million, a decrease of 31.0%(y-o-y) compared to Q1/2019. Thus, the amount of aviation fuel services volume at BKK and DMK totaling up to 1,333 million liters, a decrease of 17.3%(y-o-y), and the total

use of Biodiesel fuel (B100) within the energy sector. This has increased the demand for consumption of the product, consequently increasing the price of B100 products. Concurrently, the company

million; as follows:- Management Discussion and Analysis For the Year Ended December 31, 2018 Page 11 Company Million Baht Hongsa Power Company Limited 3,120.02 SouthEast Asia Energy Limited 398.56

Analysis For the Operating Results ended June 30, 2019 In Q2/2019, the amount of aviation fuel services volume at BKK and DMK totaling up to 1,451 million liters, which have the growth rate of 0.5%(y-o-y

247.43million, increased from the year2017 the company’s income from energy business was Baht 88.65 million. As the company started to generate revenue from commercial biomass fuel sales in Q2/2018. 1.3 The

Acquisition and Connected Transactions of the Company with respect to the acquisition of the Energy Recovery Unit from Thai Oil Public Company Limited and entry into the relevant agreements Global Power Synergy

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

Municipal Solid Waste Power Plants 111.7 127.9 127.8 (0.1%) 14.4% 355.5 369.7 4.0% Sales of electricity - Base tariff and Ft 4.7 5.2 5.1 (1.9%) 8.5% 13.1 15.6 19.1% Sales from Solar Energy Power Plants 4.7

1.4% Sales of electricity - Base tariff and Ft 1.8 2.2 3.4 54.5% 88.9% 4.4 8.4 90.9% Sales from Solar Energy Power Plants 1.8 2.2 3.4 54.5% 88.9% 4.4 8.4 90.9% Total sales and service income 1,245.6

Power Plants 114.0 127.9 127.8 133.5 5.7 4.5% 482.2 503.2 21.0 4.4% Sales of electricity - Base tariff and Ft 5.3 5.2 5.1 4.4 (0.7) (13.7%) 17.8 20.0 2.2 12.4% Sales from Solar Energy Power Plants 5.3 5.2