Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Review report and interim financial information For the three-month period ended 31 March 2024

Independent Auditor's Report on Review of Interim Financial Information To the Shareholders of Bangkok Expressway and Metro Public Company Limited

I have reviewed the accompanying consolidated statement of financial position of Bangkok Expressway and Metro Public Company Limited and its subsidiaries as at 31 March 2024, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Bangkok Expressway and Metro Public Company Limited for the same period (collectively "interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Kittiphun Kiatsomphob

Certified Public Accountant (Thailand) No. 8050

EY Office Limited

Bangkok: 14 May 2024

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of financial position

As at 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

Note

31 March 2024

31 December 2023

31 March 2024 31 December 2023

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Assets

Current assets

Cash and cash equivalents

5,907,658

1,246,093

5,661,390

1,029,226

Bank deposit for unearned fare box revenue

249,262

249,163

249,262

249,163

Trade and other receivables

912,211

896,962

920,146

920,781

Current portion of receivable under the concession agreement

1,649,683

1,649,683

1,649,683

1,649,683

Current tax assets

3,071

161,984

-

157,383

Other current financial assets

4

532,925

823,623

532,925

823,623

Other current assets

234,924

219,653

222,598

212,166

Total current assets

9,489,734

5,247,161

9,236,004

5,042,025

Non-current assets

Receivable under the concession agreement, net of current portion

2,199,578

2,611,999

2,199,578

2,611,999

Long term-loan to related party

2

-

-

923,000

713,000

Other non-current financial assets

4

12,859,228

11,681,898

12,824,228

11,646,898

Investments in subsidiaries

-

-

767,730

767,730

Investment properties

120,357

120,357

120,357

120,357

Building and equipment

317,223

326,690

304,440

312,932

Right-of-use assets

125,422

117,524

57,423

45,709

Rights to operate expressway sectors

5

31,142,459

31,136,595

26,505,846

26,559,408

Intangible asset under concession agreement of

the MRT Blue Line Project

6

45,093,366

45,186,802

44,844,686

44,939,460

Project cost of the MRT Chalong Ratchadham Line

7

656,171

662,240

656,171

662,240

Prepaid project remuneration

2

16,066,934

15,323,690

16,066,934

15,323,690

Other intangible assets

23,131

25,344

23,013

25,212

Deferred tax assets

19,608

18,780

-

-

Other non-current assets

199,858

36,793

175,048

16,422

Total non-current assets

108,823,335

107,248,712

105,468,454

103,745,057

Total assets

118,313,069

112,495,873

114,704,458

108,787,082

The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of financial position (continued)

As at 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

Note

31 March 2024

31 December 2023

31 March 2024 31 December 2023

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Liabilities and shareholders' equity

Current liabilities

Short-term loans from financial institution

1,000,000

1,000,000

1,000,000

1,000,000

Trade and other payables

2,068,307

1,614,884

1,972,353

1,563,893

Current portion of long-term loans from financial institutions

8

4,256,734

4,245,844

3,461,764

3,461,764

Current portion of lease liabilities

55,300

52,765

30,408

27,963

Current portion of debentures

9

8,000,000

8,000,000

8,000,000

8,000,000

Unearned fare box revenue

265,923

258,974

265,923

258,974

Deposits on stored value ticket

103,598

102,596

103,598

102,596

Income tax payable

55,338

8,103

39,656

-

Other current financial liabilities

125,900

113,531

115,864

109,101

Other current liabilities

132,221

169,484

116,753

159,939

Total current liabilities

16,063,321

15,566,181

15,106,319

14,684,230

Non-current liabilities

Long-term loans from financial institutions, net of current portion

8

19,337,258

20,499,307

18,705,628

19,657,113

Lease liabilities, net of current portion

69,910

64,141

27,630

18,033

Debentures, net of current portion

9

39,553,221

34,557,971

39,553,221

34,557,971

Derivative financial liabilities

77,388

-

77,388

-

Provision for long-term employee benefits

719,197

700,902

681,646

664,854

Deferred tax liabilities

3,760,125

3,435,146

3,760,125

3,435,146

Other non-current liabilities

8,265

7,904

9,725

9,678

Total non-current liabilities

63,525,364

59,265,371

62,815,363

58,342,795

Total liabilities

79,588,685

74,831,552

77,921,682

73,027,025

The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of financial position (continued)

As at 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

Note

31 March 2024

31 December 2023

31 March 2024 31 December 2023

(Unaudited

(Audited)

(Unaudited

(Audited)

but reviewed)

but reviewed)

Shareholders' equity

Share capital

Registered

15,285,000,000 ordinary shares of Baht 1 each

15,285,000

15,285,000

15,285,000

15,285,000

Issued and fully paid-up

15,285,000,000 ordinary shares of Baht 1 each

15,285,000

15,285,000

15,285,000

15,285,000

Premium on ordinary shares

5,816,938

5,816,938

5,816,938

5,816,938

Treasury shares

10

(589,031)

-

(589,031)

-

Capital deficit from change in investment in subsidiaries

(346,046)

(346,046)

-

-

Retained earnings

Appropriated - statutory reserve

1,528,500

1,528,500

1,528,500

1,528,500

Appropriated - treasury shares reserve

10

589,031

-

589,031

-

Unappropriated

18,531,078

18,272,948

10,139,180

9,918,400

Other components of shareholders' equity

(2,092,756)

(2,894,695)

4,013,158

3,211,219

Equity attributable to shareholders of the Company

38,722,714

37,662,645

36,782,776

35,760,057

Non-controlling interests of the subsidiaries

1,670

1,676

-

-

Total shareholders' equity

38,724,384

37,664,321

36,782,776

35,760,057

Total liabilities and shareholders' equity

118,313,069

112,495,873

114,704,458

108,787,082

The accompanying notes are an integral part of the financial statements.

Directors

(Unaudited but reviewed)

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Income statement

For the three-month period ended 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

Note

2024

2023

2024

2023

Service revenues

4,249,177

4,098,717

3,898,152

3,742,737

Cost of services

(2,357,142)

(2,338,693)

(2,218,586)

(2,194,643)

Gross profit

1,892,035

1,760,024

1,679,566

1,548,094

Other incomes

61,092

50,417

217,099

220,745

Profit before expenses

1,953,127

1,810,441

1,896,665

1,768,839

Selling expenses

(48,067)

(41,277)

(24,543)

(19,404)

Administrative expenses

(242,889)

(260,205)

(267,000)

(308,125)

Operating profit

1,662,171

1,508,959

1,605,122

1,441,310

Finance costs

(600,588)

(572,452)

(590,843)

(558,607)

Profit before income tax expenses

1,061,583

936,507

1,014,279

882,703

Income tax expenses

(214,428)

(187,387)

(204,468)

(176,619)

Profit for the period

847,155

749,120

809,811

706,084

Profit attributable to:

Equity holders of the Company

847,161

749,125

809,811

706,084

Non-controlling interests of the subsidiaries

(6)

(5)

847,155

749,120

Basic earnings per share (Baht)

12

Profit attributable to equity holders of the Company

0.06

0.05

0.05

0.05

The accompanying notes are an integral part of the financial statements.

(Unaudited but reviewed)

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of comprehensive income

For the three-month period ended 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

2024

2023

2024

2023

Profit for the period

847,155

749,120

809,811

706,084

Other comprehensive income

Other comprehensive income to be reclassified

to profit or loss in subsequent periods:

Loss on cash flow hedges, net of income tax

(58,032)

(20,267)

(58,032)

(20,267)

(58,032)

(20,267)

(58,032)

(20,267)

Other comprehensive income not to be reclassified

to profit or loss in subsequent periods:

Gain (loss) on changes in value of equity investment, net of income tax

859,971

(658,197)

859,971

(658,197)

859,971

(658,197)

859,971

(658,197)

Other comprehensive income for the period

801,939

(678,464)

801,939

(678,464)

Total comprehensive income for the period

1,649,094

70,656

1,611,750

27,620

Total comprehensive income attributable to:

Equity holders of the Company

1,649,100

70,661

1,611,750

27,620

Non-controlling interests of the subsidiaries

(6)

(5)

1,649,094

70,656

The accompanying notes are an integral part of the financial statements.

(Unaudited but reviewed)

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of changes in shareholders' equity

For the three-month period ended 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Equity attributable to the shareholders of the Company

Other components of shareholders' equity

Capital deficit

Retained earnings

Other comprehensive income

Total other

Total equity

Equity attributable

Issued and

from change in

Appropriated

components of

attributable to

to non-controlling

paid-up

Premium on

investment

Statutory

Treasury shares

Cash flow

Fair value

shareholders'

shareholders

interests of

Total

share capital

ordinary shares

Treasury shares

in subsidiaries

reserve

reserve

Unappropriated

hedge

of investments

equity

of the Company

the subsidiaries

shareholders' equity

Balance as at 1 January 2023

15,285,000

5,816,938

-

(346,046)

1,528,500

-

16,451,237

93,734

(1,567,422)

(1,473,688)

37,261,941

1,622

37,263,563

Profit for the period

-

-

-

-

-

-

749,125

-

-

-

749,125

(5)

749,120

Other comprehensive income for the period

-

-

-

-

-

-

-

(20,267)

(658,197)

(678,464)

(678,464)

-

(678,464)

Total comprehensive income for the period

-

-

-

-

-

-

749,125

(20,267)

(658,197)

(678,464)

70,661

(5)

70,656

Balance as at 31 March 2023

15,285,000

5,816,938

-

(346,046)

1,528,500

-

17,200,362

73,467

(2,225,619)

(2,152,152)

37,332,602

1,617

37,334,219

Balance as at 1 January 2024

15,285,000

5,816,938

-

(346,046)

1,528,500

-

18,272,948

35,917

(2,930,612)

(2,894,695)

37,662,645

1,676

37,664,321

Profit for the period

-

-

-

-

-

-

847,161

-

-

-

847,161

(6)

847,155

Other comprehensive income for the period

-

-

-

-

-

-

-

(58,032)

859,971

801,939

801,939

-

801,939

Total comprehensive income for the period

-

-

-

-

-

-

847,161

(58,032)

859,971

801,939

1,649,100

(6)

1,649,094

Treasury shares (Note 10)

-

-

(589,031)

-

-

589,031

(589,031)

-

-

-

(589,031)

-

(589,031)

Balance as at 31 March 2024

15,285,000

5,816,938

(589,031)

(346,046)

1,528,500

589,031

18,531,078

(22,115)

(2,070,641)

(2,092,756)

38,722,714

1,670

38,724,384

The accompanying notes are an integral part of the financial statements.

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Statement of changes in shareholders' equity (continued)

For the three-month period ended 31 March 2024

Issued and paid-up

Premium on

share capital

ordinary shares

Treasury shares

Balance as at 1 January 2023

15,285,000

5,816,938

-

Profit for the period

-

-

-

Other comprehensive income for the period

-

-

-

Total comprehensive income for the period

-

-

-

Balance as at 31 March 2023

15,285,000

5,816,938

-

Balance as at 1 January 2024

15,285,000

5,816,938

-

Profit for the period

-

-

-

Other comprehensive income for the period

-

-

-

Total comprehensive income for the period

-

-

-

Treasury shares (Note 10)

-

-

(589,031)

Balance as at 31 March 2024

15,285,000

5,816,938

(589,031)

The accompanying notes are an integral part of the financial statements.

(Unaudited but reviewed)

(Unit: Thousand Baht)

Separate financial statements

Other components of shareholders' equity

Retained earnings

Other comprehensive income

Appropriated

Total other

Statutory

Treasury shares

Cash flow

Fair value

components of

Total

reserve

reserve

Unappropriated

hedge

of investments

shareholders' equity

shareholders' equity

1,528,500

-

8,246,984

93,734

4,538,492

4,632,226

35,509,648

-

-

706,084

-

-

-

706,084

-

-

-

(20,267)

(658,197)

(678,464)

(678,464)

-

-

706,084

(20,267)

(658,197)

(678,464)

27,620

1,528,500

-

8,953,068

73,467

3,880,295

3,953,762

35,537,268

1,528,500

-

9,918,400

35,917

3,175,302

3,211,219

35,760,057

-

-

809,811

-

-

-

809,811

-

-

-

(58,032)

859,971

801,939

801,939

-

-

809,811

(58,032)

859,971

801,939

1,611,750

-

589,031

(589,031)

-

-

-

(589,031)

1,528,500

589,031

10,139,180

(22,115)

4,035,273

4,013,158

36,782,776

(Unaudited but reviewed)

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

Cash flow statement

For the three-month period ended 31 March 2024

(Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

2024

2023

2024

2023

Cash flows from operating activities

Profit before tax

1,061,583

936,507

1,014,279

882,703

Adjustments to reconcile profit before tax to net cash

provided by (paid from) operating activities:

Depreciation on building and equipment

16,782

17,158

15,804

16,128

Amortisation on right-of-use assets

17,929

18,179

11,187

11,696

Amortisation on intangible asset under concession agreements

476,615

440,918

395,212

364,800

Project remuneration expense

142,324

125,646

142,324

125,646

Amortisation on other intangible assets

2,213

3,047

2,199

2,577

Allowance for expected credit losses (reversal)

52

(571)

1

(548)

Gain on sale of investments in financial assets

(53)

-

(53)

-

Gain on fair value adjustments of financial assets

(4,538)

(2,330)

(4,538)

(2,330)

(Gain) loss on disposal/write-off of equipment and intangible asset under

concession agreements

(110)

526

50

(635)

Provision for long-term employee benefits

18,295

27,825

16,792

26,456

Unrealised loss on exchange rate

269

36

269

36

Interest income

(42,513)

(44,719)

(48,126)

(47,067)

Interest expenses

591,805

561,209

582,060

547,377

Profit from operating activities before changes in operating assets and liabilities

2,280,653

2,083,431

2,127,460

1,926,839

Operating assets (increase) decrease

Bank deposit for unearned fare box revenue

(99)

(5,875)

(99)

(5,875)

Trade and other receivables

(8,219)

13,136

7,435

152,671

Receivable under the concession agreement

412,421

412,421

412,421

412,421

Other current assets

82,571

(35,760)

87,412

(28,863)

Other non-current assets

(95,207)

(603)

(95,367)

(157)

Cash paid for project remuneration

(884,173)

(839,021)

(884,173)

(839,021)

Operating liabilities increase (decrease)

Trade and other payables

245,126

(11,600)

192,844

(132,569)

Unearned fare box revenue

6,949

8,978

6,949

8,978

Deposits on stored value ticket

1,002

2,379

1,002

2,379

Other current liabilities

(24,894)

(6,372)

(36,423)

(15,064)

Other non-current liabilities

360

222

48

(178)

Net cash flows from operating activities

2,016,490

1,621,336

1,819,509

1,481,561

Interest received

33,068

42,840

33,068

42,840

Income tax paid

(46,598)

(50,510)

(40,318)

(44,327)

Net cash flows from operating activities

2,002,960

1,613,666

1,812,259

1,480,074

The accompanying notes are an integral part of the financial statements.

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Bangkok Expressway and Metro pcl published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 12:44:02 UTC.