Eerste kwartaal 2025 Duck-To Holding
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Bangkok Ranch Public Company Limited and its subsidiaries Review report and consolidated and separate financial information For the three-month period ended 31 March 2025
Independent Auditor’s Report on Review of Interim Financial Information To the Shareholders of Bangkok Ranch Public Company Limited I have reviewed the accompanying consolidated financial information of Bangkok Ranch Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2025, the related consolidated statements of income, 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 Ranch 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.
Vilailak Laohasrisakul Certified Public Accountant (Thailand) No. 6140 EY Office Limited Bangkok: 14 May 2025
Bangkok Ranch Public Company Limited and its subsidiaries Statement of financial position As at 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements Note
Separate financial statements
31 March 2025
31 December 2024
31 March 2025
31 December 2024
(Unaudited
(Audited)
(Unaudited
(Audited)
but reviewed)
but reviewed)
Assets Current assets Cash and cash equivalents
193,730
174,297
135,484
79,486
Trade and other current receivables
2, 3
658,967
657,791
1,918,816
1,899,115
Short-term loans to related party
2
4,409
4,251
-
-
4,011
3,868
-
-
Current portion of long-term loans to other companies Short-term loan to other company
16,900
16,297
-
-
1,655,527
1,607,895
831,845
858,083
134,787
160,026
112,905
140,920
86
87,088
86
87,061
Other current assets
44,452
42,722
6,632
6,311
Total current assets
2,712,869
2,754,235
3,005,768
3,070,976
3,829
3,692
-
-
39,555
39,177
-
-
4,122
4,122
2
2
Inventories Current biological assets
4
Other current financial assets
Non-current assets Long-term loans to related parties
2
Long-term loans to other companies, net of current portion Other non-current financial assets Investments in subsidiaries
-
-
2,116,643
2,116,643
Investments in joint ventures
206,233
208,292
250,765
250,765
Investment properties
139,916
137,416
141,859
142,528
4,399,823
4,443,374
1,444,705
1,471,526
65,984
70,200
88,873
98,977
1,879,259
1,877,911
1,838,483
1,838,483
175,535
171,838
166,518
139,599
Intangible assets
613,765
616,131
504,755
507,911
Deferred tax assets
159,135
178,229
132,532
157,155
3,822
3,796
3,822
3,796
Property, plant and equipment
5
Right-of-use assets Goodwill Non-current biological assets
Other non-current assets
4
Total non-current assets
7,690,978
7,754,178
6,688,957
6,727,385
Total assets
10,403,847
10,508,413
9,694,725
9,798,361
The accompanying notes are an integral part of the financial statements.
Bangkok Ranch Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements Note
Separate financial statements
31 March 2025
31 December 2024
31 March 2025
31 December 2024
(Unaudited
(Audited)
(Unaudited
(Audited)
but reviewed)
but reviewed)
Liabilities and shareholders' equity Current liabilities Bank overdrafts and short-term loans from financial institutions
2,020,701
1,995,244
1,638,706
1,629,749
Trade and other current payables
2
490,608
552,832
514,357
563,361
Current portion of long-term loans
6
614,466
493,002
474,261
457,464
20,649
21,636
38,778
39,647
Current portion of lease liabilities Income tax payable
267
161
-
-
Other current financial liabilities
3,523
645
3,449
639
Other current liabilities
33,422
37,640
29,113
27,616
Total current liabilities
3,183,636
3,101,160
2,698,664
2,718,476
2,070,426
2,314,520
2,070,426
2,205,319
46,360
49,506
51,683
60,862
11,539
10,731
-
-
Non-current provision for employee benefits
129,680
142,315
109,715
120,469
Deferred tax liabilities
146,546
145,478
121,598
120,503
616
618
1
1
Total non-current liabilities
2,405,167
2,663,168
2,353,423
2,507,154
Total liabilities
5,588,803
5,764,328
5,052,087
5,225,630
Non-current liabilities Long-term loans, net of current portion
6
Lease liabilities, net of current portion Long-term loan from related person
Other non-current liabilities
2
The accompanying notes are an integral part of the financial statements.
Bangkok Ranch Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements
Separate financial statements
31 March 2025
31 December 2024
31 March 2025
31 December 2024
(Unaudited
(Audited)
(Unaudited
(Audited)
but reviewed)
but reviewed)
Shareholders' equity Share capital Registered 1,370,169,837 ordinary shares of Baht 5 each
6,850,849
6,850,849
6,850,849
6,850,849
4,567,233
4,567,233
4,567,233
4,567,233
4,234,237
4,234,237
4,234,237
4,234,237
Issued and fully paid 913,446,558 ordinary shares of Baht 5 each Share premium Share discount
(400,000)
(400,000)
(400,000)
(400,000)
(7,431,241)
(7,431,241)
(6,557,910)
(6,557,910)
282,971
282,971
278,721
278,721
3,622,988
3,587,456
2,520,357
2,450,450
Other components of shareholders' equity
(57,447)
(93,374)
-
-
Equity attributable to owners of the Company
4,818,741
4,747,282
4,642,638
4,572,731
(3,697)
(3,197)
-
-
Total shareholders' equity
4,815,044
4,744,085
4,642,638
4,572,731
Total liabilities and shareholders' equity
10,403,847
10,508,413
9,694,725
9,798,361
-
-
-
-
Deficit on amalgamation Retained earnings Appropriated - statutory reserve Unappropriated
Non-controlling interests of the subsidiaries
The accompanying notes are an integral part of the financial statements.
Directors
(Unaudited but reviewed) Bangkok Ranch Public Company Limited and its subsidiaries Income statement For the three-month period ended 31 March 2025 (Unit: Thousand Baht, except earnings per share expressed in Baht) Consolidated financial statements Note
Separate financial statements
2025
2024
2025
2024
1,846,692
1,944,041
1,374,666
1,402,151
5,925
12,478
13,623
17,123
1,852,617
1,956,519
1,388,289
1,419,274
1,467,365
1,536,137
1,065,302
1,073,054
112,709
109,360
79,093
69,114
Revenues Sales Other income Total revenues Expenses Cost of sales Selling and distribution expenses Administrative expenses
148,472
165,527
88,213
106,810
1,728,546
1,811,024
1,232,608
1,248,978
Profit from operating activities
124,071
145,495
155,681
170,296
Share of loss from joint ventures
(2,033)
(530)
-
-
37
38
36
37
(65,903)
(73,073)
(60,092)
(65,315)
Total expenses
Finance income Finance cost Profit before income tax expenses Income tax expenses
8
Profit for the period
56,172
71,930
95,625
105,018
(20,954)
(21,492)
(25,718)
(24,970)
35,218
50,438
69,907
80,048
35,532
50,602
69,907
80,048
(314)
(164)
35,218
50,438
0.04
0.06
0.08
0.09
Profit (loss) attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries
Earnings per share
9
Basic earnings per share Profit attributable to equity holders of the Company
The accompanying notes are an integral part of the financial statements.
(Unaudited but reviewed) Bangkok Ranch Public Company Limited and its subsidiaries Statement of comprehensive income For the three-month period ended 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements 2025
Profit for the period
2024
Separate financial statements 2025
2024
35,218
50,438
69,907
80,048
35,766
36,981
-
(25)
436
-
Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements in foreign currency Share of other comprehensive income from investments in joint ventures Other comprehensive income to be reclassified to profit 35,741
37,417
-
-
Other comprehensive income for the period
or loss in subsequent periods - net of income tax
35,741
37,417
-
-
Total comprehensive income for the period
70,959
87,855
69,907
80,048
71,459
88,056
69,907
80,048
Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries
The accompanying notes are an integral part of the financial statements.
(500)
(201)
70,959
87,855
(Unaudited but reviewed) Bangkok Ranch Public Company Limited and its subsidiaries Cash flow statement For the three-month period ended 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements 2025
2024
Separate financial statements 2025
2024
Cash flows from operating activities Profit before tax
56,172
71,930
95,625
105,018
Depreciation
82,209
89,356
44,900
42,660
Other amortisations
3,584
3,770
3,156
3,151
Impairment loss on financial assets (reversal)
(3,649)
166
(1,854)
(1,202)
Reduction of inventory to net realisable value
517
2,070
787
1,869
-
(3,065)
-
-
Share of loss from joint ventures
2,033
530
-
-
Non-current provision for employee benefits
Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities:
Reversal of allowance for impairment loss on other investment
7,407
9,521
2,482
1,345
Loss on write-off of intangible asset
-
68
-
68
Unrealised exchange (gains) losses
(1,985)
(818)
2,328
7,761
4,381
921
4,285
1,001
11,068
(7,492)
(5,274)
(27,289)
(37)
(38)
(36)
(37)
65,903
73,073
60,092
65,315
227,603
239,992
206,491
199,660
4,428
112,842
(15,456)
(35,268)
(48,149)
19,000
25,451
69,757
Losses on fair value adjustments of financial assets and liabilities (Gains) losses arising from change in fair value of biological assets and agricultural produce Finance income Finance cost Profit from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease Trade and other current receivables Inventories Other current assets
(840)
4,047
38
(1,358)
10,474
(27,247)
6,370
(14,045)
(26)
346
(26)
(98)
Trade and other current payables
(62,833)
(39,820)
(53,890)
(5,668)
Other current liabilities
(4,218)
9,444
1,497
4,870
Paid for employee benefits
(20,674)
(7,072)
(13,236)
-
Other non-current liabilities
(2)
(22,925)
-
(22,925)
Cash from operating activities
105,763
288,607
157,239
194,925
(65,260)
(72,727)
(59,926)
(64,964)
(853)
(14,534)
(322)
(427)
39,650
201,346
96,991
129,534
Biological assets Other non-current assets Operating liabilities increase (decrease)
Cash paid for interest expenses Cash paid for corporate income tax and withholding tax deducted at source Net cash from operating activities
The accompanying notes are an integral part of the financial statements.
(Unaudited but reviewed) Bangkok Ranch Public Company Limited and its subsidiaries Cash flow statement (continued) For the three-month period ended 31 March 2025 (Unit: Thousand Baht) Consolidated financial statements 2025
2024
Separate financial statements 2025
2024
Cash flows from investing activities Increase in long-term loans to related party
-
(2,750)
-
-
Increase in long-term loans to other company
(521)
(364)
-
-
Proceeds from sales of other investment
85,500
3,065
85,500
-
Acquisitions of property, plant and equipment
(8,090)
(73,577)
(6,663)
(11,738)
-
2
-
1
(919)
(825)
-
-
Proceeds from sales of equipment Cash paid for intangible assets Interest received Net cash from (used in) investing activities
1
-
-
75,971
(74,449)
78,837
(11,737)
25,457
(55,843)
8,957
(40,143)
410
411
-
-
Cash flows from financing activities Increase (decrease) in bank overdrafts and short-term loans from financial institutions Cash receipt from long-term loans from related person Payment of principal portion of lease liabilities
(6,421)
(6,725)
(10,691)
(3,732)
Repayment of long-term loans
(127,985)
(108,798)
(118,096)
(98,221)
Net cash used in financing activities
(108,539)
(170,955)
(119,830)
(142,096)
Increase in translation adjustments
12,351
15,897
-
-
Net increase (decrease) in cash and cash equivalents
19,433
(28,161)
55,998
(24,299)
Cash and cash equivalents at beginning of period
174,297
205,547
79,486
150,365
Cash and cash equivalents at end of period
193,730
177,386
135,484
126,066
-
-
Supplemental cash flow information : Non-cash transaction Increase in right-of-use assets from new lease contracts
643
2,750
Transfer property, plant and equipment to investment properties
-
Transfer investment properties to property, plant and equipment
-
The accompanying notes are an integral part of the financial statements.
643
2,745
-
-
67,692
-
654
-
Bangkok Ranch Public Company Limited and its subsidiaries Statement of changes in shareholders' equity
Consolidated financial statements Equity attributable to owners of the Company Other components of equity Other comprehensive income
(Unaudited but reviewed)
Total other
Total equity
Equity attributable
shareholders'
Total
(Unit: Thousand Baht)
Share of other
interests of
to non-controlling
Exchange differences on
owners of
attributable to
Retained earnings
shareholders'
components of Fair value
income
comprehensive
equity
translation of
the subsidiaries
50,438
4,738,100
financial statements
529
Statutory
the Company
(164)
Appropriated -
50,602
4,737,571
(37)
87,855
37,417
Deficit on
reserve
-
(11,737)
37,454
Share
from joint venture
-
(209)
37,454
Share
in foreign currency
-
794
-
paid-up
Unappropriated
-
(12,322)
436
equity
50,602
3,514,358
37,018
reserve
-
264,721
-
amalgamation
-
(7,431,241)
-
discount
-
(400,000)
-
premium
-
4,234,237
-
share capital
-
4,567,233
Issued and
For the three-month period ended 31 March 2025
Balance as at 1 January 2024
-
Profit (loss) for the period -
35,218
4,744,085
Other comprehensive income for the period
(3,197)
35,741
4,825,955
(314)
328
4,747,282
(186)
(201)
35,532
88,056
(93,374)
35,927
4,825,627
-
37,454
(209)
35,927
25,717
-
-
789
-
(209)
-
436
(93,954)
(25)
1,230
-
37,018
3,587,456
35,952
24,696
282,971
-
35,532
70,959
50,602
-
(500)
3,564,960
(7,431,241)
-
71,459
4,815,044
-
-
35,927
(3,697)
264,721
(400,000)
-
-
4,818,741
-
-
(25)
(57,447)
(7,431,241)
4,234,237
-
35,952
(209)
-
-
35,532
764
(400,000)
4,567,233
-
-
(58,002)
-
Balance as at 31 March 2024
-
-
3,622,988
4,234,237
Balance as at 1 January 2025
-
-
282,971
-
Profit (loss) for the period
-
(7,431,241)
4,567,233
Other comprehensive income for the period -
(400,000)
Total comprehensive income for the period
Total comprehensive income for the period
4,234,237
-
4,567,233
Balance as at 31 March 2025
The accompanying notes are an integral part of the financial statements.
Bangkok Ranch Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the three-month period ended 31 March 2025
(Unaudited but reviewed)
-
4,567,233
share capital
-
-
4,234,237
Share premium
-
-
-
(400,000)
Share discount
(6,557,910)
-
-
(6,557,910)
amalgamation
Deficit on
-
278,721
264,721
Statutory
-
-
264,721
reserve
-
Appropriated -
69,907
2,450,450
2,295,091
80,048
-
80,048
2,215,043
69,907
4,572,731
4,403,372
80,048
-
80,048
4,323,324
shareholders'
Total
-
(Unit: Thousand Baht)
Profit for the period
-
-
(400,000)
(6,557,910)
-
-
69,907
Separate financial statements
Other comprehensive income for the period
-
4,234,237
(400,000)
-
-
69,907
Retained earnings
Total comprehensive income for the period
4,567,233
4,234,237
-
-
-
4,642,638
Issued and
Balance as at 31 March 2024
4,567,233
-
-
-
2,520,357
paid-up
Balance as at 1 January 2025
-
-
-
278,721
equity
Profit for the period
-
-
(6,557,910)
Unappropriated
Other comprehensive income for the period
-
(400,000)
Balance as at 1 January 2024
Total comprehensive income for the period
4,234,237
-
4,567,233
Balance as at 31 March 2025
The accompanying notes are an integral part of the financial statements.
(Unaudited but reviewed) Bangkok Ranch Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month period ended 31 March 2025 1.
General information
1.1
Basis for the preparation of interim financial statements These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, income statement, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis. The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements. The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language financial statements.
1.2
Basis of consolidation These consolidated financial statements include the financial statements of Bangkok Ranch Public Company Limited (“the Company”) and its subsidiaries (“the subsidiaries”) (collectively as “the Group”) and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024, with no change in shareholding structure of subsidiaries during the current period.
1.3
Accounting policies The interim financial statements are prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024. The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group’s financial statements.
1
(Unaudited but reviewed) 2.
Related party transactions During the periods, the Group had significant business transactions with related parties. Such transactions arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period. Summaries significant business transactions with related parties as follows. (Unit: Million Baht) For the three-month periods ended 31 March Consolidated
Separate
financial statements
financial statements
2025
2025
2024
2024
Transaction with subsidiaries (Eliminated from the consolidated financial statements) Sales of goods
-
-
155
210
Purchase of goods
-
-
129
193
The balances of the accounts between the Group and those related parties are as follows: (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Trade and other current receivables - related parties (Note 3) Trade receivables Subsidiaries Jointly controlled entity
-
-
137,273
65,961
393
600
393
600
Related company (related by director)
28,207
24,414
-
-
Total trade receivables - related parties
28,600
25,014
137,666
66,561
Other current receivables Subsidiaries
-
-
1,461,374
1,500,991
Related company (related by director)
-
159
-
159
Total other current receivables - related parties
-
159
1,461,374
1,501,150
28,600
25,173
1,599,040
1,567,711
Related company (related by shareholder)
4,409
4,251
-
-
Total short-term loan to related party
4,409
4,251
-
-
Related companies (related by shareholder)
3,829
3,692
-
-
Total long-term loan to related parties
3,829
3,692
-
-
Total trade and other current receivables - related parties Short-term loan to related party
Long-term loan to related parties
2
(Unaudited but reviewed) (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Trade and other current payables - related parties Trade payables Subsidiaries
-
-
121,926
90,219
Related company (related by director and/or shareholder)
3,057
2,735
-
-
Total trade payables - related parties
3,057
2,735
121,926
90,219
-
-
127,670
146,879
Related company (related by director)
2,245
2,246
2,043
2,043
Total other current payables - related parties
2,245
2,246
129,713
148,922
Total trade and other current payables - related parties
5,302
4,981
251,639
239,141
Shareholder of a subsidiary
11,539
10,731
-
-
Total long-term loan from related person
11,539
10,731
-
-
Other current payables Subsidiaries
Long-term loan from related person
The balance of loans between the Group and those related parties and the movement are as follows: (Unit: Thousand Baht) Consolidated financial statements Exchange differences Balance as at
Increase
Decrease
on translation of
Balance as at
31 December
during the
during the
financial
31 March
2024
period
period
statements
2025
Loans Short-term loan to related party Related company
4,251
-
-
158
4,409
4,251
-
-
158
4,409
3,692
-
-
137
3,829
3,692
-
-
137
3,829
Shareholder of a subsidiary
10,731
410
-
398
11,539
Total
10,731
410
-
398
11,539
(related by shareholder) Total Long-term loan to related parties Related companies (related by shareholder) Total Long-term loans from related person
3
(Unaudited but reviewed) Directors and management’s benefits The Group had employee benefit expenses of their directors and management as below. (Unit: Thousand Baht) For the three-month periods ended 31 March
3.
Consolidated
Separate
financial statements
financial statements
2025
2024
2025
2024
Short-term employee benefits
23,899
28,438
13,808
18,560
Post-employment benefits
1,321
569
621
49
Total
25,220
29,007
14,429
18,609
Trade and other current receivables (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Trade receivables - related parties Aged on the basis of due dates Not yet due
5,983
3,213
51,678
58,369
Up to 3 months
7,883
7,593
85,988
8,192
3 - 6 months
8,789
8,475
-
-
6 - 12 months
5,945
5,733
-
-
28,600
25,014
137,666
66,561
452,465
477,184
262,767
269,295
Up to 3 months
78,760
100,048
25,659
55,125
3 - 6 months
4,594
2,499
268
1,095
6 - 12 months
3,146
1,592
862
93
Over 12 months
62,494
63,277
31,502
32,377
Total
601,459
644,600
321,058
357,985
Less: Allowance for expected credit losses
(44,590)
(48,239)
(30,544)
(32,398)
Total trade receivables - unrelated parties, net
556,869
596,361
290,514
325,587
Total trade receivables - net
585,469
621,375
428,180
392,148
Past due
Total trade receivables - related parties Trade receivables - unrelated parties Aged on the basis of due dates Not yet due Past due
4
(Unaudited but reviewed) (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Other current receivables Other current receivables - related parties
-
159
1,461,374
1,501,150
Other current receivables - unrelated parties
11,669
11,534
5,900
5,900
Prepaid expenses
46,616
29,595
8,518
5,219
Advances
21,113
1,028
20,744
598
Total
79,398
42,316
1,496,536
1,512,867
Less: Allowance for expected credit losses
(5,900)
(5,900)
(5,900)
(5,900)
Total other current receivables - net
73,498
36,416
1,490,636
1,506,967
658,967
657,791
1,918,816
1,899,115
Total trade and other current receivables - net
Partial of trade receivables of overseas subsidiaries have been pledged as collateral to secure their bank overdrafts facilities. 4.
Biological assets (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Current biological assets
134,787
160,026
112,905
140,920
Non-current biological assets
175,535
171,838
166,518
139,599
Total biological assets
310,322
331,864
279,423
280,519
Biological assets comprise eggs in hatchery, day one ducks, ducklings, parent ducks and grandparent ducks. The Group classified the biological assets that have production cycle shorter than 1 year as current biological assets and classified the biological assets that have production cycle longer than 1 year as non-current biological assets.
5
(Unaudited but reviewed) Movements in the biological assets account are summarised below. (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
Balance as at 1 January 2025
331,864
280,519
(11,068)
5,274
Increase due to purchase/raise
345,515
310,485
Decrease due to sales/harvest
(355,989)
(316,855)
Balance as at 31 March 2025
310,322
279,423
Gain (loss) arising from changes in fair value less costs to sell
5.
Property, plant and equipment Movements of the property, plant and equipment account are summarised below. (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
Net book value as at 1 January 2025 Acquisitions during period - at cost Depreciation for period Transfer from investment properties
4,443,374
1,471,526
8,090
6,663
(75,784)
(34,138)
-
654
24,143
-
4,399,823
1,444,705
Exchange differences on translation of financial statements Net book value as at 31 March 2025
As at 31 March 2025, the Company has pledged a subsidiary’s land and structures thereon with net book value of Baht 260 million (31 December 2024: Baht 263 million), as collateral against credit facilities received from a commercial bank as described in Note 6 to the financial statements As at 31 March 2025, the overseas subsidiaries have pledged their property, plant and equipment with net book value of EUR 8 million or approximately Baht 314 million, as collateral against credit facilities received from commercial banks (31 December 2024: EUR 8 million or approximately Baht 303 million).
6
(Unaudited but reviewed) 6.
Long-term loans (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Long-term loans
2,684,892
2,807,522
2,544,687
2,662,783
Less: Portion due within one year
(614,466)
(493,002)
(474,261)
(457,464)
Long-term loans - net of current portion
2,070,426
2,314,520
2,070,426
2,205,319
Movements in the long-term loans account are summarised below. (Unit: Thousand Baht) Consolidated
Separate
financial statements
financial statements
Balance as at 1 January 2025
2,807,522
2,662,783
Repayment
(127,985)
(118,096)
5,355
-
2,684,892
2,544,687
Exchange differences on translation of financial statements Balance as at 31 March 2025
The Company’s loans are secured by a subsidiary’s land and structures thereon. The loans of overseas subsidiaries are secured by their trade receivables, inventories, property, plant and equipment. During the period, there were no changes to the covenants related to, among other things, entering into the Group’s loan agreements. As at 31 March 2025, a foreign subsidiary was unable to maintain some covenants prescribed in loan agreements. Consequently, the subsidiary reclassified the outstanding balances of such loans to be due within one year. 7.
Warrants On 1 September 2022, the Company issued up to 456,607,635 units of “Warrants to Purchase the Newly Issued Ordinary Shares of the Company No. 1” (BR-W1) and allocated to the shareholders of the Company proportionate to their respective shareholders, at no cost, at the allocation ratio of 2 ordinary shares to 1 unit of the warrant. The warrants have an exercise ratio of 1 warrant to 1 ordinary share and an exercise price of Baht 5 per share. The issuance of the warrants was made in accordance with a resolution of the Extraordinary General Meeting of the Company’s shareholders held on 9 August 2022. 7
(Unaudited but reviewed) The first exercise date of the warrants is on 30 September 2022, and the next exercise dates will be on the last business days of each quarter. The expiration date will be on 31 August 2026. During the first quarter of 2025, no warrant holders exercised their right to purchase ordinary shares of the Company. 8.
Income tax Income tax expenses are made up as follows: (Unit: Thousand Baht) For the three-month periods ended 31 March Consolidated
Separate
financial statements
financial statements
2025
2025
2024
2024
Current income tax: Interim corporate income tax charge
-
-
-
-
20,954
21,492
25,718
24,970
20,954
21,492
25,718
24,970
Deferred tax: Relating to origination and reversal of temporary differences Income tax expenses reported in profit or loss
9.
Earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period, and the weighted average number of ordinary shares which would need to be issued to convert all dilutive potential ordinary shares into ordinary shares. The calculation assumes that the conversion took place either at the beginning of the period or on the date the potential ordinary shares were issued. No diluted earnings per share is presented in the income statement for the three-month periods ended 31 March 2025 and 2024 because the exercise price of BR-W1 exceeds the average market price of ordinary shares.
8
(Unaudited but reviewed) 10.
Segment information The Group is organised into business units based on its entity group. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements.
9
The following tables present revenue and profit information regarding the Group’s operating segments. For the three-month periods ended 31 March
(Unaudited but reviewed)
(Unit: Million Baht)
1,847
2025
435
1,944
2024
(8)
(303)
-
(444)
(9)
(435)
-
(1,385)
1,853
-
1,847
2025
6
(109)
(1,457)
1,956
12
1,944
2024
-
Consolidated
56
303
21
(311)
418
(113)
(152)
eliminations
27
-
14
2,400
272
-
(138)
(93)
Adjustments and
653
-
-
2,164
(1,875)
11
8
(93)
(1,811)
segments
530
-
-
56
(1,657)
(109)
11
-
(1,729)
145
Total reportable
-
-
1
27
(51)
(124)
(160)
-
426
124
(1)
Entity group 4
2024
4
-
654
(24)
(1)
(149)
(93)
294
(18)
(2)
(73)
Overseas
2025
1,235 5 3
530
(570)
-
(2)
(93)
(2,237)
(17)
(1)
(66)
(21)
Entity group 3
1,290 431 -
7
(463)
(38)
(2)
-
(2,023)
163
(2)
-
(21)
50
Entity group 2
298 17 5
-
(33)
(22)
-
(54)
141
-
1
-
35
Thailand
14 1,683 -
-
(19)
(20)
(26)
2
-
(73)
3
(19)
Entity group 1
1,602 (1,254)
-
(4)
(18)
(650)
1
-
(67)
(21)
(15)
Inter-segment income Other income
expenses
Selling and distribution
Administrative expenses Depreciation and amortisation Total expenses Profit (loss) from operating activities
ventures
Share of loss from joint
(expenses)
2024
(1,170) (70)
(4)
-
(533)
4
-
-
(24)
69
2025
(91) (132)
-
(4)
(3)
-
-
-
50
2024
(124)
(73)
(4)
3
-
(8)
-
2
2025
(75)
(1,529)
1
-
(7)
5
1
2024
(1,460)
154
-
-
2
1
2025
142
-
-
-
(8)
2024
Total revenues
-
(65)
-
3
2025
Cost of sales
(60)
(26)
1
customers
Finance cost
(26)
63
Revenue from external
Income tax incomes
56
Profit (loss) for the period
10
Revenues of the Group are separated in two principal types: (1) upstream revenues and (2) downstream revenues. Upstream revenues consist of revenues from animal feed, duck farms and hatcheries. Downstream revenues consist of revenues from the duck slaughterhouse and by-products and food products. Below is the revenue of the Group separately by principal types.
For the three-month periods ended 31 March
International
revenues
Upstream
revenues
Downstream
and eliminations
Adjustments
Consolidated
(Unit: Million Baht)
(Unaudited but reviewed)
Downstream
business centre
Overseas
Upstream revenues
Thailand
revenues
1,944
2024
1,847
-
2025
-
-
1,944
2024
-
(435)
1,847
2025
531
(303)
(435)
2024 428
-
(303)
2025 178
-
531
2024 129
-
428
2025 -
-
178
2024 -
4
129
2025 900
5
4
2024
957
112
5
2025
335
139
1,012
2024
333
319
1,096
2025
159 654
Revenue from external
Inter-segment revenue 492
customers
Total revenues
For three-month periods ended 31 March 2025 and 2024, the Group has no major customers with revenues that account for 10 percent or more of any entity’s revenues.
11
(Unaudited but reviewed) 11.
Commitments and contingent liabilities
11.1 Capital commitments As at 31 March 2025, the Group has capital commitments of approximately Baht 7 million (the Company only: Baht 4 million), relating to drilling for groundwater, renovating and maintaining buildings and equipment (31 December 2024: Baht 9 million, the Company only: Baht 6 million, relating to the construction of new factory, slaughterhouse and farm, and the renovation of farm and cold storage). 11.2 Service commitments As at 31 March 2025, the Group has entered into several service agreements. The terms of the agreements are generally between 1 year and 5 years. Minimum future payments required under non-cancellable services contracts amounted to Baht 29 million (The Company only: Baht 24 million) (31 December 2024: Baht 33 million, the Company only: Baht 28 million). 11.3 Commitment of agreements with farmers The Company has entered into agreements with farmers whereby it is committed to buy ducks from the farmers at a unit price stipulated in the agreements. As at 31 March 2025, the Company’s commitment to buy ducks in the second quarter of 2025 total approximately Baht 200 million (31 December 2024: the Company’s commitment to buy ducks in the first quarter of 2025 total approximately Baht 245 million). Duck-To Holding B.V.
and its subsidiaries have entered into agreements with farmers whereby the subsidiaries are committed to buy commercial ducks from the farmers at unit price stipulated in the agreements. As at 31 March 2025, the subsidiaries’ commitment to buy commercial ducks in the second quarter of 2025 amounted to approximately EUR 2 million (31 December 2024: the subsidiaries’ commitment to buy commercial ducks in the first quarter of 2025 amounted to approximately EUR 3 million). Duck-To Holding B.V. and its subsidiaries have entered into agreements with farmers whereby they are committed to buy parent ducks and eggs from the farmers at market price. As at 31 March 2025, the subsidiaries’ commitments to buy parent ducks and eggs amounted to approximately EUR 3 million, covering the year 2025 (31 December 2024: the subsidiaries’ commitments to buy parent ducks and eggs amounted to approximately EUR 4 million, covering the year 2025).
12
(Unaudited but reviewed) 11.4 Guarantees There were the following outstanding bank guarantees issued by banks on behalf of the Group. (Unit: Million Baht) Consolidated
Separate
financial statements
financial statements
31 March
31 December
31 March
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Bank guarantees for: Electricity use guarantees
28
28
22
22
Poultry quota application guarantees
4
4
-
-
The guarantees in respect of certain performance bonds as required in the normal course of business. 11.5 Letter of Credit As at 31 March 2025, the Group does out not have outstanding commitments under letter of credit. As at 31 December 2024, the Group has outstanding commitments of approximately USD 1 million (The Company only: USD 1 million) under letter of credit, relating to purchasing raw material. 11.6 Commitment of purchasing grandparent duck agreements The Group entered into an agreement to purchase of grandparent ducks in the future from an unrelated party. The amount of the commitment depends on the purchase volume and prices specified in the agreement, which is for a period of 10 years, commencing from 1 December 2016. 12.
Financial instruments
12.1 Fair value of financial instrument Since the majority of the Group’s financial instruments are short-term in nature or carrying interest at rates close to market interest rate, their fair value is not expected to be materially different from the amounts presented in the statement of financial position.
13
(Unaudited but reviewed) 12.2 Fair value hierarchy As at 31 March 2025, the Group had the assets and liabilities that were measured at fair value using different levels of inputs as follows: (Unit: Million Baht) Consolidated financial statements Level 1
Level 2
Level 3
Total
Assets measured at fair value Financial assets measured at FVTPL Equity instruments
-
-
4.1
4.1
-
0.1
-
0.1
134.8
-
175.5
310.3
-
3.5
-
3.5
Derivatives Foreign currency forward contracts Biological assets Liabilities measured at fair value Derivatives Foreign currency forward contracts
(Unit: Million Baht) Separate financial statements Level 1
Level 2
Level 3
Total
Assets measured at fair value Financial assets measured at FVTPL Equity instruments Biological assets
-
0.1
-
0.1
112.9
-
166.5
279.4
-
3.4
-
3.4
Liabilities measured at fair value Derivatives Foreign currency forward contracts
During the current period, there were no changes in the method and assumptions used to estimate the fair value of the financial instruments, and there were no transfers between the level of the fair value hierarchy.
14
(Unaudited but reviewed) 12.3 Reconciliation of recurring fair value measurements categorised within Level 3 of the fair value hierarchy (Unit: Thousand Baht) Consolidated financial statements Non-current
Non-listed equity
Derivative
biological assets
investments
assets
Balance as of 1 January 2025
171,838
31,112
58,508
Increase due to purchase/raise
36,293
-
-
Decrease due to sales/harvest
(34,866)
(26,992)
(58,508)
2,270
-
-
175,535
4,120
-
Net gain recognised into profit or loss Balance as of 31 March 2025
(Unit: Thousand Baht) Separate financial statements
13.
Non-current
Non-listed equity
Derivative
biological assets
investments
assets
Balance as of 1 January 2025
139,599
26,992
58,508
Increase due to purchase/raise
42,462
-
-
Decrease due to sales/harvest
(34,154)
(26,992)
(58,508)
Net gain recognised into profit or loss
18,611
-
-
Balance as of 31 March 2025
166,518
-
-
Events after the reporting period On 29 April 2025, the Annual General Meeting of the Company’s shareholders passed the resolution to approve payment of a dividend for 2024 of Baht 0.02 per share, or a total of Baht 18.3 million. This dividend will be recorded in the second quarter of the current year.
14.
Approval of interim financial statements These interim financial statements were authorised for issue by the Company’s Board of Directors on 14 May 2025.
15