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 May 31, 2024, and the related consolidated and separate statements ofprofit or loss, profit or loss and other comprehensive income, changes in shareholders’ equity andcash flows for the three-month period then ended, and the condensed notes to the financial
statements. The Company’s management is responsible for the preparation and presentation of thisinterim financial information in accordance with Thai Accounting Standard No. 34 “Interim
Financial Reporting”. Our responsibility is to express a conclusion on this interim financial
information based on our review.
Scope of Review
We conducted our review in accordance with Thai Standard on Review Engagements 2410
“Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”. A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and otherreview 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

Nisakorn Songmanee
Certified Public Accountant (Thailand)
Registration No. 5035

July 5, 2024

DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION
AS AT MAY 31, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

4.1

4,285,645

2,796,656

3,614,134

2,038,586

577,985,711

78,836,213

74,250,631

75,336,612

731,752

509,062

592,972

381,926--

29,25728,621--ASSETS
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

Current portion of subordinated lendings

12.1

Seller loan in Special Purpose Vehicle for securitization

11

-

-

399,096

308,045

Current portion of derivative assets

18

1,408,238

1,027,407

1,408,238

1,027,407

Current tax asset-

115,204-

115,204

Current portion of right-of-use assets

48,966

24,61048,681

23,958Other current assets

83,54559,05147,59345,74484,545,904

83,369,793

80,424,817

79,308,544

5,177,976

4,180,462

2,315,044

2,072,649

12,351

24,703

12,351

24,70340,672

38,275----58,51457,241

Total Current Assets

2,047
-

1,590
-

34,215

2,441

NON-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

23,426

22,617

Investments in subsidiaries

8

-

-

9

14,471

10
12.1

-

-

1,260,909

1,260,909

14,471

14,471

14,471

216,000

216,000

216,000

216,000--

49,85981,633

Investments in equity securities designated at fair value
through profit or loss
Investment in equity security designated at fair value
through other comprehensive income
Subordinated lendings
Leasehold improvements and equipment

537,645529,560

400,233

401,801

Right-of-use assets

670,510

630,947

512,915546,129

Intangible assets other than goodwill

812,066

850,578

679,542719,204

Derivative assets

18

342,795

377,276

342,795

377,276

Deferred tax assets

13

1,975,404

2,088,551

1,894,101

2,012,633

158,666

155,297

137,778

134,946

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

See condensed notes to the financial statements

9,981,982

9,128,737

7,894,512

7,919,595

94,527,886

92,498,530

88,319,329

87,228,139

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT MAY 31, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

5,600,325

2,682,231

2,810,000

500,000

Trade payables

97,27884,86255,05249,893

Other payables

1,763,442

1,625,006

1,647,030

1,557,662

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

15

21,528,292

16,960,051

21,345,133

16,960,051

Long-term debentures17

2,420,329

2,487,424

1,999,264

1,998,985

Derivative liabilities

18

Lease liabilities
Subordinated borrowings

12.2

638,479

399,465

638,479

399,465

380,931377,206

319,397

330,582

34,215

2,441

-

-

Current income tax payable

67,671

36,76326,085-

Other current liabilities

475,699

376,595

474,189378,247

33,006,661

25,032,044

29,314,629

22,174,885

Total Current Liabilities

NON-CURRENT LIABILITIESLong-term borrowings

15

28,153,771

34,335,585

25,640,402

31,879,059

Long-term borrowings under securitization project

16

-

-

1,049,410

1,091,265

Long-term debentures

17

5,814,700

5,965,785

5,714,982

5,802,520

Derivative liabilities

18689,082

1,142,293

689,082

1,142,293

373,923

314,334

277,242

273,790

Lease liabilities
Subordinated borrowings

12.2

49,85981,633--

Provisions for employee benefit

19

501,948

483,535

456,858

440,701

90,08981,522

72,89369,41935,673,372

42,404,687

33,900,869

40,699,047

68,680,033

67,436,731

63,215,498

62,873,932

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 MAY 31, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

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

14,314

13,65012,788

12,110

8

(16)

(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
RETAINED EARNINGS

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

4,850,000

4,850,000

4,850,000

19,810,050

19,285,784

19,654,527

19,063,909(59,700)(105,245)--

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(166,484)(324,812)(166,484)(324,812)

25,201,164

24,472,361

25,103,831

24,354,207

646,689

589,438--

25,847,853

25,061,799

25,103,831

24,354,207

94,527,886

92,498,530

88,319,329

87,228,139

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE THREE-MONTH PERIOD ENDED MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

May 31,

May 31,

May 31,

May 31,

2024

2023

2024

2023

1,898,476

1,951,107

1,852,424

1,910,111

2,475,366

2,534,315

2,409,476

2,512,317

282,662

240,132

80,82260,825

Bad debt recovery

525,427

441,149

508,568

426,040

Collection service income

51,45154,720--Insurance broker business income

157,917

169,658

157,917

169,658--

140,600

140,600

REVENUES

Credit card income
Loan income

22

Hire-purchase income
Other income

Dividend income

25.2.2OthersTotal Other income
Total Revenues

115,911

68,11076,38728,614

850,706

733,637

883,472

764,912

5,507,210

5,459,191

5,226,194

5,248,165

2,140,562

1,990,467

1,969,027

1,828,311

46,05438,30630,80427,993

-

4,341

-

4,341

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

23

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

1,648

356

1,668

509

2,188,264

2,033,470

2,001,499

1,861,154

558,475

526,972

531,235

541,347

2,088,958

2,093,900

1,991,657

2,043,803

671,513804,849

701,803801,861

132,306

160,833

111,185132,084

539,207644,016

590,618

669,777

Owners of the parent

524,266

617,310590,618

669,777

Non-controlling interests

14,941

26,706--539,207644,016

590,618

669,777

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

24

PROFIT FOR THE PERIODPROFIT ATTRIBUTABLE TO :BASIC EARNINGS PER SHAREWEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

See condensed notes to the financial statements

BAHT

2.10

2.47

2.36

2.68

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 MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHTCONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

May 31,

May 31,

May 31,

May 31,

2024

2023

2024

2023

539,207644,016

590,618

669,777- Owners of the parent

45,545(6,798)--- Non-controlling interests

42,310(7,702)--Gain (loss) on cash flow hedges

158,328(87,683)

158,328(87,683)

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

246,183(102,183)

158,328(87,683)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

785,390541,833

748,946

582,094

Owners of the parent

728,139522,829

748,946

582,094

Non-controlling interests

57,251

19,004--785,390541,833

748,946

582,094

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

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

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE THREE-MONTH PERIOD ENDED MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHTCONSOLIDATED FINANCIAL STATEMENTS

Note

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, 2023

478,000

9,265-

25,0004,850,000

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

22,821,480

526,600

23,348,080

Changes during the period
Surplus on share-based payment transaction

-

-

-

-

-

-

-

-

Dividend paid

20

-

-

-

3,703

-

-

-

-

-

-

Profit for the period

-

-

-

-

-

-

617,310-

Other comprehensive loss

-

-

-

-

-

-

-

(6,798)(87,683)-

25,0004,850,000

17,999,530(90,252)

25,0004,850,000

19,285,784(105,245)

Ending balance as at May 31, 2023

250,000

478,000

12,968

Beginning balance as at March 1, 2024

250,000

478,000

13,650

(16)

-

3,703

-

3,703

(1,359)(1,359)617,310

26,706644,016(94,481)(7,702)(102,183)(177,234)

23,348,012

544,245

23,892,257(324,812)

24,472,361

589,438

25,061,799-

Changes during the period
Surplus on share-based payment transaction

20

Profit for the period
Other comprehensive income
Ending balance as at May 31, 2024

See condensed notes to the financial statements

-

-

-

-

-

-

-

250,000

478,000

664

-

-

-

-

-

-

664

-

-

-

524,266--

524,266

14,314(16)--

25,0004,850,000

14,941

664
539,207-45,545

158,328

203,873

42,310246,183

19,810,050(59,700)(166,484)

25,201,164

646,689

25,847,853

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
FOR THE THREE-MONTH PERIOD ENDED MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHT

Note

SEPARATE FINANCIAL STATEMENTS

Issued andShare premium

Surplus on

paid-upon ordinary

share-based payment

Retained earnings

share capitalsharestransaction

AppropriatedLegal reserve

Other components of

Unappropriated shareholders’ equity

Reserve for

Cumulative loss

businesson cash flow hedges

Total
shareholders’equityexpansion
250,000

Beginning balance as at March 1, 2023

478,000

9,265

25,0004,850,000

17,167,729(89,551)

22,690,443

Changes during the period
Surplus on share-based payment transaction

20

Profit for the period
Other comprehensive loss

-

-

-

-

-

2,840

-

-

-

-

-

2,840

-

-

669,777-

669,777--(87,683)(87,683)

Ending balance as at May 31, 2023

250,000

478,000

12,10525,0004,850,000-

17,837,506-(177,234)

23,275,377

Beginning balance as at March 1, 2024

250,000

478,000

12,11025,0004,850,000

19,063,909(324,812)

24,354,207

Changes during the period
Surplus on share-based payment transaction
Profit for the period
Other comprehensive income
Ending balance as at May 31, 2024

See condensed notes to the financial statements

20

-

-

-

-

-

678

-

-

-

250,000

478,000

-

-

-

-

678

-

-

590,618-

590,618

12,78825,0004,850,000

19,654,527

158,328

158,328(166,484)

25,103,831

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWSFOR THE THREE-MONTH PERIOD ENDED MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

May 31,

May 31,

May 31,

May 31,

2024

2023

2024

2023

539,207644,016

590,618

669,777

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

132,306

160,833

111,185132,084

Expected credit losses

2,088,958

2,093,900

1,991,657

2,043,803

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

183,212

191,701

156,257

166,756

71,53865,142

61,50953,970Loss 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

Unrealized (gain) loss on exchange rate
Interest income

1,648

356

1,668

509

19,047

16,163

16,811

14,200

3,536

5,603

3,923

6,846

-

-

(3,382,169)(3,529,274)

Loss (gain) on cancellation of lease agreements

125(1,909)1,341(2,979,575)(3,187,858)

56

(87)

Dividend income

-

-

(87)

(140,600)(140,600)

Finance costs

558,475

526,972

531,235

541,347

216,270

180,909342,448

305,186(2,102,928)

Changes in operating assets and liabilities
Operating assets (increase) decrease
Trade and other current receivables(1,947,585)(1,415,137)(1,709,349)

Loans from purchase of accounts receivable(1,266)---

Other current assets(23,909)(4,625)(1,849)(879)

Other non-current assets(2,543)

5,110(2,832)

2,101

Operating liabilities increase (decrease)
Trade and other current payables

146,006(2,000)119,167

11,235

Other current liabilities

95,052

27,78095,942

22,328Other non-current liabilities

8,454

3,717

4,053

1,264

(1,664,864)(1,736,694)(858,208)(1,368,114)

Interest received

3,496,977

3,522,414

3,100,742

3,179,503

Dividend received--

140,600

140,600

Net cash flows used in operations

Finance costs paid
Income tax paid

(524,324)(525,406)(518,996)(553,205)(6,773)(25,489)(27,342)(6,150)

Employee benefits paid

19

(634)

(560)

(654)

(397)

Cash paid for employee joint investment program

20(3,259)(3,143)(2,858)(2,763)

1,278,407

1,229,269

1,854,476

1,388,851

Net cash flows provided by operating activities

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWS (CONTINUED)
FOR THE THREE-MONTH PERIOD ENDED MAY 31, 2024
“UNAUDITED”
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the three-month

For the three-month

periods ended

periods ended

May 31,

May 31,

May 31,

May 31,

2024

2023

2024

2023

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

Cash paid for fixed deposits at banks under obligations(50)

33,920

-

-

-

-

-

Cash paid for purchase of leasehold improvements
and equipment

4.2(57,984)(63,722)(45,406)

556

393

531

229

(59,298)(35,811)(52,379)(34,629)(116,776)(65,220)(97,254)(75,005)

4.4

11,050,107

24,340,333

7,600,000

23,520,000(23,680,000)

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

4.2

Net cash flows used in investing activities(40,605)

CASH FLOWS FROM FINANCING ACTIVITIESCash received from bank overdrafts and short-termborrowings from financial institutions
Cash repayments for bank overdrafts and
4.4(8,280,692)(24,433,859)(5,290,000)

Cash received from long-term borrowings

short-term borrowings from financial institutions

4.4

1,156,283

1,653,500

1,046,450

1,653,500

Cash repayments for long-term borrowings

4.4(3,377,181)(2,827,136)(3,348,662)(2,800,000)

4.4

-

-

20,565

136,552--(127,500)(136,552)

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

4.4

Cash repayments for long-term debentures

4.4(130,922)

Cash paid for lease liabilities

4.4(139,478)(138,033)

Cash received from sales of written-off receivables

37,032

24,680

Dividend paid-

Net cash flows provided by (used in) financing activities

-

-

(555)

(119,559)(122,184)

37,032

24,680--315,149(1,381,070)(181,674)(1,404,004)

1,476,780(217,021)

1,575,548(90,158)

12,209(3,360)-1,488,989(220,381)

1,575,548(90,158)

2,796,656

3,816,356

2,038,586

2,159,810

4,285,645

3,595,975

3,614,134

2,069,652

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 the beginning of the period
Cash and cash equivalents at the end 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 PERIOD ENDED MAY 31, 2024
“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 of Thailandon 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 theretail finance services which consist of credit card, hire-purchase, personal loans and others.
Subsequently, on October 6, 2020, the Company has registered another objective 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.
AEON Microfinance (Myanmar) Co., Ltd. (the “subsidiary”) has temporarily suspended
new loans to customers due to the impact of the political turmoil in Myanmar since February 1,
2021. Subsequently, the subsidiary had 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.
However, the subsidiary has suspended loan disbursement starting from February 24, 2024.
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-

2.2

The interim consolidated and separate financial statements for the three-month
periods ended May 31, 2024 and 2023 are prepared by the management of theCompany and are unaudited. However, in the opinion of the Company, alladjustments necessary for a fair presentation have been reflected therein.
The consolidated and separate statements of financial position as at February 29,
2024, presented herein for comparison, have been derived from the consolidated
and separate financial statements of the Company for the year then ended which had
been previously audited.

2.3

The unaudited results of operations presented in the three-month period ended
May 31, 2024 are not necessarily an indication nor anticipation of the operating
results for the full year.

2.4

Certain financial information which is normally included in the annual financial
statements prepared in accordance with TFRSs, but which is not required for interim
reporting purposes, has been omitted. Therefore, the interim financial statements forthe three-month period ended May 31, 2024 should be read in conjunction withthe audited financial statements for the year ended February 29, 2024.

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 period ended May 31, 2024
have included the subsidiaries’ interim financial statements which were reviewed.
For the three-month periods ended May 31, 2024 and 2023, the subsidiaries includedin the consolidated financial statements are as follows:Business typeCountry ofRegistration dateregistration

Percentage of direct andindirect holdings (%)
for the three-month
periods ended May 31,
2024

2023

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

ACS Servicing (Thailand)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 as at May 31, 2024 and 1% shareholdings as at May 31, 2023.

(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.

-3-

2.6

The financial statements of the subsidiaries used in the preparation of consolidated
financial statements are as of a date or for a period that is different from that of theconsolidated financial statements. However, the Company consolidated 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:
The date of the end of the reporting period
in preparation of
the consolidated financial statements
for the three-month periods ended May 31,
2024
2023
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

March 31, 2024
March 31, 2024
March 31, 2024
March 31, 2024
March 31, 2024
March 31, 2024

March 31, 2023
March 31, 2023
March 31, 2023
March 31, 2023
March 31, 2023
March 31, 2023

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, 2024. These financial
reporting standards were aimed at alignment with most of the changes directed
towards revision of wording and terminology and clarification of accounting
requirements. The adoption of these financial reporting standards does not have any
significant impact on the Group’s and the Company’s interim financial statements.

2.8

Thai Financial Reporting Standards announced in the Royal Gazette but not yet
effective
Thai Financial Reporting Standard No.17 “Insurance Contracts” which will beeffective for the financial statements for the period beginning on or after January 1,
2025, onwards, establishes the principles for the recognition, measurement,
presentation and disclosure of insurance contracts and supersedes Thai Financial
Reporting Standard No.4 “Insurance Contracts”. The Group and the Company do
not have accounting transactions which should be complied to this Financial
Reporting Standard.

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 29, 2024.

-4-

4.

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION

4.1

Cash and cash equivalents as at May 31, 2024 and February 29, 2024 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”

Cash

4.2

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

42,563

283,248

1,431

237,712

Deposits at banks - call deposits

4,243,082

2,513,408

3,612,703

1,800,874

Total cash and cash equivalents

4,285,645

2,796,656

3,614,134

2,038,586

Cash paid for purchase of leasehold improvements and equipment, and intangible
assets other than goodwill for the three-month periods ended May 31, 2024 and 2023
are as follows:

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

4.3“Unaudited”

As at

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024
Baht ’000

2023
Baht ’000

2024
Baht ’000

2023
Baht ’000

3,553
58,0608,655
64,0593,554
45,482

8,458
41,091

61,61372,71449,03649,549(57,984)(63,722)(45,406)(40,605)

Liabilities recorded - carried forward

3,629

8,992

3,630

8,944

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

46,96027,61846,661
14,79845,632
21,846

46,41013,42574,57861,45967,47859,835Less Cash paid for purchase ofintangible assets other than goodwill(59,298)(35,811)(52,379)(34,629)

Liabilities recorded - carried forward

15,28025,64815,09925,206The 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 three-month periods ended
May 31, 2024 and 2023, such sale was settled by increasing the Seller loan Accountof Baht 91.05 million and decreasing of Baht 4.06 million, respectively, instead of
cash receipt.

-5-

4.4 Changes in liabilities arising from financing activities for the three-month periods ended
May 31, 2024 and 2023 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2024
Baht ’000

Financing cash flows
Cash
Cash
received
paid

Baht ’000

Baht ’000

Non-cash changes
Differences
Otherson translating
foreigncurrencies
Baht ’000
Baht ’000“Unaudited”
Endingbalance
as at
May 31,
2024
Baht ’000

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

2,682,231

11,050,107(8,280,692)

148,679-

5,600,325

51,295,636

1,156,283(3,377,181)

602,3025,023

49,682,063

Long-term debentures

8,453,209-(130,922)(90,848)3,590

8,235,029-(139,478)

4,832

197,960*

754,854

Lease liabilities

691,540*The amount comprises addition of lease agreements and extensions of existing lease agreements.

CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
Beginning

Financing cash flows

Non-cash changes

balance

Cash

Cash

Differences

as atreceivedpaid

on translating

as atforeign

May 31,March 1,
2023

OthersEndingcurrencies

balance

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

4,485,424

24,340,333(24,433,859)(5,452)-

4,386,446

Long-term borrowings

51,989,485

1,653,500(2,827,136)(625,631)(869)

50,189,349

Long-term debentures

9,580,142--(158,083)(233)

9,421,826

917,668-(138,033)(981)

62,064*

840,718

Bank overdrafts and short-termborrowings from financial
institutions

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

-6SEPARATE FINANCIAL STATEMENTS

Bank overdrafts and short-termborrowings from financial
institutions

Beginningbalance
as atMarch 1,
2024
Baht ’000

Financing cash flows
Cash
Cash
received
paid

Baht ’000

Baht ’000

Non-cash changes
Differences
Otherson translating
foreigncurrencies
Baht ’000
Baht ’000-“Unaudited”
Endingbalance
as at
May 31,
2024
Baht ’000

500,000

7,600,000(5,290,000)-

Long-term borrowings
Long-term borrowings under
securitization project

48,839,110

1,046,450(3,348,662)

443,614

5,023

46,985,535

2,810,000

1,091,265

20,565(127,500)-

65,0801,049,410

Long-term debentures
Lease liabilities

7,801,505
604,372-(119,559)(90,848)-

3,589
111,826*

7,714,246
596,639*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 at
May 31,
2023
Baht ’000

Beginningbalance
as atMarch 1,
2023
Baht ’000

Baht ’000

Baht ’000

3,440,000
49,141,338

23,520,000
1,653,500(23,680,000)(2,800,000)(586,784)(869)

3,280,000
47,407,185

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

136,552-(136,552)(122,184)(158,083)-(36,847)(233)
58,351*

1,224,144
7,948,744
738,371*The amount comprises addition of lease agreements and extensions of existing lease agreements.

-7-

5.

TRADE RECEIVABLES

5.1 Trade receivables as at May 31, 2024 and February 29, 2024 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 at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000

90,403,471

90,213,378

83,294,140

84,155,439

1,049,410
91,452,881(8,289,194)
83,163,687

1,091,265
91,304,643(8,287,968)
83,016,675

1,049,410
84,343,550(7,777,875)
76,565,675

1,091,265
85,246,704(7,837,443)
77,409,261

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 May 31, 2024 and February 29, 2024, trade receivables are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
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
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 losses
Credit card and accrued
interest receivable - net
Receivable from rendering
the collection service
Receivable from rendering
the collection service
Less Allowance for expectedcredit losses
Receivable from rendering
the collection service - net
Receivable from insurance
broker businessTotal trade receivables

As at February 29, 2024
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

3,115,298(354,209)
2,761,089

5,476,605(670,844)
4,805,761

8,591,903(1,025,053)
7,566,850

3,005,528(320,959)
2,684,569

4,543,214(580,331)
3,962,883

7,548,742(901,290)
6,647,452(172,664)(362,818)(535,482)(170,624)(312,816)(483,440)

2,588,425

4,442,943

7,031,368

2,513,945

3,650,067

6,164,012

42,832,813

805,936

43,638,749

42,841,454

580,001

43,421,455(5,084,925)(70,903)(5,155,828)(5,041,675)(49,606)(5,091,281)

37,747,888

735,033

38,482,921

37,799,779

530,395

38,330,174

40,176,691-

40,176,691

41,162,280-

41,162,280(2,597,812)-(2,597,812)(2,713,190)-(2,713,190)

37,578,879-

37,578,879

38,449,090-

38,449,090

14,527-

14,527

12,926-

12,926

(72)

-

(72)

(57)

-

(57)

14,455-

14,455

12,869-12,86956,064
83,163,687

60,53078,836,213

56,064
77,985,711

5,177,976

4,180,462

60,53083,016,675

-8SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
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 29, 2024
Due within
Due after
Total
1 year
1 yearBaht ’000
Baht ’000
Baht ’000

1,130,270(354,209)

3,231,699(670,845)

4,361,969(1,025,054)

1,061,761(320,959)

2,876,759(580,331)

3,938,520(901,290)

776,061

2,560,854

3,336,915

740,8022,296,428

3,037,230

Less Allowance for expectedcredit losses(79,761)(263,195)(342,956)(76,380)(236,770)(313,150)

Hire-purchase and accrued
interest receivable - net

696,300

2,297,659

2,993,959

664,4222,059,658

2,724,080

41,761,070

18,085

41,779,155

41,911,920

13,274

41,925,194(4,879,246)(700)(4,879,946)(4,852,367)(283)(4,852,650)

36,881,824

17,38536,899,209

37,059,553

12,991

37,072,544

39,171,416-

39,171,416

40,223,750-

40,223,750(2,554,973)-(2,554,973)(2,671,643)-(2,671,643)

36,616,443-

36,616,443

37,552,107-

37,552,107

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

56,06474,250,631

2,315,044

56,06460,53076,565,675

75,336,612

2,072,649

60,53077,409,261

-9-5.2 Quality of assets
Staging analysis for trade receivables as at May 31, 2024 and February 29, 2024 are
as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024

As at February 29, 2024

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

83,725,663(3,531,703)

80,193,960

83,792,052(3,748,439)

80,043,613

2,796,357(1,247,996)

1,548,361

2,978,947(1,300,947)

1,678,000

4,930,861(3,509,495)

1,421,366

4,533,644(3,238,582)

1,295,062

91,452,881(8,289,194)

83,163,687

91,304,643(8,287,968)

83,016,675

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 May 31, 2024

As at February 29, 2024

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

77,271,343(3,391,617)

73,879,726

78,326,899(3,623,373)

74,703,526

2,586,382(1,181,149)

1,405,233

2,793,624(1,245,895)

1,547,729

4,485,825(3,205,109)

1,280,716

4,126,181(2,968,175)

1,158,006

84,343,550(7,777,875)

76,565,675

85,246,704(7,837,443)

77,409,261

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 May 31, 2024 and February 29, 2024 classified by aging are
as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Less than 3 months

87,168,514

87,414,398

80,504,219

3 months up

4,284,367

3,890,245

3,839,331

81,763,922
3,482,782

Total

91,452,881

91,304,643

84,343,550

85,246,704

Less Allowance for expected credit losses(8,289,194)(8,287,968)(7,777,875)(7,837,443)

Total trade receivables

83,163,687

83,016,675

76,565,675

77,409,261

- 10 -

5.3

Troubled debt restructuring
For the three-month periods ended May 31, 2024 and 2023, the Company recognizedinterest income on restructured debts totaling Baht 39.15 million and Baht 16.76
million, respectively.
The Company had outstanding balances of credit card receivable, hire-purchasereceivable and loans receivable as at May 31, 2024 and February 29, 2024, as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 29, 2024
Number ofAmountdebtors
Baht ’000

29,3583,514,382

1,464,814
89,917,476

27,236
3,522,910

1,318,128
89,913,059

3,543,740

91,382,290

3,550,146

91,231,187

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Number ofAmountdebtors
Baht ’000
Restructured trade receivables
Non-restructured trade receivables
Total

As at February 29, 2024
Number ofAmountdebtors
Baht ’000

20,553
2,393,173

1,418,371
82,869,115

18,973
2,413,423

1,272,083
83,914,091

2,413,726

84,287,486

2,432,396

85,186,174

As at May 31, 2024 and February 29, 2024, the Company had no commitment toprovide additional loans to its restructured debtors after debt restructuring.
5.4

Allowance for expected credit losses
Allowance for expected credit losses as at May 31, 2024 and February 29, 2024 are
as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000“Unaudited”
As at
May 31,
2024
Baht ’000

Beginning balance
Expected credit losses
Written-off bad debts

8,287,968
2,179,171(2,177,945)

10,125,258
7,759,122(9,596,412)

7,837,443
2,107,841(2,167,409)

9,530,542
7,686,083(9,379,182)

Ending balance

8,289,194

8,287,968

7,777,875

7,837,443

As atFebruary 29,
2024
Baht ’000

- 11 -

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.

- 12 -

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 periods ended May 31, 2024 and 2023, transactions relating to thetransfers of financial assets under the securitization project are summarized as follows:
2024
Million
Baht
Transfers of future and additional receivables (at book value)- Loans receivable (ATS Rabbit)

112
112

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

202
202

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

15
15

6.

2023
Million
Baht
132
132

219
219

17
17

LONG-TERM LOAN TO A SUBSIDIARY

As at May 31, 2024 and February 29, 2024, 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
2024 - 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.

2.40

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31,
As at February 29,
2024
2024
Baht equivalent
Baht equivalent
Baht ’000
Baht ’000
87,771(29,257)
58,51485,862(28,621)
57,241

- 13 -

7.

LOANS FROM PURCHASE OF ACCOUNTS RECEIVABLE

As at May 31, 2024 and February 29, 2024, loans from purchase of accounts receivable areas follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31,
2024
Baht ’000
Hire-purchase receivables
Add Accrued interest
Less Allowance for expected credit losses
Less Current portion of loans receivable frompurchase of accounts receivable
Loans receivable from purchase ofaccounts receivable - net of current portion

As at February 29,
2024
Baht ’000

51,60421,302
72,906(47,433)
25,47351,81017,571
69,381(45,174)
24,207(2,047)(1,590)23,426

22,617

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 May 31, 2024 and February 29, 2024, the Company had 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 May 31, 2024
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 29, 2024
Ownership
Cost%
Baht ’000
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

- 14 -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 June 30,
2022. As at May 31, 2024, 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. Therefore, the Company directly holds 99.99% shares of 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 a par value of Baht 100, to Baht 100 million, divided
into 1,000,000 shares at a par value of Baht 100, by issuance of 750,000 new ordinary sharesat a par value of Baht 100, totaling Baht 75 million. AEON AMC has registered the increaseof registered 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
May 31, 2024 and February 29, 2024 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
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)

14,471
14,471As at February 29, 2024
Ownership
Fair Value%
Baht ’000
3.82
2.59
1.59

14,471
14,471

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.

- 15 -

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 May 31, 2024 and February 29, 2024 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Ownership
Fair Value%
Baht ’000
Rabbit Cash Co., Ltd. (1)
Total
(1)

18.00

As at February 29, 2024
Ownership
Fair Value%
Baht ’000

216,000
216,000

18.00

216,000
216,000

2,160,000 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.
Subsequently, on February 22, 2024, the Extraordinary General Meeting of Shareholdersof Rabbit Cash Company Limited had a resolution to approve the increase of registeredshare capital amount of Baht 400 million and the Company has increased the share capitalto maintain the proportion of shareholding at 18%.
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 May 31, 2024 and February 29,
2024 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 at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000

399,096
399,096

308,045
308,045

Subsequent to the sale of the rights in initial loans receivable under securitization project,
the Company received partial payments from ATS Rabbit with Seller Loan Account under
securitization project for sales of the rights in loans receivable to ATS Rabbit during the sales
period of the rights in additional receivables or repurchase period of the rights 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.

- 16 -

12.

SUBORDINATED LENDINGS AND SUBORDINATED BORROWINGS

12.1 Subordinated lendings to Special Purpose Vehicle as at May 31, 2024 and February 29,
2024 are as follows:
SEPARATE
FINANCIAL STATEMENTS

Subordinated lendings (see Note 25.2.1)
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Less Current portion of subordinated lendings
Total subordinated lendings“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000

84,074(34,215)
49,85984,074(2,441)
81,633On October 22, 2015, the Company entered into the subordinated term loan agreementwith ATS Rabbit amounting to 5% of transferred rights in Initial Receivables (seeNote 5.5) 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 May 31, 2024 and February 29,
2024 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Subordinated borrowings
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Less Current portion of subordinated borrowings
Total subordinated borrowings“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000

84,074(34,215)
49,85984,074(2,441)
81,633On 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.

- 17 -

13.

DEFERRED TAX ASSETS

Deferred tax assets as at May 31, 2024 and February 29, 2024 are as follows:

Deferred tax assets
Allowance for expected credit losses
Cumulative loss from fair value measurement ofinvestments in equity securities

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000“Unaudited”
As at
May 31,
2024
Baht ’000

As at
February 29,
2024
Baht ’000

1,594,181

1,603,710

1,555,575

1,567,489

2,620

2,620

5,984

5,984

Allowance for impairment of investment and assets

38,73038,00919,09919,099Provisions for employee benefit

98,98595,306

91,372

88,140

Deferred revenue from customer loyalty programs

64,73862,93364,73862,933

Lease agreements

20,067

19,656

18,26817,898Derivatives

121,799

233,909

121,799

233,909

Others40,66238,393

17,266

17,181

1,981,782

2,094,536

1,894,101

2,012,633

70
6,308

66
5,919

Deferred tax liabilities
Lease agreements
OthersDeferred tax assets

6,378

5,985

1,975,404

2,088,551

1,894,101

2,012,633

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

Beginningbalance
as atMarch 1,
2024
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“Unaudited”
Items as
Items asrecognized inrecognizedprofit or loss
in othercomprehensive
incomeBaht ’000
Baht ’000

1,603,710

Endingbalance
as at
May 31,
2024
Baht ’000(9,529)-2,620
38,00995,30662,933
19,656
233,90938,393

721
3,679
1,805
411
(72,528)
2,269(39,582)-

38,73098,98564,73820,067
121,799
40,662

2,094,536(73,172)(39,582)

1,981,782

66
5,919

4
389

-

5,985

393

2,088,551(73,565)(39,582)

1,594,181
2,620

70
6,308
6,378
1,975,404

- 18 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

Items asrecognized in
profit or loss

Baht ’000

Items asrecognizedin othercomprehensive
incomeBaht ’000-

Endingbalance
as atFebruary 29,
2024
Baht ’000

1,956,008(352,298)

4,502
21,30088,052
72,67818,016
147,856
42,075(1,882)
16,70912,168(9,745)
1,640
27,238(3,682)(4,914)58,815-2,620
38,00995,30662,933
19,656
233,90938,3932,350,487(309,852)

53,901

2,094,536

518
9,047

(452)
(3,128)-9,565(3,580)-2,340,922(306,272)

53,901

1,603,710

66
5,919
5,985
2,088,551

SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2024
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

1,567,489“Unaudited”
Items as
Items asrecognized inrecognizedprofit or loss
in othercomprehensive
incomeBaht ’000
Baht ’000

Endingbalance
as at
May 31,
2024
Baht ’000(11,914)-

1,555,575-

5,984
19,09991,37264,73818,268
121,799
17,266

5,984
19,09988,14062,933
17,898233,90917,181

3,232
1,805
370
(72,528)85(39,582)-

2,012,633(78,950)(39,582)

1,894,101

2,012,633(78,950)(39,582)

1,894,101

- 19 SEPARATE FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2023
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 29,
2024
Baht ’000

1,906,108(338,619)-

1,567,489

7,866
19,09981,866
72,67816,482
147,856
16,893(1,882)
10,866(9,745)
1,416
27,238288(4,592)58,815-

5,984
19,09988,14062,933
17,898233,90917,181

2,268,848(310,438)

54,2232,012,633

2,268,848(310,438)

54,2232,012,633

SHORT-TERM BORROWINGS FROM FINANCIAL INSTITUTIONS

Short-term borrowings from financial institutions as at May 31, 2024 and February 29, 2024
consist of the following:
CONSOLIDATED FINANCIAL STATEMENTS

Short-term borrowings in THB currency
Short-term borrowings in USD currency
Short-term borrowings in LAK currency
Total“Unaudited”
As at May 31, 2024
Interest rate
p.a. (%)
Baht ’000

As at February 29, 2024
Interest rate
p.a. (%)
Baht ’000

2.67 - 2.69
6.64 - 8.00
6.50 - 6.60

2.69
6.78 - 8.00
6.50 - 6.60

2,810,000
2,428,011
362,3145,600,325

500,000
1,859,266
322,965
2,682,231

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Interest rate
p.a. (%)
Baht ’000
Short-term borrowings in THB currency
Total

2.67 - 2.69

2,810,000
2,810,000

As at February 29, 2024
Interest rate
p.a. (%)
Baht ’000
2.69

500,000
500,000

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.

- 20 -

15.

LONG-TERM BORROWINGSAs at May 31, 2024 and February 29, 2024, 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 cost2025 - 2027
2024 - 2027
2024 - 2027
2026

CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Interest rate
Foreign currency
Baht equivalentp.a. (%)
MillionBaht ’000
1.90 - 2.49
1.85 - 8.50
2.01 - 3.79
0.80

9,398.95
674.6322,500.00
6,477.51

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
Borrowings in MMK currency
Less Borrowings issuance cost2024 - 2027
2024 - 2027
2024 - 2027
2026

CONSOLIDATED FINANCIAL STATEMENTS
As at February 29, 2024
Interest rate
Foreign currency
Baht equivalentp.a. (%)
MillionBaht ’000
1.90 - 2.49
1.85 - 8.50
2.01 - 3.79
0.80

11,903.19
677.3324,000.00
6,719.32

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 cost2025 - 2027
2024 - 2027
2024 - 2027

SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 2.49
1.85 - 3.54
2.01 - 3.79

9,398.95
604.1022,500.00

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

2024 - 2027
2024 - 2027
2024 - 2027

2,233,426
24,869,914
22,500,000
112,709(33,986)
49,682,063(21,528,292)
28,153,771

SEPARATE FINANCIAL STATEMENTS
As at February 29, 2024
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 2.49
1.85 - 3.54
2.01 - 3.79

11,903.19
609.1024,000.00

2,892,106
24,332,342
24,000,000
110,197(39,009)
51,295,636(16,960,051)
34,335,585

Baht equivalent
Baht ’000
2,233,426
22,286,095
22,500,000(33,986)
46,985,535(21,345,133)
25,640,402

Baht equivalent
Baht ’000
2,892,106
21,986,013
24,000,000(39,009)48,839,110(16,960,051)
31,879,059

As at May 31, 2024 and February 29, 2024, the Company can maintain financial ratios andother requirements according to the conditions as specified in the agreement.

- 21 -

16.

LONG-TERM BORROWINGS UNDER SECURITIZATION PROJECT

As at May 31, 2024 and February 29, 2024, the Company recognized the cash received andthe settlement by the Seller Loan Account of ATS Rabbit for the transferred rights in loans
receivable under securitization project (see Note 5.5) as long-term borrowings under
securitization project in the separate financial statements in the amount of Baht 1,049.41
million and Baht 1,091.27 million, respectively.
17.

LONG-TERM DEBENTURES

Long-term debentures represent unsubordinated and unsecured debentures as at May 31,
2024 and February 29, 2024, as follows:“Unaudited”
Issue date

Maturity

No. ofCurrency Par value

date

units

per unit

AmountInterest rate

Term of

As at

As at

p.a. (%)

interest

May 31,February 29,

payment

2024

2024

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

1,663,375

1,700,783

29/11/2022

28/11/2025

100

JPY

100,000,000

10,000,000,000

0.69

Semi-annual

2,376,250

2,429,690

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

7,739,625

7,830,473(25,379)(28,968)

7,714,246

7,801,505

Less Current portion of long-term debenture(1,999,264)(1,998,985)

Total long-term debentures in the separate financial statements

5,714,982

5,802,520

Less Debentures issuance cost

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

520,783

651,704

Less Current portion of long-term debenture

28/10/2025

520,783

THB

1,000

520,783,000

3.38Monthly(421,065)(488,439)

99,718163,265

Total long-term debentures in the consolidated financial statements

5,814,700

5,965,785

As at May 31, 2024 and February 29, 2024, the Company can maintain financial ratios andother requirements according to the conditions as specified in the agreement.

- 22 -

18.

DERIVATIVE FINANCIAL INSTRUMENTS

The fair values and notional amounts of derivative instruments as at May 31, 2024, andFebruary 29, 2024 are as follows:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
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 29, 2024
Fair value
Notional
AssetsLiabilities
amount
Baht ’000
Baht ’000
Baht ’000

1,746,898
4,135
1,751,033

1,307,196
20,365
1,327,561

28,559,145
5,500,000
34,059,145

1,400,485
4,198
1,404,683

1,505,044
36,714
1,541,758

29,008,592
7,000,000
36,008,592(1,408,238)(638,479)(12,252,096)(1,027,407)(399,465)(9,661,879)

342,795

689,082

21,807,049

377,276

1,142,293

26,346,713

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 periods ended May 31, 2024 and 2023, amounts recognized in thestatements of profit or loss in respect of the post-employment benefit plans are as follows:
CONSOLIDATED FINANCIAL
STATEMENTS

2024
Baht ’000
Past service cost (reversal)- For employees transferred fromsubsidiaries
Current service cost
Interest cost
Loss (gain) on settlement
Total

(844)
16,3733,486
32
19,047

2023
Baht ’000(1,653)
14,8593,145(188)
16,163

SEPARATE FINANCIAL
STATEMENTS

2024
Baht ’000(844)
14,451
3,172
32
16,811

2023
Baht ’000(1,653)
13,1602,881(188)
14,200- 23 -

Movements in the present value of the provisions for post-employment benefit for thethree-month periods ended May 31, 2024 and 2023 are as follows:

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

CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

2024
Baht ’000

2024
Baht ’000

2023
Baht ’000

2023
Baht ’000

483,535

444,377

440,701

405,630(844)
16,373
3,486
32
(634)
501,948(1,653)
14,859
3,145
(188)
(560)
459,980(844)
14,451
3,172
32
(654)
456,858(1,653)
13,160
2,881
(188)
(397)
419,433

The significant actuarial assumptions used to calculate the provisions for post-employment
benefits as at May 31, 2024 and February 29, 2024 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Financial assumptions
Discount rate
Expected rate of salary increase
Demographic assumptions
Turnover rate
Monthly staff“Unaudited”
As at May 31, 2024
% per annum

As at February 29, 2024
% per annum

0.84 - 3.06
5.0

0.84 - 3.06
5.0

0.0 - 27.0
Subject to range of age of employees

0.0 - 27.0
Subject to range of age of employees

SEPARATE FINANCIAL STATEMENTS

Financial assumptions
Discount rate
Expected rate of salary increase
Demographic assumptions
Turnover rate
Monthly staff“Unaudited”
As at May 31, 2024
% per annum

As at February 29, 2024
% per annum

2.90
5.0

2.90
5.0

0.0 - 27.0
Subject to range of age of employees

0.0 - 27.0
Subject to range of age of employees

- 24 -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

Movements of the employee joint investment program for the three-month periods ended
May 31, 2024 and 2023 are as follows:

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

CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

2024
2023
Surplus on share-based
payment transactions
Baht ’000
Baht ’000

2024
2023
Surplus on share-based
payment transactions
Baht ’000
Baht ’000

13,6509,265

12,110

9,265

3,923
(3,259)14,314

6,846(3,143)
12,9683,536(2,858)12,7885,603(2,763)
12,105

Expenses recognized in the statements of profit or loss for the three-month periods ended
May 31, 2024 and 2023 are as follows:

Operating and administrative expenses
Directors and managements’ remuneration

CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

2024
Baht ’000

2023
Baht ’000

2024
Baht ’000

2023
Baht ’000

2,294
1,629
3,923

3,664
3,182
6,846

2,071
1,465
3,536

3,021
2,582
5,603

- 25 -

21.

SHAREHOLDERS’ EQUITY

Under the Securitization project, the subsidiary has to pay dividend to its shareholders fromall remaining amounts after deducting the required accumulated reserves and payment of allfees 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 each month.
ATS Rabbit Special Purpose Vehicle Company Limited’s registered share capital comprises
2 groups of ordinary shares and 2 groups of preferred shares. Dividends from the profits ofthe subsidiary shall be allocated to the holders of preferred shares which are non-controllinginterests at the rate of 1% of the par value of each preferred share. The remaining dividends
shall be distributed to the holders of ordinary shares and another group of preferred shares.
22.

REVENUES RELATING TO SECURITIZATION TRANSACTION

For the three-month periods ended May 31, 2024 and 2023, revenues relating to securitizationtransaction 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

2024
Baht ’000
Loan income (see Note 25.2.2)
Interest income from subordinated lendings
Revenue from seller loan in Special Purpose Vehicle
Dividend from investment in Special Purpose Vehicle
Collection servicing income
Total

23.

2023
Baht ’000

2,543
10,792
14,67528,010

2,543
8,590
1,359
17,00029,492

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 periods ended May 31, 2024 and 2023, directors and managements’
remuneration are as follows:
CONSOLIDATED FINANCIAL
STATEMENTS

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

SEPARATE FINANCIAL
STATEMENTS

2024
Baht ’000

2023
Baht ’000

2024
Baht ’000

2023
Baht ’000

7,087
37,646
1,321
46,0545,700
31,1681,438
38,3064,500
25,241
1,063
30,8044,000
22,783
1,210
27,993For the three-month periods ended May 31, 2024 and 2023, directors’ remunerations whichwere included in short-term employee benefits were approved by the Annual General
Meeting of shareholders of the Company held on June 21, 2024 and June 20, 2023,
respectively.

- 26 -

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 periods ended May 31, 2024 and 2023.
The foreign subsidiaries used tax rate of 20% - 22% for corporate income tax and deferred
tax calculations for the three-month periods ended May 31, 2024 and 2023.
Income tax expenses of the Company and its subsidiaries are 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 periods ended May 31, 2024 and 2023, income tax expenses consist of:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Current tax expenses for the period

58,741

330,287

32,235

301,862

Deferred income tax expenses

73,565(169,454)

78,950(169,778)

Income tax expenses per statements of profit or loss

132,306

160,833

111,185132,084

Reconciliations of effective tax rates for the three-month periods ended May 31, 2024 and2023 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

701,803

Accounting profit before income tax

671,513804,849

Permanent differences(156,547)(144,375)(5,276)518

Temporary differences(389,993)

836,357(394,749)

848,888

Income that is exempt from tax--(140,600)(141,959)

Taxable profit
Normal income tax rate (%)

124,973

1,496,831

20.00 - 22.00

20.00 - 22.00

801,861

161,178

1,509,308

20.00

20.00

Income tax for the period currently payable

58,741

330,287

32,235

301,862

Deferred tax from temporary differences

73,565(169,454)

78,950(169,778)

Income tax expenses per statements of profit or loss
Effective tax rate (%)

132,306
19.70

160,833

111,185132,084

19.98

15.84

16.47

- 27 -

25.

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

Investments in subsidiaries (see Note 8) as at May 31, 2024 and February 29, 2024 are
as follows:
SEPARATE FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Related parties

Relationship Ownership

As at February 29, 2024

Paid-up

Cost

Ownership

capitalPaid-up

Cost

capital%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

99.99

50,000.0

49,999.9

Total

25.2

Baht ’000%

1,260,909.2

Baht ’000

1,260,909.2

Business transactions with related parties
25.2.1

Balances with related parties as at May 31, 2024 and February 29, 2024
are as follows:

Related parties

Other receivables
ACS Servicing (Thailand) Company
LimitedAEON Asset Management (Thailand)Company Limited
AEON Financial Service Co., Ltd.
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

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

-

-

8,433

9,062

Subsidiary
Subsidiary
Major shareholder
Shareholder andone common director
Subsidiary
Subsidiary
Subsidiary
Subsidiary

4,120

3,733

214
1,916

274
1,816

426

437

115

172

-

-

34,7143,150-

38,387
1,414
24

-

-

744

703

1,148

951

Common ultimate
holding company
Common ultimate
holding company

1,148

951

19

16

5,713

5,137

-

-

50,43452,80387,77185,862Long-term loan to a subsidiary(see Note 6)
AEON Specialized Bank (Cambodia) Plc.

Subsidiary--- 28 -

Related parties

Relationship

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS“Unaudited”“Unaudited”

As at

As at

As at

As at

May 31,February 29,

May 31,February 29,

2024

2024

2024

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000--

399,096

308,045--

84,074

84,074--

67,97277,557--92

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 Asset Management (Thailand)

Subsidiary

Company Limited-

AEON (Thailand) Company Limited

Common ultimate
holding company

794

872

794

821

AEON Financial Service Co., Ltd.

Major shareholder

46,98273,68923,43645,898AEON Bank Ltd.

Common ultimate
8,225

3,166

678

820

40,11045,116--holding company
ATS Rabbit Special Purpose Vehicle

Subsidiary

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

--

Common ultimate
holding company

793

750

56,79478,477--200,625

133,082

170,2121,049,410

1,091,265

220,237--

366,318

343,876--

566,943564,113

-

-

4,723

5,880

-

-

78,07378,466

4,501

4,640

1,669

1,717

84,24384,823Long-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

Lease liabilities
AEON Mall (Cambodia) Co., Ltd.

Common ultimate
holding company

Deferred revenue
ACS Servicing (Thailand) Company

Subsidiary

LimitedACS Capital Corporation Limited-

one common director
AEON Asset Management (Thailand)Company Limited-

Shareholder and
4,501

4,640

Subsidiary
-

4,501

4,640

- 29 -

25.2.2

Transactions with related parties for the three-month periods ended May 31,
2024 and 2023 are as follows:

Related parties

Relationship

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000--

28,01029,492--

140,600

140,600--

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

Subsidiary

Company Limited

Dividend income
ACS Servicing (Thailand) Company

Subsidiary

LimitedCollection service income
ACS Capital Corporation Limited

Shareholder andone common director

142

234

Other income
ACS Capital Corporation Limited

Shareholder andone common director

ACSI (Thailand) Company Limited

SubsidiaryACS Servicing (Thailand) Company

Subsidiary

LimitedAEON Asset Management (Thailand)

442

446

-

716
-

742

36

6

-

-

10,0698,518

Subsidiary
-

-

614

526

AEON Specialized Bank (Cambodia) Plc.

Company Limited
Subsidiary

-

-

2,204

2,753

AEON Leasing Service (Lao) Co., Ltd.

Subsidiary

-

-

36

30

AEON Microfinance (Myanmar) Company

Subsidiary
-

-

41

39

LimitedACS Trading Vietnam Co., Ltd.

Common ultimate
holding company

476

501

476

501

1,192

1,243

13,91812,819--139,478

133,444

-

-

684

779

-

-

140,162

134,223

Operating and administrative expenses
Collection service fee
ACS Servicing (Thailand) Company

Subsidiary

LimitedATS Rabbit Special Purpose Vehicle
Company Limited

Subsidiary- 30 -

Related parties

Relationship

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

OthersATS Rabbit Special Purpose Vehicle

Subsidiary

Company Limited
AEON Financial Service Co., Ltd.

Major shareholder

AEON Credit Service Company

Common ultimate

Limitedholding company

AEON (Thailand) Company Limited

Common ultimate

AEON Bank Ltd.

Common ultimate

ACS Credit Management Co., Ltd.

Common ultimate

AEON Mall (Cambodia) Co., Ltd.

Common ultimate

holding company
holding company--

11,421

10,67664,35038,01745,76125,450

-

6,037

-

2,377

2,590

2,377

2,590

2,017

997

1,185

997

221

241

-

-

holding company

holding company

952

1,263

-

-

-

70,22847,88260,744

40,665--61,81370,992Finance costs
ATS Rabbit Special Purpose Vehicle

Subsidiary

Company Limited
AEON Bank Ltd.

Common ultimate
holding company

5,735

2,760

-

-

AEON Financial Service Co., Ltd.

Major shareholder

3,497

2,827

-

-

AEON Mall (Cambodia) Co., Ltd.

Common ultimate
holding company

91
9,323

-

-

-

5,587

61,81370,992-Other income for the three-month periods ended May 31, 2024 and 2023
includes computer fee and Finance and Accounting 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 as stated 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 a cost-plus basis.

- 31 -

26.

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

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

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

Operating results, classified by business for the three-month periods ended May 31,
2024 and 2023, are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

2024
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

4,810,687

393,905

302,618

191,752

1,909

117,444(311,105)-

5,507,210

5,002,439

395,814420,062(311,105)

5,507,210

1,958,772

189,075

159,452(166,737)

2,140,562

30,804

7,367

7,883

-

Expenses
Operating and administrative expenses
Directors and managements’ remuneration-

46,054

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

1,668

(23)

3

1,991,244

196,419

167,338(166,737)-

477,40382,398533(1,859)

Expected credit losses

2,017,628

71,315

15-

Profit before income tax

516,164

45,682

252,176

Income tax expenses

112,762

8,634

10,910

Profit for the period

403,402

37,048241,266(142,509)(142,509)

1,648
2,188,264
558,475
2,088,958
671,513132,306
539,207- 32 CONSOLIDATED FINANCIAL STATEMENTS

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

4,896,618

321,334

241,239

152,396(1,341)

141,453(292,508)-

5,459,191

5,049,014

319,993382,692(292,508)

5,459,191(150,949)

1,990,467-

Expenses
Operating and administrative expenses

1,821,325

174,015

146,076

Directors and managements’ remuneration

27,993

5,787

4,526

Loss on impairment of assets

4,341

-

-

-

38,306-

4,341

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

26.2

509

(137)

(16)

1,854,168

179,665

150,586(150,949)-

484,01344,751508(2,300)

Expected credit losses

2,076,591

17,236

73-

Profit before income tax

634,242

78,341

231,525

Income tax expenses

132,763

15,223

12,847

Profit for the period

501,479

63,118

218,678(139,259)(139,259)

356
2,033,470
526,972
2,093,900
804,849
160,833
644,016

Financial positions classified by business are as follows:
CONSOLIDATED FINANCIAL STATEMENTS“Unaudited”
As at May 31, 2024
Retail finance services

Trade and other receivables

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000
319,786

Elimination

Total

Baht ’000

Baht ’000(145,080)

83,907,790
1,349,711

77,018,593

6,714,491

1,079,775

228,570

48,307(6,941)

9,659,095

455,159

531,399(1,375,268)

9,270,385

Total assets

87,757,463

7,398,220

899,492(1,527,289)

94,527,886

Total liabilities

62,761,021

5,969,713

185,722(236,423)

68,680,033

Leasehold improvements and equipment andintangible assets other than goodwill
Other assets

CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024
Retail finance services

Trade and other receivables

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000
257,450

Elimination

Total

Baht ’000

Baht ’000(127,301)

83,550,440
1,380,138

77,717,079

5,703,212

1,121,006

210,095

55,979(6,942)

7,966,664

396,916

598,872(1,394,500)

7,567,952

Total assets

86,804,749

6,310,223

912,301(1,528,743)

92,498,530

Total liabilities

62,506,965

5,006,621

162,931(239,786)

67,436,731

Leasehold improvements and equipment andintangible assets other than goodwill
Other assets

- 33 -

27.

28.

CREDIT FACILITIES AND LETTER OF GURANTEE

27.1

As at May 31, 2024 and February 29, 2024, the Company has unused committed andunsecured revolving credit facility agreements with various financial institutions
totaling Baht 3,000 million.

27.2

As at May 31, 2024 and February 29, 2024, the Company has unused overdraft
facilities with various banks totaling Baht 1,590 million. Such overdraft facilities are
unsecured.

27.3

As at May 31, 2024 and February 29, 2024, 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 May 31, 2024 and February 29, 2024, a subsidiary has letters of guarantee issued
by banks in the amounts of Baht 2.23 million and Baht 2.03 million, respectively.

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 0.11 million and Baht 0.13 million
as bad debt recovery in the consolidated and separate statements of profit or loss for thethree-month periods ended May 31, 2024 and 2023, respectively, and recorded
outstanding deferred revenue of Baht 20.71 million as other current liabilities in theseparate statements of financial position as at May 31, 2024 (as at February 29, 2024:
Baht 20.82 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.

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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 0.14 million and Baht 0.27 million as bad debt
recovery in the consolidated and separate statements of profit or loss for the threemonth periods ended May 31, 2024 and 2023, respectively, and recorded
outstanding deferred revenue of Baht 52.84 million as other current liabilities in theseparate statements of financial position as at May 31, 2024 (as at February 29, 2024:
Baht 52.98 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.

28.3

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 year ended February 28, 2023, andrecorded outstanding receivables of Baht 24.84 million as other receivables in the
consolidated and separate statements of financial positions as at May 31, 2024
(as at February 29, 2024: Baht 37.26 million).

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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 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 year ended February 28, 2023, andrecorded outstanding receivables of Baht 24.52 million as other receivables in the
consolidated and separate statements of financial positions as at May 31, 2024
(as at February 29, 2024: Baht 36.78 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.

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28.5

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,
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 year ended February 29, 2024, andrecorded outstanding receivables of Baht 61.75 million as other receivables in the
consolidated and separate statements of financial positions as at May 31, 2024
(as at February 29, 2024: Baht 74.10 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 that suchdamage was not significant, therefore, the Company had not recorded such claim 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.

29.

COMMITMENT

The Company has entered into a professional service agreement with a local non-relatedcompany (the “Service provider”) to receive 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 May 31, 2024,
the remaining value of the agreement is Baht 94.55 million (as at February 29, 2024:
Baht 123.76 million) which will be paid by the Company to the service provider according towork progress as specified in the agreement.

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30.

31.

EVENTS AFTER THE REPORTING PERIOD

30.1

On May 28, 2024, the Board of Directors’ Meeting of AEON Specialized Bank
(Cambodia) Plc., a subsidiary, had a resolution to approve the increase of registeredshare capital of USD 20 million by issuance of 20 million new ordinary shares ata par value of USD 1 per share. The Company had made a capital injection
amounting to 10 million shares at a par value of USD 1 per share, totaling USD 10
million or equivalent to approximately Baht 367.51 million. As a result, the Company
maintained the proportion of shareholding at 50%. The Company has paid such amounton June 12, 2024.

30.2

On June 21, 2024, the Annual General Meeting of Shareholders of the Company
had the resolutions to approve the declaration of final dividends for the year ended
February 29, 2024 at the rate of Baht 2.95 per share, totaling Baht 737.50 million,
which will be paid to all shareholders on July 17, 2024 in addition to the interim
dividends which had been paid to all shareholders at the rate of Baht 2.55 per share,
totaling Baht 637.38 million, on November 2, 2023.

APPROVAL OF THE INTERIM FINANCIAL STATEMENTS

These interim financial statements were approved for issuance by the Company’s Board of
Directors on July 5, 2024.