Bangkok Airways Public : • Q2/2022

Bangkok Airways Public Company Limited and its subsidiaries

Review report and interim financial information For the three-month and six-month periods ended

30 June 2022

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Bangkok Airways Public Company Limited

I have reviewed the accompanying consolidated statement of financial position of Bangkok Airways Public Company Limited and its subsidiaries as at 30 June 2022, and the related consolidated statements of comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the six-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Bangkok Airways Public Company Limited for the same periods (collectively "interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on

my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that

I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Emphasis of Matter

I draw attention to Note 1.1 to the interim consolidated financial statements, the new COVID-19 variant is more widespread, resulting in impacts on the aviation, tourism industries, including the Group's business activities. These events have directly affected the Group in terms of passenger fare as well as sales and service income, including operating loss and total current liabilities significantly exceeded total current assets. These circumstances are significantly impacting the Group's financial position, operating results, and cash flows, including compliance with debt covenants under long-term loan agreements and aircraft lease agreements at present and future. My conclusion is not modified in respect of this matter.

Sumana Punpongsanon

Certified Public Accountant (Thailand) No. 5872

EY Office Limited

Bangkok: 10 August 2022

2

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position
As at 30 June 2022
										(Unit: Thousand Baht)
				Consolidated financial statements			Separate financial statements
				30 June			31 December			30 June		31 December
	Note	2022	2021	2022	2021
				(Unaudited			(Audited)			(Unaudited		(Audited)
				but reviewed)						but reviewed)
Assets
Current assets
Cash and cash equivalents				1,745,348	2,125,935	1,029,729	1,458,554
Trade and other receivables	3			602,204	372,558	342,497	175,321
Inventories				435,207	438,485	350,154	350,074
Prepaid expenses				129,870	64,803	121,911	53,400
Reimbursable maintenance expenses				17,754	14,330	17,754	14,330
Other current assets				80,992	89,608	57,625	54,872
Total current assets
			3,011,375	3,105,719	1,919,670	2,106,551
Non-current assets
Other non-current financial assets	4			28,292,464	25,965,023	23,166,392	21,250,023
Investments in subsidiaries	5			-	-	5,051,604	4,734,472
Investments in associates				2,286,673	2,226,251	2,254,405	2,254,405
Long-term loans to and interest receivables
from related parties	2			-	-	265,412	210,565
Investment properties				426,341	363,875	668,258	608,317
Property, plant and equipment	6			8,625,785	8,927,241	7,020,519	7,216,333
Right-of-use assets	7.1			6,115,422	6,966,402	5,755,599	6,567,486
Intangible assets				335,262	382,497	124,149	146,531
Deferred tax assets				29,062	26,321	-	-
Deposits				526,033	491,532	514,911	479,204
Other non-current assets				495,800	484,237	437,204	433,098
Total non-current assets
			47,132,842	45,833,379	45,258,453	43,900,434
Total assets
			50,144,217	48,939,098	47,178,123	46,006,985

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position (continued)
As at 30 June 2022
								(Unit: Thousand Baht)
				Consolidated financial statements		Separate financial statements
				30 June		31 December		30 June		31 December
	Note	2022	2021	2022	2021
				(Unaudited		(Audited)		(Unaudited		(Audited)
				but reviewed)				but reviewed)
Liabilities and shareholders' equity
Current liabilities
Bank overdraft and short-term loans from
financial institutions	8			1,849,342	917,000	1,620,000	720,000
Trade and other payables				1,085,870	967,362	999,556	743,171
Dividend payables				2,587	2,592	2,587	2,592
Current portion of long-term loans	9			645,533	15,616,970	196,984	15,139,311
Short-term loan from a related party	2			268,750	1,000,000	268,750	1,000,000
Current portion of lease liabilities	7.2			1,875,938	3,229,532	1,783,861	3,139,891
Unearned income				1,056,275	375,845	1,050,611	367,610
Other current liabilities				1,892,551	1,694,173	1,599,284	1,496,630
Total current liabilities
			8,676,846	23,803,474	7,521,633	22,609,205
Non-current liabilities
Long-term loans - net of current portion	9			19,421,786	4,540,079	18,419,748	3,613,871
Lease liabilities - net of current portion	7.2			2,736,552	2,128,619	2,392,522	1,742,749
Provision for long-term employee benefits				905,713	853,552	764,501	727,316
Deferred tax liabilities				4,788,318	4,311,022	3,957,398	3,561,516
Other non-current financial liabilities	10			917	128,286	917	120,545
Provision for transaction under equity method
of investments in subsidiaries	5			-	-	510,224	409,684
Other non-current liabilities				76,417	12,131	64,803	-
Total non-current liabilities
			27,929,703	11,973,689	26,110,113	10,175,681
Total liabilities
			36,606,549	35,777,163	33,631,746	32,784,886

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.