Central Pattana : 1st Quarter Financial Statement 2024 31 March 2024

Central Pattana Public Company Limited

and its Subsidiaries

Condensed interim financial statements

for the three-month period ended

31 March 2024

and

Independent auditor's review report

Independent Auditor's Report on Review of Interim Financial Information

To the Board of Directors of Central Pattana Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Central Pattana Public Company Limited and its subsidiaries, and of Central Pattana Public Company Limited, respectively, as at 31 March 2024; the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the three-month period ended 31 March 2024; 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".

(Vannaporn Jongperadechanon)

Certified Public Accountant

Registration No. 4098

KPMG Phoomchai Audit Ltd.

Bangkok

10 May 2024

Central Pattana Public Company Limited and its Subsidiaries

Statement of financial position

		Consolidated financial	Separate financial
		statements	statements
		31 March	31 December	31 March	31 December
Assets	Note	2024	2023	2024	2023
		(Unaudited)		(Unaudited)
			(in thousand Baht)
Current assets
Cash and cash equivalents		3,150,726	3,168,528	1,819,402	1,968,150
Trade accounts receivable	2, 3	2,033,872	2,217,131	1,297,774	1,464,589
Other receivables	2	1,979,171	1,760,248	1,565,689	1,772,301
Current portion of finance lease receivables		26,782	27,320	2,561	3,058
Real estate development for sales	6	16,667,448	16,432,026	-	-
Short-term loans to related parties	2	50,337	49,802	815,449	806,489
Other current financial assets		2,389,799	1,890,874	2,780	3,130
Total current assets		26,298,135	25,545,929	5,503,655	6,017,717
Non-current assets
Restricted bank deposits	6	1,000	1,000	-	-
Other non-current financial assets		5,160,869	4,795,811	1,454,355	1,311,650
Investments in subsidiaries and fund	4	-	-	32,307,885	32,307,885
Investments in associates	4	8,629,941	8,550,976	9,360,514	9,361,581
Investments in joint ventures		33,023,882	32,571,531	5,840,753	5,840,753
Finance lease receivable	2	21,403,810	20,980,434	-	259
Long-term loans to related parties	2	1,197,489	1,159,942	67,787,862	67,587,855
Investment properties	5, 6	182,319,078	170,975,918	94,638,686	84,612,542
Property, plant and equipment		4,778,749	4,821,629	471,548	487,810
Goodwill		1,290,875	1,290,875	-	-
Deferred tax assets		3,574,022	3,515,921	2,354,446	2,292,881
Other non-current assets	2	5,874,458	5,662,758	972,068	1,016,307
Total non-current assets		267,254,173	254,326,795	215,188,117	204,819,523
Total assets		293,552,308	279,872,724	220,691,772	210,837,240

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

2

Central Pattana Public Company Limited and its Subsidiaries

Statement of financial position

		Consolidated financial	Separate financial
		statements	statements
		31 March	31 December	31 March	31 December
Liabilities and equity	Note	2024	2023	2024	2023
		(Unaudited)		(Unaudited)
			(in thousand Baht)
Current liabilities
Short-term loans from financial institutions		8,000,000	13,500,000	6,650,000	12,150,000
Trade accounts payable	2	1,319,741	1,485,393	518,537	537,097
Other payables	2	7,149,045	7,060,407	3,593,469	3,677,818
Current portion of lease liabilities	2	2,803,419	2,669,213	2,331,752	2,334,851
Short-term loans from related parties	2	487,262	472,061	16,718,302	16,137,617
Current portion of long-term loans	6	19,183,299	23,027,129	16,382,593	20,402,022
Current portion of advance received from rental income	2	1,911,798	1,857,794	255,289	265,818
Income tax payable		1,818,919	1,285,540	592,159	394,553
Contractor payables		2,391,391	2,510,676	1,210,152	1,513,330
Total current liabilities		45,064,874	53,868,213	48,252,253	57,413,106
Non-current liabilities
Long-term loans from related parties	2	946,118	953,640	6,000,866	5,620,714
Long-term loans	6	46,105,629	38,808,488	45,077,629	38,381,588
Lease liabilities	2	54,739,548	43,893,892	40,309,911	30,139,148
Deferred tax liabilities		3,667,387	3,593,404	-	-
Advance received from rental income	2	27,178,550	27,396,408	3,985,559	3,913,492
Deposits received from customers	2	9,509,095	9,397,192	5,701,583	5,542,040
Non-current provisions for employee benefits		1,002,558	999,996	738,754	739,321
Provision for decommissioning and restoration		354,674	351,091	318,219	314,950
Other non-current liabilities		29,216	28,663	16,032	16,032
Total non-current liabilities		143,532,775	125,422,774	102,148,553	84,667,285
Total liabilities		188,597,649	179,290,987	150,400,806	142,080,391

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

3

Central Pattana Public Company Limited and its Subsidiaries

Statement of financial position

	Consolidated financial	Separate financial
	statements	statements
	31 March	31 December	31 March	31 December
Liabilities and equity	2024	2023	2024	2023
	(Unaudited)		(Unaudited)
		(in thousand Baht)
Equity
Share capital
Authorised share capital
(4,488,000,000 ordinary shares, par value at
Baht 0.5 per share)	2,244,000	2,244,000	2,244,000	2,244,000
Issued and paid-up share capital
(4,488,000,000 ordinary shares, par value at
Baht 0.5 per share)	2,244,000	2,244,000	2,244,000	2,244,000
Premium on ordinary shares	8,558,558	8,558,558	8,558,558	8,558,558
Premium on treasury shares	396,053	396,053	396,053	396,053
Retained earnings
Appropriated
Legal reserve	224,400	224,400	224,400	224,400
Unappropriated	84,841,249	80,687,082	59,154,351	57,609,779
Other components of equity	352,870	162,812	(286,396)	(275,941)
Equity attributable to owners of the parent	96,617,130	92,272,905	70,290,966	68,756,849
Non-controlling interests	8,337,529	8,308,832	-	-
Total equity	104,954,659	100,581,737	70,290,966	68,756,849
Total liabilities and equity	293,552,308	279,872,724	220,691,772	210,837,240

The accompanying notes form an integral part of the interim financial statements. 4

Central Pattana Public Company Limited and its Subsidiaries

Statement of comprehensive income (Unaudited)

	Consolidated financial	Separate financial
	statements	statements
	Three-month period ended	Three-month period ended
	31 March	31 March
	2024	2023	2024	2023
		(in thousand Baht)
Revenue
Revenue from rental and services	9,907,686	8,957,880	5,912,021	5,164,011
Revenue from hotel operation	490,579	353,209	-	-
Revenue from sale of real estate	1,306,255	670,302	-	-
Investment income	469,133	407,406	684,542	587,225
Other income	529,437	309,309	500,768	428,480
Total revenue	12,703,090	10,698,106	7,097,331	6,179,716
Expenses
Cost of rental and services	4,330,663	4,184,258	2,791,105	2,656,247
Cost of hotel operation	155,467	117,884	-	-
Cost of real estate sales	822,056	453,219	-	-
Administrative expenses	1,997,980	1,755,763	1,280,668	1,026,088
Total expenses	7,306,166	6,511,124	4,071,773	3,682,335
Profit from operating activities	5,396,924	4,186,982	3,025,558	2,497,381
Reversal of impairment loss determined in accordance with TFRS 9	2,274	4,007	1,733	2,694
Finance costs	(888,115)	(596,261)	(1,101,599)	(718,163)
Share of profit of joint ventures and associates
accounted for using equity method	595,752	476,542	-	-
Profit before income tax expense	5,106,835	4,071,270	1,925,692	1,781,912
Tax expense	(899,056)	(798,499)	(381,120)	(351,313)
Profit for the period	4,207,779	3,272,771	1,544,572	1,430,599

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

5

Central Pattana Public Company Limited and its Subsidiaries

Statement of comprehensive income (Unaudited)

	Consolidated financial	Separate financial
	statements	statements
	Three-month period ended	Three-month period ended
	31 March		31 March
	2024	2023	2024	2023
		(in thousand Baht)
Other comprehensive income
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating financial statements	86,123	(20,741)	-	-
Losses on cash flow hedges	(120,745)	(3,947)	(120,745)	(3,947)
Total items that will be reclassified subsequently to
profit or loss	(34,622)	(24,688)	(120,745)	(3,947)
Items that will not be reclassified subsequently to profit or loss
Gain on investments in equity instruments designated
at FVOCI	199,765	115,662	110,290	59,494
Total items that will not be reclassified subsequently
to profit or loss	199,765	115,662	110,290	59,494
Other comprehensive income (expense)
for the period, net of tax	165,143	90,974	(10,455)	55,547
Total comprehensive income for the period	4,372,922	3,363,745	1,534,117	1,486,146
Profit attributable to:
Owners of the parent	4,154,167	3,245,887	1,544,572	1,430,599
Non-controlling interests	53,612	26,884	-	-
	4,207,779	3,272,771	1,544,572	1,430,599
Total comprehensive income attributable to:
Owners of the parent	4,344,225	3,328,925	1,534,117	1,486,146
Non-controlling interests	28,697	34,820	-	-
	4,372,922	3,363,745	1,534,117	1,486,146
Basic earnings per share (in Baht)	0.93	0.73	0.34	0.32

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

6

Central Pattana Public Company Limited and its Subsidiaries

Statement of changes in equity (Unaudited)

						Consolidated financial statements
							Other components of equity
										Total	Equity
	Issued and		Retained earnings						other	attributable to	Non-
	paid-up	Share	Legal		Treasury	Translation	Cashflow	Fair value		components	owners of	controlling	Total
	share capital	premium	reserve	Unappropriated	shares	reserve	hedge reserve	reserve	Other deficits	of equity	the parent	interests	equity
							(in thousand Baht)
Three-month period ended 31 March 2023
Balance at 1 January 2023	2,244,000	8,558,558	224,400	70,774,062	(761,216)	27,314	42,387	502,087	(136,647)	435,141	81,474,945	8,145,238	89,620,183
Comprehensive income for the period
Profit	-	-	-	3,245,887	-	-	-	-	-	-	3,245,887	26,884	3,272,771
Other comprehensive income	-	-	-	-	-	(26,099)	(3,947)	115,662	-	85,616	85,616	5,358	90,974
Total comprehensive income for the period	-	-	-	3,245,887	-	(26,099)	(3,947)	115,662	-	85,616	3,331,503	32,242	3,363,745
Balance at 31 March 2023	2,244,000	8,558,558	224,400	74,019,949	(761,216)	1,215	38,440	617,749	(136,647)	520,757	84,806,448	8,177,480	92,983,928

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

7

Central Pattana Public Company Limited and its Subsidiaries

Statement of changes in equity (Unaudited)

						Consolidated financial statements
							Other components of equity
						Exchange
						differences				Total	Equity
	Issued and			Retained earnings	on translating	Cash flow			other	attributable to	Non-
	paid-up	Share	Share premium	Legal		financial	hedges	Fair value		components	owners of	controlling	Total
	share capital	premium	on treasury share	reserve	Unappropriated	statements	reserve	reserve	Other deficits	of equity	the parent	interests	equity
							(in thousand Baht)
Three-month period ended 31 March 2024
Balance at 1 January 2024	2,244,000	8,558,558	396,053	224,400	80,687,082	47,357	14,438	237,664	(136,647)	162,812	92,272,905	8,308,832	100,581,737
Comprehensive income for the period
Profit	-	-	-	-	4,154,167	-	-	-	-	-	4,154,167	53,612	4,207,779
Other comprehensive income	-	-	-	-	-	111,038	(120,745)	199,765	-	190,058	190,058	(24,915)	165,143
Total comprehensive income for the period	-	-	-	-	4,154,167	111,038	(120,745)	199,765	-	190,058	4,344,225	28,697	4,372,922
Balance at 31 March 2024	2,244,000	8,558,558	396,053	224,400	84,841,249	158,395	(106,307)	437,429	(136,647)	352,870	96,617,130	8,337,529	104,954,659

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

8

Central Pattana Public Company Limited and its Subsidiaries

Statement of changes in equity (Unaudited)

				Separate financial statements
						Other components of equity
	Issued and		Retained earnings		Cash flow		Total other
	paid-up	Share	Legal		Treasury	hedges	Fair value	components
	share capital	premium	reserve	Unappropriated	shares	reserve	reserve	of equity	Total equity
					(in thousand Baht)
Three-month period ended 31 March 2023
Balance at 1 January 2023	2,244,000	8,558,558	224,400	55,163,233	(761,216)	42,387	30,630	73,017	65,501,992
Comprehensive income for the period
Profit	-	-	-	1,430,599	-	-	-	-	1,430,599
Other comprehensive income	-	-	-	-	-	(3,947)	59,494	55,547	55,547
Total comprehensive income for the period	-	-	-	1,430,599	-	(3,947)	59,494	55,547	1,486,146
Balance at 31 March 2023	2,244,000	8,558,558	224,400	56,593,832	(761,216)	38,440	90,124	128,564	66,988,138

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

9