subsidiary (FSMART). 6 The appropriate of capital structure The debt to equity ratio as at 31 March 2020 was 2.92:1, decreased from the debt-to-equity ratio as at 31 December 2019, which was 2.11: 1. The

of the Company and the subsidiaries, capital increase of the subsidiaries, and the share repurchase of the Company. The appropriate of capital structure The debt to equity ratio as at 31 December 2019

shares of Forth Smart Service Public Company Limited (a subsidiary) from the non-controlling interests of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 31 March 2019

from minority shareholders of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 30 June 2019 was 2.30:1, decreased from the debt-to-equity ratio as at 31 December 2018

million. The change was due to the net profit for the period, the dividend payment to the shareholders and the share repurchase of the Company. The appropriate of capital structure The debt to equity ratio

, under the management's analysis, the said standard shall cause the financial ratio in terms of capital structure, the Debt to Equity Ratio, to change in an increased direction. Since the Company has to

the Funding Structure In 2018, the Company had total debt to equity ratio of 16.1 times, as compared to 13.3 times in 2017. The interest- bearing debt to equity ratio was 10.8 times as compared to 8.9

equity. Appropriateness of the Funding Structure In 2018, the Company had total debt to equity ratio of 16.1 times, as compared to 13.3 times in 2017. The interest- bearing debt to equity ratio was 10.8

’ equity. Appropriateness of the Funding Structure In Q3 2018, the Company had total debt to equity ratio of 14.1 times, increasing as compared to 2017 of 13.3 times. The interest-bearing debt to equity

shareholders and the share repurchase of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 30 June 2018 was 2.4: 1, increased from the debt-to-equity ratio as at 31 December