revenue proportion YEAR 2018 & YEAR 2019 & 1Q20 From the chart, it can be seen that the proportion of income from the 4 main structures of the company, there is a change in revenue from retail stores that

40.69% respectively. It could be seen that gross margin of the Group of Companies does not change significantly as it has policy to sustain appropriate gross margin for each real estate project

come in various and complex forms and cast widespread impacts on the business and public sectors, as seen in frauds taking place globally, involving fabrication of financial statements and corrupted acts

during this second-cycle audit inspections, the SEC observed significant improvements, compared to the results from the first cycle, on most aspects of the feedbacks and recommendations given by the SEC

observed a growth in subsidiary business especially in distress debt management and mobile phone distributor. The details of the Company’s performance are explained as follows: 2016 2017 Change MB % MB % MB

development banks Buildings, Critical infrastructure - Observed/quantified damages (financial, humanitarian and ecological) caused by extreme weather events following adaptation or resilience strengthening

broadband business focused on quality of subscription and ARPU improvement. We witnessed a decent take up on network utilization in the key cities, supported by the active sale forces and promotions. In 1Q17

% YoY to THB 14,125mn. Meanwhile, Outdoor media– segment which MACO focuses on – bucked the trend, increased by 12.8% YoY to THB 6,391mn. In recent years, advertising industry has witnessed the shift in

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent