accounts receivable 35,971,335 13,804,613 62% Amounts receivable from related parties - - Inventories 2,632,038,201 4,611,490,629 -75% Other current assets 453,052,255 565,994,428 -25% Total current assets

repayment of long-term debt from financial institutions 1.2 Accounts receivable and other accounts receivables decreased by THB 192 million caused by the declining of methyl ester selling price and sales

Asset (average of outstanding at end of the previous year and at end of this year) 6 (Current Assets – Inventory) / Average Current Liabilities at the end of this year 7 Trade receivables (average of

days compared to 114 days as of 31 December 2018. AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2018 (Restated) 31 DECEMBER 2019 Not yet due 273 322 Up to 3 months 145 223 3 - 6 months 67 50 6 - 12

the increase of trade receivables-third party of service of electricity distribution. • Property, plant and equipment has increased Baht 40.93 million, as a result of assets for solar energy. • Cash and

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

22.4% 47.8% Other assets 2,157 2,368 2,376 (8.9%) (9.2%) Tota Assets 46,154 46,319 43,763 (0.4%) 5.5% 2017 VS 2016 2017 VS 2015 - Net trade receivables as at 31 December 2017 of 10,468 million baht

credit terms to customers. The average collection period as at the end of this quarter was 86 days compared to 139 days as of 31 December 2018. AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2018 30 JUNE

and credit- worthiness. As of 31 March 2018, the allowance for doubtful accounts was THB 36mn. The increase in account receivables comprising of 1) trade receivables of THB 124mn, 2) accrued income of

THB 44mn in 1Q 2018. 6 MONTHS CASH FLOW SNAPSHOT 195 295 (238) (118) (17) 135 Beginning cash (31-Dec-17) CFO CFI CFF Other* Ending cash (30-Jun-18) AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2017