69.73% (285.27) (12.23%) Total shareholders' equity 310.78 11.76% 888.66 30.27% 577.88 185.94% Total liabilities and shareholders’ equity 2,643.35 100.00% 2,935.96 100.00% 292.61 11.07% (Unit : Million

financial statement as follow: Asset: Investments in associated company declined THB 54 million Shareholder’s equity: Retained Earnings declined THB 38 million None controlling interest declined THB 16

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the quarter ended September 30th, 2019 Management Discussion and Analysis of Business Operation for Q3/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 21 24 26 28 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environ...

(JMT's subsidiary) and loans from purchase of receivables (NPLs). Liabilities and Shareholders' equity As of the period ending 31 December 2018, the Company had total liabilities of 14,740 million baht, an

ordinary shares of 1,437,456,000 shares under IPO with a par value of THB 5.00 per share and IPO price at THB 5.20 per share. This capital raising will reduce interest bearing debt to equity ratio of both

Minority Shareholder Equity (Baht) – (4) 0 JAS ASSET Page 3/4 Items Detail Net Tangible Asset (Baht) = (1) – (2) – (3) – (4) 1,250,654,181 Total value transaction = Value of Interest Rate over the period of

% 45% 19% 17% 8% 11% 45% 18% 18% 67% 2% 4% 27% 66% 2% 4% 28% +1% +1% Equity Other non-current liabilities Long-term borrowing Other current liabilities Current assets Investments in associates, joint

-term loan bentures es bilities ilities quity ng 30 June qual to 114 t receivable lder Equity ding 30 Jun 6 at 161.7 m cial institutio on baht from t Bearing D to consiste Moreover, th 7 as accord 017 1

debt purcha Liabilities a As of the p 2016 at 87 financial ins equity ratio 2.11 times. Discussion and nt in associat nt Property d rights and p n-current ass ets and Short-te d other payab ortion of

, the Group had no outstanding balance as at 30 June 2017. Shareholders’ Equity As at 30 June 2017 and 31 December 2016, the Group had shareholders’ equity of THB 856.60 million and THB 808.83 million