liabilities 163.82 52.56 140.29 46.38 (23.53) (14.36) Total shareholders’ equity 147.87 47.44 162.20 53.62 14.33 9.69 Note: 1 During 2018, the Company and its subsidiaries have recorded an adjustment of land

) CFO CFI CFF Ending cash (30-Sep-19) *Included translation adjustment of THB 3mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 6 13 May 2019 KEY FINANCIAL

and Company Secretary 695.1 - 15.7 - 68.3 - 87.6 - 355.8 - 2.2 165.5 Beginning 31 Dec 2019 Operating Activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX

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