spend on advertising and slow down to increase marketing budget according to Thailand’s mourning period of King Rama 9. However, customers who focus on content services are continue to advertise. 4) Other

– December) historically generates higher revenue and earnings contribution to VGI Group, the mourning period is expected to impact the digital media segment by approximately 1 month in 3Q 2017/18. This impact

renovation of three hotels under Dusit Thani brand, and caused by a temporarily weaker demand from catering and convention during the mourning period and the royal funeral of King Bhumibol Adulyadej. Earnings

subsequent mourning period to October 2017, Entertainment and promotional marketing decrease out of respect to the country beloved King and out of request from the Government along with a decrease in private

outlook for 4Q17 should be positive compared to last year after passing the mourning period and Royal Cremation Ceremony since the end of October 2017. For hotel renovations, the Company already completed

in 20172, mainly due to an ongoing postponement of festivities subsequent to the mourning period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a

, the confidence in consumer has remained low level, the joint mourning for the passing of the King has effected to the domestic economy activity, these affected the purchasing force and spending less. (2

advertising industry reported a decline of 6.0 percent by the last year in the amount of THB 101,445 million in 2017 where mainly cause is a decline of the festivities since 2016 subsequent to the mourning

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...