Reform Priorities in Asia: Taking Corporate Governance to a Higher Level Taking Corporate Governance to a Higher Level reform priorities in Asia 2011 REFORM PRIORITIES IN ASIA: TAKING CORPORATE

29.3% YoY. FSMART has continued the strategic plan of expanding the number of Boonterm kiosk effectively and maintaining the ARPU (average revenue per unit) level efficiently. In 2017, the average ARPU

Liabilities 784 808 842 Total Liabilities 797 817 851 Shareholder’s Equity 445 451 449 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,727 3,660 2,730 Gross Profit 247 263 209 Operating Profit 126 124 117

and 0.5% QoQ. Marketing expenses remained at 5.5% of total revenue, same level both YoY and QoQ. Underpinned by localized promotional campaigns, the decline in prepaid subscriber has slowed down, while

this business will be maintained at this level from Q2 /2 0 1 7 onwards, while revenue from sales of electricity will depend on the generating capacity. After the first 6 months of operation, revenue was

Q1/2019 was restated due to adjustment of fair value for investment in the geothermal power plant in Indonesia. Power Plant Business performance in Q1/2019 recorded revenue at the similar level to Q1

monitors the expenditure level to match revenue growth. Hence, the administrative expenses to total revenue ratio stood at 17.6%, which is slightly higher than the previous year’s at 17.4% (for 4Q19 stood at

reported the total revenue of THB 5,565 million, same level as FY2017 Hotel Business, Education Business and Other Business accounted for 83.2%, 7.6% and 9.2% of total revenue, respectively. Hotel Business

dollar and Philippines Peso. For the FY19’s revenue, the revenue performance yoy was at similar level even negative impact from the appreciation of foreign currencies against Baht currency. • Hotel

dollar and Philippines Peso. For the FY19’s revenue, the revenue performance yoy was at similar level even negative impact from the appreciation of foreign currencies against Baht currency.  Hotel