overall 2019 growth at 2.4% the lowest in five years. Exports were hit by trade tensions and the appreciation of the Thai baht had a detrimental effect, which fed through to the domestic economy. The

quarter, although the pace of expansion remained relatively lackluster. Exports registered no growth over a year with a continued appreciation of the Thai baht having a detrimental effect and this has fed

earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher

actions that maybe detrimental to the general public, or capital level lower than regulatory minimum requirement. These also include cases where financial institutions are placed in the control of the

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...