term, the 700MHz can also be deployed on the existing 4G network for more efficient investment. Consequent to the 700MHz allocation, the term payments of the 900MHz have been extended until 2025, as

to: • Decrease in financial cost of THB 17 Million consequent to debt reduction programme. • Net gain from exchange rate of THB 71 Million resulting from the strengthen in Thai Baht, whilst last year

of the amount to Non- current liabilities. • Short-term loan from other parties decreased by Baht 107 million also due to Compromise Agreement signed by the Company and consequent to reclassification

Baht 1,810 million last year mainly due to waiver of interest of Baht 5,506 from creditors consequent to conversion of the Debt to Equity, Gain from capital reduction in Subsidiary Baht 1,130 million and

has been under pressure due to lower operating rate (and consequent higher fixed costs). Packaging  Production of 55 thousand tons (+41% YoY; +7% QoQ)  Core EBITDA of $19 million (+43% YoY; +15% QoQ

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for 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 Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Ba...