margin decreased 5% from Q1/2018, because of the growth rate of natural gas price and the rise in finance cost from interest payment and short-term loan financing fee related to the acquisition of GLOW

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 22 25 27 29 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environm...

repaying short-term loan (Bridge Financing) that the company used to acquire Glow Energy Public Company Limited (“GLOW”) was completed in Q4/2019. The company has been successful following the capital

determining the credit rating some for whom the rated entity or obligation is within their area of primary analytical responsibility and some of whom have other areas of primary analytical responsibility. 1.15

. For the area improvement plan, Hero Experience is still in the process of negotiating with various tenants. In order to align with the business model of each tenant, Hero Experience will contact the

Apartment (76 units) 2. L&H Villa Sathorn : 2-storey detached houses for rent (37 units) 3. Centre Point Sukhumvit -Thong Lo : Service Apartment (156 units) Term of contract : From April 1, 2018 to March 31

term. In addition to achieving revenue growth, the company-wide cost optimization is ongoing and translated into EBITDA expansion of +9% YoY and +2.4% QoQ to stand at Bt18,905mn, a reported margin of

Wacoal International Hong Kong Co., Ltd. : USD 3,100,000.- converted in Thai currency not exceeding Baht 100,000,000.- (Long term loan and installment within 3 years) When including the first credit line

1,570.1 million, increased from Baht 1,538.1 million by the year-end 2017 or increased by Baht 32 million or 2.1% due to increase in short-term loans for working capital at the end of the period and accrued

1.6 5.3% Total Liabilities 2,890 2,544 346 13.6% Bank overdrafts and short-term loans from banks 650 704 (54) -7.7% Trade and other payables 105 83 22 27.1% Other current liabilities 16 18 (2) -10.8