safest and most responsible ways of moving people. Sustainability Roadmap Do no harm Do it better Differentiation What can young directors learn from the board? Board Effectiveness Board Diversity • Skills

expenses and cost effectiveness. 4. Tax expenses s increased by Baht 4.67 million compared to the same period Of the prior year. Sincerely yours, (Mr.Pongpat Patanavanich) Managing Director

expenses decreased by Baht 36.58 million or 6.11 % due to the effectiveness of costs and expenses control. 3. Finance costs decreased by Baht 1.70 million or 8.86% due to financial institutions interest

described above and the effectiveness of cost management. Please be informed accordingly, Yours sincerely, -Ms. Thitapat Issarapornpat- (Ms. Thitapat Issarapornpat) Director and Acting on behalf of Company

expenses down 4% Y-O-Y or Baht 8.2 million mainly from the effectiveness of all SG&A expenses controls and the reduction of revenue -related variable costs despite an increase of Baht 2.5 million in pre

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...

of sales and services to sales ratio for the Group were 65.68% in 1st quarter 2018 compared to 80.97% in 1st quarter 2018. The decrease in the cost of sales ratio is due to the effectiveness of

% in the 3rd quarter of 2017 compared to 83.54% in the same period of 2016. The decrease in the cost of sales ratio is due to the effectiveness of controlling and managing the budget as well as choosing

sales and services to sales ratio for the Group were 71.96% in 2017 compared to 79.17% in 2016. The decrease in the cost of sales ratio is due to the effectiveness of controlling and managing the budget

quarter 2018 compared to 86.92% in 2nd quarter 2018. The decrease in the cost of sales ratio is due to the effectiveness of controlling and managing the budget as well as choosing the suitable material to