generation through new shopping malls, enhancement of existing malls, new mixed-use development projects, such as residential development, as well as efficient cost management. CPN currently manages 32

Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

(Microsoft Word - Rev.2 62 UPF\244\323\315\270\324\272\322\302 MDA E \341\241\351\344\242 27-2-63.doc) ( Translation ) Subject: Management Discussion and Analysis (MD&A) for the year ends on 31st

Microsoft Word - letY17EMD&A .doc (Translation) 23rd February 2018 Subject: Management Discussion and Analysis (MD&A) of year 2017 To: Managing Director of the Stock Exchange of Thailand Business

- ร่าง - 1 Feb 12, 2019 Subject Management Discussion and Analysis for the periods of three months and nine months ended 31st December 2018 To President of the Stock Exchange of Thailand Secretary of

% Depreciation & amortization 9,572 9,758 9,749 1.8% -0.1% 27,471 29,374 6.9% (Gain) loss on disposals of PPE -3 0 25 -875% n/a 40 25 -39% Management benefit expense -30 -40 -43 44% 8.5% -112 -123 10% Other

Bt78,463mn grew 6.3% supported by cost management, with margin 42. 8% vs guidance of to maintain EBITDA margin. Net profit was Bt31,051mn, increased 4.6% YoY and invested CAPEX was Bt20mn versus the guidance

- ร่าง - 1 Nov 9, 2018 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2018 To President of the Stock Exchange of Thailand

loans drawn down to fund business operation, our consolidation of Nguyen Kim and dividend payment. 8. Share of profit of associates and joint ventures was THB 79 million, an increase of THB 51 million or

information and communication technology Installation of the New Parliament Phase 2, the Project of the development of train tracking system and cargo management of the State Railway of Thailand, the GDCC