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...

183.2 196.9 (13.7) (7.0) EBITDA Profit Margin (percentage) 10.2 10.7 (0.6) -3- is slightly decreased comparing to the same quarter of the previous year. The ratio of the revenues from the domestic selling

revenues at supermarkets. The ratio of the revenues from the domestic sales and services and the overseas sales and services in the first nine months of 2017 are equal to 88.4 percent and 11.6 percent

outstanding balance of dividend payment of 516.47 million THB which will be paid to the shareholders in April 2018. As a result of the above reasons, the interest bearing debt to equity ratio and the debt to

the above reasons, the interest bearing debt to equity ratio and the debt to equity ratio have decreased from 0.49 : 1 to 0.41 : 1 and from 0.69 : 1 to 0.64 : 1 as of 31st December 2017 and 31st

Company of Baht 38 million. The Company has maintained a low debt to equity ratio with steady growth in its shareholders’ equity from fund mobilization via the IPO and could generate retained earnings from

issuance of new shares by the Company of Baht 38 million. The Company has maintained a low debt to equity ratio with steady growth in its shareholders’ equity from fund mobilization via the IPO and could

Baht 28 6 .7 1 million, and issuance of new shares by the Company of Baht 38 million. The Company has maintained a low debt to equity ratio with steady growth in its shareholders’ equity from fund

, the interest bearing debt to equity ratio and the debt to equity ratio have increased from 0.35 : 1 to 0.46 : 1 and from 0.50 : 1 to 0.73 : 1 as of 31 December 2016 and 30 June 2017 respectively. Cash

Gross Margin 7.42% -2.09% Net Profit Margin -12.37% -14.39% Debt to Equity Ratio (Time) 8.96 5.88 Total Expenses The 3-month Operating Result as ended 30 June 2017 Construction Income In the 2nd quarter