REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATIONBY THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE BOARD OF DIRECTORSAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED

We have reviewed the consolidated statement of financial position of AEON Thana Sinsap(Thailand) Public Company Limited and its subsidiaries and the separate statement offinancial position of AEON Thana Sinsap (Thailand) Public Company Limited as at
November 30, 2022, and the related consolidated and separate statements of profit or loss
and profit or loss and other comprehensive income for the three-month and nine-month
periods ended November 30, 2022, the related consolidated and separate statementsof changes in shareholders’ equity and cash flows for the nine-month period ended
November 30, 2022, and the condensed notes to the financial statements. The Company’s
management is responsible for the preparation and presentation of this interim financial
information in accordance with Thai Accounting Standard No. 34 “Interim Financial
Reporting”. Our responsibility is to express a conclusion on this interim financial
information based on our review.
Scope of Review
We conducted our 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, primarilyof persons responsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an audit conducted inaccordance with Thai Standards on Auditing and consequently does not enable us to obtainassurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.

Deloitte Touche Tohmatsu Jaiyos Auditดีลอยท์ ทูช้ โธมัทสุ ไชยยศ สอบบัญชี
-2-Conclusion
Based on our review, nothing has come to our attention that causes us to believe thatthe aforementioned interim financial information is not prepared, in all material respects,
in accordance with Thai Accounting Standard No. 34 “Interim Financial Reporting”.

BANGKOK

January 11, 2023

Nisakorn Songmanee
Certified Public Accountant (Thailand)
Registration No. 5035
DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION
AS AT NOVEMBER 30, 2022
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2022

2022

2022

2022

4.1

3,814,389

4,235,603

2,207,423

2,639,136

5

81,470,639

76,839,427

78,482,816

73,982,280

575,111518,100

498,289

412,773--

28,168-ASSETS
CURRENT ASSETS

Cash and cash equivalents
Trade and other current receivables
Trade receivables
Other receivables
Fixed deposits at banks under obligations
Current portion of long-term loan to a subsidiary

6

3,000

-

-

Current portion of loans from purchase of accounts receivable

7

-

-

-

Seller loan in Special Purpose Vehicle for securitization

11

-

5,900

-

299,029

275,773

Current portion of derivative assets

18

918,343

82,380918,343

82,380--Current tax assets

7,805

7,805

Other current assets

102,121

101,352

44,63243,07186,894,308

81,787,667

82,478,700

77,435,413

3,165,350

3,236,973

1,423,421

1,512,440

98,722-

98,722-

Total Current Assets

NON-CURRENT ASSETS

Trade and other current receivables
Trade receivables

5

Other receivables
Fixed deposits at banks under obligations
Long-term loan to a subsidiary

6

Loans from purchase of accounts receivable

7

Investments in subsidiaries

8

158,104

41,333----112,671130,244

6,451
-

-

-

-

-

1,235,409

1,210,909

Investments in equity securities designated at fair value
through profit or loss

9

5,062

5,062

5,062

5,062

10

144,000

144,000

144,000

144,000

12.1

-

-

84,074

84,074

527,538

622,934

458,390

528,845

Right-of-use assets

895,232

611,069

777,505

538,356

Intangible assets other than goodwill

984,700

920,386

826,391

777,857

Investment in equity securities designated at fair value
through other comprehensive income
Subordinated lendings
Leasehold improvements and equipment

Derivative assets

18580,642

293,795

580,642

293,795

Deferred tax assets

13

2,531,851

2,624,482

2,412,520

2,524,973

172,073

181,687

150,705

167,847

Other non-current assets
Total Non-current Assets
TOTAL ASSETS

See condensed notes to the financial statements

9,269,725

8,681,721

8,309,512

7,918,402

96,164,033

90,469,388

90,788,212

85,353,815

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT NOVEMBER 30, 2022
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2022

2022

2022

2022

8,648,590

9,171,904

7,660,997

7,941,240

LIABILITIES AND SHAREHOLDERS’ EQUITYCURRENT LIABILITIESBank overdrafts and short-term borrowings
from financial institutions

14

Trade and other current payables
Trade payables

158,799

269,599

146,672

248,207

Other payables

1,700,617

1,628,020

1,592,972

1,550,316

Current portion of long-term liabilities
Long-term borrowings

15

14,237,064

17,090,217

12,333,669

16,317,580

Long-term debentures

17

999,988

3,798,878

999,988

3,798,878

Derivative liabilities

18

626,427

654,801

626,427

654,801

425,292

356,328

368,304

312,304

Current income tax payable571,243

379,519

500,917

348,000

Other current liabilities

361,027

387,092

360,069

394,973

27,729,047

33,736,358

24,590,015

31,566,299

Lease liabilities

Total Current Liabilities

NON-CURRENT LIABILITIESLong-term borrowings

15

37,102,060

30,896,445

35,883,887

28,578,535

Long-term borrowings under securitization project

16

-

-

1,310,250

1,401,709

Long-term debentures

17

6,832,825

4,460,676

5,359,743

2,987,594

Derivative liabilities

18

1,024,035

212,925

1,024,035

212,925

Lease liabilities

492,260

268,650

432,354240,121Subordinated borrowings

12.2

84,074

84,074--

Provisions for employee benefit

19496,907463,335

456,463

419,132

Other non-current liabilities
Total Non-current Liabilities
TOTAL LIABILITIES

87,79382,962

71,755

68,102

46,119,954

36,469,067

44,538,487

33,908,118

73,849,001

70,205,425

69,128,502

65,474,417

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT NOVEMBER 30, 2022
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2022

2022

2022

2022

250,000

250,000

250,000

250,000

250,000

250,000

250,000

250,000

478,000

478,000

478,000

478,000

LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)SHAREHOLDERS’ EQUITY

21

SHARE CAPITAL

Authorized share capital
250,000,000 ordinary shares of Baht 1 eachIssued and paid-up share capital
250,000,000 ordinary shares of Baht 1 each, fully paid

SHARE PREMIUM ON ORDINARY SHARESSURPLUS ON SHARE-BASED PAYMENT TRANSACTION

20

6,297

-

6,297

-

RETAINED EARNINGS

AppropriatedLegal reserve
Reserve for business expansion
Unappropriated25,00025,00025,00025,0004,850,000

4,850,000

4,850,000

4,850,000

16,631,058

14,808,860

16,513,263

14,703,739

OTHER COMPONENTS OF SHAREHOLDERS’ EQUITY

Exchange differences on translating financial statementsof foreign operations
Cumulative loss on cash flow hedges
TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENTNON-CONTROLLING INTERESTSTOTAL SHAREHOLDERS’ EQUITYTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

See condensed notes to the financial statements(19,011)(95,808)(462,850)(427,341)(462,850)-(427,341)-

21,758,494

19,888,711

21,659,710

19,879,398

556,538

375,252--

22,315,032

20,263,963

21,659,710

19,879,398

96,164,033

90,469,388

90,788,212

85,353,815

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

November 30, November 30,

November 30, November 30,

2022

2021

2022

2021

1,960,210

1,676,162

1,919,885

1,645,380

2,589,296

2,597,222

2,558,585

2,561,493

253,784

274,334

59,62075,321

406,049

380,583

406,049

380,583

299,593-299,593-

REVENUES

Credit card income
Loan income

22

Hire-purchase income
Other income
Bad debt recovery
Gain on sale of written-off receivables

28.5 - 28.8

Collection service income

55,33949,197--

Insurance broker business income

175,660

173,514

175,660

168,337

Dividend income--

44,400112,200

OthersTotal Other income
Total Revenues

79,57560,387

20,32830,487

1,016,216

663,681

946,030

691,6075,819,506

5,211,399

5,484,120

4,973,801

1,994,665

1,910,493

1,798,868

1,699,062

44,45340,52232,021

28,882

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

23

Loss (gain) on sale and write-off of leasehold
improvements and equipment and intangible assets
other than goodwill

(6)

556

(20)

614

Total Expenses

2,039,112

1,951,571

1,830,869

1,728,558

Finance costs
Expected credit losses
PROFIT BEFORE INCOME TAX
INCOME TAX EXPENSES

24

PROFIT FOR THE PERIOD

475,596

425,489

490,527446,609

1,883,783

1,779,797

1,833,157

1,647,345

1,421,015

1,054,542

1,329,567

1,151,289

285,766

218,907257,031207,676

1,135,249

835,635

1,072,536

943,613

1,103,786

814,963

1,072,536

943,613

31,463

20,672-

1,135,249

835,635

1,072,536

PROFIT ATTRIBUTABLE TO :Owners of the parent
Non-controlling interests

BASIC EARNINGS PER SHAREWEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

See condensed notes to the financial statements

943,613

BAHT

4.42

3.26

4.29

3.77

SHARES

250,000,000

250,000,000

250,000,000

250,000,000

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHTCONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

November 30,

November 30,

November 30,

November 30,

2022

2021

2022

2021

1,135,249

835,635

1,072,536

943,613- Owners of the parent

51,12331,819--- Non-controlling interests

46,855

28,119--Gain (loss) on cash flow hedges(299,070)

333,832(299,070)

Profit for the period
Other comprehensive income (loss), net of tax
Components of other comprehensive income thatwill be reclassified to profit or loss
Exchange differences on translating financial statementsof foreign operations

333,832

Other comprehensive income (loss) for the period, net of tax(201,092)

393,770(299,070)

333,832

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

934,157

1,229,405

773,466

1,277,445

Owners of the parent

855,839

1,180,614

773,466

1,277,445

Non-controlling interests

78,31848,791

934,157

1,229,405

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO :See condensed notes to the financial statements

773,466

1,277,445

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the nine-month

For the nine-month

periods ended

periods ended

November 30, November 30,

November 30, November 30,

2022

2021

2022

2021

5,648,349

4,820,060

5,534,846

4,761,431

7,846,854

7,795,543

7,771,376

7,663,905

773,649804,899

186,343

239,7111,201,937

1,018,988

1,201,937

1,018,988

404,572

319,764

404,572

319,764

Collection service income

166,069

155,775-

Insurance broker business income

517,056

498,581

517,056441,658

Dividend income--

203,000

334,400

REVENUES

Credit card income
Loan income

22

Hire-purchase income
Other income
Bad debt recovery
Gain on sale of written-off receivables

28.3 - 28.8

Others29

221,086

183,402126,202

91,6832,510,720

2,176,510

2,452,767

2,206,522

16,779,572

15,597,012

15,945,332

14,871,569

5,940,997

5,733,305

5,426,024

5,143,966

116,286

112,430

76,49372,738other than goodwill

2,422

8,305

931

7,079

Total Expenses

6,059,705

5,854,040

5,503,448

5,223,783

Finance costs

1,380,821

1,326,974

1,436,240

1,385,149

Expected credit losses

5,298,460

5,010,877

5,167,549

4,265,124

PROFIT BEFORE INCOME TAX

4,040,586

3,405,121

3,838,095

3,997,513

Total Other income
Total Revenues

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

23

Loss on sale and write-off of leasehold
improvements and equipment and intangible assets

INCOME TAX EXPENSES

24

PROFIT FOR THE PERIOD

815,298

768,477

728,578

731,505

3,225,288

2,636,644

3,109,517

3,266,008

3,122,191

2,642,504

3,109,517

3,266,008

PROFIT (LOSS) ATTRIBUTABLE TO :Owners of the parent
Non-controlling interests

BASIC EARNINGS PER SHAREWEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

See condensed notes to the financial statements

103,097(5,860)3,225,288

2,636,644--

3,109,517

3,266,008

BAHT

12.49

10.57

12.44

13.06

SHARES

250,000,000

250,000,000

250,000,000

250,000,000

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHTCONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the nine-month

For the nine-month

periods ended

periods ended

November 30,

November 30,

November 30,

November 30,

2022

2021

2022

2021

3,225,288

2,636,644

3,109,517

3,266,008- Owners of the parent

76,79745,809--- Non-controlling interests

80,32355,672--Gain (loss) on cash flow hedges(35,509)234,928(35,509)234,928

Profit for the period
Other comprehensive income (loss), net of tax
Components of other comprehensive income thatwill be reclassified to profit or loss
Exchange differences on translating
financial statements of foreign operations

Other comprehensive income (loss) for the period, net of tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

121,611

336,409(35,509)234,928

3,346,899

2,973,053

3,074,008

3,500,936

3,163,479

2,923,241

3,074,008

3,500,936

183,420

49,812--

3,346,899

2,973,053

3,074,008

3,500,936

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO :Owners of the parent
Non-controlling interests

See condensed notes to the financial statements

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT
Notes

CONSOLIDATED FINANCIAL STATEMENTS

Owners of the parent
Issued andShare premium

Surplus on

paid-upon ordinary

share-based payment

share capitalsharestransaction

Retained earnings
AppropriatedLegal reserve

Unappropriated

Total

Other components of

Total

controllingshareholders’shareholders’ equity

owners ofinterests

equityExchange differences

Cumulative loss

businesson translatingon cash flow hedges

expansion

financial statements

Reserve forNon-the parentof foreign operations

Beginning balance as at March 1, 2021

250,000

478,000-

25,0004,850,000

12,471,581(121,225)(895,575)

17,057,781

321,883

17,379,664(674,780)

Changes during the period
Dividend paid

21.1

-

-

-

-

-

(662,488)--(662,488)(12,292)

Interim dividend paid

21.2

-

-

-

-

-

(624,996)--(624,996)-(624,996)

-

-

-

-

-

2,642,504--

2,642,504(5,860)2,636,644

Profit (loss) for the period

-

-

-

-

-

45,809234,928

280,737

55,672

336,409

Ending balance as at November 30, 2021

Other comprehensive income

250,000

478,000-

25,0004,850,000

13,826,601-(75,416)(660,647)

18,693,538

359,403

19,052,941

Beginning balance as at March 1, 2022

250,000

478,000-

25,0004,850,000

14,808,860(95,808)(427,341)

19,888,711

375,252

20,263,963-

Changes during the period
Increase in non-controlling interests
arising from new investment in a subsidiary
Surplus on share-based payment transaction
Dividend paid
Interim dividend paid

-

-

20

-

-

21.3

-

-

21.4

-

-

-

Profit for the period
Other comprehensive income (loss)
Ending balance as at November 30, 2022

See condensed notes to the financial statements

-

-

-

-

-

-

-

-

-

-

-

6,297

-

-

-

(662,496)--(662,496)(2,384)---(637,497)--(637,497)

-

-

-

-

-

3,122,191--

3,122,191---

250,000

478,000

6,297

6,297

-

-

25,0004,850,000

16,631,058

250-

103,097

250
6,297(664,880)(637,497)
3,225,288

76,797(35,509)41,28880,323

121,611(19,011)(462,850)

21,758,494

556,538

22,315,032

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

SEPARATE FINANCIAL STATEMENTS

Issued andShare premium

paid-upon ordinary

share-based payment

share capitalsharestransaction

Retained earnings

Surplus on

AppropriatedLegal reserve

Other components of

Unappropriated shareholders’ equity

Reserve for

Cumulative loss

businesson cash flow hedges

Total
shareholders’equityexpansion

250,000

478,000-

25,000

21.1

-

-

-

-

-

(662,488)-(662,488)

21.2

-

-

-

-

-

(624,996)-(624,996)-

Beginning balance as at March 1, 2021

4,850,000

11,790,986(895,575)

16,498,411

Changes during the period
Dividend paid
Interim dividend paid
Profit for the period

-

-

-

-

-

3,266,008

Other comprehensive income

-

-

-

-

-

-

Ending balance as at November 30, 2021

250,000

478,000-

25,0004,850,000

Beginning balance as at March 1, 2022

250,000

478,000-

25,0004,850,000

3,266,008
234,928

234,928

13,769,510(660,647)

18,711,863

14,703,739(427,341)

19,879,398

Changes during the period
Surplus on share-based payment transaction

20

-

-

Dividend paid

21.3

-

-

21.4

-

-

Profit for the period-

Other comprehensive loss

250,000

478,000

Interim dividend paid

Ending balance as at November 30, 2022

See condensed notes to the financial statements

6,297

-

-

-

-

6,297

-

-

-

(662,496)-(662,496)---(637,497)-(637,497)

-

-

-

-

3,109,517

-

-

-

-

-

-

6,297

25,0004,850,000

16,513,263

3,109,517(35,509)(35,509)(462,850)

21,659,710

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWSFOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the nine-month

For the nine-month

periods ended

periods ended

November 30, November 30,

November 30,

November 30,

2022

2021

2022

2021

3,225,288

2,636,644

3,109,517

3,266,008

Income tax expenses

815,298

768,477

728,578

731,505

Expected credit losses

5,298,460

5,010,877

5,167,549

4,265,124

610,942678,228

524,989

570,605

178,275

150,270

145,169

118,511

CASH FLOWS FROM OPERATING ACTIVITIESProfit for the period
Adjustments for:

Depreciation of leasehold improvements and equipment
and right-of-use assets
Amortization of intangible assets other than goodwill
Loss on sale and write-off of leasehold improvement andand equipment and intangible assets other than goodwill
Employee benefit expense

2,422

8,305

931

7,079

66,93676,21654,79964,072

Employee jount investment program expense

8,890

Gain on sale of written-off receivables(404,572)

Unrealized gain on exchange rate-

Interest income

-

8,890

(319,764)--(404,572)(319,764)(10,595)(14,596)(10,355,764)(9,951,161)(9,380,216)(8,842,019)(325)(1,378)

(325)

(718)

Gain on cancellation of lease agreements
Gain on discount received from lease agreements-

Dividend income--(203,000)(334,400)

1,380,821

1,326,974

1,436,240

1,385,149

826,671383,610

1,177,954

896,478(9,282,212)(6,769,519)(9,590,436)(6,853,010)(12,351)---

Finance costs

(78)

-

(78)

Changes in operating assets and liabilities
Operating assets (increase) decrease
Trade and other current receivables
Loans from purchase of accounts receivable
Other current assets

(542)

1,764

(1,560)

1,932

10,3203,111

17,140(1,886)

Trade and other current payables(4,677)(167,297)(8,407)(11,638)

Other current liabilities(26,355)

47,112(34,904)

36,029

3,627

3,392

4,189

(2,403)(8,485,519)(6,497,827)(8,436,024)(5,934,498)

Interest received

10,301,829

9,635,546

9,306,121

8,530,741

Dividend received--

203,000

334,400

Finance costs paid

(1,438,526)(1,344,432)(1,507,969)(1,425,991)

Income tax paid

(514,832)(846,084)(454,329)(765,278)

Employee benefits paid

(33,364)(6,592)(17,468)

Cash received from transfer of emplyees for a subsidiary

-

-

-

Other non-current assets
Operating liabilities increase (decrease)

Other non-current liabilities
Net cash flows used in operations

Employee joint investment program paid
Net cash flows provided by (used in) operating activities

20(2,593)(173,005)

940,611(2,593)(909,262)

1,673
741,047

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWS (CONTINUED)
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2022
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the nine-month

For the nine-month

periods ended

periods ended

November 30, November 30,
2022

2021

November 30,

November 30,

2022

2021

CASH FLOWS FROM INVESTING ACTIVITIESCash received from fixed deposits at banks under obligations

3,000

21

-

-

(103,943)

Cash paid for purchase of leasehold improvements and equipment 4.2(150,907)(140,703)(135,143)(109,351)

2,101

17,945

1,381

1,616

(368,459)(238,748)(327,384)(230,142)

Cash received from sale of leasehold improvements and equipment--

Cash paid for fixed deposits at banks under obligations

Cash paid for purchase of intangible assets
other than goodwill

4.2

Cash received from sale of intangible assets other than goodwill-

Cash paid for investment in a subsidiary

-

1,110
-

-

-

(24,500)-

Cash paid for investment in equity securities designated atfair value through other comprehensive income-

Net cash flows used in investing activities(144,000)-(144,000)(618,208)(504,375)(485,646)(481,877)

4.4

84,337,171

65,151,128

82,053,200

60,385,647(60,124,511)

CASH FLOWS FROM FINANCING ACTIVITIESCash received from bank overdrafts and short-termborrowings from financial institutions
Cash repayments for bank overdrafts and
4.4(84,839,045)(65,965,917)(82,333,443)

Cash received from long-term borrowings

short-term borrowings from financial institutions

4.4

19,514,845

6,401,786

17,851,762

5,771,061

Cash repayments for long-term borrowings

4.4(16,891,183)(4,191,220)(14,881,625)(4,191,220)

4.4

-

-

423,394362,873(362,873)

Cash received from long-term borrowings under
securitization project
Cash repayments for long-term borrowings under
4.4

-

-

(423,394)

Cash received from long-term debentures

securitization project

4.4

2,545,000-

2,545,000-

Cash repayments for long-term debentures

4.4(2,800,000)(1,322,600)(2,800,000)(1,322,600)

Cash paid for lease liabilities

4.4(414,613)(423,981)(362,748)(366,600)

191,042

416,869

191,042

416,869---

Cash received from sales of written-off receivables
Cash paid for increase in non-controlling interests arising fromnew investment in a subsidiary

250

Dividend paid

(666,308)(676,615)(662,496)(662,488)

Interim dividend paid

(637,497)(624,996)(637,497)(624,996)

339,662(1,235,546)

963,195(718,838)(451,551)(799,310)(431,713)(459,668)

Net cash flows provided by (used in) financing activities
Net decrease in cash and cash equivalents
before effect of exchange rate
Effect of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
See condensed notes to the financial statements

4.1

30,337(30,044)(421,214)(829,354)(431,713)-(459,668)-

4,235,603

5,105,168

2,639,136

3,157,192

3,814,389

4,275,814

2,207,423

2,697,524

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESCONDENSED NOTES TO THE FINANCIAL STATEMENTS
FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED NOVEMBER 30, 2022
“UNAUDITED”

1.

GENERAL INFORMATION AND OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES(THE “GROUP”)

The Company was registered as a limited company under the Civil and Commercial Codeon September 18, 1992 and registered to be Public Limited Company with the Ministryof Commerce on August 7, 2001. The Company was listed on The Stock Exchange ofThailand on December 11, 2001. The Company’s head office is located at 388, 27th Floor,
Exchange Tower, Sukhumvit Road, Klongtoey, Bangkok. The Company’s main objective
is to do the retail finance services which consist of credit card, hire-purchase, personalloans and others. Subsequently, on October 6, 2020, the Company has registered anotherobjective which is to conduct life and non-life insurance broker business.
AEON Financial Service Co., Ltd, incorporated in Japan, and ACS Capital Corporation
Limited, incorporated in Thailand, are major shareholders with 35.12% and 19.20%
shareholdings, respectively. AEON Co., Ltd., incorporated in Japan, is the ultimate parent
company.
The Company has subsidiaries which are under its control in finance and operations asmentioned in Note 2.5 and Note 8.
Coronavirus Disease 2019 Pandemic
A novel coronavirus (“COVID-19”) pandemic started in early 2020 in Thailand andcountries the Group operate. It clearly affects overall Thailand and global economy,
including employees, customers, business partners and business operations of the Groupand the Company.
In order to mitigate the impacts, the Company provides supports to customers as the relief
measurement for loan to affected customer from the impact of COVID-19, following to
the Bank of Thailand’s the relief measurement to help debtors from the Thai economic
situation, by reducing minimum payment rates for credit card and personal loan.
Moreover, AEON Microfinance (Myanmar) Co., Ltd. (the “subsidiary”) has temporarilysuspended new loans to customers due to the impact of the political turmoil in Myanmar
since February 1, 2021. However, the subsidiary has resumed providing new loans toexisting customers starting January 22, 2022. The subsidiary has continuously reduced
operation costs and continued pursuing debt collection.
Nevertheless, the Group’s and Company’s management will continue to monitor theongoing development and regularly assess the financial impact in respect of valuation ofassets, provisions and contingent liabilities.

-22.

BASIS FOR PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATEDAND SEPARATE FINANCIAL STATEMENTS

2.1

These interim consolidated and separate financial statements are prepared in Thai
Baht and in compliance with Thai Accounting Standard No. 34 “Interim Financial
Reporting” and accounting practices generally accepted in Thailand. The Company
presents the condensed notes to interim financial statements and the additional
information is disclosed in accordance with the regulations of the Office of
the Securities and Exchange Commission (the “SEC”).
All financial information presented has been rounded to the nearest thousand Baht
unless otherwise stated.

2.2

The interim consolidated and separate financial statements for the three-month andnine-month periods ended November 30, 2022 and 2021 are prepared by the
management of the Company and are unaudited. However, in the opinion of theCompany, all adjustments necessary for a fair presentation have been reflected
therein.
The consolidated and separate statements of financial position as at February 28,
2022, presented herein for comparison, have been derived from the consolidated
and separate financial statements of the Company for the year then ended which
had been previously audited.

2.3

The unaudited results of operations presented in the three-month and nine-month
periods ended November 30, 2022 are not necessarily an indication nor
anticipation of the operating results for the full year.

2.4

Certain financial information which is normally included in the annual financial
statements prepared in accordance with TFRSs, but which is not required for interim
reporting purposes, has been omitted. Therefore, the interim financial statements
for the three-month and nine-month periods ended November 30, 2022 should beread in conjunction with the audited financial statements for the year ended
February 28, 2022.

2.5

Material intercompany transactions between the Company and its subsidiaries
have been eliminated from these interim consolidated financial statements.
The interim consolidated financial statements for the three-month and nine-month
periods ended November 30, 2022 have included the subsidiaries’ interim financial
statements which were reviewed.

-3For the three-month and nine-month periods ended November 30, 2022 and 2021,
the subsidiaries included in the consolidated financial statements are as follows:

ACS Servicing (Thailand) Co., Ltd.
ACSI (Thailand) Co., Ltd.
AEON Specialized Bank
(Cambodia) Plc.(4)AEON Microfinance (Myanmar)
Company Limited
AEON Leasing Service (Lao)Company Limited(1)ATS Rabbit Special Purpose
Vehicle Company Limited(3)AEON Asset Management(Thailand) Co., Ltd.(2)Business typeCountry ofregistration

Registration date

Percentage of direct andindirect holdings (%)
for the three-month andnine-month periods ended
November 30,
2022
2021

Collection servicer
Non-life insurance broker
and life insurance broker
Retail finance business

ThailandThailandMarch 13, 2007
July 1, 2013100.00100.00100.00100.00

Cambodia

October 5, 2011

50.00

50.00

Retail finance business

MyanmarNovember 2, 2012

100.00100.00Retail finance business

Laos

January 11, 2013100.00100.00Special purpose juristic
person in securitization
projects
Non-performing assets
management

ThailandMarch 20, 2015

48.75

48.75

ThailandAugust 2, 2022

99.00

-

(1)

The Company indirectly holds shares of AEON Leasing Service (Lao) Company Limited through ACS Servicing (Thailand) Co., Ltd.
with 3.71% shareholdings.

(2)

The Company indirectly holds shares of AEON Asset Management (Thailand) Co., Ltd through ACS Servicing (Thailand) Co., Ltd.
with 1.00% shareholdings.

(3)

The Company has the power to control over ATS Rabbit Special Purpose Vehicle Company Limited because the Company has power
to appoint the board of directors and rights to provide certain service which is significantly impacted by the performance of underlying
assets and has rights to get variable return from such company under securitization project.

(4)

The Company has the power to control over AEON Specialized Bank (Cambodia) Plc. in accordance with the requirement of TFRS
No. 10 “Consolidated Financial Statements”.

The significant accounting policies used for the financial statements of the subsidiaries
are adjusted to be the same as those of the Company.
2.6

The financial statements of the subsidiaries used in the preparation of consolidated
financial statements are as of a date or for a period that is different from that of theconsolidated financial statements. However, the Company consolidated thefinancial information of the subsidiaries using the most recent financial statementsof the subsidiaries adjusted for the effects of significant transactions or events that
occur between the date of those financial statements and the date of theconsolidated financial statements. The dates of the end of the reporting period of
the financial statements of the aforementioned subsidiaries are as follows:
The date of the end of the reporting period
in preparation of
the consolidated financial statements
for the three-month and nine-month periods ended November 30,
2022

2021

ACS Servicing (Thailand) Co., Ltd.

September 30, 2022

September 30, 2021

ACSI (Thailand) Co., Ltd.

September 30, 2022

September 30, 2021

AEON Specialized Bank (Cambodia) Plc.

September 30, 2022

September 30, 2021

AEON Microfinance (Myanmar) Company Limited

September 30, 2022

September 30, 2021

AEON Leasing Service (Lao) Company Limited

September 30, 2022

September 30, 2021

AEON Asset Management (Thailand) Co., Ltd.

September 30, 2022-

Subsidiaries

-42.7

Thai Financial Reporting Standards affecting the presentation and disclosure in
the current period financial statements
During the period, the Group and the Company have adopted the revised financial
reporting standards issued by the Federation of Accounting Professions which are
effective for fiscal years beginning on or after January 1, 2022. These financial
reporting standards were aimed at alignment with the corresponding International
Financial Reporting Standards, with most of the changes directed towards revision ofwording and terminology and accounting requirements for interest rate reform Phase 2. The adoption of these financial reporting standards does not have any
significant impact on the Group’s and the Company’s interim financial statements.
Accounting Treatment Guidance on “Guidelines for supporting debtors affected by
COVID-19”
The objective of this accounting treatment guidance is to grant the temporary relief
measures for entities helping their debtors affected from COVID-19 with thesupporting period during January 1, 2022 to December 31, 2023 or until there are
any changes from the Bank of Thailand, which requires the compliance for suchchanges. The entities who support their debtors and elect to apply the temporary
relief measures according to this accounting treatment guidance should disclose
information as specified in this accounting treatment guidance.
For the three-month and nine-month periods ended November 30, 2022, the Groupand the Company have adhered to such Accounting Treatment Guidance regarding
staging of receivables. For receivables that are credit impaired but still have thepotential for repayment, the Group and the Company will classify the receivables
as low credit risk (Stage 1) if the debtor has been repaying for 3 consecutive
months or 3 payment periods, whichever is longer.
In the case where debt restructuring results in the original effective interest rate notreflecting the projected cash flows from such debts, the Group and the Company
will adhere to such Accounting Treatment Guidance by using the new effective
interest rate to calculate the present value of the restructured debts under theguidelines in the relief measurement to help debtors following the Bank ofThailand’s circular letter.

2.8

Thai Financial Reporting Standards announced in the Royal Gazette but not yet
effective
On August 19, 2022, Thai Financial Reporting Standard No.17 “Insurance
Contracts” has been announced in the Royal Gazette and will be effective for thefinancial statements for the period beginning on or after January 1, 2025 onwards.

-5On September 26, 2022, the revised Thai Accounting Standards and Thai Financial
Reporting Standards have been announced in the Royal Gazette and will beeffective for the financial statements for the period beginning on or after January
1, 2023 onwards. Standards relevant to the Group and the Company are as
follows:
Thai Accounting Standard No.37 “Provisions, Contingent Liabilities andContingent Assets”
The amendments specify that the “cost of fulfilling a contract” comprises the“costs that relate directly to the contract”. Costs that relate directly to a contract
consist of both the incremental costs of fulfilling that contract (examples would bedirect labor or materials) and an allocation of other costs that relate directly tofulfilling contracts (an example would be the allocation of the depreciation charge
for an item of property, plant and equipment used in fulfilling the contract). The
amendments apply to contracts for which the entity has not yet fulfilled all its
obligations at the beginning of the annual reporting period in which the entity first
applies the amendments. Comparatives are not restated. Instead, the entity shallrecognize the cumulative effect of initially applying the amendments as an
adjustment to the opening balance of retained earnings or other component ofequity, as appropriate.
Thai Financial Reporting Standard No.9 “Financial Instruments”
The amendment clarifies that in applying the “10 per cent” test to assess whether
to derecognize a financial liability, an entity includes only fees paid or received
between the entity (the borrower) and the lender, including fees paid or received
by either the entity or the lender on the other’s behalf. The amendment is applied
prospectively to modifications and exchanges that occur on or after the date theentity first applies the amendment.
The Group’s and the Company’s management will adopt such TFRSs in the
preparation of the Group’s and the Company’s financial statements when it
becomes effective. The Group’s and the Company’s management is in the process
to assess the impact of these TFRSs on the financial statements of the Group andthe Company in the period of initial application.

-63.

SIGNIFICANT ACCOUNTING POLICIESThe interim financial statements have been prepared based on the basis, accounting
policies and method of computation consistent with those used in the financial statements
for the year ended February 28, 2022, except for the following accounting policies for
new transactions (see Note 7 and Note 20).
3.1

Loans from purchase of accounts receivable and accrued interest
The loans from purchase of accounts receivable represent non-performing
receivables which a subsidiary has purchased from financial institutions and credit
service companies by bidding for debts management and collection. Under the purchase
contracts of non - performing receivables, the subsidiary takes all the risks in thecollection without recourse. The loans from purchase of accounts receivable arerecognized as purchased or originated credit-impaired financial assets. The subsidiary
initially recognizes purchased or originated credit-impaired financial assets at cost,which comprise purchased amount (fair value as at transaction date equals orapproximates to purchased price) plus direct expense of loans from purchase ofaccounts receivable, and presents at amortized cost plus accrued interest income, net ofallowance for expected credit losses.

3.2

Allowance for expected credit losses of loans from purchase of accounts receivable
The loans from purchase of accounts receivable are purchased or originated creditimpaired financial assets. The subsidiary recognizes allowance for expected credit
losses from loans from purchase of accounts receivable as the cumulative changes
in lifetime expected credit losses since initial recognition.
The subsidiary estimates the amount of expected credit losses of loans frompurchase of accounts receivable by calculating the difference between the carrying
amount of loans from purchase of accounts receivable and the present value of
estimated future cash flow, and by discounting the unbiased forecast cash flows
based on reasonable and supportable information that is relevant and available
without undue cost or effort.
The subsidiary uses judgment in estimating the amount and period of expected net
cash inflows in calculating allowance for expected credit losses and creditadjusted effective interest rate since initial recognition of loans from purchase ofaccounts receivable for recognition of interest income. In estimating cash flows,
the subsidiary considers loss experience and adjusts on the basis of current
observable data. In addition, the subsidiary uses reasonable and supportive
forecasts of future economic conditions that are proven to be statisticallycorrelated, and uses appropriate judgment to estimate the amount of expectedcredit losses. The subsidiary uses judgement in assessing financial situation of
debtor, net collateral value and future information and uses forward-looking
information model to calculate allowance for expected credit losses.
The subsidiary recognizes the amount of the change in lifetime expected credit
losses of the financial assets as gain or loss from expected credit losses in profit orloss. The subsidiary recognizes favorable changes in lifetime expected credit
losses as a reversal of expected credit losses, even if the lifetime expected credit
losses are less than the amount of expected credit losses that were included in theestimated cash flows on initial recognition.

-73.3

Share-based payment
Equity-settled share-based payments to management and employees are measured
at the fair value of the equity instruments at the grant date, and is recognized as
employee expense in the statement of profit or loss along with the recognition of
the shareholders’ equity throughout the period that employee is able to access therights without restriction. The expense recognized is to be adjusted to reflect thevalue of shares under the term of service that is not the term of equity market.

4.

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION

4.1

Cash and cash equivalents as at November 30, 2022 and February 28, 2022 are
as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS“Unaudited”

Cash

4.2

FINANCIAL STATEMENTS“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2022

2022

2022

2022

Baht ’000

Baht ’000

Baht ’000

Baht ’000

497,177

666,891

453,710627,565

Deposits at banks - call deposits

3,317,212

3,568,712

1,753,713

2,011,571

Total cash and cash equivalents

3,814,389

4,235,603

2,207,423

2,639,136

Cash paid for purchase of leasehold improvements and equipment, and intangible
assets other than goodwill for the nine-month periods ended November 30, 2022
and 2021 are as follows:

Leasehold improvements and equipment
Liabilities recorded - brought forward
Purchase of leasehold improvements and equipment
Less Cash paid for purchase ofleasehold improvements and equipment

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2022
Baht ’000

2021
Baht ’000

2022
Baht ’000

34,470121,358

25,839137,458

34,218105,822

23,896
107,924

155,828

163,297

140,040

131,820

2021
Baht ’000(150,907)(140,703)(135,143)(109,351)

Liabilities recorded - carried forward

4,921

22,594

4,897

22,469Intangible assets other than goodwill
Liabilities recorded - brought forward
Purchase of intangible assets other than goodwill

146,101
235,900

13,521
260,173

145,885
193,703

13,520251,334

382,001

273,694

339,588

264,854(368,459)(238,748)(327,384)(230,142)

13,542

34,946

12,20434,712Less Cash paid for purchase ofintangible assets other than goodwill
Liabilities recorded - carried forward-84.3

The Company had non-cash items relating to sale of the rights on loans receivable to
ATS Rabbit Special Purpose Vehicle Company Limited, a subsidiary, which the Company
had sold loans receivable to. During the nine-month periods ended November 30,
2022 and 2021, such sale was settled by increasing the Seller loan Account of Baht
23.26 million and Baht 45.27 million, respectively, instead of cash receipt.

4.4 Changes in liabilities arising from financing activities for the nine-month periods
ended November 30, 2022 and 2021 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2022
Baht ’000
Bank overdrafts andshort-term borrowings
from financial institutions
Long-term borrowings
Long-term debentures
Lease liabilities

9,171,904
47,986,662
8,259,554
624,978

Financing activities cash flows
Non-cash changes
Cash
Cash
Differences
Othersreceivedpaid
on translating
foreigncurrencies
Baht ’000
Baht ’000
Baht ’000
Baht ’000

84,337,171
19,514,845
2,545,000-(84,839,045)(16,891,183)(2,800,000)(414,613)(21,440)
757,868(153,131)
7,875(29,068)(18,610)699,312*“Unaudited”
Endingbalance
as atNovember 30,
2022
Baht ’000

8,648,590
51,339,124
7,832,813
917,552*The amount comprises addition of lease agreements and extensions of existing lease agreements.

CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2021
Baht ’000
Bank overdrafts andshort-term borrowings
from financial institutions
Long-term borrowings
Long-term debentures
Lease liabilities

10,379,071
42,821,621
9,425,401
689,629

Financing activities cash flows
Non-cash changes
Cash
Cash
Differences
Othersreceivedpaid
on translating
foreigncurrencies
Baht ’000
Baht ’000
Baht ’000
Baht ’000

65,151,128
6,401,786-(65,965,917)(4,191,220)(1,322,600)(423,981)

14,3593,082,251
178,713
7,721

5,621
4,691
386,208“Unaudited”
Endingbalance
as atNovember 30,
2021
Baht ’000

9,578,641
48,120,059
8,286,205
659,577

-9-

SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2022
Baht ’000
Bank overdrafts andshort-term borrowings
from financial institutions
Long-term borrowings
Long-term borrowings under
securitization projectLong-term debentures
Lease liabilities

Financing activities cash flows
Non-cash changes
Cash
Cash
Differences
Othersreceivedpaid
on translating
foreigncurrencies
Baht ’000
Baht ’000
Baht ’000
Baht ’000“Unaudited”
Endingbalance
as atNovember 30,
2022
Baht ’000

7,941,240
44,896,115

82,053,200
17,851,762(82,333,443)(14,881,625)

380,372(29,068)

7,660,997
48,217,556

1,401,709
6,786,472
552,425

423,3942,545,000-(423,394)(2,800,000)(362,748)(153,131)-(91,459)(18,610)
610,981*

1,310,250
6,359,731
800,658

Financing activities cash flows
Non-cash changes
Cash
Cash
Differences
Othersreceivedpaid
on translating
foreigncurrencies
Baht ’000
Baht ’000
Baht ’000 Baht ’000

“Unaudited”
Endingbalance
as atNovember 30,
2021
Baht ’000*The amount comprises addition of lease agreements and extensions of existing lease agreements.

SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2021
Baht ’000
Bank overdrafts andshort-term borrowings
from financial institutions
Long-term borrowings
Long-term borrowings under
securitization projectLong-term debentures
Lease liabilities

5.

7,860,000
40,646,732

60,385,647
5,771,061(60,124,511)(4,191,220)

2,751,512

5,621

8,121,136
44,983,706

1,489,622
7,952,319
558,595

362,873-(362,873)(1,322,600)(366,600)

178,713-(65,956)
4,691
382,523

1,423,666
6,813,123
574,518

TRADE RECEIVABLES

5.1 Trade receivables as at November 30, 2022 and February 28, 2022 consist of the following:
CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000

Trade receivables
Trade receivables under securitization project- ATS Rabbit Special Purpose Vehicle
Company Limited

93,796,230

89,626,146

88,371,649

84,065,981

1,310,250

1,401,709

1,310,250

1,401,709

Total
Less Allowance for expected credit losses

95,106,480(10,470,491)

91,027,855(10,951,455)

89,681,899(9,775,662)

85,467,690(9,972,970)

Total trade receivables

84,635,989

80,076,400

79,906,237

75,494,720

- 10 As the securitization transaction under the Receivables Sale and Purchase Agreement
for transferred rights on loans receivable with ATS Rabbit Special Purpose Vehicle
Company Limited does not qualify for derecognition of financial assets, the Company
continues to recognize the full carrying amount of these receivables and uses them as
collateral for long-term borrowings under the securitization project (see Note 5.5).
As at November 30, 2022 and February 28, 2022, trade receivables are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000
Hire-purchase receivable
Hire-purchase and accrued
interest receivable
Less Unearned financing income

As at February 28, 2022
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

2,540,574(246,288)

3,666,001(315,047)

6,206,575(561,335)

2,562,979(277,545)

3,972,671(366,710)

6,535,650(644,255)

2,294,286

3,350,954

5,645,240

2,285,434

3,605,961

5,891,395

Less Allowance for expectedcredit losses(214,068)(351,031)(565,099)(283,862)(508,248)(792,110)

Hire-purchase and accrued
interest receivable - net

2,080,218

2,999,923

5,080,141

2,001,572

3,097,713

5,099,285

45,787,231

194,841

45,982,072

45,513,782

181,622

45,695,404(6,231,362)(29,414)(6,260,776)(6,236,426)(42,362)(6,278,788)

39,555,869

165,427

39,721,296

39,277,356

139,260

39,416,616

43,398,792-

43,398,792

39,323,715-

39,323,715(3,644,472)-(3,644,472)(3,880,166)-(3,880,166)

39,754,320-

39,754,320

35,443,549-

35,443,549

15,539-15,53915,593-

15,593

(144)

-

(144)

(391)

-

(391)

15,395-

15,395

15,202-

15,202Loans receivable
Loans and accrued interest
receivable
Less Allowance for expectedcredit losses
Loans and accrued interest
receivable - net
Credit card receivable
Credit card and accrued
interest receivable
Less Allowance for expectedcredit losses
Credit card and accrued
interest receivable - net
Receivable from rendering
the collection service
Receivable from rendering
the collection service
Less Allowance for expectedcredit losses
Receivable from rendering
the collection service - net
Receivable from insurance
broker businessTotal trade receivables

64,837
81,470,639

3,165,350

64,837

101,748-

101,748

84,635,989

76,839,427

3,236,973

80,076,400

- 11 -SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000
Hire-purchase receivable
Hire-purchase and accrued
interest receivable
Less Unearned financing income

As at February 28, 2022
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

889,839(246,287)

1,940,720(315,047)

2,830,559(561,334)

914,643(277,545)

2,192,369(366,709)

3,107,012(644,254)

643,552

1,625,673

2,269,225

637,098

1,825,660

2,462,758

Less Allowance for expectedcredit losses(80,065)(202,252)(282,317)(109,304)(313,220)(422,524)

Hire-purchase and accrued
interest receivable - net

563,487

1,423,421

1,986,908

527,794

1,512,440

2,040,234

44,903,454-

44,903,454

44,363,688-

44,363,688(5,902,100)-(5,902,100)(5,733,592)-(5,733,592)

39,001,354-

39,001,354

38,630,096-

38,630,096

42,444,383-

42,444,383

38,539,555-

38,539,555(3,591,245)-(3,591,245)(3,816,854)-(3,816,854)

38,853,138-

38,853,138

34,722,701-

34,722,701

Loans receivable
Loans and accrued interest
receivable
Less Allowance for expectedcredit losses
Loans and accrued interest
receivable - net
Credit card receivable
Credit card and accrued
interest receivable
Less Allowance for expectedcredit losses
Credit card and accrued
interest receivable - net
Receivable from insurance
broker businessTotal trade receivables

64,83778,482,816

1,423,421

64,837

101,689-

101,689

79,906,237

73,982,280

1,512,440

75,494,720

- 12 5.2 Quality of assets
Staging analysis for trade receivables as at November 30, 2022 and February 28, 2022
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022

As at February 28, 2022

Trade

Allowance for

Total trade

Trade

Allowance for

Total tradereceivables

expected

receivables

receivables

expected

receivables

credit losses

credit losses

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

85,852,396(4,536,627)

81,315,769

82,898,746(5,563,984)

77,334,762

3,914,576(1,850,175)

2,064,401

3,701,623(1,917,326)

1,784,297

Low credit risk receivables(Stage 1)
Significant increase in credit
risk receivables (Stage 2)
Default receivables in credit risk
(Stage 3)
Total

5,339,508(4,083,689)

1,255,819

4,427,486(3,470,145)

957,341

95,106,480(10,470,491)

84,635,989

91,027,855(10,951,455)

80,076,400

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022

As at February 28, 2022

Trade

Allowance for

Total trade

Trade

Allowance for

Total tradereceivables

expected

receivables

receivables

expected

receivables

credit losses

credit losses

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

81,276,540(4,428,103)

76,848,437

78,540,851(5,440,033)

73,100,818

3,686,907(1,778,423)

1,908,484

3,348,067(1,768,513)

1,579,554

4,718,452(3,569,136)

1,149,316

3,578,772(2,764,424)

814,348

89,681,899(9,775,662)

79,906,237

85,467,690(9,972,970)

75,494,720

Low credit risk receivables(Stage 1)
Significant increase in credit
risk receivables (Stage 2)
Default receivables in credit risk
(Stage 3)
Total

Trade receivables as at November 30, 2022 and February 28, 2022 classified by aging
are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2022

2022

2022

2022

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Less than 3 months

89,977,140

86,925,982

85,173,614

3 months up

5,129,340

4,101,873

4,508,285

82,214,531
3,253,159

Total

95,106,480

91,027,855

89,681,899

85,467,690

Less Allowance for expected credit losses(10,470,491)(10,951,455)(9,775,662)(9,972,970)

Total trade receivables

84,635,989

80,076,400

79,906,237

75,494,720

- 13 5.3

Troubled debt restructuring
For the three-month periods ended November 30, 2022 and 2021, the Company
recognized interest income on restructured debts totaling Baht 15.04 million and
Baht 26.74 million, respectively.
For the nine-month periods ended November 30, 2022 and 2021, the Company
recognized interest income on restructured debts totaling Baht 53.04 million and
Baht 89.56 million, respectively.
The Company had outstanding balances of credit card receivable, hire-purchasereceivable and loans receivable as at November 30, 2022 and February 28, 2022,
as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2022
Number ofAmountdebtors
Baht ’000

15,8053,710,854

588,667
94,437,437

21,1603,697,818

801,805
90,108,709

3,726,659

95,026,104

3,718,97890,910,514

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2022
Number ofAmountdebtors
Baht ’000

15,7472,589,289

587,661
89,029,401

21,142
2,622,002

801,30984,564,692

2,605,036

89,617,062

2,643,144

85,366,001

As at November 30, 2022 and February 28, 2022, the Company had no commitment toprovide additional loans to its restructured debtors after debt restructuring.
5.4

Allowance for expected credit losses
Allowance for expected credit losses as at November 30, 2022 and February 28, 2022 are
as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000

Beginning balance
Expected credit losses
Written-off bad debts

10,951,455
5,671,267(6,152,231)

11,593,219
7,007,152(7,648,916)

9,972,970
5,655,072(5,852,380)

10,891,803
6,328,214(7,247,047)

Ending balance

10,470,491

10,951,455

9,775,662

9,972,970

- 14 5.5

Transfers of financial assets
The Company entered into the Receivables Sale and Purchase Agreement with
Special Purposes Vehicle Company, which was incorporated under the Civil andCommercial Code of Thailand to be special purpose vehicle (SPV) under the Royal
Enactment on Special Purpose Juristic Persons for Securitization B.E. 2540 (1997).
Under the securitization plan which was approved by the SEC, the Company sold anamount of revolving receivables and the SPV also appointed the Company to act as
the servicer responsible for collecting payments from its obligor under
the Receivables Sale and Purchase Agreement and Servicing Agreement.
Details of aforementioned sales of receivables are summarized as follows:
ATS Rabbit*
Approved date of the securitization project by the SEC

October 2, 2015

Initial selling date

October 29, 2015

Type of transferred receivables

Loans receivable

Revolving period

October 2015 - October 2025 (approximately)

Initial sale of receivables
Net book value of initial receivables

Baht

456,076,200

Proceeds from transfer of the rights in receivables

Baht

433,272,390

Subordinated lendings

Baht

Minimum seller loans - pari passu with debentures

Baht

50,081,313
None

Number of contracts
Average principal amount outstanding

49,225
Baht

Interest rate

9,265
25% p.a.

* ATS Rabbit Special Purpose Vehicle Company Limited (Subsidiary)

The Company does not recognize other assets obtained in the transfer of financial
assets including retained interests in the financial statements because it is notpractical to estimate their reliable fair values.
On October 22, 2015, the Company entered into the Receivables Sale andPurchase Agreement with ATS Rabbit Special Purpose Vehicle Company Limited
which was registered as a special purpose vehicle company under the Civil andCommercial Code of Thailand for the purpose of implementing or facilitating
the securitization in accordance with the securitization project approved by the Officeof the SEC on October 2, 2015 for transferred rights, title, interest and benefits in
respect of the Initial Receivables, the Future Receivables and the Additional
Receivables on the term of the Agreement.

- 15 During the life of the securitization project, the Company may repurchase therights on the Purchased Receivables with ATS Rabbit in the following circumstances:
1. When the Company has breached its representations and warrantees with respect
to the Purchased Receivables which are ineligible. The Company is obliged torepurchase such ineligible receivables on the next Monthly Purchase Date.
2. The Company, as the collection agent, may exercise the Clean-up Call Option
for repurchase of remaining Purchased Receivables whenever the continued
servicing of the Purchase Receivables is deemed to be burdensome.
3. The Company may exercise the Tax Redemption Option for repurchase ofremaining Purchased Receivables, where there is incurred taxes other thancorporate income tax and special business tax.
For the three-month and nine-month periods ended November 30, 2022 and 2021,
transactions relating to the transfers of financial assets under the securitization project
are summarized as follows:
For the three-month
For the nine-month
periods ended November 30, periods ended November 30,
2022
2021
2022
2021
MillionMillionMillionMillion
Baht
Baht
Baht
Baht
Transfers of future and additional receivables (at book value)- Loans receivable (ATS Rabbit)

Cash collection on behalf of a Special Purpose Vehicle- Loans receivable (ATS Rabbit)

Servicing income on cash collection from a Special Purpose Vehicle- Loans receivable (ATS Rabbit)

6.

138

147

447

408

138

147

447

408

227

213

695

636

227

213

695

636

18

19

56

59

18

19

56

59

LONG-TERM LOAN TO A SUBSIDIARY

As at November 30, 2022 and February 28, 2022, the Company has long-term loan to a
subsidiary (see Note 25.2.1) in the separate financial statements as follows:

Loans in USD currency

Due within
the yearInterest rate
p.a. (%)

2022 - 2026

8.50

Foreign currency
MillionLess Current portion of long-term loan to a subsidiary
Total long-term loan to a subsidiary

Such long-term loan to a subsidiary is unsecured.

4.00

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30,
As at February 28,
2022
2022
Baht equivalent
Baht equivalent
Baht ’000
Baht ’000
140,839
140,839(28,168)
112,671130,244130,244130,244

- 16 7.

LOANS FROM PURCHASE OF ACCOUNTS RECEIVABLE

As at November 30, 2022, loans from purchase of accounts are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Baht ’000
11,316
1,035
12,351

Hire-purchase receivables
Add Accrued Interest
Less Current portion of loans receivable frompurchase of accounts receivable
Loans receivable from purchase ofaccounts receivable - net of current portion(5,900)6,451

On May 24, 2022, ACS Servicing (Thailand) Co., Ltd ("the Subsidiary") bought written-off
receivables under hire-purchase agreements by a bidding process from an unrelated local
company ("the seller") with the selling price of Baht 11.41 million. On the same date, theSubsidiary entered into the Asset Sale and Purchase Agreement with the seller and already paid
the payment in full to the seller. The agreement set out the conditions and terms in respect of thesales, assignment and conveyance of the subsidiary’s rights, title, claim, obligation, liability andinterest in the written-off receivables under hire-purchase agreements.
8.

INVESTMENTS IN SUBSIDIARIESAs at November 30, 2022 and February 28, 2022, the Company had investments in
subsidiaries (see Note 25.1) which are accounted for using the cost method in the separate
financial statements as follows:
SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Ownership
Cost%
Baht ’000
ACS Servicing (Thailand) Co., Ltd.
ACSI (Thailand) Co., Ltd.
AEON Specialized Bank (Cambodia) Plc.
AEON Microfinance (Myanmar) Company Limited
AEON Leasing Service (Lao) Company Limited
ATS Rabbit Special Purpose Vehicle Company Limited
AEON Asset Management (Thailand) Company Limited
Total

100.00100.0050.00
100.00
96.29
48.75
98.00

175,349.1
149,224.3
323,580.0
455,403.3
107,333.1
19.5
24,499.7
1,235,409.0

As at February 28, 2022
Ownership
Cost%
Baht ’000
100.00100.0050.00
100.00
96.29
48.75
-

175,349.1
149,224.3
323,580.0
455,403.3
107,333.1
19.5
1,210,909.3

On April 11, 2022, the Board of Directors’ Meeting of ACSI (Thailand) Co., Ltd.
(the “Subsidiary”) had a special resolution to approve the Subsidiary’s dissolution.
Subsequently, on April 28, 2022, the Annual General Meeting of Shareholders of the Subsidiary
had the resolutions to approve the Subsidiary’s dissolution. The Subsidiary has registered
the dissolution with the Department of Business Development, Ministry of Commerce onJune 30, 2022. As at November 30, 2022, the Subsidiary is in process of liquidation.
On August 2, 2022, the Company has established a new subsidiary under the name “AEON
Asset Management (Thailand) Company Limited” (the “Subsidiary”), whereas the Company
holds 98% of the shares. The initial registered capital is Baht 25 million, which were fully paid.
The objective of the Subsidiary is to purchase and manage non-performing assets.

- 17 9.

INVESTMENTS IN EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGHPROFIT OR LOSS

Investments in equity securities designated at fair value through profit or loss as at November 30,
2022 and February 28, 2022 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Ownership
Fair Value%
Baht ’000
AEON (Thailand) Co., Ltd.(1)PT. AEON Credit Service Indonesia (2)ACS Trading Vietnam Company Limited
Total
(1)
(2)

3.82
2.59
3.03

5,062
-

As at February 28, 2022
Ownership
Fair Value%
Baht ’000
3.82
2.59
3.03

5,062

5,062
5,062

340,000 shares of Baht 100 each, Baht 25 called up
173 shares of IDR 30 million each, par value of IDR 30 million, fully paid

The fair values of investments in equity securities designated at fair value through profit orloss are categorized into level 3.
10. INVESTMENT IN EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGHOTHER COMPREHENSIVE INCOME

Investment in equity securities designated at fair value through other comprehensive
income as at November 30, 2022 and February 28, 2022 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Ownership
Fair Value%
Baht ’000
Rabbit Cash Co., Ltd. (1)
Total
(1)

18.00

144,000
144,000

As at February 28, 2022
Ownership
Fair Value%
Baht ’000
18.00

144,000
144,000

1,440,000 shares of Baht 100 each, fully paid

On March 29, 2021, the Company has entered into a Joint Venture Agreement with BSS
Holdings Company Limited (“BSS Holdings”) and Humanica Public Company Limited(“HUMAN”) to incorporate a Joint Venture Company under the name of “Rabbit CashCompany Limited”, whereas BSS Holdings, the Company and HUMAN holds 77%, 18%
and 5%, respectively, of the shares. The initial registered capital is Baht 800 million.
The fair values of investment in equity securities designated at fair value through othercomprehensive income are categorized into level 3.

- 18 11. SELLER LOAN IN SPECIAL PURPOSE VEHICLE FOR SECURITIZATION
Seller loan in Special Purpose Vehicle for securitization as at November 30, 2022 andFebruary 28, 2022 are as follows:
SEPARATE
FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000

299,029
299,029

275,773
275,773

Seller loan in Special Purpose Vehicle for securitization (see Note 25.2.1)
ATS Rabbit Special Purpose Vehicle Company Limited (ATS Rabbit)
Total Seller loan in Special Purpose Vehicle for securitization

Subsequent to the sale of the rights in initial loans receivable under securitization project,
the Company received partial payments from ATS Rabbit with Seller Loan Account under
securitization project for sales of the rights in loans receivable to ATS Rabbit during
the sales period of the rights in additional receivables or repurchase period of the rights inloans receivable. Such Seller Loan Account will decrease from cash repayment when
the outstanding amount reaches or exceeds the determined level, or every 3-month period
after the payment date as agreed in the agreement, whichever is earlier.
12.

SUBORDINATED LENDINGS AND SUBORDINATED BORROWINGS

12.1 Subordinated lendings to Special Purpose Vehicle as at November 30, 2022 andFebruary 28, 2022 are as follows:
SEPARATE
FINANCIAL STATEMENTS

Subordinated lendings (see Note 25.2.1)
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Total subordinated lendings“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000

84,074
84,074

84,074
84,074On October 22, 2015, the Company entered into the subordinated term loan
agreement with ATS Rabbit amounting to 5% of transferred rights in initialreceivables (see Note 5.5) and originated transaction cost, and of Future Receivables
and Additional Receivables, which are settled by Seller Loan Account and backed
for each issuance of debentures of ATS Rabbit, for the purposes of partial payment
from ATS Rabbit for the sales of rights in loans receivable.
The term loan is due within the year 2025 and the interest is payable on a monthly
basis at the rate of 12% per annum.

- 19 12.2 Subordinated borrowings of Special Purpose Vehicle as at November 30, 2022 andFebruary 28, 2022 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2022
Baht ’000
Subordinated borrowings
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Total subordinated borrowings

As atFebruary 28,
2022
Baht ’000

84,074
84,074

84,074
84,074On October 22, 2015, ATS Rabbit, a subsidiary, entered into the subordinated term
borrowings agreement with BSS Holdings Co., Ltd. amounting to 5% of transferred
rights in initial receivables (see Note 5.5) and originated transaction cost, and of
Future Receivables and Additional Receivables, which are settled by Seller Loan
Account and backed for each issuance of debentures of ATS Rabbit, for the purposesof partial payment for the purchase of rights in loans receivable.
The term borrowings are due within the year 2025 and the interest is payable ona monthly basis at the rate of 12% per annum.
13. DEFERRED TAX ASSETS
Deferred tax assets as at November 30, 2022 and February 28, 2022 are as follows:

Deferred tax assets
Allowance for expected credit loss
Cumulative loss from fair value measurement ofinvestments in equity securities
Allowance for impairment of assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax liabilities
Lease agreements
OthersDeferred tax assets

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000“Unaudited”
As atNovember 30,
2022
Baht ’000

As at
February 28,
2022
Baht ’000

2,045,612

2,076,888

1,955,132

1,994,594

4,502
1,779
99,216
88,062
17,485
236,789
44,702

4,502
8,579
90,24897,89815,255
304,803
26,6197,866
92,21788,062
16,064
236,789
16,3907,866
6,800
83,82697,89813,880304,803
15,3062,538,147

2,624,792

2,412,520

2,524,973

508
5,788

310
-

6,296

310

2,531,851

2,624,482-

2,412,520

2,524,973

- 20 The movements of deferred tax assets and liabilities during the period/year are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”

Deferred tax assets
Allowance for expected credit loss
Cumulative loss from fair value measurement ofinvestments in equity securities
Allowance for impairment of assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax liabilities
Lease agreements
OthersDeferred tax assets

Beginningbalance
as atMarch 1,
2022
Baht ’000

Items asrecognized in
profit or loss

2,076,888(31,276)-

2,045,612

-

-

4,502
1,779
99,216
88,062
17,485
236,789
44,702

Baht ’000

4,502
8,579
90,24897,89815,255
304,803
26,619(6,800)8,968(9,836)2,230(76,891)
18,083

Items asrecognizedin othercomprehensive
incomeBaht ’000

8,877-

2,624,792(95,522)

310

198
5,788

-

310

5,986

-

2,624,482(101,508)-

Endingbalance
as atNovember 30,
2022
Baht ’000

8,877

2,538,147
508
5,788
6,296

8,877

2,531,851

CONSOLIDATED FINANCIAL STATEMENTS

Deferred tax assets
Allowance for expected credit loss
Non-accrual of interest income
Cumulative loss from fair value measurement ofinvestments in equity securities
Allowance for impairment of investment and assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax liabilities
Lease agreements
Deferred tax assets

Beginningbalance
as atMarch 1,
2021
Baht ’000

Items asrecognized in
profit or loss

2,256,201
1,815(179,313)(1,815)--

Baht ’000

Items asrecognizedin othercomprehensive
incomeBaht ’000

Endingbalance
as atFebruary 28,
2022
Baht ’000
2,076,888-

4,502
12,40095,66981,89911,998629,102
29,109(3,821)
12,443
15,9993,257(413,734)(2,490)(17,864)
89,435
-

4,502
8,579
90,24897,89815,255
304,803
26,6193,122,695(569,474)

71,571

2,624,792

154

156

-

154

156

-

3,122,541(569,630)

310
310
71,571

2,624,482

- 21 -SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2022
Baht ’000
Deferred tax assets
Allowance for expected credit loss
Cumulative loss from fair value measurement ofinvestments in equity securities
Allowance for impairment of assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax assets

1,994,594
7,866
6,800
83,82697,89813,880304,803
15,306“Unaudited”
Items as
Items asrecognized inrecognizedprofit or loss
in othercomprehensive
incomeBaht ’000
Baht ’000

Endingbalance
as atNovember 30,
2022
Baht ’000(39,462)-

1,955,132

-

-

7,866
92,21788,062
16,064
236,789
16,390(6,800)8,391(9,836)
2,184(76,891)
1,084

8,877
-

2,524,973(121,330)

8,877

2,412,520

2,524,973(121,330)

8,877

2,412,520

SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2021
Baht ’000
Deferred tax assets
Allowance for expected credit loss
Cumulative loss from fair value measurement ofinvestments in equity securities
Allowance for impairment of investment and assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax assets

Items asrecognized in
profit or loss

Baht ’000

Items asrecognizedin othercomprehensive
incomeBaht ’000

Endingbalance
as atFebruary 28,
2022
Baht ’000

2,178,361(183,767)-

1,994,594

4,502
15,76486,32081,89911,550629,102
15,7373,364(8,964)
14,26815,9992,330(413,734)(431)(16,762)
89,435
-

7,866
6,800
83,82697,89813,880304,803
15,306

3,023,235(570,935)

72,6732,524,973

3,023,235(570,935)

72,6732,524,973

- 22 14.

BANK OVERDRAFTS AND SHORT-TERM BORROWINGS FROM FINANCIAL INSTITUTIONSBank overdrafts and short-term borrowings from financial institutions as at November 30,
2022 and February 28, 2022 consist of the following:
CONSOLIDATED FINANCIAL STATEMENTS

Overdrafts in THB currency
Short-term borrowings in THB currency
Short-term borrowings in USD currency
Short-term borrowings in LAK currency
Short-term borrowings in MMK currency
Total“Unaudited”
As at November 30, 2022
Interest rate
p.a. (%)
Baht ’000

As at February 28, 2022
Interest rate
p.a. (%)
Baht ’000

1.35
1.19 - 1.92
5.02 - 6.30
6.50 - 6.70
10.00 -13.00

0.75
0.69 - 1.05
0.88 - 6.50
6.13 - 6.60
10.00 - 13.00

997
7,660,000
508,311
282,033
197,249
8,648,590

1,240
7,940,000
652,016
302,751
275,897
9,171,904

SEPARATE FINANCIAL STATEMENTS

Overdrafts in THB currency
Short-term borrowings in THB currency
Total“Unaudited”
As at November 30, 2022
Interest rate
p.a. (%)
Baht ’000

As at February 28, 2022
Interest rate
p.a. (%)
Baht ’000

1.35
1.19 - 1.92

0.75
0.69 - 1.05

997
7,660,000
7,660,997

1,240
7,940,000
7,941,240

Short-term borrowings in THB and foreign currencies from financial institutions areborrowings from various financial institutions in the form of promissory notes and are
unsecured.
15. LONG-TERM BORROWINGSAs at November 30, 2022 and February 28, 2022, the Company entered into various long-termborrowings agreements in THB and foreign currencies as follows:

Due within
the year
Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost

2023 - 2027
2022 - 2027
2022 - 2026

Less Current portion of long-term borrowings
Total long-term borrowings

CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 8.50
1.54 - 3.69

23,145.24
723.1019,500.00

Baht equivalent
Baht ’000
5,992,811
25,903,185
19,500,000(56,872)
51,339,124(14,237,064)
37,102,060

- 23 -

Due within
the year
Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost2022 - 2027
2022 - 2027
2022 - 2026

CONSOLIDATED FINANCIAL STATEMENTS
As at February 28, 2022
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 8.50
1.54 - 3.29

25,645.24
656.3019,000.00

Less Current portion of long-term borrowings
Total long-term borrowings

Due within
the year
Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost

2023 - 2027
2023 - 2027
2022 - 2026

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 3.49
1.54 - 3.69

23,145.24
641.1019,500.00

Less Current portion of long-term borrowings
Total long-term borrowings

Due within
the year
Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost2022 - 2027
2022 - 2025
2022 - 2026

SEPARATE FINANCIAL STATEMENTS
As at February 28, 2022
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 3.38
1.54 - 3.29

Less Current portion of long-term borrowings
Total long-term borrowings

25,645.24
564.3019,000.00

Baht equivalent
Baht ’000
7,363,132
21,651,334
19,000,000(27,804)
47,986,662(17,090,217)
30,896,445

Baht equivalent
Baht ’000
5,992,811
22,781,617
19,500,000(56,872)
48,217,556(12,333,669)
35,883,887

Baht equivalent
Baht ’000
7,363,132
18,560,787
19,000,000(27,804)
44,896,115(16,317,580)
28,578,535

As at November 30, 2022 and February 28, 2022, the Company can maintain financial
ratios and other requirements according to the conditions as specified in the agreement.
16. LONG-TERM BORROWINGS UNDER SECURITIZATION PROJECT
As at November 30, 2022 and February 28, 2022, the Company recognized the cash
received and the settlement by the Seller Loan Account of ATS Rabbit for the transferred
rights in loans receivable under securitization project (see Note 5.5) as long-termborrowings under securitization project in the separate financial statements in the amountof Baht 1,310.25 million and Baht 1,401.71 million, respectively.

- 24 17. LONG-TERM DEBENTURES
Long-term debentures represent unsubordinated and unsecured debentures as at November 30,
2022 and February 28, 2022, as follows:“Unaudited”
Issue date

Maturity

No. of

date

units

Currency

Par value

AmountInterest rate

Term of

As at

As at

p.a. (%)

interest

November 30,

February 28,

per unit

payment

2022

2022

Baht ’000

Baht ’000

Company
15/12/2017

15/12/2022 1,000,000

THB

1,000

1,000,000,000

2.93

Semi-annual

1,000,000

1,000,000

15/11/2019

15/11/2022 2,800,000

THB

1,000

2,800,000,000

2.27

Semi-annual-

2,800,000

15/11/2019

15/11/2024 1,000,000

THB

1,000

1,000,000,000

2.57

Semi-annual

1,000,000

1,000,000

29/12/2021

29/12/2026

70

JPY

100,000,000

7,000,000,000

0.65

Semi-annual

1,812,454

2,009,805

29/11/2022

28/11/2025

100

JPY

100,000,000

10,000,000,000

0.69

Semi-annual

2,589,220-

6,401,674

6,809,805

Less Debentures issuance cost

(41,943)(23,333)

6,359,731

6,786,472

Less Current portion of long-term debentures(999,988)(3,798,878)

Total long-term debentures in the separate financial statements

5,359,743

2,987,594

1,473,082

1,473,082

6,832,825

4,460,676

ATS Rabbit Special Purpose Vehicle Company Limited
29/09/2018

28/10/2025

1,473,082

THB

1,000

1,473,082,000

2.84Monthly

Total long-term debentures in the consolidated financial statements

As at November 30, 2022 and February 28, 2022, the Company can maintain financial
ratios and other requirements according to the conditions as specified in the agreement.
18. DERIVATIVE FINANCIAL INSTRUMENTS
The fair values and notional amounts of derivative instruments as at November 30, 2022
and February 28, 2022 are as follows:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Fair value
Notional
AssetsLiabilities
amount
Baht ’000
Baht ’000
Baht ’000
Derivatives designated as
cash flow hedges
Cross currency andinterest rate swaps
Interest rate swaps
Less Current portion ofderivative assets /liabilities
Total derivative assets /liabilities

As at February 28, 2022
Fair value
Notional
AssetsLiabilities
amount
Baht ’000
Baht ’000
Baht ’000

1,484,957
14,028
1,498,985

1,590,278
60,184
1,650,462

33,176,102
5,000,000
38,176,102

376,175
376,175

685,049
182,677
867,726

27,933,724
9,000,000
36,933,724(918,343)(626,427)(10,034,825)(82,380)(654,801)(10,819,198)

580,6421,024,035

28,141,277

293,795

212,925

26,114,526

- 25 19.

PROVISIONS FOR EMPLOYEE BENEFITThe Company operates post-employment benefit plans under the Labor Protection Act, which
are considered as unfunded defined benefit plans.
For the three-month and nine-month periods ended November 30, 2022 and 2021, amounts
recognized in the statements of profit or loss in respect of the post-employment benefit plans
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month
periods ended
November 30,
November 30,
2022
2021
Baht ’000
Baht ’000
Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Loss (gain) on settlement
Total(4,624)
12,8642,940(807)
10,373979
20,107
1,965
5,193
28,244

For the nine-month
periods ended
November 30,
November 30,
2022
2021
Baht ’000
Baht ’000(4,677)

3,747
60,441
5,900
6,128
76,21657,247
8,851
5,515
66,936

SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended
November 30,
November 30,
2022
2021
Baht ’000
Baht ’000
Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Total

(4,624)
10,879
2,712
8,967

980
17,952
1,807
20,739For the nine-month
periods ended
November 30,
November 30,
2022
2021
Baht ’000
Baht ’000(4,624)51,262
8,161
54,7994,793
53,857
5,421
64,071

Movements in the present value of the provisions for post-employment benefit for
the nine-month periods ended November 30, 2022 and 2021 are as follows:

Beginning balance
Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Loss on settlement
Benefits paid
Liabilities from transfer of employees
from a subsidiaryEnding balance

CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

2022
Baht ’000

2022
Baht ’000

2021
Baht ’000

2021
Baht ’000

463,335

478,346

419,132

431,606(4,677)57,247
8,851
5,515(33,364)

3,747
60,441
5,900
6,128(6,592)(4,624)51,262
8,161(17,468)

4,793
53,857
5,421-

496,907547,970

456,463

1,673
497,350

- 26 The significant actuarial assumptions used to calculate the provisions under the defined
benefit plans as at November 30, 2022 and February 28, 2022 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
% per annum

As at February 28, 2022
% per annum

0.84 - 2.60
5.0

0.84 - 2.60
5.0

0.0 - 27.0
Subject to range of age of employees
0.0 - 51.0
Subject to range of age of employees

0.0 - 27.0
Subject to range of age of employees
0.0 - 51.0
Subject to range of age of employees

Financial assumptions
Discount rate
Expected rate of salary increase
Demographic assumptions
Turnover rate
Monthly staff
Daily & Temporary staff

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
% per annum

As at February 28, 2022
% per annum

2.60
5.0

2.60
5.0

0.0 - 17.0
Subject to range of age of employees
0.0 - 51.0
Subject to range of age of employees

0.0 - 17.0
Subject to range of age of employees
0.0 - 51.0
Subject to range of age of employees

Financial assumptions
Discount rate
Expected rate of salary increase
Demographic assumptions
Turnover rate
Monthly staff
Daily staff

20. EMPLOYEE JOINT INVESTMENT PROGRAM
On August 9, 2022, the Company’s Board of Directors’ meeting had the resolution toapprove the Employee Joint Investment Program (“EJIP”), which has started on September 1,
2022. The details of the program are as follows:
EJIP Period

Program period: 5 years (September 1, 2022 to August 31, 2027)
Program contribution period: 3 years (September 1, 2022 to August 31, 2025)

Eligible employees under EJIP

Permanent employees of the Company at Assistant Manager level or higher
and Executive Director level or higher with at least 3 years of service, on a
voluntary basis

EJIP Arrangement

Money paid by employees to participate in the project:
3 - 5 percent of salary
Money paid by executives to participate in the project:
3 - 9 percent of salaryContributions made by the Company to join the program: Equivalent amount
paid by employees or executives into the program, with 3% additional
contribution of the base salary for Talent Employee according to the terms andconditions set by the Company

EJIP Buying Schedule

Monthly

Conditions for holding the securities Sell of shares during year 1 - 3 is not allowed.
All accumulated shares in the first year of the Program are allowed to be soldafter the end of the third year of the Program
All accumulated shares in the second year of the Program are allowed to be
sold after the end of the fourth year of the Program
All accumulated shares in the third year of the Program are allowed to be soldafter the end of the fifth year of the Program
EJIP Manager

Phillip Securities (Thailand) Public Company Limited

- 27 Movement of the employee joint investment program for the nine-month period ended
November 30, 2022 is as follows:
CONSOLIDATEDFINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Surplus on share-based
payment transactions
Baht ’000

SEPARATE FINANCIAL
STATEMENTS“Unaudited”
As at November 30, 2022
Surplus on share-based
payment transactions
Baht ’000--

Beginning balance
Movement during the period- EJIP expenses- EJIP expenses paid
Ending balance

8,890(2,593)
6,297

8,890
(2,593)
6,297

The statements of comprehensive income for the three-month and nine-month periods
ended November 30, 2022 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS
For theFor thethree-monthnine-month
period ended
period ended
November 30, 2022
Baht ’000
Baht ’000
Operating and administrative expenses
Directors and managements’ remuneration

SEPARATE
FINANCIAL STATEMENTS
For theFor thethree-monthnine-month
period ended
period ended
November 30, 2022
Baht ’000
Baht ’000

5,898
2,992

5,898
2,992

5,898
2,992

5,898
2,992

8,890

8,890

8,890

8,890

21. SHAREHOLDERS’ EQUITY
21.1

On June 24, 2021, the Annual General Meeting of Shareholders had the resolutions toapprove the declaration of final dividends for the year ended February 28, 2021 at the rateof Baht 2.65 per share, totaling Baht 662.50 million. The aforementioned shareholders
included 4,410 shares of foreign shareholders who had no rights to receive dividend inaccordance with regulation of Thailand Securities Depositary, thus the Company paid
dividend to shareholders amounting to Baht 662.50 million on July 20, 2021 in addition to
the interim dividends which had been paid to all shareholders at Baht 1.85 per share,
totaling Baht 462.50 million on November 5, 2020.

21.2

On October 4, 2021, the Company’s Board of Directors’ meeting passed theresolution to declare interim dividends for the year ended February 28, 2022 at therate of Baht 2.50 per share to shareholders, totaling Baht 625.00 million. The
aforementioned shareholders included 1,700 shares of foreign shareholders who
had no rights to receive dividend in accordance with regulation of Thailand
Securities Depository, thus the Company paid dividend to shareholders amounting
to Baht 625.00 million on November 2, 2021.

- 28 21.3

On June 24, 2022, the Annual General Meeting of Shareholders had the resolutions toapprove the declaration of final dividends for the year ended February 28, 2022 at the rateof Baht 2.65 per share, totaling Baht 662.50 million. The aforementioned shareholders
included 1,300 shares of foreign shareholders who had no rights to receive dividend inaccordance with regulation of Thailand Securities Depositary, thus the Company paid
dividend to shareholders amounting to Baht 662.50 million on July 20, 2022 in addition to
the interim dividends which had been paid to all shareholders at Baht 2.50 per share,
totaling Baht 625.00 million on November 2, 2021.

21.4

On October 4, 2022, the Company’s Board of Directors’ meeting passed theresolution to declare interim dividends for the year ended February 28, 2023 at therate of Baht 2.55 per share to shareholders, totaling Baht 637.50 million. The
aforementioned shareholders included 1,400 shares of foreign shareholders who
had no rights to receive dividend in accordance with regulation of Thailand
Securities Depository, thus the Company paid dividend to shareholders amounting
to Baht 637.50 million on November 2, 2022.

21.5

Under the Securitization project, the subsidiary has to pay dividend to its shareholders
from all remaining amounts after deducting the required accumulated reserves andpayment of all fees and expenses. The subsidiary appropriates interim dividends
after the approval of Board of Directors’ meeting on a monthly basis at each Monthly
Purchase Date as an appropriation of net profit after income tax of each month.
ATS Rabbit Special Purpose Vehicle Company Limited’s registered share capitalcomprises 2 groups of ordinary shares and 2 groups of preferred shares. Dividends
from the profits of the subsidiary shall be allocated to the holders of preferredshares which are non-controlling interests at the rate of 1% of the par value of eachpreferred share. The remaining dividends shall be distributed to the holders ofordinary shares and another group of preferred shares.

22. REVENUES RELATING TO SECURITIZATION TRANSACTION
For the three-month and nine-month periods ended November 30, 2022 and 2021,
revenues relating to securitization transaction incurred from sales of rights in loans
receivable to ATS Rabbit Special Purpose Vehicle Company Limited are included in thepresentation of Loan income as follows:
SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended
November 30,
2022
2021
Baht ’000
Baht ’000
Loan income (see Note 25.2.2)
Interest income from subordinated lendings
Revenue from seller loan in Special Purpose Vehicle
Dividend from investment in Special Purpose Vehicle
Collection servicing income
Total

2,515
8,885
18,05829,458

2,515
7,530
5,254
19,41834,717For the nine-month
periods ended
November 30,
2022
2021
Baht ’000
Baht ’000
7,601
26,6002,384
56,10592,6907,601
20,624
12,292
59,20399,720- 29 23.

DIRECTORS AND MANAGEMENTS’ REMUNERATION

Directors’ remuneration represents the benefits paid to the Company’s directors in accordancewith Section 90 of the Public Limited Companies Act. Managements’ remuneration representsmonetary remuneration as salaries and bonus paid to the Company’s management.
For the three-month and nine-month periods ended November 30, 2022 and 2021,
directors and managements’ remuneration are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
Short-term employee benefits
Directors’ remuneration
Managements’ remuneration
Post-employment benefits
Total

6,247
36,744
1,462
44,453

18,387
20,857
1,278
40,522For the nine-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
12,26899,685
4,333
116,286

23,41785,456
3,557
112,430SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
Short-term employee benefits
Directors’ remuneration
Managements’ remuneration
Post-employment benefits
Total

5,000
25,962
1,059
32,021

8,750
19,163969
28,882For the nine-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
4,507
68,892
3,094
76,493

13,23556,8752,628
72,738For the three-month and nine-month periods ended November 30, 2022 and 2021,
directors’ remunerations which were included in short-term employee benefits wereapproved by the Annual General Meeting of shareholders of the Company held on June 24,
2022 and June 24, 2021, respectively.
24.

CORPORATE INCOME TAXThe Company and its local subsidiaries used tax rate of 20% for corporate income tax
and deferred tax calculations for the three-month and nine-month periods ended
November 30, 2022 and 2021.
The foreign subsidiaries used tax rate of 20% - 25% for corporate income tax and deferred
tax calculations for the three-month and nine-month periods ended November 30, 2021.
For the three-month and nine-month periods ended November 30, 2022, the foreignsubsidiaries used tax rate of 20% - 22% for corporate income tax and deferred tax
calculations.
Income tax expenses of the Company and its subsidiaries is calculated from profit before
tax, added back transactions which are non-deductible expenses and deducted exempted
income under the Revenue Code.

- 30 For the three-month and nine-month periods ended November 30, 2022 and 2021, income
tax expenses consist of:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
Current tax expense for the period
Deferred income tax expense (revenue)
Income tax expense per statements of profit or loss

545,688(259,922)
285,766

14,337
204,570
218,907

For the nine-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
713,790
101,508815,298

38,428730,049
768,477

SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
Current tax expense for the period
Deferred income tax expense (revenue)
Income tax expense per statements of profit or loss

509,425(252,394)
257,031207,676
207,676

For the nine-month
periods ended November 30,
2022
2021
Baht ’000
Baht ’000
607,248
121,330
728,578

731,505
731,505

Reconciliations of effective tax rates for the three-month and nine-month periods ended
November 30, 2022 and 2021 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month

For the nine-month

periods ended November 30,

periods ended November 30,

2022

2021

2022

2021

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Accounting profit before income tax

1,421,015

1,054,542

4,040,586

3,405,121

Permanent differences(193,052)

29,264(197,929)

53,657

Temporary differences

1,231,717(1,043,951)(673,834)(3,477,497)

Taxable profit (loss)

2,459,680

39,855

3,168,823(18,719)20.00 - 25.00

Normal income tax rate (%)

20.00 - 22.00

20.00 - 25.00

20.00 - 22.00

Income tax for the period currently payable545,688

14,337713,790

38,428Deferred tax from temporary differences(259,922)

204,570

101,508

730,049

Income tax expense per statements of profit or loss

285,766

218,907815,298

768,477

Effective tax rate (%)

20.11

20.76

20.18

22.57

- 31 -SEPARATE FINANCIAL STATEMENTS

For the nine-month

periods ended November 30,

periods ended November 30,

2022

2021

2022

2021

Baht ’000

Baht ’000

Baht ’000

Baht ’000

1,329,567

1,151,289

3,838,095

3,997,513

Permanent differences

(12)

4,550

10,1796,706

Temporary differences

1,261,970(1,038,384)(606,653)(3,657,527)(44,400)(117,455)(205,384)(346,692)

Accounting profit before income tax

Income that is exempt from taxable

2,547,125

Taxable profit (loss)-

3,036,237

-

20.00

20.00

20.00

Income tax for the period currently payable

20.00
509,425-

607,248-

Deferred tax from temporary differences(252,394)

207,676

121,330

731,505

Income tax expense per statements of profit or loss

257,031207,676

728,578

731,505

Effective tax rate (%)

19.33

18.04

18.98

18.30

Normal income tax rate (%)

25.

For the three-month

TRANSACTIONS WITH RELATED PARTIESThe consolidated and separate financial statements include certain transactions withthe subsidiaries, an associate and related parties. The relationship may be by shareholding or
the companies may have the same group of shareholders or directors. The consolidated andseparate financial statements reflect the effects of these transactions on the basis determinedby the Company, the subsidiaries and the related parties which are as follows:
25.1

Investments in subsidiaries (see Note 8) as at November 30, 2022 and February 28,
2022 are as follows:
SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Related parties

Relationship Ownership

Paid-up

As at February 28, 2022

Cost

Ownership

capital%Paid-up

Cost

capitalBaht ’000

Baht ’000%

Baht ’000

Baht ’000

ACS Servicing (Thailand) Co., Ltd.

Subsidiary

100.00175,349.1

175,349.1

100.00175,349.1

ACSI (Thailand) Co., Ltd.

Subsidiary

100.00149,224.3

149,224.3

100.00149,224.3

149,224.3

AEON Specialized Bank (Cambodia) Plc.

Subsidiary

50.00

643,720.4

323,580.0

50.00

643,720.4

323,580.0

AEON Microfinance (Myanmar) Company Limited

Subsidiary

100.00455,403.3

455,403.3

100.00455,403.3

455,403.3

AEON Leasing Service (Lao) Company Limited

Subsidiary

96.29

111,402.9

107,333.1

96.29

111,402.9

107,333.1

ATS Rabbit Special Purpose Vehicle Company Limited

Subsidiary

48.75

40.0

19.5

AEON Asset Management (Thailand) Company Limited

Subsidiary

98.00

24,499.7

24,499.7

Total

1,235,409.0

48.75
-

175,349.1

40.0
-

19.5
1,210,909.3

- 32 25.2

Business transactions with related parties
25.2.1

Balances with related parties as at November 30, 2022 and February 28,
2022 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Related parties

Other receivables
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.
AEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedACS Capital Corporation Limited
ATS Rabbit Special Purpose Vehicle
Company Limited
AEON Specialized Bank (Cambodia) Plc.
AEON (Cambodia) Company Limited
AEON Leasing Service (Lao) Co., Ltd.
AEON Microfinance Myanmar
Company Limited
ACS Trading Vietnam Co., Ltd.

Relationship

Subsidiary
Subsidiary
Major shareholder
Common ultimate
holding company
Shareholder andone common director
Subsidiary

Other payables
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.
AEON (Thailand) Co., Ltd.
AEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedAEON Bank Ltd.
ATS Rabbit Special Purpose Vehicle
Company Limited

Long-term borrowing under
securitization project (see Note 16)
ATS Rabbit Special Purpose Vehicle
Company Limited
Deposit received
ACS Servicing (Thailand) Co., Ltd.

-

-

-

3,054

128

303

646

1,126

596

As at
February 28,
2022
Baht ’000
110
3,069
128

2,562
-

109

450

75,085
5,088

49,049
1,835

-

-

2,792

-

-

-

7,767

-

172

-

172

-

65

-

-

4,595

-

4,595

6,022

93,57559,236--140,839

130,244--

299,029

275,773--

84,074

84,074--66,56656
55,814958
35,212

1,076
57,387958
25,406

1,076
51,597

1,236

3,561

415

2,415

1,044

1,094

1,044

1,094

38,45063,11837,662132,051

46,195
158,247--

1,310,250

1,401,709

Subsidiary--

Subsidiary
Shareholder andone common director--

81,98377,928-836
82,81977,928

Subsidiary

Subordinated lendings (see Note 12.1)
ATS Rabbit Special Purpose Vehicle
Company Limited“Unaudited”
As atNovember 30,
2022
Baht ’000-

Long-term loan to a subsidiary(see Note 6)
AEON Specialized Bank (Cambodia) Plc.

Seller loan in Special Purpose Vehicle
for securitization (see Note 11)
ATS Rabbit Special Purpose Vehicle
Company Limited

As atFebruary 28,
2022
Baht ’000-

AEON Insurance Service Company
Limited (JP)AEON (Thailand) Co., Ltd.

“Unaudited”
As atNovember 30,
2022
Baht ’000-

Subsidiary
Common ultimate
holding company
Subsidiary
Subsidiary
Common ultimate
holding company
Common ultimate
holding company
Common ultimate
holding company
Common ultimate
holding company

AEON Mall (Cambodia) Co., Ltd.

SEPARATE
FINANCIAL STATEMENTS

57

136
4,856

-

Subsidiary

Subsidiary

Subsidiary
Subsidiary
Common ultimate
holding company
Major shareholder
Common ultimate
holding company
Common ultimate
holding company
Subsidiary

Subsidiary

-

4,163

Deferred revenue
ACS Servicing (Thailand) Co., Ltd.
ACS Capital Corporation Limited

836
836

- 33 25.2.2

Transactions with related parties for the three-month and nine-month
periods ended November 30, 2022 and 2021 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month

For the nine-month

periods ended November 30, periods ended November 30,
Related parties

Relationship

2022

2021

2022

2021

Baht ’000

Baht ’000

Baht ’000

Baht ’000

4,233

11,152Other income (reversal)
ACS Capital Corporation Limited

Shareholder andone common director

(118)

-

Operating and administrative expenses
OthersAEON Financial Service Co., Ltd.

Major shareholder

AEON Credit Service Company

Common ultimate

Limitedholding company

AEON (Thailand) Company Limited

Common ultimate
holding company

ACS Capital Corporation Limited

33,307

71,187

119,121

145,855

1,377

2,956

12,785

9,683

2,889

4,421

9,379

12,676

4

2,134

4

60

2,119

3,808

10,687

12,277

Shareholder andone common director

AEON Bank Ltd.

Common ultimate

AEON Insurance Service Company

Common ultimate

Limited (JP)holding company

holding company

-

-

-

1,321

39,696

84,506

151,976

181,872

Finance costs
AEON Bank Ltd.

Common ultimate
holding company

73

1,130

2,747

5,997

AEON Financial Service Co., Ltd.

Major shareholder

220

5,944

8,578

11,910293

7,074

11,325

17,907one common director

122,400

108,000

249,600

222,480

AEON Financial Service Co., Ltd.

Major shareholder

223,890

197,550

456,560

406,953

AEON Holding (Thailand) Limited

Common ultimate
56,10049,500114,400

101,970

402,390355,050

820,560

731,403

Dividend paid
ACS Capital Corporation Limited

Shareholder andholding company

SEPARATE FINANCIAL STATEMENTS

For the three-month

For the nine-month

periods ended November 30, periods ended November 30,
Related parties

Relationship

2022

2021

2022

2021

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Sale promotion income
ACSI (Thailand) Co., Ltd.

Subsidiary

-

-

-

731

Subsidiary

-

-

-

28,332

29,45834,717

92,69099,720Credit card income
ACSI (Thailand) Co., Ltd.
Revenues relating to securitizationtransaction (included in loan income)(see Note 22)
ATS Rabbit Special Purpose Vehicle
Company Limited

Subsidiary- 34 -SEPARATE FINANCIAL STATEMENTS

Related parties

Relationship

Dividend income
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.

Subsidiary
Subsidiary

For the three-month
For the nine-month
periods ended November 30, periods ended November 30,
2022
2021
2022
2021
Baht ’000
Baht ’000
Baht ’000
Baht ’000
44,40044,40090,00022,200112,200

55,000148,000
203,000

290,000
44,400334,400

(118)
154
6,900
3,542

900
6,883
4,644
2,873

2,343
465
19,886
17,281

2,700
10,99013,943
8,441

25

-

5,609

-

43

-

7,767

-

Other income (reversal)
ACS Capital Corporation Limited

Shareholder andone common director
ACSI (Thailand) Co., Ltd.
SubsidiaryACS Servicing (Thailand) Co., Ltd.
Subsidiary
AEON Specialized Bank (Cambodia) Plc.
Subsidiary
AEON Leasing Service (Lao) Company
Subsidiary
LimitedAEON Microfinance Myanmar
Subsidiary
Company Limited
ACS Trading Vietnam Co., Ltd.
Common ultimate
holding company

Operating and administrative expenses
Collection service fee
ACS Servicing (Thailand) Co., Ltd.
ATS Rabbit Special Purpose Vehicle
Company Limited

OthersAEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedAEON (Thailand) Company
LimitedACS Capital Corporation Limited
AEON Bank Ltd.
ATS Rabbit Special Purpose Vehicle
Company Limited
ACS Servicing (Thailand) Co., Ltd.
AEON Credit Service (Malaysia) BHD.
ACSI (Thailand) Co., Ltd.

Finance costs
ATS Rabbit Special Purpose Vehicle
Company Limited
AEON Bank Ltd.

Dividend paid
ACS Capital Corporation Limited
AEON Financial Service Co., Ltd.
AEON Holding (Thailand) Limited

Subsidiary
Subsidiary

Major shareholder
Common ultimate
holding company
Common ultimate
holding company
Shareholder andone common director
Common ultimate
holding company
Subsidiary
Subsidiary
Common ultimate
holding company
Subsidiary

-

8,645

-

11,063517

15,30061,99636,074

149,771

127,618

398,696

371,924

859

1,059

2,654

3,709

150,630

128,677

401,350

375,633

32,57930,98587,242

88,535

1,328

822

4,207

2,934

2,889

4,421

9,379

12,676

4

-

4

-

1,986

1,501

5,707

4,722

11,042
372

8,260
-

31,532
1,059

22,960---50,20045,989139,569

19
131,846

74,15982,769228,420

251,436

74,15982,769228,420

2,575
254,011

122,400
223,890108,000
197,550

249,600
456,560

222,480
406,953

56,100402,390

49,500355,050

114,400
820,560

101,970
731,403

439--

Subsidiary
Common ultimate
holding company

Shareholder andone common director
Major shareholder
Common ultimate
holding company

- 35 -

Other income for the three-month and nine-month periods ended November 30, 2022 and2021 includes computer fee and Finance and Accounting operation services fee charged
to ACS Capital Corporation Limited, ACSI (Thailand) Co., Ltd. and ACS Servicing(Thailand) Co., Ltd. Details are as follows:(1) Computer fee
The computer fee is charged to ACS Capital Corporation Limited, ACSI (Thailand)Co., Ltd and ACS Servicing (Thailand) Co., Ltd. at the rate of Baht 200,000 per
month, Baht 200,000 per month and Baht 707,349 per month, respectively.
The service fees are determined on a cost-plus basis.
From January 2022 onwards, there is no charge for computer service from ACSI
(Thailand) Co., Ltd.
(2) Finance and Accounting operation services fee
Finance and Accounting operation services fee is charged to ACS Capital
Corporation Limited, ACSI (Thailand) Co., Ltd. and ACS Servicing (Thailand)Co., Ltd. at the rate of Baht 50,000 per month, Baht 330,000 per month and Baht
720,000 per month, respectively.
From January 2022 onwards, Finance and Accounting operation services fee ischarged to ACSI (Thailand) Co., Ltd. and ACS Servicing (Thailand) Co., Ltd. at therate of Baht 50,000 per month and Baht 730,000 per month, respectively.
From July 2022 onwards, Finance and Accounting operation services fee ischarged to ACS Servicing (Thailand) Co., Ltd. at the rate of Baht 731,000 per
month.
From July 2022 onwards, implementation cost of Finance and Accounting system
is charged to ACS Capital Corporation Limited and ACS Servicing (Thailand)Co., Ltd. at the rate of Baht 50,000 per month and Baht 46,725 per month, respectively.
From July 2022 onwards, maintenance fee of Finance and Accounting system ischarged to ACS Capital Corporation Limited and ACS Servicing (Thailand)Co., Ltd. at the rate of Baht 3,500 per month and Baht 83,000 per month, respectively.
All service fees are determined on a cost-plus basis.

-

Revenues relating to securitization transactions are determined by the Company andsubsidiaries in accordance with securitization projects (see Note 5.5).

-

Collection service fee paid to ACS Servicing (Thailand) Co., Ltd. is based on generalmarket price and in the normal course of business.

-

Management assistant fee is paid to AEON Financial Service Co., Ltd. as stated in
the agreement.

-

Pricing policy for other operating and administrative expenses are determined by
the Company and related parties based on the cost-plus basis.

-

Purchase price of computer programs paid to AEON Credit Service Systems(Philippines) Inc. as specified in the agreement.

- 36 26.

SEGMENT INFORMATIONThe Group presents segment information in respect of the business segments based on
the management and internal reporting structure. The business segments of the Groupconsist of:
Retail finance services
Other business

Consist of credit card, hire-purchase and personal loans and others
Consist of debt collection service and insurance brokerage services

The Group does not have revenues from transactions with a single external customer at
10% or more of total revenues.
Transactions between segments are recorded on the same basis as the transaction conductedwith the third-party. Transactions between segments are eliminated on consolidation.
The segment information of the Group was classified by business segment as follows:
26.1

Operating results, classified by business for the three-month and nine-month periods
ended November 30, 2022 and 2021, are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month period ended November 30, 2022
Retail finance services

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

Elimination

Total

Baht ’000

Baht ’000

Revenues
Revenue from external customers
Inter - segment revenues

5,223,941

345,023

250,542-

55,060(4,427)

129,407(180,040)

5,819,506-

5,279,001

340,596379,949(180,040)

5,819,506

1,791,726

186,902

152,936(136,899)

1,994,665

32,021

6,695

5,737

Expenses
Operating and administrative expenses
Directors and managements’ remuneration-

44,453

Loss (gain) on sale and write-off ofleasehold improvements and equipment
and intangible assets other than goodwill
Total expenses
Finance costs

(20)

14

-

-

1,823,727

193,611

158,673(136,899)

429,720

48,564480

Expected credit losses

1,871,683

12,077

23

Profit before income tax(6)(3,168)2,039,112
475,596-

1,883,783
1,421,015

1,153,871

86,344

220,773(39,973)

Income tax expenses

257,024

16,554

12,188-

Profit for the period

896,847

69,790208,585(39,973)285,766
1,135,249

- 37 -CONSOLIDATED FINANCIAL STATEMENTS

For the three-month period ended November 30, 2021
Retail finance services

Other businesses

Elimination

Total

Baht ’000

Baht ’000

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

4,818,678

320,747

71,974-120,404

5,214

115,941(241,559)-

4,939,082

325,961

187,915(241,559)

5,211,399

1,695,040

171,842

165,814(122,203)

1,910,493

28,882

5,104

6,536

Revenues
Revenue from external customers
Inter - segment revenues

5,211,399

Expenses
Operating and administrative expenses
Directors and managements’ remuneration-

40,522

Loss (gain) on sale and write-off ofleasehold improvement and equipment
and intangible assets other than goodwill
Total expenses
Finance costs

614

345

(403)

1,724,536

177,291

171,947

374,186

52,861

383

Expected credit loss

1,681,189

98,542

66

Profit (loss) before income tax-

556(122,203)(1,941)

1,951,571
425,489-

1,779,797
1,054,542

1,159,171(2,733)

15,519(117,415)

Income tax expense

210,304

3,945

4,658

-

218,907

Profit (loss) for the period

948,867(6,678)

10,861(117,415)

835,635

CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended November 30, 2022
Retail finance services

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

Elimination

Total

Baht ’000

Baht ’000

Revenues
Revenue from external customers
Inter - segment revenues

15,082,084

967,241

730,247-

253,648

16,724

380,113(650,485)

16,779,572

15,335,732

983,965

1,110,360(650,485)

16,779,572

5,406,424

519,030

443,500(427,957)

5,940,997

76,493

19,546

20,247--

Expenses
Operating and administrative expenses
Directors and managements’ remuneration

116,286

Loss on sale and write-off of leasehold
improvements and equipment andintangible assets other than goodwill

931

1,040

451

Total expenses

5,483,848

539,616

464,198

Finance costs

1,245,040

143,512

1,202

Expected credit losses (reversal)

5,282,265

16,442(247)

Profit before income tax

3,324,579

284,395

Income tax expenses

729,763

Profit for the period

2,594,816

-

2,422

(427,957)

6,059,705(8,933)

1,380,821-

5,298,460

645,207(213,595)

4,040,586

53,966

31,569-230,429

613,638(213,595)

815,298
3,225,288

- 38 -CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended November 30, 2021
Retail finance services

Other businesses

Elimination

Total

Baht ’000

Baht ’000

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

14,284,549

935,188

377,275

487,407

20,726368,346(876,479)

14,771,956

955,914745,621(876,479)

15,597,012

5,132,830

502,398

618,352(520,275)

5,733,305

72,73820,15819,534

Revenues
Revenue from external customers
Inter - segment revenues-

15,597,012-

Expenses
Operating and administrative expenses
Directors and managements’ remuneration-

112,430

Loss on sale and write-off of leasehold
improvement and equipment and
7,079

821

405

Total expenses

intangible assets other than goodwill

5,212,647

523,377

638,291

Finance costs

1,167,013

165,716

1,453

Expected credit loss

4,376,346

634,509

22

Profit (loss) before income tax

4,015,950(367,688)

105,855

737,651

5,353

25,473

3,278,299(373,041)

80,382

Income tax expense
Profit (loss) for the period

26.2

-

8,305

(520,275)

5,854,040(7,208)

1,326,974(348,996)(348,996)

5,010,877
3,405,121
768,477
2,636,644

Financial positions classified by business are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2022
Retail finance services

Trade and other receivables

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

80,363,327

4,816,337

300,791

Elimination

Total

Baht ’000

Baht ’000(170,633)

85,309,822
1,512,238

Leasehold improvements and equipment andintangible assets other than goodwill

1,284,780

159,554

74,846(6,942)

9,324,409

792,423

608,473(1,383,332)

9,341,973

Total assets

90,972,516

5,768,314

984,110(1,560,907)

96,164,033

Total liabilities

69,377,648

4,600,502

161,315(290,464)

73,849,001

Other assets

CONSOLIDATED FINANCIAL STATEMENTS

As at February 28, 2022
Retail finance services

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

75,858,446

4,660,254

233,465

1,306,702

144,856

8,343,195

687,801

Total assets

85,508,343

5,492,911

Total liabilities

65,628,919

4,712,649

Trade and other receivables

Elimination

Total

Baht ’000

Baht ’000(149,860)

80,602,305

98,705(6,943)

1,543,320

635,593(1,342,826)

8,323,763

967,763(1,499,629)

90,469,388

128,388(264,531)

70,205,425

Leasehold improvements and equipment andintangible assets other than goodwill
Other assets

- 39 27. CREDIT FACILITIES AND LETTER OF GUARANTEE
27.1

As at November 30, 2022 and February 28, 2022, the Company has unused
committed and unsecured revolving credit facility agreements with various financial
institutions totaling Baht 3,000 million.

27.2

As at November 30, 2022 and February 28, 2022, the Company has unused andunsecured overdraft facilities with various banks totaling Baht 3,089 million.

27.3

As at November 30, 2022 and February 28, 2022, the Company has a bank’s letter ofguarantee issued to suppliers for guarantee payment of Baht 0.50 million. Such letterof guarantee is unsecured.

27.4

As at November 30, 2022 and February 28, 2022, a foreign subsidiary has unused andunsecured overdraft facilities with a local bank in the amount of Baht 23.04 million
and Baht 30.03 million, respectively.

27.5

As at November 30, 2022 and February 28, 2022, a subsidiary has letters of guarantee
issued by banks in the amounts of Baht 1.78 million and Baht 1.63 million,
respectively.

28. SALE OF WRITTEN-OFF RECEIVABLES
28.1

On June 28, 2018, the Company sold written-off receivables under loan agreements andcredit card agreements to ACS Servicing (Thailand) Co., Ltd. (the “buyer”),
a subsidiary, with the purchase price of Baht 31.52 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement sets out the conditions and terms in respect of the sales, assignment andconveyance of the Company’s rights, title, claim, obligation, liability and interest in
the written-off receivables under loan agreements and credit card agreements.
On June 28, 2018, which is the closing date as specified in the agreement, the Company
received the payment in full from the buyer. However, the Group has retained
substantially all of the risks and rewards of the assets transferred to the buyer which isthe subsidiary. Consequently, the Company recorded cash received from the buyer
as deferred revenue which will be recognized as revenue when the buyer can collectfrom debtors. The Company has already recognized revenue of Baht 0.09 million and
Baht 0.29 million as bad debt recovery in the consolidated and separate statements ofprofit or loss for the three-month and nine-month periods ended November 30, 2022,
respectively, and Baht 0.24 million and Baht 0.79 million as bad debt recovery inthe consolidated and separate statements of profit and loss for the three-month andnine-month periods ended November 30, 2021, respectively, and recorded outstanding
deferred revenue of Baht 21.47 million as other current liabilities in the separate
statements of financial position as at November 30, 2022 (as at February 28, 2022 :Baht 21.76 million).

- 40 Under the Asset Sale and Purchase Agreement, if the buyer wished to sell ortransfer loans receivable that were intended to be a portfolio sale to a third-party,
the Company was entitled to a right to first negotiate with the buyer with regard toa purchase of the portfolio before any third-party. If the negotiation was notconcluded within three months or the Company decided not to make a purchase,the buyer might sell such loans receivable to a third-party.
28.2

On October 28, 2019, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to ACS Servicing (Thailand) Co., Ltd.
(the “buyer”), a subsidiary, with the purchase price of Baht 59.11 million. On thesame date, the Company entered into the “Asset Sale and Purchase Agreement” withthe buyer. The agreement sets out the conditions and terms in respect of the sales,
assignment and conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card agreements.
On October 28, 2019, which is the closing date as specified in the agreement,
the Company received the payment in full from the buyer. However, the Group hasretained substantially all of the risks and rewards of the assets transferred to the buyer
which is the subsidiary. Consequently, the Company recorded cash received fromthe buyer as deferred revenue which will be recognized as revenue when the buyer
can collect from debtors. The Company has already recognized revenue of Baht 0.20
million and Baht 0.59 million as bad debt recovery in the consolidated and separate
statements of profit or loss for the three-month and nine-month periods ended
November 30, 2022, respectively, and Baht 0.27 million and Baht 0.88 million
as bad debt recovery in the consolidated and separate statements of profit and loss
for the three-month and nine-month periods ended November 30, 2021, respectively,
and recorded outstanding deferred revenue of Baht 54.18 million as other current
liabilities in the separate statements of financial position as at November 30, 2022
(as at February 28, 2022 : Baht 54.77 million).
Under the Asset Sale and Purchase Agreement, if the buyer wished to sell ortransfer loans receivable that were intended to be a portfolio sale to a third-party,
the Company was entitled to a right to first negotiate with the buyer with regard toa purchase of the portfolio before any third-party. If the negotiation was notconcluded within three months or the Company decided not to make a purchase,the buyer might sell such loans receivable to a third-party.

28.3

On August 31, 2021, the Company sold written-off receivables under loan
agreements and credit card agreements by a bidding process to an unrelated local
company (the “buyer”) with the purchase price of Baht 319.76 million. On thesame date, the Company entered into the “Asset Sale and Purchase Agreement”
with the buyer. The agreement set out the conditions and terms in respect of thesales, assignment and conveyance of the Company’s rights, title, claim, obligation,
liability and interest in the written-off receivables under loan agreements andcredit card agreements. On August 31, 2021, which is the closing date as specified
in the agreement, the Company received the payment in full from the buyer.
The Company has already recognized gain on sale of written-off receivables
totaling Baht 319.76 million in the consolidated and separate statements of profit
or loss for the nine-month period ended November 30, 2021.

- 41 28.4

On March 4, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 104.98 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability and interestin the written-off receivables under loan agreements and credit card agreements.
On March 4, 2022, which is the closing date as specified in the agreement,
the Company received the payment in full from the buyer. The Company has
already recognized gain on sale of written-off receivables totaling Baht 104.98 million
in the consolidated and separate statements of profit or loss for the nine-month period
ended November 30, 2022.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan
agreements are not legal as specified in the agreement. However, the Company
believed that such damage was not significant, therefore, the Company had notrecorded such claim in the financial statements for the nine-month period ended
November 30, 2022.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third party, the buyer shall get written approval fromthe Company. In addition, a third party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.

28.5

On October 31, 2022, the Company sold written-off receivables under loan
agreements and credit card agreements by a bidding process to an unrelated local
company (the “buyer”) with the purchase price of Baht 110.40 million. On thesame date, the Company entered into the “Asset Sale and Purchase Agreement”
with the buyer. The agreement set out the conditions and terms in respect of thesales, assignment and conveyance of the Company’s rights, title, claim, obligation,
liability and interest in the written-off receivables under loan agreements andcredit card agreements. On November 29, 2022, which is the closing date as
specified in the agreement, the Company received the initial payment of Baht
11.04 million. The buyer has agreed to pay the remaining amount of purchaseprice amounting to Baht 99.36 million in 8 installments of Baht 12.42 million pereach and last installment will be on November 29, 2024. The Company has alreadyrecognized gain on sale of written-off receivables totaling Baht 110.40 million in the
consolidated and separate statements of profit or loss for the three-month and ninemonth periods ended November 30, 2022, and recorded outstanding receivables of Baht
99.36 million as other receivables in the consolidated and separate statements offinancial positions as at November 30, 2022.

- 42 Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan
agreements are not legal as specified in the agreement. However, the Company
believed that such damage was not significant, therefore, the Company had notrecorded such claim in the financial statements for the three-month and ninemonth periods ended November 30, 2022.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third party, the buyer shall get written approval fromthe Company. In addition, a third party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.
28.6

On October 31, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 57.23 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability and interestin the written-off receivables under loan agreements and credit card agreements.
On November 29, 2022, which is the closing date as specified in the agreement,
the Company received the payment in full from the buyer. The Company has
already recognized gain on sale of written-off receivables totaling Baht 57.23 million
in the consolidated and separate statements of profit or loss for the three-month andnine-month periods ended November 30, 2022.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan
agreements are not legal as specified in the agreement. However, the Company
believed that such damage was not significant, therefore, the Company had notrecorded such claim in the financial statements for the three-month and ninemonth periods ended November 30, 2022.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third party, the buyer shall get written approval fromthe Company. In addition, a third party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.

- 43 28.7

On November 29, 2022, the Company sold written-off receivables under loan
agreements and credit card agreements by a bidding process to an unrelated local
company (the “buyer”) with the purchase price of Baht 108.98 million. On thesame date, the Company entered into the “Asset Sale and Purchase Agreement”
with the buyer. The agreement set out the conditions and terms in respect of thesales, assignment and conveyance of the Company’s rights, title, claim, obligation,
liability and interest in the written-off receivables under loan agreements andcredit card agreements. On November 29, 2022, which is the closing date as
specified in the agreement, the Company received the initial payment of Baht
10.90 million. The buyer has agreed to pay the remaining amount of purchaseprice amounting to Baht 98.08 million in 8 installments of Baht 12.26 million pereach and last installment will be on November 29, 2024. The Company has alreadyrecognized gain on sale of written-off receivables totaling Baht 108.98 million in the
consolidated and separate statements of profit or loss for the three-month and ninemonth periods ended November 30, 2022, and recorded outstanding receivables of Baht
98.08 million as other receivables in the consolidated and separate statements offinancial positions as at November 30, 2022.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan
agreements are not legal as specified in the agreement. However, the Company
believed that such damage was not significant, therefore, the Company had notrecorded such claim in the financial statements for the three-month and ninemonth periods ended November 30, 2022.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third party, the buyer shall get written approval fromthe Company. In addition, a third party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.

28.8

On November 29, 2022, the Company sold written-off receivables under loan
agreements and credit card agreements by a bidding process to an unrelated local
company (the “buyer”) with the purchase price of Baht 22.98 million. On the samedate, the Company entered into the “Asset Sale and Purchase Agreement” with thebuyer. The agreement set out the conditions and terms in respect of the sales,
assignment and conveyance of the Company’s rights, title, claim, obligation,
liability and interest in the written-off receivables under loan agreements andcredit card agreements. On November 29, 2022, which is the closing date as
specified in the agreement, the Company received the initial payment of Baht 6.90
million. The buyer has agreed to pay the remaining amount of purchase priceamounting to Baht 16.08 million in 2 installments of Baht 8.04 million per eachand last installment will be on January 31, 2023. The Company has alreadyrecognized gain on sale of written-off receivables totaling Baht 22.98 million in
the consolidated and separate statements of profit or loss for the three-month andnine-month periods ended November 30, 2022, and recorded outstanding
receivables of Baht 16.08 million as other receivables in the consolidated andseparate statements of financial positions as at November 30, 2022.

- 44 Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan
agreements are not legal as specified in the agreement. However, the Company
believed that such damage was not significant, therefore, the Company had notrecorded such claim in the financial statements for the three-month and ninemonth periods ended November 30, 2022.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third party, the buyer shall get written approval fromthe Company. In addition, a third party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.
29. APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
These interim financial statements were approved for issue by the Company’s Board of
Directors on January 11, 2023.