1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

amounting to THB 6.8bn in media capacity nationwide. OOH media is expected to continue to grow substantially on the back of mass transit line expansion both domestically and internationally, new office

with its major trade partners, especially China. This factor is set to have an impact on the world’s economic recovery over the remainder of this year. The World Economic Outlook of the International

the company achieved expansion loans target while the domestic economic recovery. The total income was 839.71 million baht, an increase of 92.04 million baht or 12.31%. Interest expenses were 222.13

the company achieved expansion loans target while the domestic economic recovery. The total income was 839.71 million baht, an increase of 92.04 million baht or 12.31%. Interest expenses were 222.13

the company achieved expansion loans target while the domestic economic recovery. The total income was 963.01 million baht, an increase of 123.30 million baht or 14.68%. Interest expenses were 219.50

the company achieved expansion loans target while the domestic economic recovery. The total income was 963.01 million baht, an increase of 123.30 million baht or 14.68%. Interest expenses were 219.50

Crude Palm Kernel Oil(CPKO) prices than that of 1Q2017. Under these circumstances, the government has maintained B7 mandate in this quarter, comparing to the mandate of B5 back in 1Q2017. For Natural

% – 74.3% throughout the year 2017, over the cycle, anyhow overall went on at higher level than previous year, somewhat improved indicates the recovery trend, but not too much while big portion of idle

production capacity utilization ratio swung between 67.6% – 74.3% throughout the year 2017, over the cycle, anyhow overall went on at higher level than previous year, somewhat improved indicates the recovery