by THB 53mn or 3.5%. This was attributed to an increase unappropriated retained earnings of THB 53mn. As of 31 March 2018, total equity included with equity attributable to owners of the Company of THB

(Baht) 43.34 43.78 * Not included the change in lease receivable (Million Baht) 898.36 994.94 ** Data for 12-month period Ratios Quarter 1

Company had the total liabilities of 20,261 million Baht; decreasing by 33% as compared to the end of the year 2017 of 30,161 million Baht. The main liabilities included: short-term loans from financial

non-controlling interests decreased 10,779 million. Capital structure As of 31 March 2020, the Company's capital structure comprised of total liabilities of THB 200,587 million, which included interest

factors included an increase in a right- of-use asset and a lease liability for all of leases with leasing term more than 12 months, according to TFRS 16 : Lease, effective 1 January 2020. In addition, the

significant income included revenue from winning the lawsuit in the amount of Baht 7.36 million, and revenue from interests in the amount of Baht 1.93 million. The other income in the captioned year was higher

is the Build Own and Operate (BOO) one with asset value during construction period as ended 30 June 2020 of Baht 108.06 million (recorded under the intangible asset account included with land for

million, a decrease of Baht 9.63 million or down by 6.04% due to the lower depreciation expense, which included the impact of adopting the Financial Reporting Standard No.16, as well as the lower utility

operation of the previous year which included deferred revenue item, the Company’s normalized net profit decreased by 31.1%. If excluding this deferred revenue item in 2015, the normalized net profit grew by

activities Ending cash (30 September 2020) (THB mn) *Included translation adjustment of THB 14mn MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED