) (Reversal of) loss on devaluation of inventories (85) (Reversal of) loss on confirmed purchase orders of undelivered of raw material (37) Employee benefit expenses 2 (233) Changes in operating assets and

, being offset by non-cash reconciling items THB 392mn and changes in net working capital of THB 63mn. After deducting cash paid for interest expenses of THB 209mn and cash paid for corporate income tax of

tons per year. The investment budget for these projects is estimated to be around THB 1,200 - 1,500 million per year. However, this expansion plan can be adjusted depending on changes of future situation

exchange (76) (Reversal of) loss on devaluation of inventories (135) (Reversal of) loss on confirmed purchase orders of undelivered of raw material (41) Employee benefit expenses 24 (47) Changes in operating

assets of the company were THB 1,080 million, decreased by THB 17 million or 2% from 31 December 2018. Changes are highlighted as follows: • Short-term investment decreased by THB 90 million or 22% as a

million or increase by 0.28 million. The major changes were the net profit amounting to Baht 27.71 million and dividend payment by a subsidiary of Baht 27.84 million. Therefore, portions of company

(263)mn. This was derived from profit before tax of THB 161mn, being offset by non-cash reconciling items THB 331mn and offset by changes in net working capital of THB (183)mn. After deducting cash paid

810mn (vs cash used in operating activities of THB 22mn in 3M 2017). This was derived from loss before tax of THB 159mn, being offset by (i) non-cash reconciling items of THB 3mn and (ii) changes in net

on a material basis. The frequency of the reappraisal depends upon the changes in the fair values of the assets. The change in the aforementioned accounting policy will have impact on the assets

) 25.6% 18.2% 22.3% 6 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 FINANCIAL POSITION (THB mn) In this quarter, there were 3 significant changes in