services business, Wuttisak Clinic Intergroup Co., Ltd. This is because the changing business model from company owned to franchise model, affecting to the revenue recognition. According to IFRS No. 5, the

business, Wuttisak Clinic Intergroup Co., Ltd. This is because the changing business model from company owned to franchise model, affecting to the revenue recognition. According to IFRS No. 5, the company

“Year of Shift” of L.P.N. Development Public Co., Ltd. Our business strategy is to develop urban residential condominium with an affordable price targeting middle to lower-middle income earners. The

estate business and thus the Company has to revise its strategy and target group. The year 2017 marks “The Year of Shift”. First of all, the target customers of the Company have been changed from middle to

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more

increased over the past few years, benefiting from the shift in people’s behavior to spend more time outside as well as its strength as being a media that reaches consumers when they are on the go and

shift investment towards low carbon transport infrastructure. 2.2 The role of climate bonds Leveraging debt capital markets towards sustainable transport infrastructure development and services has

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

which grew 35% in the first half of 2018 versus the same period in 2017. Average prices have continued on an upward trend throughout H1 and Q2. We consider this as a recognition from the market, that the