loans from financial institutions of THB 1,044mn, which was partially offset by repayment of loans from financial institutions THB (1,735)mn. BUSINESS PLAN AND OUTLOOK In 2020, our Hospitality business

Analysis Q1/2020 G J Steel Public Company Limited Page 2/13 2. Business Outlook Total Hot Rolled Steel consumption for the 1st Quarter of 2020 stood 1.56 million MT and decreased by 3.4% compared to same

Advertising 14.1% Advertising 47.8% System Integration 52.2% MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 8 MANAGEMENT OUTLOOK The

BUSINESS PLAN AND OUTLOOK The pandemic from a new strain of corona virus (COVID-19) has affected the global economy, society, and way of life like never before. The hospitality business and related

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

recovered. Bank of Thailand has adjusted down Thailand economic outlook forecast to a contraction of 8.1% for 2020, instead of 5.3% contraction previously forecasted. The crisis of the COVID-19 pandemic has

rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 71,657 20% S&P BBB+, Outlook: Stable Source and use of fund 1Q21(Bt mn) Source of fund Use of fund Operating cash flow 21,245 CAPEX & Fixed assets

licenses were made in 1Q21. Total Liabilities 274,481 78% 290,976 79% Retained earnings 51,382 15% 54,125 15% Credit Rating Others 24,307 6.9% 24,545 6.6% Fitch National rating: AA+ (THA), Outlook: Stable

79% Retained earnings 51,382 15% 50,239 14% Credit Rating Others 24,307 6.9% 24,604 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 74,843 21% S&P BBB+, Outlook: Stable

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the