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.