favorite singers, Etc. all of which therefore result in the still growing well of the total usage amount. 2 Forth Smart Service Public Company Limited (FSMART) FY18 Management Discussion and Analysis

207.86 million and 2 1 6 .71 million respectively, growing at a rate of 4 .2 6 %. This signaled an improvement in domestic sales revenue in the fourth quarter of 2018 compared to the past third quarter

3.5% YoY. However, the money transfer service, of which the Company is the banking agent for 6 banks, has been growing consistently with 1,159,351 transactions per month, increasing 25.3% YoY, as well

payables paid by the Company and accrued dividend. Total equity was THB 1,229mn growing by THB 71mn or 6.1%. This was attributed to an increase in unappropriated retained earnings from 1Q and 2Q 2017

has been growing steadily due to the continued economic stimulus of the government and the economic pressure in previous year both from domestic and international have been reducing its negative impacts

reflects low operating risk, growing demand for tap water, and reliable stream of cash. 5. Raw Water Business Raw water revenue in the first half of 2017 was 1,310.05 million Baht, decreased by 123.91

. ledgement. uccess in Syn h business se Forw s continues company‘s c mera market. s is growing a e company k value of d e expansion ness in lon xpected to in ss performa pansion and mall project Company ex

proceed its feasibility study for the acquisition of ordinary shares in one profitable and growing private hospital located in the eastern region in accordance with the committed objectives for the use of

maximize market opportunities in 2018.” 2. Outlook General economic conditions are favorable: there is growing expectation that Q4 2017 GDP growth in Thailand will have accelerated to 4.5% y/y (versus 4.3

. Including uncertainty from the US economic policy Therefore, the overall of the world economy is growing at a slower rate. While the Thai economy continues to grow at a slow rate as well Although the economy