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...

improve in nearly future due to the Company expect to fully amortized the investment cost in the late of Q2/2019. Therefore, the Company will then realize revenues from the fully amortized portfolio since

the SEC Office regarding Approval of Auditors and will perform my work in accordance with such Acts and Notification. I fully realize that in case I fail to comply with the Securities and Exchange Act

from sales and Rendering of services was 575 million Bahts, down 10% from a year earlier due essentially to the postponement of a few projects worth approximately 60 million Bahts to realize in Q3 and Q4

clear redundancy of expenses in Beung Karn project from law issue which is realize in last quarter. Cost of Services The company and its subsidiaries’ cost of service in 2019 was Baht 4.22 million

Cable (OFC) to JASIF in November 2016 as required, the subsidiary did not realize the profit obtained from the sale of its assets to the Fund in the second quarter of the year 2017; whereas, in the second

million, mostly from profit sharing from investment in BBF decreased. Since crude palm oil price has declined, B100 price consequently declined and BBF had to realize an Inventory Loss.  Decrease of

Administration announcement regarding temporary closing of the premises (Issue 2), the company has considered the safety of all shareholders which attendance the Meeting and to realize the measurement to prevent

with the installation capacity 1 MW at Long District, Phrae Province. For the year 2018, the Company could realize the profit sharing from SAFE at the amount of Baht 7.99 million. 2. Green Earth Power

to realize its income to be obtained from the projects under development). In this regard, the project under development of Origin Grand is: No. Details 1 Project name Khightsbridge Phaholyothin