Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

The results are good considering the Zameen trainwreck. Latam is treading water but FDV is showing good growth across the rest of its portfolio.

Dont think we should have expected better numbers than these.

The reports comparison between 2Q 2023 and 2Q 2023 is not helpful.

I keep track of the qtr results on a spreadsheet and the trends are easier to decipher.

	FDV % SHARE BASIS
1	EBITDA	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023
2	Zameen	$1,445,753	$1,484,972	$765,015	$505,748	$56,375
3	Latam	$73,129	$842,895	$871,639	$1,161,951	$1,144,998
4	Rest	-$389,377	$14,834	$32,320	$308,936	$477,887
5	Total	$1,129,505	$2,342,701	$1,668,974	$1,976,635	$1,679,260
6
7	MARGIN	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023
8	Zameen	21.18%	22.33%	16.02%	13.87%	2.30%
9	Latam	0.63%	7.56%	7.42%	10.18%	9.10%
10	Rest	-12.37%	0.50%	0.98%	9.80%	11.67%
11	Total	5.25%	11.27%	8.41%	10.85%	8.78%
12
13	REVENUE	2Q 2022	3Q 2022	4Q 2022	1Q 2023	2Q 2023
14	Zameen	$6,826,510	$6,648,896	$4,776,800	$3,647,442	$2,450,229
15	Zameen %	7.32%	-2.60%	-28.16%	-23.64%	-32.82%
16	Latam	$11,532,824	$11,143,194	$11,750,726	$11,418,465	$12,581,559
17	Latam %	6.99%	-3.38%	5.45%	-2.83%	10.19%
18	Rest	$3,148,121	$2,988,995	$3,314,417	$3,150,950	$4,096,315
19	Rest %	2.42%	-5.05%	10.89%	-4.93%	30.00%
20	Total	$21,507,455	$20,781,085	$19,841,943	$18,216,857	$19,128,103
21	Total %	6.40%	-3.38%	-4.52%	-8.19%	5.00%