11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been
key components were from (i) cash paid for capital expenditure THB (2,060)mn, (ii) cash received from sale of current investments THB 900mn, (iii) dividend received of THB 388mn, (iv) interest received
the Capital Market Supervisory Board No. TorChor. 20/2551, Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets, and the Notification of the Board of Governors of
same period of 2016. This was as the results of the increase in dividend received from investment in REITs and REIT management, in tandem with the growth in asset size. Other income comprised of
Transaction is considered an acquisition of assets in accordance with the Notification of the Capital Market Supervisory Board No. Tor Jor. 20/2551, Re: Rules on Entering into Material Transactions Deemed as
VFX in Q3/2562 increases by 19% from Q3/2561 as the Company has been awarded a relatively large project for the local market and from the increases in international clients in comparison to the same
of increasing working capital of GJ Steel in order to increase sale and maintain continuous HRC production for local market (Separate: Baht 170 million, decreased by Baht 16 million QoQ and decreased
. This resulted from the increase of short-term loan for purpose of increasing working capital of GJ Steel in order to increase sale and maintain continuous HRC production for local market (Separate: Baht
HRC production for local market (Separate: Baht 171 million, increased by Baht 6 million QoQ and decreased by Baht 29 million YoY). Financial position Total Assets As of 30 September 2018, the Company
market conditions remained subdued with downward pressure on HRC prices due to global trade tensions, high levels of imports and slowdown in Thai economy. While various representations are being made to