results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read

time outside and its strength as being a media which is able to build on brand awareness amongst a wide audience which made it more attractive to media customers. MACO outperformed the overall industry

time outside as well as its strength as being a media that reaches consumers when they are on the go and creating brand awareness to an extensive reach. On the contrary, Thailand's advertising industry

13.5% to THB 44mn • Dividend payment of 0.02 per share to be paid on 17 May 2019 KEY BUSINESS UPDATE THAILAND • MACO has completed the digital installation of its street furniture media at 23 BTS

the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in net profit ratio (ROS) from 19.92% in the

increased over the past few years, benefiting from the shift in people’s behavior to spend more time outside as well as its strength as being a media that reaches consumers when they are on the go and

homes from traditional media such as TV, newspaper, magazine and radio, now people are becoming more mobile and spending more outside of their homes. Most of this time is spent commuting in their cars, on

– STRENGTEN DOMESTIC OUTDOOR MEDIA  On 30 October 2019, the Board of Directors approved the acquisition of 50.0% in Hello Bangkok L E D Company Limited with a total investment of THB 1,950mn and an issuance of

and providers of real estate services. The main focus is put on the quality of life of residents managed with “Livable Community” strategy. In 2020, the operational guideline of the Company has been

property development services with the focus on the quality of life of the residents managed with “Vibrant Community” concept and develop a home for lower-middle to upper-middle income earners at the