Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for 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 Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...

increase liquidity and enhance operating result of the Company as the Company's group can leverage existing resources, as well as expertise and experiences of the Company’s executives and personnel for

appropriate knowledge and expertise, and that the information it uses in determining A-6 credit ratings is of sufficient quality and obtained from reliable sources to support a high quality credit rating. 1.4 A

with honesty, fairness and integrity by strongly being concerned about the market integrity as a whole; (2) skill, care and diligence An intermediary shall conduct its business with due skill, care and

integrity by strongly being concerned about the market integrity as a whole; (2) skill, care and diligence An intermediary shall conduct its business with due skill, care and diligence; 2 (3) management and

suitable for the industry combined with specific skill in business development in growth potential such as Grocery Chain Store will benefit ICUK going forwards. For the first 9 months in 2018, revenue from

should adopt reasonable measures designed to ensure that it has the appropriate knowledge and expertise, and that the information it uses in determining A-6 credit ratings is of sufficient quality and

market will pursue skill and knowledge enhancement on a regular basis to be able to handle ever-increasing innovations in the securities business. This will not only benefit investor contacts in their

investor contacts who play vital roles in the capital market will pursue skill and knowledge enhancement on a regular basis to be able to handle ever-increasing innovations in the securities business. This

-time incurred of approximately Baht 12 million. In addition, the opening of the new Medical Excellence Center and the expansion of the subsidiary’s laboratories have driven the cost of service, expertise