for 3 months to Advance Power Conversion Co., Ltd. (“APCON”), the associated company and connected person, in the amount of loan 30 million baht which will be due on May 13, 2020. The details of

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

completed and Xayaburi Hydroelectric Power Project is now close to project completion. Cost of construction services and sales of construction materials For the first nine months of 2019, the Company and its

of the year 2017. The significant decreasing came from the reduction of the revenue construction works of renewable energy power plants projects in private sector according to industrial sector was

Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products

Installation of Foam system for Remote Impoundment, and new project such as Heating, Ventilation and Air Conditioning of In-Plant Power Generation. 5. Testing and Inspection service slightly decreased from the

the Expressway Authority of Thailand, and the construction project of three power stations according to the transmission and distribution system development project of the Provincial Electricity

generate sales revenue for the 9-month period of 2020 approximate to the same period last year. For other incomes, in the same period last year, the company had a profit from the sale of assets equal to Baht

155.6%, arising from increase in available payment from GHECO-One, according to the Power Purchase Agreement (“PPA”) which is based on the principle that annual Availability Payment (“AP”) will not lower

& Trading Business Group 12 Marketing Business Group 14 Power Plant Business Group 16 Bio-Based Products Business Group 18 Natural Resources Business Group 20 Statement of Financial Position 22 Cash Flows