Liabilities 784 808 842 Total Liabilities 797 817 851 Shareholder’s Equity 445 451 449 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,727 3,660 2,730 Gross Profit 247 263 209 Operating Profit 126 124 117

(MB) For the three-month period 2018 2017 YoY % Q4/2018 Q4/2017 YoY % Total Sales and Services revenue 1,050.08 1,039.90 10.18 0.98% 4,220.99 4,308.04 (87.05) (2.02%) Raw water revenue 588.09 566.33

refining service Vessel operating Total Sale and service Other income Total revenues Segment revenue variance (million Baht). (717.07) (27.57) 21.19 (723.45) (166.69) (890.14) The difference of rates revenue

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

refining service Vessel operating Total Sale and service Other income Total revenues Segment revenue variance (million Baht). (717.07) (27.57) 21.19 (723.45) (166.69) (890.14) The difference of rates revenue

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

amounting of Baht 89.84 million and we start to recognize some revenue in this quarter moreover the Company still has carried on offering new products continuously which is an innovation of power saving in

were increased as follows: EGCO Plus (Include North Pole): Unit : Million Baht Quarter 2 Change Increase (Decrease) 2020 2019 Amount % Electricity revenue - - - - Other income 38 109 (71) (65%) Total