Bangkok Airways : • Q2/2023

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 2023

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 2023, 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.

Kitti Teachakasembundit

Certified Public Accountant (Thailand) No. 9151

EY Office Limited

Bangkok: 11 August 2023

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position
As at 30 June 2023
				(Unit: Thousand Baht)
		Consolidated financial statements	Separate financial statements
		30 June	31 December	30 June	31 December
	Note	2023	2022	2023	2022
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Assets
Current assets
Cash and cash equivalents		8,373,568	3,591,692	7,520,214	2,810,669
Trade and other receivables	3	1,037,863	1,184,818	605,136	722,249
Inventories		470,682	464,630	365,086	356,616
Prepaid expenses		153,856	97,312	141,186	67,380
Reimbursable maintenance expenses		45,137	126,492	45,137	126,492
Other current financial assets	4	1,007,181	3,055,473	800,000	3,000,000
Other current assets		50,758	87,776	26,609	23,327
Total current assets		11,139,045	8,608,193	9,503,368	7,106,733
Non-current assets
Other non-current financial assets	4	29,895,453	32,555,952	24,257,953	26,610,952
Investments in subsidiaries	5	-	-	5,481,298	5,672,789
Investments in associates	6	4,810,263	4,844,613	4,791,886	4,839,405
Long-term loan to and interest receivables
from related parties	2	-	-	329,274	321,892
Investment properties		400,995	413,564	892,665	910,780
Property, plant and equipment	7	7,152,671	8,269,753	5,401,887	6,455,823
Right-of-use assets	8.1	4,725,230	5,419,241	4,430,606	5,081,048
Intangible assets		245,311	290,593	83,931	104,608
Deferred tax assets		33,198	29,842	-	-
Deposits		530,206	608,246	425,275	504,814
Other non-current assets		968,622	1,205,552	889,056	1,151,025
Total non-current assets		48,761,949	53,637,356	46,983,831	51,653,136
Total assets		59,900,994	62,245,549	56,487,199	58,759,869

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 2023
				(Unit: Thousand Baht)
		Consolidated financial statements	Separate financial statements
		30 June	31 December	30 June	31 December
	Note	2023	2022	2023	2022
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Liabilities and shareholders' equity
Current liabilities
Bank overdraft and short-term loans from
financial institutions	9	331,993	767,906	-	460,000
Trade and other payables		1,259,770	1,557,775	1,247,213	1,482,712
Dividend payables		2,583	2,585	2,583	2,585
Current portion of long-term loans	10	608,313	7,579,965	400,198	7,479,297
Current portion of lease liabilities	8.2	995,329	3,191,684	881,548	3,081,801
Current portion of long-term financial liability
from related party	11	92,500	92,500	-	-
Accrued corporate income tax		32,222	37,528	-	-
Unearned income		2,176,684	1,791,554	2,163,761	1,785,774
Current portion of deferred revenue
from related parties	2, 11	6,821	6,821	578,821	578,821
Other current liabilities		2,143,181	2,198,200	1,641,318	1,764,259
Total current liabilities		7,649,396	17,226,518	6,915,442	16,635,249
Non-current liabilities
Long-term loans - net of current portion	10	12,495,845	6,763,313	11,309,984	5,436,101
Lease liabilities - net of current portion	8.2	2,153,531	529,974	1,902,521	223,632
Long-term financial liability from related party
- net of current portion	11	14,322,003	14,310,973	-	-
Provision for long-term employee benefits		966,732	899,542	795,481	754,138
Deferred tax liabilities		5,057,203	5,650,852	4,126,823	4,656,065
Other non-current financial liabilities	12	7,632	26,611	7,632	25,961
Deferred revenue from related parties - net of
current portion	2, 11	57,981	61,392	13,318,848	13,608,259
Provision for transaction under equity method
of investments in subsidiaries	5	-	-	910,759	615,983
Other non-current liabilities		16,513	12,830	-	-
Total non-current liabilities		35,077,440	28,255,487	32,372,048	25,320,139
Total liabilities		42,726,836	45,482,005	39,287,490	41,955,388

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 2023
			(Unit: Thousand Baht)
	Consolidated financial statements	Separate financial statements
	30 June	31 December	30 June	31 December
	2023	2022	2023	2022
	(Unaudited	(Audited)	(Unaudited	(Audited)
	but reviewed)		but reviewed)
Shareholders' equity
Share capital
Registered
2,100,000,000 ordinary shares of Baht 1 each	2,100,000	2,100,000	2,100,000	2,100,000
Issued and paid-up
2,100,000,000 ordinary shares of Baht 1 each	2,100,000	2,100,000	2,100,000	2,100,000
Premium on ordinary shares	9,218,839	9,218,839	9,218,839	9,218,839
Discount on changes in shareholding in subsidiaries	(211,166)	(211,166)	(211,166)	(211,166)
Retained earnings (Deficit)
Appropriated
Statutory reserve	210,000	210,000	210,000	210,000
Unappropriated	(13,689,842)	(16,191,390)	(13,719,764)	(16,205,145)
Other components of shareholders' equity	19,601,800	21,691,953	19,601,800	21,691,953
Equity attributable to owners of the Company	17,229,631	16,818,236	17,199,709	16,804,481
Non-controlling interests of the subsidiaries	(55,473)	(54,692)	-	-
Total shareholders' equity	17,174,158	16,763,544	17,199,709	16,804,481
Total liabilities and shareholders' equity	59,900,994	62,245,549	56,487,199	58,759,869
	-	-	-	-

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

Directors

Directors