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...

amounted to THB 3,787 million; with total liabilities of THB 3,376 million; and total equities of THB 9,708 million. In this regard, the company financial position remains strong with low debt- to-equity

comprised of cash and short-term investment amounted to THB 4,035 million, with total liabilities of THB 2,959 million and total equities of THB 9,708 million. In this regard, the company’s financial position

amounting to THB 3,338 million, with total liabilities of THB 3,011 million and total equities of THB 9,457 million. In this regard, the company’s financial position remains strong with low debt-to-equity

million which comprised of cash and short- term investment amounting to THB 2,444 million, with total liabilities of THB 3,158 million and total equities of THB 9,338 million. Operating Performance Exhibit

notification of the Securities and Exchange Commission Re: Requirements for securities companies to handle customer’s compliant; (2) the investment management system which has clear procedures and methods of

Exchange Commission Re: Requirements for securities companies to handle customer’s compliant; (2) the investment management system which has clear procedures and methods of operation before and after

in the notification of the Securities and Exchange Commission Re: Requirements for securities companies to handle customer’s compliant; (2) the investment management system which has clear procedures

) communications with clients An intermediary shall pay due regard to the information needs of its clients , and communicate information to them in a way which is clear, not distortion and not misleading; (11

clients An intermediary shall pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, not distortion and not misleading; (11) clients