by 21.90%, in the 1st quarter of 2019 the ratio of cost was 122.05% and in the 1st quarter of 2018 the ratio of cost was 100.05%. Due to the reduced income, unable to the allocation of fixed costs. ท่ี

million and THB 433 million respectively. The EBITDA loss is mainly due to the plant disruptions as described above and includes Fixed costs, Utility Costs and additional Repairs during the period of

fixed assets5 (%) 57.1% 43.2% Debt to equity (times) 0.1 0.1 Asset turnover (times) 0.6 0.8 1 Calculated from operating revenue 2 Net Profit attributable to equity holders of the Company/ operating

investment in fixed assets, advance payment for the construction, and investment in other non-current assets as well as concession assets in an amount of 650.08 million Baht while the net short-term investment

course in the United Kingdom. Meanwhile, deposit and investment products offered to our customers in the first quarter of 2018 included a special fixed-term deposit program and Life Insurance: Endowment

include both fixed and variable expenses in related to total revenue from sales in according to business plan. Sponsorship fees for international football clubs including Chelsea Football Club Limited (CFC

assets (%) 12.2% 9.6% Liability to equity (times) 1.6 0.6 Return on fixed assets (%) 75.8% 75.2% Debt to equity (times) 1.0 0.3 Assets turnover (times) 0.5 0.5 Remark: - Financial ratios were calculated

to Equity (times) 0.6 0.3 Return on fixed assets5 (%) 45.5% 63.4% Debt to equity (times) 0.2 0.2 Asset turnover (times) 0.5 0.6 9 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION

% Payable days (days) 97.6 107.2 Efficiency Ratios Leverage Ratios Return on assets (%) 8.5% 7.4% Liability to equity (times) 0.6 0.3 Return on fixed assets (%) 60.1% 72.7% Debt to equity (times) 0.3 0.1

international football club (2) marketing and promotional expenses operated by CBD for domestic business and by ICUK for the UK operations, and (3) selling expenses of which include both fixed and variable