follows: Statement of Financial Position (Baht) Liabilities and shareholders’ equity Liabilities Trade and other current payables 65,975.77 Total current liabilities 65,975.77 Long-term borrowings

negative growth for over the past 2 years according to Nielsen Thailand, but also play a vital role in expanding current domestic business of the Group and in the future in relation to the growing demand and

per share, equivalent to 51 percent of the total S-TREK shares (the “Sale Shares”), from a current shareholder named Mr. Jirasak Prempojwattana (“Mr. Jirasak” or the “Seller”), for a total value of Baht

per share, equivalent to 51 percent of the total S-TREK shares (the “Sale Shares”), from a current shareholder named Mr. Jirasak Prempojwattana (“Mr. Jirasak” or the “Seller”), at a selling price of

guarantees and/ or undertaking in accordance with the terms and conditions stipulated in the Equity Purchase Agreement. 1 Exchange rate at Baht 31.6373 per USD 1, which is an average selling rate of Bank of

business undertaking; “executive” means an executive under the Notification of the Securities and Exchange Commission on Qualifications and Prohibited Characteristics of the Executives of a Securities

company has acquired during the course of business undertaking; “executive” means an executive under the Notification of the Securities and Exchange Commission on Qualifications and Prohibited

Factors for Consideration ___________________________ Clause 12. In considering the seriousness of behaviors constituting the third category of prohibited characteristics or undertaking under Clause 11, the

significant facts which effect the change in the price of securities but has not yet been disclosed to the public and a securities company has acquired during the course of business undertaking; “executive

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 FY2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Important Events 08 Statement of Income 10 Business Performance 10 Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Ba...