Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

quarter of 2017/18 (ended 30 June 2017) 3 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2017/18 2 AUG 2017 1Q 2017/18 SNAPSHOT & ANALYSIS CONSOLIDATED P&L SNAPSHOT THB (mn) 1Q 2016/17 1Q 2017/18

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2017 ended on 31 December 2017 which were audited by the auditor. The Company

existing shareholders. As a result of this transaction, the Company’s shareholding in BMN increased from 69.67 percent to 89.67 percent. 2. Dividend payment On April 26, 2019, the 2019 Annual General Meeting

EXAT. Therefore, the subsidiary has not yet recorded such transaction in the financial statement of the third quarter of the year 2018. Overview Operational Results In the third quarter of the year 2018

respect, information that is material to the shareholders’ consideration is as follows 1. Necessity and Details of the Transaction, Details of the Offering, Determination of the Offering Price

%) Adjusted Net Profit (loss) for the period (148.9) (8.5%) (945.7) (82.1%) (796.8) (535.0%) 1 Non-recurring items is defined as gain on disposal of share of JV company transaction and disposal of sublease 2

sale transaction for ordinary shares in Prime Locations Management 3 Limited (the "Joint Venture Company"), a wholly owned subsidiary of SHR SC, of 4,000,000 ordinary shares (representing 50% of the

were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture and distribution of treated water

: The President The Stock Exchange of Thailand Aapico Hitech Public Company Limited (“the Company”) would like to clarify the consolidated financial statements of the Company for the fiscal year 2019