. Summary of the financial status as ended 31 December 2019 Total Assets As ended December 31, 2019, the total asset of the company and subsidiaries was Baht 408.61 million, whereas Baht 1,049.57 million in

22.0 Asset Turnover (Time) 0.4 0.5 Leverage Ratio Debt to Equity (Time) 1.6 1.0 Interest Coverage Ratio (Time) 2.4 3.0 21 ASIA’S BOUTIQUE AIRLINE Glossary Passenger or Cabin load factor : Number of

financial statement as of 30 September 2017, the transaction size is of the highest value when calculated from net tangible asset test, which is equivalent to 14.48 per cent. According to the Notifications of

shares at Baht 10 per share or Baht 436,499,970. This transaction has already been granted consent from 2 Lenders, KBANK and CIMB The transaction is an asset acquisition transaction according to the

(Translation) Kong. Lazard Group provides financial consultation services and asset management services, having experience in the investment and provision of financial consultation for various types of business

of the insurance company; (b) letter of guarantee of a commercial bank, finance company, or financial institution established under a specific law; (c) other collateral prescribed by the Office

Capital Asset Pricing Model (CAPM) using the market return rate of 11.17 percent and using the 10-year government bond yield The Company has considered such assumptions together with the financial advisor

(%) 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

Asset which is a multi-media company serving the leading corporates and financial decision makers in Asia. Due to the fact that the company has been able to manage down interest costs and achieved

License return shall reduce debt burdens of 7.1 the Company; enabling it to repay debts to creditors and continuously run the businesses. At present, the Company has liabilities with interest with financial