can repay the debt obligations including trade payables and other payables, short term loans, the current portion of long- term loans from financial institutions, and interest expenses. The repayment

million. Total non-current assets decreased by 5% from the year ended 2018. • Total Liabilities As of 31 December 2019, the Company has total liability amounting to THB 2,194 million. Total current

(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 8 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017

Financial ratio March 31st, 2020 December 31st, 2019 Change Percentage Current ratio (times) 1.87 2.10 (0.23) (11) Debt to equity ratio (times) 0.18 0.13 0.05 38 Net debt to equity ratio (times) 0.06 (0.10

60.3% 2,201.82 64.2% 80.12 3.8% Total assets 3,520.17 100.0% 3,432.22 100.0% -87.95 -2.5% Current liabilities 1,230.19 35.0% 1,471.35 42.9% 241.16 19.6% Interest Bearing Debt - Current 940.37 26.7

-term loans 210 million baht. Unit : Times Date 30 June 2017 31 December 2016 Current Ratio 3.3 2.3 Debt to Equity Ratio 0.2 0.3

and intense competition. Transaction For the Year ended 31st December Unit 2019 2018 Gross Profit Ratio % 10.90 14.58 Earnings Ratio % 0.19 3.15 Debt to Equity Ratio Time 0.30 0.27 Return on Equity

of the Thai baht and the intense competition which caused the exports to shrink from the previous year. Domestic consumption was also affected by high living expenses and household debt, as well as the

showed that the Company managed inventory appropriately. Liability As at December 31, 2019, total liabilities of the Company and its subsidiaries was THB 5,205. 05 million comprising of current liabilities

liabilities due within one year of 64 percent and a decrease in loan interest payment of 32.21 percent in spite of decrease in EBITDA of 4.16 percent from the end of year 2016. (5) Debt Obligation The Corporate