consolidated financial statements of the Company and its subsidiaries for the year ended 31st December 2017. In 2017, the Company reported consolidated profits (attributable to equity holders of the parent) of

1.0% Total liabilities 3,706 38.5% 3,773 22.3% Shareholders’ equity 5,926 61.5% 13,113 77.7% Total liabilities and equity 9,632 100.0% 16,886 100.0% Total liabilities were THB 3,773mn, an increase of

and the increase in other current liabilities 0.6 MB and the increase in employee benefit obligations by 8.0 MB.  Shareholders' Equity As of December 31, 2019, the Company and its subsidiaries had

closed 5 housing projects. 2. Revenue from hotel business: In 2019, revenue from hotel business increased by Baht 148 million or 16% increase compared to the same period of 2018. This was mainly due to an

to an increase of net profit and a decrease of shareholders’ equity from interim dividend payment and treasury stock. 6 Forth Smart Service Public Company Limited (FSMART) 3Q18 Management Discussion

Baht 969.7 million in 1H2017, or a 43.6% increase. 2. FINANCIAL POSITION 21,378.2 8,801.2 12,577.0 22,845.2 10,030.0 12,815.2 Total Assets Total Liabilities Total Shareholder Equity As of 31-Dec-17 As of

(Loss) attributable to equity holders of the company (277.59) (243.35) (34.24) (14.07) Financial Position as at December 31 (Unit : Million Baht) 2019 2018 Inc./(Dec.) % ( A d jus ted an d R ec l as s i f

company adjusted its policy to enhance the marketing goals. sales and service, as follows. Incomes January – June 2017 January – June 2016 Increase(Decrease) Mimmion Baht Percent 1. retailers and

submit herewith explanation and analysis of the Management as follows. 1. Income, gross profit, net profit Unit : Million Baht 1. Income 2019 2018 2017 Increase (decrease) 2019-2018 1.1 Construction

loans of THB 134mn. Total equity was THB 16,088mn, increasing by THB 10,162mn or 171.5%, mainly due to an increase in premium on share capital of THB 9,349mn and non-controlling interests of the