’ equity. Appropriateness of the Funding Structure In Q3 2018, the Company had total debt to equity ratio of 14.1 times, increasing as compared to 2017 of 13.3 times. The interest-bearing debt to equity

% Net profit for the period 692 -37.1% 3,553 3,815 7.4% 4,133 3,711 -10.2% Earnings Per Share (Baht per share) 2.77 -37.3% 14.21 15.26 7.4% 16.53 14.84 -10.2% 3 Sales and Revenues Structure for the fiscal

Equity stood at 39.5% which decreased from an increase of shareholders’ equity. 5 Forth Smart Service Public Company Limited (FSMART) 1Q18 Management Discussion and Analysis 2018 Management Outlook

-17 Interest coverage ratio (time) ** 23.49 11.22 Dusit Thani PCL Management Discussion and Analysis For 1Q18 P a g e | 7 2018 Outlook Maintained guidance with revised CAPEX • The Company’s guidance for

Equity 46.3% 46.2% 42.0% Financial Ratio 5 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Company focuses on business adjustment

managing the kiosk location, adding new services to the system such as traffic fine payment service with the Royal Thai Police, GMM’s content selling service, SIM Card selling with electronic-Know-Your

(BGRIM) at “A” with “stable” outlook. The rating reflects the company’s position as one of the leading private power producers in Thailand, its well-diversified portfolio of cogeneration power units under

  MANAGEMENT OUTLOOK

times in 2020 and 0.16 times in 2019, Which shows the company's liquidity outlook improved due to the fact that inventories are classified as current assets with very little liquidity. Therefore

MAR 2020 Efficiency Ratios Leverage Ratios MANAGEMENT OUTLOOK