its profitability and liquidity problem in the future.  However, the Board of Directors considered that with financial assistance from the Mahachai Group in 2014, GSTEL was able to reproduce hot

% Inventories 879 1,044 -16% Other current assets 184 180 +2% Total current assets 2,315 2,106 +10% Property, plant and equipment 2,034 2,071 -2% Investments in joint venture 53 53 - Other non-current assets 160

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

of the current assets as of the end of the latest financial year, (2) any lawsuit that affects the business undertaking of the Company or its subsidiary materially but the assessment thereof cannot be

improvement from 0.55 times at the end of last year. Current ratio as at the same date and period stood at 2.47 times SIGNIFICANT EVENTS 7 January 2019: Vienna International Hotelmanagement AG (VI) acquired 100

bearing debt. Liquidity ratios are high at over 3 times current liabilities. Operating Cashflow (EBITDA) was THB 2,546m in 2019 26% lower than THB 3,420m in 2018. EBITDA was THB 2.5 billion in 2019 and THB

. Liquidity The group has THB 9.7 billion in cash and financial investments with no interest bearing debt. Liquidity ratios are high at over 3 times current liabilities. Operating Cashflow (EBITDA) was 7

established free trade agreements with other Latin America countries. The demand in Brazil is expected to grow in response to a recent recovery in consumption. The value of the above acquisition, calculated in

Recent news reports on cyber attack on a foreign decentralized finance platform, which resulted in tremendous loss of clients’ digital assets, have raised concerns over cybersecurity. The SEC is

promoting of long-term investment for its members to reach the adequacy of future income after retirement. In recent times, SEC had been encouraging the PVD, which is an institutional investor, to