managed to be lower, resulting from the credit rating. This reflects the financial stability of the Company. Completed projects, new projects launched, sales volume and backlog in Q1/2020 1. Completed

the Company, which shall greatly lessen the credit default risk. Targets in 2020  Transaction amount and revenue to grow 4-6%.  New 1,000-2,000 Boonterm kiosks.  CAPEX of Bt100-200mn.  Banking agent

from KrungThai Bank Public Company Limited, with the following details: 12.1 Credit facility with the credit line of not exceeding THB 41,500 million from The Siam Commercial Bank Public Company Limited

from the consolidation of Landy. Trade and other receivables were THB 241mn, a decrease of THB 104mn or 30.2% from THB 345mn as of 31 December 2017. The Company gives 90 days credit terms to customers

% from THB 276mn as of 31 December 2016. The Company gives 90 days credit terms to customers. The average credit terms paid by customers was 69 days as of 31 December 2017 and 77 days as of 31 December

Company had reversed expected credit losses from the allowance for doubtful accounts of a debtor of the biodiesel product of 1.24 million baht Financial Cost and Tax Expense The Company and subsidiaries

December 2017. The Company gives 90 days credit terms to customers. The average credit terms paid by customers was 77 days as of 31 December 2018 and 69 days as of 31 December 2017. AGEING OF TRADE

THB 847mn, an increase of 19.3% or THB 137mn from THB 710mn as of 31 December 2018. The Company gives 90 days credit terms to customers. The average collection period as at the end of this year was 96

Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB