from last year by Baht 36.30 Million. Due to increasing of transfer right of controlling asset and billing invoice to customers for construction contracts on hand. The Group’s has duration credit term

percent compared to the same period of last year. Increases in such expenses resulted the Company has set aside allowance for doubtful accounts. For debtors who have tracked debt and overdue debt. The

to lower household income, sharp decline in employment, particularly in export-related manufacturing sectors, and high rate of household debt. Despite the government economic stimulus, the impact of

. 3) Key Financial Performance Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Return on equity (ROE) 12.0% 13.5% 17.1% 20.1% 20.7% Return on asset (ROA) 4.4% 5.0% 6.5% 7.7% 8.1% Interest bearing Debt / Equity

: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Asset, 2004 (as amended). Notifications on Connected Transactions The Notification of Capital

29,48832,143 18,11822,379 30-Jun-1731-Dec-16 Current Liabilities L/T Debt (included current portion of L/T debt) Non Current Liabilities Total Equity Statement of Financial Position 45,99246,462 12,757 11,170

% Efficiency Ratios Return on Equity (%) 15.44% 15.32% 17.67% Return on Assets (%) 10.87% 10.68% 12.25% Return on fixed assets (%) 82.27% 89.99% 116.94% Asset turnover times 1.14 1.09 1.06 Financial Policy

&A activity, sales & marketing expenses for the launch of new residential projects, write-off/impairment of asset, one-time income/expense, etc. Total Revenues In 3Q17, Singha Estate reported

residential projects, write-off/impairment of asset, one-time income/expense, etc. Total Revenues In 4Q17, Singha Estate reported consolidated total revenues of Bt2,564mn, representing a growth of 80% YoY and

Equity (times) 0.4 0.3 Return on fixed assets5 (%) 62.4% 79.4% Debt to equity (times) 0.0 0.1 Asset turnover (times) 0.4 0.6 7 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31