the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

aspect, such as, strike of employees or inaccessibility to building or facilities in areas. 9.2 Human resource aspect, such as, loss of executives or a key personnel or lack of personnel in large number

be classified into 5 aspects, as follows: 7 9.1 Economic/physical aspect, such as, strike of employees or inaccessibility to building or facilities in areas. 9.2 Human resource aspect, such as, loss of

should also strike a balance between an attractive and reasonable incentive industry-wide for effective work delivery and the prevention of an unfair advantage over shareholders. In any case, the board

receivables - part of fully received Baht 334 million which decreased 57. 6 % from 2019. This resulted from the COVID-hit clients that have been approved by the Company to delay their payment according to the

UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis Sales and service income, EBITDA, and NNP in 2017 hit record high; EBITDA margin enhanced

may be not equal to 35.83 MW. 3 1.2) Key financial highlight Sales and service income, EBITDA, and NNP for 1H’2017 hit record high; EBITDA margin enhanced to 28% 6M'2016 6M'2017 % change million Baht

”) forecasted the advertising expenditures in 2017 to hit THB 12,000mn, or an expected growth of 30% YoY, mainly driven by the acceleration of internet access and the ubiquity of mobile phones. As consumer

2018 which resulted in a 12-day shutdown for repair and maintenance. Following in June 2018, the company had the production volume hit to more than 86,000 tons, the highest production quantity recorded

which quarterly sales hit the record high in this quarter. Moreover, the Company still put an emphasize on repeating the success of Carabao energy drinks in other countries and expanding the international