Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for FY2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Important Events 08 Statement of Income 10 Business Performance 10 Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Ba...

innovation to create new business revenues or new S-Curve corresponding to the fast-moving environment of energy and electricity generation sectors and become an energy solution service provider of PTT Group

procurement. (In case of financial institutions, specify financial sources and loans); (b) If the manufacturing process or treatment of raw material wastes affects the environment, clarify the Company's actions

Directors’ policy framework in this matter shall also be disclosed to reflect the Board’s determination to mitigate the negative impacts on the environment or the management of the greenhouse gas emission. If

the negative impacts on the environment or the management of the greenhouse gas emission. If it is in the beginning or ongoing period, disclose the operating period for investors’ information. In the

inventories value. It showed that the Company managed inventory appropriately. Liability As at December 31, 2018, total liabilities of the Company and its subsidiaries was THB 5,403. 47 million comprising of

Society Hill Tianjin (China) and The Beach Club at Lubi Plantation Island, Managed by Dusit (Philippines). Unit: THB mn 4Q18 4Q17 Change FY18 FY17 Change Hotel business 1,298 1,278 20 1.6% 4,626 4,590 36

showed that the Company managed inventory appropriately. Liability As at December 31, 2019, total liabilities of the Company and its subsidiaries was THB 5,205. 05 million comprising of current liabilities

Carabao trademark orchestrated to the global stage was unfolded since we managed to enter a 3-season principal partnership agreement with Chelsea Football Club in November 2015, made investments for a

managed to enter a 3-season principal partnership agreement with Chelsea Football Club in November 2015, made investments for a shareholding of 51% in Intercarabao Limited (“ICUK”) in October 2016 to