REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORSAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED

OpinionWe have audited the consolidated financial statements of AEON Thana Sinsap (Thailand)
Public Company Limited and its subsidiaries (the “Group”) and the separate financial
statements of AEON Thana Sinsap (Thailand) Public Company Limited (the “Company”),
which comprise the consolidated and separate statements of financial position as at
February 29, 2024, and the related consolidated and separate statements of profit or loss,
profit or loss and other comprehensive income, changes in shareholders’ equity and cash flows
for the year then ended, and notes to the financial statements, including a summary ofsignificant accounting policies.
In our opinion, the accompanying consolidated and separate financial statements present
fairly, in all material respects, the financial position of AEON Thana Sinsap (Thailand)
Public Company Limited and its subsidiaries and of AEON Thana Sinsap (Thailand) PublicCompany Limited as at February 29, 2024, and its financial performance and its cash flows
for the year then ended in accordance with Thai Financial Reporting Standards (“TFRSs”).
Basis for Opinion
We conducted our audit in accordance with Thai Standards on Auditing (“TSAs”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Consolidated and Separate Financial Statements section of our report.
We are independent of the Group in accordance with Code of Ethics for Professional
Accountants including Independence Standards issued by the Federation of Accounting
Professions (Code of Ethics for Professional Accountants) that are relevant to our audit of
the consolidated and separate financial statements, and we have fulfilled our other ethicalresponsibilities in accordance with the Code of Ethics for Professional Accountants. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.

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-2Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of mostsignificance in our audit of the consolidated and separate financial statements of the current
period. These matters were addressed in the context of our audit of the consolidated andseparate financial statements as a whole, and in forming our opinion thereon, and we do notprovide a separate opinion on these matters.
Key Audit Matters

Audit Responses

Allowance for expected credit loss
The allowance for expected credit loss of trade Key audit procedures included
receivables is considered to be a key audit• Reviewed management written policies,
matter as there are management’s judgment andwhich were collaborated from the Groupassumptions applied to the calculation including
and the Company management’s experts,
forward economic looking and post modeland procedures to derive the allowance foradjustments.
expected credit loss estimate. Determined
whether the policies and procedures for the
The Group and the Company have applied Thai
estimation are incorporate with the requirements
Financial Reporting Standard No.9 - Financial
of TFRS 9 and properly approved by theInstruments (“TFRS9”). This standard requires
appropriate level of management
the Group and the Company to recognize• Obtained an understanding of the Group’s andimpairment loss based on expected credit loss.
Company’s design of internal controls oversignificant input data used in the calculation of
The Group and the Company calculated
allowance for expected credit loss, andallowance for expected credit loss on tradecalculation of allowance for expected credit
receivables based on forward-looking information
loss
basis by calculating on a probability‑weighted
credit losses with respective risk of expected cash • Evaluated the design and implementation
shortfalls either based on credit events arising inand performed operating effectivenessthe 12 months from the reporting date or based on
testing of key internal controls overcredit events arising over the lifetime of thesignificant input data used in thefinancial instrument; depending on the significant
calculation of allowance for expected
increase in credit risk (“SICR”) since initialcredit loss, and calculation of allowance forrecognition.
expected credit loss

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-3Key Audit Matters

Audit Responses

Allowance for expected credit loss (continued)
The post model adjustment may also berecorded by the Group and the Company using
credit expert assumptions and judgment where
the inputs, assumptions and/or modelling
techniques do not capture all relevant risk
factors in respect to the current economic
conditions and market circumstances.
Accounting policy for the allowance for expectedcredit loss and detail of allowance for expectedcredit loss were disclosed in Note 3.2.2 and Note 5
to the financial statements, respectively.

• Evaluated the design and implementationand performed operating effectiveness testingof key General Computer Controls over the
IT processing environment for retail financesystem with the involvement of IT specialists• Involved our internal specialists to assess
the model documentation. This included
assessing the appropriateness of model
design, assumptions, inputs, formulas usedand post model adjustments. We tested thedata used in the ECL calculation byreconciling to source systems• Evaluated relevant inputs and assumptions
used by management in each stage of the
expected credit loss calculation by considering
whether the inputs and assumption appear
reasonable, considering the historical loss
experience and adjust this for current observabledata and considering the relationship between
those assumptions and forecast of reasonable
and supportable future economic conditions• Tested calculation of allowance for
expected credit loss for a sample of models• Performed analysis of the Group’s and theCompany’s allowance for expected credit
loss by comparing to historical data andconsidering related macroeconomic factors.

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-4Other Information
Management is responsible for the other information. The other information comprises
information in the annual report, but does not include the consolidated and separate financial
statements and our auditor’s report thereon, which is expected to be made available to us
after the date of this auditor’s report.
Our opinion on the consolidated and separate financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated and separate financial statements, our
responsibility is to read the other information identified above when it becomes available
and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit, or otherwise appears to bematerially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to management and those charged withgovernance for correction of the misstatement.
Responsibilities of Management and Those Charged with Governance for theConsolidated and Separate Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated andseparate financial statements in accordance with TFRSs, and for such internal control as
management determines is necessary to enable the preparation of consolidated and separate
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated and separate financial statements, management is responsible
for assessing the Group’s and the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basisof accounting unless management either intends to liquidate the Group and the Company or
to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial
Statements
Our objectives are to obtain reasonable assurance about whether the consolidated andseparate financial statements as a whole are free from material misstatement, whether due tofraud or error, and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with TSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions ofusers taken on the basis of these consolidated and separate financial statements.

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-5As part of an audit in accordance with TSAs, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:•

Identify and assess the risks of material misstatement of the consolidated and separate
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Group’s and the Company’s internal
control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s andthe Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group and theCompany to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the consolidated and separate
financial statements, including the disclosures, and whether the consolidated andseparate financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of theentities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performanceof the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

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-6From the matters communicated with those charged with governance, we determine thosematters that were of most significance in the audit of the consolidated and separate financial
statements of the current period and are therefore the key audit matters. We describe thesematters in our auditor’s report unless law or regulation precludes public disclosure about thematter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.

BANGKOK

April 9, 2024

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

DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION
AS AT FEBRUARY 29, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29, February 28, February 29, February 28,
2024

2023

2024

2023

4.1

2,796,656

3,816,356

2,038,586

2,159,810

Trade receivables

5

78,836,213

80,667,069

75,336,612

77,833,587

Other receivables

6

509,062

518,404

381,926

414,7088--

28,621

27,990ASSETS
CURRENT ASSETS

Cash and cash equivalents
Trade and other current receivables

Current portion of long-term loan to a subsidiary
Current portion of loans from purchase of accounts receivable

9

1,590

-

-

Current portion of subordinated lendings

14.1

-

-

2,441

-

Seller loan in Special Purpose Vehicle for securitization

13

-

-

308,045287,621

Current portion of derivative assets

26

1,027,407

1,047,431

1,027,407

1,047,431

115,204-

115,204-

Current tax assets
Current portion of right-of-use assets

16

Other current assets
Total Current Assets

490

24,610-23,958-59,051

102,645

45,74442,95583,369,793

86,152,395

79,308,544

81,814,102

NON-CURRENT ASSETS

Trade and other non-current receivables
Trade receivables

5

4,180,462

3,144,652

2,072,649

1,496,409

Other receivables

6

24,70374,041

24,70374,041

Fixed deposits at banks under obligations

7

38,275144,216--Long-term loan to a subsidiary

8

-

-

57,241

83,970Loans from purchase of accounts receivable

922,617

12,133--

Investments in subsidiaries

10

-

-

1,260,909

1,235,409

11

14,471

5,062

14,4715,062

12216,000

144,000

216,000

144,000

Investment 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

14.1

-

-

81,63384,074

Leasehold improvement and equipment

15529,560

523,145

401,801

447,217

Right-of-use assets

16

630,947

892,559

546,129776,685

Intangible assets other than goodwill

17

850,578

923,406

719,204

783,252

Derivative assets

26

377,276

684,654377,276

684,654

Deferred tax assets

18

2,088,551

2,340,922

2,012,633

2,268,848

Other non-current assets

19

155,297

165,501

134,946

146,184

Total Non-current Assets
TOTAL ASSETS

Notes to the financial statements form an integral part of these statements

9,128,737

9,054,291

7,919,595

8,229,805

92,498,530

95,206,686

87,228,139

90,043,907

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT FEBRUARY 29, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

2,682,231

4,485,424

500,000

3,440,000

84,862

220,728

49,893

200,448

21

1,625,006

1,629,459

1,557,662

1,532,329

Long-term borrowings

23

16,960,051

12,836,551

16,960,051

11,273,543

Long-term debentures

25

2,487,424-

1,998,985

Derivative liabilities

26

399,465

562,743

399,465

562,743

Lease liabilities

22377,206

444,127

330,582

389,924

Subordinated borrowings

14.2

2,441

-

-

-

Current income tax payable

36,763

643,416-

608,272

Other current liabilities

376,595

341,614378,247

345,103

25,032,044

21,164,062

22,174,885

18,352,362

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

20

Trade and other current payables
Trade payables
Other payables
Current portion of long-term liabilities

Total Current Liabilities-

NON-CURRENT LIABILITIESLong-term borrowings

23

34,335,585

39,152,934

31,879,059

37,867,795

Long-term borrowings under securitization project

24

-

-

1,091,265

1,260,991

Long-term debentures

25

5,965,785

9,580,142

5,802,520

8,107,060

Derivative liabilities

26

1,142,293

876,160

1,142,293

876,160

Lease liabilities

22314,334

473,541

273,790412,280

Subordinated borrowings

14.2

81,63384,074--

Provisions for employee benefit

27

483,535

444,377

440,701

405,630

81,522

83,316

69,41971,18642,404,687

50,694,544

40,699,047

49,001,102

67,436,731

71,858,606

62,873,932

67,353,464

Other non-current liabilities
Total Non-current Liabilities
TOTAL LIABILITIESAEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT FEBRUARY 29, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)SHAREHOLDERS’ EQUITY

29

SHARE CAPITAL

Authorized share capital
250,000,000 ordinary shares of Baht 1 each

250,000

250,000

250,000

250,000

250,000

250,000

250,000

250,000

478,000

478,000

478,000

478,000

9,265

12,1109,265

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

SHARE PREMIUM ON ORDINARY SHARESOTHER SURPLUSES (DEFICITS)

Surplus on share-based payment transaction

28

13,650

Deficit arising from change in ownership interest in a subsidiary

10

(16)

30

-

-

-

25,00025,00025,00025,0004,850,000

4,850,000

4,850,000

4,850,000

19,285,784

17,382,220

19,063,909

17,167,729(105,245)(83,454)--(324,812)(89,551)(324,812)(89,551)

24,472,361

22,821,480

24,354,207

22,690,443

589,438

526,600--

25,061,799

23,348,080

24,354,207

22,690,443

92,498,530

95,206,686

87,228,139

90,043,907

RETAINED EARNINGS

AppropriatedLegal reserve
Reserve for business expansion
Unappropriated
OTHER COMPONENTS OF SHAREHOLDERS’ EQUITY

32

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

Notes to the financial statements form an integral part of these statements

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSSFOR THE YEAR ENDED FEBRUARY 29, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

REVENUES

Credit card income

7,818,745

7,641,755

7,653,047

7,488,114

9,950,408

10,384,552

9,805,016

10,273,844

997,868

1,028,530

262,272

246,053

1,848,593

1,696,186

1,783,613

1,638,278

167,108

404,572

167,108

404,572

Collection service income

221,345

225,753--

Insurance broker business income

642,988688,884

642,988688,884--

273,800

203,000-

9,409

Loan income

33

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

Dividend income

43

38.2.2Gain on revaluation of investment in equity securities
designated at fair value through profit or loss

11

OthersTotal Other income
Total Revenues

9,409

-

308,799

261,433

141,325

173,363

3,198,242

3,276,828

3,018,243

3,108,097

21,965,263

22,331,665

20,738,578

21,116,108

8,210,557

7,962,449

7,415,015

7,282,911

EXPENSES

Operating and administrative expenses
Directors and managements’ remuneration

34

183,112

154,560

131,035

104,425

Loss on impairment of assets

17-

95,497-

95,497

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

8,131

2,627

8,233

1,041

8,401,800

8,215,133

7,554,283

7,483,874

Finance costs

2,161,866

1,903,841

2,156,108

1,970,310

Expected credit loss

7,240,216

7,262,728

7,032,844

7,070,470

PROFIT BEFORE INCOME TAX

4,161,381

4,949,963

3,995,343

4,591,454

823,525

995,818

742,652

880,727

3,337,856

3,954,145

3,252,691

3,710,727

3,258,785

3,815,145

3,252,691

3,710,727

79,071

139,000--

3,337,856

3,954,145

3,252,691

3,710,727

BAHT

13.04

15.26

13.01

14.84

SHARES

250,000,000

250,000,000

250,000,000

250,000,000

Total Expenses

36

37

INCOME TAX EXPENSESPROFIT FOR THE YEARPROFIT ATTRIBUTABLE TO :Owners of the parent
Non-controlling interests

BASIC EARNINGS PER SHAREWEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

Notes to the financial statements form an integral part of these statements

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED FEBRUARY 29, 2024
UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

3,337,856

3,954,145

3,252,691

3,710,727(21,791)

12,354--(12,070)

14,844--(235,261)

337,790(235,261)

337,790

Gain on remeasurements of defined benefit plans

19,657

58,20818,36753,256

Other comprehensive income (loss) for the year, net of tax(249,465)

423,196(216,894)

391,046

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,088,391

4,377,341

3,035,797

4,101,773

3,021,390

4,223,497

3,035,797

4,101,773

67,001

153,844--3,088,391

4,377,341

3,035,797

4,101,773

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

32- Non-controlling interests
Gain (loss) on cash flow hedges

32

Components of other comprehensive income thatwill not be reclassified to profit or loss

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

Notes to the financial statements form an integral part of these statements

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED FEBRUARY 29, 2024
UNIT : THOUSAND BAHTCONSOLIDATED FINANCIAL STATEMENTS

Notes

Owners of the parent
Issued andShare premium

Surplus on

Deficitpaid-upon ordinary

share-based payment

arising from changeshare capitalsharestransaction

Retained earnings

in ownership interest

AppropriatedLegal reservein a subsidiairy

Unappropriated

Non-

Total

Other components of

Total

controllingshareholders’shareholders’ equity

owners ofinterests

equityReserve for

Exchange differences

Cumulative loss

businesson translatingon cash flow hedges

expansion

financial statements

the parentof foreign operations

Beginning balance as at March 1, 2022

250,000

478,000---

25,0004,850,000

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

19,888,711

375,252

20,263,963

Changes during the year
Increase in non-controlling interests arising--

Surplus on share-based payment transaction

from new investment in a subsidiary
28

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividend paid

29.1

-

-

Interim dividend paid

29.2

-

-

-

-

-

-

(662,496)--(662,496)(2,746)(665,242)

-

-

-

-

(637,497)--(637,497)-(637,497)

Profit for the year-

Other comprehensive income

-

-

-

-

-

-

3,815,145-

3,815,145

139,000

3,954,145

-

-

-

-

-

58,20812,354

337,790

408,352

14,844Ending balance as at February 28, 2023

250,000

478,000

423,196

9,265-

25,0004,850,000

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

22,821,480

526,600

23,348,080

Beginning balance as at March 1, 2023

250,000

478,000

9,265-

25,0004,850,000

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

22,821,480

526,600

23,348,080

-

-

4,385

-

-

-

-

-

-

-

-

-

(16)

(234)

(250)

-

-

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

9,265

-

250
9,265

-

-

250
9,265

Changes during the year
Surplus on share-based payment transaction

28

-

-

4,385

-

4,385

Decrese in change in ownership interest
10

-

-

-

Dividend paidin a subsidiary

29.3

-

-

-

Interim dividend paid

29.4

Profit for the year
Other comprehensive income (loss)
Ending balance as at February 29, 2024

(16)
-

-

-

-

-

-

-

(637,382)--(637,382)-(637,382)

-

-

-

-

-

-

3,258,785--

3,258,785

79,071

3,337,856---

250,000

478,000

Notes to the financial statements form an integral part of these statements

13,650(16)--

25,0004,850,000

19,657(21,791)(235,261)(237,395)(12,070)(249,465)

19,285,784(105,245)(324,812)

24,472,361

589,438

25,061,799

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
FOR THE YEAR ENDED FEBRUARY 29, 2024
UNIT : THOUSAND BAHTSEPARATE FINANCIAL STATEMENTS

Notes
Issued andShare premium

Surplus on

paid-upon ordinary

share-based payment

share capitalsharestransaction

Retained earnings

Other components of

Total

shareholders’ equity

shareholders’

Reserve for

Cumulative loss

equitybusinesson cash flow hedges

AppropriatedLegal reserve

Unappropriatedexpansion

Beginning balance as at March 1, 2022

250,000

478,000-

25,0004,850,000

14,703,739

-

-

-

(427,341)

19,879,398

Changes during the year
Surplus on share-based payment transaction

28

-

-

9,265

-

9,265

Dividend paid

29.1

-

-

-

-

-

Interim dividend paid

29.2

-

-

-

-

-

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

Profit for the year

-

-

-

-

-

3,710,727-

3,710,727

Other comprehensive income

-

-

-

-

-

53,256

337,790

391,046

Ending balance as at February 28, 2023

250,000

478,000

9,265

25,0004,850,000

17,167,729(89,551)

22,690,443

Beginning balance as at March 1, 2023

250,000

478,000

9,265

25,0004,850,000

17,167,729(89,551)

22,690,443

2,845

-

-

-

Changes during the year
Surplus on share-based payment transaction

28

-

-

Dividend paid

29.3

-

-

-

-

-

(737,496)-(737,496)

Interim dividend paid

29.4

-

-

-

-

-

(637,382)-(637,382)

Profit for the year

-

-

-

-

-

3,252,691-

3,252,691

Other comprehensive income (loss)

-

-

-

-

-

18,367(235,261)(216,894)

250,000

478,000

19,063,909(324,812)

24,354,207

Ending balance as at February 29, 2024

Notes to the financial statements form an integral part of these statements

12,11025,0004,850,000

-

2,845

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWSFOR THE YEAR ENDED FEBRUARY 29, 2024

UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

3,337,856

3,954,145

3,252,691

3,710,727

CASH FLOWS FROM OPERATING ACTIVITIESProfit for the year
Adjustments for:
Income tax expense

823,525

995,818

742,652

880,727

Expected credit loss

7,240,216

7,262,728

7,032,844

7,070,470-

95,497-

95,497

748,621810,097

642,468

697,005

271,581

241,503226,928

197,074

940

(768)

1,548

(51)

Loss on impairment of assets
Depreciation of leasehold improvement and equipment
and right-of-use assets
Amortization of intangible assets other than goodwill(Gain) loss on sale of leasehold improvement and equipment
and intangible assets other than goodwill
Loss on write-off of leasehold improvement and equipment
and intangible assets other than goodwill
Employee benefit expense

27

Employee joint investment program expense

28

7,191

3,395

6,685

1,092

71,27476,51562,87970,337

17,461

14,426

14,351

14,426

Gain on sales of written-off receivables(167,108)(404,572)(167,108)(404,572)

Unrealized (gain) loss on exchange rate

-

-

1,977

(5,837)-(9,409)Gain on revaluation of investment in equity securities
designated at fair value through profit or loss
Gain on cancellation of lease agreements

11(9,409)16

Interest income
Dividend income

(488)

(334)

(488)

(330)

(13,893,421)(13,841,603)(12,467,099)(12,493,503)-

Finance costs-(273,800)(203,000)

2,161,866

1,903,841-

2,156,108

1,970,310

610,105

1,110,688

1,223,227

1,600,372(6,927,019)(10,962,742)(5,576,938)(11,012,202)-

Operating assets (increase) decrease
Trade and other current receivables
Loans from purchase of accounts receivable(11,584)(12,623)-

Other current assets

43,472(2,037)(2,791)

118

Other non-current assets

9,889

15,867

11,236

21,665(233,360)(86,085)(226,024)(112,919)(49,870)

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

35,616(39,872)

33,144

Other non-current liabilities(1,533)647(1,606)

3,671

Cash paid for operations(6,474,414)(9,976,157)(4,539,752)(9,549,165)

Proceeds from interest income

14,278,389

13,928,127

12,855,034

12,544,148--

273,800

203,000

Dividend received
Finance costs paid
Income tax paid

(2,073,248)(1,906,754)(2,078,021)(1,980,343)(1,238,940)(544,660)(1,155,689)(462,091)(7,545)(22,713)(4,849)(13,916)

Employee benefits paid

27

Cash paid from transfer of employees within the Group

27

-

-

(3,353)

Cash paid for employee joint investment program

28(13,076)(5,161)(11,506)(5,161)

4,471,166

1,472,682

5,339,017

733,119

Net cash flows provided by operating activities-

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESSTATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED FEBRUARY 29, 2024

UNIT : THOUSAND BAHT

Notes

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

3,050

-

-

(105,200)--

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

106,403

Cash paid for fixed deposits at banks under obligations-

Cash paid for purchase of leasehold improvement and equipment

4.2(251,703)(211,777)(152,817)

1,357

2,169

1,020

1,457

(442,328)(168,853)(397,442)

Cash received from sale of leasehold improvements and equipment(173,463)

Cash paid for purchase of intangible assets other than goodwill

4.2(206,938)

Cash paid for investment in a subsidiary

10

(250)

-

(25,500)(24,500)

12(72,000)-(72,000)---

24,121

24,121(423,131)(754,086)(394,029)(569,827)

4.4

98,434,643

116,228,272

91,280,000

113,233,224

Cash paid for investment in equity securities designatedat fair value through other comprehensive income
Cash received from repayment of long-term loan to a subsidiary
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIESCash received from bank overdrafts and short-termborrowings from financial institutions
Cash repayments for bank overdrafts and
4.4(100,159,689)(120,792,355)(94,220,000)(117,734,464)

Cash received from long-term borrowings

short-term borrowings from financial institutions

4.4

11,888,992

22,210,298

10,662,440

20,351,762

Cash repayments for long-term borrowings

4.4(12,667,571)(18,590,828)(11,073,300)(16,381,625)

4.4

-

-

482,734

564,624-(538,632)

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

Cash received from long-term debentures

securitization project

4.4-

5,245,000

Cash repayments for long-term debentures

4.4(821,378)(3,800,000)

Cash paid for lease liabilities

4.4(542,813)(558,097)(476,299)(488,331)

191,723

231,809

191,723

231,809--

Cash received from sales of written-off receivables(564,624)-

5,245,000-(3,800,000)

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

250

Cash paid for dividend(748,815)(666,592)(737,496)(662,496)

Cash paid for interim dividend(637,382)(637,497)(637,382)(637,497)(5,062,290)(1,129,740)(5,066,212)(642,618)(1,014,255)(411,144)(121,224)(479,326)(5,445)(8,103)

Net cash flows used in financing activities
Net decrease in cash and cash equivalents
before effect of exchange rate
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the ending of the year

Notes to the financial statements form an integral part of these statements

4.1

-

-

3,816,356

4,235,603

2,159,810

2,639,136

2,796,656

3,816,356

2,038,586

2,159,810

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED FEBRUARY 29, 2024
NOTE

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.

CONTENTS

Operations of the company
Basis for preparation and presentation of the financial statements
Significant accounting policies
Supplementary disclosures of cash flow information
Trade receivables
Other receivables
Fixed deposits at banks under obligations
Long-term loan to a subsidiary
Loans from purchase of accounts receivable
Investments in subsidiaries
Investments in equity securities designated at fair value through profit or loss
Investment in equity security designated at fair value through othercomprehensive income
Seller loan in special purpose vehicle for securitization
Subordinated lendings and subordinated borrowing
Leasehold improvement and equipment
Right-of-use assets
Intangible assets other than goodwill
Deferred tax assets
Other non-current assets
Bank overdrafts and short-term borrowings from financial institutions
Other payables
Lease liabilitites
Long-term borrowings
Long-term borrowings under securitization projectLong-term debentures
Derivative financial instuments
Provisions for employee benefits
Employee joint investment program
Shareholders’ equity
Legal reserve
Capital management
Other components of shareholders’ equity
Revenues relating to securitization transaction
Directors and managements’ remuneration
Provident fundExpense by nature
Corporate income tax
Transactions with related parties
Operating Segments
Disclosure of information relating to financial instruments
Credit facilities and letters of guarantee
Significant agreements relating to securitization transaction
Sale of written-off receivables
Commitment
Approval of financial statements

AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED FEBRUARY 29, 2024

1.

OPERATIONS OF THE COMPANY

The Company was registered as a limited company under the Civil and Commercial Codeon September 18, 1992 and registered to be Public Company Limited with the Ministry ofCommerce on August 7, 2001. The Company was listed on The Stock Exchange ofThailand on December 11, 2001. The Company’s head office is located at 388, 27th Floor,
Exchange Tower, Sukhumvit Road, Klongtoey, Bangkok. The Company’s main objective
is to do the retail finance services which consist of credit card, hire-purchase and personalloans, and others. Subsequently, on October 6, 2020, the Company has registered anotherobjective which is to conduct life and non-life insurance brokerage business.
As at February 29, 2024 and February 28, 2023, the Company has head office and branches
totaling 102 locations and 104 locations, respectively.
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 2.4 and Note 10.
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. The subsidiary has resumed providing new loans to existing customers
starting from January 22, 2022, and to new customers starting from January 12, 2023. The
subsidiary has continuously reduced operation costs and continued pursuing debt collection.
However, the subsidiary has suspended loan disbursement starting from February 24, 2024.

-22.

BASIS FOR PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

2.1

The Group and the Company maintain its accounting records in Thai Baht and prepare
their statutory financial statements in the Thai language in conformity with Thai
Financial Reporting Standards and accounting practices generally accepted in Thailand.
The English version of the consolidated and separate financial statements have been
prepared from the Thai version of the consolidated and separate financial statements
prepared by law. In the event of any conflict or different interpretation of the twodifferent languages, the Thai version consolidated and separate financial statementsin accordance with the Thai law is superseded.

2.2

The Group’s and the Company’s financial statements have been prepared inaccordance with the Thai Accounting Standard (TAS) No. 1 “Presentation of
Financial Statements” the Regulation of The Stock Exchange of Thailand (SET)
dated October 2, 2017, regarding the preparation and submission of financial
statements and reports for the financial position and results of operations of the listedcompanies B.E. 2560 and the Notification of the Department of Business
Development regarding “The Brief Particulars in the Financial Statement (No. 3)
B.E. 2562” dated December 26, 2019.

2.3

The consolidated financial statements for the years ended February 29, 2024 andFebruary 28, 2023 included the accounts of the Company and its subsidiaries.
Significant transactions and balances between the Company and its subsidiaries havebeen eliminated.
Subsidiaries are entities controlled by the Company. Control exists when the Company
has the power, directly or indirectly, to govern the financial and operating policies of anentity so as to obtain benefits from its activities. The financial statements of subsidiaries
are included in the consolidated financial statements from the date that control
commences until the date that control ceases. The accounting policies of subsidiaries
have been changed where necessary to align them with the policies adopted by theGroup.
Loss in a subsidiary are allocated to non-controlling interests even if doing so causes
the non-controlling interests to have a deficit balance.
If the Company losses control in a subsidiary, it will derecognize the assets andliabilities, any non-controlling interests and the other components of shareholders’equity related to the subsidiary. Any surplus or deficit arising from the loss of control
is recognized in profit or loss. If the Company retains any interest in the previous
subsidiary, then such interest is measured at fair value at the date that control is lost.
Subsequently, it is accounted for as an equity-accounted investee or as an investment inequity securities depending on the level of influence retained.

-32.4

For the years ended February 29, 2024 and February 28, 2023, the subsidiaries
included in the consolidated financial statements are as follows:

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

Registration date

Percentage of direct andindirect holdings (%)
2024
2023

Collection servicer

ThailandMarch 13, 2007

100.00100.00Non-life insurance broker
and life insurance broker
Retail finance business

ThailandJuly 1, 2013100.00100.00

Cambodia

October 5, 2011

50.00

50.00

Retail finance business

MyanmarNovember 2, 2012

100.00100.00Retail finance business

Laos

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

ThailandMarch 20, 2015

48.75

48.75

ThailandAugust 2, 2022

100.00

99.00(1)

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

(2)

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

(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) Pcl. in accordance with the requirement of
TFRS No.10 “Consolidated Financial Statements”.

The significant accounting policies used for the financial statements of the subsidiaries
are adjusted to be the same as those of the Company.
2.5

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

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

The date of the end of the reporting period
in preparation of
the consolidated financial statements
For the years ended
February 29,
February 28,
2024
2023
December 31, 2023
December 31, 2023
December 31, 2023
December 31, 2023
December 31, 2023
December 31, 2023

December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022

-42.6

Thai Financial Reporting Standards affecting the presentation and disclosure in thecurrent year financial statements
During the year, the Group and the Company have adopted the revised financial
reporting standards issued by the Federation of Accounting Professions which are
effective for fiscal years beginning on or after January 1, 2023. These financial
reporting standards were aimed at alignment with 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 financial statements.

2.7

Thai Financial Reporting Standards announced in the Royal Gazette but not yet
effective
Thai Financial Reporting Standard which will be effective for the financial
statements for the period beginning on or after January 1, 2024, onwards
The revised TFRSs are mostly the revision of wording and terminology andclarification of accounting requirements. TFRSs which have been amended and are
relevant to the Group and the Company are as follows:
Thai Accounting Standard No.1 “Presentation of Financial Statements”
The amendments change the requirements regarding the disclosure of accounting
policies from “significant accounting policies” to “material accounting policy
information”. Accounting policy information is material if, when considered
together with other information included in an entity’s financial statements, it canreasonably be expected to influence decisions that the primary users of generalpurpose financial statements make on the basis of those financial statements.
Thai Accounting Standard No.8 “Accounting Policies, Changes in Accounting
Estimates and Errors”
The amendments change the definition of accounting estimates to be “monetaryamounts in financial statements that are subject to measurement uncertainty”, tohelp an entity to be able to segregate the difference of “change in accounting
estimates” from “change in accounting policies”.
Thai Accounting Standard No.12 “Income Taxes”
The amendments add the requirements for the initial recognition of deferred tax,
which give rise to equal taxable and deductible temporary differences such as rightof-use assets and lease liabilities and decommissioning obligation. The amendments
apply to transactions that occur on or after the beginning of the earliest comparative
period presented. At the beginning of the earliest comparative period, an entity
recognizes a deferred tax asset, to the extent that it is probable that taxable profit
will be available against which the deductible temporary difference can be utilized,
and a deferred tax liability for all deductible and taxable temporary differences
associated with such transactions.

-5In addition, such amendments also add the exemption for the International Tax
Reform - Pillar Two Model. An entity should not recognize and not disclose thedeferred tax assets and deferred tax liability which are relevant to Pillar Two income
tax.
The Group’s and the Company’s management will adopt such TFRSs in the
preparation of the Group’s and the Company’s financial statements when it becomes
effective. The Group’s and the Company’s management is in the process to assess
the impact of these TFRSs on the financial statements of the Group and theCompany in the period of initial application.
Thai Financial Reporting Standard which will be effective for the financial
statements for the period beginning on or after January 1, 2025, onwards
Thai Financial Reporting Standard No.17 “Insurance Contracts” establishes theprinciples 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 does not have accounting
transaction which should be adopted this Financial Reporting Standard.
3.

SIGNIFICANT ACCOUNTING POLICIESThe financial statements have been prepared on the historical cost basis except as disclosed
in the following:
3.1

Cash and cash equivalents
Cash and cash equivalents comprise cash on hands, all deposits at financial
institutions with the original maturities of three months or less and highly liquid
short-term investments, excluding cash at banks used as collateral.

3.2

Financial instruments
Financial assets and financial liabilities are recognized in the Group’s consolidated
statement of financial position and the Company’s separate statement of financial
position when the Group and the Company become a party to the contractual
provisions of the instrument.

-63.2.1 Classification and Measurement
3.2.1.1

Classification
Financial Assets
The Group and Company classify financial assets, depending on thebusiness model of the Group and Company on financial assets andtype of contractual cash flow of financial assets. The Group andCompany classify financial assets as subsequently measured byamortized cost and fair value through profit or loss.
Financial Liabilities
The Group and Company classify all financial liabilities as
subsequently measured by amortized cost.

3.2.1.2

Initial measurement
Financial assets and financial liabilities are initially measured at fairvalue. Transaction costs that are directly attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial
assets and financial liabilities at fair value through profit or loss) areadded to or deducted from the fair value of the financial assets orfinancial liabilities, as appropriate, on initial recognition. Transaction
costs directly attributable to the acquisition of financial assets orfinancial liabilities at fair value through profit or loss are recognized
immediately in profit or loss.

3.2.1.3

Subsequent measurement
Financial Assets
The Group and Company are subsequently measure financial assets as
below;(1)

Subsequent measurement by Amortized cost
Financial assets are measured subsequently at amortized cost.
The Group and Company using the effective interest method.
The effective interest method is a method of calculating theamortized cost of a financial asset and of allocating interest
income over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash inflow(including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs andother premiums or discounts) through the expected life of thefinancial asset, or (where appropriate) a shorter period, to theamortized cost of a financial asset.

(2)

Subsequent measurement by Fair value through profit or loss(“FVTPL”)
Financial assets that do not meet the criteria for being measured
at amortized cost are measured at FVTPL.

-7Financial assets at FVTPL are measured at fair value at the endof each reporting period, with any fair value gains or losses
recognized in profit or loss to the extent they are not part of adesignated hedging relationship (see Note 3.2.3 Hedge
accounting). The net gain or loss recognized in profit or loss
includes any dividend or interest earned on the financial asset.
Financial Liabilities
All financial liabilities are measured subsequently at amortizedcost using the effective interest method. The effective interest
method is a method of calculating the amortized cost of afinancial liability and of allocating interest expense over the
relevant period. The effective interest rate is the rate thatexactly discounts estimated future cash payments (including all
fees and points paid or received that form an integral part ofthe effective interest rate, transaction costs and other premiums
or discounts) through the expected life of the financial liability,or (where appropriate) a shorter period, to the amortized costof a financial liability.
(3)

Subsequent measurement by Fair value through othercomprehensive incomes (“FVTOCI”)
On initial recognition, the Group and the Company may makean irrevocable election (on an instrument-by-instrument basis)to designate investments in equity instruments as at FVTOCI.
Designation at FVTOCI is not permitted if the equity
investment is held for trading or if it is contingent consideration
recognized by an acquirer in a business combination.
Investments in equity instruments at FVTOCI are initiallymeasured at fair value plus transaction costs. Subsequently,
they are measured at fair value with gains and losses arisingfrom changes in fair value recognized in other comprehensive
income and accumulated in the investments revaluation
reserve. The cumulative gain or loss is not reclassified to profit
or loss on disposal of the equity investments, instead, it istransferred to retained earnings.
The Group and the Company designated all investments inequity instruments that are not held for trading as at FVTOCI
on initial application of TFRS 9.

-83.2.1.4

Derecognition of Financial instruments
Financial Assets
The Group and the Company derecognize a financial asset only when
the contractual rights to the cash flows from the asset expire, or whenit transfers the financial asset and substantially all the risks andrewards of ownership of the asset to another entity. If the Group andthe Company neither transfer nor retain substantially all the risks andrewards of ownership and continues to control the transferred asset,
the Group and the Company recognize its retained interest in theasset and an associated liability for amounts it may have to pay. If
the Group and the Company retain substantially all the risks andrewards of ownership of a transferred financial asset, the Group andthe Company continue to recognize the financial asset and also
recognizes a collateralized borrowing for the proceeds received.
On derecognition of a financial asset measured at amortized cost, thedifference between the asset’s carrying amount and the sum of theconsideration received and receivable is recognized in profit or loss.
Financial Liabilities
The Group and the Company derecognize financial liabilities when,and only when, the obligation of the Group and the Company aredischarged, cancelled or have expired. The difference between the
carrying amount of the financial liability derecognized and theconsideration paid and payable is recognized in profit or loss.

3.2.2 Impairment of financial assets
The Group and the Company recognize allowance for expected credit loss on
trade receivables using ECL model. The amount of expect credit losses is
updated at each reporting period date to reflect changes in credit risk sinceinitial recognition of the respective financial instrument.
The Group and the Company recognize lifetime ECL when there has beena significant increase in credit risk since initial recognition. However,if the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group and the Company measure the loss
allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit loss that will result from all
possible default events over the expected life of a financial instrument. In
contrast, 12-month ECL represents the portion of lifetime ECL that is
expected to result from default events on a financial instrument that are
possible within 12 months after the reporting date.

-9(1)

Significant increase in credit risk
The Group and the Company compare the risk of a default occurring on thefinancial instrument at the reporting date based on the remaining maturity of
the instrument with the risk of a default occurring that was anticipated for theremaining maturity at the current reporting date when the financial instrument
was first recognized. In assessing whether the credit risk on a financial
instrument has increased significantly since initial recognition, the Group andthe Company consider both quantitative and qualitative information that isreasonable and supportable, including historical experience and forwardlooking information that is available without undue cost or effort.
Despite the foregoing, the Group and the Company assume that the credit risk
on a financial instrument has not increased significantly since initialrecognition if the financial instrument is determined to have low credit risk at
the reporting date. A financial instrument is determined to have low credit
risk if;- The financial instrument has a low risk of default;- The debtor has a strong capacity to meet its contractual cash flow
obligations in the near term; and- Adverse changes in economic and business conditions in the longer term
may, but will not necessarily, reduce the ability of the borrower to fulfil
its contractual cash flow obligations.
The Group and the Company regularly monitor the effectiveness ofthe criteria used to identify whether there has been a significant increasein credit risk and revises them as appropriate to ensure that the criteria arecapable of identifying significant increase in credit risk before the amountbecomes past due.

(2)

Definition of default
The Group and the Company consider constituting an event of default forinternal credit risk management policies and historical experience
indicates that financial assets are defaulted by considering information
developed internally or obtained from external sources indicates thatthe debtor is unlikely to pay its creditors, in full.
Irrespective of the above analysis, the Group and the Company consider
that default has occurred when the past due is more than 90 days unlessthe Group and the Company have supportable information to demonstratethat a more lagging default criterion is reasonable.

(3)

Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that havea detrimental impact on the estimated future cash flows of that financial
asset have occurred. Evidence that a financial asset is credit-impaired
includes the consideration of following events;- Significant financial difficulty of the issuer or the borrower;- A breach of contract, such as a default or past due event;- 10 - The lender(s) of the borrower, for economic or contractual reasons
relating to the borrower’s financial difficulty, having granted to theborrower a concession(s) that the lender(s) would not otherwise
consider; and- It is becoming probable that the borrower will enter bankruptcy or otherfinancial reorganization.
(4)

Write-off policy
The Group and the Company write off trade receivables when there isinformation indicating that the debtor is in financial difficulty and there is
no realistic prospect of recovery, e.g. when the debtor has been placed
under liquidation or has entered into bankruptcy proceedings, or in the caseof loans to customers, when the days past due are over the period that theManagement determined, whichever occurs sooner. Loans to customers
written off may still be subject to enforcement activities under the Group’s
and the Company’s recovery procedures, taking into account legal advice
where appropriate. Any recoveries made are recognized in profit or loss.

(5)

Measurement and recognition of expected credit loss
The measurement of expected credit loss is a function of the probability ofdefault, loss given default and the exposure at default. The assessment of
the probability of default and loss given default is based on historical data
adjusted by forward-looking information as described above.
For financial assets, exposure at default is represented by the asset’s grosscarrying amount at the reporting date.
For loan commitments, the exposure includes the amount drawn down asat the reporting date, together with any additional amounts expected to be
drawn down in the future by default date determined based on historical
trend, the Group’s and the Company’s understanding of the specific futurefinancing needs of the debtors, and other relevant forward-looking
information.
If the Group and the Company have measured the loss allowance fora financial instrument at an amount equal to lifetime ECL in the previous
reporting period, but determines at the current reporting date thatthe conditions for lifetime ECL are no longer met, the Group and theCompany measure the loss allowance at an amount equal to 12-month
ECL at the current reporting date.

- 11 3.2.3 Hedge accounting
The Group and the Company designate certain derivatives as hedging instruments
in respect of foreign currency risk and interest rate risk in cash flow hedges.
At the inception of the hedge relationship, the Group and the Company
document the relationship between the hedging instrument and the hedged
item, along with its risk management objectives and its strategy forundertaking various hedge transactions. Furthermore, at the inception of thehedge and on an ongoing basis, the Group and the Company document
whether the hedging instrument is effective in offsetting changes infair values or cash flows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge
effectiveness requirements;-

There is an economic relationship between the hedged item andthe hedging instrument;-

The effect of credit risk does not dominate the value changes that result
from that economic relationships; and-The hedged ratio of the hedging relationship is the same as that resulting
from the quantity of the hedged item that the Group and the Company
actually hedge and the quantity of the hedging instrument that the Groupand the Company actually use to hedge that quantity of hedged item.

Cash flow hedges
The effective portion of changes in the fair value of derivatives and otherqualifying hedging instruments that are designated and qualify as cash flow
hedges is recognized in other comprehensive income and accumulated under
the heading of cash flow hedging reserve, limited to the cumulative change infair value of the hedged item from inception of the hedge. The gain or loss
relating to the ineffective portion is recognized immediately in profit or loss,
and is included in the “Finance costs” line item.
Amounts previously recognized in other comprehensive income andaccumulated in equity are reclassified to profit or loss in the periods when thehedged item affects profit or loss, in the same line as the recognized hedged
item. However, when the hedged forecast transaction results in the recognitionof a non-financial asset or a non-financial liability, the gains and losses
previously recognized in other comprehensive income and accumulated inequity are removed from equity and included in the initial measurement of thecost of the non-financial asset or non-financial liability.
This transfer does not affect other comprehensive income. Furthermore, if theGroup expects that some or all of the loss accumulated in the cash flow
hedging reserve will not be recovered in the future, that amount is immediately
reclassified to profit or loss.

- 12 3.3

Investment in subsidiaries
Investments in subsidiaries in the separate financial statements are accounted forusing the cost method, less allowances for impairment (if any).
In case impairment in value of investment has occurred, the loss result of investment
is recognized in the statement of profit or loss.
Cost of securities sold is determined by the weighted-average method.

3.4

Leasehold improvement and equipment
Leasehold improvement and equipment are stated at cost less accumulated
depreciation and allowance for impairment (if any).
Depreciation of leasehold improvement and equipment is calculated by the straightline method, based on the estimated useful life of the assets of 3 years and 5 years.

3.5

Intangible assets
Intangible assets are stated at cost less accumulated amortization and allowance for
impairment (if any).
Intangible assets are computer software which are amortized by the straight-line
method over the estimated useful lives of 5 years and 10 years.

3.6

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

3.7

Allowance for expected credit losses of loans from purchase of accounts receivable
The loans from purchase of accounts receivable are purchased or originated creditimpaired financial assets. The subsidiary recognizes allowance for expected credit
losses from loans from purchase of accounts receivable as the cumulative changes
in lifetime expected credit losses since initial recognition.
The subsidiary estimates the amount of expected credit losses of loans frompurchase of accounts receivable by calculating the difference between the carrying
amount of loans from purchase of accounts receivable and the present value of
estimated future cash flow, and by discounting the unbiased forecast cash flows
based on reasonable and supportable information that is relevant and available
without undue cost or effort.

- 13 The subsidiary uses judgment in estimating the amount and period of expected net
cash inflows in calculating allowance for expected credit losses and credit-adjusted
effective interest rate since initial recognition of loans from purchase of accounts
receivable for recognition of interest income. In estimating cash flows, thesubsidiary considers loss experience and adjusts on the basis of current observable
data. In addition, the subsidiary uses reasonable and supportive forecasts of future
economic conditions that are proven to be statistically correlated, and uses
appropriate judgment to estimate the amount of expected credit losses. The
subsidiary uses judgement in assessing financial situation of debtor and net
collateral value, uses forward-looking information model to calculate allowance for
expected credit losses.
The subsidiary recognizes the amount of the change in lifetime expected credit
losses of the financial assets as gain or loss from expected credit losses in profit orloss. The subsidiary recognizes favorable changes in lifetime expected credit losses
as a reversal of expected credit losses, even if the lifetime expected credit losses areless than the amount of expected credit losses that were included in the estimatedcash flows on initial recognition.
3.8

LeasesThe Group and the Company as lessee
The Group and the Company assess whether a contract is or contains a lease,at inception of the contract. The Group and the Company recognize a right-of-use asset andcorresponding lease liability with respect to all lease arrangements in which it is the lease.
The lease liability is initially measured at the present value of the lease payments thatare not paid at the commencement date, discounted by using the rate implicit in thelease. If this rate cannot be readily determined, the Group uses its incremental
borrowing rate.
Lease payments included in the measurement of the lease liability comprise:• Fixed lease payments (including in-substance fixed payments), less any lease
incentives receivable;• Variable lease payments that depend on an index or rate, initially measured using
the index or rate at the commencement date;• The amount expected to be payable by the lease under residual value guarantees;• The exercise price of purchase options, if the lease is reasonably certain to exercise
the options; and• Payments of penalties for terminating the lease, if the lease term reflects
the exercise of an option to terminate the lease.

The lease liability is presented as a separate line in the consolidated and separate
statements of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect
interest on the lease liability (using the effective interest method) and by reducing thecarrying amount to reflect the lease payments made.

- 14 The Group and the Company remeasure the lease liability (and makes a corresponding
adjustment to the related right-of-use asset) whenever:• The lease term has changed or there is a significant event or change incircumstances resulting in a change in the assessment of exercise of a purchase
option, in which case the lease liability is remeasured by discounting the revised
lease payments using a revised discount rate.

• The lease payments change due to changes in an index or rate or a change in

expected payment under a guaranteed residual value, in which cases the leaseliability is remeasured by discounting the revised lease payments using
an unchanged discount rate (unless the lease payments change is due to a change ina floating interest rate, in which case a revised discount rate is used).

• A lease contract is modified and the lease modification is not accounted for as aseparate lease, in which case the lease liability is remeasured based on the leaseterm of the modified lease by discounting the revised lease payments using a revised
discount rate at the effective date of the modification.

The right-of-use assets comprise the initial measurement of the corresponding leaseliability, lease payments made at or before the commencement day, less any lease
incentives received and any initial direct costs. They are subsequently measured atcost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of
the underlying asset. If a lease transfers ownership of the underlying asset or the cost of
the right-of-use asset reflects that the Group and the Company expect to exercise apurchase option, the related right-of-use is depreciated over the useful life of theunderlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are presented as a separate line in the consolidated andseparate statements of financial position.
The Group and the Company apply TAS 36 to determine whether a right-of-use asset
is impaired and accounts for any identified impairment loss as described in
the “Leasehold improvement and equipment” policy.
Variable rents that do not depend on an index or rate are not included in
the measurement the lease liability and the right-of-use asset. The related payments
are recognized as an expense in the period in which the event or condition that triggers
those payments occurs and are included in the line “Operating and administrative
expenses” in profit or loss.
As a practical expedient, TFRS 16 permits a lessee not to separate non-lease
components, and instead account for any lease and associated non-lease components asa single arrangement. The Group and the Company have used this practical expedient.

- 15 3.9

Assets and liabilities in foreign currencies
3.9.1

Functional currency and presentation currency
The consolidated and the separate financial statements are presented inThai Baht as the presentation currency.
Items in the financial statements of foreign operations are recorded at theirfunctional currency.

3.9.2

Translation of foreign currency transaction
Transactions in foreign currencies are translated to Thai Baht at the foreignexchange rates ruling at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at thereporting date are translated to Thai Baht at the foreign exchange rates
ruling at that date. Foreign exchange differences arising on translation arerecognized as profit or loss in statement of profit or loss and othercomprehensive income.
Non-monetary assets and liabilities measured at cost in foreign currencies
are translated to Thai Baht using the foreign exchange rates ruling at thedates of the transactions.
Monetary assets and liabilities for which settlement is neither planned nor
likely to occur in a foreseeable future is treated as part of net investmentin the foreign operation of the Group. Exchange differences arising on amonetary item that forms part of a reporting entity’s net investment in aforeign operation shall be recognized in profit or loss in the separate
financial statements of the reporting entity or the individual financial
statements of the foreign operation, as appropriate. In the financial
statements that include the foreign operation and the reporting entity (e.g.
consolidated financial statements when the foreign operation is a
subsidiary), such exchange differences shall be recognized initially inother comprehensive income and reclassified from equity to profit or loss
on a disposal of the net investment.

3.9.3

Translation of financial statements of foreign operations
The assets and liabilities of foreign entities are translated to Thai Baht at
the foreign exchange rates ruling at the reporting date.
The revenues and expenses of foreign entities are translated to Thai Baht
at rates approximating the foreign exchange rates ruling at the dates of thetransactions.
Foreign exchange differences arising on translation are recognized as othercomprehensive income in the statement of profit or loss and othercomprehensive income and presented as the foreign currency translation
reserve in equity until a disposal of the investment.

- 16 3.10

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

3.11

Recognition of revenues and expenses
Interest income and fee income from purposed loan, hire-purchase receivable, credit
card receivable and personal loan are recognized on an accrual basis using theeffective interest method.
Commission income is recognized on the issue date of the policy.
Collection service income is recognized on an accrual basis when service has been
provided or upon satisfaction of performance obligations.
Bad debt recovery is recorded as other income in the statement of profit or loss
when received.
Dividend income is recognized on the date the Company’s rights to receive payments
is established.
Other income and expenses are recognized on an accrual basis.

3.12

Provisions for employee benefits
3.12.1

Provident FundThe contribution for employee provident fund is recorded as an expense
when incurred.

3.12.2

Post-employment benefits
The Group and the Company operate post-employment benefits plans under
the Labor Protection Act. Such employee benefits are calculated by anindependent actuary at the end of reporting period using the Projected Unit
Credit Method, which is estimated based on the present value of expected cash
flows of benefits to be paid in the future taken into account the actuarial
assumptions including salaries, turnover rate, mortality rate, years of service
and other factors. Discount rate used in the calculation of provision isreferenced to the yield curve of Thai government bond.
Gain or loss on remeasurements of defined benefit plans are recognized in
the statement of profit or loss and other comprehensive income.

3.13

Provision for dismantling costs
The Group and the Company record a provision for dismantling costs whenever it ishighly probable that an obligation will arise as a result of a past event and the amountof the obligation can be reliably estimated. In estimating dismantling cost, the Group’s
and the Company’s management exercise judgment in predicting future dismantlingcost, discount rate and economic useful lives of the assets.

- 17 3.14

Deferred revenue from customer loyalty programs
Customer loyalty programs are to grant the points whereby customers are awarded
credits (Points) entitling customers to the rights to redeem within a determined period
under the condition of customer loyalty programs. Obligations from granting the points
to purchase products or get free service in the future are recognized and measured at thefair value of consideration received or receivable which is derived from points expected
to redeemed , multiplied by the estimated fair value per point, referring to the fair valueof the rewards. Such obligations are allocated from consideration received or receivable
and recorded through “Deferred revenue from customer loyalty programs” in thestatement of financial position under “Other payables” and recognized in the statement of
profit or loss as “Credit card income” when the points are redeemed by customers.

3.15

Income tax expense
Income tax expense represents the sum of the tax currently payable and deferred tax.
3.15.1

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit
differs from profit as reported in the statement of profit or loss because it
excludes items of income or expense that are taxable or deductible in otheryears and further excludes items that are never taxable or deductible.
The Company’s current tax is calculated using tax rates that have beenenacted or substantively enacted at the financial statement date.

3.15.2

Deferred tax
Deferred tax is recognized on temporary differences between the carrying
amounts of assets and liabilities in the financial statements andthe corresponding tax bases used in the computation of taxable profit(tax base). Deferred tax liabilities are generally recognized for all taxable
temporary differences, and deferred tax assets are generally recognized for
temporary differences to the extent that it is probable that taxable profits
will be available against which those temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed by the end of eachreporting period. Deferred tax assets shall be reduced to the extent thatutilized taxable profits decrease. Such reduction shall be reversed to theextent that it becomes probable that sufficient taxable profit will beavailable to allow total or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to be applied to the period when the asset is realized or theliability is settled, based on tax rates that have been enacted or
substantively enacted by the end of the reporting period.
Current tax assets and liabilities, and deferred tax assets and liabilities, areoffset when there is a legally enforceable right to set off the recognizedamounts and the Company intends to settle on a net basis or to realize theasset and settle the liability simultaneously and when they relate to income
taxes levied by the same taxation authority.

- 18 Income tax expense or income related to profit or loss are presented in thestatement of profit or loss and net presented with items recognized directly
in shareholders’ equity in the statement of profit or loss and othercomprehensive income.
3.16

Basic earnings per share
Basic earnings per share are calculated by dividing the net income for the year by the
number of weighted average ordinary shares outstanding during the year. In the case ofa capital increase, the number of shares is weighted according to time of registration of
the paid-up share capital increase. The Company did not have any common shareequivalents outstanding which would have dilutive effects on earnings per share.

3.17

Fair value measurements
In estimating the fair value of an asset or a liability, the Group and the Company take into
account the characteristics of the asset or liability if a producer or supplier of marketable
goods would take those characteristics into the consideration the price that would bereceived to sell an asset or paid to transfer a liability at the measurement date, regardless ofwhether that price is directly observable or estimated using another valuation technique.
Fair values for disclosure in the financial statements are categorized into Level 1, 2 or 3
based on the degree to which the inputs to the fair value measurements are on as follows:
Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets
or liabilities that the entity can access at the measurement date.
Level 2 Inputs are inputs, other than quoted prices included within Level 1, which
are observable for the asset or liability, either directly or indirectly.
Level 3 Inputs are unobservable inputs for the asset or liability.

3.18

Critical accounting judgments and key sources of estimation uncertainty
3.18.1

Use of management’s judgments in applying accounting policies
The preparation of financial statements in conformity with Thai Financial
Reporting Standards (TFRSs) requires the Group and the Company’s
management to exercise various judgments in order to determine theaccounting policies, estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets andliabilities at the date of the financial statements and the reported amountsof revenues and expenses during the year. Although these estimates are
based on management’s reasonable consideration of current events, actual
results may differ from these estimates.

- 19 Critical judgments in applying the Group’s and the Company’s accounting
policies are as follows:(1) Allowance for expected credit loss
Management is required to use judgment in estimation in determining
the allowance for expected credit loss of loans to customers andaccrued interest receivables, together with loan commitments. The
calculation of allowance for expected credit loss of the Group and theCompany are based on the criteria of assessing if there has been an
increase in credit risk, the development of complex expected credit loss
model with a series of underlying assumptions, including the choice of
inputs the forecasted macroeconomic variables in the model. Thisestimation has various relevant factors; therefore, the actual results
may differ from estimates.
(2) Deferred revenue from customer loyalty programs
The deferred revenue from customer loyalty programs granted to theCompany’s customers is calculated based on the estimates of redemption
rate of the reward points earned by the customers and fair value of reward
prices, and is presented in the statement of financial position under “Other
payables”.
(3) Provisions for employee benefits
The present value of the provisions for employee benefits depends ona number of factors that are determined on an actuarial basis using
a number of assumptions, including the discount rate. Any changes inthese assumptions will have an impact on the carrying amount of suchprovisions.
The Group and the Company determine the appropriate discount rate
at the end of each year. This is the interest rate that should be used todetermine the present value of estimated future cash outflows expected
to be required to settle the provisions for employee benefits. In
determining the appropriate discount rate, the Group and the Company
consider the market yield of government bonds that are denominatedin the currency in which the benefits will be paid, and that have terms
to maturity approximating the terms of the related provisions.
Additional information is disclosed in Note 27.
Past service cost related to plan amendment is recognized as an expensein the statement of profit or loss when the plan amendment is occurred.
The management of the Group and the Company judgmentally consider
that an obligation arises only when the legislation is virtually certain to
be enacted.

- 20 (4) Business model assessment
Classification and measurement of financial assets depends on
the results of the SPPI and the business model test (please see financial
assets sections of Note 3.2). The Group and the Company determine
the business model at a level that reflects how groups of financial assets
are managed together to achieve a particular business objective. This
assessment includes judgment reflecting all relevant evidence
including how the performance of the assets is evaluated and theirperformance measured, the risks that affect the performance of theassets and how these are managed and how the managers of the assets
are compensated.
The Group and the Company monitor financial assets measured atamortized cost or fair value through other comprehensive income thatare derecognized prior to their maturity to understand the reason for
their disposal and whether the reasons are consistent with the objectiveof the business for which the asset was held. Monitoring is part of theGroup’s and the Company’s continuous assessment of whether thebusiness model for which the remaining financial assets are held
continues to be appropriate and if it is not appropriate whether there has
been a change in business model and so a prospective change to theclassification of those assets. However, no such changes were required
during the periods presented.
(5) Significant increase in credit risk
As explained in Note 3.2.2, expected credit losses are measured as anallowance equal to 12-month ECL for Stage 1 assets, or equal to lifetime
ECL for Stage 2 or Stage 3 assets. An asset moves to Stage 2 when its credit
risk has increased significantly since initial recognition. TFRS 9 does notdefine what constitutes a significant increase in credit risk. In assessing
whether the credit risk of an asset has significantly increased, the Group andthe Company take into account qualitative and quantitative reasonable andsupportable forward-looking information.
3.18.2Key sources of estimation uncertainty
The Group and the Company have estimates with the assumptions
concerning the future. Although these estimates are based on management’s
reasonable consideration of current events, actual results may differ fromthese estimates. The estimates and assumptions that have a significant riskof causing a material adjustment to the carrying amounts of assets andliabilities within the next financial year are outlined below.
Fair value measurements and valuation processes
In estimating the fair value of an asset or liability, the Group and theCompany use market-observable data to the extent it is available. Where
Level 1 inputs are not available, the Group and Company engage thirdparty qualified valuers to perform the valuation.
Information about valuation techniques and inputs used in determining thefair value of various assets and liabilities are disclosed in Note 40.6.

- 21 4.

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION

4.1

Cash and cash equivalents as at February 29, 2024 and February 28, 2023, are as
follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000
Cash
Deposits at bank - call deposits
Total cash and cash equivalents

4.2

283,248
2,513,408
2,796,656

As at
As at
February 28, February 29,
2023
2024
Baht ’000
Baht ’000
452,796
3,363,560
3,816,356

237,7121,800,874
2,038,586

As atFebruary 28,
2023
Baht ’000
422,844
1,736,966
2,159,810

Cash paid for purchase of leasehold improvement and equipment and intangible assets
other than goodwill for the years ended February 29, 2024 and February 28, 2023,
are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
For the years ended
February 29, February 28, February 29, February 28,
2024
2023
2024
2023
Baht ’000
Baht ’000
Baht ’000
Baht ’000
Leasehold improvement and equipment
Liabilities recorded - brought forward
Purchase of leasehold improvement andequipmentLess Cash paid for purchase ofleasehold improvement and equipment
Liabilities recorded - carried forward
Intangible assets other than goodwill
Liabilities recorded - brought forward
Purchase of intangible assets other than
goodwill
Less Cash paid for purchase of intangible
assets other than goodwill
Liabilities recorded - carried forward

4.3

8,655

34,4708,458

34,218

246,601
255,256

185,962
220,432

147,913
156,371

147,703
181,921(251,703)
3,553(211,777)
8,655(152,817)
3,554(173,463)
8,458

46,661

146,101

46,410145,886

207,237
253,898

342,888488,989

168,075
214,485

297,966
443,852(206,938)
46,960(442,328)
46,661(168,853)
45,632(397,442)
46,410

The Company had non-cash items relating to sale of the rights on loans receivable to
ATS Rabbit Special Purpose Vehicle Company Limited, a subsidiary, which
the Company had sold loans receivable to. During the years ended February 29, 2024
and February 28, 2023 such sale was settled by increasing the Seller loan Account of
Baht 20.42 million and Baht 11.85 million, respectively, instead of cash receipt.

- 22 4.4

Changes in liabilities arising from financing activities for the years ended February 29,
2024 and February 28, 2023 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Beginning

Financing cash flows

balance

Cash

Cash

Differences

Non-cash changes

as atreceivedpaid

on translating

as atforeignFebruary 29,

March 1,
2023

Otherscurrencies

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Endingbalance

2024
Baht ’000

Baht ’000

Bank overdrafts and short-termborrowings from financial
institutions

4,485,424

98,434,643(100,159,689)(78,147)-

2,682,231

Long-term borrowings

51,989,485

11,888,992(12,667,571)

70,487

14,24351,295,636

Long-term debentures

9,580,142-(821,378)(316,013)

10,4588,453,209

917,668-(542,813)(388)

317,073*691,540

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

Beginning

Financing cash flows

Non-cash changes

balance

Cash

Cash

Differences

as atreceivedpaid

on translating

as atMarch 1,

foreignFebruary 28,2022

currencies

2023

Baht ’000

Baht ’000

Baht ’000

9,171,904

116,228,272(120,792,355)

Long-term borrowings

47,986,662

22,210,298

Long-term debentures

8,259,554

5,245,000

Baht ’000

OthersEndingbalance

Baht ’000

Baht ’000(122,397)-

4,485,424(18,590,828)

408,801(25,448)

51,989,485(3,800,000)(108,319)(16,093)

9,580,142(558,097)

1,675

849,112*917,668

Bank overdrafts and short-termborrowings from financial
institutions

Lease liabilities

624,978-* The amount comprises addition of lease agreements and extensions of existing lease agreements.
SEPARATE FINANCIAL STATEMENTS

Beginning

Financing cash flows

balance

Cash

Cash

Differences

Non-cash changes

as atreceivedpaid

on translating

as atforeignFebruary 29,

March 1,
2023

Otherscurrencies

Endingbalance

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

3,440,000

91,280,000(94,220,000)--

49,141,338

10,662,440(11,073,300)

94,39014,242

48,839,110

1,260,991

482,734(538,632)(113,828)

1,091,265

8,107,060-

10,4587,801,505

802,204-

278,467*

604,372

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

500,000

Long-term borrowings under
securitization projectLong-term debentures
Lease liabilities(476,299)* The amount comprises addition of lease agreements and extensions of existing lease agreements.

(316,013)-

- 23 SEPARATE FINANCIAL STATEMENTS

Beginning

Financing cash flows

balance

Cash

Cash

Differences

Non-cash changes

as atreceivedpaid

on translating

as atforeignFebruary 28,

March 1,
2022

EndingOthersbalancecurrencies

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

7,941,240

113,233,224(117,734,464)--

3,440,000

44,896,115

20,351,762(16,381,625)

300,533(25,447)

49,141,338

1,401,709

564,624(564,624)-(140,718)

1,260,991

6,786,472

5,245,000(3,800,000)(16,093)

8,107,060

738,110*802,204

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

552,425-(488,331)(108,319)-* The amount comprises addition of lease agreements and extensions of existing lease agreements.

5.

TRADE RECEIVABLES

5.1 Trade receivables as at February 29, 2024 and February 28, 2023, consist of the following:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

February 29, February 28,

As at

As at

February 29,

February 28,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

90,213,378

92,675,988

84,155,439

87,599,547

Company Limited

1,091,265

1,260,991

1,091,265

1,260,991

Total

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

91,304,643

93,936,979

85,246,704

88,860,538

Less Allowance for expected credit loss

(8,287,968)(10,125,258)(7,837,443)(9,530,542)

Total trade receivables

83,016,675

83,811,721

77,409,261

79,329,996

As the securitization transaction under the Receivables Sale and Purchase Agreement
for transferred rights on loans receivable with ATS Rabbit Special Purpose Vehicle
Company Limited does not qualify for derecognition of financial assets according to
TFRS 9, the Company continues to recognize the full carrying amount of these receivables
and uses them as collateral for long-term borrowings under the securitization project(see Note 5.5).

- 24 As at February 29, 2024 and February 28, 2023, details of trade receivables are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024
Due within

Due after

1 year

1 yearBaht ’000

Baht ’000

interest receivable

3,005,528

Less Unearned financing income(320,959)

As at February 28, 2023

Total

Due within

Due after

1 year

1 yearTotal

Baht ’000

Baht ’000

Baht ’000

4,543,214

7,548,742

2,483,958

3,625,375

6,109,333(580,331)(901,290)(251,126)(347,096)(598,222)

2,684,569

3,962,883

6,647,452

2,232,832

3,278,279

5,511,111(170,624)(312,816)(483,440)(185,051)(314,840)(499,891)

2,513,945

3,650,067

6,164,012

2,047,781

2,963,439

5,011,220

42,841,454

580,001

43,421,455

44,669,914

208,350

44,878,264(5,041,675)(49,606)(5,091,281)(5,973,197)(27,137)(6,000,334)

37,799,779

530,395

38,330,174

38,696,717

181,21338,877,930

41,162,280-

41,162,280

43,474,347-

43,474,347(2,713,190)-(2,713,190)(3,624,750)-(3,624,750)

38,449,090-

38,449,090

39,849,597-

39,849,597

12,926-

12,926

4,634

-

4,634

(57)

-

(57)

(283)

-

(283)

12,869-12,869

4,351

-

4,351

Baht ’000

Hire-purchase receivable
Hire-purchase and accrued

Less Allowance for expectedcredit loss
Hire-purchase and accrued
interest receivable - net
Loans receivable
Loans and accrued interest
receivable
Less Allowance for expectedcredit loss
Loans and accrued interest
receivable - net
Credit card receivable
Credit card and accrued
interest receivable
Less Allowance for expectedcredit loss
Credit card and accrued
interest receivable - net
Receivable from rendering
the collection service
Receivable from rendering
the collection service
Less Allowance for expectedcredit loss
Receivable from rendering
the collection service - net
Receivable from insurance
broker businessTotal trade receivables

60,53078,836,213

4,180,462

60,53068,623

83,016,675

80,667,069

3,144,652

68,62383,811,721

- 25 -SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Due within

Due after

As at February 28, 2023

Total

Due within

Due after

1 year

1 yearBaht ’000

Baht ’000

Total

1 year

1 yearBaht ’000

Baht ’000

Baht ’000

interest receivable

1,061,761

2,876,759

3,938,520

904,756

2,033,501

2,938,257

Less Unearned financing income(320,959)(580,331)(901,290)(251,126)(347,096)(598,222)

740,8022,296,428

3,037,230

653,630

1,686,405

2,340,035(76,380)(236,770)(313,150)(73,640)(189,996)(263,636)

664,4222,059,658

2,724,080

579,990

1,496,409

2,076,399

41,911,920

13,274

41,925,194

43,882,307-

43,882,307(4,852,367)(283)(4,852,650)(5,697,631)-(5,697,631)

37,059,553

12,991

37,072,544

38,184,676-

38,184,676

40,223,750-

40,223,750

42,569,573-

42,569,573(2,671,643)-(2,671,643)(3,569,275)-(3,569,275)

37,552,107-

37,552,107

39,000,298-

39,000,298

60,530-60,53068,623-

68,62377,409,261

77,833,587

Baht ’000

Hire-purchase receivable
Hire-purchase and accrued

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

75,336,612

2,072,649

1,496,409

79,329,996

- 26 5.2 Quality of assets
Staging analysis for trade receivables as at February 29, 2024 and February 28, 2023
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024
Trade receivables
Allowance for
expected credit loss
Baht ’000
Baht ’000
Low credit risk receivables (Stage 1)
Significant increase in credit risk receivables(Stage 2)
Default receivables in credit risk (Stage 3)
Total

Total tradereceivables
Baht ’000

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

80,043,613

2,978,947
4,533,644
91,304,643(1,300,947)(3,238,582)(8,287,968)

1,678,000
1,295,062
83,016,675

CONSOLIDATED FINANCIAL STATEMENTS

As at February 28, 2023
Trade receivables
Allowance for
expected credit loss
Baht ’000
Baht ’000
Low credit risk receivables (Stage 1)
Significant increase in credit risk receivables(Stage 2)
Default receivables in credit risk (Stage 3)
Total

Total tradereceivables
Baht ’000

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

80,633,936

3,564,992
5,340,335
93,936,979(1,658,080)(4,069,462)(10,125,258)

1,906,912
1,270,873
83,811,721

SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Trade receivables
Allowance for
expected credit loss
Baht ’000
Baht ’000
Low credit risk receivables (Stage 1)
Significant increase in credit risk receivables(Stage 2)
Default receivables in credit risk (Stage 3)
Total

Total tradereceivables
Baht ’000

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

74,703,526

2,793,624
4,126,181
85,246,704(1,245,895)(2,968,175)(7,837,443)

1,547,729
1,158,006
77,409,261

SEPARATE FINANCIAL STATEMENTS

As at February 28, 2023
Trade receivables
Allowance for
expected credit loss
Baht ’000
Baht ’000
Low credit risk receivables (Stage 1)
Significant increase in credit risk receivables(Stage 2)
Default receivables in credit risk (Stage 3)
Total

Total tradereceivables
Baht ’000

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

76,357,402

3,379,367
4,831,894
88,860,538(1,590,702)(3,647,965)(9,530,542)

1,788,665
1,183,929
79,329,996

- 27 Trade receivables as at February 29, 2024 and February 28, 2023 classified by aging
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

Less than 3 months
3 months up
Total
Less Allowance for expected credit loss
Total trade receivables

As atFebruary 28,
2023
Baht ’000

87,414,398
3,890,245
91,304,643(8,287,968)
83,016,675

88,798,527
5,138,452
93,936,979(10,125,258)
83,811,721

SEPARATE FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

Less than 3 months
3 months up
Total
Less Allowance for expected credit loss
Total trade receivables

As atFebruary 28,
2023
Baht ’000

81,763,922
3,482,782
85,246,704(7,837,443)
77,409,261

84,230,528
4,630,010
88,860,538(9,530,542)
79,329,996

5.3 Troubled debt restructuring
For the years ended February 29, 2024 and February 28, 2023, the Company had
recognized interest income on restructured debts totaling Baht 94.44 million and
Baht 68.59 million, respectively.
The Group and the Company had outstanding balances of credit card receivable,
hire-purchase receivable and loans receivable as at February 29, 2024 and February 28,
2023, as follows:
CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024

Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2023

Number ofAmountNumber ofAmountdebtors

Baht ’000

debtors

Baht ’000

27,236

1,318,128

14,696557,681

3,522,910

89,913,059

3,631,664

93,306,041

3,550,146

91,231,187

3,646,360

93,863,722

SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024

Restructured trade receivables
Non-restructured trade receivables
Total

As at February 28, 2023

Number ofAmountNumber ofAmountdebtors

Baht ’000

debtors

Baht ’000

18,973

1,272,083

14,629556,753

2,413,423

83,914,091

2,549,101

88,235,162

2,432,396

85,186,174

2,563,730

88,791,915

As at February 29, 2024 and February 28, 2023, the Group and the Company had no
commitment to provide additional loans to its restructured debtors after debt restructuring.

- 28 5.4 Allowance for expected credit loss
Allowance for expected credit loss as at February 29, 2024 and February 28, 2023, are as follows:
CONSOLIDATED FINANCIAL STATEMENTS
Low credit risk
receivables(Stage 1)

Allowance for expected credit loss
Significant increase incredit risk receivables(Stage 2)

Default receivables incredit risk
(Stage 3)

Total

Baht ’000
4,397,716

Baht ’000
1,658,080

Baht ’000
4,069,462

Changes in staging

2,692,235(5,969,958)

3,277,723

Changes in risk parameters(3,601,108)

5,743,333

4,840,854

6,983,079
1,457,857

Balance as at March 1, 2023

Baht ’000
10,125,258-

New financial assets originated or purchased

391,931

27,634

1,038,292

Financial assets derecognized(130,510)(157,380)(393,046)(680,936)

Written-off bad debts--(9,596,412)(9,596,412)

Foreign exchange rate differences(1,825)

(761)

1,708

(878)

Balance as at February 29, 2024

3,748,439

1,300,948

3,238,581

8,287,968

CONSOLIDATED FINANCIAL STATEMENTS
Low credit risk
receivables(Stage 1)

Allowance for expected credit loss
Significant increase incredit risk receivables(Stage 2)

Default receivables incredit risk
(Stage 3)

Baht ’000
5,563,984

Baht ’000
1,917,326

Baht ’000
3,470,145

Changes in staging*

2,175,679(6,674,830)

4,499,151

Changes in risk parameters(3,496,897)

6,555,176

4,464,121

Balance as at March 1, 2022

Total

Baht ’000
10,951,455
7,522,400

New financial assets originated or purchased

340,1028,452

401,377

749,931

Financial assets derecognized(159,470)(149,973)(201,418)(510,861)

Written-off bad debts--(8,582,931)(8,582,931)

Foreign exchange rate differences(25,682)

1,929

19,017(4,736)

Balance as at February 28, 2023

4,397,716

1,658,080

4,069,462

10,125,258* The Group and the Company have adhered to the Accounting Treatment Guidance on “Guidelines for supporting debtors affected by COVID-19” in staging.

- 29 SEPARATE FINANCIAL STATEMENTS
Allowance for expected credit loss

Total

Low credit risk

Significant increase in

Default receivables inreceivables

credit risk receivables

credit risk

(Stage 1)(Stage 2)(Stage 3)

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Balance as at March 1, 2023

4,291,875

1,590,702

3,647,965

Changes in staging

2,668,908(5,933,738)

3,264,830

9,530,542

Changes in risk parameters(3,520,746)

5,747,619

4,729,505

6,956,378
1,337,448-

New financial assets originated or purchased

334,719-

1,002,729

Financial assets derecognized(151,383)(158,688)(297,672)(607,743)

Written-off bad debts--(9,379,182)(9,379,182)

Balance as at February 29, 2024

3,623,373

2,968,175

7,837,443

1,245,895

SEPARATE FINANCIAL STATEMENTS
Allowance for expected credit loss

Total

Low credit risk

Significant increase in

Default receivables inreceivables

credit risk receivables

credit risk

(Stage 1)(Stage 2)(Stage 3)

Baht ’000

Baht ’000

Baht ’000

Balance as at March 1, 2022

5,440,033

1,768,513

2,764,424

Changes in staging*

2,167,632(6,628,316)

4,460,684

Changes in risk parameters(3,496,896)

6,555,176

4,464,121

Baht ’000
9,972,970
7,522,401

New financial assets originated or purchased

346,273-275,297

621,570

Financial assets derecognized(165,167)(104,671)(143,601)(413,439)(8,172,960)(8,172,960)

3,647,965

9,530,542

Written-off bad debts-

Balance as at February 28, 2023

4,291,875

1,590,702* The Group and the Company have adhered to the Accounting Treatment Guidance on “Guidelines for supporting debtors affected by COVID-19” in staging.

- 30 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 Securities and Exchange
Commission (the “SEC”), the Company sold an amount of revolving receivables andthe SPV also appointed the Company to act as the servicer responsible for collecting
payments from its obligor under the Receivables Sale and Purchase Agreement andServicing 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

50,081,313

Minimum seller loans - pari passu with debentures

Baht

None

Number of contracts
Average principal amount outstanding
Interest rate
* ATS Rabbit Special Purpose Vehicle Company Limited (Subsidiary)

49,225Baht

9,265
25% p.a.

The Company does not recognize other assets obtained in the transfer of financial
assets including retained interests on the financial statements because it is not practicalto 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 securitization in accordancewith the securitization projects 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 Receivables on the term of the Agreement.
During the life of the securitization projects, 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
to repurchase such ineligible receivables on the next Monthly Purchase Date.

- 31 2. The Company, as the collection agent, may exercise the Clean up Call Option for
repurchase of remaining Purchased Receivables whenever the continued servicingof the Purchase Receivables is deemed to be burdensome.
3. The Company may exercise the Tax Redemption Option for repurchase of remaining
Purchased Receivables, where there is incurred taxes other than corporate income
tax and special business tax.
The key financial information of Special Purpose Vehicle Company is as follows:

Statements of financial position
Total assets
Total liabilities
Total shareholders’ equity

Statements of profit or loss
Total revenues
Bad debts and doubtful accounts
Other operating expenses
Interest expenses
Income tax expense
Net profit

ATS Rabbit*
As at
As at
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
1,203,939
1,199,827
4,112

2,020,410
2,020,366
44

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
326,209134,252
81,50095,550
2,982
11,926

348,025
152,567
92,634
95,9591,373
5,492* ATS Rabbit Special Purpose Vehicle Company Limited (ATS Rabbit) is the Company’s subsidiary (see Note 2.4 and Note 10).

For the years ended February 29, 2024 and February 28, 2023, transactions relating to thetransfers of financial assets under the securitization projects are summarized as follows:

Transfers of future receivables and additional receivables (at book value)- Loans receivable (ATS Rabbit)
Cash collection on behalf of Special Purpose Vehicles- Loans receivable (ATS Rabbit)
Servicing income on cash collection from Special Purpose Vehicles- Loans receivable (ATS Rabbit)

For the years ended
February 29, February 28,
2024
2023
MillionMillion
Baht
Baht
503
503

576
576

858
858

923
923

64
64

73
73

- 32 6.

OTHER RECEIVABLES

Other receivables as at February 29, 2024 and February 28, 2023 consist of the following:
CONSOLIDATED FINANCIAL STATEMENTS
As at February 29, 2024
As at February 28, 2023
Due within

More than

the year

1 yearBaht ’000

Baht ’000

Total
Baht ’000

Due within

More than

the year

1 yearBaht ’000

Baht ’000

Total
Baht ’000

Other receivables - related companies
5,137

-

5,137

4,367

-

4,367

Other receivables - other companies(see Note 38.2.1)

274,791

24,703

299,494

262,544

74,041

336,585

Prepaid expenses

140,127-

140,127

167,446-

167,446

Advance payment

52,872-

52,872

49,074-49,074

Accrued income

20,390-20,39019,228-19,228

Refundable corporate income tax

15,745-

15,745

15,745-

15,745

Total

509,062

24,703533,765

518,404

74,041

592,445

SEPERATE FINANCIAL STATEMENTS
As at February 29, 2024
Due within

More than

the year

1 yearBaht ’000

Baht ’000

As at February 28, 2023
Total

Baht ’000

Due within

More than

the year

1 yearBaht ’000

Baht ’000

Total
Baht ’000

Other receivables - related companies
52,803-52,80372,766-

72,766

Other receivables - other companies(see Note 38.2.1)

220,485

24,703245,188

204,02274,041

278,063

Prepaid expenses

108,548-

108,548

137,240-

137,240

Advance payment

90

-

90

680

-

680

406,629414,708

Total

7.

381,926

24,70374,041

488,749

FIXED DEPOSITS AT BANKS UNDER OBLIGATIONS

As at February 29, 2024 and February 28, 2023, 3 subsidiaries have fixed deposits at banks
under obligations as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Due after 1 year
Pledge as collateral for bank’s letters of guarantee issued
for debt collection service
Legal reserve of the foreign subsidiaries
Total fixed deposits at banks under obligations

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

1,900
36,37538,275

3,875
140,341
144,216

- 33 8.

LONG-TERM LOAN TO A SUBSIDIARY

As at February 29, 2024 and February 28, 2023, the Company has long-term loan toa subsidiary (see Note 38.2.1) in the separate financial statements as follows:

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

Foreign currency
MillionLoans in USD currency
2023 - 2026
8.50
Less Long-term loan to a subsidiary due within 1 year
Total long-term loan to a subsidiary

2.40

SEPARATE FINANCIAL STATEMENTS
As at February 29,
As at February 28,
2024
2023
Baht equivalent
Baht equivalent
Baht ’000
Baht ’000
85,862(28,621)
57,241111,960(27,990)
83,970

Such long-term loan to a subsidiary is unsecured.
9.

LOANS FROM PURCHASE OF ACCOUNTS RECEIVABLE

As at February 29, 2024 and February 28, 2023, loans from purchase of accounts receivable
are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Hire-purchase receivables
Add Accrued interest
Less Allowance for expected credit loss
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

As at February 28,
2023
Baht ’000

51,81017,571
69,381(45,174)
24,207

11,293
1,330
12,623
12,623(1,590)(490)

22,617

12,133On May 24, 2022, ACS Servicing (Thailand) Co., Ltd. (the “Subsidiary”) bought written-off
receivables under hire-purchase agreements by a bidding process from an unrelated local
company (the “Seller”) with the selling price of Baht 11.41 million. On the same date,the Subsidiary entered into the Asset Sale and Purchase Agreement with the seller andalready paid the payment in full to the seller. The agreement set out the conditions and terms
in respect of the sales, assignment and conveyance of the subsidiary’s rights, title, claim,
obligation, liability and interest in the written-off receivables under hire-purchase agreements.
On January 6, 2023 and March 31, 2023, ACS Servicing (Thailand) Co., Ltd. (the “Subsidiary”)
bought written-off receivables under hire-purchase agreements by a bidding process fromunrelated 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, assignmentand conveyance of the subsidiary’s rights, title, claim, obligation, liability and interest in
the written-off receivables under hire-purchase agreements.

- 34 10. INVESTMENTS IN SUBSIDIARIESAs at February 29, 2024 and February 28, 2023, the Company had investments in subsidiaries(see Note 38.1) which are accounted for using the cost method in the separate financial
statements as follows:
SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Ownership
Cost%
Baht ’000
ACS Servicing (Thailand) Co., Ltd.
ACSI (Thailand) Co., Ltd.
AEON Specialized Bank (Cambodia) Plc.
AEON Microfinance (Myanmar) Company Limited
AEON Leasing Service (Lao) Company Limited
ATS Rabbit Special Purpose Vehicle Company Limited
AEON Asset Management (Thailand) Company Limited
Total

100.00100.0050.00
100.00
96.29
48.75
99.99

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

As at February 28, 2023
Ownership
Cost%
Baht ’000
100.00100.0050.00
100.00
96.29
48.75
98.00

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

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 theSubsidiary had the resolutions to approve the Subsidiary’s dissolution. The Subsidiary hasregistered the dissolution with the Department of Business Development, Ministry ofCommerce on June 30, 2022. As at February 29, 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) Co., Ltd., a subsidiary, at the amount of Baht 100
per share totaling Baht 0.25 million. On the same date, the Company also purchased 2,503
shares of AEON AMC from non-controlling interests at the amount of Baht 100 per sharetotaling Baht 0.25 million. As at February 29, 2024, the Company directly holds 99.99% sharesof AEON AMC.
Subsequently, on September 8, 2023, the Extraordinary General Meeting of Shareholders of
AEON AMC had a resolution to approve the increase of registered share capital from Baht
25 million, divided into 250,000 shares at par value of Baht 100, to Baht 100 million, divided
into 1,000,000 shares at par value of Baht 100, by issuance of 750,000 new ordinary sharesat par value of Baht 100, totaling Baht 75 million. AEON AMC has registered the increase ofregistered share capital with the Department of Business Development, Ministry of Commerceon September 22, 2023, of which 33.33% totaling Baht 25 million was called up.

- 35 11.

INVESTMENTS IN EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT
OR LOSS

Investments in equity securities designated at fair value through profit or loss as at February 29,
2024 and February 28, 2023 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Ownership
Fair Value%
Baht ’000
AEON (Thailand) Co., Ltd.(1)PT. AEON Credit Service Indonesia (2)ACS Trading Vietnam Company Limited
Total

3.82
2.59
1.59

14,471
14,471As at February 28, 2023
Ownership Fair Value%
Baht ’000
3.82
2.59
1.59

5,062
5,062

(1) 340,000 shares of Baht 100 each, Baht 25 called up(2) 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.
12.

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 February 29, 2024 and February 28, 2023 consist of the following:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024

Rabbit Cash Co., Ltd.
Total

As at February 28, 2023

Ownership

Fair Value

Ownership

Fair Value%

Baht ’000%

Baht ’000

18.00

216,000 (1)216,000

18.00

144,000 (2)144,000(1) 2,160,000 shares of Baht 100 each, fully paid(2) 1,440,000 shares of Baht 100 each, fully paid

On March 29, 2021, the Company has entered into a Joint Venture Agreement with BSS
Holdings Company Limited (“BSS Holdings”) and Humanica Public Company Limited(“HUMAN”) to incorporate a Joint Venture Company under the name of “Rabbit CashCompany Limited”, whereas BSS Holdings, the Company and HUMAN holds 77%, 18% and5%, 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 values of investment in equity security designated at fair value through othercomprehensive income are categorized into level 3.

- 36 13.

SELLER LOAN IN SPECIAL PURPOSE VEHICLE FOR SECURITIZATION

Seller loan in Special Purpose Vehicle for securitization as at February 29, 2024 andFebruary 28, 2023, are as follows:
SEPARATE
FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

308,045
308,045287,621287,621

Seller loan in Special Purpose Vehicle for securitization (see Note 38.2.1)
ATS Rabbit Special Purpose Vehicle Company Limited (ATS Rabbit)
Total Seller loan in Special Purpose Vehicle for securitization

Subsequent to the sale of the rights in initial loans receivable under securitization project,
the Company received partial payments from ATS Rabbit with Seller Loan Account under
securitization project for sales of the rights in loans receivable to ATS Rabbit during the sales
period of the rights in additional receivables or repurchase period of the rights in loans
receivable. Such Seller Loan Account will decrease from cash repayment when the outstanding
amount reaches or exceeds determined level or the duration after the closing date reaches orexceed the determined level, or every 3-month period after the payment date as agreed in theagreement, whichever is earlier.
14.

SUBORDINATED LENDINGS AND SUBORDINATED BORROWINGS

14.1 Subordinated lendings to Special Purpose Vehicle as at February 29, 2024 andFebruary 28, 2023, are as follows:
SEPARATE
FINANCIAL STATEMENTS

Subordinated lendings (see Note 38.2.1)
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Less Current portion of subordinated lendings
Total subordinated lendings

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

84,074(2,441)
81,63384,074
84,074On October 22, 2015, the Company entered into the subordinated term loan agreementwith ATS Rabbit amounting to 5% of transferred rights in initial receivables (see Note5.5) and originated transaction cost, and of Future Receivables and Additional
Receivables, which are settled by Seller Loan Account and backed for each issuanceof debentures of ATS Rabbit, for the purposes of partial payment for the sales of rights
in loans receivables.

- 37 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.
14.2 Subordinated borrowings of Special Purpose Vehicle as at February 29, 2024 andFebruary 28, 2023 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

84,074(2,441)
81,63384,074
84,074

Subordinated borrowings
ATS Rabbit Special Purpose Vehicle Company Limited(ATS Rabbit)
Less Current portion of subordinated borrowings
Total subordinated borrowings

On 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 andbacked for each issuance of debentures of ATS Rabbit, for the purposes of partial
payment for the purchase of rights in loans receivable.
The term borrowings are due within the year 2025 and the interest is payable on a monthly
basis at the rate of 12% per annum.
15.

LEASEHOLD IMPROVEMENT AND EQUIPMENT

Leasehold improvement and equipment as at February 29, 2024 and February 28, 2023
consist of the following:
CONSOLIDATEDFINANCIAL STATEMENTS

Cost
Less Accumulated depreciation
Total leasehold improvement and equipment

SEPARATE
FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

3,722,906(3,193,346)
529,560

3,851,583(3,328,438)
523,1452,994,639(2,592,838)
401,801

3,146,352(2,699,135)
447,217

- 38 The movements of leasehold improvement and equipment during the years are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

Cost
Leasehold improvement
Furniture and office equipment
VehicleAssets under installation
Total
Accumulated depreciation
Leasehold improvement
Furniture and office equipment
VehicleTotal
Total leasehold improvement andequipment

Beginningbalance
as atMarch 1,
2023

Additions

Disposals/Write-off

Transferin (out)

Exchangedifferenceson translating
financialstatements

Endingbalance
as atFebruary 29,
2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

1,069,860
2,741,956
51
39,716
3,851,583

24,933
107,604
114,064
246,601(191,609)(176,366)(367,975)

55,69067,185(123,197)(322)(2,050)(4,931)(9)
9(6,981)

956,824
2,735,448
4230,592
3,722,906(928,841)(2,399,594)(3)(3,328,438)(60,067)(172,345)(10)(232,422)

188,126
175,659
363,785

-

1,237
2,490
2
3,729

(799,545)(2,393,790)(11)(3,193,346)

523,145529,560
CONSOLIDATED FINANCIAL STATEMENTS

Cost
Leasehold improvement
Furniture and office equipment
VehicleAssets under installation
Total
Accumulated depreciation
Leasehold improvement
Furniture and office equipment
VehicleTotal
Total leasehold improvement andequipment

Beginningbalance
as atMarch 1,
2022

Additions

Disposals/Write-off

Transferin (out)

Exchangedifferenceson translating
financialstatements

Endingbalance
as atFebruary 28,
2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

1,109,546
2,845,680
14,177
3,969,403

14,81559,99565
111,087
185,962(113,318)(102,007)(215,325)

59,948(55,880)(85,469)(81,401)(1,131)(5,832)(14)(79)(7,056)

1,069,860
2,741,956
51
39,716
3,851,583(962,868)(2,383,601)(3,346,469)(71,491)(204,621)(4)(276,116)

110,725
100,972
211,697(4,971)
83,48378,512

(236)
4,173
1
3,938

(928,841)(2,399,594)(3)(3,328,438)

622,934

523,145

- 39 SEPARATE FINANCIAL STATEMENTS

Cost
Leasehold improvement
Furniture and office equipment
Assets under installation
Total
Accumulated depreciation
Leasehold improvement
Furniture and office equipment
Total
Total leasehold improvement andequipment

Beginningbalance
as atMarch 1,
2023
Baht ’000

Additions

Disposals/Write-off

Transferin (out)

Baht ’000

Baht ’000

Baht ’000

Endingbalance
as atFebruary 29,
2024
Baht ’000

884,721
2,222,883
38,7483,146,352

7,259
32,933
107,721
147,913(188,832)(110,704)(299,536)

54,29961,487(115,876)(90)

757,447
2,206,599
30,593
2,994,639(770,596)(1,928,539)(2,699,135)(45,526)(143,745)(189,271)

185,400
110,168
295,568-(630,722)(1,962,116)(2,592,838)

447,217

401,801
SEPARATE FINANCIAL STATEMENTS

Cost
Leasehold improvement
Furniture and office equipment
Assets under installation
Total
Accumulated depreciation
Leasehold improvement
Furniture and office equipment
Total
Total leasehold improvement andequipment

Beginningbalance
as atMarch 1,
2022
Baht ’000

Additions

Disposals/Write-off

Transferin (out)

Baht ’000

Baht ’000

Baht ’000

Endingbalance
as atFebruary 28,
2023
Baht ’000

913,875
2,325,772
14,1773,253,824

1,505
36,411
109,788
147,704(90,345)(87,258)(177,603)

59,686(52,042)(85,217)(77,573)884,721
2,222,883
38,7483,146,352(795,374)(1,929,605)(2,724,979)(58,861)(167,972)(226,833)

88,59886,506
175,104(4,959)82,532
77,573(770,596)(1,928,539)(2,699,135)

528,845447,217

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29, February 28, February 29, February 28,

Depreciation

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

232,422

276,116

189,271

226,833

As at February 29, 2024 and February 28, 2023, costs of fully depreciated leasehold
improvement and equipment still in use are as follows:
As at
As at
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
Consolidated financial statements
Separate financial statements

2,310,248
2,107,986

2,365,274
2,159,858

- 40 16.

RIGHT-OF-USE ASSETS

Right-of-use assets as at February 29, 2024 and February 28, 2023 consist of the following:
CONSOLIDATEDFINANCIAL STATEMENTS

Cost
Less Accumulated depreciation
Total Current portion of right-of-use assets
Less Right-of-use assets
Right-of-use assets

SEPARATE
FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

1,508,966(853,409)
655,557(24,610)
630,947

1,511,379(618,820)
892,559
892,559

1,211,632(641,545)
570,087(23,958)
546,129

1,233,224(456,539)
776,685776,685

The movements of right-of-use assets during the years are as follows:

Cost
Buildings
Office equipment
Vehicles
Total
Accumulated depreciation
Buildings
Office equipment
Vehicles
Total
Total right-of-use assets

Cost
Buildings
Office equipment
Vehicles
Total
Accumulated depreciation
Buildings
Office equipment
Vehicles
Total
Total right-of-use assets

Beginningbalance
as atMarch 1,
2023
Baht ’000

CONSOLIDATED FINANCIAL STATEMENTS
Additions
DisposalExchangedifference ontranslating
financialstatements
Baht ’000
Baht ’000
Baht ’000

Endingbalance
as atFebruary 29,
2024
Baht ’000

1,298,500
142,393
70,486
1,511,379

253,655
51,892
17,953
323,500(249,196)(53,168)(21,320)(323,684)(2,229)(2,229)1,300,730
141,117
67,1191,508,966(503,580)(72,395)(42,845)(618,820)
892,559(428,584)(62,211)(25,404)(516,199)

208,898
49,666
20,944
279,508

2,102
2,102

(721,164)(84,940)(47,305)(853,409)
655,557

Beginningbalance
as atMarch 1,
2022
Baht ’000

CONSOLIDATED FINANCIAL STATEMENTS
Additions
DisposalExchangedifference ontranslating
financialstatements
Baht ’000
Baht ’000
Baht ’000

Endingbalance
as atFebruary 28,
2023
Baht ’000

1,175,105
116,42278,7571,370,284

761,663
70,394
5,702
837,759(642,671)(44,423)(13,973)(701,067)

4,403
4,403

1,298,500
142,393
70,486
1,511,379(671,120)(57,236)(30,859)(759,215)
611,069(450,268)(57,754)(25,959)(533,981)

620,61142,595
13,973
677,179(2,803)(2,803)(503,580)(72,395)(42,845)(618,820)
892,559

- 41 SEPARATE FINANCIAL STATEMENTS
Beginning

Additions

DisposalbalanceEndingbalance

as at

as at

March 1,February 29,

2023

2024

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cost
Buildings

1,030,247

221,389(237,551)

1,014,085

Office equipment

134,503

47,632(49,196)

132,939

Vehicles

68,474

15,442(19,308)

64,608

Total

1,233,224

284,463(306,055)

1,211,632

Buildings(347,220)(369,618)

203,213(513,625)

Office equipment(68,115)(58,979)

46,046(81,048)

Vehicles(41,204)(24,600)

18,932(46,872)

Total(456,539)(453,197)

268,191(641,545)

Accumulated depreciation

Total right-of-use assets

776,685

570,087
SEPARATE FINANCIAL STATEMENTS

Beginning

Additions

DisposalbalanceEndingbalance

as at

as at

March 1,February 28,

2022

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cost
Buildings

940,455

657,579(567,787)

1,030,247

Office equipment

107,628

68,786(41,911)

134,503

Vehicles

75,351

5,702(12,579)

68,474

Total

1,123,434

732,067(622,277)

1,233,224

Buildings(502,495)(390,453)

545,728(347,220)

Office equipment(54,064)(54,455)

40,404(68,115)

Vehicles(28,519)(25,264)

12,579(41,204)

Total(585,078)(470,172)598,711(456,539)

Accumulated depreciation

Total right-of-use assets

538,356

776,685

For the consolidated and separate financial statements, the Group and the Company enteredinto several lease agreements, including buildings, office equipment and vehicles, forperiods from less than one year to five years.

- 42 The maturity analysis of lease liabilities is presented in Note 22.
CONSOLIDATEDFINANCIAL STATEMENTS

Amounts recognized in profit or loss
Depreciation on right-of-use assets
Interest expense on lease liabilities
Gain on cancellation of lease agreements

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

SEPARATE
FINANCIAL STATEMENTS

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

516,199

533,981453,197

470,172

38,23735,57632,35629,940

(488)

(334)

(488)

(330)

For the year ended February 29, 2024, the total cash outflow for leases amount toBaht 542.81 million and Baht 476.30 million in the consolidated and separate financial
statements, respectively.
For the year ended February 28, 2023, the total cash outflow for leases amount toBaht 558.10 million and Baht 488.33 million in the consolidated and separate financial
statements, respectively.
17.

INTANGIBLE ASSETS OTHER THAN GOODWILL

Intangible assets other than goodwill as at February 29, 2024 and February 28, 2023 consistof the following:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cost

5,360,444

5,171,889

4,770,314

4,612,451

Less Accumulated amortization(4,414,369)(4,152,986)(3,955,613)(3,733,702)

Less Allowance for impairment(95,497)(95,497)(95,497)(95,497)

Total intangible assets other than goodwill

850,578

923,406

719,204

783,252

- 43 The movements of intangible assets other than goodwill during the years are as follows:

Cost
Computer software
Computer software under
installation
Total
Accumulated amortization
Computer software
Allowance for impairment
Computer software under
installation
Total intangible assets otherthan goodwill

Cost
Computer software
Computer software under
installation
Total
Accumulated amortization
Computer software
Allowance for impairment
Computer software under
installation
Total intangible assets otherthan goodwill

CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2023
Baht ’000

Additions

Disposals/Write-off

Transferin (out)

Baht ’000

Baht ’000

4,805,045

32,926366,844
5,171,889(4,152,986)(95,497)

Baht ’000

Exchangedifferenceson translating
financialstatements
Baht ’000

Endingbalance
as atFebruary 29,
2024
Baht ’000(6,182)

199,300(7,106)

5,023,983

174,311207,237(5,296)(11,478)(198,978)
322

(420)
(7,526)

336,461
5,360,444(271,581)

6,180

-

4,018

(4,414,369)

-

-

-

(95,497)-

923,406

850,578
CONSOLIDATED FINANCIAL STATEMENTS

Beginningbalance
as atMarch 1,
2022
Baht ’000

Additions

Disposals/Write-off

Transferin (out)

Baht ’000

Exchangedifferenceson translating
financialstatements
Baht ’000

Endingbalance
as atFebruary 28,
2023
Baht ’000

Baht ’000

Baht ’000

4,509,982

118,431(3,738)

188,685(8,315)4,805,045

249,730
4,759,712

224,457
342,888(3,738)(107,284)
81,401(59)(8,374)

366,844
5,171,889(3,839,326)(241,503)

2,570(78,512)

3,785(4,152,986)-(95,497)---(95,497)920,386

923,406
SEPARATE FINANCIAL STATEMENTS

Beginning

Additionsbalance

Disposals/

TransferEndingWrite-offin (out)balance

as at

as at

March 1,February 29,

2023
Baht ’000

2024
Baht ’000

Baht ’000

Baht ’000

Baht ’000

4,246,162

24,583366,289

143,492(5,018)

189,655

4,455,382(5,284)(10,302)(189,565)
90

4,612,451

168,075

4,770,314(3,733,702)(226,928)

5,017

-

(3,955,613)

-

-

Cost
Computer software
Computer software under installation
Total
Accumulated amortization
Computer software
Allowance for impairment
Computer software under installation(95,497)

Total intangible assets other than goodwill

783,252-

314,932(95,497)
719,204

- 44 SEPARATE FINANCIAL STATEMENTS

Beginning

Additionsbalance

Disposals/

TransferEndingWrite-offin (out)balance

as at

as at

March 1,February 28,

2022
Baht ’000

2023
Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cost
Computer software
Computer software under installation
Total

3,988,202

79,505-

178,455

4,246,162

248,710

218,461-(100,882)

366,289

4,236,912

297,966-

77,5734,612,451(3,459,055)(197,074)-(77,573)(3,733,702)(95,497)--

Accumulated amortization
Computer software
Allowance for impairment
Computer software under installation
Total intangible assets other than goodwill-

783,252

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

Amortization(95,497)

777,857

For the years ended

February 29,

February 28,

February 29,

2024

2023

2024

February 28,
2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

271,581

241,503226,928

197,074

As at February 29, 2024 and February 28, 2023, costs of fully amortized computer softwarestill in use are as follows:
As at
As at
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
Consolidated financial statements
Separate financial statements

3,615,744
3,395,793

3,436,444
3,224,395

- 45 18.

DEFERRED TAX ASSETS

Deferred tax assets as at February 29, 2024 and February 28, 2023 consist of the following:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Deferred tax assets
Allowance for expected credit loss

1,603,710

1,956,008

1,567,489

1,906,108

Cumulative loss from fair value measurement ofinvestments in equity securities

2,620

4,502

5,984

7,866

Allowance for impairment of investment and assets

38,00921,30019,09919,099Provisions for employee benefit

95,30688,052

88,14081,866

Deferred revenue from customer loyalty programs

62,93372,67862,93372,678

Lease agreements

19,65618,016

17,89816,482Derivatives

233,909

147,856

233,909

147,856

Others38,39342,075

17,181

16,893

2,094,536

2,350,487

2,012,633

2,268,848

Deferred tax liabilities
Lease agreements
OthersDeferred tax assets

66

518

-

-

5,919

9,047

-

-

5,985

9,565

2,088,551

2,340,922--

2,012,633

2,268,848

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

BeginningItems as

Items asEndingbalancerecognized inrecognizedbalance

as atprofit or loss

March 1,
2023
Baht ’000

in otheras atcomprehensive

February 29,

income2024

Baht ’000

Baht ’000(352,298)-

1,603,710

Baht ’000

Deferred tax assets
Allowance for expected credit loss

1,956,008

Cumulative loss from fair value measurement ofinvestments in equity securities

4,502(1,882)-

2,620

Allowance for impairment of investment and assets

21,30016,709-38,009Provisions for employee benefit

88,052

12,168Deferred revenue from customer loyalty programs

72,678(9,745)-

Lease agreements

18,016

1,640-

Derivatives

147,856

27,238Others42,075(3,682)2,350,487(309,852)(4,914)95,30662,933
19,65658,815

233,90953,901

2,094,536-

38,393

Deferred tax liabilities
Lease agreements
OthersDeferred tax assets

518

(452)

-

66

9,047

(3,128)

-

5,919

9,565

(3,580)-2,340,922(306,272)

5,985
53,901

2,088,551

- 46 CONSOLIDATED FINANCIAL STATEMENTS

BeginningItems as

Items asEndingbalancerecognized inrecognizedbalance

as atprofit or loss

March 1,
2022
Baht ’000

Baht ’000

in otheras atcomprehensive

February 28,

income2023

Baht ’000

Baht ’000-

1,956,008

Deferred tax assets
Allowance for expected credit loss

2,076,888(120,880)

Cumulative loss from fair value measurement of
4,502

-

-

4,502

Allowance for impairment of investment and assets

investments in equity securities

8,579

12,721-

21,300

Provisions for employee benefit

90,24812,357(14,553)

88,052

Deferred revenue from customer loyalty programs

97,898(25,220)-

72,678

Lease agreements

15,2552,761-

18,016

Derivatives

304,803(72,500)(84,447)

147,856

Others23,19918,876-42,0752,621,372(171,885)(99,000)

2,350,487

Deferred tax liabilities
Lease agreements

310

208

-

518

(3,420)12,467-

9,047(3,110)12,675-2,624,482(184,560)

OthersDeferred tax assets

9,565(99,000)

2,340,922

SEPARATE FINANCIAL STATEMENTS

BeginningItems as

Items asEndingbalancerecognized inrecognizedbalance

as atprofit or loss

March 1,
2023
Baht ’000

Baht ’000

in otheras atcomprehensive

February 29,

income2024

Baht ’000

Baht ’000

Deferred tax assets
Allowance for expected credit loss

1,906,108(338,619)-

1,567,489

Cumulative loss from fair value measurement ofinvestments in equity securities

7,866(1,882)-

5,984

Allowance for impairment of assets

19,099--19,099Provisions for employee benefit

81,866

10,866

Deferred revenue from customer loyalty programs

72,678(9,745)-

Lease agreements

16,482

1,416-

Derivatives

147,856

27,238OthersDeferred tax assets(4,592)

88,14062,933
17,89858,815

233,909

16,893288

2,268,848(310,438)

54,2232,012,633

17,181

2,268,848(310,438)

54,2232,012,633

- 47 SEPARATE FINANCIAL STATEMENTS

BeginningItems as

Items asEndingbalancerecognized inrecognizedbalance

as atprofit or loss

March 1,
2022
Baht ’000

Baht ’000

in otheras atcomprehensive

February 28,

income2023

Baht ’000

Baht ’000

Deferred tax assets
Allowance for expected credit loss

1,994,594(88,486)-

1,906,108

Cumulative loss from fair value measurement of
7,866

-

-

7,866

Allowance for impairment of investment and assets

investments in equity securities

6,800

12,299-19,099Provisions for employee benefit

83,826

11,354(13,314)

81,866

Deferred revenue from customer loyalty programs

97,898(25,220)-

72,678

Lease agreements

13,8802,602-

16,482Derivatives

304,803(72,500)(84,447)

147,856

Others15,306

1,587-

16,8932,524,973(158,364)(97,761)2,268,848

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

Deferred tax assets

19.

OTHER NON-CURRENT ASSETS

Other non-current assets as at February 29, 2024 and February 28, 2023 consist of the following:

Deposits
Total

20.

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at

As at

As at

As at

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

155,297

165,501

134,946

146,184

155,297

165,501

134,946

146,184

BANK OVERDRAFTS AND SHORT-TERM BORROWINGS FROM FINANCIAL INSTITUTIONSBank overdrafts and short-term borrowings from financial institutions as at February 29,
2024 and February 28, 2023, 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
Short-term borrowings in MMK currency
Total

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

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

2.69
6.78 - 8.00
6.50 - 6.60-

1.69 - 1.76
5.49 - 6.70
6.62
10.00 - 13.00

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

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

- 48 SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Interest rate
p.a. (%)
Baht ’000
Short-term borrowings in THB currency
Total

2.69

500,000
500,000

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

3,440,000
3,440,000

Short-term borrowings in THB and foreign currencies from financial institutions areborrowings from various financial institutions in the form of promissory notes and are
unsecured.
21.

OTHER PAYABLES

Other payables as at February 29, 2024 and February 28, 2023 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at
As at
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
Other payable - related companies (see Note 38.2.1)
Other payable - other companies
Deferred revenue from customer loyalty programs
Interest payable
Accrued expenses
Total

22.

78,477
320,178
320,236
492,757
413,358
1,625,006

65,253482,305
369,164
382,622330,115
1,629,459

As atFebruary 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

170,212210,291
314,667
472,741
389,751
1,557,662

160,714330,396363,388366,602311,229
1,532,329

LEASE LIABILITIES

Lease liabilities as at February 29, 2024 and February 28, 2023 are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

Less Deferred interest
Total

403,273
209,455
101,987
17,491
1,067
733,273(41,733)
691,540

475,687
310,471
121,80764,534
1,419
973,918(56,250)
917,668

352,979
178,949
94,537
13,583640,048(35,676)
604,372

416,696
264,685
109,252
59,553
850,186(47,982)
802,204

Classification analysis:
Current
Non-current
Total

377,206
314,334
691,540

444,127
473,541
917,668

330,582
273,790
604,372

389,924
412,280802,204

Maturity analysis:
Year 1
Year 2
Year 3
Year 4
Year 5

- 49 23. LONG-TERM BORROWINGSAs at February 29, 2024 and February 28, 2023, the Company entered into various long-termborrowings agreements in THB and foreign currencies as follows:

Due within
the year
Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Borrowings in MMK currency
Less Borrowings issuance cost2024 - 2027
2024 - 2027
2024 - 2027
2026

CONSOLIDATED FINANCIAL STATEMENTS
As at February 29, 2024
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 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 cost

2023 - 2027
2023 - 2027
2023 - 2026

CONSOLIDATED FINANCIAL STATEMENTS
As at February 28, 2023
Interest rate
Foreign currency
p.a. (%)
Million1.90 - 3.33
1.85 - 8.50
2.01 - 3.69

23,145.24
723.1020,500.00

Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost2024 - 2027
2024 - 2027
2024 - 2027

Borrowings in JPY currency
Borrowings in USD currency
Borrowings in THB currency
Less Borrowings issuance cost

2023 - 2027
2023 - 2027
2023 - 2026

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

Baht equivalent
Baht ’000
6,053,822
25,488,914
20,500,000(53,251)
51,989,485
39,152,934

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

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

Due within
the year

2,892,106
24,332,342
24,000,000
110,197(39,009)
51,295,636(16,960,051)
34,335,585(12,836,551)

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

Due within
the year

Baht equivalent
Baht ’000

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

23,145.24
641.1020,500.00

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

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

As at February 29, 2024 and February 28, 2023, the Company can maintain financial ratios
and other requirements according to the conditions as specified in the agreements.

- 50 24. LONG-TERM BORROWINGS UNDER SECURITIZATION PROJECT
As at February 29, 2024 and February 28, 2023, the Company recognized the cash received
and the settlement by the Seller Loan Account of ATS Rabbit Special Purpose Vehicle
Company Limited for the transferred rights in loans receivable under securitization(see Note 5.5) as long-term borrowings under securitization project in the separate financial
statements in the amount of Baht 1,091.27 million and Baht 1,260.99 million, respectively.
25.

LONG-TERM DEBENTURES

Long-term debentures, representing unsubordinated and unsecured debentures, as at February 29,
2024 and February 28, 2023, are as follows:
Issue date

Maturity

No. ofCurrency Par value

date

units

per unit

AmountInterest rate

Term of

As at

As at

p.a. (%)

interest

February 29,

February 28,

payment

2024

2023

Baht ’000

Baht ’000

Company
15/11/2019

15/11/2024 1,000,000

THB

1,000

1,000,000,000

2.57

Semi-annual

1,000,000

1,000,000

29/12/2021

29/12/2026

70

JPY

100,000,000

7,000,000,000

0.65

Semi-annual

1,700,783

1,830,906

29/11/2022

28/11/2025

100

JPY

100,000,000 10,000,000,000

0.69

Semi-annual

2,429,690

2,615,580

24/02/2023

24/02/2025 1,000,000

THB

1,000

1,000,000,000

2.99

Semi-annual

1,000,000

1,000,000

24/02/2023

24/02/2026 1,700,000

THB

1,000

1,700,000,000

3.18

Semi-annual

1,700,000

1,700,000

7,830,473

8,146,486(28,968)(39,426)

7,801,505

8,107,060

Less Debentures issuance costLess Current portion of long-term debentures(1,998,985)-

Total long-term debentures in separate financial statements

5,802,520

8,107,060

ATS Rabbit Special Purpose Vehicle Company Limited
28/09/2018

651,704

1,473,082

Less Current portion of long-term debentures

28/10/2025

651,704

THB

1,000

651,704,000

3.60

Monthly(488,439)-

163,265

1,473,082

Total long-term debentures in consolidated financial statements

5,965,785

9,580,142(1) On June 22, 2018, the Company’s Annual General Meeting of shareholders of 2018 had
the resolution for the issuance and offering of debentures. An issuing amount of
the debentures is not to exceed Baht 10,000 million. The currency, tenor, interest rate andother conditions will be considered and approved by the Board of Directors’ Meeting later
when the Company is ready for the issuance and offering of debentures.
On November 15, 2018, the Company issued and offered debentures amounting to
Baht 2,000 million to institutional and high net worth investors in Thailand withinterest rate of 2.96% per annum, payable on a semi-annual basis, and were due on
November 15, 2020.
On November 15, 2018, the Company issued and offered debentures amounting to
Baht 800 million to institutional in Thailand with interest rate of 3.26% per annum,
payable on a semi-annual basis, and were due on November 15, 2021.

- 51 On November 15, 2019, the Company issued and offered debentures amounting to
Baht 2,800 million to institutional in Thailand with interest rate of 2.27% per annum,
payable on a semi-annual basis, and were due on November 15, 2022.
On November 15, 2019, the Company issued and offered debentures amounting to
Baht 1,000 million to institutional in Thailand with interest rate of 2.57% per annum,
payable on a semi-annual basis, and will be due on November 15, 2024.
On December 29, 2021, the Company issued and offered debentures amounting to
JPY 7,000 million to a bank in Japan with interest rate of 0.65% per annum, payable
on a semi-annual basis, and will be due on December 29, 2026. Such debentures areguaranteed by same bank.
(2) On June 24, 2022, the Company’s Annual General Meeting of shareholders of 2022 had theresolution for the issuance and offering of debentures. An issuing amount of the debentures
is not to exceed Baht 10,000 million. The currency, tenor, interest rate and other conditions
will be considered and approved by the Board of Directors’ Meeting later when the
Company is ready for the issuance and offering of debentures.
On November 29, 2022, the Company issued and offered debentures amounting to
JPY 10,000 million to a bank in Japan with interest rate of 0.69% per annum, payable
on a semi-annual basis, and will be due on November 28, 2025. Such debentures areguaranteed by the same bank.
On February 24, 2023, the Company issued and offered debentures amounting to
Baht 1,000 million to institutional and high net worth investors in Thailand withinterest rate of 2.99% per annum, payable on a semi-annual basis, and will be due on
February 24, 2025.
On February 24, 2023, the Company issued and offered debentures amounting to
Baht 1,700 million to institutional and high net worth investors in Thailand withinterest rate of 3.18% per annum, payable on a semi-annual basis, and will be due on
February 24, 2026.
(3) A subsidiary has offered the debentures to no more than 10 specific investors during
any 4-month period which such offering was approved by the SEC on October 2, 2015.
On September 28, 2018, the subsidiary issued and offered the long-term refinanced
debentures which are unsubordinated and unsecured of Baht 1,473.08 million forpartial settlement of the transfer of rights in future receivables and additional
receivables in accordance with conditions in the agreements.
Such debentures are assets-backed debentures under the Securitization Law with fixedinterest rate at 4% per annum for the 3 years period after the first issuance date, andthereafter with a fixed interest rate equal to the corporate bond yield per annum asprescribed in the conditions.

- 52 Cash flows from a pool of loans receivable will be used to make payments forthe debentures. Interest on the debentures will be payable monthly throughout theirlives commencing on December 18, 2015.
Such debentures have been initially redeemed during 2023 and will be matured on
October 28, 2025 with conditions to redeem before the maturity, in accordance withthe terms and conditions of the debentures.
During the year 2023, partial debentures have been redeemed in the amount of
Baht 821.38 million.
As at February 29, 2024 and February 28, 2023, the Company can maintain financial ratios
and other requirements according to the conditions as specified in the agreements.
26.

DERIVATIVE FINANCIAL INSTRUMENTS

The fair values and notional amounts of derivative instruments as at February 29, 2024 andFebruary 28, 2023 are as follows:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Fair value
Notional
AssetsLiabilites
amount
Baht ’000
Baht ’000
Baht ’000
Derivatives designated as
cash flow
Cross currency swaps
Interest rate swaps
Less Current portion ofderivative assets /liabilities
Total derivative assets /liabilities

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

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

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

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

33,141,075
5,000,000
38,141,075(1,027,407)(399,465)(9,661,879)(1,047,431)(562,743)(10,473,815)

377,276

1,142,293

26,346,713

684,654876,160

27,667,260

- 53 27.

PROVISIONS FOR EMPLOYEE BENEFITSThe Company operates post-employment benefit plans under the Labor Protection Act,
which are considered as unfunded defined benefits plans.
For the years ended February 29, 2024 and February 28, 2023, amounts recognized in thestatements of profit or loss in respect of the post-employment benefit plans are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

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

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000(6,168)65,173
12,410(141)
71,274(13,343)
62,878
11,57915,401
76,515

SEPARATE
FINANCIAL STATEMENTS

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000(6,495)58,354
11,346(326)
62,879(5,113)55,491
10,801
9,158
70,337For the years ended February 29, 2024 and February 28, 2023, amounts recognized in othercomprehensive income in respect of the post-employment benefit plans are as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Gain on remeasurements ofdefined benefit plans- From financial assumptions changes- From demographic assumptions changes- From experience adjustments
Total

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000(2,836)(6,652)(15,083)(24,571)(18,373)(27,410)(26,977)(72,760)

SEPARATE
FINANCIAL STATEMENTS

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000(2,923)(6,642)(13,394)(22,959)(14,426)(27,823)(24,321)(66,570)

- 54 Movements in the present value of the provisions for post-employment benefits for the years
ended February 29, 2024 and February 28, 2023 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000
Beginning balance
Past service cost (reversal)- For employees transferred within
the Group
Current service cost
Interest cost
Gain (loss) on settlement
Gain on remeasurements of defined
benefit plans
Benefits paid
Decrease of liabilities fromtransfer of employees within the Group
Ending balance

For the years ended
February 29,
February 28,
2024
2023
Baht ’000
Baht ’000

444,377

463,335

405,630

419,132(6,168)65,173
12,410(141)(13,343)
62,878
11,57915,401(6,495)58,354
11,346(326)(5,113)55,491
10,801
9,158(24,571)(7,545)(72,760)(22,713)(22,959)(4,849)(66,570)(13,916)---(3,353)

483,535

444,377

440,701

405,630

The significant actuarial assumptions used to calculate the provisions for post-employment
benefits as at February 29, 2024 and February 28, 2023, are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

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

As at February 29, 2024
% per annum

As at February 28, 2023
% per annum

0.84 - 3.06
5.0

0.84 - 3.15
5.0

0.0 - 27.0
Subject to range of age of employees-

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

SEPARATE FINANCIAL STATEMENTS

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

As at February 29, 2024
% per annum

As at February 28, 2023
% per annum

2.90
5.0

2.85
5.0

0.0 - 27.0
Subject to range of age of employees-

0.0 - 21.0
Subject to range of age of employees
0.0 - 54.0
Subject to range of age of employees- 55 Sensitivity analysis on significant actuarial assumptions represents impact of change in thesignificant actuarial assumptions on present value of the provisions for post-employment
benefits without discounting to present value as at February 29, 2024 and February 28,
2023, as follows:

Financial assumptions
Discount rate
- 1% increase- 1% decrease
Expected rate of salary increase- 1% increase- 1% decrease
Demographic assumptions
Turnover rate
- 1% increase- 1% decrease

28.

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000(58,938)
69,831(56,381)
67,338(53,595)
63,463(51,755)
61,79662,934(54,146)

60,611(51,729)

57,345(49,365)

55,718(47,567)(62,770)
28,783(60,107)
29,504(56,983)
24,898(55,082)
25,981EMPLOYEE JOINT INVESTMENT PROGRAM

On August 9, 2022, the Company’s Board of Directors’ meeting had the resolution to approve
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

- 56 Movement of the employee joint investment program for the years ended February 29, 2024
and February 28, 2023 are as follows:

Surplus on share-based payment transactions
Beginning balance
Change during the period- Employee joint investment program expense- Cash paid for employee joint investment program
Ending balance

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

2024
2023
For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
9,265

-

2024
2023
For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
9,265-

17,461

14,426

14,351

14,426(13,076)(5,161)(11,506)(5,161)

13,6509,265

12,1109,265

For the years ended February 29, 2024 and February 28, 2023, amounts recognized in thestatement of profit or loss in respect of the employee joint investment program are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

Operating and administrative expenses
Directors and managements’ remuneration

29.

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

9,511

9,703

8,236

7,950

4,723

6,115

9,703
4,723

17,461

14,426

14,351

14,426SHAREHOLDERS’ EQUITY

29.1

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

29.2

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

- 57 29.3

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

29.4

On October 6, 2023 the Company’s Board of Directors’ meeting passed the resolutions
to declare interim dividends for the years ended February 29, 2024 at the rate of
Baht 2.55 per share, totaling Baht 637.50 million. The aforementioned shareholders
included 46,500 shares of foreign shareholders who had no right to receive dividendin accordance with regulation of Thailand Securities Depositary, thus the Company paid
dividend to shareholders amounting to Baht 637.38 million on November 2, 2023.

29.5

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

30.

LEGAL RESERVE

Pursuant to the Public Limited Companies Act. B.E. 2535 (1992), the Company must
allocate to a reserve fund from the annual net profit, not less than 5% of the annual net profit
deducted by the total accumulated loss brought forward (if any), until the reserve fundreaches an amount of not less than 10% of the registered capital.
As at February 29, 2024 and February 28, 2023, the Company’s legal reserve equals to 10%of the registered share capital.
31.

CAPITAL MANAGEMENTThe Company’s objective in managing capital is to safeguard the Company’s ability tocontinue as a going concern in order to provide returns for shareholders and benefits forother stakeholders.
Monitoring the capital level of the Company is conducted in accordance with the covenant
on financial ratio stipulated in loan agreements.
The Company has been granted the license to operate as a non-financial institution thatprovides personal loans from the Minister of Finance, of which the Company must haveauthorized share capital of at least Baht 50 million.

- 58 The Company has the policy to pay dividend of at least 30% of net profit. The dividend
payment is subject to the resolution of the shareholders’ meeting after the Board of
Directors’ approval.
32.

OTHER COMPONENTS OF SHAREHOLDERS’ EQUITYOther components of shareholders’ equity as at February 29, 2024 and February 28, 2023
are as follows:

Beginning balance
Exchange differences on translating financial
statements of foreign operations
Gain (loss) on cash flow hedges
Ending balance

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000(173,005)(523,149)(89,551)(427,341)(21,791)(235,261)(430,057)

12,354
337,790(173,005)(235,261)(324,812)

337,790(89,551)

Differences on exchange rates relating to translation of the financial statements of foreign
operations to be presented in THB currency are recognized directly in other comprehensive
income and accumulated amount is separately presented under shareholders’ equity asother components of equity.
Cumulative loss on cash flow hedges in shareholders’ equity consists of the effective portionof changes in the fair value of derivatives that are designated and qualified as cash flow hedges
against foreign exchange risk.
33. REVENUES RELATING TO SECURITIZATION TRANSACTION
For the years ended February 29, 2024 and February 28, 2023, the details of revenues fromsecuritization transaction incurred from sales of rights in loans receivable to ATS RabbitSpecial Purpose Vehicle Company Limited are included in Loan income for presentation
as follows:
SEPARATE
FINANCIAL STATEMENTS

Loan income (see Note 38.2.2)
Interest income from subordinated lendings
Revenue from seller loan in Special Purpose Vehicle
Dividend from investment in Special Purpose Vehicle
Collection servicing income
Total

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
10,11733,424
3,929
64,344
111,814

10,08935,337
2,746
73,410121,582

- 59 34.

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 represents
cash remuneration as salaries and bonus paid to the Company’s management.
For the years ended February 29, 2024 and February 28, 2023, directors and managements’
remuneration are as follows:

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

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000

27,126150,648
5,338
183,112

14,863134,070
5,627
154,560

21,586
105,760
3,689
131,035

5,507
94,762
4,156
104,425

For the years ended February 29, 2024 and February 28, 2023, directors’ remunerations whichwere included in short-term employee benefits were approved by the Annual General Meetingof shareholders of the Company held on June 20, 2023 and June 24, 2022, respectively.
35.

PROVIDENT FUND

The Company has set up a contributory provident fund. The contribution from employees isdeducted from the monthly salaries, with the Company matching the individual’s contribution.
The Company registered its provident fund in accordance with the Provident Fund Act. B.E. 2530
(1987) on June 1, 1999. This provident fund is managed by an authorized fund manager.
For the years ended February 29, 2024 and February 28, 2023, the Company contributed tothe provident fund and recorded as expenses, as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
Contributory provident fund

68,58465,415For the years ended
February 29, February 28,
2024
2023
Baht ’000
Baht ’000
60,56557,608

- 60 36.

EXPENSES BY NATURE

Total expenses for the years ended February 29, 2024 and February 28, 2023 comprised of
the following:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

February 28,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Staff costs

2,652,706

2,602,515

1,921,140

1,909,180

Marketing expenses

1,573,396

1,459,289

1,530,673

1,448,566

Equipment expenses

738,895

694,015

588,525554,275

Depreciation and amortization

1,020,202

1,051,601

869,396

894,079

Communication expenses

194,959

211,248

162,050

177,794

Premises’ expenses

167,671

186,851

135,040

156,039

Outsource collection expenses

691,271

634,979

1,225,699

1,130,187

Special business tax and duty stamp

553,071563,317538,742548,380

Printing material expenses

101,324

115,772

92,371

106,572

Transportation expenses

120,807

112,401

73,251

67,212Fees and commissions

204,929

188,804

160,011

148,432

Directors and managements’ remuneration

183,112

154,560

131,035

104,425

Loss on impairment of assets-

95,497-

95,497

Loss on sale and write-off of leasehold
improvement and equipment and intangible
assets other than goodwill
Other expenses
Total Expenses

37.

8,131

2,627

8,233

1,041

191,326

141,657

118,117

142,195

8,401,800

8,215,133

7,554,283

7,483,874

CORPORATE INCOME TAXThe Company and its local subsidiaries used tax rate of 20% for corporate income tax anddeferred tax calculations for the years ended February 29, 2024 and February 28, 2023.
The foreign subsidiaries used tax rate of 20% - 22% for corporate income tax and deferred
tax calculations for the years ended February 29, 2024 and February 28, 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.

- 61 For the years ended February 29, 2024 and February 28, 2023, income tax expenses consistof the following:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
For the years ended
February 29, February 28, February 29, February 28,
2024
2023
2024
2023
Baht ’000
Baht ’000
Baht ’000
Baht ’000
Current tax expense for the years
Deferred income tax expense
Income tax expenses per statements of profit or loss

517,253306,272
823,525

811,258
184,560
995,818

432,214
310,438
742,652

722,363
158,364
880,727

Reconciliations of effective tax rates for the years ended February 29, 2024 and February 28,
2023 are as follows:
CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended
For the years ended
February 29, February 28, February 29, February 28,
2024
2023
2024
2023
Baht ’000
Baht ’000
Baht ’000
Baht ’000
Accounting profit before income tax
Permanent differences
Temporary differences
Income exempt from tax
Taxable profit
Normal income tax rate (%)
Income tax for the year currently payable
Adjustment for prior year’s income tax
Deferred tax from temporary differences
Income tax expenses per statements of profit or loss
Effective tax rate (%)

4,161,381(335,079)(1,606,916)

4,949,963(195,081)(1,054,405)

2,219,386

-

19.79

20.12

3,700,477
20.00 - 22.00 20.00 - 22.00
518,183
811,258(930)
306,272
184,560
823,525
995,818

3,995,343
300(1,552,195)(277,729)

4,591,454
17,926(791,817)

2,165,719
20.00
433,144(930)
310,438
742,652(205,746)
3,611,817
20.00
722,363
158,364
880,727

18.59

19.18

- 62 38.

TRANSACTIONS WITH RELATED PARTIESThe consolidated and separate financial statements include certain transactions with thesubsidiaries and 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:
38.1

Investments in subsidiaries (see Note 10) as at February 29, 2024 and February 28,
2023 are as follows:
SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Related parties

Relationship Ownership

Paid-up

Ownership

Paid-up

Cost

capitalmethodcapitalmethod%Baht’ 000

Baht ’000%

Baht’ 000

Baht ’000

ACS Servicing (Thailand) Company Limited

Subsidiary

100.00175,349.1

175,349.1

100.00175,349.1

175,349.1

ACSI (Thailand) Co., Ltd.

Subsidiary

100.00149,224.3

149,224.3

100.00149,224.3

149,224.3

AEON Specialized Bank (Cambodia) Plc.
AEON Microfinance (Myanmar) Company
LimitedAEON Leasing Service (Lao) Company
LimitedATS Rabbit Special Purpose Vehicle
Company Limited
AEON Asset Management (Thailand)Company Limited

Subsidiary

50.00

643,720.4

323,580.0

50.00

643,720.4

323,580.0

Subsidiary

100.00455,403.3

455,403.3

100.00455,403.3

455,403.3

Subsidiary

96.29

111,402.9

107,333.1

96.29

111,402.9

107,333.1

Subsidiary

48.75

40.0

19.5

48.75

40.0

19.5

Subsidiary

99.99

50,000.0

49,999.9

98.00

25,000.0

24,499.7

Total

38.2

As at February 28, 2023

Cost

1,260,909.2

1,235,409.0

Business transactions with related parties
38.2.1

Balances with related parties as at February 29, 2024 and February 28,
2023, are as follows:
Related parties

Other receivables (see Note 6)
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.
AEON Asset Management (Thailand)Company Limited
AEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedACS Capital Corporation Limited
ATS Rabbit Special Purpose Vehicle
Company Limited
AEON Specialized Bank (Cambodia) Plc.
AEON (Cambodia) Company Limited
AEON Leasing Service (Lao) Co., Ltd.
AEON Microfinance Myanmar
Company Limited
ACS Trading Vietnam Co., Ltd.

CONSOLIDATEDFINANCIAL STATEMENTS

SEPARATE
FINANCIAL STATEMENTS

Relationship

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

Subsidiary
Subsidiary
Subsidiary

-

-

-

3,733

3,072

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

-

540
437

-

16

-

-

-

951
5,137

334
4,367

9,062

28
4,412

274
1,816

805
2,971

-

421

-

As at
February 28,
2023
Baht ’000

172

156

38,387
1,414

51,621
1,812

24

-

2,820

703

7,807

951
52,803334
72,766

- 63 CONSOLIDATEDFINANCIAL STATEMENTS

Related parties

Relationship

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

Long-term loan to a subsidiary(see Note 8)
AEON Specialized Bank (Cambodia) Plc.

Subsidiary-

Seller loan in Special Purpose Vehicle
for securitization (see Note 13)
ATS Rabbit Special Purpose Vehicle
Company Limited
Subordinated lendings (see Note 14.1)
ATS Rabbit Special Purpose Vehicle
Company Limited
Other payables (see Note 21)
ACS Servicing (Thailand) Co., Ltd.
AEON (Thailand) Co., Ltd.
AEON Financial Service Co., Ltd.
AEON Credit Service Company
LimitedAEON Bank Ltd.
ATS Rabbit Special Purpose Vehicle
Company Limited
AEON Mall (Cambodia) Co., Ltd.

Long-term borrowing under
securitization project (see Note 24)
ATS Rabbit Special Purpose Vehicle
Company Limited
Long-term Loan fromAEON Financial Service Co., Ltd.
AEON Bank Ltd.

Lease liabilities
AEON Mall (Cambodia) Co., Ltd.
Deferred revenue
ACS Servicing (Thailand) Co., Ltd.
ACS Capital Corporation Limited
AEON Asset Management (Thailand)Company Limited

As atFebruary 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000-

85,862111,960--

308,045287,621--84,074

84,074--77,55775,134872
73,689960
60,797821
45,898960
48,871-

2,560

Subsidiary

Subsidiary

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

Subsidiary

Major shareholder
Common ultimate
holding company

3,166

-

866

936

820

884

-

-

45,11633,999750
78,47765,253

170,212160,714--

1,091,265

1,260,991

220,237---

343,876
564,113

-

-

-

5,880

-

-

-

-

78,466

81,131

4,640

5,197

4,640

5,197

4,640

5,197

1,717
84,82386,328

Common ultimate
holding company
Subsidiary
Shareholder and one
common director
Subsidiary

SEPARATE
FINANCIAL STATEMENTS--

- 64 38.2.2

Transactions with related parties for the years ended February 29, 2024
and February 28, 2023, are as follows:

Related parties

Revenues relating to securitizationtransaction (included in loan income)(see Note 33)
ATS Rabbit Special Purpose Vehicle
Company Limited
Collection income
ACS Capital Corporation Limited
Dividend income
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.

Other income
ACSI (Thailand) Co., Ltd.
ACS Servicing (Thailand) Co., Ltd.
ACS Capital Corporation Limited
AEON Asset Management (Thailand)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) Company Limited

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

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

Relationship

Subsidiary

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000--

Shareholder andone common director

555

280

February 28,

111,814

121,582--

Subsidiary
Subsidiary--273,800
273,800

55,000148,000
203,000

Subsidiary
Subsidiary
Shareholder andone common director
Subsidiary

-

-

103
37,028520
27,230

5,843

1,788

2,787

-

-

2,659
10,765811
19,836

-

-

123

5,637

-

-

716

7,807

Subsidiary
Subsidiary
Subsidiary
Common ultimate
holding company
Common ultimate
holding company

Subsidiary
Subsidiary

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

2,925

2,621

9,151

2,621

9,151

989
6,535

14,99455,80373,779--559,619

540,557

-

-

3,086
562,705

3,510
544,067

169,071

166,871

103,997

113,132

6,091

23,802

952

5,613

6,316

9,604

4,679

7,343

10,986

12,592

10,93912,592--

43,91442,954

-

7
90

1,375

7
434

461

-

1,071

860

-

439
-

- 65 -

Related parties

Others (continued)
AEON Compass Co., Ltd.
AEON Mall (Cambodia) Co., Ltd.

Finance costs
ATS Rabbit Special Purpose Vehicle
Company Limited
AEON Bank Ltd.
AEON Financial Service Co., Ltd.
AEON Mall (Cambodia) Co., Ltd.

RelationshipCommon ultimate
holding company
Common ultimate
holding company

CONSOLIDATEDSEPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

For the years ended

For the years ended

February 29,

February 28,

February 29,

2024

2023

2024

2023

Baht ’000

Baht ’000

Baht ’000

Baht ’000

132
4,931
199,039-

132

February 28,-

214,190

164,710

183,448--

268,481299,947

16,955
11,691

7,646
12,525-556
29,202

20,171

268,481299,947

264,000
482,900

249,600
456,560

264,000
482,900

249,600
456,560

121,000
867,900

114,400
820,560

121,000
867,900

114,400
820,560

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

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

Shareholder andone common director
Major shareholder
Common ultimate
holding company-

Other income for the years ended February 29, 2024 and February 28,
2023 includes computer fee, Finance and Accounting operation
services fee and Human Resource Management service 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 theservice 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) Co., Ltd. is basedon general market price and in the normal course of business.

-

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

-

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

- 66 39.

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

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

The Group does not have revenues from transactions with a single external customer at 10%
or more of total revenues.
Transactions between segments are recorded on the same basis as the transaction conductedwith the third-party transactions. Transactions between segments are eliminated on consolidation.
The segment information of the Group was classified by business segment as follows:
39.1 Operating result classified by business for the years ended February 29, 2024 andFebruary 28, 2023 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

For the year ended February 29, 2024
Retail finance services

Other businesses

Elimination

Total

Baht ’000

Baht ’000-

21,965,263

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

Revenue from external customers

19,552,996

1,353,399

1,058,868

Inter - segment revenues (reversal)

441,643(1,977)439,731(879,397)

19,994,639

1,351,422

1,498,599(879,397)

21,965,263

7,385,305

750,869

672,650(598,267)

8,210,557

131,035

24,11427,963-

Revenues-

Expenses
Operating and administrative expenses
Directors and managements’ remuneration

183,112(Gain) loss on sale and write-off of leasehold
improvement and equipment and intangible
8,234

(101)

(2)

Total expenses

assets other than goodwill

7,524,574

774,882

700,611

Finance costs

1,939,637

229,192

Expected credit loss (reversal)

7,167,095

73,347

Profit before income tax

3,363,333

274,001

Income tax expenses

745,634

Profit for the year

2,617,699

-

8,131

(598,267)

8,401,800

2,345(9,308)2,161,866

(226)

-

7,240,216

795,869(271,822)

4,161,381

48,97728,914-225,024

766,955(271,822)

823,525
3,337,856

- 67 CONSOLIDATED FINANCIAL STATEMENTS

For the year ended February 28, 2023
Retail finance services

Other businesses

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000

Elimination

Total

Baht ’000

Baht ’000-

22,331,665

Revenues
Revenue from external customers
Inter - segment revenues

19,918,684

1,318,034

1,094,947

388,571

11,967389,349(789,887)

20,307,255

1,330,001

1,484,296(789,887)

22,331,665
7,962,449-

Expenses
Operating and administrative expenses

7,255,670

696,119582,668(572,008)

Directors and managements’ remuneration

104,424

25,967

24,169-154,560

Loss on impairment of asset

95,497-

95,497--

Loss on sale and write-off of leasehold
improvement and equipment and intangible
1,041

1,135

451

Total expenses

assets other than goodwill

7,456,632

723,221607,288

Finance costs

1,720,897

190,251

Expected credit loss

7,223,037

39,798

Profit before income tax

3,906,689

376,731

Income tax expenses

882,100

Profit for the year

3,024,589

-

2,627

(572,008)

8,215,133

1,734(9,041)

1,903,841

(107)

-

7,262,728

875,381(208,838)

4,949,963

71,751

41,967-

304,980

833,414(208,838)

995,818
3,954,145

39.2 Financial position classified by business as at February 29, 2024 and February 28,
2023 are as follows:
CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024
Retail finance services

Trade and other receivables

Other businessElimination

Total

Baht ’000

Baht ’000

Baht ’000

257,450(127,301)

83,550,440
1,380,138

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

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 improvement and equipment andintangible assets other than goodwill
Other assets

CONSOLIDATED FINANCIAL STATEMENTS

As at February 28, 2023
Retail finance services

Trade and other receivables

Other business

Domestic

Foreign

Domestic

Baht ’000

Baht ’000

Baht ’000
299,428

Elimination

Total

Baht ’000

Baht ’000(171,512)

84,404,166

79,698,518

4,577,732

1,230,470

153,60369,420(6,942)

1,446,551

9,348,397

694,129664,385(1,350,942)

9,355,969

Total assets

90,277,385

5,425,464

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

95,206,686

Total liabilities

67,655,525

4,313,027

153,765(263,711)

71,858,606

Leasehold improvement and equipment andintangible assets other than goodwill
Other assets

- 68 40.

DISCLOSURE OF INFORMATION RELATING TO FINANCIAL INSTRUMENTS

40.1

Financial risk management objectives
The Group’s and the Company’s Treasury function provides services to the Groupand the Company in coordinating access to domestic and international financial
markets, monitoring and managing the financial risks relating to the operations of theGroup and the Company through internal risk reports which analyses exposures bydegree and magnitude of risks. These risks include market risk (including foreign
currency risk and interest rate risk), credit risk and liquidity risk.
The Group and the Company seek to minimize the effects of these risks by using
derivative financial instruments to hedge these risk exposures. The use of financial
derivatives is governed by the Group’s and the Company’s policies approved by
the Board of Directors of the Group and the Company, which provide written
principles on foreign currency risk, interest rate risk, credit risk and the use of financial
derivatives and non-derivative financial instruments. Compliance with policies andexposure limits is reviewed by the internal auditors on a continuous basis. The Groupand the Company do not enter into or trade financial instruments, including derivative
financial instruments, for speculative purposes.
The Group’s and the Company’s Treasury function reports quarterly to the Group’s
and the Company’s risk management committee, an independent body that monitors
risks and policies implemented to mitigate risk exposures.

40.2

Market risk
The Group’s and the Company’s activities expose it primarily to the financial risksof changes in foreign currency exchange rates and interest rates (see below).
The Group and the Company enter into a variety of derivative financial instruments tomanage its exposure to foreign currency and interest rate risk, including:• Cross currency swap to hedge the fluctuation exchange rate arising on translationof the Group’s and the Company’s borrowings and debentures; and• Interest rate swaps to mitigate the risk of rising interest rates.
40.2.1 Foreign currency risk management
The Group and the Company have liabilities in foreign currencies, which are
different from their functional currencies. Foreign exchange rate exposures
are managed within approved policy utilizing cross currency swap contracts.
Foreign currency sensitivity analysis
The Group and the Company enter into cross currency swap contracts for all
borrowings and debentures denominated in different currencies fromfunctional currencies. Consequently, the Group and the Company do not
expose risks from the sensitivity of foreign currency.

- 69 Cross currency swap contracts
It is the policy of the Group and the Company to enter into cross currency
swap contracts to manage the foreign exchange rate risk associated withborrowings and debentures.
In the current year, the Group and the Company have designated all crosscurrency swap contracts as a hedge of their foreign currency borrowings anddebentures. Regarding the review on the Group’s and the Company’s policy
and due to the increased volatility in foreign exchange rate, it was decided that
100% of foreign currency borrowings and debentures be hedged.
The information of cross currency swap contracts outstanding at the end of
the reporting period, as well as information regarding their related hedged items,
are presented together with the information of interest rate swap contracts(see Note 40.2.2). Cross currency swap contracts assets and liabilities arepresented in “Derivative assets” and “Derivative liabilities” within the statementof financial position (see Note 26 for further details).
40.2.2 Interest rate risk management
The Group and the Company are exposed to interest rate risk because
borrowings and debentures carry floating interest rates. The Group and theCompany, therefore, manage interest rate risk by the use of interest rate swap
contracts to ensure that the Group and the Company do not expose risks fromthe fluctuation of interest rate.
The Group’s and the Company’s exposures to interest rates on financial assets
and financial liabilities are detailed in the liquidity risk management sectionof this Note to the financial statements.
Interest rate sensitivity analysis
The Group and the Company enter into interest rate swap contracts for all
borrowings and debentures carrying floating interest rate, hence, the Groupand the Company do not expose to risks from the sensitivity of interest rate.
Interest rate swap contracts
Under interest rate swap contracts, the Group and the Company agree toexchange the difference between fixed and floating rate interest amounts
calculated on agreed notional principal amounts. Such contracts enable
the Group and the Company to mitigate the risk of changing interest rates.
The fair value of interest rate swaps at the reporting date is determined bydiscounting the future cash flows at the reporting date and the credit risk
inherent in the contract.

- 70 The following tables are the information regarding cross currency and interest
rate swap contracts and interest rate swap contracts as at February 29, 2024 andFebruary 28, 2023, and their related hedged items.

Hedge instruments

Cash flow hedges
Cross currency and interest rate
swap contracts
JPY currency
Less than 1 year
1 to 5 years

Contract
interest
rate

% per
annum

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
As at February 29, 2024
Notional principal value
Change in fair value Carrying amount ofused
the hedging
instrument
for calculating
assets/(liabilities)
hedge
ineffectivenessForeign
Functional
currency
currency
MillionBaht ’000
Baht ’000
Baht ’000

0.67
0.40 - 0.85

2,504.24
26,398.95

USD currency
Less than 1 year
1 to 5 years

608,452
6,414,127
7,022,579-(115,313)(991,760)(1,107,073)

6.36 - 6.80
4.82 - 6.71

140.00469.105,053,426
16,932,587
21,986,013-

355,228
647,285
1,002,513

Interest rate swap contracts
THB currency
Less than 1 year
1 to 5 years

3.11 - 3.38
3.27

4,000,000
3,000,000
7,000,000
36,008,592

-

4,199
(36,714)(32,515)(137,075)

Hedge instruments

Cash flow hedges
Cross currency and interest rate
swap contracts
JPY currency
Less than 1 year
1 to 5 years

Contract
interest
rate

% per
annum

-

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
As at February 28, 2023
Notional principal value
Change in fair value Carrying amount ofused
the hedging
instrument assets
for calculating
hedge
ineffectivenessForeign
Functional
currency
currency
MillionBaht ’000
Baht ’000
Baht ’000

0.40
0.40 - 0.85

11,242.05
28,903.19

USD currency
Less than 1 year
1 to 5 years

2,940,447
7,559,861
10,500,308-(350,209)(514,373)(864,582)

4.74 - 6.32
5.39 - 6.15

185.00456.106,533,367
16,107,400
22,640,767-

488,797
696,991
1,185,788

Interest rate swap contracts
THB currency
Less than 1 year
1 to 5 years

2.17 - 2.23
1.73 - 2.56

1,000,000
4,000,000
5,000,000
38,141,075-(11,288)(16,737)(28,025)
293,181-

- 71 The following table details the effectiveness of the hedging relationships and the amounts reclassified from hedging reserve to profit or loss:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

For the year ended February 29, 2024
Change in the fair

Hedge

Line item in profit orAmount reclassified

Amount reclassified

Line item

value of hedging

ineffectivenessloss in which hedge

from cash flowfrom cost of

in profit or loss

instrument

recognized inineffectiveness ishedge reserve due tohedging reserve toaffected by therecognized in OCI

profit or loss

includedhedged item affecting

profit or loss

reclassification

Baht ’000

Baht ’000

profit or loss
Baht ’000

Baht ’000

Cash flow hedges
Cross currency and interest rate swap contracts
JPY currency(242,492)--(13,730)
237,729

USD currency(183,276)--

12,016-(49,929)(14,209)(16,106)-(13,026)-

Finance costs
Other income
Finance costs
Other income

Interest rate swap contracts
THB currency
Total(4,491)-(430,259)--

144,938

Finance costs(2,193)

- 72 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

For the year ended February 28, 2023
Change in the fair

Hedge

Line item in profit orAmount reclassified

Amount reclassified

Line item

value of hedging

ineffectivenessloss in which hedge

from cash flowfrom cost of

in profit or loss

instrument

recognized inineffectiveness ishedge reserve due tohedging reserve toaffected by therecognized in OCI

profit or loss

includedhedged item affecting

profit or loss

reclassification

Baht ’000

Baht ’000

profit or loss
Baht ’000

Baht ’000

Cash flow hedges
Cross currency and interest rate swap contracts
JPY currency(550,141)--

11,107642,629

USD currency

1,180,222--

13,409-(137,071)(6,847)(834,844)-(38,594)-

Finance costs
Other income
Finance costs
Other income

Interest rate swap contracts
THB currency

154,653-

Total

784,734--(356,773)

Finance costs
6,562

- 73 40.3

Credit risk management
Note 5.4 and Note 9 provide details of the maximum exposure to credit risk, andNote 3.2.2 and Note 3.7 provide details of the measurement bases used to determine
expected credit loss of the Group and the Company.
Before accepting any new customer, dedicated teams of the Group and the Company
responsible for the determination of credit limits use an external credit scoring
system to assess the potential customer’s credit quality and defines credit limits bycustomer. Limits and scoring attributed to customers are reviewed and approved
twice a year by the risk management committee.
Credit approvals and other monitoring procedures are also in place to ensure that
follow-up action is taken to recover overdue debts. Furthermore, the Group andthe Company review the recoverable amount of each trade receivables on
an individual basis at the end of the reporting period to ensure that adequate loss
allowance is made for irrecoverable amounts. In this regard, the directors of theGroup and the Company consider that the Group’s and the Company’s credit risk
are significantly reduced. Trade receivables consist of a large number of customers,
spread across diverse industries and geographical areas. Ongoing credit evaluationis performed on the financial condition of trade receivables.
40.3.1 Overview of the Group’s and the Company’s exposure to credit risk
Credit risk refers to the risk that a counterparty will default on its contractual
obligations resulting in financial loss to the Group and the Company.
As at February 29, 2024 and February 28, 2023, the Group’s and theCompany’s maximum exposure to credit risk without taking into accountany collateral held or other credit enhancements, which will cause a financial
loss to the Group and the Company due to failure to discharge an obligationby the counterparties and financial guarantees provided by the Group andthe Company arise from the carrying amount of the respective recognizedfinancial assets as stated in the consolidated and separate statement offinancial position.
The Group’s and the Company’s current credit risk grading frameworkcomprises the following categories:
Category
Low credit risk
receivables (Stage 1)
Significant increase incredit risk receivables(Stage 2)
Default receivables incredit risk (Stage 3)
Purchased or originatedcredit-impaired assets
Write-off

Description
The counterparty has a low risk of default and does
not have any past-due amounts

Basis for recognizing
ECL
12-month ECL

Amount is > 30 days past due or there has been asignificant increase in credit risk since initialrecognition

Lifetime ECL not credit-impaired

Amount is > 90 days past due or there is evidence
indicating the asset is credit-impaired

Lifetime ECL credit-impaired

Non-performing receivables purchased from financial
institutions and credit service companies

Cumulative changes inlifetime ECL sinceinitial recognition
Amount is written-off

There is evidence indicating that the debtor is insevere financial difficulty and the Group has no
realistic prospect of recovery

- 74 The tables below detail the credit quality of the Group’s and the Company’s financial assets, as well as the Group’s and the Company’s
maximum exposure to credit risk by credit risk rating grades:
CONSOLIDATED FINANCIAL STATEMENTS

Notes

As at February 29, 2024
External
Basis for recognizing ECL
credit rating

Trade receivables

5

N/A

Fixed deposits at banks under obligations
Loans from purchase of accounts receivable

7
9

N/A
N/A

12-month ECL
Lifetime ECL
12-month ECL
Cumulative changes inlifetime ECL since initialrecognition

Gross carrying
amount
Baht ’000

Allowance for
ECL
Baht ’000

Net carrying
amount
Baht ’000

83,792,052
7,512,591
38,275(3,748,439)(4,539,529)-

80,043,613
2,973,062
38,27569,381
91,412,299(45,174)(8,333,142)

24,207
83,079,157

Gross carrying
amount
Baht ’000

Allowance for
ECL
Baht ’000

Net carrying
amount
Baht ’000

85,031,652
8,905,327
144,216(4,397,716)(5,727,542)-

80,633,936
3,177,785
144,216

12,62394,093,818(10,125,258)

12,62383,968,560

CONSOLIDATED FINANCIAL STATEMENTS

Notes

As at February 28, 2023
External
Basis for recognizing ECL
credit rating

Trade receivables

5

N/A

Fixed deposits at banks under obligations
Loans from purchase of accounts receivable

7
9

N/A
N/A

12-month ECL
Lifetime ECL
12-month ECL
Cumulative changes inlifetime ECL since initialrecognition

- 75 SEPARATE FINANCIAL STATEMENTS

Notes

As at February 29, 2024
External
Basis for recognizing ECL
credit rating

Trade receivables

5

N/A

Long-term loan to a subsidiary

8

N/A

12-month ECL
Lifetime ECL
12-month ECL

Gross carrying
amount
Baht ’000

Allowance for
ECL
Baht ’000

Net carrying
amount
Baht ’000

78,326,899
6,919,805
85,86285,332,566(3,623,373)(4,214,070)(7,837,443)

74,703,526
2,705,735
85,86277,495,123

Gross carrying
amount
Baht ’000

Allowance for
ECL
Baht ’000

Net carrying
amount
Baht ’000

80,649,277
8,211,261
111,960
88,972,498(4,291,875)(5,238,667)(9,530,542)

76,357,402
2,972,594
111,960
79,441,956

SEPARATE FINANCIAL STATEMENTS

Notes

As at February 28, 2023
External
Basis for recognizing ECL
credit rating

Trade receivables

5

N/A

Long-term loan to a subsidiary

8

N/A

12-month ECL
Lifetime ECL
12-month ECL

- 76 40.4

Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of
Directors of the Group and the Company, which have established an appropriate
liquidity risk management framework for management of the short, medium andlong-term funding and liquidity management requirements. The Group and theCompany manage liquidity risk by maintaining adequate reserves, banking facilities
and reserve borrowing facilities, by continuously monitoring forecast and actual
cash flows, and by matching the maturity profiles of financial assets and liabilities.
Details of undrawn facilities that the Group and the Company have to further reduce
liquidity risk are disclosed in Note 41.
40.4.1 Liquidity and interest risk tables
The following tables detail the Group’s and the Company’s remaining contractual
maturity for their non-derivative financial assets and financial liabilities withagreed repayment periods. The tables have been drawn up based on theundiscounted cash flows of financial liabilities based on the earliest date on
which the Group and the Company can be required to pay. The table includes
both interest and principal cash flows. To the extent that interest cash flows
are floating rate, the undiscounted amount is derived from interest rate curves
at the reporting date.
The contractual maturity is based on the earliest date on which the Groupand the Company may be required to pay.
As at February 29, 2024 and February 28, 2023, financial assets and liabilitiesof the Group and the Company are classified based on contractual maturities
as follows:At call
Baht ’000

CONSOLIDATED FINANCIAL STATEMENTS
As at February 29, 2024
Less than 1
1 - 5 years
More thanNo maturiyyear
5 years
Baht ’000
Baht ’000
Baht ’000
Baht ’000

Total
Baht ’000

Financial assets
Cash and cash equivalents

2,796,656

-

-

-

-

2,796,656

Trade receivables-

78,836,213

4,180,462--

83,016,675

Other receivables-

509,062

24,703--533,765--

38,275--38,275

Fixed deposits at banks underobligations
Loans from purchase of accounts
receivable

-

1,590

22,617--

24,207

Derivative assets-

1,027,407

377,276--

1,404,683

-

-

-

-

14,471

14,471

Investment in equity securities
designated at fair value throughprofit or loss
Investment in equity security
designated at fair value throughother comprehensive income
Total financial assets

-

-

-

-

216,000

216,000

2,796,656

80,374,272

4,643,333-

230,471

88,044,732

- 77 CONSOLIDATED FINANCIAL STATEMENTS
As at February 29, 2024
At callLess than 1

1 - 5 years

year

More thanNo maturiy

Total

5 years

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Baht ’000

2,682,231

Financial liabilities
Bank overdrafts andshort-term borrowings fromfinancial institutions-

2,682,231---

Trade payables-

84,862---

84,862Other payables-

1,132,249---

1,132,249

Interest payable-492,757---

492,757

Long-term borrowings-

16,960,051

34,335,585--

51,295,636

Long-term debentures-

2,487,424

5,965,785--

8,453,209

Derivative liabilities-

399,465

1,142,293--

1,541,758

Lease liabilities-

377,206

314,334--

691,540Subordinated borrowings

-

2,441

81,633--84,074-

24,618,686

41,839,630--

66,458,316

No maturiy

Total
Baht ’000

Total financial liabilities

CONSOLIDATED FINANCIAL STATEMENTS
As at February 28, 2023
At callLess than 1

1 - 5 years

year
Baht ’000

Baht ’000

More than
5 years

Baht ’000

Baht ’000

Baht ’000

Financial assets
Cash and cash equivalents

3,816,356

-

-

-

-

3,816,356

Trade receivables-

80,667,069

3,144,652--

83,811,721

Other recievables-

518,404

74,041--

592,445--

144,216--

144,216

Fixed deposits at banks underobligations
Loans from purchase of accounts
receivable-490

12,133--

12,623

Derivative assets-

1,047,431

684,654--

1,732,085

-

-

-

-

5,062

Investment in equity securities
designated at fair value throughprofit or loss

5,062

Investment in equity security
designated at fair value throughother comprehensive income
Total financial assets

-

-

-

-

144,000

144,000

3,816,356

82,233,394

4,059,696-

149,062

90,258,508

4,485,424

Financial liabilities
Bank overdrafts andshort-term borrowings fromfinancial institutions-

4,485,424---

Trade payables-

220,728---

220,728

Other payables-

1,246,837---

1,246,837

Interest payable-

382,622---382,622Long-term borrowings-

12,836,551

39,152,934--

51,989,485

Long-term debentures--

9,580,142--

9,580,142

Derivative liabilities-

562,743876,160--

1,438,903

Lease liabilities-

444,127

473,541--

917,668

Subordinated borrowings--

84,074--

84,074-

20,179,032

50,166,851--

70,345,883

Total financial liabilities

- 78 -SEPARATE FINANCIAL STATEMENTS
As at February 29, 2024
At callLess than 1

1 - 5 years

year
Baht ’000

Baht ’000

More thanNo maturiy

Total
Baht ’000

5 years
Baht ’000

Baht ’000

Baht ’000

Financial assets
Cash and cash equivalents

2,038,586

-

-

-

-

2,038,586

Trade receivables-

75,336,612

2,072,649--

77,409,261

Other receivables-

381,926

24,703--406,629

Long-term loan to a subsidiary-

28,621

57,241--85,862

Seller loan in Special Purpose
Vehicle for securitization-

308,045---

308,045

Derivative Assets-

1,027,407

377,276--

1,404,683

-

-

-

-

14,471

14,471----

216,000

216,000-

2,441

81,633--

2,038,586

77,085,052

2,613,502-

230,471

81,967,611

500,000

Investment in equity securities
designated at fair value throughprofit or loss
Investment in equity security
designated at fair value throughother comprehensive income
Subordinated lendings
Total financial assets

84,074

Financial liabilities
Bank overdrafts andshort-term borrowings fromfinancial institutions-

500,000---

Trade payables-

49,893---49,893

Other payables-

1,084,921---

1,084,921

Interest payable-472,741---

472,741

Long-term borrowings-

16,960,051

31,879,059--

48,839,110

Long-term borrowings under
securitization project--

1,091,265--

1,091,265

Long-term debentures-

1,998,985

5,802,520--

7,801,505

Derivative liabilities-

399,465

1,142,293--

1,541,758

Lease liabilities-

330,582

273,790--

604,372

Total financial liabilities-

21,796,638

40,188,927--

61,985,565

- 79 SEPARATE FINANCIAL STATEMENTS
As at February 28, 2023
At callLess than 1

1 - 5 years

year
Baht ’000

Baht ’000

More thanNo maturiy

Total
Baht ’000

5 years
Baht ’000

Baht ’000

Baht ’000

Financial assets
Cash and cash equivalents

2,159,810

-

-

-

-

2,159,810

Trade receivables-

77,833,587

1,496,409--

79,329,996

Other receivables-

414,708

74,041--

488,749

Long-term loan to a subsidiary-

27,99083,970--111,960

Seller loan in Special Purpose
Vehicle for securitization-

287,621---287,621

Derivative Assets-

1,047,431

684,654--

1,732,085

-

-

-

-

5,062

5,062

-

-

-

-

144,000

144,000--

84,074--

84,074

2,159,810

79,611,337

2,423,148-

149,062

84,343,357

3,440,000

Investment in equity securities
designated at fair value throughprofit or loss
Investment in equity security
designated at fair value throughother comprehensive income
Subordinated lendings
Total financial assets
Financial liabilities
Bank overdrafts andshort-term borrowings fromfinancial institutions-

3,440,000---

Trade payables-

200,448---

200,448

Other payables-

1,165,727---

1,165,727

Interest payable-

366,602---366,602

Long-term borrowings-

11,273,543

37,867,795--

49,141,338

Long-term borrowings under

40.5

securitization project--

1,260,991--

1,260,991

Long-term debentures--

8,107,060--

8,107,060

Derivative liabilities-

562,743876,160--

1,438,903

Lease liabilities-

389,924

412,280--802,204

Total financial liabilities-

17,398,987

48,524,286--

65,923,273

Capital risk management
The Group and the Company manage their capital to ensure that the Group andthe Company will be able to continue as going concerns while maximizing the returnto shareholders through the optimization of the debt and equity balance.
The capital structure of the Group and the Company consists of short-term and long-termborrowings in Note 20, Note 23 and Note 24, long-term debentures in Note 25, leaseliabilities in Note 22 and shareholders’ equity of the Group and the Company consistof issued share capital, reserves, unappropriated retained earnings and non-controllinginterests disclosed in Note 29.
The Group’s and the Company’s risk management committee review the capital
structure on a quarterly basis. As part of this review, the committee of the Groupand the Company consider the cost of capital and the risks associated with each classof capital. The Group and the Company are not subject to any externally imposed
capital requirements.

- 80 Gearing ratio
The gearing ratio as at February 29, 2024 and February 28, 2023 is as follows:
CONSOLIDATEDFINANCIAL STATEMENTS

Debt
Cash and cash equivalents
Net debt
EquityNet debt to equity ratio

SEPARATE
FINANCIAL STATEMENTS

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

As at
February 29,
2024
Baht ’000

As at
February 28,
2023
Baht ’000

67,436,731(2,796,656)
64,640,075
24,472,361
2.64

71,858,606(3,816,356)
68,042,250
22,821,480
2.98

62,873,932(2,038,586)
60,835,346
24,354,207
2.50

67,353,464(2,159,810)
65,193,654
22,690,443
2.87

Debt consists of short-term and long-term borrowings in Note 20, Note 23 andNote 24, long-term debentures in Note 25 and lease liabilities in Note 22.
Equity includes all capital and reserves of the Group and the Company that aremanaged as capital.
40.6

Fair value measurements
The Group’s and the Company’s accounting policies and disclosures require
the determination of fair value, for both financial assets and liabilities.
The fair value is the amount for which an asset could be exchanged, or a liability
settled, between knowledgeable, willing parties in an arm’s length transaction.
When applicable, further information about the assumptions made in determining
fair values is disclosed in the notes specific to that asset and liability.
Valuation techniques and key inputs used in fair value measurements-

Trade receivables: fair value is subjected to discounted cash flows net of allowancefor expected credit loss.

-

Long-term loan to a subsidiary: fair value is estimated based on the discounted
cash flows using market interest rate.

-

Investments in equity securities designated at fair value through profit or loss:
fair value is calculated based on the discounted cash flows using weighted average
cost of capital.

-

Investment in equity security designated at fair value through other comprehensive
income: fair value is calculated based on the discounted cash flows using weighted
average cost of capital.

-

Long-term borrowings and debentures: fair value are estimated based on
the discounted cash flows using average current interest rate over the remaining
period to maturity.

1) Fair value
The following tables present the analysis of financial assets and financial
liabilities which are measured at fair value and their fair value hierarchy levelclassification as at February 29, 2024 and February 28, 2023:

- 81 -CONSOLIDATED FINANCIAL STATEMENTS

As at February 29, 2024
Carrying amountFVTPL - derivatives

Fair value

FVTOCIFVTPL - designated

Amortized cost

Fair value

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cash and cash equivalents

-

-

-

2,796,656

2,796,656

Level 2

Trade receivables

-

-

-

83,016,675

83,016,675

Level 3designated in hedge relationships

hierarchy
Baht ’000

Financial assets

Other recievables

-

-

-

533,765

533,765

Level 3Fixed deposits at banks under obligations

-

-

-

38,27538,275

Level 3Loans from purchase of accounts receivable

-

-

-

24,207

24,207

Level 3---

1,404,683

Level 2-

14,471

Level 3-

216,000

Level 3

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

1,404,683--

14,471

Investment in equity security designated at fair value through othercomprehensive income

216,000

1,404,683

Total financial assets-

216,000

14,471

86,409,578

88,044,732

Financial liabilities
Bank overdrafts and short-term borrowings
from financial institutions

-

-

-

2,682,231

2,682,231

Level 2

Trade payables

-

-

-

84,862

84,862

Level 3
Level 3

Other payables

-

-

-

1,132,249

1,132,249

Interest payable

-

-

-

492,757

492,757

Level 3Long-term borrowings

-

-

-

51,295,636

51,183,726

Level 2Long-term debentures

-

-

-

8,453,209

8,438,392

Level 2---

1,541,758

Level 2--

691,540

Level 3--84,074

84,074

Level 3--64,916,558

66,331,589

Derivative liabilities

1,541,758

Lease liabilities-

Subordinated borrowings-

Total financial liabilities

1,541,758

691,540

- 82 -CONSOLIDATED FINANCIAL STATEMENTS

As at February 28, 2023
Carrying amountFVTPL - derivatives

Fair value

FVTOCIFVTPL - designated

Amortized cost

Fair value

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Cash and cash equivalents

-

-

-

3,816,356

3,816,356

Level 2

Trade receivables

-

-

-

83,811,721

83,811,721

Level 3designated in hedge relationships

hierarchy
Baht ’000

Financial assets

Other recievables

-

-

-

592,445592,445

Level 3Fixed deposits at banks under obligations

-

-

-

144,216

144,216

Level 3Loans from purchase of accounts receivable

-

-

-

12,623

12,623

Level 3---

1,732,085

Level 2-

5,062

Level 3-144,000

Level 3

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

1,732,085

-

-

5,062

Investment in equity security designated at fair value through othercomprehensive income

144,000

1,732,085

Total financial assets-

144,000

5,062

88,377,361

90,258,508

Financial liabilities
Bank overdrafts and short-term borrowings
from financial institutions

-

-

-

4,485,424

4,485,424

Level 2

Trade payables

-

-

-

220,728

220,728

Level 3
Level 3

Other payables

-

-

-

1,246,837

1,246,837

Interest payable

-

-

-

382,622382,622

Level 3Long-term borrowings

-

-

-

51,989,485

51,838,176

Level 2Long-term debentures

-

-

-

9,580,142

9,570,608

Level 2---

1,438,903

Level 2--

917,668

Level 3--84,074

84,074

Level 3--

68,906,980

70,185,040

Derivative liabilities

1,438,903

Lease liabilities-

Subordinated borrowings-

Total financial liabilities

1,438,903

917,668

- 83 SEPARATE FINANCIAL STATEMENTS

As at February 29, 2024
Carrying amountFVTPL - derivatives

Fair value

FVTOCIFVTPL - designated

Amortized cost

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Fair value

designated in hedge relationships

hierarchy
Baht ’000

Financial assets
Cash and cash equivalents

-

-

-

2,038,586

2,038,586

Trade receivables

-

-

-

77,409,261

77,409,261

Level 3

Other recievables

-

-

-

406,629

406,629

Level 3Long-term loan to a subsidiary

-

-

-

85,86284,008

Level 2

Seller loan in Special Purpose Vehicle for securitization

-

-

-

308,045

308,045

Level 3---

1,404,683

Level 2-

14,471

Level 3

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

1,404,683--

14,471

Level 2

Investment in equity security designated at fair value through othercomprehensive income
Subordinated lendings-

216,000-

Total financial assets

1,404,683--

216,000

Level 384,074

84,074

Level 380,332,457

81,965,757

216,000

14,471

Financial liabilities
Bank overdrafts and short-term borrowings
from financial institutions

-

-

-

500,000

500,000

Trade payables

-

-

-

49,89349,893

Level 3

Other payables

-

-

-

1,084,921

1,084,921

Level 3

Interest payable

-

-

-

472,741

472,741

Level 3Long-term borrowings

-

-

-

48,839,110

48,727,201

Level 2Long-term borrowings under securitization project

-

-

-

1,091,265

1,091,265

Level 3Long-term debentures

-

-

-

7,801,505

7,786,688

Level 2---

1,541,758

Level 2--604,372

604,372

Level 3--60,443,807

61,858,839

Derivative liabilities
Lease liabilities
Total financial liabilities

1,541,758
1,541,758

Level 2

- 84 SEPARATE FINANCIAL STATEMENTS

As at February 28, 2023
Carrying amountFVTPL - derivatives

Fair value

FVTOCIFVTPL - designated

Amortized cost

Baht ’000

Baht ’000

Baht ’000

Baht ’000

Fair value

designated in hedge relationships

hierarchy
Baht ’000

Financial assets
Cash and cash equivalents

-

-

-

2,159,810

2,159,810

Trade receivables

-

-

-

79,329,996

79,329,996

Level 3

Other recievables

-

-

-

488,749

488,749

Level 3Long-term loan to a subsidiary

-

-

-

111,960

110,357

Level 2

Seller loan in Special Purpose Vehicle for securitization

-

-

-

287,621287,621

Level 3---

1,732,085

Level 2-

5,062

Level 3

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

1,732,085
-

-

5,062

Level 2

Investment in equity security designated at fair value through othercomprehensive income
Subordinated lendings-

144,000-

Total financial assets

1,732,085--

144,000

Level 384,074

84,074

Level 382,462,210

84,341,754

144,000

5,062

Financial liabilities
Bank overdrafts and short-term borrowings
from financial institutions

-

-

-

3,440,000

3,440,000

Trade payables

-

-

-

200,448

200,448

Level 3

Other payables

-

-

-

1,165,727

1,165,727

Level 3

Level 2

Interest payable

-

-

-

366,602366,602

Level 3Long-term borrowings

-

-

-

49,141,338

48,990,029

Level 2Long-term borrowings under securitization project

-

-

-

1,260,991

1,260,991

Level 3Long-term debentures

-

-

-

8,107,060

8,097,526

Level 2---

1,438,903

Level 2--802,204

802,204

Level 3--64,484,370

65,762,430

Derivative liabilities
Lease liabilities
Total financial liabilities

1,438,903
1,438,903

- 85 41.

42.

CREDIT FACILITIES AND LETTERS OF GUARANTEE

41.1

As at February 29, 2024 and February 28, 2023, the Company has unused committed
and unsecured revolving credit facility agreements with various financial institutions
totaling Baht 3,000 million.

41.2

As at February 29, 2024 and February 28, 2023, the Company has unused overdraft
facilities with various banks totaling Baht 1,590 million and Baht 3,090 million,
respectively. Such overdraft facilities are unsecured.

41.3

As at February 29, 2024 and February 28, 2023, the Company has a bank’s letter ofguarantee issued to suppliers for guarantee payment of Baht 0.50 million. Such letterof guarantee is unsecured.

41.4

As at February 29, 2024 and February 28, 2023, a subsidiary has letters of guarantee
issued by banks in the amounts of Baht 2.03 million and Baht 1.78 million, respectively.

SIGNIFICANT AGREEMENTS RELATING TO SECURITIZATION TRANSACTION

42.1

On February 2, 2015, the Company entered into a memorandum of understanding
regarding the cooperation between the Company and BTS Group Holdings PublicCompany Limited (“BTSG”) and Bangkok Smartcard System Company Limited(“BSS”) (a subsidiary of BTSG), for the joint issue of member card under the
Co-Branded Rabbit Program and setting up a special purpose vehicle for the
securitization project, the purpose of securitization through the establishment ofa special purpose vehicle in a form of cooperation framework between the Company
and BSS Holdings Company Limited (“BSS Holdings”) (a subsidiary of BTSG),
in accordance with the resolution passed at the meeting of the Board of Directors
No. 10/2014, held on December 24, 2014.

42.2

The Company entered into the Receivables Sale and Purchase Agreement with ATS
Rabbit Special Purpose Vehicle Company Limited (ATS Rabbit) (the “subsidiary”),
on October 22, 2015. Such agreement set out the procedures and terms in respect of
the sale and purchase of the Initial Receivables on the Closing Date, for Future
Receivables on each Purchase Date and for Additional Receivables on each Monthly
Purchase Date including the rights, obligations and responsibilities of both parties.
Moreover, the Receivables Sale and Purchase Agreement also set out the terms andconditions in respect of the resale and repurchase of the Ineligible Receivables andDefaulted Receivables.

42.3

The Company entered into the Servicing Agreement with ATS Rabbit (the “subsidiary”)
on October 22, 2015. Based on such agreement, the subsidiary appointed theCompany (as a transferor and servicer) to provide certain administration services(including record keeping and producing written reports relating to the Collections),
to act as the collection agent and other services for loans receivable in relation to thePurchased Receivables. In addition, the Servicing Agreement also set out otherrelevant terms, such as the scope of the services, the payment of service fees, thetermination of the appointment of theServicer and the Back-up Servicer appointmentof the substitute servicer.

- 86 43.

SALE OF WRITTEN-OFF RECEIVABLES

43.1

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
the payment in full from the buyer. However, the Group has retained substantially allof the risks 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 0.50 million and Baht 0.44 million
as bad debt recovery in the consolidated and separate statements of profit or loss forthe years ended February 29, 2024 and February 28, 2023, respectively, and recorded
outstanding deferred revenue of Baht 20.82 million and Baht 21.32 million as othercurrent liabilities in the separate statement of financial position as at February 29,
2024 and February 28, 2023, respectively.
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 threemonths or the Company decided not to make a purchase, the buyer might sell suchloans receivable to a third-party.

43.2

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 theagreement, the Company received the payment in full from the buyer. However,the Group has retained substantially all of the risks and rewards of the assets
transferred to the buyer which 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 recognizedrevenue of Baht 0.90 million and Baht 0.89 million as bad debt recovery in the
consolidated and separate statements of profit or loss for the years ended February 29,
2024 and February 28, 2023, respectively, and recorded outstanding deferred revenueof Baht 52.98 million and Baht 53.88 million as other current liabilities in the separate
statements of financial position as at February 29, 2024 and February 28, 2023,
respectively.

- 87 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 threemonths or the Company decided not to make a purchase, the buyer might sell suchloans receivable to a third-party.
43.3

On March 4, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 104.98 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On March 4, 2022, which is the closing date as specified in theagreement, the Company received the payment in full from the buyer. The Company
has already recognized gain on sale of written-off receivables totaling Baht 104.98 million
in the consolidated and separate statements of profit or loss for the year ended
February 28, 2023.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan agreements
are not legal as specified in the agreement. However, the Company believed 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.

- 88 43.4

On October 31, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 110.40 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 11.04 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 99.36 million in 8 installments of Baht 12.42 million per each and last
installment will be on November 29, 2024. The Company has already recognizedgain on sale of written-off receivables totaling Baht 110.40 million in the consolidated
and separate statements of profit or loss for the year ended February 28, 2023,
and recorded outstanding receivables of Baht 37.26 million as other receivables in
the consolidated and separate statements of financial positions as at February 29,
2024 (as at February 28, 2023 : Baht 86.93 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.

43.5

On October 31, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 57.23 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the payment in full from the buyer. The Company
has already recognized gain on sale of written-off receivables totaling Baht 57.23
million in the consolidated and separate statements of profit or loss for the year
ended February 28, 2023.

- 89 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.
43.6

On November 29, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 108.98 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 10.90 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 98.08 million in 8 installments of Baht 12.26 million per each and last
installment will be on November 29, 2024. The Company has already recognizedgain on sale of written-off receivables totaling Baht 108.98 million in the consolidated
and separate statements of profit or loss for the year ended February 28, 2023,
and recorded outstanding receivables of Baht 36.78 million as other receivables in
the consolidated and separate statements of financial positions as at February 29,
2024 (as at February 28, 2023 : Baht 85.83 million).
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan agreements
are not legal as specified in the agreement. However, the Company believed thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third - party, the buyer shall get written approval fromthe Company. In addition, a third - party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.

- 90 43.7

On November 29, 2022, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 22.98 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On November 29, 2022, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 6.90 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 16.08 million in 2 installments of Baht 8.04 million per each and last
installment was on January 31, 2023. The Company has already recognizedgain on sale of written-off receivables totaling Baht 22.98 million in the consolidated
and separate statements of profit or loss for the year ended February 28, 2023,
and as at February 28, 2023, the Company has received the full amount of payment
under the agreement.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan agreements
are not legal as specified in the agreement. However, the Company believed thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third - party, the buyer shall get written approval fromthe Company. In addition, a third - party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.

43.8

On July 31, 2023, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 109.78 million. On the same date,
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 74.10 million as other receivables in the
consolidated and separate statements of financial positions as at February 29, 2024.

- 91 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 for the years ended February 29, 2024.
In addition, under the Asset Sale and Purchase Agreement, if the buyer wishedto sell or transfer loan to a third-party, the buyer shall get written approval fromthe Company. In addition, a third-party shall comply all terms and conditions of
the agreement, by entering into the Accession Agreement in form determined by
the Company.
43.9

On July 31, 2023, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 30.60 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On July 31, 2023, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 9.18 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 21.42 million in 2 installments of Baht 10.71 million per each and last
installment was on September 29, 2023. The Company has already recognized gainon sale of written-off receivables totaling Baht 30.60 million in the consolidated andseparate statements of profit or loss for the year ended February 29, 2024,
and as at February 29, 2024, the Company has received the full amount of payment
under the agreement.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan agreements
are not legal as specified in the agreement. However, the Company believed thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements for the years ended February 29, 2024.
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.

- 92 43.10 On July 31, 2023, the Company sold written-off receivables under loan agreements
and credit card agreements by a bidding process to an unrelated local company(the “buyer”) with the purchase price of Baht 26.72 million. On the same date,
the Company entered into the “Asset Sale and Purchase Agreement” with the buyer.
The agreement set out the conditions and terms in respect of the sales, assignmentand conveyance of the Company’s rights, title, claim, obligation, liability andinterest in the written-off receivables under loan agreements and credit card
agreements. On July 31, 2023, which is the closing date as specified in theagreement, the Company received the initial payment of Baht 4.47 million.
The buyer has agreed to pay the remaining amount of purchase price amounting to
Baht 22.25 million in 5 installments of Baht 4.45 million per each and last
installment was on December 29, 2023. The Company has already recognizedgain on sale of written-off receivables totaling Baht 26.72 million in the consolidated
and separate statements of profit or loss for the year ended February 29, 2024,
and as at February 29, 2024, the Company has received the full amount of payment
under the agreement.
Under the Asset Sale and Purchase Agreement, the buyer was entitled to claim
damages from the Company from sales of loans receivable within a specific periodin events the buyer did not have lawful title over loans receivable or loan agreements
are not legal as specified in the agreement. However, the Company believed thatsuch damage was not significant, therefore, the Company had not recorded suchclaim in the financial statements for the years ended February 29, 2024.
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.
44.

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 154.05 million. As at February 29,
2024, the remaining value of the agreement is Baht 123.76 million which will be paid by
the Company to the service provider according to work progress as specified in the agreement.
45.

APPROVAL OF FINANCIAL STATEMENTS

These financial statements were authorized for issuance by the Company’s Board of
Directors on April 9, 2024.