1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

Trade and Current Po Current Po Short-term Other Curr Debentures Other non- Total non-c Total Share Assets As of the p higher tha investmen Liabilities As for the baht more term loan decline by times and

as at 31 December 2016 of Baht 2,629 million. The increase is due to the net profit for the period of Baht 315 million. On the other hand, the decline is due to dividend paid to the 6 Company’s

period of Baht 414 million and proceed from non-controlling interests of the subsidiary from increase capital of the subsidiary of Baht 54 million. On the other hand, the decline is due to dividend paid to

use the spandex instead of natural rubber, and the competition is quite high. As a result, the sales of the company of this group is likely to decline in the future. For elastic segment for adult

) but decline in other expenses from 199 Million Baht (year 2017) to 96 Million Baht (year 2018) which 103 Million Baht decreased (51.75 percent). Moreover mentioned of other expenses are impairment of

revenue from hotel management was THB 53 million, a decrease of 1.9% yoy, mainly due to the decline in the UAE’s hotel performance from room supply in the market being over the number of visitors. Dusit

the same period last year. The decline in sales of industrial water systems was due to the special orders of a project contractor in the previous year. In the first quarter of 2018, there was only a

the street, in office buildings and in shopping malls. These changes have resulted in the significant growth of outdoor and online advertising and the decline of traditional media, as brands and clients

decline, QoQ. Interest-bearing debt to equity ratio was to 1.21 which increased from 2Q18, mainly from a decrease of shareholders’ equity from interim dividend payment Bt234mn and Interest-bearing debt