condition under the agreements. THL, therefore, did not record the compensation for the difference of gold prices as expenses and liability in the financial statements.The SEC opines that the foreign bank?s

Supervisory Board. This liability arises from her failure to issue orders or perform the duties required to ensure compliance with the specified regulations, resulting in JCT’s delayed submission of the report

THL’s failure to prepare and submit the Management’s Discussion and Analysis (MD&A) for the year 2021 within the period specified by the Capital Market Supervisory Board. This liability arises from

liability arises from his failure to issue orders or perform the duties required to ensure compliance with the specified requirements, resulting in THL’s delayed submission of the Form 56-1 One Report for the

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

assets* (%) 12.2% 8.6% Liability to equity (times) 1.6 0.6 Return on fixed assets* (%) 75.8% 68.5% Debt to equity (times) 1.0 0.4 Assets turnover* (times) 0.5 0.4 Remark: - Financial ratios were calculated

slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

0.5% Net debt to equity (times) 1.3 1.0 0.9 Trade receivable 16,277 5.6% 17,260 4.7% Net debt to EBITDA (times) 1.1 0.7 0.7 Inventories 4,828 1.7% 3,190 0.9% Net debt & lease liability & spectrum

uncertain environment including it has always changed. The consumer has had the existed burden of household liability in high level bring to decelerate the purchase by choosing the needful product and

amount of Baht 12.72 which is higher than the same period of previous year and property, plant and equipment decrease by Baht 4.96 million, because of the depreciation. 2. Total liability, the company had