financial reporting standards related to financial instruments (TFRS9) since 1 January 2020 and recognized gain or loss on forward contracts from the differences in fair value of the derivatives. Other income

implemented financial reporting standards related to financial instruments (TFRS9) since 1 January 2020 and recognized gain or loss on forward contracts from the differences in fair value of the derivatives

political, economic and currency risks and differences in accounting methods. Investing in emerging markets may entail special risks relating to potential economic, political or social instability and the

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Envi...

Intergenerational fairness Most collective investment vehicles will aggregate the interests of underlying beneficiaries investing over a range of time horizons; in many cases, these differences will not be just a

doubtful debts expense 147 7 2148% Reversal of provision for loss on purchase orders - - for undelivered raw material - 26 (100%) Reversal of provision differences from debt restructuring 765 59 1198% Net

- - Reversal of bad and doubtful debts expense 147 7 2148% Reversal of provision for loss on purchase orders - - for undelivered raw material - 26 (100%) Reversal of provision differences from debt restructuring

% Exchange differences on translating financial statements 0 0 - Net increase (decrease) in cash and cash equivalents 22 8 +164% Cash and cash equivalents at beginning of periods 100 92 +9% Cash and cash

. The main reasons were currency translation differences decrease equity in the amount of THB 1,246.56 million, change in fair value of the investment in EDL-Generation Public Company decreased equity in

gain or loss on forward contracts from the differences in fair value of the derivatives. Other income Q1-2020 Q2-2020 Q3-2020 Q4-2020 2019 2020 THB Mn THB Mn THB Mn THB Mn THB Mn % THB Mn THB Mn THB Mn