Company had D/E ratio 0.11 times, decreased from 2016 that had 0.16 times, as a result of trade account payable and other payables decreased. Return on Equity (ROE) The 42.91 million Baht net profit is 4.85

% Total assets 6,737.09 5,948.06 789.03 13.3 Interest-bearing debts 3,153.13 2,433.16 719.97 29.6 Total Liabilities 3,600.78 2,966.06 634.72 21.4 Total sharehoder's equity 3,136.31 2,982.00 154.31 5.2

increasing of 13 mainly due to the increase of Trade and other receivables. Liabilities and Shareholder’s Equity As for the period ending 31 March 2018, the Company had total liabilities equal to 1,540.0

the revenue from services and the interest income from lawsuit against a government agency as a trade account receivable. The total cost was reported at THB 672.1 million, increased by THB 70.5 million

status as at 31 March 2020 The group’s assets decreased by Baht (2) million, mainly due to the following reasons: • Trade and other receivables decreased Baht (26) million because of payment due of trade

million, respectively. Meanwhile, the trade and other payables stood at Baht 128.91 million and Baht 93.63 million, respectively. As of December 31, 2019 and March 31, 2020, the shareholders’ equity was

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

) 3.02 108.63% 7 Share of loss associates accounted for using equity method (0.45) - 0.45 (100.00%) 8 Profit before income tax 21.93 1.07 20.86 1,949.53% Income tax (5.62) (7.02) (1.40) (19.94%) Profit for

remaining cash from operating activities. However, there was an increase in liabilities in respect of trade accounts creditors from purchase of raw materials. 2.3 Shareholders’ equity As at 31st March 2018

income - net of tax 0.68 0.00 0.68 100.00% Total Comprehensive income for the Year (3.20) 21.69 (24.89) (114.75%) Profit Sharing for the Year - The Company’s Equity (4.44) 22.06 (26.50) (120.13%) - Non