locations to ensure maximum safety of all stakeholders – customers, employees, business partners and communities. The most noticeable change since the COVID-19 pandemic is customer purchasing behavior, which

million Baht, and from the adjustment of the market value of the stocks invested in the Stock Exchange of Thailand which was not the actual profit decreased 61.58 million Baht. 3.2 Analysis of financial

million Baht or 6.74%, resulting from the Company had net profit 42.91 million Baht and from the adjustment of the market value of the stocks invested in the Stock Exchange of Thailand which was not the

Financing Activities Adjustment and different in FX rate Ending 31 Dec 2018 (T HB m n )

which the MRTA is fully responsible for both loan repayment and interest expense in accordance to the concession agreement and gain on fair value adjustment of investment in the third quarter of the year

the same period last year. Due to the adjustment the business strategy to focused on the large project. And the quality of service and products which support the needs of the customers as efficiency. As

adjustment on April 1 And state policies that focus on the distribution of the economy to the community level to increase the people's income. It is the driving force for the company sales continue to rise

) CFO CFI CFF Ending cash (30-Sep-19) *Included translation adjustment of THB 3mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 6 13 May 2019 KEY FINANCIAL

% gross profit margin, respectively. The increase of gross margin was due to the additional adjustment of the cost forecasting since end of 2019 causing a reduction of the gross profit margin. Cost of

(23) (60) (34) Beginning cash (31-Mar-20) CFO CFI CFF Ending cash (30-Jun-20) *Included translation adjustment of THB 5mn MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER