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Verslag heel 2024 Duck-To Holding

Gemeenteraad 24 september 2025, gemeente ErmeloBij agendapunt: Lijst ingekomen stukken raad 24 september 202524.815 woorden

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4.19 Derivatives The Group uses derivatives, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. The subsequent changes are recognised in profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Derivatives are presented as non-current assets or non-current liabilities if the remaining maturity of the instrument is more than 12 months and it is not due to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

4.20 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Group applies a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Group measures fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level 1 - Use of quoted market prices in an observable active market for such assets or liabilities Level 2 - Use of other observable inputs for such assets or liabilities, whether directly or indirectly Level 3 - Use of unobservable inputs such as estimates of future cash flows At the end of each reporting period, the Group determines whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis. 5.

Significant accounting judgments and estimates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgments and estimates regarding matters that are inherently uncertain. These judgments and estimates affect reported amounts and disclosures; and actual results could differ from these estimates. Significant judgments and estimates are as follows: Allowance for expected credit losses of trade receivables In determining an allowance for expected credit losses of trade receivables, the management needs to make judgement and estimates based upon, among other things, past collection history, aging profile of outstanding debts and the forecast economic condition for groupings of various customer segments with similar credit risks. The Group’s historical credit loss experience and forecast economic conditions may also not be representative of whether a customer will actually default in the future.

Non-current biological assets The Group measured its non-current biological assets at its fair value less costs to sell. Such fair values were calculated using the discounted cash flows method. The valuation involves certain assumptions and estimates such as discount rate, estimated selling prices and cost and estimating the number of eggs from the time the duck begins laying until it is put out, based upon past egg-laying history information and current events. Allowance of diminution in value of inventory In determining an allowance of diminution in value of inventory, the management makes judgment and estimates net realisable value of inventory based on the amount the inventories are expected to realise. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of reporting period. Also, the management makes judgment and estimates expected loss from stock obsolescence based upon aging profile of inventories and the prevailing economic condition. Goodwill and intangible assets The initial recognition and measurement of goodwill and intangible assets, and subsequent impairment testing, require management to make estimates of cash flows to be generated by the asset or the cash generating units and to choose a suitable discount rate in order to calculate the present value of those cash flows. 6.

Related party transactions During the years, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. (Unit: Million Baht) Consolidated

Separate

financial statements

2024

2023

Pricing policy

2023

Transaction with subsidiaries (Eliminated from the consolidated financial statements) Sales of goods

765

830

Agree between parties

Purchase of goods

796

526

Agree between parties

Commission expenses

Rental and service income

Per contract Per contract and agree between parties

Management income

Per contract

Management fee

Per contract

Dividend income

148

As declared

Interest on lease liabilities

Per contract

(Unit: Million Baht) Consolidated

Separate

financial statements

2024

2023

Pricing policy

2023

Transaction with joint ventures Sales of goods

Market price

Purchase of goods

Market price

Management fee

Agree between parties

Consulting income

Per contract

Market price

Transaction with related parties Sales of goods Service income

Agree between parties

Management fee

Per contract

Other service fee

Agree between parties

The balances of the accounts as at 31 December 2024 and 2023 between the Company, the subsidiaries and those related parties are as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

Trade and other receivables - related parties (Note 8) Trade receivables Subsidiaries

65,961

78,996

600

626

600

626

Related company (related by director)

24,414

27,366

Total trade receivables - related parties

25,014

27,992

66,561

79,622

1,500,991

1,366,127

Related company (related by director)

159

718

159

718

Total other receivables - related parties

159

718

1,501,150

1,366,845

25,173

28,710

1,567,711

1,446,467

Related company (related by shareholder)

4,251

4,564

Total short-term loan to related party

4,251

4,564

Related company (related by shareholder)

3,692

2,443

Total long-term loan to related party

3,692

2,443

90,219

87,156

Related company (related by director and / or shareholder)

2,735

905

Total trade payables - related parties

2,735

905

90,219

87,156

168,623

Jointly controlled entity

Other receivables Subsidiaries

Total trade and other receivables - related parties Short-term loan to related party

Long-term loan to related party

Trade and other payables - related parties (Note 20) Trade payables Subsidiaries

Other payables Subsidiaries

146,879

Related company (related by shareholder)

2,246

2,245

2,043

Total other payables - related parties

2,246

2,245

148,922

170,666

Total trade and other payables - related parties

4,981

3,150

239,141

257,822

(Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

Shareholder of a subsidiary

10,731

11,300

Total long-term loan from related person

10,731

11,300

2023

Long-term loan from related person

Short-term loan to related party Short-term loan to related party is an unsecured short-term loan provided by the overseas subsidiary which carried interest at the rate 2% per annum and is repayable according to the contract. Long-term loan to related party Long-term loan to related party is a loan, which is secured by ordinary shares, provided by the overseas subsidiary which carried interest at the rate of 2% per annum and is repayable within year 2035. Long-term loans from related person Long-term loan from related person is an unsecured long-term loan from overseas subsidiary’s shareholder which has no interest charged and is repayable with future dividend of the subsidiary. As at 31 December 2024 and 2023, the balance of loans between the Company and those related person and party and the movement are as follows: (Unit: Thousand Baht) Consolidated financial statements Exchange differences

Loans

Balance as at

Increase

Decrease

on translation of

Balance as at

31 December 2023

during the year

financial statement

31 December 2024

4,564

(313)

4,251

4,564

(313)

4,251

2,443

3,188

(1,771)

(168)

3,692

2,443

3,188

(1,771)

(168)

3,692

11,300

205

(774)

10,731

11,300

205

(774)

10,731

Short-term loan to related party Related company (related by shareholder) Total

Long-term loan to related party Related company (related by shareholder) Total Long-term loans from related person Shareholder of a subsidiary Total

Directors and management’s benefits During the years ended 31 December 2024 and 2023, the Group had employee benefit expenses payable to their directors and management as below. (Unit: Thousand Baht)

Consolidated

Separate

financial statements

2024

2023

2024

2023

Short-term employee benefits

96,857

90,220

59,534

27,961

Post-employment benefits

2,014

2,884

194

190

Total

98,871

93,104

59,728

28,151

Cash and cash equivalents (Unit: Thousand Baht)

Cash

Consolidated

Separate

financial statements

2024

2023

1,240

2,431

648

1,954

Bank deposits

173,057

203,116

78,838

148,411

Total

174,297

205,547

79,486

150,365

As at 31 December 2024, bank deposits in saving accounts and fixed deposit carried interests between 0.13 and 1.45 percent per annum (the Company only: between 0.13 and 1.45 percent per annum) (2023: between 0.13 and 1.45 percent per annum (the Company only: between 0.13 and 1.45 percent per annum)).

Trade and other receivables (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

Trade receivables - related parties Aged on the basis of due dates Not yet due

3,213

9,234

58,369

50,212

Up to 3 months

7,593

7,953

8,192

29,410

3 - 6 months

8,475

1,998

6 - 12 months

5,733

8,807

25,014

27,992

66,561

79,622

477,184

473,073

269,295

225,427

Up to 3 months

100,048

136,997

55,125

60,706

3 - 6 months

2,499

7,404

1,095

6 - 12 months

1,592

7,434

Over 12 months

63,277

58,689

32,377

33,905

Total

644,600

683,597

357,985

320,087

Less: Allowance for expected credit losses

(48,239)

(74,993)

(32,398)

(33,754)

Total trade receivables - unrelated parties, net

596,361

608,604

325,587

286,333

Total trade receivables - net

621,375

636,596

392,148

365,955

Other receivables - related parties

159

718

1,501,150

1,366,845

Other receivables - unrelated parties

11,534

8,341

5,900

Prepaid expenses

29,595

16,105

5,219

5,042

Advances

1,028

1,377

598

124

Total

42,316

26,541

1,512,867

1,377,911

Less: Allowance for expected credit losses

(5,900)

Total other receivables, net

36,416

20,641

1,506,967

1,372,011

Total trade and other receivables - net

657,791

657,237

1,899,115

1,737,966

Past due

Total trade receivables - related parties Trade receivables - unrelated parties Aged on the basis of due dates Not yet due Past due

Other receivables

Partial of trade receivables of overseas subsidiaries have been pledged as collateral to secure their bank overdrafts. The normal credit term is 30 to 60 days.

Set out below is the movement in the allowance for expected credit losses of trade receivables. (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

74,993

78,021

33,754

32,899

855

credit losses

(26,754)

(3,028)

(1,356)

Ending balance

48,239

74,993

32,398

33,754

Beginning balance Provision for expected credit losses Reversal of allowance for expected

Short-term loan to other company Short-term loan to other company is a loan, which is secured by land, provided by the overseas subsidiary which carried interest at the rate 2.25% per annum and is repayable within year 2025.

10.

Inventories (Unit: Thousand Baht) Consolidated financial statements Reduce cost to Cost

net realisable value

Inventories - net

2024

2023

2024

2023

2024

2023

Raw materials

341,642

480,956

(1,095)

(3,278)

340,547

477,678

Frozen ducks and finished products

1,091295

1,044,634

(19,805)

(19,098)

1,071,490

1,025,536

Feed products

15,896

16,281

15,896

16,281

Duck cages, feathers and components

73,468

77,715

(668)

(623)

72,800

77,092

Goods in transit

107,162

3,306

107,162

3,306

1,629,463

1,622,892

(21,568)

(22,999)

1,607,895

1,599,893

Total

(Unit: Thousand Baht) Separate financial statements Reduce cost to Cost

net realisable value 2024

Inventories - net

2024

2023

2024

2023

Raw materials

338,113

470,012

(610)

(2,805)

337,503

467,207

Frozen ducks and finished products

423,536

283,302

(16,485)

(16,200)

407,051

267,102

Feed products

15,731

15,941

15,731

15,941

Duck cages, feathers and components

40,258

34,333

(552)

(539)

39,706

33,794

Goods in transit

58,092

235

58,092

235

Total

875,750

803,823

(17,647)

(19,544)

858,083

784,279

During the current year, the Group reduced cost of inventories by Baht 13 million (2023: Baht 14 million) (The Company only: Baht 9 million and 2023: Baht 10 million), to reflect the net realisable value. This was included in cost of sales. In addition, the Group reversed the write-down of cost of inventories by Baht 14 million (2023: Baht 29 million), (The Company only: Baht 11 million and 2023: Baht 28 million), and reduced the amount of inventories recognised as expenses during the year, since the Group sold and destroyed such inventories. As at 31 December 2024, frozen ducks and finished products of Duck-To Holding B.V. and its subsidiaries of Euro 7 million or approximately Baht 242 million (2023: Euro 10 million or approximately Baht 376 million) were pledged as collateral to secure their bank overdrafts facilities. 11.

Biological assets (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

Current biological assets

160,026

135,479

140,920

58,533

Non-current biological assets

171,838

173,557

139,599

126,509

Total biological assets

331,864

309,036

280,519

185,042

Biological assets comprise eggs in hatchery, day-old ducks, ducklings, parent ducks and grandparent ducks. The Group classifies the biological assets that have production cycle shorter than 1 year as current biological assets and classifies the biological assets that have production cycle longer than 1 year as non-current biological assets. Movements in the biological assets account during the year ended 31 December 2024 are summarised below. (Unit: Thousand Baht)

Balance as at 1 January 2024

Consolidated

Separate

financial statements

309,036

185,042

24,978

30,200

Increase due to purchase/raise

1,478,347

949,126

Decrease due to sales/harvest

(1,480,497)

(883,849)

331,864

280,519

Gains arising from changes in fair value less costs to sell

Balance as at 31 December 2024

12.

Long-term loan to other companies The balance of long-term loan to other companies is a long-term loan provided by the overseas subsidiary. The loan carries interest at the rate specified in agreements and is due for repayment starting in 2024 and the final installment in 2038. Movements of the long-term loan to other companies during the years ended 31 December 2024 and 2023 are summarised below: (Unit: Thousand Baht) Consolidated financial statements 2024 Beginning balance

2023

50,595

3,683

65,703

Receipt

(4,381)

(1,416)

Translation adjustments

(3,169)

(17,375)

Ending balance

43,045

50,595

Less: Portion due within one year

(3,868)

(4,152)

39,177

46,443

Additional

Long-term loans to other companies - net of current portion

13.

Investment in subsidiaries Details of investment in subsidiaries as presented in separate financial statements are as follows: (Unit: Thousand Baht) Shareholding Company’s name

Paid-up capital 2024

Dividend received

percentage 2023

2024

2023

Cost

during the year

2024

2023

2024

2023

Anatis Foods Limited

Baht 904 million

100

904,489

148,240

BR Agriculture Co., Ltd.

Baht 100 million

100

99,999

84,999

BM Agriculture Co., Ltd.

Baht 5 million

20,300

Crowned Eagle Co., Ltd.

Baht 10 million

100

9,999

HKD 1.66 million

100

6,857

Baht 85 million

100

85,000

100

999,999

2,126,643

84,999

148,240

(9,999)

2,116,644

BR Investment (Hong Kong) Co., Ltd. NS Delicatessen Co., Ltd. Winthai Food Co., Ltd.

Baht 1,000 million

Total Less: Allowance for impairment Net

Baht 1,000 million

100

14.

Investments in joint ventures

14.1 Details of investments in joint ventures: Investments in joint ventures represent investments in entities which are jointly controlled by the Company and other companies. Details of these investments are as follows: (Unit: Million Baht) Consolidated financial statements Joint ventures

Nature of business

Man Food Holding Company Limited

Country of

Shareholding

incorporation

percentage

Carrying amounts based on equity method

2024

2023

(%)

Thailand

202

199

Not yet operational

Indonesia

Not yet operational

Vietnam

208

207

Restaurant and food

2024

2023

service business PT Rumah Bebek Bergizi Company Limited Asia Pacific International Trading Joint Stock Company Total Less Allowance for impairment Net

(2)

208

205

(Unit: Million Baht) Separate financial statements Joint venture

Nature of business

Man Food Holding Company Limited

Restaurant and food

Country of

Shareholding

Carrying amounts based

incorporation

percentage

on cost method

Thailand

2024

2023

(%)

2024

2023

251

service business Total

14.2 Share of comprehensive income During the years, the Group recognised its share of comprehensive income from the joint ventures in the consolidated financial statements as follows: (Unit: Million Baht) Consolidated financial statements Share of other comprehensive

Joint venture

Share of profit from joint

income from joint ventures

ventures during the year

during the year

2024

2023

2024

2023

Man Food Holding Company Limited

Total

14.3 Summarised financial information about material joint venture Summarised information about financial position as at 31 December (Unit: Million Baht) Man Food Holding Company Limited 2024

2023

Cash and cash equivalent

167

156

Other current assets

Intangible assets

234

255

Other non-current assets

115

Current liabilities

(34)

(33)

Non-current liabilities

(16)

(14)

Deferred tax liabilities

(47)

(51)

Non-controlling interests of the joint venture

Net assets

458

451

Shareholding percentage (%)

Share of net assets

188

185

Goodwill

202

199

Carrying amounts of joint venture based on equity method

Summarised information about comprehensive income (Unit: Million Baht) For the year ended 31 December Man Food Holding Company Limited 2024

2023

Revenue

316

353

Cost of sales

(163)

(170)

Selling and administration expenses

(142)

(167)

Income tax (expenses) revenues

(3)

Profit for the year

Other comprehensive income

Total comprehensive income for the year

Equity holders of joint venture

Non-controlling interests of the joint venture

Profit attributable to:

15.

Investment properties The investment properties consist of non-operating land, as well as land and building that are rented out to subsidiaries and other companies. The net book values of investment properties as at 31 December 2024 and 2023 are presented below. (Unit: Thousand Baht) Consolidated

Separate

financial statements

Land and

Non-operating

building

Non-operating

building

land

for rent

Total

land

for rent

Total

60,225

80,666

140,891

60,225

211,647

271,872

depreciation

(3,728)

(129,345)

Translation adjustment

253

60,225

77,191

137,416

60,225

82,302

142,527

60,225

321,781

382,006

(311,370)

60,225

10,411

70,636

31 December 2024: Cost Less Accumulated

Net book value - net 31 December 2023: Cost Less Accumulated depreciation Net book value - net

A reconciliation of the net book values of investment properties for the years 2024 and 2023 is presented below. (Unit: Thousand Baht)

Net book value at beginning of year Depreciation

Consolidated

Separate

financial statements

2024

2023

2024

2023

60,225

70,636

67,114

(2,184)

(2,703)

76,938

74,075

6,225

253

137,416

60,225

142,527

70,636

Transfer from property, plant and equipment (Note 16) Translation adjustment Net book value at end of year

The additional information of the investment properties as at 31 December 2024 and 2023 stated below: (Unit: Thousand Baht)

The fair value

Consolidated

Separate

financial statements

2024

2023

2024

2023

240,359

184,040

254,527

237,400

The fair value of non-operating land has been determined based on market prices assessed by an accredited independent value. The fair value of the land and building held for rent has been determined by management using the income approach. Key assumptions used in the valuation include yield rate, inflation rate and long-term growth in real rental rates.

16.

Property, plant and equipment

Consolidated financial statements

(Unit: Thousand Baht)

191,496

539,750

8,599,796

Assets under

equipment

204,727

421,263

(20,268)

Furniture,

equipment

101,947

15,928

(156)

and under Machinery

525,971

2,844

(389)

(410,603)

47,878

installation

improvements

2,433,274

20,907

(833)

9,167,156

office

improvements

3,827,335

29,661

(12,839)

1,081

6,009

202,000

148,896

fixtures and

354,656

40,058

(4,637)

54,876

1,399

226,275

80,769

Tools and

960,390

1,482

(1,104)

38,400

106,438

14,482

building

Building and

7,607

(310)

276,512

12,140

588,915

708

Additions Disposals/write-offs Transfers Translation adjustments 31 December 2023

Total

19,673

19,540

2,508,838

17,505

construction

20,061

4,162,341

24,495

(96,004)

Land

Motor vehicles

8,790

375,501

2,662

Land

996,848

8,275

(168,652)

Cost:

(11,086)

1 January 2023

Additions

1,384

(2,651)

(80,666)

13,490

(109,041)

(35,062)

9,030,341

17,878

(14,071)

114,117

(19,269)

(3,152)

215,600

(25,442)

102,727

113,994

(59,409)

(27,982)

584,848

(2,494)

(44,329)

2,503,960

(87,277)

(21,257)

4,149,817

(19,507)

294,005

109,183

1,065,267

Disposals/write-offs Transfers Transfers from/to investment properties (Note 15) Translation adjustments 31 December 2024

Consolidated financial statements (continued)

(Unit: Thousand Baht)

(310)

5,468

254,332

improvements

Land

6,862

(651)

126,868

1,843,749

improvements

building

132,115

1,445,331

9,606

(4,518)

137,619

1,302,624

Machinery

35,976

454,659

(12,680)

33,427

433,912

equipment

Tools and

(2,155)

6,001

93,923

1,200

(833)

7,774

85,782

equipment

office

(11,367)

13,166

176,847

4,710

(389)

12,172

160,354

4,586,967

(54,973)

(3,728)

(89,208)

327,798

4,407,078

22,378

(19,381)

323,328

4,080,753

installation

1 January 2023

134,466

1,976,828

(34,751)

(10,937)

4,760,078

Assets under

Depreciation for the year

6,074

259,490

(13,607)

(2,831)

167,709

202,000

4,443,374

Furniture,

Depreciation on disposals/write-offs

(24,900)

94,938

49,428

114,117

fixtures and

Translation adjustments

(2,428)

(3,728)

(23,429)

455,884

12,515

47,891

investment properties (Note 15)

Net book value:

Total

31 December 2023

(17,776)

1,540,410

134,256

7,789

and under

Depreciation for the year

2,064,890

1,063,507

128,964

323,328

construction

Depreciation on disposals/write-offs

263,136

2,185,513

963,550

Building and

Motor vehicles

Translation adjustments

116,011

2,084,927

Land

31 December 2024

996,848

30,869

Accumulated depreciation:

31 December 2023

1,065,267

Transfers from/to

31 December 2024

2023 (Baht 269 million included in manufacturing cost, and the balance in selling and administrative expenses)

327,798

Depreciation for the year

2024 (Baht 276 million included in manufacturing cost, and the balance in selling and administrative expenses)

Cost: 1 January 2023

equipment

Tools and

equipment

office

fixtures and

Furniture,

7,334

18,345

and under

installation

Assets under

28,910

4,634,119

(Unit: Thousand Baht)

Machinery

14,182

Separate financial statements

building

222

55,152

Building and improvements

11,966

426,078 -

(4,201)

(9,816)

(687)

(155)

(7,852)

(14,859)

Total

Land

4,021

1,158,715

construction

improvements

4,260

2,061,392

Motor vehicles

1,107

295,278

Land

604,977 -

211

Additions Disposals/write-offs

(101)

(19,027)

3,256

89,914

4,629,143

(1,037)

17,827

(466)

26,658

2,693

14,027

1,312

308

54,797

8,054

14,518

430,447

380

9,883

1,160,762

(13,477)

28,819

2,075,018

9,728

283,288

(12,000)

Transfers to investment properties (Note 15) -

592,977

Transfers 31 December 2023

1 January 2023

565,743

(51,953)

24,719

(10,761)

4,010

229,782

275,956

6,921

(23,825)

(156)

(1,239)

64,448

1,330,072

2,240,453

125,087

16,052

(4,523)

948,706

336

(4,081)

67,748

884,703

1,193,981

17,126

8,096

(1,886)

394,965

(1,037)

(9,657)

18,353

387,306

441,948

12,139

1,178

(16,334)

50,719

(101)

(687)

4,753

46,754

54,817

(155)

1,300

(1,433)

(1,348)

186

13,642

379

13,418

13,650

971

(155)

16,965

(27,520)

(25,627)

149,059

3,024,344

(12,802)

(14,580)

159,691

2,892,035

4,803,513

110,136

(25,680)

Additions

Depreciation for the year

1,393,281

3,337

Transfers from/to investment properties (Note 15) 31 December 2024 Accumulated depreciation:

(1,348)

Depreciation on disposals/write-offs

223,031

(1,390)

Disposals/write-offs

Transfers to investment properties (Note 15)

15,517

Transfers

31 December 2023

(16,382)

184,211

(2,105)

3,331,987

62,207

968

(4,246)

(151)

13,448

63,720

12,138

52,515

(156)

18,164

406,238

4,092

148,318

1,026,972

4,774

1,601,073

231,741

Depreciation for the year

Depreciation on disposals/write-offs investment properties (Note 15)

Transfers from/to 31 December 2024

Separate financial statements (continued)

(Unit: Thousand Baht)

Tools and

equipment

office

1,604,799

installation

equipment

17,827

1,471,526

Assets under

Machinery

385

16,965

Furniture,

building

4,078

202

fixtures and

improvements

35,482

2,302

Total

Land

212,056

35,710

and under

improvements

681,737

167,009

159,691

construction

60,257

639,380

Building and

Motor vehicles

592,977 44,215

Land

31 December 2023 565,743

Net book value:

31 December 2024

2023 (Baht 130 million included in manufacturing cost, and the balance in selling and administrative expenses)

149,059

Depreciation for the year

2024 (Baht 122 million included in manufacturing cost, and the balance in selling and administrative expenses)

As at 31 December 2024, the Company has pledged a subsidiary’s land and structures thereon with net book value of Baht 263 million (2023: Baht 192 million), as collateral against credit facilities received from a commercial bank as described in Note 21 to the financial statements. As at 31 December 2024, the overseas subsidiaries have mortgaged their property, plant and equipment with net book value of EUR 8 million or approximately Baht 303 million, as collateral against credit facilities received from commercial banks (2023: EUR 9 million or approximately Baht 326 million). As at 31 December 2024, certain items of plant and equipment were fully depreciated but are still in use. The gross carrying amount before deducting accumulated depreciation of those assets amounted to approximately Baht 2,539 million (The Company only: Baht 2,063 million) (2023: Baht 2,332 million, The Company only: Baht 1,808 million). 17.

Goodwill and intangible assets with indefinite useful lives Goodwill in the separate statement of financial position, amounting to Baht 1,838 million, arose from BT Partners Limited’s purchase of shares of Middle Village Limited and Bangkok Ranch Public Company Limited on 28 December 2012 (before amalgamation as described in Note 1 to financial statements). As a result of this acquisition, BT Partners Limited directly and indirectly held 96 percent of the paid up share capital of Bangkok Ranch Public Company, with costs of investment directly attributable to the acquisition amounting to Baht 4,228 million, while the net fair value of the identifiable assets, liabilities and contingent liabilities on the acquisition date, in proportion to its shareholding, amounted to Baht 2,318 million. In 2019, the Company set up allowance for impairment of goodwill amounting to Baht 72 million. In addition, Tomassen Duck-To B.V. (a subsidiary) acquired an interest in Lucky Duck International Food B.V. representing 90 percent of its registered share capital, for a price of EUR 1.5 million or approximately Baht 58 million.

The acquisition cost was approximately EUR 1 million, or approximately Baht 41 million, in excess of the net fair value of the identifiable assets, liabilities and contingent liabilities of that company, in proportion to its shareholding, and this amount was recorded as goodwill in the consolidated statement of financial position.

On 2 November 2018, Tomassen Duck-To B.V. (a subsidiary) acquired an additional 31% shareholding in Weng Fat Poultry (Kosovo) Sh.P.K. from an unrelated party for a price of EUR 310 or approximately Baht 0.01 million, increasing the subsidiary’s shareholding from 29% to 60%. As a result, Tomassen Duck-To B.V. obtained control of this company, and the Group reclassified the investment from an associate to subsidiary. The acquisition cost was approximately EUR 0.02 million, or approximately Baht 0.7 million, in excess of the net fair value of the identifiable assets, liabilities and contingent liabilities of that company, and this amount was recorded as goodwill in the consolidated statement of financial position. A reconciliation of the net book values of goodwill for the years ended 31 December 2024 and 2023 is presented below: (Unit: Thousand Baht)

Beginning balance Translation adjustments Ending balance

Consolidated

Separate

financial statements

2024

2023

2024

2023

1,880,591

1,879,350

1,838,483

(2,680)

1,241

1,877,911

1,880,591

1,838,483

The Group allocated goodwill acquired through business combinations and trade names with indefinite lives to the cash generating units (CGUs) as follows: (Unit: Thousand Baht) Duck-To

Bangkok

Goodwill Trade names (Note 18)

Ranch Plc.

Holding B.V.

(BR)

(DTH)

Total

1,838,483

39,428

1,877,911

187,410

87,289

274,699

The recoverable amount of the CGUs have been determined based on value in use calculation using cash flow projections from financial budgets approved by management covering a five-year period. Key assumptions used in value in use calculation are as follows: (Unit: Percent per annum) Bangkok Ranch

Duck-To Holding

Plc.

B.V.

Terminal growth rates

1.0

Pre-tax discount rates

8.5

9.1 33

The management determined the growth rates based on historical operational results and expected market growth, while the discount rates reflect the risks specific to each CGU. Management has considered the above and believes that there is no occurrence of impairment of goodwill and intangible assets with indefinite useful lives. Management believes that any reasonably possible change in the key assumptions on which both units’ recoverable amount are based would not cause the units’ carrying amount to exceed their recoverable amount. 18. Intangible assets (Unit: Thousand Baht) Consolidated financial statements Computer

Customer

Trade

software

relationships

names

Total

1 January 2023

41,424

504,706

274,699

820,829

Addition

3,532

368

31 December 2023

45,324

504,706

274,699

824,729

Addition

3,058

(29)

Translation adjustments

(1,012)

31 December 2024

47,341

504,706

274,699

826,746

1 January 2023

33,863

126,176

160,039

Amortisation for the year

2,561

12,618

15,179

Translation adjustments

182

31 December 2023

36,606

138,794

175,400

Amortisation for the year

2,332

12,618

14,950

Disposal/Write-off

(29)

Translation adjustments

(618)

38,291

151,412

189,703

31 December 2023

20,912

31 December 2024

20,912

31 December 2023

8,718

345,000

274,699

628,417

31 December 2024

9,050

332,382

274,699

616,131

Cost:

Translation adjustments

Disposal/Write-off

Accumulated amortisation:

31 December 2024 Allowance for impairment loss:

Net book value:

(Unit: Thousand Baht) Separate financial statements Computer

Customer

software

relationships

Trade name

Total

29,934

486,688

187,410

704,032

331

30,265

486,688

187,410

704,363

Addition

Disposal/Write-off

(29)

31 December 2024

30,312

486,688

187,410

704,410

28,694

121,672

150,366

466

12,167

12,633

29,160

133,839

162,999

Amortisation for the year

450

12,167

12,617

Disposal/Write-off

(29)

31 December 2024

29,581

146,006

175,587

31 December 2023

20,912

31 December 2024

20,912

31 December 2023

1,105

331,937

187,410

520,452

31 December 2024

731

319,770

187,410

507,911

Cost: 1 January 2023 Addition 31 December 2023

Accumulated amortisation: 1 January 2023 Amortisation for the year 31 December 2023

Allowance for impairment loss:

Net book value:

As at 31 December 2024, certain items of computer software were fully depreciated but are still in use. The gross carrying amount before deducting accumulated amortisation of those assets amounted to approximately Baht 29 million (The Company only: Baht 29 million) (2023: Baht 29 million, The Company only: Baht 29 million).

19.

Bank overdrafts and short-term loans from financial institutions (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

561,379

327,324

561,379

327,324

Promissory notes

1,068,370

1,151,820

1,068,370

1,151,820

Bank overdrafts

278,347

324,773

87,148

93,556

1,995,244

1,897,473

1,629,749

1,479,144

Trust receipts

Short-term loans from financial institutions Total

The bank overdrafts and short-term loans from financial institutions are subject to interest as stipulated in the agreements. The Company can renew the promissory notes until it decides to repay these loans. Bank overdrafts of Duck-To Holding B.V. and its subsidiaries are guaranteed by their trade receivables and inventories. Bank overdrafts agreement of subsidiaries contains several covenants relating to, among other things, the maintenance of certain financial ratios in accordance with rates prescribed in the agreement. 20.

Trade and other payables (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

Trade payables - related parties

2,735

905

90,219

87,156

Trade payables - unrelated parties

213,635

188,050

107,986

61,843

Other payables - related parties

2,246

2,245

148,922

170,666

Other payables - unrelated parties

146,939

102,590

121,216

70,525

4,154

4,133

4,110

4,270

Accrued expenses

183,123

194,205

90,908

62,756

Total trade and other payables

552,832

492,128

563,361

457,216

Accrued interest expenses

21. Long-term loans The Group has long-term loan agreements with commercial banks as follows: (Unit: Thousand Baht) Interest rate Loan

(% per annum)

Closed to

Repayment schedule

Consolidated

Separate

financial statements

2024

2023

2024

2023

2,492,658

2,856,417

2,492,658

2,856,417

6,283

15,738

170,125

209,725

170,125

209,725

40,233

46,948

98,223

133,647

Total

2,807,522

3,262,475

2,662,783

3,066,142

Less: Portion due within one year

(493,002)

(713,895)

(457,464)

(672,944)

Long-term loans - net of current portion

2,314,520

2,548,580

2,205,319

2,393,198

MLR

Repayment in quarterly installments commencing August 2019, with the final installment due in May 2027

Closed to

Repayment in monthly installments

Euribor

commencing January 2021, with the

Closed to

Repayment in monthly installments

final installment due in August 2025 3.

MLR

commencing August 2023, with the final installment due in March 2028

1.90% -

Repayment in quarterly installments

5.15%

commencing August 2016, with the final

1.55% -

Repayment in monthly installments

4.80%

commencing July 2016, with the final

installment due in May 2036 6.

installment due in March 2033

Movements of the long-term loan account during the years ended 31 December 2024 and 2023 are summarised below: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

3,262,475

3,510,933

3,066,142

3,289,601

236,456

226,225

Repayments

(441,505)

(492,162)

(403,359)

(449,684)

Translation adjustments

(13,448)

7,248

2,807,522

3,262,475

2,662,783

3,066,142

Beginning balance Additional borrowings

Ending balance

2023

The overseas subsidiary entered into an interest rate swap agreement to manage the risk associated with long-term loan carrying interest at a floating rate. The agreement relates to interest on principal amounts of EUR 1.1 million, which mature in July 2025, and under the agreement, from July 2016 the overseas subsidiary is required to pay interest to the financial institution at a rate of the 1.63 percent per annum, while the financial institution is required to pay interest to the overseas subsidiary at a rate of Euribor+1.05 percent per annum.

The loans of subsidiaries are secured by their trade receivables, inventories, land, building and equipment. The loans of the Company are secured by land and buildings of its subsidiary. The loan agreement contains several covenants relating to, among other things and the maintenance of certain financial ratios in accordance with rates prescribed in the agreements. As at 31 December 2024, a foreign subsidiary could not maintain some covenants prescribed in the loan agreements. However, the subsidiary has already received the waive letter for the covenants from bank, for the financial statements as at 31 December 2024, thus, there has been no reclassification for the outstanding balance of the long-term loans as of 31 December 2024. 22.

Leases

22.1 The Group as a lessee The Group has lease contracts for used in its operations. Leases generally have lease terms between 1 - 5 years. a) Right-of-use assets Movements of right-of-use assets for the years ended 31 December 2024 and 2023 are summarised below: (Unit: Thousand Baht) Consolidated financial statements Buildings and

1 January 2023 Additions

Land and land

building

Machinery and

improvement

equipment

Motor vehicles

3,428

13,094

11,170

24,234

51,926

2,992

10,792

13,784

Total

Adjustment from lease modification

(572)

(1,582)

(9,426)

(4,905)

(9,306)

(25,219)

330

132

462

31 December 2023

1,846

3,998

9,257

25,280

40,381

Additions

9,612

33,973

6,126

3,723

53,434

Depreciation for the year Exchange differences on translation of financial statements

Adjustment from lease modification Depreciation for the year

(1,793)

(3,990)

(4,863)

(2,570)

(10,337)

(21,760)

(126)

(62)

7,468

33,172

12,813

16,747

70,200

Exchange differences on translation of financial statements 31 December 2024

(Unit: Thousand Baht) Separate financial statements Buildings and Land and land

building

Machinery and

improvement

equipment

Motor vehicles

3,428

566

11,171

19,851

35,016

2,993

6,355

9,348

1 January 2023 Additions

Total

Adjustment from lease -

(439)

Depreciation for the year

modification

(1,582)

(227)

(4,907)

(7,266)

(13,982)

31 December 2023

1,846

339

9,257

18,501

29,943

Additions

45,349

47,312

3,516

96,177

Depreciation for the year

(8,010)

(227)

(10,815)

(8,092)

(27,144)

31 December 2024

39,185

112

45,754

13,925

98,976

b) Lease liabilities (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

Lease payments

74,535

43,784

106,249

32,856

Less: Deferred interest expenses

(3,528)

(2,037)

(5,739)

(1,733)

135

(2)

Total

71,142

41,745

100,510

31,123

Less: Portion due within one year

(21,636)

(21,005)

(39,647)

(14,015)

Lease liabilities - net of current portion

49,506

20,740

60,863

17,108

Less: Exchange differences on translation of financial statements

Movements of the lease liability account during the years ended 31 December 2024 and 2023 are summarised below: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

Balance at beginning of year

41,745

53,284

31,123

36,153

Additions during the year

53,434

13,784

96,177

9,348

Decrease due to lease modification

(1,941)

(614)

(467)

Repayments

(21,594)

(25,271)

(26,790)

(13,911)

Translation adjustments

(502)

562

Balance at end of year

71,142

41,745

100,510

31,123

A maturity analysis of lease payments is disclosed in Note 36.2 under the liquidity risk.

c) Expenses relating to leases that are recognised in profit or loss (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

Depreciation expense of right-of-use assets

21,760

25,219

27,144

13,982

Interest expense on lease liabilities

1,268

1,395

2,558

1,179

Expense relating to short-term leases

7,426

6,445

2,034

5,614

Expense relating to leases of low-value assets

9,725

10,362

8,692

9,795

d) Others The Group had total cash outflows for leases for the year ended 31 December 2024 of Baht 39 million (2023: Baht 42 million) (the Company only: Baht 27 million, 2023: Baht 29 million), including the cash outflow related to short-term lease and leases of low-value assets. 22.2 The Group as a lessor The Group has entered into operating leases for its investment property portfolio consisting of land and building (Note 15 to the financial statements) of the lease terms are between 3 and 5 years. The Group has future minimum rentals receivable under non-cancellable operating leases as at 31 December 2024 and 2023 as follows:

(Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

Within 1 year

11,152

3,324

5,228

3,324

Over 1 and up to 5 years

6,048

1,346

Over 5 years

6,202

Total

23,402

4,670

5,306

4,670

23.

Provision for long-term employee benefits Provision for long-term employee benefits were as follows:

(Unit: Thousand Baht)

2023

108,926

2024

29,884

100,437

2023

Total

15,459

23,470

1,120

Paid annual leave

Consolidated financial statements Other long-term

17,913

2024

24,961

1,220

employee benefits

18,797

(1,423)

Compensations

189

(5,732)

Included in other comprehensive income: Actuarial (gain) loss arising from

6,132

44,820

(23,241)

Benefits paid during the year

2023

4,734

(27,706)

726

Translation adjustments

6,523

4,673

1,120

(23,031)

(1,260)

108,926

2024

1,220

(24,684)

524

142,315

78,846

(1,423)

(829)

17,913

2023

Current service cost

(5,732)

(228)

202

11,197

84,490

Interest cost

44,820

(210)

(431)

6,523

2024

Demographic assumptions changes

(2,794)

5,864

Defined benefit obligation at beginning of year

Financial assumptions changes

84,490

Included in profit or loss:

Experience adjustments

125,254

Provisions for long-term employee benefits at end of year

(Unit: Thousand Baht) Separate financial statements Compensations 2024

2023

80,285

75,003

Current service cost

4,139

4,414

Interest cost

1,174

1,078

Demographic assumptions changes

(1,423)

Financial assumptions changes

(5,732)

Experience adjustments

44,820

Benefits paid during the year

(2,794)

(210)

120,469

80,285

Defined benefit obligation at beginning of year Included in profit or loss:

Included in other comprehensive income: Actuarial (gain) loss arising from

Provisions for long-term employee benefits at end of year

As at 31 December 2024, the Group expects to pay Baht 62 million in long-term employee benefits during the next year. (The Company only: Baht 59 million) (2023: Baht 3 million, The Company only: Baht 3 million). As at 31 December 2024, the weighted average duration of the liabilities for long-term employee benefit is 8 years (The Company only: 8 years) (2023: 11 years, The Company only: 11 years). Significant actuarial assumptions are summarised below: (Unit: percent per annum) Consolidated

Separate

financial statements

2024

2023

2024

2023

Discount rate

2.00 - 3.59

0.52 - 3.52

2.00 - 3.59

0.52 - 3.52

Salary increase rate

3.00 - 5.00

Turnover rate

2.50 - 50.00

4.00 - 50.00

2.50 - 50.00

4.00 - 50.00

The result of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2024 and 2023 are summarised below: (Unit: Thousand Baht) As at 31 December 2024 Consolidated

Separate

financial statements

Increase

Decrease

Increase

Decrease

Discount rate (1%)

(5,908)

6,638

(5,678)

6,379

Salary increase rate (1%)

6,500

(5,906)

6,246

(5,676)

Turnover rate (20%)

(7,794)

9,765

(7,460)

9,324

(Unit: Thousand Baht) As at 31 December 2023 Consolidated

Separate

financial statements

Increase

Decrease

Increase

Decrease

Discount rate (1%)

(4,877)

5,559

(4,680)

5,330

Salary increase rate (1%)

6,677

(5,899)

6,410

(5,667)

Turnover rate (20%)

(8,593)

10,863

(8,258)

10,424

24. Deficit on amalgamation As discussed in Note 1 to the financial statements, the Company was established via an amalgamation under civil and commercial law between Bangkok Ranch Public Company Limited, Thongchai Asia Limited, Middle Village Limited and BT Partners Limited on 15 July 2013. Prior to 15 July 2013, Thongchai Asia Limited, Middle Village Limited and BT Partners Limited had held the shares of Bangkok Ranch Public Company Limited and controlled its operations since acquisition date. This amalgamation was thus considered to be a business combination under common control. The investments in subsidiaries and associates recorded in the financial statements of Thongchai Asia Limited, Middle Village Limited and BT Partners Limited that represented cross holdings and holdings in Bangkok Ranch Public Company Limited therefore had to be eliminated from the financial statements of the new company after amalgamation.

The difference between the cost of such investments and the addition adjustment of fair value of the identifiable assets, liabilities and contingent liabilities acquired, including goodwill, of Bangkok Ranch Public Company Limited, in proportion to the shareholding of BT Partner Limited at the acquisition date, amounting to Baht 7,428 million (The Company only: Baht 6,558 million), was recorded as “Deficit on amalgamation” and separately presented in the shareholders’ equity in statements of financial position. 43

In October 2016, Tomassen Duck-To B.V. purchased all shares of Lucky Duck International Food B.V. from non-controlling interests of Lucky Duck International Food B.V., for a price of EUR 0.15 million or approximately Baht 6 million. The acquisition cost was approximately EUR 0.09 million, or approximately Baht 3 million, in excess of the net book value of the assets and liabilities of that company, in proportion to additional interests, and this amount was recorded as deficit on amalgamation in the shareholders' equity in the consolidated statement of financial position. 25.

Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. During the year 2024, the Company set aside the statutory reserve amounting to Bath 14 million (2023: Bath 16 million). According to the Thai Civil and Commercial Code, the subsidiaries in Thailand are required to set aside to a statutory reserve an amount equal to at least 5 percent of their net profit each time the subsidiaries pay out a dividend, until such reserve reaches 10 percent of their registered share capital. The statutory reserve cannot be used for dividend payment.

26.

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. The first exercise date of the warrants was on 30 September 2022, and the next exercise dates will be on the last business days of each quarter. The expiration date is set for 31 August 2026. In the years 2024 and 2023, no warrant holders exercised their right to purchase ordinary shares of the Company.

27.

Finance cost (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

284,300

276,928

251,269

249,780

Interest expenses on lease liabilities

1,268

1,395

2,558

1,179

Interest expenses on others

1,213

3,960

1,189

3,960

286,781

282,283

255,016

254,919

Interest expenses on borrowings

Total

28. Expenses by nature Significant expenses classified by nature are as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

1,148,664

1,063,539

693,608

601,345

Depreciation

349,558

348,547

178,387

176,376

Amortisation expenses

14,950

15,179

12,617

12,633

Electricity

270,055

263,184

163,866

168,435

Professional fee

41,021

34,791

36,065

14,233

Transportation and gasoline

145,154

136,320

90,636

82,011

4,570,155

5,127,199

3,305,365

3,407,714

42,029

236,337

145,949

(1,314)

Salaries and wages and other employee benefits

Raw materials and consumables used Changes in inventories of finished goods and work in progress

29.

Income tax Income tax expenses for the years ended 31 December 2024 and 2023 are made up as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

1,057

79,941

51,991

55,812

69,126

56,539

53,048

135,753

69,126

56,539

2023

Current income tax: Corporate income tax charge for the year Deferred tax: Relating to origination and reversal of temporary differences Income tax expenses reported in profit or loss

Reconciliation between accounting profit and income tax expense is shown below: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

2024

2023

Accounting profit before tax

170,453

430,453

348,665

373,162

Applicable tax rate (percent)

0 - 25.8

28,248

96,889

69,733

74,632

16,871

29,949

Promotional privileges (Note 30)

(10,354)

(4,431)

(2,699)

(2,549)

Non-deductible expenses

19,572

14,862

20,376

15,110

(17,000)

(29,648)

(1,289)

(1,516)

(1,284)

(1,006)

Total

7,929

8,915

(607)

(18,093)

Income tax expenses reported in profit or loss

53,048

135,753

69,126

56,539

Accounting profit before tax multiplied by income tax rate Effects about temporary differences and tax losses Effects of:

Exempt income Additional expense deductions allowed

The amounts of income tax relating to each component of other comprehensive income for the year ended 31 December 2024 is deferred tax relating to actuarial loss amounting to Baht 7.5 million (The Company only: Baht 7.5 million) (2023: insignificant amount). The components of deferred tax assets and deferred tax liabilities are as follows: (Unit: Thousand Baht) Statements of financial position Consolidated

Separate

financial statements

2024

2023

Deferred tax assets Allowance for expected credit losses

7,475

8,085

5,875

6,284

Allowance for diminution in value of

4,314 4,600

3,529

3,909

49,786

30,616

31,229

30,616

24,633

16,495

24,094

16,057

2,004

307

236

307

236

Unused tax loss

59,918

105,213

41,768

105,213

Others

1,180

178,229

218,828

157,155

213,281

inventories Allowance for asset impairment Allowance for other financial asset measured at fair value impairment Provision for long-term employee benefits Unrealised loss from revaluation of non-current biological assets Lease

Total

(Unit: Thousand Baht) Statements of financial position Consolidated

Separate

financial statements

2024

2023

Deferred tax liabilities Surplus on revaluation of assets

4,436

Customer relationships

67,107

69,653

63,954

66,387

Trade name

59,304

37,482

12,739

4,516

12,739

4,516

1,892

2,215

1,892

2,215

257

145,478

140,381

120,503

115,036

Unrealised gain from revaluation of current biological assets Unrealised gain from revaluation of non-current biological assets Others Total

As at 31 December 2024, the subsidiaries had deductible temporary differences and unused tax losses totaling Baht 376 million (2023: Baht 318 million), on which deferred tax assets have not been recognised as the subsidiaries believe future taxable profits may not be sufficient to allow utilisation of such temporary differences. Details of expiry date of unused tax lossed are summarised as below: (Unit: Thousand Baht) Consolidated

Separate

financial statements

2024

2023

31 December 2024

18,165

31 December 2025

16,797

31 December 2026

17,400

31 December 2027

141,674

141,681

31 December 2028

147,610

124,309

31 December 2029

52,891

376,372

318,352

30.

Promotional privileges

Certificate No.

Details

61-0644-0-00-1-0

Duck

61-1140-0-00-1-2

Co., Ltd.

Winthai Food 59-0898-0-00-1-0

Manufacturing feed

slaughterhouse

Raising duck

Bangkok Ranch Plc.

The Group have been granted promotional privileges under the Investment Promotion Act B.E. 2520 by the Board of Investment under certain

1. Promotional privileges for

significant conditions. Significant privileges of the Group are as follows:

8 years (Exemption

and feather

8 years (Exemption

The significant privileges are 8 years (Exemption

3.1 Exemption from corporate income tax for profit from promoted operations and exemption from

excluding in land

limited to investment

and working capital)

excluding in land

and working capital)

Granted

limited to investment and working capital)

Granted

excluding in land

Granted

11 July 2023

limited to investment

3 May 2017

income tax on dividends paid from the profit of the operations throughout the period in which the corporate income tax is exempted. If losses are incurred during the corporate income tax exemption period, the Company is allowed to utilise the losses as a deduction against profit for up to five years after the expiry of the tax exemption period.

Date of first earning operating income

3.2 Exemption from import duty on machinery as approved by the Board of Investment.

income tax

Not yet granted

exemption

60-1374-0-00-1-0

60-1380-0-001-0

60-1381-0-00-1-0

1600(2)/2557

meat

Raising duck for

2101(2)/2557

duck egg

Raising breeder’s

2102(2)/2557

BR Agriculture Co., Ltd.

Certificate No.

duck egg

Raising breeder’s

Details 1.

meat

8 years (Exemption

Raising duck for

8 years (Exemption

excluding in land

limited to investment

duck egg

limited to investment

and working capital)

Raising breeder’s

8 years (Exemption

excluding in land

duck egg

limited to investment

and working capital)

Raising breeder’s

8 years (Exemption

excluding in land

Promotional privileges for

8 years (Exemption

limited to investment

and working capital)

8 years (Exemption

limited to investment

working capital)

excluding in land and

Granted

The significant privileges are

3.1 Exemption from corporate income limited to investment

excluding in land

Granted

12 October 2019

3. promoted

and working capital)

Granted

7 March 2023

profit

the

Date of first earning operating

of Investment.

machinery as approved by the Board

3.2 Exemption from import duty on

period.

after the expiry of the tax exemption

against profit for up to five years

utilise the losses as a deduction

period, the Company is allowed to

corporate income tax exemption

If losses are incurred during the

corporate income tax is exempted.

throughout the period in which the

the

from excluding in land

Granted

15 May 2015

profit and working capital)

Granted

Not yet granted

for

Granted

Not yet granted

exemption

income tax

tax operations and exemption from

Not yet granted

exemption

income tax

operations

income tax on dividends paid from

exemption

income tax

income

The Group’s operating revenues for the year ended 31 December 2024 and 2023 divided between promoted and non-promoted operations, are summarised below. (Unit: Thousand Baht) Consolidated financial statement Promoted operations

Non-promoted operations

Total

2024

2023

2024

2023

2024

2023

Domestic sales

596,664

411,556

4,485,305

4,036,270

5,081,969

4,447,826

Export sales

291,416

106,387

3,694,760

4,856,729

3,986,176

4,963,116

Total sales

888,080

517,943

8,180,065

8,892,999

9,068,145

9,410,942

Elimination

(1,682,439)

(1,410,553)

Total

7,385,706

8,000,389

Sales

(Unit: Thousand Baht) Separate financial statement Promoted operations

Non-promoted operations

Total

2024

2023

2024

2023

2024

2023

101,941

122,706

4,046,801

3,756,760

4,148,742

3,879,466

395

1,205,069

1,237,102

1,205,069

1,237,497

101,941

123,101

5,251,870

4,993,862

5,353,811

5,116,963

Sales Domestic sales Export sales Total sales

31.

Earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year, 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 year or on the date the potential ordinary shares were issued.

Profit for the year (Thousand Baht)

Consolidated

Separate

financial statements

2024

2023

2024

2023

121,480

300,364

279,538

316,623

913,447

0.13

0.33

0.31

0.35

Weighted average number of ordinary shares (Thousand share) Basic earnings per share (Baht)

No diluted earnings per share is presented in the income statement for the year ended 31 December 2024 and 2023 because the exercise price of BR-W1 exceeds the average market price of ordinary shares. 32.

Segment information Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. For management purposes, the Group are organised into business units based on its entity group and there are the following four reportable segments: Entity group 1: Animal feed, duck farm, hatchery, duck slaughterhouse & by-products and food products in Thailand. Entity group 2: International business center. Entity group 3: Duck farm, duck slaughterhouse and duck meat trading in the Netherlands. Entity group 4: Duck meat trading in Singapore and Hong Kong SAR. No operating segments have been aggregated to form the above reportable operating segments. The chief operating decision maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and assessing performance. Segment performance is measured based on operating profit or loss and on a basis consistent with that used to measure operating profit or loss in the financial statements. The basis of accounting for any transactions between reportable segments is consistent with that for third party transactions.

Thailand Entity group 2

Entity group 3

Overseas Entity group 4

Total reportable segments

Adjustments and eliminations

Consolidated

(Unit: Million Baht)

The following tables present revenue and profit (loss) information regarding the Group’s operating segments for the years ended 31 December 2024 and 2023.

Entity group 1

(7,297)

9,248

161

1,701

(412)

(7,487)

9,792

364

1,428

1,676

(1,827)

(126)

(1,701)

1,431

(1,758)

(330)

(1,428)

(575)

(407)

(5,621)

7,421

(506)

(405)

(6,056)

8,034

8,000

2023

480

(544)

7,386

2024

(430)

(428)

201

(618)

2023

(180)

(9)

3,133

(35)

2024

(2,502)

(2)

8,000

2023

2,301

(6)

(363)

7,386

2024

(2,102)

(95)

(153)

(365)

(7,330)

477

2023

149

(96)

(6,968)

200

2024

166

(75)

1,476

3,131

2023

1,411 3

(363)

1,740

2,290

2024

210

(16)

(365)

(8,806)

1,682

6,013

(1)

(8,708)

2023

146

(4,555)

(17)

(474)

704

6,724

(250)

(79)

(188)

453

2024

(5,015)

(398)

(74)

(2,829)

(282)

4,392

2023

Total revenues

(329)

(2,347)

(87)

4,896

2024

Cost of sales

(520)

(16)

986

Revenue from external customers

Selling and distribution expenses

(284)

(18)

540

Inter-segment income

Administrative expenses (291) (5,487)

Total expenses

Other income

Depreciation and amortisation (6,155)

304

(282)

(136)

(46)

(53)

(287)

150

(282)

(136)

526

(53)

(288)

300

121

(275)

(83)

(27)

575

(74)

204

(33)

209

(56)

150

(1) -

(62) -

210

(255)

244

(71)

Operating profit (loss) Share of profit from joint ventures Finance income Finance costs Income tax expense Non-controlling interest Profit (loss) for the year

(255)

569

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.

Overseas

(Unit: Million Baht)

Below is the consolidated financial information of the Group for the years ended 31 December 2024 and 2023 separately by revenue.

Thailand

2023

1,899

2024

2,753

2023

(1,701)

2024

(1,428)

2023

7,386

2024

8,000

2023

Adjustments

2024

855

2,753

Downstream

2023

591

1,899

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