Results The slowdown in Country’s economic conditions has persisted. Nonetheless, the Corporate Group still adheres to its business strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond

. Challenges persisted, including uneven income recovery, restrained spending in mid to low-income segments, high household debt, and global macroeconomic uncertainties. As a consequence, the overall economic

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...