% 51.67% Net profit / total sales and services revenue (%) 30.96% 30.55% Performance Ratio Return on Equity (ROE) (%) 13.67% 12.15% Return on Assets (ROA) (%) 6.63% 6.21% Capital Structure and Debt Ratio

and the dredging of Nongkho reservoir. Therefore; gross profit margin and net profit margin was down to 46.69% and 27.30% respectively. However, Return on Equity (ROE) raised to 10.82% and Return on

statements for the 2nd quarter and 6-month Period ending June 30, 2019 as follows. The net profit of the Corporate Group for the 2nd quarter and 6-month Period ending June 30, 2019 was Baht 132.05 million and

% Return on Assets (ROA) (%) 19.58% 13.74% 5.84% Remark: * Calculated based on the number of issued and paid-up ordinary shares deducted by the number of treasury share GP = Gross Profit, EBITDA = Earnings

Microsoft Word - MD^0A_FY2019_EN_Final 1 Forth Smart Service Public Company Limited (FSMART) FY2019 Management Discussion and Analysis Operational Summary in FY2019  Net profit was Bt584mn

1 Forth Smart Service Public Company Limited (FSMART) 3Q19 Management Discussion and Analysis Operational Summary in 3Q19  Net profit was Bt144mn, decreasing 1.1% YoY.  Total revenue from core

ratios (excluded the effect of foreign exchange rate of the Company and subsidiaries) 2019 2018 1) Current Ratio (Times) 2.72 2.31 2) Profit to Total Revenue (excluded fuel costs) (%) 49.59 52.35 3) Return

profit of THB 60mn, increased by 183.0% YoY. For more details of the Company’s performance, please see 3Q 2017 performance analysis. With the upcoming Royal Cremation Ceremonies for the late King in

relatively strong results in 1Q 2018 with an operating revenue of THB 290mn, an increase by 53.1% and net profit of THB 53mn, increased by 42.3% YoY. 2 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD

Ratio(1) Gross profit / total sales and services revenue (%) 50.19% 51.67% Net profit / total sales and services revenue (%) 28.33% 30.55% Performance Ratio Return on Equity (ROE) (%) 10.71% 12.15% Return