%, because the price of natural rubber which is the main raw material for production increased. • Selling and administrative expenses decreased 2.03 million baht or 5.15 % due to higher operating efficiency

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3 Management Discussion and Analysis of Business Operation for Q2/2020 Bangchak Corporation Plc. | Ex...

‘satisfactory’ in the ‘relevant ethical requirement’ and ‘human resource’ element. It should be noted that none of the audit firms fall into the ‘need improvement’ description in the ‘human resource’ element. 1

Company’s working capital is indirectly subsidized via trade creditor in form of loan and via business partners in form of raw material supported for production (under Collateral Management Agreement – CMA

relationship with the Company. The transaction, therefore, is not fall within criteria of connected transaction under the Notification of the Capital Market Supervisory Board No. TorChor.21/2551 Re: Rules on

million at the exchange rate of 1 USD = THB 31.77 and will be approx. 1.76 percent of the Net Tangible ASSET Value (NTA). The above transaction will fall under ‘transaction relating to assets or services

above transaction will fall under ‘transaction relating to assets or services’ as prescribed in the notification of the Capital Market Supervisory Board No. Thor Chor 21/2551 Re: Related Parties

emerged from the public, whether an ICO can be done legally, particularly whether it falls under the SEC’s regulations. Figure 1: ICOs that fall under the SEC’s purview 1.4 In cases where an ICO constitutes

the date of this transaction, it will make the total transaction size equal to 9.20 percent of the Company’s total asset value. The transaction size does not fall within the scope to report information

tangible assets as at September 30, 2019 amounted to Baht 697.89Million), and fall into the category of short-term rent/lease of real property with a period of not exceeding three years which the Company is