last year, driven by the Company was able to control key raw materials price and also increased the operation’s efficiency continuously. Selling Expenses Selling expenses was Baht 1,497 million decreased

of raw materials shortage and postponed the shipments as compared to same period of last year. 2. Cost of sales For the second quarter ended 30 June 2020, the Company’s cost of goods sold was USD

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...

Results EGCO would like to present analysis of the operation result as follows: Summary of operating results for the year 2017 Unit: Million Baht Power Generation Others Total Change Increase (Decrease

impact of Stock Gain/(Loss) and NRV (2) Extra item was from reversal of inventory derogation because a supplier had delivered raw materials to the company regarding to the settlement agreement. P a g e | 5

for the three-month period of year 2018 and 2017 Unit: Million Baht Q1’2018 Q1’2017 Increase (Decrease) % Change Sales income 14,874.75 14,270.69 604.06 4.23% Rental and service income 499.08 481.06

ended 31 March 2018 and 2017 are as follows; Unit: THB million Q1-2018 Q1-2017 % Change 1. Revenue from sales and contract work 1.2 1.2 2.1% 1.1 Turnkey Total Solutions 1.2 1.2 2.1% 2. Revenue from

the year ended 31 December 2018 and 2017 are as follows; Unit: THB million Y2018 Y2017 % Change 1. Revenue from sales and contract work 14.9 21.4 -30.5% 1.1 Turnkey Total Solutions 14.9 21.4 -30.5% 2

รวมรายได้อื่น) Q4 2561 Q4 2560 YoY change YoY % change หน่วย: ล้านบาท รายได้จากการขายและบริการ 266.92 209.13 57.79 28% ก าไรจากอัตราแลกเปล่ียน 1.06 0.44 0.00 0% รายได้อ่ืน 1.07 2.19 -1.12 -51% รวมรายได้

ratio did not exceed 3.00 times, which is the covenant for bank loans and debentures. 4 Income Statement For the nine-month ended September 30 Change Unit: Million Baht 2019 2018 Amount % Revenues from