to earn a premium to industry benchmark in this over-supplied region. Given IVL’s vast geographical footprint, its integrated business model, its proven ability to benefit from local market dynamics

revenue recognition from other business, which was under the consideration of the investment information for the replacement. DCORP had profit before expenses Baht 9.57 million and after deducting the total

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019

1,205 million, an increase of 0.1% YoY, mainly due to financial statement adjustment in accordance with new Thai accounting standards. Details are as follows:  Domestic Branded Business sales decreased

Company started trading its newly issued stock on 15 February 2017. Issued and paid-up share capital Ownership interest 30 June 2017 30 June 2017 Name of the entity Type of business Baht % 80.00 99.27 Car

lower than Q4/2018 total sales of Baht 1,456 million, a decline of 7% YoY. Details are as follows:  Domestic Branded Business sales decreased 19% YoY.  Export Branded Business sales declined 0.2% YoY

various actions which help to mitigate potential effects. The Company has proactively implemented stronger preventive measures in all its business locations. Business models were adjusted to offer more

1,122.74 1,024.78 97.95 9.56% Shareholders’ equity Issued and paid-up 400.00 400.00 - 0.00% Premium on paid-up capital 305.53 305.53 - 0.00% Share surplus from business combination under common control 20.64

the year. The Company has active billings of 3.44 million per month with active customers of 2.17 million, mainly from Bangkok 31%, and in up-country 69%. Details of each business can be described as

year 2017 from importing solar equipment for the solar energy business of the company. Such a transaction happened only in year 2017, no more in year 2018. Selling and administration expenses. Selling