create business growth and sustainable value.While the corporate governance practices adopted by Thai listed companies have undergone continuous developments with the focus on building investor confidence

delay is also attributed to the COVID-19 outbreak. 3.2 In the first quarter of the year 2020, the revenue from real estate development business has decreased 93.02 Million Baht or 56.67 percent in

2018 in order to support the growth of business of the Company and the repayment of short-term borrowings from financial institutions in order to reduce the financial cost. As at 31 December 2018, the

its purchases of program rights in 2018 in order to support the growth of business and operating results of the Company and the repayment of short-term borrowings from financial institutions in order to

3,506 million liters from the nine months of 2016. * Note: Total Flights was data of flights that serviced by BAFS only at BKK and DMK Growth (y-o-y) (q-o-q) (y-o-y) Aviation Refuelling Services Business

enterprise solution business. The Group’s profit for 2019 amounted to Baht 331 million, which was decreased by Baht 195 million or an decrease of 37% compared to the profit for 2018 amounting to Baht 526

mainly by hotel business performance improvement and the gain from the sale of other long-term investment The Company reported 1Q18 revenue of THB 1,698 million, an increase of 12.5%, mainly driven by

or 6.3% from 2016. Growth (y-o-y) Aviation Refuelling Services Business : Aviation Fuel Volume (mil litres) 5,747 5,657 1.6% Flights 287,701 279,266 3.0% Fuel Pipeline Transportation Business : Multi

, increasing 0.2% YoY, which is all-time highest number.  Total revenue from core business was Bt3,147mn, decreasing 5.7% YoY.  Number of “Boonterm kiosk” was 130,481, increasing 0.3% YoY.  Banking agent

1 Translation CEN 013-2019 August 14, 2019 Subject Management discussion and analysis for business operation Quarter 2-2019 To The Manager and President The Stock Exchange of Thailand Operating