Thoresen Thai Agencies : Financial Statements 3Q/2022

Thoresen Thai Agencies Public

Company Limited and its Subsidiaries

Condensed interim financial statements

for the three-month and nine-month periods ended

30 September 2022

and

Independent auditor's review report

Independent Auditor's Report on Review of Interim Financial Information

To the Board of Directors of Thoresen Thai Agencies Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Thoresen Thai Agencies Public Company Limited and its subsidiaries ("the Group"), and of Thoresen Thai Agencies Public Company Limited ("the Company"), respectively, as at 30 September 2022; the consolidated and separate statements of income and comprehensive income for the three-month and nine-month periods ended 30 September 2022; the consolidated and separate statements of changes in equity and cash flows for the nine- month period ended 30 September 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 the 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".

(Veerachai Ratanajaratkul)

Certified Public Accountant

Registration No. 4323

KPMG Phoomchai Audit Ltd.

Bangkok

10 November 2022

Thoresen Thai Agencies Public Company Limited and its Subsidiaries

Statement of financial position

		Consolidated financial		Separate financial
		statements		statements
		30 September		31 December		30 September		31 December
Assets	Note	2022	2021	2022	2021
		(Unaudited)				(Unaudited)
				(in thousand Baht)
Current assets
Cash and cash equivalents		10,976,391	8,273,581	1,919,938	2,999,036
Other current financial assets	3	1,808,661	3,209,354	1,284,738	2,630,318
Trade receivables	2, 4	3,921,816	3,201,819	-	-
Other current receivables		553,813	406,207	26,683	2,600
Receivables from related parties	2	851,997	731,755	355,471	235,772
Short-term loans to related parties	2	1,366,576	1,182,431	6,813,515	3,338,101
Current portion of long-term
loans to related parties	2	-	-	131,500	150,000
Short-term loan to other company	3	110,330	-	-	-
Inventories		1,257,363	1,027,368	-	-
Vessel supplies and spare parts		644,959	403,714	-	-
Prepayments		255,193	107,042	7,928	6,878
Other current assets		338,302	218,784	15,316	16,838
Total current assets		22,085,401	18,762,055	10,555,089	9,379,543
Non-current assets
Other non-current financial assets	3, 15	238,110	284,814	-	-
Investments in associates	5	1,659,584	1,455,580	61,200	61,200
Investments in subsidiaries	5	-	-	23,520,012	23,276,395
Investments in joint ventures	5	1,174,343	1,697,786	467,296	467,296
Long-term loan to related parties	2	31,668	36,168	-	-
Investment properties	6	179,688	186,575	-	-
Property, plant, and equipment	7	16,705,871	15,294,698	127,545	127,233
Right-of-use assets	7	1,442,890	246,959	10,077	7,673
Goodwill		5,209	3,203	-	-
Intangible assets other than goodwill		220,650	217,780	28,239	335
Digital assets	8	1,139,721	66,840	-	-
Deferred tax assets		227,411	193,554	-	1,570
Other non-current assets		549,653	501,069	3,188	2,991
Total non-current assets		23,574,798		20,185,026		24,217,557		23,944,693
Total assets		45,660,199	38,947,081	34,772,646	33,324,236

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

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Thoresen Thai Agencies Public Company Limited and its Subsidiaries

Statement of financial position

		Consolidated financial		Separate financial
		statements		statements
		30 September		31 December		30 September		31 December
Liabilities and equity	Note	2022	2021	2022	2021
		(Unaudited)				(Unaudited)
				(in thousand Baht)
Current liabilities
Bank overdrafts and short-term borrowings
from financial institutions	9	797,935	348,164	-	-
Trade payables		2,115,311	1,426,825	-	1,739
Other current payables		263,307	212,599	4,134	5,212
Payables to related parties	2	121,139	27,263	2,565	2,565
Advances from customers		365,851	222,582	499	423
Short-term borrowings from related parties	2, 9	-	-	415,092	366,541
Current portion of long-term borrowings	9	1,296,989	1,126,973	-	-
Current portion of debentures	9	2,206,001	1,499,818	2,206,001	1,499,818
Current portion of lease liabilities	9	426,993	96,025	1,512	295
Current income tax payable		59,194	54,201	-	-
Accrued expenses		1,544,809	1,440,970	129,946	131,028
Other current financial liabilities		25,919	22,938	-	-
Other current liabilities		600,188		140,364		5,184		5,403
Total current liabilities		9,823,636	6,618,722	2,764,933	2,013,024
Non-current liabilities
Long-term borrowings	9	2,743,851	3,303,425	-	-
Debentures	9	1,980,903	4,172,379	1,980,903	4,172,379
Lease liabilities	9	1,036,634	158,304	9,079	7,732
Deferred tax liabilities		55,922	28,690	28,963	-
Non-current provisions for employee benefits		251,902	217,546	30,444	26,515
Other non-current liabilities		49,361		47,744		-		-
Total non-current liabilities		6,118,573		7,928,088		2,049,389		4,206,626
Total liabilities		15,942,209		14,546,810		4,814,322		6,219,650

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

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Thoresen Thai Agencies Public Company Limited and its Subsidiaries

Statement of financial position

	Consolidated financial		Separate financial
	statements		statements
	30 September		31 December		30 September		31 December
Liabilities and equity	2022	2021	2022	2021
	(Unaudited)				(Unaudited)
			(in thousand Baht)
Equity
Share capital
Authorized share capital
(1,998,446,888 ordinary shares, par value at Baht 1 per share)	1,998,447	1,998,447	1,998,447	1,998,447
Issued and paid-up share capital
(1,822,464,564 ordinary shares, par value at Baht 1 per share)	1,822,465	1,822,465	1,822,465	1,822,465
Share premium on ordinary shares	16,060,017	16,060,017	16,060,017	16,060,017
Retained earnings
Appropriated - legal reserve	199,845	199,845	199,845	199,845
Unappropriated	5,164,493	2,102,746	11,856,756	8,989,971
Other components of equity	3,044,930		1,080,588		19,241		32,288

Equity attributable to owners of the parent	26,291,750	21,265,661	29,958,324	27,104,586
Non-controlling interests	3,426,240		3,134,610		-		-
Total equity	29,717,990		24,400,271		29,958,324		27,104,586
Total liabilities and equity	45,660,199	38,947,081	34,772,646	33,324,236

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

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