Bangkok Airways : Financial Statement Q1/2024

Bangkok Airways Public Company Limited and its subsidiaries

Review report and interim financial information For the three-month period ended 31 March 2024

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Bangkok Airways Public Company Limited

I have reviewed the accompanying consolidated statement of financial position of Bangkok Airways Public Company Limited and its subsidiaries as at 31 March 2024, and the related consolidated statements of comprehensive income, changes in shareholders' equity, and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Bangkok Airways Public Company Limited for the same period (collectively "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.

Kitti Teachakasembundit

Certified Public Accountant (Thailand) No. 9151

EY Office Limited

Bangkok: 13 May 2024

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position
As at 31 March 2024
							(Unit: Thousand Baht)
			Consolidated financial statements		Separate financial statements
			31 March		31 December		31 March		31 December
	Note	2024	2023	2024	2023
			(Unaudited		(Audited)		(Unaudited		(Audited)
			but reviewed)				but reviewed)
Assets
Current assets
Cash and cash equivalents			11,713,214	12,977,615	10,873,654	11,956,900
Trade and other receivables	3		1,559,001	1,471,835	849,404	873,016
Inventories			482,526	489,085	378,418	374,688
Prepaid expenses			90,530	90,703	70,120	68,227
Reimbursable maintenance expenses			226,640	178,683	226,640	178,683
Other current financial assets	4		3,185,169	651,178	3,013,249	500,000
Other current assets			48,415	214,592	37,223	193,186
Total current assets
		17,305,495	16,073,691	15,448,708	14,144,700
Non-current assets
Other non-current financial assets	4		22,681,809	22,062,353	16,890,559	16,424,853
Investments in subsidiaries	5		-	-	5,696,730	5,795,813
Investments in associates	6		5,649,523	6,038,613	5,618,500	5,973,137
Investment properties			382,406	388,540	865,651	874,571
Property, plant and equipment	7		7,017,609	7,091,416	5,264,654	5,304,586
Right-of-use assets	8.1		4,598,045	4,622,233	4,350,584	4,369,313
Intangible assets			186,041	207,520	62,112	71,161
Deferred tax assets			44,541	40,482	-	-
Deposits			425,125	391,202	314,675	288,071
Other non-current assets			978,804	965,230	897,581	894,674
Total non-current assets
		41,963,903	41,807,589	39,961,046	39,996,179
Total assets
		59,269,398	57,881,280	55,409,754	54,140,879

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position (continued)
As at 31 March 2024
							(Unit: Thousand Baht)
			Consolidated financial statements		Separate financial statements
			31 March		31 December		31 March		31 December
	Note	2024	2023	2024	2023
			(Unaudited		(Audited)		(Unaudited		(Audited)
			but reviewed)				but reviewed)
Liabilities and shareholders' equity
Current liabilities
Bank overdraft and short-term loans from
financial institutions	9		428,215	1,598,354	-	1,170,000
Trade and other payables			1,866,437	1,957,640	1,864,679	1,851,012
Dividend payables			3,147	3,786	3,147	3,786
Current portion of long-term loans	10		1,150,082	1,247,922	839,200	739,200
Current portion of lease liabilities	8.2		963,576	912,613	840,711	795,830
Current portion of long-term financial liability
from related party	11		98,582	92,500	-	-
Accrued corporate income tax			321,853	48,323	243,754	-
Unearned income			2,479,746	2,575,299	2,459,831	2,569,117
Current portion of deferred revenue
from related parties	2, 11		6,821	6,821	578,821	578,821
Other current liabilities			2,603,805	2,523,400	1,947,601	1,928,517
Total current liabilities
		9,922,264	10,966,658	8,777,744	9,636,283
Non-current liabilities
Long-term loans - net of current portion	10		9,010,995	8,999,087	8,280,379	8,425,588
Lease liabilities - net of current portion	8.2		1,987,759	1,950,678	1,808,209	1,754,248
Long-term financial liability from related party
- net of current portion	11		14,339,638	14,343,078	-	-
Provision for long-term employee benefits			1,074,255	1,033,256	848,408	831,701
Deferred tax liabilities			3,668,786	3,591,470	2,707,412	2,660,811
Other non-current financial liabilities	12		-	20,046	-	20,046
Deferred revenue from related parties - net of
current portion	2, 11		52,866	54,571	12,884,732	13,029,437
Provision for transaction under equity method
of investments in subsidiaries	5		-	-	785,627	787,436
Other non-current liabilities			15,711	14,811	-	-
Total non-current liabilities
		30,150,010	30,006,997	27,314,767	27,509,267
Total liabilities
		40,072,274	40,973,655	36,092,511	37,145,550

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

Bangkok Airways Public Company Limited and its subsidiaries
Statement of financial position (continued)
As at 31 March 2024
					(Unit: Thousand Baht)
	Consolidated financial statements		Separate financial statements
	31 March		31 December		31 March		31 December
	2024	2023	2024	2023
	(Unaudited		(Audited)		(Unaudited		(Audited)
	but reviewed)				but reviewed)
Shareholders' equity
Share capital
Registered
2,100,000,000 ordinary shares of Baht 1 each	2,100,000	2,100,000	2,100,000	2,100,000
Issued and paid-up
2,100,000,000 ordinary shares of Baht 1 each	2,100,000	2,100,000	2,100,000	2,100,000
Discount on changes in shareholding in subsidiaries	(194,663)	(194,663)	(194,663)	(194,663)
Retained earnings
Appropriated
Statutory reserve	95,000	95,000	95,000	95,000
Unappropriated	3,024,401	1,150,343	3,070,287	1,161,644
Other components of shareholders' equity	14,246,619	13,833,348	14,246,619	13,833,348
Equity attributable to owners of the Company	19,271,357	16,984,028	19,317,243	16,995,329
Non-controlling interests of the subsidiaries	(74,233)	(76,403)	-	-
Total shareholders' equity
19,197,124	16,907,625	19,317,243	16,995,329
Total liabilities and shareholders' equity
59,269,398	57,881,280	55,409,754	54,140,879

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

Directors

Directors

(Unaudited but reviewed)

Bangkok Airways Public Company Limited and its subsidiaries

Statement of comprehensive income

For the three-month period ended 31 March 2024

						(Unit: Thousand Baht)
			Consolidated financial statements		Separate financial statements
	Note	2024	2023	2024	2023
Profit or loss:
Revenues
Passenger fare			5,749,167	4,122,817	5,749,502	4,128,676
Sales and service income			1,316,133	1,010,208	-	-
Freight			21,127	19,891	21,168	19,900
Passenger service charge			154,940	120,471	4,237	3,930
Dividend income	6		20	30	216,330	231,379
Gain on exchange rate			79,054	43,624	83,122	42,944
Other income			507,767	425,968	642,187	583,106
Total revenues
		7,828,208	5,743,009	6,716,546	5,009,935
Expenses
Cost of sales and services			4,445,880	3,816,453	3,883,887	3,369,212
Selling and distribution expenses			354,821	283,230	347,364	275,952
Administrative expenses			556,804	368,672	346,196	202,826
Other expenses			798	171	-	-
Total expenses
		5,358,303	4,468,526	4,577,447	3,847,990
Operating profit
		2,469,905	1,274,483	2,139,099	1,161,945
Share of profit (loss) from investments in subsidiaries			-	-	160,100	(2,628)
Share of profit from investments in associates			158,904	122,163	-	-
Finance income			51,392	12,476	53,092	15,480
Finance cost			(537,469)	(542,657)	(225,860)	(237,946)
Profit before income tax revenues (expenses)
		2,142,732	866,465	2,126,431	936,851
Income tax revenues (expenses)	13		(263,233)	12,984	(217,788)	45,593
Profit for the period
		1,879,499	879,449	1,908,643	982,444
Other comprehensive income:
Other comprehensive income to be reclassified
to profit or loss in subsequent periods:
Share of other comprehensive income from
investments in subsidiaries			-	-	-	(124)
Gain (loss) on cash flow hedges			(1,082)	534	(1,082)	672
Less: Income tax effect	13		216	(134)	216	(134)
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax			(866)	400	(866)	414
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods:
Share of other comprehensive income from
investments in subsidiaries			-	-	123,000	82,000
Share of other comprehensive income from
investments in associate			855	-	-	-
Gain on changes in value of equity investments
designated at fair value through other
comprehensive income			517,671	532,594	363,921	430,094
Less: Income tax effect	13		(103,534)	(106,519)	(72,784)	(86,019)
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods - net of income tax			414,992	426,075	414,137	426,075
Other comprehensive income for the period
		414,126	426,475	413,271	426,489
Total comprehensive income for the period
		2,293,625	1,305,924	2,321,914	1,408,933

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

				(Unaudited but reviewed)
Bangkok Airways Public Company Limited and its subsidiaries
Statement of comprehensive income (continued)
For the three-month period ended 31 March 2024
				(Unit: Thousand Baht)
	Consolidated financial statements		Separate financial statements
	2024	2023	2024	2023
Profit attributable to:
Equity holders of the Company	1,873,203	875,098	1,908,643	982,444
Non-controlling interests of the subsidiaries	6,296	4,351
	1,879,499	879,449
Total comprehensive income attributable to:
Equity holders of the Company	2,287,329	1,301,587	2,321,914	1,408,933
Non-controlling interests of the subsidiaries	6,296	4,337
	2,293,625	1,305,924
Earnings per share
Basic earnings per share
Profit attributable to equity holders of the Company (Baht)	0.89	0.42	0.91	0.47
Weighted average number of ordinary shares (thousand shares)
of Baht 1 each	2,100,000	2,100,000	2,100,000	2,100,000

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

Bangkok Airways Public Company Limited and its subsidiaries

Statement of changes in shareholders' equity

For the three-month period ended 31 March 2024

Consolidated financial statements

Equity attributable to owners of the Company

(Unaudited but reviewed)

(Unit: Thousand Baht)

Issued and

Discount on changes in

Retained earnings (Deficit)

Other components of shareholders' equity

Other comprehensive income

Total other components of

Total equity attributable to

Equity attributable to non-controlling

Total

Balance as at 1 January 2023

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Dividend paid to non-controlling interests

of the subsidiaries

Balance as at 31 March 2023

Balance as at 1 January 2024

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period Dividend paid to non-controlling interests

of the subsidiaries

Balance as at 31 March 2024

paid-up share capital

2,100,000

-

-

-

-

2,100,000

2,100,000

-

-

-

-

2,100,000

Premium on

ordinary shares

9,218,839

-

-

-

-

9,218,839

-

-

-

-

-

-

shareholding in

subsidiaries

(211,166)

-

-

-

-

(211,166)

(194,663)

-

-

-

-

(194,663)

Appropriated -

Statutory reserve

210,000

-

-

-

-

210,000

95,000

-

-

-

-

95,000

Unappropriated

(16,191,390)

875,098

-

875,098

-

(15,316,292)

1,150,343

1,873,203

855

1,874,058

-

3,024,401

Fair value

reserve

21,705,748

-

426,075

426,075

-

22,131,823

13,840,902

-

414,137

414,137

-

14,255,039

Cash flow hedges

reserve

(13,795)

-

414

414

-

(13,381)

(7,554)

-

(866)

(866)

-

(8,420)

shareholders'

equity

21,691,953

-

426,489

426,489

-

22,118,442

13,833,348

-

413,271

413,271

-

14,246,619

owners of

the Company

16,818,236

875,098

426,489

1,301,587

-

18,119,823

16,984,028

1,873,203

414,126

2,287,329

-

19,271,357

interests of

the subsidiaries

(54,692)

4,351

(14)

4,337

(1,500)

(51,855)

(76,403)

6,296

-

6,296

(4,126)

(74,233)

shareholders'

equity

16,763,544

879,449

426,475

1,305,924

(1,500)

18,067,968

16,907,625

1,879,499

414,126

2,293,625

(4,126)

19,197,124

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

(Unaudited but reviewed)

Bangkok Airways Public Company Limited and its subsidiaries

Statement of changes in shareholders' equity (continued)

For the three-month period ended 31 March 2024

(Unit: Thousand Baht)

Separate financial statements

Other components of shareholders' equity

Other comprehensive income

Issued and

Discount on changes in

Retained earnings (Deficit)

Share of other comprehensive income

Total other

components of

Total

Balance as at 1 January 2023

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Balance as at 31 March 2023

paid-up

share capital

2,100,000

-

-

-

2,100,000

Premium on ordinary shares

9,218,839

-

-

-

9,218,839

shareholding in subsidiaries

(211,166)

-

-

-

(211,166)

Appropriated - Statutory reserve

210,000

-

-

-

210,000

Unappropriated

(16,205,145)

982,444

-

982,444

(15,222,701)

from investments

in subsidiaries

4,238,212

-

81,876

81,876

4,320,088

Fair value

reserve

17,466,951

-

344,075

344,075

17,811,026

Cash flow hedges

reserve

(13,210)

-

538

538

(12,672)

shareholders'

equity

21,691,953

-

426,489

426,489

22,118,442

shareholders'

equity

16,804,481

982,444

426,489

1,408,933

18,213,414

Balance as at 1 January 2024

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Balance as at 31 March 2024

2,100,000

-

-

-

2,100,000

-

-

-

-

-

(194,663)

-

-

-

(194,663)

95,000	1,161,644	3,992,797
-		1,908,643		-
-		-		123,000
-	1,908,643	123,000
95,000	3,070,287	4,115,797

9,848,106

-

291,137

291,137

10,139,243

(7,555)

-

(866)

(866)

(8,421)

13,833,348

-

413,271

413,271

14,246,619

16,995,329

1,908,643

413,271

2,321,914

19,317,243

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.

				(Unaudited but reviewed)
Bangkok Airways Public Company Limited and its subsidiaries
Statement of cash flows
For the three-month period ended 31 March 2024
				(Unit: Thousand Baht)
	Consolidated financial statements		Separate financial statements
	2024	2023	2024	2023
Cash flows from operating activities
Profit before tax	2,142,732	866,465	2,126,431	936,851
Adjustments to reconcile profit before tax to
net cash provided by (paid from) operating activity:
Depreciation and amortisation	391,214	493,654	308,877	412,537
Allowance for expected credit losses (reversal)	(4,442)	176	(11,907)	3,207
Reduction of inventory to net realisable value (reversal)	89	(19)	(1)	(19)
Loss (gain) on sales of equipment	1,118	33,702	(51)	29,034
Deferred revenue from related parties	(1,705)	(1,706)	(144,705)	(144,706)
Share of loss (profit) from investments in subsidiaires	-	-	(160,100)	2,628
Share of profit from investments in associates	(158,904)	(122,163)	-	-
Gain on sales of investment in associate	(70,795)	-	(46,767)	-
Provision for long-term employee benefits	48,393	35,918	24,101	22,994
Unrealised loss (gain) on exchange rate	83,055	(69,424)	79,180	(69,564)
Impairment loss on fixed assets	-	17,657	-	15,918
Dividend income	(20)	(30)	(216,330)	(231,379)
Finance income	(51,392)	(12,476)	(53,092)	(15,480)
Finance cost	537,469	542,657	225,860	237,946
Profit from operating activities before
changes in operating assets and liabilities	2,916,812	1,784,411	2,131,496	1,199,967
Operating assets (increase) decrease
Trade and other receivables	(36,992)	13,288	85,948	(32,892)
Inventories	6,469	(424)	(3,729)	(1,459)
Other current assets	139,914	180,043	128,082	135,151
Other non-current assets	(18,222)	51,980	(9,625)	34,011
Operating liabilities increase (decrease)
Trade and other payables	(75,175)	(190,630)	(5,881)	(169,242)
Other current liabilities	(97,290)	82,597	(317,049)	46,615
Long-term employee benefits paid	(7,394)	(4,562)	(7,394)	(4,562)
Other non-current liabilities	899	1,709	144,705	-
Cash flows from operating activities	2,829,021	1,918,412	2,146,553	1,207,589
Cash paid for corporate income tax	(32,060)	(33,092)	(2,907)	(7,183)
Net cash flows from operating activities
2,796,961	1,885,320	2,143,646	1,200,406

The accompanying notes to interim consolidated financial statements are an integral part of the financial statements.