power generation business of 14,315 million Baht and an increase in other business of 46 million Baht. See more details in 3.1 and 3.2 as below; 3.1 The Analysis of the Operating Results in Power

”) media business overseas. (please find more details of VGM business as below photo.) 81.65% Trans.Ad Group 89% 100% % MACO Eye on Ads Trans.Ad Roctec 11 FEB 2019 3 MASTER AD PLC MANAGEMENT DISCUSSION

total capacity 64% 49% 82% 83% 75% 68% Average (2009-2018) 69.95 13.23 55.79 137.55 30.01 214.15 Above/(below) average (2009-2018) 5.07 (2.68) 9.30 (0.90) 4.23 (12.14) 4. SIGNIFICANT EVENTS 12 July 2018

97.30 20.01 146.49 Percentage of total capacity 57% 36% 45% 59% 50% 50% Average (2006-2018) 77.47 16.70 70.80 154.98 39.52 256.43 Above/(below) average (2006-2018) (11.31) (8.90) (35.32) (57.68) (19.51

37.62 8.13 103.22 Percentage of total capacity 38% 24% 38% 23% 20% 35% Average (2010-2019) 72.76 12.96 56.19 137.79 29.97 213.98 Above/(below) average (2010-2019) (28.68) (7.77) (26.05) (100.17) (21.84

below. (Unit: Million Baht) Utilities Business 2019 2018 % Change Revenue from Utilities Business - Industrial Water Sales 1,309.5 1,252.6 4.5% - Raw Water Sales 264.0 268.9 -1.8% - Wastewater Treatment

, the Company held a total liability of 1 . million Baht, decreased by . million Baht, accounting for 1.94%, from . million Baht at the end of the year 2015, as detailed below. - Trade and other payables

details of cash flow were as follows: 2.1.1 Cash and cash equivalent of Bt2,530.6 million which cash flow summarized for the first six months of 2017 were below ;- - The Group’s net cash from operation was

of 738 million Baht and an increase in other business of 34 million Baht. See more details in 3.1 and 3.2 as below; 3.1 The Analysis of the Operating Results in Power Generation business Profit (loss

were summarized below: (Million Baht) Net cash from operating activities 4,286.33 Net cash used in investing activities (847.43) Net cash used in financing activities (3,624.99) Effect of exchange rate