Increase (Decrease) Million baht Million baht Million baht % Total revenue 388.06 819.95 (431.89) (52.67) Cost of sales and services 390.44 656.76 (266.32) (40.55) Sales and Administration Expenses and

million or 35.84% as compared to the 2nd quarter of 2022, the main factors are the existing customers have reduced their minimum order due to in February 2022, the Committee on Energy Policy Administration

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

multiple assets and shift to safe- haven liquid assets, especially the US Dollar, which strengthened at the end of the quarter. Overall, the Thai Baht weakened against the greenback compared to the previous

the same period of last year, the main factors are the existing customers have reduced their minimum order due to in February 2022, the Committee on Energy Policy Administration (CEPA) has a resolution

year 2017 from importing solar equipment for the solar energy business of the company. Such a transaction happened only in year 2017, no more in year 2018. Selling and administration expenses. Selling

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

เหตใุห้บริษัทจ าเป็นต้องปรับกลยุทธ์ในการด าเนินงานใหม่ โดยก าหนดปี 2560 เป็น “ปีแห่งการปรับเปล่ียน” (Year of Shift) ภายใต้สภาวะถดถอยขององค์กร บุคลากรของทัง้องค์กรตัง้แต่ ผู้บริหารระดบัสงูจนถงึพนกังานทัว่ไป

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

outflow for PPE and interim dividend pay out in Feb’19. Current investment decreased by THB 904 million due to the shift from short-term to long-term investments (see more details in notes to financial