Buriram Sugar 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 Buriram Sugar Public Company Limited
I have reviewed the accompanying consolidated statement of financial position of Buriram Sugar Public Company Limited and its subsidiaries as at 31 March 2024, 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 Buriram Sugar 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.
Serm Brisuthikun
Certified Public Accountant (Thailand) No. 9452
EY Office Limited
Bangkok: 10 May 2024
Buriram Sugar Public Company Limited and its subsidiaries | |||||
Statement of financial position | |||||
As at 31 March 2024 | |||||
(Unit: Baht) | |||||
Consolidated financial statements | Separate financial statements | ||||
Note | 31 March 2024 | 31 December 2023 | 31 March 2024 | 31 December 2023 | |
(Unaudited | (Audited) | (Unaudited | (Audited) | ||
but reviewed) | but reviewed) | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 212,300,623 | 261,871,377 | 28,547,535 | 4,015,453 | |
Trade and other receivables | 3, 4 | 569,662,956 | 468,849,064 | 29,864,139 | 17,373,628 |
Planters receivable | 5.1 | 548,407,689 | 784,124,224 | - | - |
Inventories | 6 | 3,177,948,484 | 911,499,413 | - | - |
Amounts due from the Office of the Cane and Sugar Fund | 7 | 33,075,063 | - | - | - |
Short-term loans to subsidiaries | 3 | - | - | 157,822,562 | 195,715,674 |
Current portion of | |||||
- Long-term loans to subsidiaries | 3 | - | - | 200,000,000 | 200,000,000 |
- Long-term loans to planters | 8 | 43,677,250 | 58,964,815 | - | - |
Other financial assets - Derivatives | - | 119,100,889 | - | - | |
Other current assets | 48,339,629 | 51,188,753 | 11,655,423 | 12,115,256 | |
Total current assets | 4,633,411,694 | 2,655,598,535 | 427,889,659 | 429,220,011 | |
Non-current assets | |||||
Non-current planters receivable | 5.2 | 27,821,759 | 24,454,403 | - | - |
Net off current portion | |||||
- Long-term loans to subsidiaries | 3 | - | - | 1,242,843,669 | 1,242,843,669 |
- Long-term loans to planters | 8 | 105,001,373 | 103,048,568 | - | - |
Investments in subsidiaries | - | - | 3,386,536,844 | 3,386,536,844 | |
Investments in associates and joint venture | 9 | 785,193,560 | 861,156,011 | 784,070,409 | 833,809,467 |
Other non-current financial assets | |||||
- Investments in equity instruments | 13,995,533 | 13,995,533 | 2,175 | 2,175 | |
Investment properties | 4,064,127 | 4,064,127 | 4,064,127 | 4,064,127 | |
Property, plant and equipment | 10 | 5,156,541,784 | 5,201,061,187 | 82,289,217 | 77,638,182 |
Right-of-use assets | 4,148,943 | 4,250,118 | 116,178 | 132,257 | |
Intangible assets | 11 | 18,961,541 | 19,573,561 | 9,632,736 | 10,060,823 |
Deferred tax assets | 27,839,171 | 2,500,787 | - | - | |
Other non-current assets | 7,178,244 | 8,835,054 | 330,100 | 317,100 | |
Total non-current assets | 6,150,746,035 | 6,242,939,349 | 5,509,885,455 | 5,555,404,644 | |
Total assets | 10,784,157,729 | 8,898,537,884 | 5,937,775,114 | 5,984,624,655 |
The accompanying notes are an integral part of the interim financial statements.
Buriram Sugar Public Company Limited and its subsidiaries | |||||
Statement of financial position (continued) | |||||
As at 31 March 2024 | |||||
(Unit: Baht) | |||||
Consolidated financial statements | Separate financial statements | ||||
Note | 31 March 2024 | 31 December 2023 | 31 March 2024 | 31 December 2023 | |
(Unaudited | (Audited) | (Unaudited | (Audited) | ||
but reviewed) | but reviewed) | ||||
Liabilities and shareholders' equity | |||||
Current liabilities | |||||
Short-term loans from financial institutions | 12 | 1,725,000,000 | 247,000,000 | - | - |
Trade and other payables | 3, 13 | 1,065,887,154 | 1,165,228,422 | 20,749,463 | 29,009,541 |
Current portion of | |||||
- Long-term loans from financial institutions | 14 | 279,863,952 | 279,862,206 | - | - |
- Long-term loans from related parties | 3 | 284,175,505 | 284,406,010 | - | - |
- Lease liabilities | 5,903,206 | 5,004,427 | 3,090,211 | 2,208,841 | |
Income tax payable | 170,827,255 | 57,527,040 | - | - | |
Other financial liabilities - Derivatives | 48,378,577 | - | - | - | |
Other current liabilities | 18,865,370 | 19,138,482 | 820,155 | 2,642,256 | |
Total current liabilities | 3,598,901,019 | 2,058,166,587 | 24,659,829 | 33,860,638 | |
Non-current liabilities | |||||
Net off current portion | |||||
- Long-term loans from financial institutions | 14 | 647,257,184 | 654,724,670 | - | - |
- Debentures | 15 | 946,547,670 | 945,920,587 | 946,547,670 | 945,920,587 |
- Long-term loans from related parties | 3 | 2,059,963,925 | 2,161,196,278 | 2,160,158,971 | 2,224,629,363 |
- Lease liabilities | 16,003,572 | 13,939,189 | 9,596,733 | 6,815,379 | |
Deferred tax liabilities | 2,383,710 | 1,715,362 | - | - | |
Provision for long-term employee benefits | 72,222,702 | 63,858,336 | 37,218,174 | 19,014,547 | |
Other non-current liabilities | 7,589,127 | 7,584,871 | - | - | |
Total non-current liabilities | 3,751,967,890 | 3,848,939,293 | 3,153,521,548 | 3,196,379,876 | |
Total liabilities | 7,350,868,909 | 5,907,105,880 | 3,178,181,377 | 3,230,240,514 |
The accompanying notes are an integral part of the interim financial statements.
Buriram Sugar Public Company Limited and its subsidiaries | ||||
Statement of financial position (continued) | ||||
As at 31 March 2024 | ||||
(Unit: Baht) | ||||
Consolidated financial statements | Separate financial statements | |||
31 March 2024 | 31 December 2023 | 31 March 2024 | 31 December 2023 | |
(Unaudited | (Audited) | (Unaudited | (Audited) | |
but reviewed) | but reviewed) | |||
Shareholders' equity | ||||
Share capital | ||||
Registered | ||||
1,055,729,798 ordinary shares of Baht 1 each | 1,055,729,798 | 1,055,729,798 | 1,055,729,798 | 1,055,729,798 |
Issued and fully paid | ||||
812,100,366 ordinary shares of Baht 1 each | 812,100,366 | 812,100,366 | 812,100,366 | 812,100,366 |
Share premium | 954,669,200 | 954,669,200 | 954,669,200 | 954,669,200 |
Retained earnings | ||||
Appropriated - statutory reserve | 100,251,862 | 100,251,862 | 100,251,862 | 100,251,862 |
Unappropriated | 1,614,178,198 | 1,169,114,736 | 892,572,309 | 887,362,713 |
Other components of shareholders' equity | (9,563,869) | (9,729,886) | - | - |
Equity attributable to owners of the Company | 3,471,635,757 | 3,026,406,278 | 2,759,593,737 | 2,754,384,141 |
Non-controlling interests of the subsidiaries | (38,346,937) | (34,974,274) | - | - |
Total shareholders' equity | 3,433,288,820 | 2,991,432,004 | 2,759,593,737 | 2,754,384,141 |
Total liabilities and shareholders' equity | 10,784,157,729 | 8,898,537,884 | 5,937,775,114 | 5,984,624,655 |
- | - | - | - |
The accompanying notes are an integral part of the interim financial statements.
Directors
(Unaudited but reviewed)
Buriram Sugar Public Company Limited and its subsidiaries
Statement of comprehensive income
For the three-month period ended 31 March 2024
(Unit: Baht) | |||||
Consolidated financial statements | Separate financial statements | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
Profit or loss: | |||||
Revenues | |||||
Sales and services income | 2,543,350,945 | 2,547,107,681 | - | - | |
Other income | |||||
Dividend Income | - | - | 20,551,485 | - | |
Others | 84,457,315 | 43,481,795 | 86,265,757 | 53,953,742 | |
Total revenues | 2,627,808,260 | 2,590,589,476 | 106,817,242 | 53,953,742 | |
Expenses | |||||
Cost of sales and services | 1,692,378,244 | 1,963,704,265 | - | - | |
Selling and distribution expenses | 91,472,507 | 97,421,601 | - | - | |
Administrative expenses | 93,509,460 | 96,545,708 | 41,980,644 | 39,641,894 | |
Loss on derivative instruments | 167,479,466 | 7,068,590 | - | - | |
Other expenses | - | 9,110,958 | - | - | |
Total expenses | 2,044,839,677 | 2,173,851,122 | 41,980,644 | 39,641,894 | |
Operating profit | 582,968,583 | 416,738,354 | 64,836,598 | 14,311,848 | |
Share of profit (loss) from investments in associates | |||||
and joint venture | 9 | (5,970,501) | 24,820,784 | - | - |
Finance cost | (37,832,413) | (45,072,053) | (42,041,221) | (45,026,550) | |
Profit (loss) before income tax | 539,165,669 | 396,487,085 | 22,795,377 | (30,714,702) | |
Income tax | 18 | (88,709,372) | (55,223,294) | - | - |
Profit (loss) for the period | 450,456,297 | 341,263,791 | 22,795,377 | (30,714,702) | |
Other comprehensive income: | |||||
Other comprehensive income to be reclassified to | |||||
profit or loss in subsequent periods - net of income tax: | |||||
Exchange differences on translation of | |||||
financial statements in foreign currency | 298,592 | 459,000 | - | - | |
Other comprehensive income to be reclassified to | |||||
profit or loss in subsequent periods - net of income tax | 298,592 | 459,000 | - | - | |
Other comprehensive income not to be reclassified to | |||||
profit or loss in subsequent periods - net of income tax: | |||||
Actuarial loss | (8,898,073) | - | (17,585,781) | - | |
Other comprehensive income not to be reclassified to | |||||
profit or loss in subsequent periods - net of income tax | (8,898,073) | - | (17,585,781) | - | |
Other comprehensive income for the period | (8,599,481) | 459,000 | (17,585,781) | - | |
Total comprehensive income for the period | 441,856,816 | 341,722,791 | 5,209,596 | (30,714,702) |
The accompanying notes are an integral part of the interim financial statements.
(Unaudited but reviewed)
Buriram Sugar Public Company Limited and its subsidiaries
Statement of comprehensive income (continued)
For the three-month period ended 31 March 2024
(Unit: Baht) | |||||
Consolidated financial statements | Separate financial statements | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
Profit (loss) attributable to: | |||||
Equity holders of the Company | 453,961,535 | 338,842,052 | 22,795,377 | (30,714,702) | |
Non-controlling interests of the subsidiaries | (3,505,238) | 2,421,739 | - | ||
450,456,297 | 341,263,791 | ||||
Total comprehensive income attributable to: | |||||
Equity holders of the Company | 445,229,479 | 339,095,420 | 5,209,596 | (30,714,702) | |
Non-controlling interests of the subsidiaries | (3,372,663) | 2,627,371 | |||
441,856,816 | 341,722,791 | ||||
Earnings per share | 19 | ||||
Basic earnings per share | |||||
Profit (loss) attributable to equity holders of the Company | 0.56 | 0.42 | 0.03 | (0.04) | |
Diluted earnings per share | |||||
Profit (loss) attributable to equity holders of the Company | 0.56 | 0.42 | 0.03 | (0.04) |
The accompanying notes are an integral part of the interim financial statements.
(Unaudited but reviewed) | ||||
Buriram Sugar Public Company Limited and its subsidiaries | ||||
Cash flow statement | ||||
For the three-month period ended 31 March 2024 | ||||
(Unit: Baht) | ||||
Consolidated financial statements | Separate financial statements | |||
2024 | 2023 | 2024 | 2023 | |
Cash flows from operating activities | ||||
Profit (loss) before tax | 539,165,669 | 396,487,085 | 22,795,377 | (30,714,702) |
Adjustments to reconcile profit (loss) before tax to | ||||
net cash provided by (paid from) operating activities: | ||||
Depreciation and amortisation | 69,573,166 | 67,586,842 | 2,390,994 | 1,963,043 |
Allowance for expected credit losses (reversal) | (22,049,321) | 9,103,566 | (112,541) | (17,244) |
Allowance for diminution in value of inventories (reversal) | 2,393,448 | (1,017,704) | - | - |
Unrealised loss (gain) on exchange | (6,689,635) | 154,048 | - | - |
Share of loss (profit) from investments in associates and joint venture | 5,970,501 | (24,820,784) | - | - |
Loss (gain) on sales and written off of property plant and equipment | ||||
and intangible assets | (3,798) | 53,104 | (3,169) | - |
Loss on fair value of derivative instruments | 167,479,466 | 7,068,590 | - | - |
Provision for long-term employee benefits | 1,724,732 | 1,717,533 | 704,358 | 416,427 |
Finance cost | 37,832,413 | 45,072,053 | 42,041,221 | 45,026,550 |
Dividend income | - | - | (20,551,485) | - |
Refund of compensation for production and distribution of sugar | (9,922,519) | - | - | - |
Interest income | (14,758,015) | (16,310,850) | (28,387,296) | (16,590,704) |
Profit from operating activities before changes in | ||||
operating assets and liabilities | 770,716,107 | 485,093,483 | 18,877,459 | 83,370 |
Operating assets (increase) decrease | ||||
Trade and other receivables | (93,403,399) | (154,051,576) | (1,684) | (444,749) |
Planters receivable | 241,813,164 | 192,369,551 | 112,541 | 17,244 |
Inventories | (2,268,842,520) | (1,092,329,567) | - | - |
Amounts due from the Office of the Cane and Sugar Fund | (23,152,544) | - | - | - |
Other current assets | 5,380,712 | (3,562,429) | 1,189,186 | (1,133,009) |
Other non-current assets | 1,656,810 | 3,095,851 | (13,000) | 44,000 |
Operating liabilities increase (decrease) | ||||
Trade and other payables | (77,201,359) | 4,105,672 | 1,462,233 | 2,548,671 |
Other current liabilities | 7,845,011 | 1,094,756 | (1,822,101) | (1,904,718) |
Payment of long-term employee benefits | (86,512) | (3,168,385) | (86,512) | (574,147) |
Cash flows from (used in) operating activities | (1,435,274,530) | (567,352,644) | 19,718,122 | (1,363,338) |
Cash paid for interest expenses | (35,377,032) | (22,369,744) | (51,454,704) | (41,387,033) |
Cash paid for corporate income tax | (4,782,709) | (918,035) | (729,353) | - |
Net cash flows used in operating activities | (1,475,434,271) | (590,640,423) | (32,465,935) | (42,750,371) |
The accompanying notes are an integral part of the interim financial statements.
(Unaudited but reviewed) | ||||
Buriram Sugar Public Company Limited and its subsidiaries | ||||
Cash flow statement (continued) | ||||
For the three-month period ended 31 March 2024 | ||||
(Unit: Baht) | ||||
Consolidated financial statements | Separate financial statements | |||
2024 | 2023 | 2024 | 2023 | |
Cash flows from investing activities | ||||
Increase in short-term loans to subsidiaries | - | - | (55,000,000) | - |
Cash received from short-term loans to subsidiaries | - | - | 92,893,112 | 38,000,000 |
Increase in long-term loans to subsidiaries | - | - | - | (226,082,592) |
Cash received from long-term loans to subsidiaries | - | - | - | 101,759,388 |
Cash received from long-term loans to planters | 17,085,371 | 10,381,818 | - | - |
Cash paid for purchases of investments in subsidiaries | - | - | - | (2,399,940) |
Cash received from capital reduction of associate | 49,739,058 | 18,507,556 | 49,739,058 | 18,507,556 |
Cash received from sales of property, plant and equipment | 11,299 | - | 8,028 | - |
Cash paid for purchases of property, plant and equipment | ||||
and intangible assets | (42,184,030) | (8,737,405) | (2,091,791) | (245,880) |
Capitalised interest expenses | (1,905,307) | - | - | - |
Cash received from dividend income | 20,551,485 | - | 20,551,485 | - |
Cash received from interest income | 14,758,015 | 16,310,850 | 15,898,469 | 22,775,533 |
Net cash flows from (used in) investing activities | 58,055,891 | 36,462,819 | 121,998,361 | (47,685,935) |
Cash flows from financing activities | ||||
Increase (decrease) in short-term loans from financial institutions | 1,478,000,000 | (6,000,000) | - | - |
Decrease in short-term loans from Skill Development Fund | - | (1,689,000) | - | (252,000) |
Repayments of long-term loans from subsidiaries | - | - | (64,470,392) | (108,339,424) |
Decrease in long-term loans from related parties | (101,462,858) | (100,958,387) | - | - |
Payments of principle portion of lease liabilities | (1,229,516) | (1,440,251) | (529,952) | (683,612) |
Repayments of long-term loans from financial institutions | (7,500,000) | - | - | - |
Cash received for share capital of subsidiary | ||||
from non-controlling interests | - | 60 | - | - |
Net cash flows from (used in) financing activities | 1,367,807,626 | (110,087,578) | (65,000,344) | (109,275,036) |
Net increase (decrease) in cash and cash equivalents | (49,570,754) | (664,265,182) | 24,532,082 | (199,711,342) |
Cash and cash equivalents at beginning of period | 261,871,377 | 989,095,278 | 4,015,453 | 231,897,265 |
Cash and cash equivalents at end of period | 212,300,623 | 324,830,096 | 28,547,535 | 32,185,923 |
- | - | |||
Supplemental cash flows information | ||||
Non-cash items consist of: | ||||
Accounts payable for purchase of | ||||
property, plant and equipment | 21,173,571 | 42,986,831 | 481,315 | 234,596 |
Additions to lease liabilties | 4,192,677 | 5,558,171 | 4,163,393 | - |
The accompanying notes are an integral part of the interim financial statements.
(Unaudited but reviewed)
Buriram Sugar Public Company Limited and its subsidiaries
Statement of changes in shareholders' equity
For the three-month period ended 31 March 2024
(Unit: Baht) | ||||||||||
Consolidated financial statements | ||||||||||
Equity attributable to owners of the Company | ||||||||||
Other components of shareholders' equity | ||||||||||
Other comprehensive income | ||||||||||
Exchange | ||||||||||
Retained earnings | differences on | Total other | Total equity | Equity attributable | ||||||
Issued and | Appropriated | translation of | Gain on change | components of | attributable to | to non-controlling | Total | |||
paid-up | - statutory | financial statements | in fair value of | shareholders' | owners of | interests of the | shareholders' | |||
share capital | Share premium | reserve | Unappropriated | in foreign currency | equity instruments | equity | the Company | subsidiaries | equity | |
Balance as at 1 January 2023 | 812,099,845 | 954,665,813 | 71,898,802 | 802,157,389 | (17,399,994) | 10,068,466 | (7,331,528) | 2,633,490,321 | (19,256,075) | 2,614,234,246 |
Profit for the period | - | - | - | 338,842,052 | - | - | - | 338,842,052 | 2,421,739 | 341,263,791 |
Other comprehensive income for the period | - | - | - | - | 253,368 | - | 253,368 | 253,368 | 205,632 | 459,000 |
Total comprehensive income for the period | - | - | - | 338,842,052 | 253,368 | - | 253,368 | 339,095,420 | 2,627,371 | 341,722,791 |
Increase in equity attributable to | ||||||||||
non-controlling interests of the subsidiary | ||||||||||
from additional investment in subsidiary | - | - | - | - | - | - | - | - | 60 | 60 |
Balance as at 31 March 2023 | 812,099,845 | 954,665,813 | 71,898,802 | 1,140,999,441 | (17,146,626) | 10,068,466 | (7,078,160) | 2,972,585,741 | (16,628,644) | 2,955,957,097 |
Balance as at 1 January 2024 | 812,100,366 | 954,669,200 | 100,251,862 | 1,169,114,736 | (19,798,352) | 10,068,466 | (9,729,886) | 3,026,406,278 | (34,974,274) | 2,991,432,004 |
Profit for the period | - | - | - | 453,961,535 | - | - | - | 453,961,535 | (3,505,238) | 450,456,297 |
Other comprehensive income for the period | - | - | - | (8,898,073) | 166,017 | - | 166,017 | (8,732,056) | 132,575 | (8,599,481) |
Total comprehensive income for the period | - | - | - | 445,063,462 | 166,017 | - | 166,017 | 445,229,479 | (3,372,663) | 441,856,816 |
Balance as at 31 March 2024 | 812,100,366 | 954,669,200 | 100,251,862 | 1,614,178,198 | (19,632,335) | 10,068,466 | (9,563,869) | 3,471,635,757 | (38,346,937) | 3,433,288,820 |
- |
The accompanying notes are an integral part of the interim financial statements.
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Buriram Sugar pcl published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 11:13:13 UTC.