investments and net fees and service income, mainly from lower fees from loan-related services, combined with the decline in fees from transaction services caused by the exemption of transaction fees via

%, respectively, whereas, print media continues its multi-year decline, down 25.0%. The advertising spending in TV improved by 3.0% in 20182. Such positive trends in OOH and online have been fueled by lifestyle

also resembles, while we will continue to improve on our journey to zero injuries. Operationally our continued focus on quality and services resulted in recognition from our customers in the form of

ratio to sales of 16.5%, an increase from the ratio of 6.7%, mainly due to the increase in sales and overall gross profit margin and the decline in selling and admin expenses as a results of strict

. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

and satisfactory operating performance allowed KBank and K Companies to meet business targets and at the same time gain wide acceptance and recognition at home and abroad, as reflected in the numerous

basis that is consistent with the pattern of revenue recognition. Under the previous accounting policy, the Company and its subsidiaries immediately recorded commission as selling expenses when the

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

the TV sector and traditional media have been in decline and is expected to be surpassed by OOH media (Outdoor, Transit and In- store media) and digital/online spending in the near future. Master Ad

to the decline in traffic of both OPD and IPD causing by the COVID-19 pandemic and the state of emergency announced by the government to prevent the spread of infection. However, revenue of World