factors: 1) Strong performance of our automotive parts business in China. 2) Gain on foreign currency exchange rate amounted to Baht 107.86 million, compared to gain on foreign currency exchange of Bath

1 / 6 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the three-month period ended 30 September 2019

for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery

and satisfactory operating performance allowed KBank and K Companies to meet business targets and at the same time gain wide acceptance and recognition at home and abroad, as reflected in the numerous

in a decrease in the cost-to-income ratio, which stood at 42.52 percent. KBank has set aside higher allowance for impairment loss on loans, in line with uncertainties from the ongoing economic slowdown

%) Executive Summary PAGE 2 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Operating performance by plant in Q3/2019 The company’s gross profit was at Baht 5,467 million in Q3/2019 which decreased by 535

(AI) to ensure real time performance controlling and tracking and to optimize energy production decision-making by using collected data; for example, meteorological and solar irradiance data can be used

million from the recognition of GLOW’s performance, reflecting strong growth in both the operation of the two businesses and the Company’s net profit, which increased by Baht 659 million. Executive Summary

Result as ended September 30, 2018 Financial Performance for the period ended September 30 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc. / (Dec.) % Construction income 59.06 63.82 -4.76 -7.46 Service

). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to