factors totally at the amount of 11,775 million baht. The Group has elected to recognize the cumulative effect of initially adopting of TFRS 9 and TFRS 16 as an adjustment to the beginning balance of

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

Company”) still has carried adjustment of the business strategy to focus on the large project. Moreover the Company still development quality of product and service followed by client’s standard that

% gross profit margin, respectively. The increase of gross margin was due to the additional adjustment of the cost forecasting since end of 2019 causing a reduction of the gross profit margin. Cost of

cumulative effect is recognized as an adjustment to the retained earnings as at 1 January 2020, and the comparative information was not restated. The impact to Financial statements of such adoption was

(23) (60) (34) Beginning cash (31-Mar-20) CFO CFI CFF Ending cash (30-Jun-20) *Included translation adjustment of THB 5mn MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER

including public or private sectors, the Company has been focusing on strategic adjustment in this crisis to maintain the number 1 leader in online top-up kiosk and bill payment business, emphasizing on

strategy of the distribution channels in order to decrease cost and expenses from the past that the Company had ELEGA showrooms which currently been closed all including the new adjustment of business plan

1,045.5 million or 6.4% due to an increase of Baht 259.0 million in cash and cash equivalents, receivables under finance lease increased by Baht 21.3 million from the adjustment of exchange rates

term while the differences in liquidity and price impact measures that gradually narrowed following each phase of the free float adjustment. • Chai et. al. (2010) examines two empirical issues regarding