the market price and the agreed price. In Q3/2010, THL clarified that the foreign bank had temporarily allowed suspensions of debt repayment and gold delivery for the purpose of negotiation on the

Industry Consultative Panels process, outlines key strategies and mechanisms to strengthen capital markets as a driving force for sustainable development. It provides clear and concrete direction for

operations and there is no allowance for impairment of investments in subsidiaries item. Currently, the company's distribution businesses such as solar panels and equipment 2. The construction contracting

31.82 million bath or 15.69% decreased due to the main reason that the company has completely paid off foreign debt on September 20, 2019 with the amount of 24.62 million baht. Result in reserve cash

% Payable days (days) 145 81 Efficiency Ratios Leverage Ratios Return on assets4 (%) 14.0% 10.2% Liability to Equity (times) 0.4 0.5 Return on fixed assets5 (%) 80.4% 58.2% Debt to equity (times) 0.1 0.1

(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 8 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017

lower long term borrowing from debt repayment and lower spectrum payable and lease liability. Interest-bearing debt stood at Bt116,749mn, decreasing by -8.2%. Total equity was at Bt88,278mn, decreasing

year was from 6.27 times to 5.52 times because the Company has current liability increasing from the same period of last year. Receivable Turnover changed little from the last year, from 1.10 times to

obligation to pay the Royalty Fees. The companies were able to properly control with economic conditions. The financial cost in the year 2017 decreased amount 0.2 Million Baht from last year as the principal

increasing 45% mainly from increasing debt for TTTBB and JASIF acquisition and the lease liability from OFC rental contract obligation with JASIF. Interest-bearing debt stood at Bt127,244mn, increasing by 51