. The project was well received by our customers as the Company expected. However, it came to the Company that quantifying size of economic slowdown from COVID-19 at this stage will be highly uncertain

quarter but may be restrained by vulnerable and highly uncertain household income as well as elevated household debt. These factors are causing customers to be cautious on spending. Moreover, the tourism

situation in Thailand has shown recovery sign and economic activities began to resume, outlook for 2H20 remains uncertain. Potential rise in unemployment, slowdown in export from sluggish global economy and

administrative sanction shall depend upon an uncertain future event; (3) the prescription to act or omit to act by the person subject to the sanction to rectify or prevent repetition of violation or non-compliance

shares to the existing shareholders are uncertain until an approval from the 2020 Annual General Meeting of Shareholders of the Company is granted. The offering price at Baht 0.53 per share is a price

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...

Thailand remained stable. Capital funds and reserves were at a high level and were able to support the challenges of uncertain economic conditions. The performance of the Thai banking system improved, mainly

consumption and impair household debt serviceability and (5) the sluggish investment demand due to uncertain macroeconomic outlook, tightening credit conditions, and the delays in government budget process. For

calls would have some short term impact. As lockdown period remains uncertain and social distancing continues, telecom remains to be essential service to both personal and business communication. Mobile

the Company. Therefore, for the purpose of certainty and to prevent the disclosure of uncertain information to the Company’s shareholders and general investors, the Company has not disclosed information