Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 309

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 309
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 and their established history of payment arrangements. The
Group does not hold any collateral over these balances.

|                  |     | As of December 31, |       |     |         |       |     |         |       |
|                  |     |               2022 |       |     |    2023 |       |     |    2024 |       |
|                  |     |            US$’000 |       |     | US$’000 |       |     | US$’000 |       |
| Not yet due      |     |                    | 1,743 |     |         | 2,454 |     |         | 3,399 |
| Past due         |     |                    |       |     |         |       |     |         |       |
| – within 1 month |     |                    |   843 |     |         |   595 |     |         |   780 |
| – 1 to 3 months  |     |                    |   155 |     |         | 1,204 |     |         | 1,106 |
| – Over 3 months  |     |                    |    90 |     |         | 1,086 |     |         | 1,172 |
| Total            |     |                    | 2,831 |     |         | 5,339 |     |         | 6,457 |

The Group has applied the lifetime ECL to measure the loss
allowance and the ECL is performed on a collective basis. An impairment analysis of accounts receivable is performed at each reporting
date using probability of default approach to measure expected credit losses. The probability of default and loss given default are estimated
based on the Group’s assessment on credit ratings of the accounts receivable and historical loss experience. The calculation reflects the probability-weighted
outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events,
current conditions and forecasts of future economic conditions. The calculation of ECL considers forward looking information through the
use of publicly available economic data and forecasts, including macroeconomic data such as GDP growth and unemployment rate, management
judgement to reflect the qualitative factors and through the use of multiple probability weighted scenarios.

<div align='center'>F-62

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31,