Khon Kaen Sugar Industry Public : Financial Statement Quarter 1/2022 (Reviewed)

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION

BY THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE BOARD OF DIRECTORS

KHON KAEN SUGAR INDUSTRY PUBLIC COMPANY LIMITED

We have reviewed the consolidated statement of financial position of Khon Kaen Sugar Industry Public Company Limited and its subsidiaries and the separate statement of financial position of Khon Kaen Sugar Industry Public Company Limited as at January 31, 2022, and the related consolidated and separate statements of profit or loss, other comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, and the condensed notes to the interim financial statements. The Company's management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard No. 34 "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our 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 us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the aforementioned interim financial information has not been prepared, in all material respects, in accordance with Thai Accounting Standard No. 34 "Interim Financial Reporting".

	Wimolporn Boonyusthian
	Certified Public Accountant (Thailand)
BANGKOK	Registration No. 4067
March 11, 2022	DELOITTE TOUCHE TOHMATSU JAIYOS AUDIT CO., LTD.

KHON KAEN SUGAR INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES
	STATEMENTS	OF FINANCIAL POSITION
	AS AT JANUARY 31, 2022
						UNIT : THOUSAND BAHT
	Notes	Consolidated		Separate
		Financial Statements		Financial Statements
		"Unaudited"				"Unaudited"
		As at		As at		As at		As at
		January 31,		October 31,		January 31,		October 31,
		2022	2021	2022	2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents	4.3	216,986	224,064	39,723	7,093
Trade and other current receivables	6	1,299,011	1,064,094	842,473	930,707
Finance lease current receivables	7	19,337	19,337	-	-
Short-term loans	8	382,457	588,435	1,300,254	1,322,175
Inventories		5,731,757	2,707,437	3,437,341	1,269,883
Current biological assets	9	42,437	46,380	-	-
Other current financial assets		129,648	91,233	129,381	90,966
Other current assets		42,309	39,628	21,109	9,478
Total Current Assets		7,863,942	4,780,608	5,770,281	3,630,302
NON-CURRENT ASSETS
Other non-current financial assets		188,633	172,883	181,380	165,636
Investments in associates	10	4,576,419	4,649,915	3,380,459	3,380,459
Investments in subsidiaries	11	-	-	4,613,846	4,613,846
Trade and other non-current receivables	12	136,710	147,364	55,460	64,025
Finance lease non-current receivables	7	346,735	361,251	-	-
Long-term loans		113,295	136,624	2,347,322	2,469,521
Investment properties	13	6,169,873	6,111,604	2,073,338	2,009,268
Property, plant and equipment	14	24,583,837	25,006,759	8,752,399	9,007,137
Right-of-use assets		46,346	42,749	288,619	298,824
Other intangible assets		27,695	29,711	21,692	23,292
Deferred tax assets	20.2	1,138	1,131	-	-
Other non-current assets		78,208	80,825	34,069	54,701
Total Non-current Assets		36,268,889	36,740,816	21,748,584	22,086,709
TOTAL ASSETS		44,132,831	41,521,424	27,518,865	25,717,011

See the condensed notes to the interim financial statements

KHON KAEN SUGAR INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS AT JANUARY 31, 2022

UNIT : THOUSAND BAHT

	Notes	Consolidated		Separate
		Financial Statements		Financial Statements
		"Unaudited"				"Unaudited"
		As at		As at		As at		As at
		January 31,		October 31,		January 31,		October 31,
		2022	2021	2022	2021
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings from financial institutions		6,193,861	5,981,934	4,223,395	3,755,159
Trade and other current payables	15	2,951,079	1,064,171	1,669,813	638,610
Current portion of long-term debentures	17	2,999,447	2,999,158	2,999,447	2,999,158
Current portion of long-term borrowings	18	1,764,240	1,739,240	1,707,000	1,682,000
Current portion of lease liabilities	19	10,919	9,988	40,179	39,138
Short-term borrowings		7,100	7,100	463,600	409,100
Current income tax payable		1,208	-	-	-
Provision for production costs	16	328,437	-	275,845	-
Other current financial liabilities		67,222	147,458	67,222	147,458
Other current liabilities		109,316	63,265	29,049	19,160
Total Current Liabilities		14,432,829	12,012,314	11,475,550	9,689,783
NON-CURRENT LIABILITIES
Long-term debentures	17	2,648,551	2,648,443	2,648,551	2,648,443
Long-term borrowings	18	4,779,382	5,167,209	4,479,552	4,853,069
Lease liabilities	19	21,364	18,577	257,311	267,014
Deferred tax liabilities	20.3	1,361,860	1,279,841	101,254	55,157
Non-current provision for employee benefits		213,041	210,313	87,567	87,248
Other non-current liabilities		71,405	73,069	23,515	24,474
Total Non-current Liabilities		9,095,603	9,397,452	7,597,750	7,935,405
TOTAL LIABILITIES		23,528,432	21,409,766	19,073,300	17,625,188

KHON KAEN SUGAR INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS AT JANUARY 31, 2022

UNIT : THOUSAND BAHT

Notes	Consolidated		Separate
	Financial Statements		Financial Statements
	"Unaudited"				"Unaudited"
	As at		As at		As at		As at
	January 31,		October 31,		January 31,		October 31,
	2022	2021	2022	2021
LIABILITIES AND SHAREHOLDERS' EQUITY (CONTINUED)
SHAREHOLDERS' EQUITY
SHARE CAPITAL
Authorized share capital
4,410,243,648 ordinary shares of Baht 0.50 each	2,205,122	2,205,122	2,205,122	2,205,122
Issued and paid-up share capital
4,410,232,619 ordinary shares of Baht 0.50 each,
fully paid	2,205,116	2,205,116	2,205,116	2,205,116
SHARE PREMIUM ACCOUNT - ORDINARY SHARES	2,946,439	2,946,439	2,946,439	2,946,439
RETAINED EARNINGS
Appropriated
Legal reserve	220,512	220,512	220,512	220,512
Unappropriated	12,484,388	12,113,767	2,428,901	2,121,592
OTHER COMPONENTS OF EQUITY	2,210,083	2,094,966	644,597	598,164
TOTAL EQUITY ATTRIBUTABLE TO OWNERS
OF THE PARENT	20,066,538	19,580,800	8,445,565	8,091,823
NON-CONTROLLING INTERESTS	537,861	530,858	-	-
TOTAL SHAREHOLDERS' EQUITY	20,604,399	20,111,658	8,445,565	8,091,823
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	44,132,831	41,521,424	27,518,865	25,717,011

See the condensed notes to the interim financial statements

KHON KAEN SUGAR INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF PROFIT OR LOSS

FOR THE THREE-MONTH PERIOD ENDED JANUARY 31, 2022

"UNAUDITED"

UNIT : THOUSAND BAHT

	Notes	Consolidated		Separate
		Financial Statements		Financial Statements
		2022	2021	2022	2021
Revenues from sales and rendering of services
Revenues from sales		3,383,673	1,712,914	1,689,415	986,176
Revenues from rendering of services		42,387		41,568		6,186		6,372
		3,426,060	1,754,482	1,695,601	992,548
Costs of sales and rendering of services
Costs of sales		(2,781,231)	(1,334,124)	(1,425,890)	(893,432)
Costs of rendering of services		(14,499)		(11,715)		(3,615)		(3,436)
		(2,795,730)	(1,345,839)	(1,429,505)	(896,868)
Gross profit		630,330	408,643	266,096	95,680
Other incomes		53,305	64,139	190,775	35,626
Distribution costs		(84,674)	(32,774)	(42,824)	(13,785)
Administrative expenses		(156,584)	(148,498)	(68,960)	(61,636)
Net foreign exchange gain (loss)		3,417		(4,541)		12,505		(32,011)
Profit from operating activities		445,794	286,969	357,592	23,874
Finance incomes		28,923	32,423	34,967	36,821
Finance costs		(101,783)	(101,992)	(98,948)	(100,576)
Share of gain of investment in associates		27,863		118,999		-		-
Profit (loss) before income tax (expense) income		400,797	336,399	293,611	(39,881)
Income tax (expense) income	20.1	(63,421)		(19,491)		(24,851)		9,870
PROFIT (LOSS) FOR THE PERIOD		337,376	316,908	268,760	(30,011)
PROFIT (LOSS) ATTRIBUTABLE TO
Owners of the parent		332,072	308,561	268,760	(30,011)
Non-controlling interests		5,304		8,347		-		-
		337,376	316,908	268,760	(30,011)
EARNINGS (LOSS) PER SHARE	23
Basic earnings (loss) per share	BAHT	0.075	0.070	0.061	(0.007)
Basic number of ordinary shares	THOUSAND SHARES	4,410,233	4,410,233	4,410,233	4,410,233

See the condensed notes to the interim financial statements