entering the rainy season, together with typhoons and tropical cyclones moving closer to Thailand leading to more rainfall than the previous quarter. Management Discussion and Analysis of Business Operation

higher rainfall than the previous quarter, and the lower solar panel installation projects. PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary Q3/2019 Significant Events Comparing 9M

% and 2%, respectively. Whereas, Q3/2018 was under a low season period with middling usage of automobiles and minuscule tourism outings, due to the persistent rainfall which lasted throughout the quarter

10% YoY, mainly from increasing average irradiation hours at every project sites, due to clear skies and decreased rainfall from the previous year. Furthermore, production capacity rose from the

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...

rainfall than us ual. It is expected that rainfall in the region from January to March of 2020 will be less than the normal range, causing the amount of water bud get during the dry season of 2020 to be

electricity consumption decreased by 0.6% due to the cool weather and the rise in rainfall during Q1/2018. .• Dividend payment from the company's performance for the year 2017 In the Annual General Meeting (AGM

total electricity sales from the previous year 9%. Mainly from the increased average irradiation hours at every project, due to clear skies and decreased rainfall compared to the previous year. Also

of phase 1 to 3 of the project in Thailand, for this year has slightly adjusted downward (-2%) from the lower average irradiation hours due to increase rainfall compared to 2016. 2. Solar power plant

curtailment in 2H/ 2020 because a curtailment in 1H/2020 have almost reach maximum limit base on agreement. Furthermore, less favorable weather from higher rainfall when compared to the same period of last year