Ratch : Financial Report Q2/2022

RATCH Group Public Company Limited

and its subsidiaries

Condensed interim financial statements

for the three-month and six-month periods ended

30 June 2022

and

Independent auditor's review report

Independent Auditor's Report on Review of Interim Financial Information

To the Board of Directors of RATCH Group Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of RATCH Group Public Company Limited and its subsidiaries, and of RATCH Group Public Company Limited, respectively, as at 30 June 2022; the consolidated and separate statements of comprehensive income for the three-month and six-month periods ended 30 June 2022, the consolidated and separate statements of changes in equity and cash flows for the six-month period ended 30 June 2022 and condensed notes ("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".

RATCH Group Public Company Limited and its subsidiaries

Notes to the condensed interim financial statements

For the three-month and six-month periods ended 30 June 2022 (Unaudited)

Emphasis of Matter

I draw attention to Note 5. The Group acquired a business on 13 December 2021 and engaged an independent appraiser to determine the fair value of the identifiable assets acquired and liabilities assumed from the business acquisitions. As at the reporting date, the appraisal has not yet been completed therefore the determination of the fair value was determined provisionally and is subject to adjustment. My conclusion is not modified in respect of this matter.

(Vairoj Jindamaneepitak)

Certified Public Accountant

Registration No. 3565

KPMG Phoomchai Audit Ltd.

Bangkok

11 August 2022

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RATCH Group Public Company Limited and its subsidiaries

Statement of financial position

		Consolidated	Separate
		financial statements	financial statements
		30 June	31 December	30 June	31 December
Assets	Note	2022	2021	2022	2021
		(Unaudited)		(Unaudited)
			(in thousand Baht)
Current assets
Cash and cash equivalents		32,327,491	6,961,495	21,639,876	692,551
Trade receivables from related parties	2, 3	10,607,365	8,934,057	-	-
Trade receivables from other parties	3	1,163,849	840,140	-	-
Other current receivables		962,694	596,116	56,230	42,458
Dividend receivable	2	4,000	-	-	-
Advances to and other current receivables
from related parties	2	25,077	31,468	55,866	113,961
Short-term loans to related parties	2	-	-	241,337	185,617
Current portion of lease receivable	2	2,587,266	3,046,399	-	-
Spare parts and supplies		2,663,404	1,901,845	-	-
Other current financial assets	12	1,936,397	2,899,229	1,371,747	335,664
Current portion of derivative assets	12	18,689	834	-	-
Other current assets		101,137	104,189	11,929	6,686
Total current assets		52,397,369	25,315,772	23,376,985	1,376,937
Non-current assets
Other non-current financial assets	12	4,286,645	4,014,148	2,719,741	2,152,755
Investments in associates	4	11,387,141	10,439,217	6,431,742	6,356,742
Investments in subsidiaries	5	-	-	55,752,975	55,708,147
Investments in joint ventures	4	45,867,451	40,627,811	7,357,664	6,814,074
Other non-current receivables from related parties	2	94,315	74,159	160,003	92,218
Derivative assets	12	777,588	-	-	-
Long-term loans to related parties	2	705,639	656,164	3,397,700	2,804,098
Long-term loan to other party		2,801,415	2,652,435	-	-
Investmemt properties		110,827	110,827	-	-
Land for future development projects		372,920	372,920	305,390	305,390
Property, plant and equipment	6	35,802,732	36,104,692	498,765	507,170
Right-of-use assets		2,123,254	2,174,446	23,802	29,836
Goodwill		1,609,223	1,599,717	-	-
Intangible assets other than goodwill		3,182,903	3,231,143	246	458
Lease receivable	2	25,138,200	25,202,499	-	-
Deferred tax assets		57,335	40,495	-	-
Other non-current assets		1,804,724	2,238,861	21,030	4,525
Total non-current assets		136,122,312	129,539,534	76,669,058	74,775,413
Total assets		188,519,681	154,855,306	100,046,043	76,152,350

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

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RATCH Group Public Company Limited and its subsidiaries

Statement of financial position

		Consolidated	Separate
		financial statements	financial statements
		30 June	31 December	30 June	31 December
Liabilities and equity	Note	2022	2021	2022	2021
		(Unaudited)		(Unaudited)
			(in thousand Baht)
Current liabilities
Short-term loans from financial institutions	7	3,827,000	5,364,896	1,646,000	2,536,000
Short-term loans from related party	2, 7	-	-	5,115,000	5,140,000
Trade payables and other current payables	2	10,294,137	9,432,804	329,985	322,095
Derivative liabilities	12	-	346,401	-	-
Current portion of long-term loans from
financial institutions	7, 12	2,347,591	2,670,533	-	-
Current portion of debentures	7, 12	-	1,999,948	-	-
Current portion of lease liabilities		160,161	161,513	15,084	15,420
Current tax payable		110,595	11,054	-	-
Other current liabilities		446,475	282,740	19,713	20,702
Total current liabilities		17,185,959	20,269,889	7,125,782	8,034,217
Non-current liabilities
Long-term loans from financial institutions	7, 12	31,482,049	26,745,189	5,000,000	5,000,000
Long-term loans	7, 12	320,000	320,000	-	-
Lease liabilities		1,471,757	1,505,423	10,198	15,922
Other non-current payables from related party	2	2,025	4,235	2,025	4,235
Derivative liabilities	12	114,385	460,669	-	-
Debentures	7, 12	22,451,844	22,351,744	7,990,588	7,989,734
Deferred tax liabilities		4,776,537	4,139,424	106,796	3,580
Non-current provisions for employee benefits		273,157	266,686	189,082	179,303
Other long-term provisions		1,024,007	979,906	-	-
Other non-current liabilities		2,600	2,600	-	-
Total non-current liabilities		61,918,361	56,775,876	13,298,689	13,192,774
Total liabilities		79,104,320	77,045,765	20,424,471	21,226,991
Equity
Share capital:	8
Authorised share capital
- Ordinary shares		22,192,308	14,500,000	22,192,308	14,500,000
Issued and paid-up share capital
- Ordinary shares		21,750,000	14,500,000	21,750,000	14,500,000
Share premium on ordinary shares		19,279,778	1,531,778	19,279,778	1,531,778
Difference arising from common control transaction		-	-	221,309	221,309
Retained earnings
Appropriated
Legal reserve		1,450,000	1,450,000	1,450,000	1,450,000
Unappropriated		59,676,880	57,877,668	36,322,568	37,053,962
Other components of equity		(42,593)	(5,069,737)	597,917	168,310
Equity attributable to owners of the Company		102,114,065	70,289,709	79,621,572	54,925,359
Non-controlling interests		7,301,296	7,519,832	-	-
Total equity		109,415,361	77,809,541	79,621,572	54,925,359
Total liabilities and equity		188,519,681	154,855,306	100,046,043	76,152,350

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

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