lifestyle resort on island 3 in Crossroads project with a transaction value of USD 16.2m. Nonetheless, the progress of design and construction has been as planed while the target construction completion is in

Management Discussion and Analysis 1. Significant events in the third Quarter of 2019 1.1 The progress in construction projects 1.1.1 Project completion - SBPL Project, a project of San Buenaventura Power Ltd

management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of

management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of

accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a concession arrangement at actual cost in the same amount. No gain and

Concession Arrangements’. As a result, the Group’s management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The

revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a

Concession Arrangements’. As a result, the Group’s management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The

. 2 MB, representing an increase of 23. 8% because at the end of the year 2022, the revenue was recognized base on the completion of project, which has been operated according to progress but has not

help expand the customer base and create ecological system. FSMART will have a complete database to contribute more valuable things in the future.