True : 10. Financial Statements

TRUE CORPORATION PUBLIC COMPANY LIMITED

CONSOLIDATED AND SEPARATE

FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 MARCH 2023 (DATE OF AMALGAMATION) TO 31 DECEMBER 2023

Index					Page
Auditor's report				1
Statements of financial position	7
Statements of comprehensive income	10
Statements of changes in equity	11
Statements of cash flows		13
Notes to the consolidated and separate financial statements
1	General information	15
2	Agreements and licences for operation	15
3	Basis of preparation	17
4	New and amended financial reporting standards	20
5	Accounting policies
	5.1	Principles of consolidation and equity accounting	21
	5.2	Business combination	22
	5.3	Foreign currency translation	23
	5.4	Cash and cash equivalents	23
	5.5	Trade accounts receivables	23
	5.6	Inventories		23
	5.7	Financial assets	24
	5.8	Investment property	26
	5.9	Property, plant and equipment	26
	5.10	Goodwill		27
	5.11	Intangible assets	27
	5.12	Impairment of assets	28
	5.13	Leases		28
	5.14	Financial liabilities	29
	5.15	Borrowing Costs	29
	5.16	Current and deferred income taxes	30
	5.17	Provisions		30
	5.18	Employee benefits	30
	5.19	Share capital	31
	5.20	Revenue recognition	31
	5.21	Segment reporting	32
	5.22	Dividend distribution	32
	5.23	Derivatives and hedging activities	32
6	Financial risk management
	6.1	Financial risk factors	34
		6.1.1	Market risk	34
			(a)	Foreign exchange risk	34
			(b) Cash flow and fair value interest rate risk	36
		6.1.2	Credit risk	36
			(a)	Risk management	36
			(b)	Security	37
			(c) Impairment of financial assets	37
		6.1.3	Liquidity risk	37
	6.2	Capital management	38
7	Critical accounting estimates and judgements
	7.1	Critical accounting estimates and assumptions	39
		(a) Estimation impairment of goodwill	39
		(b) Estimated impairment of assets	39
		(c) Determination of discount rate applied to leases and decommissioning liability	39
	7.2	Critical judgements in applying the entity's accounting policies
		(a)	Investment in associates	39
		(b)	Joint arrangements	39
8	Consolidated segment information	40
9	Fair value			41
10	Expenses by nature	45
11	Finance costs		46
12	Income tax		46
13	Basic earnings per share	47
14	Cash and cash equivalents	47
15	Restricted cash at bank	47
16	Trade and other receivables	48
17	Financial assets and financial liabilities	50

Index

Page

18	Inventories	50
19	Other current assets	50
20	Investments in subsidiaries, associates and interests in joint ventures	50
21	Property, plant and equipment	59
22	Right-of-use assets	61
23	Goodwill	61
24	Intangible assets	63
25	Deferred income taxes	65
26	Other non-current assets	67
27	Borrowings	67
28	Trade and other payables	70
29	Other current liabilities	70
30	Lease liabilities	71
31	Liabilities under agreements and licences for operation	72
32	Employee benefits obligations	72
33	Provisions	74
34	Other non-current liabilities	74
35	Cost of providing services	75
36	Other income	75
37	Share capital and premium on share capital	75
38	Legal reserve	76
39	Assets and liabilities relating to contracts with customers	76
40	Commitments and contingent liabilities	77
41	Contracts	78
42	Litigations and Arbitration disputes and contingent liabilities	79
43	Related party transactions	87
44	Amalgamation	90
45	Event after reporting date	91

List of abbreviations
Subsidiaries	Abbreviation
AP&J Production Co., Ltd.	AP&J
Asia Wireless Communication Co., Ltd.	AWC
Bangkok Inter Teletech Public Company Limited	BITCO
BFKT (Thailand) Limited	BFKT
Cineplex Co., Ltd.	CNP
Seekone Holding company Limited	Seekone
Seekster Co., Ltd.	Seekster
Seekforce Co., Ltd.	Seekforce
Chiwiborirak Co., Ltd.	CHIIWII
Hutchison CAT Wireless MultiMedia Limited	HCAT
Hutchison MultiMedia Services (Thailand) Limited	HMSTL
Hutchison Telecommunications (Thailand) Company Limited	HTTCL
Hutchison Wireless MultiMedia Holdings Limited	HWMH
Internet Knowledge Service Center Co., Ltd.	IKSC
KSC Commercial Internet Co., Ltd.	KSC
MKSC World Dot Com Co., Ltd.	MKSC
Panther Entertainment Co., Ltd.	PTE
Samut Pakan Media Corporation Co., Ltd.	SPM
Satellite Service Co., Ltd.	SSV
SM True Co., Ltd.	SM True
Song Dao Co., Ltd.	SD
Telecom Asset Management Co., Ltd.	TAM
Telecom Holding Co., Ltd.	TH
Thai News Network (TNN) Co., Ltd.	TNN
True Digital Group Co., Ltd.	TDG
True Digital Park Co., Ltd.	TDPK
True Distribution and Sales Co., Ltd.	TDS
True4U Station Co., Ltd.	True4U
True E-Logistic Co., Ltd.	TEL
True Icontent Co., Ltd.	TICT
True Incube Co., Ltd.	TINC
True International Gateway Co., Ltd.	TIG
True Internet Corporation Co., Ltd.	TICC
True Life Plus Co., Ltd.	TLP
True Media Solutions Co., Ltd.	TSC
True Move Co., Ltd.	TMV
True Move H Universal Communication Co., Ltd.*	TUC
True Multimedia Co., Ltd.	TM
True Music Co., Ltd.	TMS
True Public Communication Co., Ltd.	TPC
True United Football Club Co., Ltd.	TUFC
True Visions Cable Public Company Limited	True Cable
True Visions Group Co., Ltd.	TVG
True Visions Public Company Limited	True Visions
True Voice Co., Ltd.	TV
WorldPhone Shop Co., Ltd.	WPS
TAC Property Co., Ltd .	TACP
dtac TriNet Co., Ltd.*	DTN
dtac Accelerate Co., Ltd.	DAC
dtac Digital Media Co., Ltd.	DDM
TeleAssets Co., Ltd.	TELE
K.I.N. (Thailand) Co., Ltd.	KINBVI

• On 3 August 2023, TUC and DTN completed a registration of their amalgamation with the Department of Business Development, Ministry of Commerce. As a result, DTN has ceased its status as a juristic person, while TUC continues to be a legal entity. TUC received all assets, liabilities, rights, and obligations of DTN by operation of law.