1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media
personnel, the intermediary shall govern its personnel to comply with such standards. Clause 10 An intermediary shall not make a contract with a client in a manner of release or limit its liability for damage
changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to
30.93 Investment in Associates 2,126.56 14.20 2,448.75 15.15 2,671.77 15.39 Grandparent Chickens 98.82 0.66 121.18 0.75 110.83 0.64 Parent Chickens 386.89 2.58 406.78 2.52 366.22 2.11 Investment Property
that is currently in the process of drafting the agreement. In terms of leverage, the Company’s interesting bearing debts (excluding TFRS 16 - lease liability) to total shareholder equity remained below
same period of 2018 was amounted 109.5 million Baht, decreased in amount of 3.8 million Baht or 3.5%. The decrease of non-current liability was due to repayment of long-term loans from financial
upgrading equipment health. This has significantly improved the Debt to Equity Ratio from 0.49 in 2016 to 0.20 in Q2-2019 and the Current Ratio from 0.33 in 2016 to 1.75 in Q2-2019. 1. Highlights 2 G J Steel
(31.1% of total revenues), and also the increasing revenue from other income, including trademark and trade name fees of DEAN & DELUCA of 85.1 Million Baht. The total gross profits in Q2 2017 was 761.8
continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more
507mn o Advertising revenue decreased by 56.8% YoY to THB 179mn. o System integration services revenue decreased by 1.5% YoY to THB 328mn. Recorded a share of loss from investment in joint ventures and