advertising and marketing tools. 2018 was another all-time high financial record for MACO – a culmination of 4 consecutive years of record-breaking achievement – having achieved revenue and net profit of

% 45.4% Adjusted EBITDA margin 40.9% 42.3% 46.1% Net profit margin 24.5% 20.5% 20.6% Adjusted net profit margin 26.1% 22.5% 23.3% Note: The Company restated 2Q 2016/17 financial performance after the

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction

times and 0.9 times, respectively, driven by loans repayment to financial institutions and higher retained earnings due to the improving overall performance as mentioned above. Yours sincerely, Pongsarn

profits as targeted in which it was the highest earnings growth for the third consecutive year. It was due to the condition of the business supporting the Company's growth and the non-performing debt that

year, mainly due to lower sales but higher R&D expense; higher audit fees and consultant fees from new businesses establishment; and financial advisory and legal consultant fees from LQSF acquisition in

outlook in 2020, from a decrease of 5.5% to a decrease of 8.1%, as well as lower the policy rate to 0.5% to stimulate the economic and stabilized the financial system. The performance of Central Pattana

, resulting in a downward revision for Thailand’s GDP forecast. The outbreak disrupted employment and increased financial system vulnerabilities. However, at its meetings on June 24 and August 5, the MPC

); and 2 (3) there is no material adverse effect on the business status, operating results, assets, and/or financial status of TBSP. In addition, after being granted approval from the shareholder’s meeting

impact from currency translation and the adoption of TFRS 9 Financial Instruments. The decrease in retained earnings of THB 1,026 million accounted for the 2019 interim dividend approved by the Board of