Buriram Sugar : Quarter 1/2024

Buriram Sugar Public Company Limited and its subsidiaries Review report and interim financial information

For the three-month period ended 31 March 2024

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Buriram Sugar Public Company Limited

I have reviewed the accompanying consolidated statement of financial position of Buriram Sugar Public Company Limited and its subsidiaries as at 31 March 2024, the related consolidated statements of comprehensive income, changes in shareholders' equity, and cash flows for the three-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 Buriram Sugar Public Company Limited for the same period (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.

Serm Brisuthikun

Certified Public Accountant (Thailand) No. 9452

EY Office Limited

Bangkok: 10 May 2024

Buriram Sugar Public Company Limited and its subsidiaries
Statement of financial position
As at 31 March 2024
					(Unit: Baht)
		Consolidated financial statements	Separate financial statements
	Note	31 March 2024	31 December 2023	31 March 2024	31 December 2023
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Assets
Current assets
Cash and cash equivalents		212,300,623	261,871,377	28,547,535	4,015,453
Trade and other receivables	3, 4	569,662,956	468,849,064	29,864,139	17,373,628
Planters receivable	5.1	548,407,689	784,124,224	-	-
Inventories	6	3,177,948,484	911,499,413	-	-
Amounts due from the Office of the Cane and Sugar Fund	7	33,075,063	-	-	-
Short-term loans to subsidiaries	3	-	-	157,822,562	195,715,674
Current portion of
- Long-term loans to subsidiaries	3	-	-	200,000,000	200,000,000
- Long-term loans to planters	8	43,677,250	58,964,815	-	-
Other financial assets - Derivatives		-	119,100,889	-	-
Other current assets		48,339,629	51,188,753	11,655,423	12,115,256
Total current assets		4,633,411,694	2,655,598,535	427,889,659	429,220,011
Non-current assets
Non-current planters receivable	5.2	27,821,759	24,454,403	-	-
Net off current portion
- Long-term loans to subsidiaries	3	-	-	1,242,843,669	1,242,843,669
- Long-term loans to planters	8	105,001,373	103,048,568	-	-
Investments in subsidiaries		-	-	3,386,536,844	3,386,536,844
Investments in associates and joint venture	9	785,193,560	861,156,011	784,070,409	833,809,467
Other non-current financial assets
- Investments in equity instruments		13,995,533	13,995,533	2,175	2,175
Investment properties		4,064,127	4,064,127	4,064,127	4,064,127
Property, plant and equipment	10	5,156,541,784	5,201,061,187	82,289,217	77,638,182
Right-of-use assets		4,148,943	4,250,118	116,178	132,257
Intangible assets	11	18,961,541	19,573,561	9,632,736	10,060,823
Deferred tax assets		27,839,171	2,500,787	-	-
Other non-current assets		7,178,244	8,835,054	330,100	317,100
Total non-current assets		6,150,746,035	6,242,939,349	5,509,885,455	5,555,404,644
Total assets		10,784,157,729	8,898,537,884	5,937,775,114	5,984,624,655

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

Buriram Sugar Public Company Limited and its subsidiaries
Statement of financial position (continued)
As at 31 March 2024
					(Unit: Baht)
		Consolidated financial statements	Separate financial statements
	Note	31 March 2024	31 December 2023	31 March 2024	31 December 2023
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions	12	1,725,000,000	247,000,000	-	-
Trade and other payables	3, 13	1,065,887,154	1,165,228,422	20,749,463	29,009,541
Current portion of
- Long-term loans from financial institutions	14	279,863,952	279,862,206	-	-
- Long-term loans from related parties	3	284,175,505	284,406,010	-	-
- Lease liabilities		5,903,206	5,004,427	3,090,211	2,208,841
Income tax payable		170,827,255	57,527,040	-	-
Other financial liabilities - Derivatives		48,378,577	-	-	-
Other current liabilities		18,865,370	19,138,482	820,155	2,642,256
Total current liabilities		3,598,901,019	2,058,166,587	24,659,829	33,860,638
Non-current liabilities
Net off current portion
- Long-term loans from financial institutions	14	647,257,184	654,724,670	-	-
- Debentures	15	946,547,670	945,920,587	946,547,670	945,920,587
- Long-term loans from related parties	3	2,059,963,925	2,161,196,278	2,160,158,971	2,224,629,363
- Lease liabilities		16,003,572	13,939,189	9,596,733	6,815,379
Deferred tax liabilities		2,383,710	1,715,362	-	-
Provision for long-term employee benefits		72,222,702	63,858,336	37,218,174	19,014,547
Other non-current liabilities		7,589,127	7,584,871	-	-
Total non-current liabilities		3,751,967,890	3,848,939,293	3,153,521,548	3,196,379,876
Total liabilities		7,350,868,909	5,907,105,880	3,178,181,377	3,230,240,514

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

Buriram Sugar Public Company Limited and its subsidiaries
Statement of financial position (continued)
As at 31 March 2024
				(Unit: Baht)
	Consolidated financial statements	Separate financial statements
	31 March 2024	31 December 2023	31 March 2024	31 December 2023
	(Unaudited	(Audited)	(Unaudited	(Audited)
	but reviewed)		but reviewed)
Shareholders' equity
Share capital
Registered
1,055,729,798 ordinary shares of Baht 1 each	1,055,729,798	1,055,729,798	1,055,729,798	1,055,729,798
Issued and fully paid
812,100,366 ordinary shares of Baht 1 each	812,100,366	812,100,366	812,100,366	812,100,366
Share premium	954,669,200	954,669,200	954,669,200	954,669,200
Retained earnings
Appropriated - statutory reserve	100,251,862	100,251,862	100,251,862	100,251,862
Unappropriated	1,614,178,198	1,169,114,736	892,572,309	887,362,713
Other components of shareholders' equity	(9,563,869)	(9,729,886)	-	-
Equity attributable to owners of the Company	3,471,635,757	3,026,406,278	2,759,593,737	2,754,384,141
Non-controlling interests of the subsidiaries	(38,346,937)	(34,974,274)	-	-
Total shareholders' equity	3,433,288,820	2,991,432,004	2,759,593,737	2,754,384,141
Total liabilities and shareholders' equity	10,784,157,729	8,898,537,884	5,937,775,114	5,984,624,655
	-	-	-	-

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

Directors

(Unaudited but reviewed)

Buriram Sugar Public Company Limited and its subsidiaries

Statement of comprehensive income

For the three-month period ended 31 March 2024

					(Unit: Baht)
		Consolidated financial statements	Separate financial statements
	Note	2024	2023	2024	2023
Profit or loss:
Revenues
Sales and services income		2,543,350,945	2,547,107,681	-	-
Other income
Dividend Income		-	-	20,551,485	-
Others		84,457,315	43,481,795	86,265,757	53,953,742
Total revenues		2,627,808,260	2,590,589,476	106,817,242	53,953,742
Expenses
Cost of sales and services		1,692,378,244	1,963,704,265	-	-
Selling and distribution expenses		91,472,507	97,421,601	-	-
Administrative expenses		93,509,460	96,545,708	41,980,644	39,641,894
Loss on derivative instruments		167,479,466	7,068,590	-	-
Other expenses		-	9,110,958	-	-
Total expenses		2,044,839,677	2,173,851,122	41,980,644	39,641,894
Operating profit		582,968,583	416,738,354	64,836,598	14,311,848
Share of profit (loss) from investments in associates
and joint venture	9	(5,970,501)	24,820,784	-	-
Finance cost		(37,832,413)	(45,072,053)	(42,041,221)	(45,026,550)
Profit (loss) before income tax		539,165,669	396,487,085	22,795,377	(30,714,702)
Income tax	18	(88,709,372)	(55,223,294)	-	-
Profit (loss) for the period		450,456,297	341,263,791	22,795,377	(30,714,702)
Other comprehensive income:
Other comprehensive income to be reclassified to
profit or loss in subsequent periods - net of income tax:
Exchange differences on translation of
financial statements in foreign currency		298,592	459,000	-	-
Other comprehensive income to be reclassified to
profit or loss in subsequent periods - net of income tax		298,592	459,000	-	-
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods - net of income tax:
Actuarial loss		(8,898,073)	-	(17,585,781)	-
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods - net of income tax		(8,898,073)	-	(17,585,781)	-
Other comprehensive income for the period		(8,599,481)	459,000	(17,585,781)	-
Total comprehensive income for the period		441,856,816	341,722,791	5,209,596	(30,714,702)

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

(Unaudited but reviewed)

Buriram Sugar Public Company Limited and its subsidiaries

Statement of comprehensive income (continued)

For the three-month period ended 31 March 2024

					(Unit: Baht)
		Consolidated financial statements	Separate financial statements
	Note	2024	2023	2024	2023
Profit (loss) attributable to:
Equity holders of the Company		453,961,535	338,842,052	22,795,377	(30,714,702)
Non-controlling interests of the subsidiaries		(3,505,238)	2,421,739	-
		450,456,297	341,263,791
Total comprehensive income attributable to:
Equity holders of the Company		445,229,479	339,095,420	5,209,596	(30,714,702)
Non-controlling interests of the subsidiaries		(3,372,663)	2,627,371
		441,856,816	341,722,791
Earnings per share	19
Basic earnings per share
Profit (loss) attributable to equity holders of the Company		0.56	0.42	0.03	(0.04)
Diluted earnings per share
Profit (loss) attributable to equity holders of the Company		0.56	0.42	0.03	(0.04)

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

			(Unaudited but reviewed)
Buriram Sugar Public Company Limited and its subsidiaries
Cash flow statement
For the three-month period ended 31 March 2024
				(Unit: Baht)
	Consolidated financial statements	Separate financial statements
	2024	2023	2024	2023
Cash flows from operating activities
Profit (loss) before tax	539,165,669	396,487,085	22,795,377	(30,714,702)
Adjustments to reconcile profit (loss) before tax to
net cash provided by (paid from) operating activities:
Depreciation and amortisation	69,573,166	67,586,842	2,390,994	1,963,043
Allowance for expected credit losses (reversal)	(22,049,321)	9,103,566	(112,541)	(17,244)
Allowance for diminution in value of inventories (reversal)	2,393,448	(1,017,704)	-	-
Unrealised loss (gain) on exchange	(6,689,635)	154,048	-	-
Share of loss (profit) from investments in associates and joint venture	5,970,501	(24,820,784)	-	-
Loss (gain) on sales and written off of property plant and equipment
and intangible assets	(3,798)	53,104	(3,169)	-
Loss on fair value of derivative instruments	167,479,466	7,068,590	-	-
Provision for long-term employee benefits	1,724,732	1,717,533	704,358	416,427
Finance cost	37,832,413	45,072,053	42,041,221	45,026,550
Dividend income	-	-	(20,551,485)	-
Refund of compensation for production and distribution of sugar	(9,922,519)	-	-	-
Interest income	(14,758,015)	(16,310,850)	(28,387,296)	(16,590,704)
Profit from operating activities before changes in
operating assets and liabilities	770,716,107	485,093,483	18,877,459	83,370
Operating assets (increase) decrease
Trade and other receivables	(93,403,399)	(154,051,576)	(1,684)	(444,749)
Planters receivable	241,813,164	192,369,551	112,541	17,244
Inventories	(2,268,842,520)	(1,092,329,567)	-	-
Amounts due from the Office of the Cane and Sugar Fund	(23,152,544)	-	-	-
Other current assets	5,380,712	(3,562,429)	1,189,186	(1,133,009)
Other non-current assets	1,656,810	3,095,851	(13,000)	44,000
Operating liabilities increase (decrease)
Trade and other payables	(77,201,359)	4,105,672	1,462,233	2,548,671
Other current liabilities	7,845,011	1,094,756	(1,822,101)	(1,904,718)
Payment of long-term employee benefits	(86,512)	(3,168,385)	(86,512)	(574,147)
Cash flows from (used in) operating activities	(1,435,274,530)	(567,352,644)	19,718,122	(1,363,338)
Cash paid for interest expenses	(35,377,032)	(22,369,744)	(51,454,704)	(41,387,033)
Cash paid for corporate income tax	(4,782,709)	(918,035)	(729,353)	-
Net cash flows used in operating activities	(1,475,434,271)	(590,640,423)	(32,465,935)	(42,750,371)

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

			(Unaudited but reviewed)
Buriram Sugar Public Company Limited and its subsidiaries
Cash flow statement (continued)
For the three-month period ended 31 March 2024
				(Unit: Baht)
	Consolidated financial statements	Separate financial statements
	2024	2023	2024	2023
Cash flows from investing activities
Increase in short-term loans to subsidiaries	-	-	(55,000,000)	-
Cash received from short-term loans to subsidiaries	-	-	92,893,112	38,000,000
Increase in long-term loans to subsidiaries	-	-	-	(226,082,592)
Cash received from long-term loans to subsidiaries	-	-	-	101,759,388
Cash received from long-term loans to planters	17,085,371	10,381,818	-	-
Cash paid for purchases of investments in subsidiaries	-	-	-	(2,399,940)
Cash received from capital reduction of associate	49,739,058	18,507,556	49,739,058	18,507,556
Cash received from sales of property, plant and equipment	11,299	-	8,028	-
Cash paid for purchases of property, plant and equipment
and intangible assets	(42,184,030)	(8,737,405)	(2,091,791)	(245,880)
Capitalised interest expenses	(1,905,307)	-	-	-
Cash received from dividend income	20,551,485	-	20,551,485	-
Cash received from interest income	14,758,015	16,310,850	15,898,469	22,775,533
Net cash flows from (used in) investing activities	58,055,891	36,462,819	121,998,361	(47,685,935)
Cash flows from financing activities
Increase (decrease) in short-term loans from financial institutions	1,478,000,000	(6,000,000)	-	-
Decrease in short-term loans from Skill Development Fund	-	(1,689,000)	-	(252,000)
Repayments of long-term loans from subsidiaries	-	-	(64,470,392)	(108,339,424)
Decrease in long-term loans from related parties	(101,462,858)	(100,958,387)	-	-
Payments of principle portion of lease liabilities	(1,229,516)	(1,440,251)	(529,952)	(683,612)
Repayments of long-term loans from financial institutions	(7,500,000)	-	-	-
Cash received for share capital of subsidiary
from non-controlling interests	-	60	-	-
Net cash flows from (used in) financing activities	1,367,807,626	(110,087,578)	(65,000,344)	(109,275,036)
Net increase (decrease) in cash and cash equivalents	(49,570,754)	(664,265,182)	24,532,082	(199,711,342)
Cash and cash equivalents at beginning of period	261,871,377	989,095,278	4,015,453	231,897,265
Cash and cash equivalents at end of period	212,300,623	324,830,096	28,547,535	32,185,923
	-		-
Supplemental cash flows information
Non-cash items consist of:
Accounts payable for purchase of
property, plant and equipment	21,173,571	42,986,831	481,315	234,596
Additions to lease liabilties	4,192,677	5,558,171	4,163,393	-

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

(Unaudited but reviewed)

Buriram Sugar Public Company Limited and its subsidiaries

Statement of changes in shareholders' equity

For the three-month period ended 31 March 2024

										(Unit: Baht)
					Consolidated financial statements
				Equity attributable to owners of the Company
					Other components of shareholders' equity
					Other comprehensive income
					Exchange
			Retained earnings	differences on		Total other	Total equity	Equity attributable
	Issued and		Appropriated		translation of	Gain on change	components of	attributable to	to non-controlling	Total
	paid-up		- statutory		financial statements	in fair value of	shareholders'	owners of	interests of the	shareholders'
	share capital	Share premium	reserve	Unappropriated	in foreign currency	equity instruments	equity	the Company	subsidiaries	equity
Balance as at 1 January 2023	812,099,845	954,665,813	71,898,802	802,157,389	(17,399,994)	10,068,466	(7,331,528)	2,633,490,321	(19,256,075)	2,614,234,246
Profit for the period	-	-	-	338,842,052	-	-	-	338,842,052	2,421,739	341,263,791
Other comprehensive income for the period	-	-	-	-	253,368	-	253,368	253,368	205,632	459,000
Total comprehensive income for the period	-	-	-	338,842,052	253,368	-	253,368	339,095,420	2,627,371	341,722,791
Increase in equity attributable to
non-controlling interests of the subsidiary
from additional investment in subsidiary	-	-	-	-	-	-	-	-	60	60
Balance as at 31 March 2023	812,099,845	954,665,813	71,898,802	1,140,999,441	(17,146,626)	10,068,466	(7,078,160)	2,972,585,741	(16,628,644)	2,955,957,097
Balance as at 1 January 2024	812,100,366	954,669,200	100,251,862	1,169,114,736	(19,798,352)	10,068,466	(9,729,886)	3,026,406,278	(34,974,274)	2,991,432,004
Profit for the period	-	-	-	453,961,535	-	-	-	453,961,535	(3,505,238)	450,456,297
Other comprehensive income for the period	-	-	-	(8,898,073)	166,017	-	166,017	(8,732,056)	132,575	(8,599,481)
Total comprehensive income for the period	-	-	-	445,063,462	166,017	-	166,017	445,229,479	(3,372,663)	441,856,816
Balance as at 31 March 2024	812,100,366	954,669,200	100,251,862	1,614,178,198	(19,632,335)	10,068,466	(9,563,869)	3,471,635,757	(38,346,937)	3,433,288,820
										-

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