% 25.0% Finance costs (30) -1.3% (56) -1.8% 86.7% Income tax expense (59) -2.6% (66) -2.1% 11.9% Net profit 420 18.7% 543 17.5% 29.3% Total revenue FSMART’s total revenues from core business was Bt3,105mn

15.3% Administrative Expenses (34.5) (8.4) 308.8% Finance Costs (76.9) (93.7) -17.9% Share of Profit from Investments in Associates and Joint Ventures 339.2 659.2 -48.5% Income Tax Expense (6.3) (6.8

expense (20.28) -2.5% (14.42) -2.0% (9.10) -1.4% -36.9% -55.1% Net profit 144.90 18.0% 126.39 17.3% 103.90 15.6% -17.8% -28.3% Non-controlling interests of the subsidiaries (0.35) 0.0% (0.15) 0.0% (0.40

) -0.3% -47.6% -10.4% Interest expenses (7.13) -0.9% (4.47) -0.7% (5.64) -0.8% 26.2% -20.9% Profit before income tax expenses 162.32 20.8% 113.00 17.0% 137.17 18.7% 21.4% -15.5% Income tax expense (18.59

) -1.1% (7.13) -0.9% -18.8% -35.9% Profit before income tax expenses 163.57 19.7% 165.18 20.5% 162.32 20.8% -1.7% -0.8% Income tax expense (18.98) -2.3% (20.28) -2.5% (18.59) -2.4% -8.3% -2.1% Net profit

Tangthai Avocado Kakigori and Mayongchid Cheese Pie, and To Go product groups such as Chocolate bars, French Butter Croissants, and Murasaki Imo Shokupan etc. 2021 Outlook Both the new outbreak of COVID-19

). Moreover, the Thai economic outlook would underperform below the baseline projection because; 1. The global economy could enter a severe recession and Thailand’s tourism sector could take a long time to

4 million, increased by 160.2% yoy as a result of an increased in interest expense. Loss sharing from investment for the year 2019 was Baht 15 million, in line with the loss sharing for the year 2018

% yoy as a result of an increased in interest expense. Loss sharing from investment for the year 2019 was Baht 15 million, in line with the loss sharing for the year 2018 due to the better performance in

, reserve and liquidity. Credit Rating LH Financial Group Public Company Limited is assigned the credit rating at “BBB+” with “Stable” outlook by TRIS Rating. Analysis of Operating Results In the first