Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 22 25 27 29 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environm...

Limited has distributed products and equipment design and installation of systems related to water treatment systems for medical services. So far the Company still received purchase order for project of

4Q2019 2018 2019 Self-Managed Hotels Number of hotel 2 2 2 2 Number of key(1) 291 297 278 291 Occupancy rate (%) 72 70 76 72 ADR (THB) 8,054 7,350 8,415 7,777 RevPAR (THB) 5,757 5,117 6,401 5,591 Outrigger

development projects that aligns to the cash flow of The Company. MahaSamutr Project: The construction of MahaSamutr project – villas are 99% completed. The Company has managed to transfer a total of 5 villas

, Pathumwan, Bangkok 10330 Tel. 66 2 654 3344 Fax. 66 2 654 3323 The construction of MahaSamutr project – villas are 99% completed. The Company has managed to transfer a total of 5 villas and recognized a total

Total Consolidate Joint Venture Total Real estate transferred activities 5,826.2 - 5,826.2 5,041.0 2,184.4 7,225.4 1,399.2 24.0% PAGE 2 However, The Group still managed to maintain the net profit margin

increased dynamism in exports of goods and services (source: IMF, October 2017). Steel output so far in 2017 is up 11% in Thailand and we expect this trend to continue. Also, sugar cane harvest is expected to

Debtors. This is to ensure the Company financial status and performance. The Backlog was around 10% of the total sales that lead to less risk under cost fluctuations. The Company has also managed the risk

increased by 4.13% YoY. The increase was mainly due to the expenses of new outlets (i.e. Rayong and Diana Hat Yai branches) such as depreciation, and utilities. The Company efficiently controlled and managed

by the intermediary . Clause 10 In case of doubt whether or not the assets segregated and managed by the SEC Office are clients’ assets , the SEC Office shall settle such assets with the official