2,451 44 1.8 Selling and administrative expenses 305 312 (7) -2.2 Total expenses 2,800 2,763 37 1.3 Profit from operating activities 1,089 1,362 (273) -20.0 Finance cost 379 305 74 24.3 Interest expense

first 9 months 2018, the overall global aviation industry continued to grow in terms of passenger traffic and travel demand. However, the growth had declined from the same period last year. The main

and trust in supporting the Company’s business. 3. Management’s Message Management’s Discussion and Analysis (MD&A) for year 2017 4 Overview of World Steel Industry Chart of world crude steel production

World Steel Industry Chart of world crude steel production monthly, ending 31 December 2017 Source: World Steel Association According to the World Steel Association’s report on world crude steel

65,727,443 40,565,153 38% Bad and doubtful debts expense - 9,586,140 -100% Loss from sale of fixed assets 946,468,146 - 100% Other expenses 51,359,987 144,047,447 -180% Finance costs 1,139,327,842

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

: 2,679.0 million baht), an increase 149.3 million baht or 5.6 percent. Profit before finance costs, tax expense, depreciation and amortization was 2,377.1 million baht (year 2018: 2,232.5 million baht) or

, the growths of aviation fuel services volume and total flights of thus two main airports were 1.2% (y-o-y) and 2.8%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand

growth of aviation fuel services volume and total flights of thus two main airports were 1.4%(y-o-y) and 2.8%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand. Further

revenues 7,542 4,162 3,380 81.2 Cost of service 2,480 2,320 160 6.9 Selling and administrative expenses 330 313 17 5.4 Finance cost 324 320 4 1.3 Interest expense from the MRT Purple Line Project 97 110 (13