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 (the “Group”) and the separate statementof financial position of AEON Thana Sinsap (Thailand) Public Company Limited(the “Company”) as at November 30, 2023, and the related consolidated and separate statements
of profit or loss, profit or loss and other comprehensive income for the three-month andnine-month periods ended November 30 2023, the related consolidated and separate statement ofchanges in shareholders’ equity and cash flows for the nine-month ended November 30, 2023,
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 withThai 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.
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, 2024

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, 2023
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS“Unaudited”

FINANCIAL STATEMENTS“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2023

2023

2023

2023

4.1

3,158,936

3,816,356

2,505,282

2,159,810

580,492,847

80,667,069

77,260,866

77,833,587

573,548

518,404

420,887414,708--

27,82427,990ASSETS
CURRENT ASSETS

Cash and cash equivalents
Trade and other current receivables
Trade receivables
Other receivables
Current portion of long-term loan to a subsidiary

6

Current portion of loans from purchase of accounts receivable

7

Seller loan in Special Purpose Vehicle for securitization

11

-

1,714

-

-

-

Current portion of derivative assets

216,805

287,62118

715,694

1,047,431

715,694

1,047,431

8,743

-

8,743

-

Current tax asset
Other current assets
Total Current Assets

490

100,226

102,645

44,70942,95585,051,708

86,152,395

81,200,810

81,814,102

3,914,013

3,144,652

1,763,276

1,496,409

37,05474,04137,05474,04140,824

144,216

-

-

-

-

83,473

83,970NON-CURRENT ASSETS

Trade and other non-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

52,774

12,133

Investments in subsidiaries

8

-

-

-

-

1,260,909

1,235,409

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

Investment in equity security designated at fair value
through other comprehensive income
Subordinated lendings

12.1

Leasehold improvements and equipment--

84,074

84,074538,245

523,145

400,268

447,217

Right-of-use assets

708,607892,559

608,289776,685

Intangible assets other than goodwill

851,739

923,406

719,196783,252

Derivative assets

18445,884

684,654445,884

684,654

Deferred tax assets

13

2,387,462

2,340,922

2,309,673

2,268,848

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

See condensed notes to the financial statements

156,083

165,501

138,722

146,184

9,281,747

9,054,291

7,999,880

8,229,805

94,333,455

95,206,686

89,200,690

90,043,907

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT NOVEMBER 30, 2023
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,

2023

2023

2023

2023

8,064,288

4,485,424

6,310,000

3,440,000

Trade payables

74,621

220,728

50,208200,448

Other payables

1,663,317

1,629,459

1,559,325

1,532,329

15

13,160,785

12,836,551

13,160,785

11,273,543

Long-term debentures

17

1,515,830-

999,728-

Derivative liabilities

18431,602562,743431,602562,743

Lease liabilities

400,363444,127

351,939

389,924

Current income tax payable

44,497643,416-

608,272

LIABILITIES AND SHAREHOLDERS’ EQUITYCURRENT LIABILITIESShort-term borrowings from financial institutions

14

Trade and other current payables

Current portion of long-term liabilities
Long-term borrowings

Other current liabilities
Total Current Liabilities

403,345

341,614402,580

345,10325,758,648

21,164,062

23,266,167

18,352,362

35,012,062

39,152,934

32,463,464

37,867,795-

NON-CURRENT LIABILITIESLong-term borrowings

15

Long-term borrowings under securitization project16

1,141,817

1,260,991

Long-term debentures

17

7,046,209

9,580,142

6,766,470

8,107,060

Derivative liabilities

18

1,188,410

876,160

1,188,410

876,160

340,367

473,541

289,873412,280

Lease liabilities-

Subordinated borrowings

12.2

84,074

84,074--

Provisions for employee benefit

19496,161444,377

451,651405,630

88,111

83,31670,391

71,18644,255,394

50,694,544

42,372,076

49,001,102

70,014,042

71,858,606

65,638,243

67,353,464

Other non-current liabilities
Total Non-current Liabilities
TOTAL LIABILITIESAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT NOVEMBER 30, 2023
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,

2023

2023

2023

2023

250,000

250,000

250,000

250,000

fully paid

250,000

250,000

250,000

250,000

SHARE PREMIUM ON ORDINARY SHARES

478,000

478,000

478,000

478,000

20

14,086

9,265

12,646

9,265

8

(16)

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,

OTHER SURPLUSES (DEFICITS)

Surplus on share-based payment transaction
Deficit arising from change in ownership interestin a subsidiary

-

-

-

25,00025,00025,000RETAINED EARNINGS

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

4,850,000

4,850,000

4,850,000

18,172,556

17,382,220

17,982,320

17,167,729(49,349)(83,454)--

OTHER COMPONENTS OF SHAREHOLDERS’ EQUITY

Exchange differences on translating
financial statements of 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(35,519)(89,551)(35,519)(89,551)

23,704,758

22,821,480

23,562,447

22,690,443

614,655

526,600--

24,319,413

23,348,080

23,562,447

22,690,443

94,333,455

95,206,686

89,200,690

90,043,907

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE THREE-MONTH PERIOD ENDED NOVEMBER 30, 2023
“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,

2023

2022

2023

2022

1,989,382

1,960,210

1,948,392

1,919,885

2,411,010

2,589,296

2,412,893

2,558,585

249,415

253,784

65,62059,620468,313406,049448,890406,049
299,593

REVENUES

Credit card income
Loan income

22

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

299,593-

Collection service income

28.4 - 28.7

54,99755,339--Insurance broker business income

157,207

175,660

157,207

175,660

Dividend income

25.2.2OthersTotal Other income
Total Revenues--

133,200

44,40074,686

79,57532,717

20,328755,203

1,016,216

772,014946,030

5,405,010

5,819,506

5,198,919

5,484,120

2,063,271

1,994,665

1,879,504

1,798,868

50,57544,45336,621

32,021

(11)

(6)

(49)

(20)

2,113,835

2,039,112

1,916,076

1,830,869

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

23

Gain on sale and write-off of leasehold improvements
and equipment and intangible assets other than goodwill
Total Expenses
Finance costs
Expected credit losses
PROFIT BEFORE INCOME TAX
INCOME TAX EXPENSES

24

PROFIT FOR THE PERIOD

511,195

475,596

539,555

490,527

1,899,330

1,883,783

1,835,976

1,833,157

880,650

1,421,015

907,312

1,329,567

170,734

285,766

155,197

257,031709,916

1,135,249

752,115

1,072,536

706,026

1,103,786

752,115

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

3,890

31,463709,916

1,135,249--

752,115

1,072,536

BAHT

2.82

4.42

3.01

4.29

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, 2023
“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,

2023

2022

2023

2022

709,916

1,135,249

752,115

1,072,536- Owners of the parent

14,60351,123--- Non-controlling interests

17,41946,855--(15,034)(299,070)

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

16,988TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

726,904

Owners of the parent
Non-controlling interests

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

Loss on cash flow hedges(15,034)(299,070)(201,092)(15,034)(299,070)

934,157

737,081773,466

705,595

855,839

737,081773,466

21,30978,318--726,904

934,157

737,081773,466

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

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2023
“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,

2023

2022

2023

2022

5,908,419

5,648,349

5,785,942

5,534,846

7,499,550

7,846,854

7,409,507

7,771,376

737,215773,649

190,562

186,343

1,360,248

1,201,937

1,311,243

1,201,937

167,108

404,572

167,108

404,572

Collection service income

168,050

166,069--

Insurance broker business income

487,211517,056

487,211517,056--

273,800

203,000

REVENUES

Credit card income
Loan income

22

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

Dividend income

28.3 - 28.10

25.2.2OthersTotal Other income
Total Revenues

212,771

221,086

101,713

126,2022,395,388

2,510,720

2,341,075

2,452,767

16,540,572

16,779,572

15,727,086

15,945,332

6,068,414

5,940,997

5,541,605

5,426,024

144,063

116,286

110,425

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

23

Loss on impairment of assets

4,341

-

4,341

76,493-

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

1,779

2,422

1,882

931

6,218,597

6,059,705

5,658,253

5,503,448

Finance costs

1,612,315

1,380,821

1,621,072

1,436,240

Expected credit losses

5,941,970

5,298,460

5,780,857

5,167,549

PROFIT BEFORE INCOME TAX

2,767,690

4,040,586

2,666,904

3,838,095

Total Expenses

INCOME TAX EXPENSES

24

PROFIT FOR THE PERIOD

550,039815,298

477,435

728,578

2,217,651

3,225,288

2,189,469

3,109,517

2,165,214

3,122,191

2,189,469

3,109,517

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

52,437103,097--2,217,651

3,225,288

2,189,469

3,109,517

BAHT

8.66

12.49

8.76

12.44

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, 2023
“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,

2023

2022

2023

2022

2,217,651

3,225,288

2,189,469

3,109,517- Owners of the parent

34,10576,797--- Non-controlling interests

39,78180,323--Gain (loss) on cash flow hedges

54,032(35,509)

54,032(35,509)

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

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

127,918

121,61154,032(35,509)2,345,569

3,346,899

2,243,501

3,074,008

2,253,351

3,163,479

2,243,501

3,074,008

92,218183,420--

2,345,569

3,346,899

2,243,501

3,074,008

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, 2023
“UNAUDITED”
UNIT : THOUSAND BAHTCONSOLIDATED FINANCIAL STATEMENTS

Notes

Owners of the parent
Issued andShare premium

Surplus on

Retained earnings

paid-upon ordinary

share-based payment

arising from changeshare capitalsharestransactionin ownership interest

DeficitAppropriatedLegal reservein a subsidiary

Other components of

Unappropriatedshareholders’ equity
Exchange differences

Cumulative loss

businesson translatingon cash flow hedges

expansion

financial statements

Reserve for

Non-

Total

Total

controllingshareholders’owners ofinterests

equitythe parentof foreign operations
250,000

Beginning balance as at March 1, 2022

478,000--

25,0004,850,000

-

-

-

-

-

-

-

-

-

-

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

19,888,711

375,252

20,263,963

250

250

(2,384)(664,880)

Changes during the period
Increase in non-controlling interests
arising from new investment in a subsidiary

-

-

-

-

-

-

Surplus on share-based payment
20

-

-

Dividend paidtransaction

21.1

-

-

-

Interim dividend paid

21.2

-

-

-

-

-

-

-

-

-

-

-

-

Profit for the period
Other comprehensive income (loss)

-

6,297

-

-

6,297

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

3,122,191--

3,122,191

103,097

3,225,288

-

-

-

6,297

-

-

-

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

121,611Ending balance as at November 30, 2022

250,000

478,000

6,297-

25,0004,850,000

16,631,058(19,011)(462,850)

21,758,494

556,538

22,315,032

Beginning balance as at March 1, 2023

250,000

478,000

9,265-

25,0004,850,000

17,382,220(83,454)(89,551)

22,821,480

526,600

23,348,080

-

4,821

-

-

Changes during the period
Surplus on share-based paymenttransaction

20

-

-

-

-

-

4,821

-

4,821

Decrease in change in ownership
8

-

-

-

Dividend paidinterest in a subsidiary

21.3

-

-

-

Interim dividend paid

21.4

-

-

-

-

-

-

-

-

Profit for the period
Other comprehensive income-

Ending balance as at November 30, 2023

250,000

See condensed notes to the financial statements

478,000

(16)

-

-

-

-

-

-

-

-

-

14,086(16)

25,000

-

-

(16)

(234)

(250)

(737,496)--(737,496)(3,929)(741,425)-(637,382)--(637,382)-(637,382)-

2,165,214--

2,165,214

52,4372,217,651

4,850,000--

34,10554,032

88,13739,781

127,918

18,172,556(49,349)(35,519)

23,704,758

614,655

24,319,413

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2023
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

SEPARATE FINANCIAL STATEMENTS

Issued andShare premium

Surplus on

paid-upon ordinary

share-based payment

share capitalsharestransaction

Retained earnings
AppropriatedLegal reserve

Other components of

Unappropriated shareholders’ equity

Reserve for

Cumulative loss

businesson cash flow hedges

Total
shareholders’equityexpansion
Beginning balance as at March 1, 2022

250,000

478,000--

25,0004,850,000

14,703,739(427,341)

19,879,398

Changes during the period
Surplus on share-based payment transaction

20

-

6,297

-

-

-

-

6,297

Dividend paid

21.1

-

-

-

-

Interim dividend paid

21.2

-

-

-

-

-

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

Profit for the period

-

-

-

-

-

Other comprehensive loss

-

-

-

-

-

3,109,517-

Ending balance as at November 30, 2022

250,000

478,000

6,297

25,0004,850,000

Beginning balance as at March 1, 2023

250,000

478,000

9,265

25,0004,850,000

3,381

-

3,109,517(35,509)(35,509)16,513,263(462,850)

21,659,710

17,167,729(89,551)

22,690,443

Changes during the period
Surplus on share-based payment transaction

20

-

-

-

-

-

-

3,381

Dividend paid

21.3

-

-

-

-

-

(737,496)-(737,496)

Interim dividend paid

21.4

-

-

-

-

-

(637,382)-(637,382)

-

-

-

-

-

2,189,469-

2,189,469---

250,000

478,000

Profit for the period
Other comprehensive income
Ending balance as at November 30, 2023

See condensed notes to the financial statements

12,64625,0004,850,000

17,982,320

54,03254,032(35,519)

23,562,447

DraftAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWSFOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2023
“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,

2023

2022

2023

2022

2,217,651

3,225,288

2,189,469

3,109,517

CASH FLOWS FROM OPERATING ACTIVITIESProfit for the period
Adjustments for:
Income tax expenses

550,039815,298

477,435

728,578

Expected credit losses

5,941,970

5,298,460

5,780,857

5,167,549

Loss on impairment of assets

4,341

-

4,341

-

Depreciation of leasehold improvements and equipment
and right-of-use assets
Amortization of intangible assets other than goodwill

566,261

610,942

488,106

524,989

199,079

178,275

164,858

145,169

Loss on sale and write-off of leasehold improvement andequipment and intangible assets other than goodwill
Employee benefit expense

19

Employee joint investment program expense

20

Gain on sale of written-off receivables
Unrealized (gain) loss on exchange rate
Interest income

1,779

2,422

1,882

931

52,764

66,936

46,91054,79914,604

8,890

11,994

8,890(167,108)(404,572)(167,108)(404,572)--(10,498,410)(10,355,764)

Gain on cancellation of lease agreements

(344)

663

(10,595)(9,448,882)(9,380,216)

(344)

(325)

-

-

(273,800)(203,000)

1,612,315

1,380,821

1,621,072

1,436,240

494,941

826,671

897,453

1,177,954(6,443,783)(9,282,212)(5,679,358)(9,590,436)(41,866)(12,351)--

Other current assets

2,839

(542)

(1,755)(1,560)

Other non-current assets

9,822

10,3207,460

17,140(146,830)(4,677)(133,694)(8,407)

57,912(26,355)

57,478(34,904)

Dividend income
Finance costs(325)

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

Operating liabilities increase (decrease)
Trade and other current payables
Other current liabilities
Other non-current liabilities

4,084

3,627

(632)

4,189

(6,062,881)(8,485,519)(4,853,048)(8,436,024)

Interest received

10,650,732

10,301,829

9,599,817

9,306,121

Dividend received--

273,800

203,000

Finance costs paid

(1,566,544)(1,438,526)(1,597,588)(1,507,969)

Net cash flows used in operations

Income tax paid

(1,215,716)(514,832)(1,148,783)(454,329)

Employee benefits paid

19

(980)

(33,364)(889)(17,468)

Cash paid for employee joint investment program

20(9,783)(2,593)(8,613)(2,593)

1,794,828(173,005)

2,264,696(909,262)

Net cash flows provided by (used in) operating activities

DraftAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWS (CONTINUED)
FOR THE NINE-MONTH PERIOD ENDED NOVEMBER 30, 2023
“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,

2023

2022

2023

2022

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

105,559

Cash paid for fixed deposits at banks under obligations

-

3,000

-

-

(103,943)--

Cash paid for purchase of leasehold improvements
and equipment

4.2(189,699)(150,907)(100,079)

1,192

2,101

948

1,381

(165,029)(368,459)(142,275)(327,384)-(25,500)(24,500)--

Cash received from sale of leasehold improvements and equipment
Cash paid for purchase of intangible assets other than goodwill

4.2

Cash paid for investment in subsidiary-

Cash paid for purchase of shares from non-controlling interest(250)

Net cash flows used in investing activities(135,143)-(248,227)(618,208)(266,906)(485,646)

4.4

82,805,918

84,337,171

78,290,000

82,053,200(82,333,443)

CASH FLOWS FROM FINANCING ACTIVITIESCash received from bank overdrafts and short-termborrowings from financial institutions
Cash repayments for bank overdrafts and
4.4(79,278,872)(84,839,045)(75,420,000)

Cash received from long-term borrowings

short-term borrowings from financial institutions

4.4

8,780,089

19,514,845

7,633,600

17,851,762

Cash repayments for long-term borrowings

4.4(12,204,684)(16,891,183)(10,623,300)(14,881,625)

4.4

-

-

460,094

423,394(407,738)

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

-

-

Cash received from long-term debentures

securitization project

4.4-

2,545,000

Cash repayments for long-term debentures

4.4(677,241)(2,800,000)

Cash paid for lease liabilities

4.4(411,714)(414,613)(360,337)(362,748)

150,241

191,042

150,241

191,042

Cash received from sales of written-off receivables(423,394)-

2,545,000-(2,800,000)

Proceeds from increase in non-controlling interest arisingfrom investment in a subsidiary-

Dividend paid
Interim dividend paid
Net cash flows provided by (used in) financing activities

250(741,315)(666,308)--(737,496)(662,496)(637,382)(637,497)(637,382)(637,497)(2,214,960)

339,662(1,652,318)

963,195(668,359)(451,551)

345,472(431,713)

10,93930,337(657,420)(421,214)

345,472(431,713)

3,816,356

4,235,603

2,159,810

2,639,136

3,158,936

3,814,389

2,505,282

2,207,423

Net increase (decrease) in cash and cash equivalents
before effect of exchange rate
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at ending of the period

See condensed notes to the financial statements

4.1

-

-

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, 2023
“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 Ministry ofCommerce 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.
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 the supporting
period during January 1, 2022 to December 31, 2023 or until there are any changes fromthe Bank of Thailand, which requires the compliance for such changes. The entities who
support their debtors and elect to apply the temporary relief measures according to thisaccounting treatment guidance should disclose information as specified in this accounting
treatment guidance.

-2For the three-month and nine-month periods ended November 30, 2023, the Group and theCompany have adhered to such Accounting Treatment Guidance regarding staging ofreceivables. For receivables that are credit impaired but still have the potential 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 the guidelines in the relief measurement tohelp debtors following the Bank of Thailand’s circular letter.
OthersAEON Microfinance (Myanmar) Co., Ltd. (the “subsidiary”) has temporarily suspended newloans to customers due to the impact of the political turmoil in Myanmar since February 1,
2021. However, the subsidiary has resumed providing new loans to existing customers
starting from January 22, 2022, and to new customers starting from January 12, 2023. 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.
2.

BASIS FOR PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED AND
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, 2023 and 2022 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,
2023, 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.

-32.3The unaudited results of operations presented in the three-month and nine-month
periods ended November 30, 2023 are not necessarily an indication nor anticipationof 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 forthe three-month and nine-month periods ended November 30, 2023 should be readin conjunction with the audited financial statements for the year ended February 28,
2023.

2.5

Material intercompany transactions between the Company and its subsidiaries havebeen eliminated from this interim consolidated financial statements. The interim
consolidated financial statements for the three-month and nine-month periods ended
November 30, 2023 have included the subsidiaries’ interim financial statements
which were reviewed.
For the three-month and nine-month periods ended November 30, 2023 and 2022,
the subsidiaries included in the consolidated financial statements are as follows:Business typeCountry ofRegistration dateregistration

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

ACS Servicing (Thailand)

2023

2022

Collection servicer

ThailandMarch 13, 2007

100.00100.00Non-life insurance broker

ThailandJuly 1, 2013100.00100.00Retail finance business

Cambodia

October 5, 2011

50.00

50.00

Retail finance business

MyanmarNovember 2, 2012

100.00100.00Retail finance business

Laos

January 11, 2013100.00100.00ATS Rabbit Special Purpose

Special purpose juristic

ThailandMarch 20, 2015

48.75

48.75

Vehicle Company Limited(3)person in securitization projects
ThailandAugust 2, 2022

100.0099.00

Company Limited
ACSI (Thailand) Co., Ltd.

and life insurance broker
AEON Specialized Bank
(Cambodia) Plc.(4)AEON Microfinance (Myanmar)
Company Limited
AEON Leasing Service (Lao)Company Limited(1)AEON Asset Management

Non-performing assets(Thailand) Co., Ltd.(2)management(1)

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

(2)

The Company indirectly holds shares of AEON Asset Management (Thailand) Co., Ltd. through ACS Servicing (Thailand) Company
Limited with 0.01% shareholdings.

(3)

The Company has the power to control over ATS Rabbit Special Purpose Vehicle Company Limited because the Company has power toappoint 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.

-42.6

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 the financial
information of the subsidiaries using the most recent financial statements of thesubsidiaries adjusted for the effects of significant transactions or events that occur
between the date of those financial statements and the date of the consolidated
financial statements. The dates of the end of the reporting period of the financial
statements of the aforementioned subsidiaries are as follows:

Subsidiaries
ACS Servicing (Thailand) Company Limited
ACSI (Thailand) Co., Ltd.
AEON Specialized Bank (Cambodia) Plc.
AEON Microfinance (Myanmar) Company Limited
AEON Leasing Service (Lao) Company Limited
AEON Asset Management (Thailand) Co., Ltd.

2.7

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,
2023
2022
September 30, 2023
September 30, 2023
September 30, 2023
September 30, 2023
September 30, 2023
September 30, 2023

September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022

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, 2023. These financial
reporting standards were aimed at alignment with the corresponding Thai Financial
Reporting Standards, with most of the changes directed towards revision of wording
and terminology and clarification of accounting requirements. The adoption of thesefinancial reporting standards does not have significant impact on the Group’s andthe Company’s interim financial statements.

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 the financial
statements for the period beginning on or after January 1, 2025 onwards.
On August 8, 2023, the Federation of Accounting Professions has issued theNotification regarding the amendments to Thai Accounting Standards (TASs) andThai Financial Reporting Standards (TFRSs) which have been announced in
the Royal Gazette and will be effective for the financial statements for the period
beginning on or after January 1, 2024 onwards. The revised TASs and TFRSs which
are related to the Group and the Company are as follows:

Thai Accounting Standard No. 8 “Accounting Policy, Changes in Accounting Estimatesand Errors”

-5The amendments involve revision to accounting estimates definition and supplementary
amendments to distinguish the “Changes in Accounting Estimates” from “Changes in
Accounting Policies”.
Thai Accounting Standard No. 1 “Presentation of Financial Statements”, Thai
Accounting Standard No. 26 “Accounting and Reporting by Retirement Benefit Plans”,
Thai Accounting Standard No. 34 “Interim Financial Reporting”, and Thai AccountingStandard No. 7 “Financial Instruments: Disclosures”
The enhancements substitute the requirements for entity from “Disclosure of Significant
Accounting Policies Used by the Entity” to “Disclosure of Material Accounting Policy
Information Used by the Entity”.
Thai Accounting Standard No. 12 “Income Taxes”
The amendments narrow the scope of the recognition exception by setting additional
conditions on the recognizing the deferred tax upon initial recognition that give rise toequal the taxable temporary differences and deductible temporary differences.
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 they
become effective. The Group’s and the Company’s management is in the process toassess the impact of these TFRSs on the financial statements of the Group and theCompany in the period of initial application.
3.

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 theyear ended February 28, 2023.
4.

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION

4.1

Cash and cash equivalents as at November 30, 2023 and February 28, 2023 are as
follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”

Cash
Deposits at banks - call deposits
Total cash and cash equivalents

4.2“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2023

2023

2023

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

470,519
2,688,417
3,158,936

452,796
3,363,560
3,816,356

427,961
2,077,321
2,505,282

422,844
1,736,966
2,159,810

Cash paid for purchase of leasehold improvements and equipment, and intangible
assets other than goodwill for the nine-month periods ended November 30, 2023 and2022 are as follows:

-6-

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2023
Baht ’000

2022
Baht ’000

2023
Baht ’000

8,655
189,458

34,470121,358

8,458
99,86734,218105,822

198,113

155,828

108,325140,040(189,699)(150,907)(100,079)(135,143)

8,414

4,921

8,246

4,897

46,661
127,725

146,101
235,900

46,410105,053

145,885
193,703

174,386

382,001

151,463339,588(165,029)(368,459)(142,275)(327,384)

9,357

13,542

9,188

12,204

Leasehold improvements and equipment
Liabilities recorded - brought forward
Purchase of leasehold improvements and equipment
Less Cash paid for purchase ofleasehold improvements and equipment
Liabilities recorded - carried forward
Intangible assets other than goodwill
Liabilities recorded - brought forward
Purchase of intangible assets other than goodwill
Less Cash paid for purchase ofintangible assets other than goodwill
Liabilities recorded - carried forward

4.3

2022
Baht ’000

The Company had non-cash items relating to sale of the rights on loans receivableto 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, 2023 and 2022, such sale was settled by decreasing the Seller loan
Account of Baht 70.82 million and increasing the Seller loan Account of Baht 23.26
million, respectively, instead of cash receipt.

4.4 Changes in liabilities arising from financing activities for the nine-month periods ended
November 30, 2023 and 2022 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Bank overdrafts and short-termborrowings from financial
institutions
Long-term borrowings
Long-term debentures
Lease liabilities

Beginningbalance
as atMarch 1,
2023
Baht ’000

Financing cash flows
Cash
Cash
received
paid

Baht ’000

Baht ’000

4,485,424
51,989,485
9,580,142
917,668

82,805,918
8,780,089-(79,278,872)(12,204,684)(677,241)(411,714)

Non-cash changes
Differences
Otherson translating
foreigncurrencies
Baht ’000
Baht ’000*The amount comprises addition of lease agreements and extensions of existing lease agreements.

51,818(401,268)(347,769)
2,729

9,225
6,907
232,047*“Unaudited”
Endingbalance
as atNovember 30,
2023
Baht ’000

8,064,288
48,172,847
8,562,039
740,730

-7-

CONSOLIDATED FINANCIAL STATEMENTS

Bank overdrafts and short-termborrowings from financial
institutions
Long-term borrowings
Long-term debentures
Lease liabilities

Beginningbalance
as atMarch 1,
2022
Baht ’000

Financing cash flows
Cash
Cash
received
paid

Baht ’000

Baht ’000

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

84,337,171
19,514,845
2,545,000-(84,839,045)(16,891,183)(2,800,000)(414,613)

Non-cash changes
Differences
Otherson translating
foreigncurrencies
Baht ’000
Baht ’000(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.

SEPARATE FINANCIAL STATEMENTS

Bank overdrafts and short-termborrowings from financial
institutions
Long-term borrowings
Long-term borrowings under
securitization projectLong-term debentures
Lease liabilities

Beginningbalance
as atMarch 1,
2023
Baht ’000

Financing cash flows
Cash
Cash
received
paid

Non-cash changes
Differences
Otherson translating
fozreign
currencies
Baht ’000
Baht ’000

Baht ’000

Baht ’000

3,440,000
49,141,338

78,290,000
7,633,600(75,420,000)(10,623,300)(536,613)

1,260,991
8,107,060
802,204

460,094-(407,738)(360,337)(347,769)--“Unaudited”
Endingbalance
as atNovember 30,
2023
Baht ’000

9,224

6,310,000
45,624,249(171,530)
6,907
199,945*

1,141,817
7,766,198
641,812*The amount comprises addition of lease agreements and extensions of existing lease agreements.
SEPARATE FINANCIAL STATEMENTS

Bank overdrafts and short-termborrowings from financial
institutions
Long-term borrowings
Long-term borrowings under
securitization projectLong-term debentures
Lease liabilities

Financing cash flows
Cash
Cash
received
paid

Non-cash changes
Differences
Otherson translating
foreigncurrencies
Baht ’000
Baht ’000“Unaudited”
Endingbalance
as atNovember 30,
2022
Baht ’000

Beginningbalance
as atMarch 1,
2022
Baht ’000

Baht ’000

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*The amount comprises addition of lease agreements and extensions of existing lease agreements.

-85.

TRADE RECEIVABLES

5.1 Trade receivables as at November 30, 2023 and February 28, 2023 consist of the following:
CONSOLIDATEDFINANCIAL STATEMENTS

Trade receivables
Trade receivables under securitization project- ATS Rabbit Special Purpose Vehicle
Company Limited
Total
Less Allowance for expected credit losses
Total trade receivables

SEPARATE
FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000

92,752,567

92,675,988

86,853,594

87,599,547

1,141,817
93,894,384(9,487,524)
84,406,860

1,260,991
93,936,979(10,125,258)
83,811,721

1,141,817
87,995,411(8,971,269)
79,024,142

1,260,991
88,860,538(9,530,542)
79,329,996

As the securitization transaction under the Receivables Sale and Purchase Agreement fortransferred rights on loans receivable with ATS Rabbit Special Purpose Vehicle Company
Limited does not qualify for derecognition of financial assets according to TFRS 9, theCompany 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, 2023 and February 28, 2023, trade receivables are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Hire-purchase receivable
Hire-purchase and accrued
interest receivable
Less Unearned financing income
Less Allowance for expectedcredit losses
Hire-purchase and accrued
interest receivable - net
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 loss
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“Unaudited”
As at November 30, 2023
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

As at February 28, 2023
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

2,719,576(292,268)
2,427,308

4,408,339(492,257)
3,916,082

7,127,915(784,525)
6,343,390

2,483,958(251,126)
2,232,832

3,625,375(347,096)
3,278,279

6,109,333(598,222)
5,511,111(202,111)(403,775)(605,886)(185,051)(314,840)(499,891)

2,225,197

3,512,307

5,737,504

2,047,781

2,963,439

5,011,220

43,532,766

441,889

43,974,655

44,669,914

208,350

44,878,264(5,772,652)(40,183)(5,812,835)(5,973,197)(27,137)(6,000,334)

37,760,114

401,706

38,161,820

38,696,717

181,21338,877,930

43,495,503-

43,495,503

43,474,347-

43,474,347(3,068,760)-(3,068,760)(3,624,750)-(3,624,750)

40,426,743-

40,426,743

39,849,597-

39,849,597

16,129-16,129

4,634

-

4,634

(43)

-

(43)

(283)

-

(283)

16,086-

16,086

4,351

-

4,351

64,707
84,406,860

68,62380,667,069

64,70780,492,847

3,914,013

3,144,652

68,62383,811,721

-9-

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
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, 2023
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

998,682(292,268)

2,537,084(492,257)

3,535,766(784,525)

904,756(251,126)

2,033,501(347,096)

2,938,257(598,222)

706,4142,044,827

2,751,241653,630

1,686,405

2,340,035

Less Allowance for expectedcredit losses(99,492)(287,994)(387,486)(73,640)(189,996)(263,636)

Hire-purchase and accrued
interest receivable - net

606,922

1,756,833

2,363,755

579,990

1,496,409

2,076,399

42,636,398

6,636

42,643,034

43,882,307-

43,882,307(5,559,303)(193)(5,559,496)(5,697,631)-(5,697,631)

37,077,095

6,443

37,083,538

38,184,676-

38,184,676

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

42,536,429-

42,536,429

42,569,573-

42,569,573(3,024,287)-(3,024,287)(3,569,275)-(3,569,275)

39,512,142-

39,512,142

39,000,298-

39,000,298

64,707
77,260,866

1,763,276

64,707

68,62379,024,142

77,833,587

1,496,409

68,62379,329,996

- 10 5.2 Quality of assets
Staging analysis for trade receivables as at November 30, 2023 and February 28, 2023
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023

As at February 28, 2023

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

84,135,146(3,538,205)

80,596,941

85,031,652(4,397,716)

80,633,936

3,905,502(1,614,061)

2,291,441

3,564,992(1,658,080)

1,906,912

5,853,736(4,335,258)

1,518,478

5,340,335(4,069,462)

1,270,873

93,894,384(9,487,524)

84,406,860

93,936,979(10,125,258)

83,811,721

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

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023

As at February 28, 2023

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

78,873,960(3,414,906)

75,459,054

80,649,277(4,291,875)

76,357,402

3,718,836(1,557,368)

2,161,468

3,379,367(1,590,702)

1,788,665

5,402,615(3,998,995)

1,403,620

4,831,894(3,647,965)

1,183,929

87,995,411(8,971,269)

79,024,142

88,860,538(9,530,542)

79,329,996

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, 2023 and February 28, 2023 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,

2023

2023

2023

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Less than 3 months

88,594,643

88,798,527

83,146,791

3 months up

5,299,741

5,138,452

4,848,620

84,230,528
4,630,010

Total

93,894,384

93,936,979

87,995,411

88,860,538

Less Allowance for expected credit losses(9,487,524)(10,125,258)(8,971,269)(9,530,542)

Total trade receivables

84,406,860

83,811,721

79,024,142

79,329,996

- 11 5.3

Troubled debt restructuring
For the three-month periods ended November 30, 2023 and 2022, the Company
recognized interest income on restructured debts totaling Baht 25.16 million and
Baht 15.04 million, respectively.
For the nine-month periods ended November 30, 2023 and 2022, the Company
recognized interest income on restructured debts totaling Baht 58.74 million and
Baht 53.04 million, respectively.
The Company had outstanding balances of credit card receivable, hire-purchasereceivable and loans receivable as at November 30, 2023 and February 28, 2023,
as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2023
Number ofAmountdebtors
Baht ’000

17,0593,574,519

1,008,563
92,804,986

14,696
3,631,664

557,681
93,306,041

3,591,578

93,813,549

3,646,360

93,863,722

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2023
Number ofAmountdebtors
Baht ’000

16,9962,468,648

1,008,041
86,922,663

14,6292,549,101

556,753
88,235,162

2,485,644

87,930,704

2,563,730

88,791,915

As at November 30, 2023 and February 28, 2023, the Company had no commitment
to provide 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, 2023 and February 28,
2023 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000

Beginning balance
Expected credit losses
Written-off bad debts

10,125,258
6,343,528(6,981,262)

10,951,455
7,756,734(8,582,931)

9,530,542
6,283,128(6,842,401)

9,972,970
7,730,532(8,172,960)

Ending balance

9,487,524

10,125,258

8,971,269

9,530,542

- 12 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 and Purchase
Agreement with ATS Rabbit Special Purpose Vehicle Company Limited which was
registered as a special purpose vehicle company under the Civil and Commercial Codeof Thailand for the purpose of implementing or facilitating the securitizationin accordance with the securitization project approved by the Office of 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 Receivableson the term of the Agreement.

- 13 During the life of the securitization project, the Company may repurchase the rights
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, 2023 and 2022,
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,
2023
2022
2023
2022
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.

127

138

389

447

127

138

389

447

213

227

650

695

213

227

650

695

16

18

49

56

16

18

49

56

LONG-TERM LOAN TO A SUBSIDIARY

As at November 30, 2023 and February 28, 2023, the Company has long-term loan to a
subsidiary (see Note 25.2.1) in the separate financial statements as follows:

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

Foreign currency
MillionLoans in USD currency
2022 - 2026
8.50
Less Long-term loan to a subsidiary due within 1 year
Total long-term loan to a subsidiary

Such long-term loan to a subsidiary is unsecured.

3.20

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30,
As at February 28,
2023
2023
Baht equivalent
Baht equivalent
Baht ’000
Baht ’000
111,297(27,824)
83,473111,960(27,990)
83,970- 14 7.

LOANS FROM PURCHASE OF ACCOUNTS R ECEIVABLE

As at November 30, 2023 and February 28, 2023, loans from purchase of accounts receivable
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30,
2023
Baht ’000

As at February 28,
2023
Baht ’000

52,0392,449
54,488

11,293
1,330
12,623(1,714)(490)

52,774

12,133Hire-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

On May 24, 2022, ACS Servicing (Thailand) Company Limited (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,the Subsidiary entered into the Asset Sale and Purchase Agreement with the seller and alreadypaid the payment in full to the seller. The agreement set out the conditions and terms in respect of
the sales, assignment and conveyance of the subsidiary’s rights, title, claim, obligation, liability
and interest in the written-off receivables under hire-purchase agreements.
On January 6, 2023 and March 31, 2023, ACS Servicing (Thailand) Company Limited(the “Subsidiary”) bought written-off receivables under hire-purchase agreements by a bidding
process from unrelated local companies (the “Sellers”) with the selling price of Baht 27.12
million and Baht 11.79 million, respectively. On the same date, the Subsidiary entered into the
Asset Sale and Purchase Agreement with the sellers and already paid the payment in full to thesellers. The agreement set out the conditions and terms in respect of the sales, assignment andconveyance of the subsidiary’s rights, title, claim, obligation, liability and interest in thewritten-off receivables under hire-purchase agreements.
8.

INVESTMENTS IN SUBSIDIARIESAs at November 30, 2023 and February 28, 2023, investments in subsidiaries (see Note 25.1)
which are accounted for using the cost method in the separate financial statements are
as follows:
SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Ownership
Cost%
Baht ’000
ACS Servicing (Thailand) Company Limited
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
99.99

175,349.1
149,224.3
323,580.0
455,403.3
107,333.1
19.5
49,999.9
1,260,909.2

As at February 28, 2023
Ownership
Cost%
Baht ’000
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

- 15 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 theresolutions to approve the Subsidiary’s dissolution. The Subsidiary has registered thedissolution with the Department of Business Development, Ministry of Commerce on June30, 2022. As at November 30, 2023, 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” (“AEON AMC”), 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.
Subsequently, on August 25, 2023, the Company purchased 2,499 shares of AEON AMC,
a subsidiary, from ACS Servicing (Thailand) Company Limited, a subsidiary, at the amount of
Baht 100 per share totaling Baht 0.25 million. On the same date, the Company also purchased
2,503 shares of AEON AMC from non-controlling interests at the amount of Baht 100 per sharetotaling Baht 0.25 million. As at November 30, 2023, the Company directly holds 99.99% sharesof AEON AMC.
Subsequently, on September 8, 2023, the Extraordinary General Meeting of Shareholders of
AEON AMC had a resolution to approve the increase of registered share capital from Baht 25
million, divided into 250,000 shares at par value of Baht 100, to Baht 100 million, divided
into 1,000,000 shares at par value of Baht 100, by issuance of 750,000 new ordinary sharesat par value of Baht 100, totaling Baht 75 million. AEON AMC has registered the increase ofregistered share capital with the Department of Business Development, Ministry of Commerceon September 22, 2023, of which 33.33% totaling Baht 25 million was called up.
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, 2023 and February 28, 2023 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Ownership
Fair Value%
Baht ’000
AEON (Thailand) Co., Ltd.(1)PT. AEON Credit Service Indonesia (2)ACS Trading Vietnam Company Limited

3.82
2.59
1.59

Total
(1)
(2)

5,062
5,062

As at February 28, 2023
Ownership
Fair Value%
Baht ’000
3.82
2.59
1.59

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 or loss
are categorized into level 3.

- 16 10.

INVESTMENT IN EQUITY SECURITY DESIGNATED AT FAIR VALUE THROUGH OTHERCOMPREHENSIVE INCOME

Investment in equity security designated at fair value through other comprehensive income
as at November 30, 2023 and February 28, 2023 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Ownership
Fair Value%
Baht ’000
Rabbit Cash Co., Ltd. (1)
Total
(1)

18.00

As at February 28, 2023
Ownership
Fair Value%
Baht ’000

144,000
144,000

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 value of investment in equity security designated at fair value through othercomprehensive income is categorized into level 3.
11.

SELLER LOAN IN SPECIAL PURPOSE VEHICLE FOR SECURITIZATION

Seller loan in Special Purpose Vehicle for securitization as at November 30, 2023 and February
28, 2023 are as follows:
SEPARATE
FINANCIAL STATEMENTS

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“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000

216,805
216,805

287,621287,621Subsequent 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 in loans receivable.
Such Seller Loan Account will decrease from cash repayment when the outstanding amountreaches or exceeds determined level or the duration after the closing date reaches or exceed thedetermined level, or every 3-month period after the payment date as agreed in
the agreement, whichever is earlier.

- 17 12.

SUBORDINATED LENDINGS AND SUBORDINATED BORROWINGS

12.1 Subordinated lendings to Special Purpose Vehicle as at November 30, 2023 and February 28,
2023 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,
2023
Baht ’000

As at
February 28,
2023
Baht ’000

84,074
84,074

84,074
84,074On October 22, 2015, the Company entered into the subordinated term loan agreementwith ATS Rabbit amounting to 5% of transferred rights in initial receivables (see Note5.5) and originated transaction cost, and of Future Receivables and Additional
Receivables, which are settled by Seller Loan Account and backed for each issuanceof 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.
12.2 Subordinated borrowings of Special Purpose Vehicle as at November 30, 2023 andFebruary 28, 2023 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Subordinated borrowings
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Total subordinated borrowings“Unaudited”
As atNovember 30,
2023
Baht ’000
84,074
84,074As at
February 28,
2023
Baht ’000
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.

- 18 13.

DEFERRED TAX ASSETS

Deferred tax assets as at November 30, 2023 and February 28, 2023 are as follows:

Deferred tax assets
Allowance for expected credit losses
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
OthersDeferred tax assets

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000“Unaudited”
As atNovember 30,
2023
Baht ’000

As at
February 28,
2023
Baht ’000

1,846,863

1,956,008

1,794,253

1,906,108

4,502
22,16997,37964,006
19,482
298,180
45,215

4,502
21,30088,052
72,67818,016
147,856
42,075

7,866
19,96890,33064,006
17,720298,180
17,3507,866
19,09981,866
72,67816,482
147,856
16,893

2,397,796

2,350,487

2,309,673

2,268,848

759
9,575

518
9,047

10,334

9,565

2,387,462

2,340,922

-

-

-

-

2,309,673

2,268,848

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

Beginningbalance
as atMarch 1,
2023
Baht ’000
Deferred tax assets
Allowance for expected credit losses
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
OthersDeferred tax assets

1,956,008“Unaudited”
Items as
Items asrecognized inrecognizedin otherprofit or loss
comprehensive
incomeBaht ’000
Baht ’000(109,145)--

Endingbalance
as atNovember 30,
2023
Baht ’000
1,846,863

4,502
21,30088,052
72,67818,016
147,856
42,075869
9,327(8,672)
1,466
163,832
3,140(13,508)-

4,502
22,16997,37964,006
19,482
298,180
45,2152,350,487

60,817(13,508)

2,397,796

518
9,047

241
528

9,565

769

2,340,922

60,048(13,508)

759
9,575
10,334
2,387,462

- 19 -CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2022
Baht ’000
Deferred tax assets
Allowance for expected credit losses
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
OthersDeferred tax assets

Items asrecognized in
profit or loss

Baht ’000

Items asrecognizedin othercomprehensive
incomeBaht ’000

Endingbalance
as atFebruary 28,
2023
Baht ’000

2,076,888(120,880)

-

4,502
8,579
90,24897,89815,255
304,80323,19912,721
12,357(25,220)
2,761(72,500)
18,876(14,553)(84,447)-

4,502
21,30088,052
72,67818,016
147,856
42,0752,621,372(171,885)(99,000)

2,350,487

310(3,420)208
12,467

-

518
9,047

(3,110)12,675-9,565

2,624,482(184,560)(99,000)

1,956,008

2,340,922

SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2023
Baht ’000
Deferred tax assets
Allowance for expected credit losses
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

1,906,108“Unaudited”
Items as
Items asrecognized inrecognizedin otherprofit or loss
comprehensive
incomeBaht ’000
Baht ’000(111,855)--

Endingbalance
as atNovember 30,
2023
Baht ’000
1,794,253

7,866
19,09981,866
72,67816,482
147,856
16,893869
8,464(8,672)
1,238
163,832457(13,508)-

7,866
19,96890,33064,006
17,720298,180
17,3502,268,848

54,333(13,508)2,309,673

2,268,848

54,333(13,508)2,309,673

- 20 -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 investment and assets
Provisions for employee benefit
Deferred revenue from customer loyalty programs
Lease agreements
Derivatives
OthersDeferred tax assets

14.

Items asrecognized in
profit or loss

Baht ’000

Items asrecognizedin othercomprehensive
incomeBaht ’000

Endingbalance
as atFebruary 28,
2023
Baht ’000

1,994,594(88,486)-

1,906,108

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

12,29911,354(25,220)
2,602(72,500)
1,587(13,314)(84,447)-

7,866
19,09981,866
72,67816,482
147,856
16,8932,524,973(158,364)(97,761)2,268,848

2,524,973(158,364)(97,761)2,268,848

SHORT-TERM BORROWINGS FROM FINANCIAL INSTITUTIONS

Short-term borrowings from financial institutions as at November 30, 2023 and February 28,
2023 consist of the following:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Interest rate
p.a. (%)
Baht ’000
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

2.69 - 2.76
6.60 - 8.00
6.50 - 6.60
0.10

6,310,000
1,413,475
330,313
10,5008,064,288

As at February 28, 2023
Interest rate
p.a. (%)
Baht ’000
1.69 - 1.76
5.49 - 6.70
6.62
10.00 - 13.00

3,440,000
627,261
282,076
136,087
4,485,424

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Interest rate
p.a. (%)
Baht ’000
Short-term borrowings in THB currency
Total

2.69 - 2.76

6,310,000
6,310,000

As at February 28, 2023
Interest rate
p.a. (%)
Baht ’000
1.69 - 1.76

3,440,000
3,440,000

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.

- 21 15.

LONG-TERM BORROWINGSAs at November 30, 2023 and February 28, 2023, 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
Borrowings in MMK currency
Less Borrowings issuance cost2024 - 2027
2024 - 2027
2024 - 2026
2026

CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Interest rate
Foreign currency
Baht equivalentp.a. (%)
MillionBaht ’000
1.90 - 2.49
1.85 - 8.50
2.01 - 3.69
0.80

11,903.19
617.3023,450.00
6,719.31

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
2023 - 2026

CONSOLIDATED FINANCIAL STATEMENTS
As at February 28, 2023
Interest rate
Foreign currency
Baht equivalentp.a. (%)
MillionBaht ’000
1.90 - 3.33
1.85 - 8.50
2.01 - 3.69

23,145.24
723.1020,500.00

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 cost2024 - 2027
2024 - 2027
2024 - 2026

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 2.49
1.85 - 3.49
2.01 - 3.69

11,903.19
551.1023,450.00

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

2023 - 2027
2023 - 2027
2023 - 2026

2,869,871
21,779,415
23,450,000
117,588(44,027)
48,172,847(13,160,785)
35,012,062

SEPARATE FINANCIAL STATEMENTS
As at February 28, 2023
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 3.49
2.01 - 3.69

23,145.24
641.1020,500.00

6,053,822
25,488,914
20,500,000(53,251)
51,989,485(12,836,551)
39,152,934

Baht equivalent
Baht ’000
2,869,871
19,348,405
23,450,000(44,027)
45,624,249(13,160,785)
32,463,464

Baht equivalent
Baht ’000
6,053,822
22,640,767
20,500,000(53,251)
49,141,338(11,273,543)
37,867,795

As at November 30, 2023 and February 28, 2023, the Company can maintain financial ratios
and other requirements according to the conditions as specified in the agreement.

- 22 16.

LONG-TERM BORROWINGS UNDER SECURITIZATION PROJECT

As at November 30, 2023 and February 28, 2023, the Company recognized the cash received
and the settlement by the Seller Loan Account of ATS Rabbit for the transferred rights inloans receivable under securitization project (see Note 5.5) as long-term borrowings under
securitization project in the separate financial statements in the amount of Baht 1,141.82
million and Baht 1,260.99 million, respectively.
17.

LONG-TERM DEBENTURES

Long-term debentures represent unsubordinated and unsecured debentures as at November 30,
2023 and February 28, 2023, as follows:“Unaudited”
Issue date

Maturity

No of

Currency Par value

date

units

per unit

AmountInterest rate

Term of

As at

As at

p.a. (%)

interest

November 30,

February 28,

payment

2023

2023

Baht ’000

Baht ’000

Company
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

1,687,707

1,830,906

29/11/2022

28/11/2025

100

JPY

100,000,000

10,000,000,000

0.69

Semi-annual

2,411,010

2,615,580

24/02/2023

24/02/2025

1,000,000

THB

1,000

1,000,000,000

2.99

Semi-annual

1,000,000

1,000,000

24/02/2023

24/02/2026

1,700,000

THB

1,000

1,700,000,000

3.18

Semi-annual

1,700,000

1,700,000

Less Debentures issuance cost

(32,519)(39,426)

7,766,198

8,107,060

Less Current portion of long-term debenture(999,728)-

Total long-term debentures in the separate financial statements

6,766,470

8,107,060

795,841

1,473,082

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

28/10/2025

795,841

THB

1,000

795,841,000

3.60

MonthlyLess Current portion of long-term debenture(516,102)-

Total long-term debentures in the consolidated financial statements

7,046,209

9,580,142

As at November 30, 2023 and February 28, 2023, the Company can maintain financial ratios
and other requirements according to the conditions as specified in the agreement.

- 23 18.

DERIVATIVE FINANCIAL INSTRUMENTS

The fair values and notional amounts of derivative instruments as at November 30, 2023,
and February 28, 2023 are as follows:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
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

19.

As at February 28, 2023
Fair value
Notional
AssetsLiabilities
amount
Baht ’000
Baht ’000
Baht ’000

1,154,129
7,449
1,161,578

1,590,034
29,978
1,620,012

26,316,993
7,450,000
33,766,993

1,701,619
30,466
1,732,085

1,380,412
58,491
1,438,903

33,141,075
5,000,000
38,141,075(715,694)(431,602)(7,862,471)(1,047,431)(562,743)(10,473,815)

445,884

1,188,410

25,904,522

684,654876,160

27,667,260

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, 2023 and 2022, amounts
recognized in the statements of profit or loss in respect of the post-employment benefit plans
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
(Gain) loss on settlement
Total

For the three-month
periods ended
NovemberNovember 30,
30, 2023
2022
Baht ’000
Baht ’000(1,580)16,176
3,078
17,674(4,624)
12,8642,940(807)
10,373For the nine-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000
Baht ’000-(5,583)49,0089,339
52,764(4,677)57,247
8,851
5,515
66,936

- 24 SEPARATE FINANCIAL STATEMENTS

Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Loss on settlement
Total

For the three-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000
Baht ’000(4,624)
10,8792,712
8,967(1,580)14,4882,814
15,722For the nine-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000
Baht ’000(4,624)51,262
8,161
54,799(5,583)43,9298,548
16
46,910Movements in the present value of the provisions for post-employment benefit for thenine-month periods ended November 30, 2023 and 2022 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

2023
Baht ’000
Beginning balance
Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Loss on settlement
Benefits paid
Ending balance

2022
Baht ’000

SEPARATE
FINANCIAL STATEMENTS

2023
Baht ’000

2022
Baht ’000

444,377

463,335

405,630

419,132(5,583)49,0089,339(980)
496,161(4,677)57,247
8,851
5,515(33,364)
496,907(5,583)43,929
8,548
16
(889)
451,651(4,624)51,262
8,161(17,468)
456,463

The significant actuarial assumptions used to calculate the provisions for post-employment
benefits as at November 30, 2023 and February 28, 2023 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Financial assumptions
Discount rate
Expected rate of salary increase
Demographic assumptions
Turnover rate
Monthly staff
Daily & Temporary staff“Unaudited”
As at November 30, 2023
% per annum

As at February 28, 2023
% per annum

0.84 - 3.15
5.0

0.84 - 3.15
5.0

0.0 - 27.0
Subject to range of age of employees
0.0 - 54.0
Subject to range of age of employees

0.0 - 27.0
Subject to range of age of employees
0.0 - 54.0
Subject to range of age of employees

- 25 -SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
% per annum

As at February 28, 2023
% per annum

2.85
5.0

2.85
5.0

0.0 - 21.0
Subject to range of age of employees
0.0 - 54.0
Subject to range of age of employees

0.0 - 21.0
Subject to range of age of employees
0.0 - 54.0
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

- 26 Movement of the employee joint investment program for the nine-month periods ended
November 30, 2023 and 2022 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

2023
2022
Surplus on share-based
payment transactions
Baht ’000
Baht ’000

Beginning balance
Change during the period- Employee joint investment program expense- Cash paid for employee joint investment program
Ending balance

SEPARATE
FINANCIAL STATEMENTS

2023
2022
Surplus on share-based
payment transactions
Baht ’000
Baht ’000

9,265

-

9,265

-

14,604(9,783)8,890(2,593)

11,994(8,613)8,890(2,593)14,086

6,297

12,646

6,297

The statements of comprehensive income for the three-month and nine-month periods
ended November 30, 2023 and 2022 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000
Operating and administrative expenses
Directors and managements’ remuneration

Baht ’000

For the nine-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000

Baht ’000

1,923
1,779

5,898
2,992

7,960
6,644

5,898
2,992

3,702

8,890

14,6048,890

SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000
Operating and administrative expenses
Directors and managements’ remuneration

21.

Baht ’000

For the nine-month
periods ended
November 30,
November 30,
2023
2022
Baht ’000

Baht ’000

1,705
1,352

5,898
2,992

6,817
5,177

5,898
2,992

3,057

8,890

11,994

8,890

SHAREHOLDERS’ EQUITY

21.1

On June 24, 2022 the Annual General Meeting of Shareholders had the resolutions
to approve the declaration of final dividends for the years ended February 28, 2022
at the rate of Baht 2.65 per share, totaling Baht 662.50 million. The aforementioned
shareholders included 1,300 shares of foreign shareholders who had no right toreceive dividend in accordance with regulation of Thailand Securities Depositary,
thus the Company paid dividend to shareholders amounting to Baht 662.50 million on July20, 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.

- 27 21.2

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

21.3

On June 20, 2023 the Annual General Meeting of Shareholders had the resolutions
to approve the declaration of final dividends for the years ended February 28, 2023
at the rate of Baht 2.95 per share, totaling Baht 737.50 million. The aforementioned
shareholders included 1,300 shares of foreign shareholders who had no right toreceive dividend in accordance with regulation of Thailand Securities Depositary, thus
the Company paid dividend to shareholders amounting to Baht 737.50 million on
July 17, 2023 in addition to the interim dividends which had been paid to all shareholders
at Baht 2.55 per share, totaling Baht 637.50 million on November 2, 2022.

21.4

On October 6, 2023 the Company’s Board of Directors’ meeting passed theresolutions to declare interim dividends for the years ended February 28, 2024 at therate of Baht 2.55 per share, totaling Baht 637.50 million. The aforementioned
shareholders included 46,500 shares of foreign shareholders who had no right toreceive dividend in accordance with regulation of Thailand Securities Depositary,
thus the Company paid dividend to shareholders amounting to Baht 637.38 million on
November 2, 2023.

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 corporate income tax of eachmonth.
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 preferred shares
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.

- 28 22.

REVENUES RELATING TO SECURITIZATION TRANSACTION

For the three-month and nine-month periods ended November 30, 2023 and 2022, revenues
relating to securitization transaction incurred from sales of rights in loans receivable to ATS
Rabbit Special Purpose Vehicle Company Limited are included in the presentation of Loan
income as follows:
SEPARATE FINANCIAL STATEMENTS

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

23.

For the three-month
periods ended
November 30,
2023
2022
Baht ’000
Baht ’000
2,515
8,405
15,75026,6702,515
8,885
18,05829,458For the nine-month
periods ended
November 30,
2023
2022
Baht ’000
Baht ’000
7,601
25,4493,929
49,19886,177

7,601
26,6002,384
56,10592,690

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, 2023 and 2022, directors
and managements’ remuneration are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Short-term employee benefits
Directors’ remuneration
Managements’ remuneration
Post-employment benefits
Total

For the three-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
10,90038,193
1,482
50,575

6,247
36,744
1,462
44,453For the nine-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
32,274
107,3884,401
144,063

12,26899,685
4,333
116,286

SEPARATE FINANCIAL STATEMENTS

Short-term employee benefits
Directors’ remuneration
Managements’ remuneration
Post-employment benefits
Total

For the three-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
8,750
26,661
1,210
36,621

5,000
25,962
1,059
32,021For the nine-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
29,83676,9603,629
110,425

4,507
68,892
3,094
76,493For the three-month and nine-month periods ended November 30, 2023 and 2022, directors’
remunerations which were included in short-term employee benefits were approved by the
Annual General Meeting of shareholders of the Company held on June 20, 2023 and June 24,
2022, respectively.

- 29 24.

CORPORATE INCOME TAXThe Company and its local subsidiaries used tax rate of 20% for corporate income tax anddeferred tax calculations for the three-month and nine-month periods ended November 30, 2023
and 2022.
The foreign subsidiaries used tax rate of 20% - 22% for corporate income tax and deferred
tax calculations for the three-month and nine-month periods ended November 30, 2023
and 2022.
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.
For the three-month and nine-month periods ended November 30, 2023 and 2022, income
tax expenses consist of:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
Current tax expense for the period
Deferred income tax expense (income)
Income tax expenses per statements of profit or loss

11,185
159,549
170,734

545,688(259,922)
285,766

For the nine-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
610,087(60,048)
550,039713,790
101,508815,298

SEPARATE FINANCIAL STATEMENTS

For the three-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
Current tax expense (income) for the period
Deferred income tax expense (income)
Income tax expenses per statements of profit or loss

(7,346)
162,543
155,197

509,425(252,394)
257,031

For the nine-month
periods ended November 30,
2023
2022
Baht ’000
Baht ’000
531,768(54,333)
477,435

607,248
121,330
728,578

- 30 Reconciliations of effective tax rates for the three-month and nine-month periods ended
November 30, 2023 and 2022 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month

For the nine-month

periods ended November 30,

periods ended November 30,

2023

2022

2023

2022

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Accounting profit before income tax

880,650

1,421,015

2,767,690

4,040,586

Permanent differences(167,451)(193,052)(305,352)(197,929)

Temporary differences(835,228)

1,231,717

217,935(673,834)

Taxable profit (loss)(122,029)

2,459,680

2,680,273

3,168,823

20.00 - 22.00

20.00 - 22.00

20.00 - 22.00

20.00 - 22.00

11,185545,688

611,017713,790

Normal income tax rate (%)
Income tax for the period currently payable
Adjustment for prior year’s income tax

-

-

(930)

-

Deferred tax from temporary differences

159,549(259,922)(60,048)

101,508

Income tax expenses per statements of profit or loss

170,734

285,766

550,039815,298

Effective tax rate (%)

19.39

20.11

19.87

20.18

SEPARATE FINANCIAL STATEMENTS

Accounting profit before income tax

For the three-month

For the nine-month

periods ended November 30,

periods ended November 30,

2023

2022

2023

2022

Baht ’000

Baht ’000

Baht ’000

Baht ’000

907,312

1,329,567

2,666,904

3,838,095

Permanent differences

1,872

(12)

2,653

10,179Temporary differences(812,710)

1,261,970

271,665(606,653)

Income that is exempt from taxable(133,200)(44,400)(277,729)(205,384)

Taxable profit (loss)(36,726)

2,547,125

2,663,493

3,036,237

Normal income tax rate (%)

20.00

20.00

20.00

20.00

Income tax for the period currently payable(7,346)509,425532,698

607,248

Adjustment for prior year’s income tax-

Deferred tax from temporary differences

-

(930)

-

162,543(252,394)(54,333)

121,330

Income tax expenses per statements of profit or loss

155,197

257,031477,435

728,578

Effective tax rate (%)

17.11

19.33

17.90

18.98

- 31 25.

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

Investments in subsidiaries (see Note 8) as at November 30, 2023 and February 28,
2023 are as follows:
SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Related parties

Relationship Ownership

Paid-up

As at February 28, 2023

Cost

Ownership

Paid-up%

Baht ’000

capitalCost

capital%Baht ’000

Baht ’000

Baht ’000

ACS Servicing (Thailand) Company Limited

Subsidiary

100.00175,349.1

175,349.1

100.00175,349.1

175,349.1

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

48.75

40.0

19.5

AEON Asset Management (Thailand) Company Limited

Subsidiary

99.99

50,000.0

49,999.9

98.00

25,000.0

Total

25.2

1,260,909.2

24,499.7
1,235,409.0

Business transactions with related parties
25.2.1

Balances with related parties as at November 30, 2023 and February 28,
2023 are as follows:

Related parties

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

Relationship

Subsidiary
Subsidiary

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2023

2023

2023

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

-

-

-

-

-

28
3,139

4,412

250
2,470

805
2,971

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

3,969

3,072

-

540
359

-

421

109

156

-

-

46,3954,021
1051,621
1,812
2,820

-

-

104

7,807

167

334

167
21
4,516

334
4,367

-

-

56,66572,766

- 32 -

Related parties

Relationship

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

November 30,

February 28,

November 30,

February 28,

2023

2023

2023

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000--

111,297

111,960--

216,805

287,621--84,074

84,074--76,48475,134Long-term loan to a subsidiary(see Note 6)
AEON Specialized Bank (Cambodia) Plc.

Subsidiary

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

Subsidiary

Company Limited
Subordinated lendings (see Note 12.1)
ATS Rabbit Special Purpose Vehicle

Subsidiary

Company Limited
Other payables
ACS Servicing (Thailand) Company

Subsidiary

LimitedAEON (Thailand) Co., Ltd.

Common ultimate
holding company

870

960

870

960

AEON Financial Service Co., Ltd.

Major shareholder

47,18160,79723,802

48,871

AEON Credit Service Company Limited

Common ultimate
-

2,560

-

AEON Bank Ltd.

Common ultimate

holding company
holding company
ATS Rabbit Special Purpose Vehicle

936

762

884

47,14533,999Subsidiary

Company Limited
AEON Mall (Cambodia) Co., Ltd.

8,050

866

-

-

Common ultimate
holding company

766

-

-

56,86765,253--

149,063

160,714-

1,141,817

1,260,991

235,099---367,222---602,321

-

-

-

-

-

79,093

81,131

5,197

4,779

5,197

1,766

-

5,197

85,63886,328Long-term borrowings under
securitization project (see Note 16)
ATS Rabbit Special Purpose Vehicle

Subsidiary

Company Limited
Long-term borrowings
AEON Financial Service Co., Ltd.

Major shareholder

AEON Bank Ltd.

Common ultimate
holding company

Deferred revenue
ACS Servicing (Thailand) Company

Subsidiary

LimitedACS Capital Corporation Limited

Shareholder andone common director

AEON Asset Management (Thailand)Company Limited

4,779

Subsidiary
-

4,779

- 33 25.2.2

Transactions with related parties for the three-month and nine-month
periods ended November 30, 2023 and 2022 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Related parties

Relationship

For the three-month

For the nine-month

periods ended November 30,

periods ended November 30,

2023

2022

2023

2022

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Collection service income
ACS Capital Corporation Limited

Shareholder andone common director

95

-

477

-

Other income (reversal)
ACS Capital Corporation Limited

Shareholder andone common director

ACS Trading Vietnam Co., Ltd.

Common ultimate

AEON (Cambodia) Co., Ltd.

Common ultimate

729

holding company
holding company

(118)

2,195

4,233

501

-

1,503

-

768

-

768

-

1,998

(118)

4,466

4,233

46,48233,307125,985

119,121

17

1,377

6,077

12,785

2,552

2,889

7,806

9,379

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

Major shareholder

AEON Credit Service Company

Common ultimate

Limitedholding company

AEON (Thailand) Co., Ltd.

Common ultimate
holding company

ACS Capital Corporation Limited

Shareholder andone common director

AEON Bank Ltd.

Common ultimate

ACS Credit Management Co., Ltd.

Common ultimate

AEON Compass Co., Ltd.

Common ultimate

AEON Credit Service (Malaysia) BHD.

Common ultimate

holding company

1,295

holding company
holding company
holding company

4

233
106
50,685

2,119

-

4

3,306

10,687

-

721

-

-

132

-

-

434

-

39,696

144,461

151,976

2,747

Finance costs
AEON Bank Ltd.

Common ultimate
holding company

5,610

73

11,264

AEON Financial Service Co., Ltd.

Major shareholder

3,057

220

8,594

8,578

8,667

293

19,858

11,325one common director

122,400

122,400

386,400

249,600

AEON Financial Service Co., Ltd.

Major shareholder

223,890

223,890

706,790456,560

AEON Holding (Thailand) Limited

Common ultimate

Dividend paid
ACS Capital Corporation Limited

Shareholder andholding company

56,10056,100177,100

114,400

402,390402,390

1,270,290

820,560

- 34 -SEPARATE FINANCIAL STATEMENTS

Related parties

Relationship

Revenues relating to securitizationtransaction (included in loan income)(see Note 22)
ATS Rabbit Special Purpose Vehicle
Company Limited

Subsidiary

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

Other income (reversal)
ACS Capital Corporation Limited
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Company
LimitedAEON Specialized Bank (Cambodia)
Plc.
AEON Leasing Service (Lao) Co., Ltd.
AEON Microfinance Myanmar
Company Limited
ACS Trading Vietnam Co., Ltd.

Subsidiary
Subsidiary

AEON Bank Ltd.
ATS Rabbit Special Purpose Vehicle
Company Limited
ACS Servicing (Thailand) Company
LimitedAEON Compass Co., Ltd.
AEON Credit Service (Malaysia)
BHD.

29,45886,177

92,690---55,000133,200
133,200

44,40044,400273,800
273,800

148,000
203,000

444
40

(118)
154

1,334
64

2,343
465

8,520

6,900

25,55519,886

2,830
30

3,542
25

8,449
89

17,281
5,609

39

43

117

7,767

501

517

1,503

8,645

-

2,003

-

13,143

11,063

39,114

61,996

141,781

149,771415,089

398,696

Subsidiary
Subsidiary
Subsidiary
Common ultimate
holding company
Subsidiary

739

Operating and administrative expenses
Collection service fee
ACS Servicing (Thailand) Company
LimitedATS Rabbit Special Purpose Vehicle
Company Limited

ACS Capital Corporation Limited

26,670Shareholder andone common director
Subsidiary
Subsidiary

AEON Asset Management(Thailand) Company Limited

OthersAEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedAEON (Thailand) Co., Ltd.

For the three-month
For the nine-month
periods ended November 30, periods ended November 30,
2023
2022
2023
2022
Baht ’000
Baht ’000
Baht ’000
Baht ’000

Subsidiary
Subsidiary

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

766

859

2,342

2,654

142,547

150,630

417,431401,350

25,911

32,57976,55687,242

-

1,328

952

4,207

2,889

7,806

9,379

2,552
-

4

-

4

1,295

1,986

3,306

5,707

11,131

11,042

33,081

31,532-

1,059

Subsidiary
Common ultimate
holding company
Common ultimate
holding company

372

-

-

40,88950,200132
121,833439
139,569

- 35 -SEPARATE FINANCIAL STATEMENTS

Related parties

Relationship

Finance costs
ATS Rabbit Special Purpose Vehicle
Company Limited

Subsidiary

For the three-month
For the nine-month
periods ended November 30, periods ended November 30,
2023
2022
2023
2022
Baht ’000
Baht ’000
Baht ’000
Baht ’000

65,027

74,159204,889

228,420

122,400
223,890

122,400
223,890

386,400
706,790249,600
456,560

56,100402,390

56,100402,390

177,100
1,270,290

114,400
820,560

Dividend paid
ACS Capital Corporation Limited

Shareholder andone common director
AEON Financial Service Co., Ltd.
Major shareholder
AEON Holding (Thailand) Limited
Common ultimate
holding company

26.

-

Other income for the three-month and nine-month periods ended
November 30, 2023 and 2022 includes computer fee and Finance andAccounting operation services fee charged to ACS Capital Corporation
Limited, ACSI (Thailand) Co., Ltd., ACS Servicing (Thailand) Company
Limited and AEON Asset Management (Thailand) Company Limited asstated in the agreement which the service fees are based on a cost-plus basis.

-

Revenues relating to securitization transactions are determined by theCompany and subsidiaries in accordance with securitization projects(see Note 5.5).

-

Collection service fee paid to ACS Servicing (Thailand) Company Limited
is based on general market 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.

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 Group consist 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.

- 36 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, 2023 and 2022, are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the three-month period ended November 30, 2023
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

4,839,881

306,827

258,302

175,160

19

112,477(287,656)-

5,405,010

5,015,041

306,846

370,779(287,656)

5,405,010

1,871,860

192,403150,999(151,991)

2,063,271

36,621

5,706

8,248

-

Expenses
Operating and administrative expenses
Directors and managements’ remuneration-

50,575(Gain) loss on sale and write-off of leasehold
improvements and equipment andintangible assets other than goodwill
Total expenses
Finance costs

(49)

38

1,908,432

198,147--

159,247(151,991)

488,954

24,089597(2,445)

1,871,432

28,126(228)-

Profit before income tax

746,223

56,484

211,163

Income tax expenses

154,4215,309

11,004

Profit for the period

591,80251,175200,159

Expected credit losses (reversal)(133,220)(133,220)(11)
2,113,835
511,195
1,899,330
880,650
170,734
709,916

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(Gain) loss on sale and write-off of leasehold
improvements and equipment andintangible assets other than goodwill
Total expenses
Finance costs

(20)

14

1,823,727

193,611

158,673-

429,720

48,564480

Expected credit losses

1,871,683

12,077

23

Profit before income tax(136,899)(3,168)(6)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 nine-month period ended November 30, 2023
Retail finance services

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

Elimination

Total

Baht ’000

Baht ’000

16,540,572

Revenues
Revenue from external customers
Inter - segment revenues

14,763,074

987,991

789,507-395,146(663)

329,797(724,280)

15,158,220

987,328

1,119,304(724,280)

16,540,572

5,519,282

557,042436,117(444,027)

6,068,414

110,425

15,246

18,392-

144,063

-

4,341

-

Expenses
Operating and administrative expenses
Directors and managements’ remuneration
Loss on impairment of asset

4,341

-

-

(Gain) loss on sale and write-off of leasehold
improvements and equipment andintangible assets other than goodwill

1,882

(88)

(15)

Total expenses

5,635,930

572,200

454,494

Finance costs

1,459,015

158,702

1,713

Expected credit losses (reversal)

5,881,570

60,640(240)

Profit before income tax

2,181,705

195,786

Income tax expenses

478,624

Profit for the period

1,703,081

-

1,779

(444,027)

6,218,597(7,115)

1,612,315-

5,941,970

663,337(273,138)

2,767,690

35,32836,087-

160,458

627,250(273,138)

550,0392,217,651

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

16,779,572

Revenues
Revenue from external customers
Inter - segment revenues

15,082,084

967,241

730,247-

253,648

16,724

380,113(650,485)

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

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

Total expenses

-

2,422

(427,957)

6,059,705(8,933)

1,380,821-

5,298,460
4,040,586

3,324,579

284,395

645,207(213,595)

Income tax expenses

729,763

53,966

31,569-Profit for the period

2,594,816

230,429

613,638(213,595)

815,298
3,225,288

- 38 26.2

Financial positions classified by business are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at November 30, 2023
Retail finance services

Trade and other receivables

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

79,372,427

5,495,627

1,119,463

216,534

8,372,917

379,694

Total assets

88,864,807

6,091,855

Total liabilities

65,370,133

4,745,074

314,347

Elimination

Total

Baht ’000

Baht ’000(164,939)

85,017,462

60,929(6,942)

1,389,984

551,483(1,378,085)

7,926,009

926,759(1,549,966)

94,333,455

158,530(259,695)

70,014,042

Leasehold improvements and equipment andintangible assets other than goodwill
Other assets

CONSOLIDATED FINANCIAL STATEMENTS

As at February 28, 2023
Retail finance services

Trade and other receivables

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

79,698,518

4,577,732

1,230,470

153,6039,348,397

694,129

Total assets

90,277,385

5,425,464

Total liabilities

67,655,525

4,313,027

299,428

Elimination

Total

Baht ’000

Baht ’000(171,512)

84,404,166

69,420(6,942)

1,446,551

664,385(1,350,942)

9,355,969

1,033,233(1,529,396)

95,206,686

153,765(263,711)

71,858,606

Leasehold improvements and equipment andintangible assets other than goodwill
Other assets

27. CREDIT FACILITIES AND LETTER OF GUARANTEE
27.1

As at November 30, 2023 and February 28, 2023, 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, 2023 and February 28, 2023, the Company has unused overdraft
facilities with various banks totaling Baht 3,090 million. Such overdraft facilities are
unsecured.

27.3

As at November 30, 2023 and February 28, 2023, the Company has a bank’s letter ofguarantee issued to suppliers for guarantee payment of Baht 0.50 million. Such letter ofguarantee is unsecured.

27.4

As at November 30, 2023 and February 28, 2023, a subsidiary has letters of guarantee
issued by banks in the amounts of Baht 2.03 million and Baht 1.78 million, respectively.

- 39 28.

SALE OF WRITTEN-OFF RECEIVABLES

28.1

On June 28, 2018, the Company sold written-off receivables under loan agreements
and credit card agreements to ACS Servicing (Thailand) Company Limited (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 thewritten-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 thepayment in full from the buyer. However, the Group has retained substantially all of therisks and rewards of the assets transferred to the buyer which is the subsidiary.
Consequently, the Company recorded cash received from the 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 0.12 million and Baht 0.38 million
as bad debt recovery in the consolidated and separate statements of profit or loss forthe three-month and nine-month periods ended November 30, 2023, respectively, andBaht 0.09 million and Baht 0.29 million as bad debt recovery in the consolidated andseparate statements of profit or loss for the three-month and nine-month periods ended
November 30, 2022, respectively, and recorded outstanding deferred revenue of Baht
20.94 million as other current liabilities in the separate statements of financial position as
at November 30, 2023 (as at February 28, 2023: Baht 21.32 million).
Under the Asset Sale and Purchase Agreement, if the buyer wished to sell or transfer
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 to a purchase of
the portfolio before any third-party. If the negotiation was not concluded within
three months or the Company decided not to make a purchase, the buyer might sellsuch 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)Company Limited (the “buyer”), a subsidiary, with the purchase price of Baht 59.11
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 and conveyance of the Company’s rights, title,
claim, obligation, liability and interest 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 fromthe buyer. However, the Group has retained substantially all of the risks and rewardsof the assets transferred to the buyer which is the subsidiary. Consequently, theCompany recorded cash received from the buyer as deferred revenue which will berecognized as revenue when the buyer can collect from debtors. The Company has
already recognized revenue of Baht 0.17 million and Baht 0.72 million as bad debt
recovery in the consolidated and separate statements of profit or loss for the threemonth and nine-month periods ended November 30, 2023, respectively, and Baht
0.20 million and Baht 0.59 million as bad debt recovery in the consolidated andseparate statements of profit or loss for the three-month and nine-month periods
ended November 30, 2022, respectively, and recorded outstanding deferred revenueof Baht 53.16 million as other current liabilities in the separate statements of financial
position as at November 30, 2023 (as at February 28, 2023 : Baht 53.88 million).

- 40 Under the Asset Sale and Purchase Agreement, if the buyer wished to sell or transfer
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 to a purchase of
the portfolio before any third-party. If the negotiation was not concluded within
three months or the Company decided not to make a purchase, the buyer might sellsuch loans receivable to a third-party.
28.3

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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On March 4, 2022, which is the closing date as specified in theagreement, 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 thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
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.

28.4

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 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 11.04 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 99.36 million in 8 installments of Baht 12.42 million per each and last
installment will be on November 29, 2024. The Company has already recognizedgain 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 nine-month periods
ended November 30, 2022, and recorded outstanding receivables of Baht 49.68
million as other receivables in the consolidated and separate statements of financial
positions as at November 30, 2023 (as at February 28, 2023 : Baht 86.93 million).

- 41 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 thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
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 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, 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-monthand nine-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 thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
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 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 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 10.90 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 98.08 million in 8 installments of Baht 12.26 million per each and last
installment will be on November 29, 2024. The Company has already recognizedgain 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 nine-month periods

- 42 ended November 30, 2022, and recorded outstanding receivables of Baht 49.04
million as other receivables in the consolidated and separate statements of financial
positions as at November 30, 2023 (as at February 28, 2023 : Baht 85.83 million).
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 thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
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.
28.7

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 22.98 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 6.90 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 16.08 million in 2 installments of Baht 8.04 million per each and last
installment will be on January 31, 2023. The Company has already recognizedgain 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 and nine-month periods
ended November 30, 2022, and as at November 30, 2023, the Company has alreadyreceived the full amount of payment under the agreement.
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 thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
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 July 31, 2023, 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 109.78 million. On the same date,- 43 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On July 31, 2023, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 10.98 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 98.80 million in 8 installments of Baht 12.35 million per each and last
installment will be on July 31, 2025. The Company has already recognized gain onsale of written-off receivables totaling Baht 109.78 million in the consolidated andseparate statements of profit or loss for the nine-month periods ended November 30,
2023, and recorded outstanding receivables of Baht 86.46 million as otherreceivables in the consolidated and separate statements of financial positions as at
November 30, 2023.
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 suchdamage was not significant, therefore, the Company had not recorded such claim in
the financial statements for the nine-month periods ended November 30, 2023.
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.
28.9

On July 31, 2023, 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 30.60 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On July 31, 2023, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 9.18 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 21.42 million in 2 installments of Baht 10.71 million per each and last
installment will be on September 29, 2023. The Company has already recognized gainon sale of written-off receivables totaling Baht 30.60 million in the consolidated andseparate statements of profit or loss for the nine-month periods ended November 30,
2023, and as at November 30, 2023, the Company has received the full amount of
payment under the agreement.

- 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 suchdamage was not significant, therefore, the Company had not recorded such claim in
the financial statements for the nine-month periods ended November 30, 2023.
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.
28.10 On July 31, 2023, 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 26.72 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 andinterest in the written-off receivables under loan agreements and credit card
agreements. On July 31, 2023, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 4.47 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 22.25 million in 5 installments of Baht 4.45 million per each and last
installment will be on December 29, 2023. The Company has already recognized gainon sale of written-off receivables totaling Baht 26.72 million in the consolidated andseparate statements of profit or loss for the nine-month periods ended November 30,
2023, and recorded outstanding receivables of Baht 4.45 million as other receivablesin the consolidated and separate statements of financial positions as at November 30,
2023.
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 suchdamage was not significant, therefore, the Company had not recorded such claim in
the financial statements for the nine-month periods ended November 30, 2023.
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.

- 45 29.

COMMITMENT

The Company has entered into a professional service agreement with a local non-relatedcompany (the “Service provider”) to provide system implementation services and otherservices as specified in agreement. The agreement is for the period from June 8, 2023 to
October 31, 2025 and the total agreement value is Baht 146.30 million. As at November 30,
2023, the remaining value of the agreement is Baht 116.01 million which will be paid by
the Company to the service provider according to work progress as specified in the agreement.
30.

APPROVAL OF THE INTERIM FINANCIAL STATEMENTS

These interim financial statements were approved for issuance by the Company’s Board of
Directors on January 11, 2024.