ANALYSIS FOR Q1/2018 4 Gross Profit of Raw Water Business for Q1/2018 was 344.81 million Baht, decreased by 63.93 million Baht or 15.64% compared to Q1/2017 due to the decreasing of household customers and

Raw Water Business in the first half of 2018 was 715.23 million Baht, decreased by 102.42 million Baht or 12.53% as compared to the first half of 2017 due to the decreasing of household customers and

Business in 9M/2018 was 1,106.80 million Baht, decreased by 66.57 million Baht or 5.67% as compared to same period of 2 017 due to the decreasing of household customers and the higher cost from purchasing

amounting to THB 3,338 million, with total liabilities of THB 3,011 million and total equities of THB 9,457 million. In this regard, the company’s financial position remains strong with low debt-to-equity

or 17% from the first 6 months of 2019 mainly due to decreasing of CPKO stock in international market, caused by lower palm production from drought effect. The contraction in market demand in 1H2020

Limited (FSMART) 1Q18 Management Discussion and Analysis As at 31 March 2018, FSMART had total assets of Bt4,088.84mn, decreasing 4.0% YoY, mainly from a decrease of current assets from cash and a decrease

on total sales and net profit either increasing or decreasing from changes of inventory at the end of period.  In Q1/2019, the Company and its subsidiaries recorded total sales of Baht 1,302 million

statement on total sales and net profit either increasing or decreasing from changes of inventory at the end of period.  In Q1/2019, the Company and its subsidiaries recorded total sales of Baht 1,302

and total liabilities stood at THB 6,714.9mn. • Debt to Equity ratio2 equals 1.00 times as of 31 March 2020, decreased from 1.04 times as at end of 2019. Operating result 1Q/2020 Revenue Source of

for Q1/2022 compared to Q1/2021 decrease 4.3% from 33.4% to 29.1% mainly derived from the decreasing of gross profit margin of natural gas power plant by 11.4% due to the increasing in average natural