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...

received the Thailand Sustainability Investment (THSI) award or sustainability stocks 2019 for the second consecutive year. The two awards are given by the SET to listed companies with business models based

processes and econometric models for stress testing to ensure that KBank’s business growth is within the approved risk limit while improving efficiency in our risk and loan loss reserve management as well as