385.7 (64.1%) Net Profit 406.6 99.3 (75.6%) Normalized Total Revenue/1 3,598.1 1,399.5 (61.1%) Normalized Net Profit/2 285.0 196.5 (31.1%) Normalized Total Revenue excluding Deferred Revenue Item/3

(NESDB) forecasted Thailand’s economy to expand in the range of 3.50% to 4.50% (Mean 4.00%), lower than the expansion of 4.20% in 2018. A lower projection is mainly resulted from the uncertainty of trade

from deferred tax assets - - n.a. - n.a. - 84 -100% Extra item net of tax 0 0 n.a 14 -100% 16 -1,920(3) -101% Net Profit after extra items -97 185 -152% -22 341% -97 -1,603 -94% EPS (Baht/share) -0.09

introduce several variables intended to control for the firm’s specific characteristics and other macroeconomic shocks and uncertainty. ❑ Following prior literature on political risk and firm value, we

operations. 1.1 Factors that affect business operations. In the year 2018, the Company affected from; prices of raw materials, cotton and polyester, risen since the second quarter; uncertainty of crude oil

MACO’s performance was dramatically affected from lower advertising demand due to the COVID-19 pandemic and global economic uncertainty.  Consolidated revenue decreased by 25.9% YoY to THB 512mn o

of receivables and accrued interest receivables - net 74,482 77,375 78,015 4.7 0.8 Installment sale receivables and accrued interest receivables 1,427 1,542 1,637 14.7 6.2 Less Deferred gross profit of

expanded at a slower pace compared with the same period last year due to a contraction in merchandise exports resulting from uncertainty in the trade policies of major countries and the Baht’s ongoing

the deferred tax benefits as much as possible within 2020. However, the Company evaluates that there is the remaining uncertainty about the future utilization of the related benefit because they relate

loans purchased of receivables and accrued interest receivables - net 74,482 77,375 78,015 4.7 0.8 Installment sale receivables and accrued interest receivables 1,427 1,542 1,637 14.7 6.2 Less Deferred