2 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Financial Summary Income Statement Total revenue Total revenue from the core business in 1Q19 was

from sale. Besides, other income also increased from the revenue of by products, waste and material Information of the 2nd Quarter Consolidated Separate 3 months Change 3 months Change 2017 2016 Amount

corresponding period of the previous year, derived from an decrease in dividend income at the amount of Baht 20.94 million and increase in recording interest income separately from revenue from sales (financing

its gross profit margin continuously and increase the service income over total revenue (excluding sale of vacant land) from the proportion of 4.5% at the end of year 2015 to 17. 3% in 2018. This was

and subsidiaries that sells electricity and heat energy has increased income from sales  Revenue from project work of 147.41 Million Baht. The company has 104.41 Million Baht decreased or 41.46 percent

are explained as follows; Separate Financial Statement Q1/2019 Q1/2020 Change MB % MB % MB % Rental Income 126.9 81.2% 97.7 59.2% -29.1 -23.0% Revenue from contracts with customers 29.4 18.8% 67.4 40.8

profits margin. Proportion of other income to total revenue slightly decreased compared to previous period from a discount given to tenants. The Company emphasizes tenants’ selection to match customers

product proportion, house brand products proportion in 1Q19 was 62.66% which was the same level as last year Proportion of other income to total revenue slightly decreased compared to previous period from

) (25.8) EBIT Ratio (ร้อยละ) 4.3 12.8 (8.5) EBITDA Ratio (ร้อยละ) 16.3 17.3 (1.0) Remarks (1) Comprises of total revenue net dividend income, gain on foreign exchange, interest income and non-operating

receivables under finance lease net of unearned financial income. Revenue from sales of electricity under the Power Purchase Agreement then recognized as a Revenue from service under a Power Purchase Agreement