optimal level yet due to some unfavorable factors, e.g., timing or market opportunities. Therefore, the Company had to bear higher costs at the beginning, causing lower profitability than it should have

increase of THB 442 million compared to Q3/2019 with the following factors affecting performance as follow: 1. The Bangchak refinery averaged its production in Q4/ 2019 at 116. 9 KBD or 97% utilization rate

benefited from seasonal factors during the second quarter of every year that the sky is clear, with lowered clouds and fog. Whereas, the electricity sales of the “Lom Ligor” project adjusted downward, due to

- denominated debt. Economic Outlook for 2020 In 2020, Thailand’s economic growth will likely slow to the range of 1.9 - 2.3 percent on account of several challenges. External factors include a sharp drop in

prices, while core inflation, which excludes energy and food prices, increased by 0.6 percent due, in part, to a sluggish recovery in consumer demand. Other contributing factors were more structural, such

. The key elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i) Investments in associates of Baht 14,587.6 million, (ii) Building and Equipment (net) of Baht 3,950.2

of an investment in associates amounted of Baht 539.7 million from adopting new accouting standard (TFRS 15). The key elements of Assets in the Company’s Consolidated Financial Statements consisted of

(iv) selective asset divestment where assets are matured or strategically unaligned. To achieve the plan above, one of the most important elements is people. The industry has been disrupted fast and

projects and additional investment in power and utilities projects under construction. The key elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i) Investments in

standard (TFRS 15). The key elements of Assets in the Company’s Consolidated Financial Statements consisted of: (i) Investments in associates of Baht 12,503.2 million, (ii) Building and Equipment (net) of