E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...

. Administrative expenses on nine-month and 3nd quarter of 2019 decreased 25.90 and 18.22 percent from the same period of last year, due to additional administrative expenses from expanding in 2nd production line

growth compared to last year of the same period by expanding branch of Zaap Classic from 6 to 14 branches since Q4/ 2016 and increased two franchises in this quarter. - Swine farm business recorded its

same period by franchises and delivery services expanding and co-promotion with banks and mobile service providers. - Swine farm business recorded its revenue of Baht 50.9 million that decreased of Baht

expanding distribution channel. 1.3) Revenue from selling of real estate increase 80. 83 million baht or 100% due to its subsidiaries start to recognize revenue from selling of real estate. 1.4) Revenue from

expanding and co-promotion with banks and mobile service providers. - Swine farm business recorded its revenue of Baht 194.9 million that decreased of Baht 29.5 million from year 2016 due to decreasing of pig

higher sales volume in CNF incoterm. Administrative expenses on year 2018 increased 12.85 percent from last year, due to additional administrative expenses from expanding in MDF second production line that

Boonterm kiosk location strategy in 2018 rather than emphasizing on expanding http://www.ratchakitcha.soc.go.th/DATA/PDF/2562/A/043/T_0021.PDF 4 Forth Smart Service Public Company Limited (FSMART) 2Q19

. Administrative expenses on six-month and 2nd quarter of 2019 decreased 29.92 and 31.23 percent from the same period of last year, due to additional administrative expenses from expanding in 2nd production line was

, due to additional administrative expense from expanding in MDF second line production. Financial cost of six-months and 2nd quarter on year 2018 decreased 98.89 and 98.60 percent from the same period