of tax exempt status which can be carried forward and deducted as expenditure from the net profits acquired. For the year 2014 and 2015, the Company could claim this priviliege to the whole amount

total assets as of 31 March 2019 decreased by 9% yoy. The decrease was mainly attributable to cash spending on annual capital expenditure and loan repayment as well as land disposal transaction. However

, the Company recorded gain on foreign exchange of Baht 38.03 million. The main reason was from loan to related parties in AUD currency. As AUD currency appreciated in relative to USD currency, the asset

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

global trade volume affected by trade tensions and the impact of structural changes in the Thai economy on export sector. Public expenditure and private investment would expand slower than the previous

) Steady growth in private consumption from stimulus packages and recovering agricultural product prices from production expansion and 4) Other supporting factors, such as government spending and other

price; and fluctuations of currency exchange rates, as the company has export sales the main proportional. The unclear Brexit is also one factor that affected orders from the customer in England. 1.2

Factors that affect business operations. In the past year, the Company affected continuously from the economy of the customer’s countries, especially the main customer in England concerned the Brexit

stemmed from the relocation of the manufacturing base of hard disk drive to Thailand earlier. Meanwhile, public spending in capital expenditure slightly declined from the high base of last year. For export

equipment in line with the import of capital goods which partly stemmed from the relocation of the manufacturing base of hard disk drive to Thailand earlier. Meanwhile, public spending in capital expenditure