80,000 90,000 Total Assets Total Liabilities Total Shareholder Equity 2017 Q2 2018 Unit: THB mm 9. Decrease in other current asset of THB 341.4 mm, due to the decrease in account receivable from Revenue

was THB 4,878mn. The key components were (i) cash received from issuance of preference shares of THB 9,695mn, (ii) cash received from receivable of sales of investments in subsidiaries of THB 1,058mn

36.05 million. In addition, trade and other receivable increased by Baht 86.71 million (trade and other receivables of new business amount Baht 57.51 million), inventories increased by Baht 16.84 million

development for sales of 9,154 million Baht, account receivable of 1,884 million Baht, Inventory of 193 million Baht, building improvement, sales gallery, and equipment of 3,515 million Baht, Moreover, the

investment 2,643 0.9% 2,128 0.7% Net debt to equity (times) 2.3 1.7 2.0 Trade receivable 14,179 5.0% 16,429 5.6% Net debt to EBITDA (times) 1.4 1.2 1.4 Inventories 3,951 1.4% 3,573 1.2% Current Ratio (times

components were (i) cash received from issuance of preference shares of THB 9,695mn, (ii) cash received from receivable of sales of investments in subsidiaries of THB 1,058mn, (iii) cash received from long

receivable increased by Baht 101.57 million (trade and other receivables of new business amount Baht 70.47 million), inventories increased by Baht 20.16 million (from new business by Baht 15.95 million). 4.2

investment 2,643 0.9% 2,221 0.8% Net debt to equity (times) 1.9 2.0 1.7 Trade receivable 14,179 5.0% 16,361 5.6% Net debt to EBITDA (times) 1.4 1.4 1.3 Inventories 3,951 1.4% 3,823 1.3% Current Ratio (times

accounts receivable 398,049 6% 274,768 7% 205,429 6% Accrued income 99,469 2% 77,070 2% 87,317 2% Other receivables 89,842 2% 59,605 1% 68,134 2% Inventories 136,926 2% 68,116 1% 2,961 - Other current assets

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...