Discussion & Analysis (MD&A) Q4/2017 and FY2017 3 • Q4/2017 and FY2017 market environment Thailand’s Gross Domestic Product (GDP) has grew by 3.9% in 2017 which exceeds the 2016 by 0.7%, after recovering in

. The outbreak put pressure on market value of domestic Ready-to-drink Tea (RTD Tea) market to decline by 18.6% in the quarter, compared to the same period last year. To minimize the impact, the company

in both domestic and international market, consequence to lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 2Q/2018. Under these circumstances, in this quarter the

shifted to ensure optimum return on investment. - Affected by the COVID-19 pandemic, OSP posted Q2’20 revenue from sales at THB 5,909 million, -6.1% YoY. Domestic beverage sales outperformed the market

be a potential market in the future. For Medical Devices; There is still intense competition in both domestic and foreign markets. Market leaders use price strategies to gain market share. But the

2019 until March 2020 of domestic RTD fruit juice market was Baht 10,979 million, a decrease of 6% YoY. RTD fruit juice market value and growth is as shown in Figure 2. (Source: Nielsen) Figure 2: MAT

industrial market sales volume spiked Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 13 | from emergency shutdowns of various domestic refineries

of the Thai baht is making exports more challenging competitively and we are seeing some volumes repatriated on the Thai market increasing domestic competition. Revenue realized per unit product sold

refineries and revoking private refineries export quota. Also Chinese refineries adjusted their output downward due excess supply in their domestic market and some refineries ceased operation during the

production, as farm income has remained subdued due to falls in market prices. Nevertheless, overall domestic demand grew at a moderate pace, and durable goods consumption has slowly picked up. The performance