Company focused on marketing activities and new product launch, such as, Tempura Seaweed Salted Egg and Tinten Seasoned Squid Salted Egg, thereby causing the Company’s market share to reach more than 70

investments in new product launch, e.g., “Tin Ten” seasoned squid with salted egg and “Hinoya” Curry Shop, and as such, the expenses relative to sales during the product launch would be higher than usual. The

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...

-functioned accounting department, equipped with competent staff, as well as a seasoned and independent audit committee to oversee the process. As the function that originates all types of the financial