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Management Discussion & Analysis

Workpoint Entertainment Public Company Limited ("The Company") is pleased to submit herewith the consolidated and separate financial statement for year ended December 31, 2016, with the financial analysis in comparison to the financial statement for year ended December 31, 2015. The performance can be summarized as follows:

The operating performance of the Company and its subsidiaries for year ended December 31, 2016 has shown the net profit of THB 198.6 million, increasing by THB 48.3 million or 32%, from the same period in the previous year which shown the net profit of THB 150.3 million.

  1. Revenue

    For the year ended December 31, 2016, the total Revenue (Excluding Other Income) of the Company was THB 2,633.5 million which represented an increase of THB 199.8 million or 8% from the total Revenue (Excluding Other Income) of THB 2,433.7 million in same period of 2015. The change of total Revenue was mainly resulted from the following business:

    Revenue from Television Programs

    Revenue from television programs was comprised of revenue from the advertising and promotion during each broadcasting period of the Company’s TV channel, other TV channels and other media channels such as YouTube. Revenue from television programs also includes revenue from Renting Air time to 3rd parties for TV program broadcasting on the Company’s TV channel, revenue from the production of TV programs for 3rd parties for broadcasting on Company’s TV channel and other TV channels, and revenue from selling TV program licenses. For the year ended December 31, 2016, the Company had the revenue from television programs at THB 2,391.7 million, increasing by THB 267.2 million or 13% from the same period in 2015. The increase of revenue from TV programs, was mainly from the increase of revenue from its terrestrial digital TV channel, “WORKPOINT TV” channel. For the year ended December 31, 2016, WORKPOINT TV had the revenue at THB 2,228.1 million, increasing by THB 229.4 million or 11% from the same period in 2015.

    Revenue from Event Marketing

    Revenue from event marketing was comprised of the revenue from event activities arranged by the company and event activities which the Company organized for 3rd parties. For the year ended December 31, 2016, the Company had the revenue from event activities at THB 106.2 million, decreasing by THB 1.8 million or 2% from the same period in 2015. (Some events in the 4th quarter of 2016 are postponed to the 1st quarter of 2017 such as The Dish Foodival)

    Revenue from Concerts and Plays

    Revenue from concerts and plays was comprised of the revenue from concerts and plays produced by the Company, revenue from area rental in the Company’s Playhouse, and revenue from Playhouse’s title sponsor. The Company had the revenue from concerts and plays for the year ended December 31, 2016 at THB 119.7 million, decreasing by THB 48.2 million or 29% from the same period in 2015. The decrease of revenue was mainly from the less number of rounds in 2016 than in 2015. The Company had organized 4 concerts in 2016 which were Cyril Magic Up Close & Personal Live in Bangkok, Khun Pha Chuay no.6, Nitan-hinghoi-the musical and Roundfinger talk show. (Nitan-Hinghoi the musical had organized only 3 rounds of show in 2015 and the remaining 9 rounds were postponed to 2017.)

  2. Costs

    For the year ended December 31, 2016, the Company had total costs at THB 1,496.2 million, increasing by THB 120.3 million or 9% from the same period in 2015 which had the total costs at THB 1,375.9 million. The increase in the total costs came from an increase in costs of television programs. Costs of television programs include Production costs, The amortization of Digital TV licenses, Networking fees, The amortization of TV program rights, Overhead costs, and Airtime rental cost (in the case that the Company rents Airtime from other TV channels to air its programs). For the year ended December 31, 2016, the Company had cost of television programs at THB 1,318.0 million, increasing by THB 164.3 million or 14% from the same period in 2015. The Company had produced more TV programs such as the Mask Singer Thailand, Mic On Debt Off (MicModnee), Let Me In Thailand season 2 and I Can See Your Voice. Such the programs are popular and highly successful.

  3. Selling and Administrative Expenses

    For the year ended December 31, 2016, the Company had selling and administrative expenses in total at THB 822.3 million, increasing by THB 58.6 million or 8% from the same period in 2015 in which the Company had selling and administrative expenses in total at THB 763.7 million. The increase was mainly from the increase of commission expenses which directly vary to the Company’s TV revenue and the increase of ESOP expense in administrative expenses. (Presented in Notes to Financial Statement no.25)