government’s investment projects. Nonetheless, small business and retail loans may see only limited growth amid a feeble recovery in purchasing power. Close attention should be paid to competition in the market

transactions via multiple platforms in a highly competitive environment. At the same time, the core business of loans is likely to see limited growth pending clearer signs of economic recovery. Home loan and

par value of THB 0.25 per share and at the offering price of THB 0.80 with the total value of THB 380,053,738.40. as a working capital for such business (please see details in Enclosure 1, No. 2) In

THB 0.80 with the total value of THB 380,053,738.40 as a working capital for such business (please see details in Enclosure 1, No. 2) In addition, the Company shall amend the commercial contract from a

review. [For extent to which the borrowings are fixed, see para. 4 below.] 8    2. If the issuer or any other entity in the group is in breach of any of the terms and conditions or covenants associated

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...

. In addition, Gross Refinery Margin was still at the low level. This has affected the performance of the petroleum related business. However, demand for consumption of finished products see signs of

( “ the Group” ) has applied TFRS 9 - Financial instruments standards and TFRS 16 Leases (See Note 3. Changes in accounting policies), effectively from 1st January 2020. o The Group has adopted TFRS 9

of intangible assets from the acquisition of GLOW". (see details on page 24) Operating Revenue (THB million, %) Electricity + Financial Lease (IPP) Electricity (SPP+VSPP) Steam QoQ -8% YoY -14

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