Supporting Information for Agenda 3 : The 2023 Financial Summary

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FINANCIAL

Statements 2023

Contents

01

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

02

FINANCIAL SUMMARY

05

INDEPENDENT AUDITOR'S REPORT

08

STATEMENT OF FINANCIAL POSITION

17

MANAGEMENT DISCUSSION AND ANALYSIS

Message from the Chairman of the Board of Directors

In the year 2023, Thailand's economic activities began to return to normalcy as a result of economic stimulus measures, tourism promotion, and government investments in developing the transportation network. Consequently, these initiatives had a favorable impact on the transportation business sector. Thus, the operational results of Bangkok Expressway and Metro Public Company Limited "BEM", a provider of expressway and MRT services, have steadily improved. Currently, the number of expressway users has nearly mirrored pre-COVID-19 pandemic level, particularly the Si Rat Expressway, which connects to Suvarnabhumi Airport, has a greater growth than other routes. This is demonstrating a surge in tourists' travelling in tandem with an increase in the ridership of electric train, which has reached new-highs for the entire year. The positive factors which have contributed to these achievements include the development of areas along the service route and the opening of the MRT Yellow Line, which connects to the MRT Blue Line at Lat Phrao Station, resulting in passengers' transit by and between the two lines.

Financial Overview: BEM maintains a robust financial position characterized by consistence and predictable cash inflows despite the pollution crisis and climate change that are currently impacting on the world's ecosystems. As such, the Company is committed to conducting its businesses by taking the Environment, Social, and Governance (ESG) principles into account. This approach aligns with the Company' s goal in the pursuit of sustainable development while simultaneously carrying out sustainable financial management. To that end, the Company successfully undertaken issuance and offering sustainability bonds with a total value of Baht 6,500 Million this year for the 3rd consecutive year, with positive feedbacks from financial institutions and investors.

In its capacity as a listed company, BEM has carried out management based on the principles of good corporate governance, demonstrating efficient service delivery and a commitment to improving the quality of life. This dedication has engendered confidence among investors and stakeholders in sustainable business operations, resulting in consecutively received a 5-star rating or Excellent CG Scoring. Moreover, BEM has achieved recognition in sustainability, receiving the results of the SET ESG Rating of sustainability bonds for 2023 at the AA level, by being selected as one of listed companies on the "Thailand Sustainability Investment " for the 7th consecutive year in the services category. Additionally, BEM has earned a position among the companies in the ESG100 securities group in the transportation & logistics sector, as well as being presented with a plaque of honor for being a Climate Action Leading Organization (CALO). Furthermore, the Company has been awarded the Thailand's Top Corporate Brand 2023 as a company with the highest corporate brand in the transportation & logistics sector for the 4th consecutive year.

In respect of the operating results 2023, BEM has reflected its solid business fundamentals with a net profit of Baht 3,479 Million, an increase from the previous year by Baht 1,000 Million. The Board of Directors' Meeting therefore resolved to propose the dividend payment for 2023 at the rate of Baht 0.14 each to be approved by the Shareholders' Meeting.

On behalf of the Board of Directors, we would like to extend our gratitude to stakeholders of all sectors, including shareholders, service users, both the expressway and MRT systems, counterparts, public and private agencies, together with all executives and staff, for being a key role in providing the great sustained support in the Company's business operation. We hold a sincere belief that the Company's potential, efficiency, strength, and commitment to conducting the businesses with responsibility for stakeholders of all groups, with due consideration to the Environmental, Social and Governance (ESG) principles, will be crucial factors behind the Company's business opportunities. This will facilitate the expansion of our transportation services, contributing to the continued growth of Thailand's sustainable transportation service sector.

(Mr. Plew Trivisvavet)

Chairman of the Board of Directors

FINANCIAL STATEMENTS 2023 01

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Financial Summary

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

AND ITS SUBSIDIARIES

Financial Highlights		Unit : Million Baht
	2023	2022
Financial Position (As at December 31)
Total assets	112,496	114,128
Total liabilities	74,832	76,865
Shareholders' equity	37,664	37,263
Operating Results (For the year ended December 31)
Revenue from expressway business	8,919	8,192
Revenue from rail business	6,339	4,917
Revenue from commercial development business	1,117	921
Net profit attributable to the Company	3,479	2,436
Financial Ratios
Net profit margin (%)	20.48	16.66
Return on equity (%)	9.29	6.50
Return on total assets (%)	3.21	2.26
Debt to equity ratio (times)	1.88	1.91
Interest bearing debt to equity ratio (times)	1.64	1.66
Book value per share (Baht)	2.46	2.44

02 FINANCIAL STATEMENTS 2023

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Average Daily Toll Revenue :

The Chalerm Mahanakorn Expressway, The Si Rat Expressway, The Udon Ratthaya Expressway

and The Prachim Ratthaya Expressway (Si Rat - Outer Ring Road Expressway)

(Million Baht/Day)

35

30

25

20

15

10
JAN FEB MAR APR MAY JUN JUL	AUG SEP OCT NOV DEC
AVG Daily Toll Revenue 2023 : 25.5 Million Baht/Day	AVG Daily Toll Revenue 2022 : 23.5 Million Baht/Day

Average Daily Traffic Volume :

The Chalerm Mahanakorn Expressway, The Si Rat Expressway, The Udon Ratthaya Expressway

and The Prachim Ratthaya Expressway (Si Rat - Outer Ring Road Expressway)

(Trips/Day)

1,500,000

1,300,000

1,100,000

900,000

700,000

500,000
JAN FEB MAR APR MAY JUN JUL	AUG SEP OCT NOV DEC
AVG Daily Traffic 2023 : 1,117,000 Trips/Day	AVG Daily Traffic 2022 : 1,040,000 Trips/Day

FINANCIAL STATEMENTS 2023 03

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Average Daily Fare Box Revenue :

The MRT Chaloem Ratchamongkhon Line

(Million Baht/Day)

15

12

9

6

3

0
JAN FEB MAR APR MAY JUN JUL	AUG SEP OCT NOV DEC
AVG Daily Fare Box Revenue 2023 : 10.7 Million Baht/Day	AVG Daily Fare Box Revenue 2022 : 7.4 Million Baht/Day

Average Daily Ridership :

The MRT Chaloem Ratchamongkhon Line

(Trips/Day)

500,000

400,000

300,000

200,000

100,000

0
JAN FEB MAR APR MAY JUN JUL	AUG SEP OCT NOV DEC
AVG Daily Ridership 2023 : 390,260 Trips/Day	AVG Daily Ridership 2022 : 270,617 Trips/Day

04 FINANCIAL STATEMENTS 2023

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Independent Auditor's Report

To the Shareholders of Bangkok Expressway and Metro Public Company Limited

Opinion

I have audited the accompanying consolidated financial statements of Bangkok Expressway and Metro Public Company Limited and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2023, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and have also audited the separate financial statements of Bangkok Expressway and Metro Public Company Limited for the same period.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bangkok Expressway and Metro Public Company Limited and its subsidiaries and of Bangkok Expressway and Metro Public Company Limited as at 31 December 2023, their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants) that are relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Key Audit Matter

Key audit matter is this matter that, in my professional judgement, was of most significance in my audit of the financial statements of the current period. This matter was addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The result of my audit procedures, including the procedures performed to address the matter below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

Key audit matter and how audit procedures respond to the matter are described below.

Intangible assets under concession agreements

As at 31 December 2023, the Group has intangible assets under concession agreements, including the rights to operate expressway sectors, the intangible assets under concession agreement of the MRT Blue Line Project, and the prepaid project remuneration, totaling Baht 91,647 million, in the consolidated financial statements. This represents 81 percent of total assets (the Company only: Baht 86,823 million, or equivalent to 80 percent of total assets). The management exercises judgement in the selection of the amortisation method, opting for the unit of throughput method over the concession period after the commencement date, along with other appropriate estimations. The management exercises a high degree of judgement in forecasting commuters over the concession period, taking into account various assumptions such as financial information, demographic factors and other relevant statistics. The management also considers the work of specialist in estimation, ensuring rational data for calculation proposes.

I assessed the management's evaluation of selecting the work of specialist and gain an understanding of the process involved in forecasting the number of commuters over the concession period, as prepared by the specialist. This involved querying the specialist regarding their preparation method, the appropriateness of the model used, data input procedures, calculation processes, and validating rationale of the results. Additionally, I assessed the rationale of statistical data and other assumptions used by the specialist, comparing these assumptions with external and internal sources of the Group. In addition, I considered the reviewing the disclosures in the notes to financial statements.

FINANCIAL STATEMENTS 2023 05

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Other Information

Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor's report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor's report.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.

When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

06 FINANCIAL STATEMENTS 2023

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

I am responsible for the audit resulting in this independent auditor's report.

Kittiphun Kiatsomphob

Certified Public Accountant (Thailand) No. 8050

EY Office Limited

Bangkok: 28 February 2024

FINANCIAL STATEMENTS 2023 07

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED

Statement of financial position

Bangkok Expressway and Metro Public Company Limited and its subsidiaries

As at 31 December 2023

				(Unit:Baht)
	Consolidated financial statements	Separate financial statements
สินทรัพย์Assets	2023	2022	2023	2022
สินทรัพย์หมุนเวียนCurrent assets
เงินสดและรายการเทียบเท่าเงินสดCash and cash equivalents	1,246,093,019	1,787,836,238	1,029,226,366	1,410,945,524
เงินฝากธนาคารสำหรับรายได้ค่าโดยสารรับล่วงหน้าBank deposit for unearned fare box revenue	249,162,363	229,984,555	249,162,363	229,984,555
ลูกหนี้การค้าและลูกหนี้อื่นTrade and other receivables	896,962,252	647,992,309	920,781,170	800,027,621
ส่วนของลูกหนี้ภายใต้สัญญาสัมปทาCurrent portion of receivable under the concessionนที่ถึงกำาดชำระภายในหนึ่งปีagreement	1,649,683,274	1,649,683,274	1,649,683,274	1,649,683,274
สินทรัพย์ภาษีเงินได้ของงวดปัจจุบันCurrent tax assets	161,984,235	144,533,107	157,382,649	142,532,837
สินทรัพย์ทางการเงินหมุนเวียนอื่นOther current financial assets	823,623,422	946,995,194	823,623,422	946,995,194
สินทรัพย์หมุนเวียนอื่นOther current assets	219,652,439	158,536,307	212,165,904	153,269,345
รวมสินทรัพย์หมุนเวียนTotal current assets	5,247,161,004	5,565,560,984	5,042,025,148	5,333,438,350
สินทรัพย์ไม่หมุนเวียนNon-current assets
ลูกหนี้ภายใต้สัญญาสัมปทานReceivable under the concession- สุทธิagreement, net of current portion	2,611,998,518	4,261,681,792	2,611,998,518	4,261,681,792
เงินให้กู้ยืมระยะยาวแก่กิจการที่เกี่ยวข้องกันLong term-loan to related party	-	-	713,000,000	300,000,000
สินทรัพย์ทางการเงินไม่หมุนเวียนอื่นOther non-current financial assets	11,681,898,461	13,418,815,206	11,646,898,361	13,418,815,206
เงินลงทุนในบริษัทย่อยInvestments in subsidiaries	-	-	767,729,867	767,729,867
อสังหาริมทรัพย์เพื่อการลงทุนInvestment properties	120,357,493	120,357,493	120,357,493	120,357,493
อาคารและอุปกรณ์Building and equipment	326,689,575	337,931,815	312,931,877	324,762,189
Rightสินทรัพย์สิทธิการใช้-of-use assets	117,524,269	171,595,613	45,709,150	78,166,681
Rightsสิทธิในการใช้ประโยชน์บนงานก่อสร้างทางด่วนto operate expressway sectors	31,136,595,058 31,860,051,536 26,559,407,503 27,123,127,708
Intangibleสินทรัพย์ไม่มีตัวตนภายใต้สัญญาสัมปทานโครงการรถไฟฟ้าasset under concession agreement of
theสายสีน้ำาเงินMRT Blue Line Project	45,186,801,505	45,245,877,915	44,939,459,444	44,989,376,430
Projectต้นทุนโครงการรถไฟฟ้าสายฉลองรัชธรรมcost of the MRT Chalong Ratchadham Line	662,239,850	656,677,998	662,239,850	656,677,998
Prepaidค่าตอบแทนโครงการรถไฟฟ้าจ่ายล่วงหน้าproject remuneration	15,323,690,059	12,400,550,604	15,323,690,059	12,400,550,604
Otherสินทรัพย์ไม่มีตัวตนอื่นintangible assets	25,344,485	33,948,492	25,212,488	33,431,861
Deferredสินทรัพย์ภาษีเงินได้รอการตัดบัญชีtax assets	18,780,077	19,994,793	-	-
Otherสินทรัพย์ไม่หมุนเวียนอื่นnon-current assets	36,793,163	35,143,010	16,422,224	15,192,677
Totalรวมสินทรัพย์ไม่หมุนเวียนnon-current assets	107,248,712,513	108,562,626,267	103,745,056,834	104,489,870,506
Totalรวมสินทรัพย์assets	112,495,873,517	114,128,187,251	108,787,081,982	109,823,308,856

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

08 FINANCIAL STATEMENTS 2023

BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED