January 2018 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 6 Total liabilities were THB 1,301mn, decreasing by 6.3% or THB 88mn from THB 1,389mn

exchange effect. 2.4 Revenue from finance leases contracts Revenue from finance lease contracts for the 1st quarter of 2019 was Baht 750.86 million, decreasing by Baht 134.37 million or 15.2 percent from

Baht, decreased by 59% as compared to 2Q 2018 of 494 million Baht. The decreasing of selling expenses from property development business were as result of the absence revenue from the property

, increased by THB 31 million or 2.9%. Cash Flows As of 31 March 2018, cash and cash equivalents was THB 732 million, decreasing by THB 289 million from THB 1,021 million as of 31 December 2017. Source of Funds

administrative expenses as a percentage of revenues represented 38% in the first quarter of 2018, decreasing from last year. - Bad debt and Doubtful accounts In the first quarter of 2018, the Company posted bad

, the net profit was Baht 43.31 million, decreased by 3.41 million or decreasing by 7.3 percents in which performance for the company and its subsidiaries in the current three-month period compared to the

total borrowings, decreasing from 69% of fiscal year 2017. To manage risk that might occur from the fluctuation in currency and interest rate of long-term a debenture in foreign currencies, the Company

THB 314.21 million, decreasing 53.38% from the end of last year. Total liabilities comprise mostly short-term loans from financial institutions, trade payables and other payables and long-term loans

previous year. This came from decreasing in services revenue whereas sales revenues from medical devices still increased. Revenues from sales and services of EFORL and its subsidiaries in Q3/2018 increased

newl 0 per share t offering) with t 0.53 per sha 18 to 24 Dece are remaining onate to their g shareholde e newly issue ued ordinary issued ordina decreasing here is any s ng shareholdi (including the