Microsoft Word - MD^0A_FY2019_EN_Final 1 Forth Smart Service Public Company Limited (FSMART) FY2019 Management Discussion and Analysis Operational Summary in FY2019  Net profit was Bt584mn

13,370 12,996 374 2.9 Profit before income tax expenses 7,034 6,902 942 15.5 Income tax expenses 1,755 1,189 566 47.6 Profit before share of profit from associates and NCI 5,279 4,903 376 7.7 Share of

31.60 Gross profit 60.32 23.51 75.01 22.50 14.69 24.35 Other income 2.92 1.14 4.49 1.35 1.57 53.66 Profit before expenses, finance cost and taxes 64.18 25.01 80.53 24.16 16.35 25.47 Distribution costs

Revenues 268.56 373.21 (104.65) (28.04) 7 Total expenses 565.23 411.13 154.10 37.48 8 Profit(Loss) before income tax (296.67) (37.92) (258.75) 682.36 9 Net Profit (Loss) (298.56) (34.98) (263.58) 753.52 10

: Million Baht For the three-months ended 30 June Items Increased (Decreased) 2019 2018 Amount Percentage 6 Total Revenues 268.56 373.21 (104.65) (28.04) 7 Total expenses 565.23 411.13 154.10 37.48 8 Profit

profit was Bt104.3mn, decreasing 28.2% YoY • Total revenue from core business was Bt667mn, decreasing 17.1% • Banking agent business (of which the Company is the agent for 6 commercial banks: KTB, KANK

% Total Revenues 1,994,081 2,398,510 -17% 1,571,084 1,666,564 -6% Profit (loss) before loss from allowance (184,851) 149,195 -224% 38,502 129,365 -70% margin -10% 7% 3% 8% Profit / (Loss) before interest

increase was mainly driven by 334% growth of revenue from sales of house and condominium units and 83% increase in revenue from rental and services. 1Q19 Net profit was THB 293m, grew by 13% comparing to

% growth of revenue from sales of house and condominium units and 71% increase in revenue from rental and services attributed to the rise of total revenue. 2Q19 Net profit at THB 192m, or 56% decline YoY

1 Forth Smart Service Public Company Limited (FSMART) 3Q19 Management Discussion and Analysis Operational Summary in 3Q19  Net profit was Bt144mn, decreasing 1.1% YoY.  Total revenue from core