. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share capital 20.2 Issued and paid-up share capital 21. Stock

payables 16. Debentures and debt instruments 17. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share capital 20.2

business payables 16. Debentures and debt instruments 17. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share

Competition 1.1 Electricity industry and Economic situation in Thailand In 2018, Thailand’s peak demand in Electricity Generating Authority of Thailand (EGAT)’s system was 28,338 megawatts, occurred on April 24

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

6,380.3 -499.7 -7.8 Gross Profit 555.9 772.3 -216.5 -28.0 Gross Profit Margin (%) 8.6 10.8 -2.2 SG&A expenses 455.9 428.5 27.4 6.4 EBIT before share of profit (loss) from investment in associates and joint

revenues decreased 76.6% q-on-q from Baht 308 million in Q3’2018 to Baht 72 million in Q4’2018, primarily due to gain from business combination (BGYSP) amount of Baht 276 million in Q3’2018. Share of Profit

Office of the National Economic and Social Development Board data, The Thai economy in the second quarter of 2022 increased by 2.5%, following a rise of 2.3% in the first quarter of 2022. The main

and the economic situation as principles. Over the past five years, the Company pays dividends to the shareholders fairly in a reasonable rate according to the economic situation in that moment and

Services 424 361 17 1,224 1,120 9 - 3 - Selling and Administrative Expenses 44 32 38 130 130 - Share of profit (loss) from investments in joint ventures (2) (1) 100 (2) 1 (300) Finance Cost 5 6 (17) 15 21