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...

economy remained in the doldrums, as evidenced by slowdowns in both advanced and emerging economies. Negative factors included the persistent US-China trade rift and concerns about a no-deal Brexit. Worse

. Sustainable Banking – Past economic development caused many negative impacts, especially degradation of environmental and natural resources and economic and social inequality, which tends to worsen with time

PET segment was 2.1 million tons, up 26% and 4% when compared to 4Q17 and 3Q18, respectively. This was despite a negative impact to overall production due to the force majeure in 2 PET lines, for 50

protection and has strong intention to decrease negative impacts and increase positive impacts along with EGCO business processes. Our target is to enhance EGCO’s environmental management and coexistence in

in accordance with the rules as prescribed in Clause 18(2); (8) having appropriate and sufficient system for proprietary trading which would be able to prevent the following occurrences: (a) negative

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...

negative. Moreover, in Q1/2018, Marketing Business incurred in a higher selling, general and administrative expenses when compared to the same period of the previous year, from accrued expense related to

expansion of their Non-oil businesses, however the cost of selling, general and administrative expense remains high, leaving the Bangchak Retail Co., Ltd.’s EBITDA still in the negative, therefore effectively

in the Non-oil business by 36% YoY, however it still incurs in high selling, general & administrative expenses, thus causing Bangchak Retail Co., Ltd. to still record a negative EBITDA. Q3/2018