inventory as sales increased, and an increase of Bt88 million for the value of property, plant and equipment acquired for the new factory (Phase 3) and a decline of Bt144 million in cash. Total Liabilities

to sales volume growth that was supported by an increase in capacity from the investment in Phase 3 at the new plant, but mainly offset by the appreciation of the Baht. Cost of Sales and Gross Profit

Power Plant: Although the revenue in Q2/2017 decreased by 11% due to the decline of Energy Payment (EP) from the decrease in submitted electricity volume to Electricity Generating Authority of Thailand

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

management especially from the Cogeneration power plants. Although in 2017, the Sriracha Power Plant had lower dispatch volume to Electricity Generating Authority of Thailand (EGAT) compared to 2016 due to the

Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 21 24 26 28 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products

Utilities Plant increased after the main customers resumed normal operation from the scheduled maintenance in Q2/2017 even though Sriracha Power Plant had lower dispatch volume to Electricity Generating

& Trading Business Group 11 Marketing Business Group 13 Power Plant Business Group 14 Bio-Based Products Business Group 16 Natural Resources Business Group 18 Statement of Financial Position 20 Cash Flows

& Trading Business Group 12 Marketing Business Group 14 Power Plant Business Group 16 Bio-Based Products Business Group 18 Natural Resources Business Group 20 Statement of Financial Position 22 Cash Flows

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural