changes in the below table. Assets Items which has significant changes Outstanding by Quarter Changes Q4 – 19 Q4 – 18 Q4 – 19 VS Q4 – 18 (MB) (MB) % Cash and Cash equivalents 190.2 1,265.8 (1,075.6) (85.0

increase from IPO by temporarily prepaying loan, resulting in decrease in financial cost of the Group. 8 2019 2018 THB Mn THB Mn THB Mn % Cash and cash equivalents 71.9 104.5 (32.6) (31.2) Trade and other

activities in an amount of THB 91.88 million, decreased by THB 199.96 million from the same period last year. As at March 31, 2019, the Company and its subsidiaries’ cash position in cash and cash equivalents

attributed to owners of the parent of THB 4,942 million, and the non- controlling interest of THB 1,194 million. Cash Flows As of 31 March 2019, the Company reported cash and cash equivalents of THB 1,321

and cash equivalents stood at THB 2,650mn, 5.3% decreased or from THB 2,797mn in the beginning period. Cash from operating activities was THB 0.3mn. This was derived from loss before tax of THB 239mn

COVERAGE 6 ASSETS ASSETS BREAKDOWN 31 DECEMBER 2018 30 JUNE 2019 (THB mn) % out of total (THB mn) % out of total Cash & cash equivalents and Current investments 653 15.7% 822 17.3% Trade & other receivables

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...

increase in cash and cash equivalents 1,011.7 675.4 Cash and cash equivalents - ending balance 2,950.4 3,824.5 1. Cash flows from operating activities The Company had cash inflows (outflows) from operating

million Baht or 0.47% from the end of the year 2018 due to the changes in the following items: - Cash & Cash equivalents were 80.66 million Baht, decreased by 497.55 million Baht mainly from the repayment

the six-month period ended 30 June 2019, cash and cash equivalents stood at THB 2,231mn, a 20.2% decrease or from THB 2,797mn at the beginning of the period. Cash used in operating activities was THB