debt to equity ratio (D/E ratio) at 0.41 times. Cash Flow As at September 30, 2018, the Company had cash received from the operating activities around 748.17 million baht, rose by 111.56 million baht

million and total shareholders' equity of THB 18,639 million. Debt to Equity Ratio (D/E) and Interest Bearing Debt to Equity Ratio represented at 1.44 and 1.26, respectively. Yours faithfully, Mr.Chamroon

49.34 17.69% Finance cost 49.11 68.10 18.99 38.67% Income tax expenses 48.04 57.52 9.48 19.73% Net profit 181.71 202.58 20.87 11.49% Net profit ratio (ROS) 17.16% 15.74% Earnings per share (Baht) 0.34

comparing to September 30, 2018. These represented the Company’s book value per share at 17.91 and debt to equity ratio (D/E ratio) at 0.35 times. Cash Flow As at September 30, 2019, the Company had cash

structure Shareholder Prior to entering into transaction After entering into transaction No. of Shares Ratio (percentage) No. of Shares Ratio (Percentage) The Company 12,149,994 99.999951 35,999,994 99.999983

Dec 19 31 Mar 20 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Key Financial Ratio As at 31 March 2020, the Company had the current

million, relatively the same as Q1/2019at Baht 686 million.  CMG: Baht 530 million, down 14% YoY.  Sales ratio of Brand: CMG was 57:43, compared with 53:47 in Q1/2019. Sales Breakdown by Geography

in 2020 is higher than 2019 about 9.97 %. The reason of the higher ratio cost of medical treatment and administrative / revenue of medical treatment is the different specific cost of Ramkhamhaeng and

31, 2019 because of the borrowing from financial institutions. The debt to equity ratio stood at 0.19 time and the current ratio was at 2.88 times. - The shareholders’ equity amounted to 1,427.88

Services revenue OOH Advertising segment revenue  Transit media revenue  Office and Other media revenue Digital Services segment revenue Other income Cost of sales Cost-to-sales ratio gross profit gross