- Translation - Management Discussion and Analysis of the Company’s Performance for the year ended 31 December 2018 - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management Discussion and

- Translation - Management Discussion and Analysis of the Company’s Performance for the Nine Months Ended 30 September 2018 - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management

performance of E for L Aim Public Company Limited (“EFORL” or “the Company”) and its subsidiaries (collectively as “the Companies”) for the year ended 31 December 2019 Financial performances Comparison is as

Discussion and Analysis 2018 Performance Summary Consolidated Statement of Comprehensive Income (Unit: THB Million) 2017 2018 % YoY Q4'17 Q3'18 Q4'18 % QoQ % YoY Revenues 5,858 7,539 29% 2,564 1,815 3,648 101

shortages. Hence, Portugal operation generated a significant loss in this quarter. 2) Higher SG&A 3) Higher tax expenses However, there are also several positive factors: 1) Strong performance of our

Cash Flows Statement Accounting Business Performance Executive Summary Statement of Income 23 of Financial Position Environment Management 3 Financial Ratios 28 Executive management’s prospects to

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

346 37% 63% FY2018 33% 67% FY2017 1,386 1,802 Adjusted EBITDA Breakdown Operating Performance Exhibit 1 : Consolidated Company’s Performance UNIT: M THB 4Q2018 4Q2017 % YoY 3Q2018 % QoQ FY2018 FY2017

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

the decrease in selling and administrative expenses but also the better performance of GPSC’s power plants especially IRPC Clean Power Phase 1 whose main customer returned to operate as normal from the