) Revenue structure + (-)2018 3 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major

AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major customer from 2019 to mid of 2020 due to eminent domain

Group EBITDA 874 843 Group Net Profit (Loss) (432) 53 HRC Sales (k tons) 418 393 HRC Production Volume (k tons) 418 386 HRC Average Selling Price (Bht/Ton) 20,715 18,108 HRC Cash Margin (Bht/Ton) 482

Bangchak Corporation Plc. Table of Contents 5 10 0 10 Refinery Business 14 Marketing Business 16 Green Power Business 18 Bio-Based Products Business 21 Exploration & Production Business 26 31 30 Statement

” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the six months period ended June 30, 2018

results based on its audited consolidated financial statements ended 31 December 2018 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

2019, the Company had earnings before interest, tax, depreciation and amortization( EBITDA) from operation pursuant Consolidated Financial Statements in the amount of THB 94.17 million decreased by THB

2019, the Company had earnings before interest, tax, depreciation and amortization (EBITDA) from operation and pursuant Consolidated Financial Statements in the amount of THB 239. 61 million decreased by

and reduce production costs, sales and administrative expenses in all areas for the most benefit and efficiency. For the period of three months For the period of 1st half Consolidated financial

Company”) would like to submit the financial statement for 2st quarter of 2022 ended as of June 30, 2022, which details are as following ; Unit : Million Baht Operating results (Consolidated) 2nd quarter