and services 135.1 86.4% 53.7 32.5% -81.4 -60.3% Gross Profit 21.2 13.6% 111.5 67.5% 90.3 426.0% Loss from fair vale adjustment for investment properties - - -55.0 33.3% -55.0 100.0% Other Income 22.0

criteria for commercial lending policies, prioritizing risk assessment through prudent screening and close monitoring of borrowers, especially those in small and micro businesses. Moreover, we adjusted

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...

year, due to the annual adjustment of salary base, which caused the increase of salary expenses by 10.2%, compared to the previous year. 3. The Company had the share of profit (loss) from investments in

amounted to Baht 3,123 million, slightly rose from the same period last year but gross margin was down to 25.4%, from 27.2% in the same period last year. This was partly due to the adjustment of inventory

company recorded total revenue of 396.89 million Baht in the second quarter of 2017 which reduced from the same quarter last year totaling 40.70 million Baht or 9.30%. Due to adjustment in selling price to

The company recorded total revenue of 641.47 million Baht in the third quarter of 2017 which reduced from the same quarter last year totaling 19.82 million Baht or 3.00%. Due to adjustment in selling

522.24 million that has been already implemented with work progress equivalent to 17.36 %. In addition, in this captioned year, there were the additional adjustment to the estimated construction cost of

adjustment of the content in part of exhibition area in order to let the audience to get better hyper reality digital entertainment experience, the Project is scheduled for official opening ceremony on June 27

adjustment with PPA 61.0% 53.0% 59.0% 51.1% Revenue from Sale of Investment Properties - - - n.a. 132.1 1,449.0 1,316.9 996.9% Gross Profit - - - n.a. 20.5 611.1 590.7 2,888.2% Gross Profit Margin n.a. n.a