December 2016 due mainly to trade receivables and inventories set to move in response to our growth in business operations. In addition, such increase in total asset also resulted from our investments in

). Unit: THB mn 30-Sep-17 % to total assets 30-Dec-16 % to total assets %Chg Cash and cash equivalents 515 5.3% 870 9.6% -40.8% Short-term investments 446 4.6% 358 4.0% 24.7% Trade and other receivables 459

29.2% from THB 9,778 million as of 31 December 2016 due mainly to trade receivables and inventories set to move in response to our growth in business operations. In addition, such increase in total asset

and operating results for the Quarter 3/2016 Page 7 / 8 million, respectively. In addition, trading and other account receivables were increased at 12.69 MB mainly from special orders for 2 projects

current assets were Bt34,841mn rising 9.2% YoY from account receivables, following a larger base of postpaid customers, and handset inventories. Total non- current assets were Bt249,226mn increasing 2.2

days of inventory = Avg. inventory / (Cost of sales of goods / Number of days in the period1) Collection period (days) = Avg. trade account receivables before allowance for doubtful account / (Total

follow: Unit: Baht On December 31 2018 (verified) 2017 (verified) Assets Current assets Cash and cash equivalents Trade receivables Current portion debtor under restructuring agreement Inventories

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019 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 20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environm...

. Financial Position of the Company and its Subsidiaries (Unit: Baht Million) 30 June 2019 31 December 2018 % Change Cash and cash equivalents 103 122 (15%) Account receivables 911 705 29.2% Inventories 592 897

receivables before allowance for doubtful account / (Total revenue from sales / Number of days in the period 1 ) Accounts payable (days) = Average account payables / (Cost of sales of goods / Number of days in