…………………………………. (Unit:Baht) Consolidated The Company only ( 20..) ( 20..) (20..) (20..) Cash flows from operating activities Net income Adjustments to reconcile net earning to net cash (loss) from operating activities

Adjustments to reconcile net earning to net cash (loss) from operating activities Depreciation and writing off bad debt and doubtful accounts Income tax to be written off (Gain) Loss from regulation of

from operating activities Net income Adjustments to reconcile net earning to net cash (loss) from operating activities Depreciation and writing off bad debt and doubtful accounts Income tax to be written

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...

according to the schedule by THB 337 million. There was also adjustments to the effects of foreign currency conversion of financial statement in the amount of THB 113 million, and amortization of issuance

million, while repaid by THB 3,487 million. Loan issuance cost increased by THB 19 million. There was also adjustments to the effects of foreign currency conversion of financial statement in the amount of

assumptions and data underlying the credit rating, including financial statement adjustments that deviate materially from those contained in the published financial statements of the relevant rated entity or

ratio, excluding other income, dropped to 50.7% from 51.2% in the previous year (for 4Q19 the ratio stood at 51.9% compared to the previous year at 50.2% mainly due to the adjustments to hotel revenue and

from the eight reform measures, the Master Plan also recommends further 34 supporting measures to foster adjustments in the capital market environment and establishment of market infrastructure for long

baht as a result of foreign investors' portfolio adjustments to the BOT's reserve requirement on short- term capital inflows. At year-end, the total trading Figure 5: Gross Issuance Value of Debt