liquidity in the banking system. For the outlook of commercial banks during the remainder of 2019, a major challenge could lie in the delayed recovery of economic activity in several sectors, which may in

33.18% 154.92 31.42% Intangible assets 1.33 0.20% 1.40 0.19% 4.85 1.04% 5.01 1.01% Withholding tax deducted at source 11.64 1.74% 23.44 3.11% 29.49 6.30% 31.11 6.31% Deferred tax assets - 0.00% 0.12 0.02

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3 Management Discussion and Analysis of Business Operation for Q2/2020 Bangchak Corporation Plc. | Ex...

award from government authority which can be delayed or slip from various reasons. Therefore, company may consider the utilization of proceed to other projects if such projects can generate higher profit

invest and operate in that business. Including the payments of trade accounts receivable is likely to be delayed over the previous year partly due to the increase in trade accounts receivable of health and

immediately transfer the land ownership to the Company, therefore the Company decides to use the borrowed fund to pay for the Land at On-nut to decrease the risk of delayed payment and the change of no-return

. The Committee viewed that the Thai economy would expand at a slower rate in 2020 than previously forecasted and much further below its potential due to the outbreak of coronavirus, the delayed enactment

business due to the seasonal epidemics and diseases that come with the rain, lead to an increase in medical service utilizations. Moreover, the Company believes that demand for medical services that delayed

lower demand from foreign trading partners affecting the export sector. The local political uncertainties that arose in this quarter further added pressure and caused delayed investment decisions in

including utility bills and tax campaign which temporarily stimulated the private consumption. Nonetheless, inherent risks lay in structural challenges such as high household debt, delayed government budget