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Notes 30 September September September September 2017 Baht '000 Baht '000 Baht '000 Baht '000 CASH FLOWS FROM OPERATING ACTIVITIES (CONTINUE) Other current assets (5,465) (65,992) (3,487) (67,717) Other non-current assets (425) 8,817 (574) 8,673 Increase (decrease) in operating liabilities Trade accounts payable - other parties 50, ,168 50, ,833 Trade accounts payable - related parties (1,681) 1,949 (2,605) 2,082 Retention payable 29,054 9,298 29,054 10,731 Unbilled cost of constructions (229,295) (22,268) (226,287) (15,603) Advance received from customers (479,771) (182,511) (479,771) (182,511) Other current liabilities (69,309) (59,049) (67,873) (50,422) Advance received for leasehold rights - (13,814) - - Other non-current liabilities - 12, Cash provided (paid) from operating activities (1,211,144) (539,475) (1,202,940) (547,373) Cash paid for income tax (102,001) (103,459) (100,227) (99,578) Cash received from income tax 126,755 1, ,755 - Net cash provided from (used in) operating activities (1,186,390) (641,841) (1,176,412) (646,951) CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease in current investments - fixed deposits 3,534 9,174 3,536 9,174 (Increase) decrease in pledged financial institution deposits (25,655) 39,793 (25,305) 41,654 Cash received from short-term loans to related parties Cash paid for short-term loans to related parties (19,005) Cash paid for investments in joint ventures - (800) - (800) Cash received from deposit from disposal of investments - 500, ,000 Cash paid for liabilities for guarantee of debts in disposal of investments in subsidiaries (22,333) - (22,333) - Cash paid for purchase of property, plant and equipment (11,168) (2,642) (11,168) (2,542) Cash received from disposal of property, plant and equipment 4, , Cash paid for purchase of other intangible assets (5,268) (1,112) (5,268) (1,112) Cash received from interest 13,450 10,581 13,095 10,198 Net cash provided from (used in) investing activities (42,898) 555,504 (42,901) 538,077 Notes to the interim financial information are an integral part of this interim financial information.

12 12 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENT OF CASH FLOWS For the nine months period ended 30 September 2018 Unaudited Limited Reviewed Only Notes 30 September September September September 2017 Baht '000 Baht '000 Baht '000 Baht '000 CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in overdrafts and short-term borrowings from financial institutions 177,844 83, , ,511 Cash paid for short-term borrowings from other persons - (20,000) - (20,000) Cash received from debentures - 443, ,523 Cash paid for debentures - (500,000) - (500,000) Cash paid for liabilities under finance lease agreements (1,282) (1,425) (1,282) (1,425) Cash paid for assets payable (2,435) (336) (2,435) (336) Cash paid for interest (93,815) (90,482) (104,586) (89,012) Cash paid for dividend (70,810) - (70,810) - Cash received from share subscriptions - 202, ,963 Net cash provided from (used in) financing activities 9, ,851 (1,269) 141,224 Net increase (decrease) in cash and cash equivalents before effect of exchange (1,219,786) 31,514 (1,220,582) 32,350 Effect of exchange on cash and cash equivalents (8) (85) (8) (85) Net increase (decrease) in cash and cash equivalents (1,219,794) 31,429 (1,220,590) 32,265 Cash and cash equivalents at the beginning of the period 2,008, ,741 2,003, ,663 Cash and cash equivalents at the end of the period 789, , , ,928 Notes to the interim financial information are an integral part of this interim financial information.

13 13 POWER LINE ENGINEERING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES NOTES TO THE INTERIM FINANCIAL INFORMATION For the three months period and for the nine months period ended 30 September 2018 (Unaudited/Limited Reviewed Only) 1. General Information Power Line Engineering Public Company Limited was registered as company limited on 8 July 1988 and converted to public company limited on 29 August 2002, registration number , and is listed on the Stock Exchange of Thailand, the Company s ordinary shares were commenced the trading in the Stock Exchange of Thailand on 12 December The Company operates the businesses in the system installation of electrical, telecommunication, air condition, sanitary, fire protection and civil construction. The registered addresses are as follows: - Head office locates at 2, Soi Sukhumvit 81 (Siripot), Sukhumvit Road, Bangjak, Phra Khanong, Bangkok, Thailand. - Overseas project office Qatar locates at P.O. BOX 23637, Bin Mahmout, Doha, Qatar. 2. Basis of Preparing the Interim Financial Information 2.1 This interim financial information is prepared in accordance with Thai Accounting Standard No. 34 (revised 2017) Interim Financial Reporting, including related interpretation and accounting guidances promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Securities and Exchange Commission. 2.2 In order to prepare the interim financial information in accordance with Thai Accounting Standard No. 34 (revised 2017) Interim Financial Reporting, the management of the Company has to make some estimates and assumptions which may have an effect on the amount shown for revenues, expenses, assets and liabilities and also on the disclosures concerning to assets and contingent liabilities. The actual result may differ from the estimated amount. 2.3 This interim financial information is prepared in condensed set and prepared to provide additional information from the lastest annual financial statements. Therefore, the interim financial information focuses on new activities, events and circumstances in order to reduce the duplicate information previously reported. The user of the financial information should read this interim financial information in conjunction with the lastest annual financial statements.

14 This interim financial information is prepared under the same accounting policies and methods of computation as used in the financial statements for the year ended 31 December 2017, except for the new accounting standards, financial reporting standards, accounting standard interpretations, financial reporting standard interpretations and accounting guidances, which are effective for the accounting periods beginning on or after 1 January 2018, with have no impact to the current financial report. 2.5 The financial report in Thai language is the official statutory financial report of the Company. The financial report in English language has been translated from the Thai language financial report. 3. New Financial Reporting Standards not yet Effective New accounting standards, financial reporting standards and financial reporting standard interpretations that has been issue but are not yet effective for the current accounting period that the Company has not early adopted, are as follows: Effective for the accounting periods beginning on or after 1 January 2019 TFRS 15 Revenue from Contracts with Customers Effective for the accounting periods beginning on or after 1 January 2020 TAS 32 Financial Instruments: Presentation TFRS 7 Financial Instruments: Disclosures TFRS 9 Financial Instruments TFRIC 16 Hedges of a Net Investment in a Foreign Operation TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments The management of the Company believes that the above financial reporting standards will not have any material impact on the financial report when they are applied. 4. Basis of Preparing the Interim The interim consolidated financial statements include the interim financial information of Power Line Engineering Public Company Limited and its subsidiaries, and have been prepared on the same basis as applied for the consolidated financial statements for the year ended 31 December There is no change in the component of the Group during the current period.

15 5. Current Investments Consist of: 15 As at As at As at As at 30 September December September December 2017 Trading securities Cost Unit trust in opened-end mutual fund 498, , , ,505 Unrealized gain on trading securities remeasuring 9,337 4,910 9,329 4,902 Trading securities Fair value 508, , , ,407 Financial institution deposit Fixed accounts 6 12 months 14,158 17,692 14,156 17,692 Total 522, , , ,099 The fair value measurement of trading securities investments which are investments in opened-end mutual fund using the net asset value that disseminated by the fund as at the date of statement of financial position which are Level 1 inputs. 6. Trade Accounts Receivable Other Parties Consist of: Consolidated and As at As at 30 September December 2017 Baht 000 Baht 000 Trade accounts receivable Not yet due and overdue 3 months 588, ,119 Overdue 4 6 months 20,156 33,660 Overdue 7 12 months 41,821 22,977 Overdue more than 12 months 152, ,086 Total 803, ,842 Less Allowance for doubtful debts (116,628) (114,585) Net 686, ,257 For the nine months period ended 30 September 2017, in the consolidated and separate financial statements, a part of trade accounts receivable in amount of Baht 1.78 million which had been made full allowance for doubtful debts is written-off as bad debts.

16 7. Trade Accounts Receivable Related Parties Consist of: 16 As at As at As at As at 30 September December September December 2017 Trade accounts receivable Not yet due and overdue 3 months Overdue 4 6 months Overdue 7 12 months Overdue more than 12 months - - 1,085,163 1,085,163 Total - - 1,085,163 1,085,163 Less Allowance for doubtful debts - - (1,085,163) (1,085,163) Net Retention Receivable Consist of: As at As at As at As at 30 September December September December 2017 Retention receivable 1,071, ,020 1,191,802 1,003,871 Less Allowance for doubtful debts (24,236) (26,122) (26,435) (28,018) Net 1,047, ,898 1,165, ,853 For the nine months period ended 30 September 2018, in the consolidated and separate financial statements, a part of retention receivable in amount of Baht 1.95 million which had been made allowance for doubtful debts in amount of Baht 1.89 million is written-off as bad debts.

17 9. Unbilled on Completed Constructions Consist of: 17 As at As at As at As at 30 September December September December 2017 Contract value 66,806,826 61,777,324 61,555,947 56,526,444 Recognized revenue from constructions - Recognized at the beginning of the period 47,532,599 39,769,345 42,281,718 34,516,467 - Recognized during the period 5,260,801 7,144,346 5,260,801 7,146,344 Total recognized revenue from constructions 52,793,400 46,913,691 47,542,519 41,662,811 Less Progress billed (50,161,510) (44,020,816) (44,979,134) (38,838,441) Unbilled on completed constructions 2,631,890 2,892,875 2,563,385 2,824,370 Less Allowance for doubtful debts (71,028) (65,728) (71,028) (65,728) Net 2,560,862 2,827,147 2,492,357 2,758,642 As at 30 September 2018 and 31 December 2017, in the consolidated and separate financial statements, the Company has transferred the rights of collection of construction amount in amount of Baht 7, million and Baht 3, million respectively, to the financial institutions as collateral for the credit facilities from financial institutions as in Note 17.

18 10. Constructions in Progress Consist of: 18 As at As at As at As at 30 September December September December 2017 Actual cost of constructions - Billed cost of constructions 53,231,038 46,518,511 46,902,748 40,195,551 - Unbilled cost of constructions 249, , , ,005 Total actual cost of constructions 53,480,999 46,997,767 47,148,466 40,667,556 Less Recognized cost of constructions - Recognized at the beginning of the period (47,528,301) (40,349,989) (41,191,274) (34,012,961) - Recognized during the period (4,774,780) (6,469,048) (4,779,274) (6,475,865) Total recognized cost of constructions (52,303,081) (46,819,037) (45,970,548) (40,488,826) Constructions in progress 1,177, ,730 1,177, ,730 Less Allowance for devaluation of constructions in progress (23,188) (23,188) (23,188) (23,188) Net 1,154, ,542 1,154, ,542

19 11. Investments in Associates Consist of: 19 Name of entities Type of business Country Paid-up capital Investment ratio Equity method Cost method of As at As at As at As at As at As at As at As at incorporation 30 September December September December September December September December 2017 Million Baht Million Baht % % Techner Company Limited Construction Thailand ,000 30,000 Less Accumulated impairment loss of investments (30,000) (30,000) Net - - For the three months period and for the nine months period ended 30 September 2018 and 2017, the Company and its subsidiaries have not received dividend from the associate.

20 Investments in Subsidiaries Consist of: Name of entities Type of business Country Paid-up capital Investment ratio Cost method of As at As at As at As at As at As at incorporation 30 September 31 December 30 September 31 December 30 September 31 December Million Baht Million Baht % % Baht 000 Baht 000 PLE International Company Limited Construction and general civil works Thailand , ,000 SAPS 2007 Holding Company Limited Land development, trading and mortgaging of land Thailand , ,993 PAR Joint Venture Construction Thailand Total 404, ,993 For the three months period and for the nine months period ended 30 September 2018 and 2017, the Company have not received dividend from the subsidiaries.

21 Investment Property For the nine months period ended 30 September 2018 and 2017, investment property has the movements as follows: Consolidated and For the nine months For the nine months period ended period ended 30 September September 2017 Baht 000 Baht 000 Beginning carrying amount 105, ,824 Depreciation recognized in profit (loss) for the period (2,403) (2,296) Reversal of loss on impairment 2,572 - Ending carrying amount 105, ,528 As at 30 September 2018 and 31 December 2017, in the consolidated and separate financial statements, the Company has mortgaged the investment property, the carrying amount in amount of Baht million and in amount of Baht million respectively, as collateral for the credit facilities from financial institutions as in Note Property, Plant and Equipment For the nine months period ended 30 September 2018 and 2017, property, plant and equipment have the movements as follows: For the nine months For the nine months For the nine months For the nine months period ended period ended period ended period ended 30 September September September September 2017 Beginning carrying amount 156, , , ,341 Purchase of assets 17,073 3,493 17,073 3,393 Disposal of assets (4,740) (41) (4,740) (41) Written-off of assets (1,780) (5,770) (1,780) (5,014) Accumulated depreciation for disposal of assets 4, , Accumulated depreciation for written-off of assets 1,655 5,677 1,655 4,986 Depreciation recognized in profit (loss) for the period (14,095) (18,967) (14,357) (16,823) Loss on impairment of assets - (903) - - Ending carrying amount 159, , , ,877

22 22 As at 30 September 2018 and 31 December 2017, in the consolidated and separate financial statements, the Company and its subsidiaries have mortgaged a part of land and buildings, the carrying amount in amount of Baht million and in amount of Baht million respectively, as collateral for the credit facilities from financial institutions as in Note Other Intangible Assets For the nine months period ended 30 September 2018 and 2017, other intangible assets have the movements as follows: For the nine months For the nine months For the nine months For the nine months period ended period ended period ended period ended 30 September September September September 2017 Beginning carrying amount 6,782 7,860 7,055 8,226 Purchase of assets 6,089 1,197 6,089 1,197 Amortization recognized in profit (loss) for the period (2,946) (2,399) (3,016) (2,469) Ending carrying amount 9,925 6,658 10,128 6, Pledged Financial Institution Deposits As at 30 September 2018 and 31 December 2017, the whole amount of pledged financial institution deposits is the financial institution deposits which the Company and its subsidiaries have pledged as collateral for the credit facilities from financial institutions as in Note Credit Facilities and Guarantees The Company and its subsidiaries have obtained the credit facilities from several domestic financial institutions so as to finance certain specific projects. The lender financial institutions require the Company to deposit the proceeds from the projects into the Company s accounts which are opened with those lender financial institutions. Such credit facilities from financial institutions have collateral as in Note 9, 13, 14 and 16.

23 Judgment Debts from Guarantee As at 30 September 2018 and 31 December 2017, the whole amount of judgment debts from guarantee is the debts from guarantee obligations regarding the issuance of letters of guarantee for project to Techner Company Limited, which is associate, with 2 financial institutions in the Ban Ua Arthorn Project, Phra Nakhon Si Ayutthaya Province (Bang Pa In) and Ban Ua Arthorn Project, Ang Thong Province (Wiset Chai Chan)totaling in amount of Baht million, which had been cancelled, recalled the advance payment, confiscated the performance bond and claimed for damages by the principal, totaling in amount of Baht million before offsetting against land receivable, retention receivable and pledged financial institution deposits totaling in amount of Baht million, which the principal has filed the plaint to the Administrative Court claiming for damages from the associate and the Central Administrative Court has the judgments as follows: - On 4 September 2017, the Central Administrative Court has sentenced in the case which the associate was filed in the case No. black 1432/2555 and the case No. red 1591/2560 and the case which the associate had counterclaimed in the case No. black 843/2555 and the case No. red 1592/2560 that the associate and a financial institution have to settle the damage from breach of contract for joint operation in Ban Ua Arthorn Project, Phra Nakorn Si Ayutthaya Province (Bang Pa In) in amount of Baht million together with the interest in the rate of 15.00% per annum of the principal in amount of Baht million since 17 August 2012 until complete to the plaintiff. - On 6 September 2017, the Central Administrative Court has sentenced in the case which the associate was filed in the case No. black 315/2554 and the case No. red 1597/2560 that the associate and a financial institution have to settle the damage from default of contract for joint operation in Ban Ua Arthorn Project, Ang Thong Province (Wiset Chai Chan) in amount of Baht 2.53 million together with the interest in the rate of 7.50% per annum of the principal in amount of Baht 2.21 million and return the advance payment in amount of Baht million together with the interest in the rate of 15.00% per annum of the principal in amount of Baht million since 27 January 2011 until complete to the plaintiff. However, the associate has appealed for objection of the judgment in the case No. black 1432/2555 and the case No. red 1591/2560 and in the case No. black 843/2555 and the case No. red 1592/2560 on 3 October 2017 and appealed for objection of the judgment in the case No. black 315/2554 and the case No. red 1597/2560 on 4 October Currently, the cases are under the consideration of the Supreme Administrative Court.

24 Debentures Consist of: Consolidated and As at As at 30 September December 2017 Baht 000 Baht 000 Debentures 447, ,100 Less Deferred debentures issuing fee (1,084) (2,422) Carrying amount 446, ,678 Less Current portion of debentures (446,016) - Net - 444,678 On 5 May 2017, the Board of Directors Meeting of the Company No. 3/2017 has a resolution to approve the issuance of debentures of Baht million, which on 5 May 2017, the Company has issued 378,100 units of debentures at face value of Baht 1, in amount of Baht million for named as debentures unsubordinated, unsecured and without the bondholder representative by offering to institutional investors and/or high net worth investors to maturity of 1 year 11 months, 29 days maturing on 5 May 2019, fixed interest rate of 6.25% per annum and on 8 June 2017, the Company has issued 69,000 units of debentures at face value of Baht 1, in amount of Baht million for named as debentures unsubordinated, unsecured and without the bondholder representative by offering to institutional investors and/or high net worth investors to maturity of 1 year 11 months 29 days maturing on 8 June 2019, fixed interest rate of 6.50% per annum and the Company must retain interest bearing debt to equity ratio of not more than 4: 1 as at the end of quarter or year-end periods of the consolidated financial statements.

25 Share capital On 27 April 2018, the Annual General Shareholders Meeting of the Company for 2018 has the resolution to approve the reduction of the Company s authorized share capital in amount of Baht 816,342, from the former authorized share capital in amount of Baht 2,722,700, which was divided into ordinary shares of 2,722,700,705 shares at par value of Baht 1.00 per share to the new authorized share capital in amount of Baht 1,906,358, which is divided into ordinary shares of 1,906,358,054 shares at par value of Baht 1.00 per share, by cancelling the unissued authorized shares of 816,342,651 shares at par value of Baht 1.00 per share. The Company already has registered with the Department of Business Development, Minister of Commerce on 4 May Warrants Warrants to purchase the ordinary shares of the Company No. 3 allotted to the existing shareholders who subscribed for the issued ordinary shares On 18 October 2016, the Extraordinary General Shareholders Meeting of the Company No. 2/2016 has the resolution to approve the issuance and offering of warrants to purchase the ordinary shares of the Company No. 3 allotted to the existing shareholders by right offering (PLE-W3), which exercisable two times on 15 December 2017 and 15 December 2018, each time can exercise either in full or only in part, offering in amount of 544,540,141 units, issued in amount of 51,368,814 units, remaining in amount of 493,171,327 units, the Company will cancel the unissued warrants. As at 30 September 2018 and 31 December 2017, warrants have the detail as follows: Issue and offer date of warrants Exercise price (Baht per share) Exercise ratio (warrant per ordinary share) Remaining issued warrants ( 000 units) Remaining reserved ordinary shares ( 000 shares) Expire date of warrants 16 December :1 51, , December Dividend Payment On 27 April 2018, the Annual General Shareholders Meeting of the Company for 2018 has passed the resolution to approve the dividend payment to the ordinary shareholders of 1.36 million shares from the financial performance for 2017 at the rate of Baht per share, totaling in amount of Baht million.

26 23. Other Incomes Consist of: 26 For the three months period ended For the three months period ended 30 September September September September 2017 Interest income 3,455 2,952 3,336 7,776 Gain on written-off of liabilities (6,749) 25,332 (6,749) - Rental and service income 16,479 7,059 16,479 7,059 Reversal of doubtful debts - 20,677-21,373 Others 15,807 11,189 15,815 11,099 Total 28,992 67,209 28,881 47,307 For the nine months period ended For the nine months period ended 30 September September September September 2017 Interest income 14,478 11,213 14,121 25,368 Gain on written-off of liabilities 26,621 54,195 26,621 26,029 Rental and service income 29,916 17,996 29,916 17,996 Reversal of doubtful debts ,881 Others 88,524 54,667 88,506 54,140 Total 159, , , ,414

27 24. Other Expenses Consist of: 27 For the three months period ended For the three months period ended 30 September September September September 2017 Loss on foreign exchange rate Bad debts and doubtful debts 3,692-3,692 - Loss on guarantee of debts in disposal of investments in subsidiaries 22,333-22,333 - Loss on impairment of property, plant and equipment Loss on impairment of investments ,278 Total 26, ,318 14,290 For the nine months period ended For the nine months period ended 30 September September September September 2017 Loss on foreign exchange rate Bad debts and doubtful debts 9,574-9,877 - Loss on guarantee of debts in disposal of investments in subsidiaries 22,333-22,333 - Loss on impairment of property, plant and equipment Loss on impairment of investments ,278 Total 31,914 1,138 32,218 14,527 For the three months period and for the nine months period ended 30 September 2018, in the consolidate and separate financial statements, the whole amount of loss on guarantee of debts in disposal of investments in subsidiaries is building and land tax for of Bamrung Muang Plaza Company Limited, which is recently informed the tax assessment from the government sector that the Company agrees to liable on building and land tax which may incurs during 10 years backwards since 31 October 2017 in amount of Baht million. The Company had reserved the fund in amount of Baht million and placed the letters of guarantee issued by the financial institution in amount of Baht 5.00 million as collateral

28 28 with Bamrung Muang Plaza Company Limited as specified in the selling and purchase agreement for ordinary shares of Bamrung Muang Plaza Company Limited dated 31 August Hereby, the Company has settled the additional fund in amount of Baht million and received back such collateral completely. 25. Income Tax (Expense) Revenue For the three months period and for the nine months period ended 30 September 2018 and 2017, income tax which is recognized in profit (loss) for the period consists of: For the three months period ended For the three months period ended 30 September September September September 2017 Current tax Income tax (expense) revenue for current period (3,637) 23,918 (3,163) 24,427 Deferred tax Deferred tax (expense) revenue Income tax (expense) revenue recognized in profit (loss) for the period (3,637) 23,918 (3,163) 24,427 For the nine months period ended For the nine months period ended 30 September September September September 2017 Current tax Income tax (expense) revenue for current period (4,556) (1,492) (3,163) - Deferred tax Deferred tax (expense) revenue Income tax (expense) revenue recognized in profit (loss) for the period (4,556) (1,492) (3,163) Earnings (Loss) per Share For the three months period and for the nine months period ended 30 September 2018 and 2017, the Company has presented the basic earnings (loss) per share while not present the diluted earnings (loss) per share because the exercise price of warrants is higher than the fair value of the Company s ordinary shares.

29 Segment Information The Group has presented the operating segment information in respect of business segments as the primary format which is considered on the Group s management system and internal reporting structure for the basis in identifying the segment. Segment revenues, financial performances, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The Group has presented the key segment information as follows: - Business segment of system installation and constructions - Business segment of real estate development - Business segment of rental For the three months period and for the nine months period ended 30 September 2018 and 2017, the operating segment information is presented follows:

30 30 For the three months period ended 30 September 2018 Business segment Business segment Business segment Total Eliminated items Total of system installation and of real estate of rental constructions development Baht 000 Baht 000 Revenue from sales and rendering of services External customers 2,102, ,102,962-2,102,962 Inter-segment Total 2,102, ,102,962-2,102,962 Gross profit (loss) 192, , ,531 Interest income 3,455 Other incomes 25,537 Administrative expenses (107,913) Other expenses (26,065) Interest expense (32,392) Other finance costs (3,268) Share of gain (loss) of joint ventures 904 Profit (loss) before income tax 52,789 Income tax (expense) revenue (3,637) Profit (loss) for the period 49,152 Depreciation and amortization 6, ,679-6,679

31 31 For the three months period ended 30 September 2017 Business segment Business segment Business segment Total Eliminated items Total of system installation and of real estate of rental constructions development Baht 000 Baht 000 Revenue from sales and rendering of services External customers 1,939,513-17,510 1,957,023-1,957,023 Inter-segment Total 1,939,513-17,510 1,957,023-1,957,023 Gross profit (loss) 52,862-11,687 64,549-64,549 Interest income 2,952 Other incomes 64,257 Administrative expenses (271,406) Other expenses (915) Interest expense (29,937) Other finance costs (4,156) Share of gain (loss) of joint ventures (594) Profit (loss) before income tax (175,250) Income tax (expense) revenue 23,918 Profit (loss) for the period (151,332) Depreciation and amortization 7,019-17,907 24,926 (2,070) 22,856

32 32 For the nine months period ended 30 September 2018 Business segment Business segment Business segment Total Eliminated items Total of system installation and of real estate of rental constructions development Baht 000 Baht 000 Revenue from sales and rendering of services External customers 5,260, ,260,801-5,260,801 Inter-segment Total 5,260, ,260,801-5,260,801 Gross profit (loss) 486, , ,021 Interest income 14,478 Other incomes 145,061 Administrative expenses (308,562) Other expenses (31,914) Interest expense (93,802) Other finance costs (10,818) Share of gain (loss) of joint ventures 856 Profit (loss) before income tax 201,320 Income tax (expense) revenue (4,556) Profit (loss) for the period 196,764 Depreciation and amortization 19, ,444-19,444 Assets as at 30 September ,658,269 Liabilities as at 30 September ,218,361

33 33 For the nine months period ended 30 September 2017 Business segment Business segment Business segment Total Eliminated items Total of system installation and of real estate of rental constructions development Baht 000 Baht 000 Revenue from sales and rendering of services External customers 4,693,987-54,184 4,748,171-4,748,171 Inter-segment Total 4,693,987-54,184 4,748,171-4,748,171 Gross profit (loss) 324,487-36, , ,173 Interest income 11,213 Other incomes 127,246 Administrative expenses (501,430) Other expenses (1,138) Interest expense (90,752) Other finance costs (9,005) Share of gain (loss) of joint ventures (619) Profit (loss) before income tax (103,312) Income tax (expense) revenue (1,492) Profit (loss) for the period (104,804) Depreciation and amortization 21,588-54,119 75,707 (6,142) 69,565 Assets as at 30 September ,984,682 Liabilities as at 30 September ,888,974

34 Related Party Transactions The Group has significant transactions with the related parties. Such transactions have been concluded on commercial terms and bases, agreed upon between the Company and those related parties which are in ordinary course of business, are summarized as follows: 28.1 Nature of relationship of the Company Name of related parties Nature of relationship PLE International Company Limited Subsidiary by direct shareholding Bamrung Muang Plaza Company Limited Subsidiary by direct shareholding (The control ceased on 31 October 2017) SAPS 2007 Holding Company Limited Subsidiary by direct shareholding PAR Joint Venture Subsidiary by direct investments Techner Company Limited Associate by direct shareholding EMC-POWER LINE Joint Venture Joint venture which the Company is a joint venturer (Dissolved on 31 December 2017) PCS Joint Venture Joint venture which the Company is a joint venturer (Established on 11 September 2017) Flamtechnic Company Limited Related party by common director United Power Engineering Company Limited Related party by common director R.N.C. (Thailand) Company Limited Joint venturer in joint venture EMC Public Company Limited Joint venturer in joint venture (Until 31 December 2017) China State Construction Engineering Joint venturer in joint venture (Thailand) Company Limited 28.2 Inter-transactions For the three months period ended For the three months period ended Pricing Policies 30 September September September September 2017 Transactions with subsidiaries (Eliminated from the consolidated financial statements) Interest income 8.00% per annum ,938 Cost of constructions Cost plus margin - - 1,525 1,459 Interest expense 3.00% per annum - - 3,281 3,281 Transactions with joint ventures Interest income 8.00% per annum Other incomes Comparative with outsiders Transactions with related parties Other incomes Comparative with outsiders 10, , Cost of constructions Cost plus margin 4,148 2,803 4,148 2,803 Administrative expenses Mutual agreed rate