, automotive and the construction industry in which they are the customers of the company and subsidiaries. The said impact therefore has a significant impact on sales volume both in terms of sales price and

growth is lower than initially anticipated. The mobile industry has gained momentum aligned with increased private consumption and the resurgence of tourist-related activities. Amid an evolving competitive

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

average premium of around US$185/t of PET (Shale to PET) over Asian margins (Naphtha to PET). This comes primarily from the cost advantage over naphtha that shale gas brings, allowing IVL to create industry

48,201 46,018 46,319 Total liabilities million baht 14,260 13,544 14,428 equity’ Total shareholders million baht 33,941 32,474 31,891 Registered capital million baht 1,259 1,259 1,259 up capital-Paid

were 2.4% (y-o-y) and 1.7%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand. During the passengers who travel through BKK and DMK were 79.3 million passengers

of TTW’s shares, as a result, the interest in the equity of TTW decreased to 18.47 percent. Following this sale, the Company reclassified the investment in TTW from investment in associated company to

novation has no effect to the required Debt to Equity ratio due to the MRTA is fully responsible for the loan repayment according to the concession agreement. Overview Operational Results In the third

-o-y) and 2.0%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand. During the passengers who travel through BKK and DMK were 53.5 million passengers, increasing by 1.5

fruition and helped Golden Lime to record sales in Q1 2018. The steel industry continued to expand at the start of 2018 as infrastructure and auto demand remained strong. Further volume increase is