from 2019. The revision of TFAC will render effects on preparation of the financial statements, in particular the report of financial transactions and the disclosure of information in notes to

money laundering, etc. Moreover, the issuer must not violate or fail to comply with the law, which may cause severe and significant effects on the issuer’s business; (2) Empowering the SEC to lay out

Resources CONTENTS Executive Summary and Management Guidelines to Mitigate the Effects of the COVID-19 Outbreak 03 Statement of Income 09 Business Performance 11 Statement of Financial Position 24 Cash of

expansion of their Non-oil businesses, however the cost of selling, general and administrative expense remains high, leaving the Bangchak Retail Co., Ltd.’s EBITDA still in the negative, therefore effectively

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...

increasing loss by 163% in comparison with the same period in the previous year. Negative gross margin accounted to -71.7% and the proportion of revenues beauty service business per total revenues was 6.9%. 3

negative effect from strengthen THB against USD. * Note Please find further information in the consolidated financial statements. 2 Gross profit margin = Gross Profit (Total Sales – Costs of Sales) to Sales

The Company’s negative net profit for 3rd Quarter 2019 is THB 8.14 million equivalent to 10.16%, in which the net profit decreased from the same period last year due to the increasing of the selling and

overall selling price decrease, especially for Caustic Soda due to the fall of its market price trend, plus impact from appreciation of Thai Baht against US Dollar. However, those negative impacts were

bonds must not have negative issues on good corporate governance and must be invested at the proportion of no less than 60 percent of the net asset value (NAV), either in the primary or secondary