media assets, which generated negative gross profit and are duplicated in the areas. This optimisation will enable MACO to gain greater efficiency on Domestic Advertising performance under management of

% 210 241 15.1% Net profit2 193 288 49.1% 826 846 2.4% Adjusted net profit3 205 305 49.0% 755 964 27.7% Gross profit margin 58.6% 64.0% 58.4% 61.0% EBITDA margin 40.1% 46.4% 44.5% 43.0% Adjusted EBITDA

/ Baht 2,099.13 million = 25.77% 2. Net Operating Profit = Trailing 12 months of MK’s Net Profit in proportion of the acquired assets1/ Trailing 12 months of the Company’s Net Profit2 = 8.37% x Baht 320.12

of THB 5mn. Total equity was THB 3,959mn declined by THB 345mn or 8.0%. This was mainly attributed to a decrease of 1) unappropriated retained earnings of THB 179mn and 2) non-controlling interests of

0.4% 34.3% EBITDA 248 444 372 -16.2% 49.9% Adjusted EBITDA1 273 451 433 -4.1% 58.2% EBIT 151 333 260 -21.7% 72.7% Interest expenses 10 25 22 -10.7% 116.6% Tax 47 83 37 -55.4% -20.4% Net profit2 126 202

% Interest expenses 6 23 25 9.1% 288.6% Tax 51 55 83 52.6% 62.7% Net profit2 194 175 202 15.4% 4.1% Adjusted net profit3 207 192 228 19.0% 10.3% Gross profit margin 58.9% 58.2% 60.4% EBITDA margin 40.4% 41.4

722 685 -5.1% 38.2% EBITDA 352 524 507 -3.2% 43.9% Adjusted EBITDA1 361 535 542 1.3% 50.3% EBIT 251 413 384 -7.1% 53.0% Interest expenses 23 17 15 -10.2% -33.5% Tax 55 66 82 23.8% 50.4% Net profit2 175

result Million Baht 2019 2018 Sales 1,748.29 1,905.09 Cost of Sales 1,636.11 1,756.98 Gross Margin 112.17 148.11 Gain (loss) on exchange rates 38.44 (26.43) Other Incomes 33.76 30.28 Total Revenues

1,935.37 1,900.75 Selling & Administrative Expense 127.87 130.49 Gain(loss) on machinery and equipment disposal (12.87) - Finance Costs 21.34 23.25 Net Profit (10.11) 125.97 Earnings per share (Baht) (0.025

and building previously used for such business. In this year, ABC sold the assets and transferred revaluation surplus to gain on sale of the assets presented in the income statement. The transfer was