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

to maintain profitability through effective marketing to boost sales, while increasing efficiency in the management of raw material costs and other expenses. Nonetheless, from the aforementioned

control the quality of coconut water throughout the supply chain. However, export branded sales continued to grow outstandingly by c.35% YoY as a result of the Company’s successful marketing strategy in

. Handset campaigns were more selective with limited discounts, resulting in marketing expenses subsiding from 10.5% to 6.3% to total revenue. Network OPEX rose 36% YoY mainly from fully recognized payment

upgrade were the key marketing tool to attract new customers and prevent churn. In addition, building accretive value by providing value added services, such as multiple routers for broader home coverage

rose 8.8% YoY mainly from higher utilities on expanded 4G network whereas marketing expense including handset subsidy represented 6.6% of total revenue, up from 5.6% last year, to continue enhancing

Bt15,880mn. Marketing expenses were Bt4,310mn, decreasing -12% YoY with limited marketing activities. Admin & other expenses dropped -14% YoY to Bt11,570mn. As a result, EBITDA in 9M21 increased by 2% YoY

marketing campaigns offset by increased staff cost but decreasing -4.9% QoQ following a slowdown in marketing activities. • Marketing expenses were Bt1,491mn, decreasing -9.2% YoY and -14% QoQ impacted by

, engages in marketing activities with various marketplace platforms, extends payment channels, implements a delivery tracking system, introduces branded exclusive products in specific channels, and improves

FY2016 FY2017 % YoY(Unit: Bt.mn) 4Q16 3Q17 Note: 1 includes gain (loss) from foreign exchange rate, professional fees in relation to M&A activity, sales & marketing expenses for the launch of new