Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

shareholders’ meeting of the Company shall have approved the entering into the Transaction; and (2) No change has occurred, which causes a material adverse effect on assets, liabilities, business opportunity

23,007 million, an increase of 4.3%. SMEs loan comprises of several business sectors including Apartment & Hotel, Logistics, Commercial & Industrial and Construction Machinery & Materials. Corporate

4.3%. SMEs loan comprises of several business sectors including Apartment & Hotel, Logistics, Commercial & Industrial and Construction Machinery & Materials. Corporate Lending provides lending services

overall sales volume, the Company and its subsidiaries brought 1.6% growth of Gross profit margin versus 2017 by the strong contribution of Epicerol® business. 2. In 2018, distribution costs, administrative

recognize more at the amount of Baht 106.80 million. Total Shareholders’ Equity was Baht 1,566.69 million, increased Baht 122.85 million or 8.51%, resulting from income of business performance. 3,280.21

continuity of our electricity and utilities supply system such as implementation of Business Continuity Plan (BCP) and Work from home arrangement for supporting staff and preparation of safe house for field

2323 1085..96 Fax. 66 2323 9283 Management Discussion and Analysis (MD&A) Business operating results and financial position for the year 2018, in which the equity method is applied, of the Company could

2019, Mana Patanakarn Co., Ltd., which operates real estate business, There is a cost to sell the project. A Space Phase B and Phase C to boost sales from the same quarter of 2018. Also, Advance Prefab

startup firms for enhancement of our business capabilities to achieve sustainable growth while maintaining our market leadership over the long term. Guided by our core strategies of “Customer Centricity