11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

investment in subsidiary of 12 million Baht and allowance for doubtful accounts of 2.78 million Baht. The fluctuation of CPO price mentioned above had reflected the Company's business operation in the

79.5 4.6 5.8 Cleaning service expenses 58.0 50.4 7.6 15.0 Bad and doubtful debts expenses 35.6 65.1 (29.5) (45.3) Security guard expense 31.4 29.7 1.7 5.7 Property tax 10.5 18.3 (7.8) (42.6) Others 666.7

due to the stimulus policy from the government in relation to telecommunication industry giving a positive impact towards the Company in winning many new contracts and consequently resulting in a

compared to the year 2016. This is because the stimulus policy from the government in relation to telecommunication industry has given a positive impact towards the Company in being awarded by many new

subsidiary (AIL) of 17.31 million Baht and allowance for doubtful accounts of 2.78 million Baht. The fluctuation of CPO price mentioned above had reflected the Company's business operation in the production

a customer in the related industry. 1.2 Revenue from Refining Service The Company had no refining service revenue since the 2rd quarter of 2019 because there was not enough capacity to services

of raw materials to produce biodiesel in with customers in the same industry. The quantity sold was increased by 46.58% in raw materials and by-product sales compared to 2020. The Company will only

Company provided allowance for doubtful accounts of 10,086 million baht, where the default receivables in credit risk (NPL Stage 3) in accordance to TFRS9 was 6.18% increasing from 5.9% last quarter. The

loss As of November 30, 2023, the Company provided allowance for doubtful accounts of 9,488 million baht, where the default receivables in credit risk (NPL Stage 3) in accordance to TFRS9 was 6.23