Interim report
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NOTES As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 “Unaudited” “Unaudited” ASSETS Current assets Cash and cash equivalents 13 35,041,783 22,607,069 5,899,047 3,728,525 Specifically-designated bank deposits 2 470,127 580,028 - - Trade and other current receivables 3, 13 17,857,279 18,916,092 1,164,946 1,144,817 Contract assets 4 2,736,135 2,679,087 - - Short-term loans to related parties 13 - - 65,245,250 65,148,000 Dividend receivable 13 - - 352,200 - Inventories 3,440,837 5,066,523 - - Current tax assets 24,304 20,878 1,034 - Other current financial assets 14 31,561 25,590 - - Other current assets 112,595 131,347 9,694 7,178 Total current assets 59,714,621 50,026,614 72,672,171 70,028,520 Non-current assets Other non-current financial assets 14 137,812 150,761 63,134 63,134 Investments in subsidiaries 5 - - 103,404,234 93,577,048 Investments in associates and joint ventures 6 12,409,684 12,412,598 11,708,108 11,708,383 Long-term loans to a related party 13 1,079,625 670,375 - - Property, plant and equipment 7 123,558,799 126,998,572 43,614 48,207 Right-of-use assets 7 87,797,705 90,710,626 272,839 298,688 Goodwill 11,744,479 11,744,479 - - Other intangible assets other than goodwill 7 24,876,977 24,830,225 2,886 2,902 Spectrum licenses 7 104,827,178 108,056,714 - - Deferred tax assets 4,387,687 4,302,243 471,152 471,408 Other non-current assets 1,556,441 1,528,884 70,398 51,610 Total non-current assets 372,376,387 381,405,477 116,036,365 106,221,380 Total assets 432,091,008 431,432,091 188,708,536 176,249,900 FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION AS AT MARCH 31, 2025 UNIT : THOUSAND BAHT SEPARATE The accompanying notes form an integral part of the interim financial statements. 2
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NOTES As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 “Unaudited” “Unaudited” LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Short-term borrowings 8, 13 11,999,244 12,000,000 11,999,244 12,000,000 Trade and other current payables 13 38,980,990 39,662,605 3,054,238 2,914,020 Provision for revenue sharing 3,360,879 3,360,879 3,220,305 3,220,305 Unearned income 4,550,320 4,119,677 - - Advanced received from customers 604,476 688,589 - - Current portion of long-term liabilities 8, 13 7,755,746 9,098,833 - - Current portion of spectrum licenses payable 9 15,514,509 15,522,461 - - Current portion of lease liabilities 8, 13 14,120,624 14,804,928 146,611 145,744 Short-term borrowings from related parties 8, 13 - - 9,850,000 8,050,000 Dividend payable 13 17,070,673 - 17,070,673 - Corporate income tax payable 5,845,118 3,651,235 - 2,551 Other current financial liabilities 14 40,320 126,523 - - Other current liabilities 437,620 514,205 - - Total current liabilities 120,280,519 103,549,935 45,341,071 26,332,620 Non-current liabilities Long-term liabilities 8, 13 85,040,158 87,721,738 51,458,376 51,455,780 Lease liabilities 8, 13 87,636,197 90,004,480 127,106 154,682 Provisions for employee benefit 3,708,392 3,701,264 375,653 386,738 Spectrum licenses payable 9 33,085,593 37,441,537 - - Other non-current financial liabilities 14 58,263 43,811 - - Unearned income of long-term network rental 7,899,031 8,096,795 - - Other non-current liabilities 3,571,819 3,548,636 28,000 28,000 Total non-current liabilities 220,999,453 230,558,261 51,989,135 52,025,200 Total liabilities 341,279,972 334,108,196 97,330,206 78,357,820 AS AT MARCH 31, 2025 UNIT : THOUSAND BAHT SEPARATE FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION (CONTINUED) CONSOLIDATED FINANCIAL STATEMENTS The accompanying notes form an integral part of the interim financial statements. 3
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As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 “Unaudited” “Unaudited” LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED) Shareholders’ equity Share capital Authorised share capital 4,997 million ordinary shares of Baht 1.00 each 4,997,460 4,997,460 4,997,460 4,997,460 Issued and paid share capital 2,974 million ordinary shares of Baht 1.00 each, fully paid 2,974,210 2,974,210 2,974,210 2,974,210 Share premium Share premium on ordinary shares 22,551,567 22,551,567 22,551,567 22,551,567 Other deficits Deficits arising from change in ownership interest in a subsidiary (669,657) (669,657) - - Retained earnings Appropriated Legal reserve 500,000 500,000 500,000 500,000 Unappropriated 65,209,725 71,696,872 65,209,725 71,696,872 Other components of shareholders’ equity 142,828 169,431 142,828 169,431 Total shareholders’ equity attributable to owners of the Company 90,708,673 97,222,423 91,378,330 97,892,080 Non-controlling interests 102,363 101,472 - - Total shareholders’ equity 90,811,036 97,323,895 91,378,330 97,892,080 Total liabilities and shareholders’ equity 432,091,008 431,432,091 188,708,536 176,249,900 FINANCIAL STATEMENTS FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION (CONTINUED) AS AT MARCH 31, 2025 UNIT : THOUSAND BAHT SEPARATECONSOLIDATED The accompanying notes form an integral part of the interim financial statements. 4
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NOTES 2025 2024 2025 2024 Revenues Revenues from rendering of services and equipment rentals 10, 13 45,106,566 42,802,904 548,450 525,598 Revenue from sale of goods 10, 13 11,204,281 10,489,974 - - Total revenues 56,310,847 53,292,878 548,450 525,598 Costs Cost of rendering of services and equipment rentals 13 (24,242,236) (24,881,371) (419,675) (349,030) Cost of sale of goods 13 (10,726,029) (9,993,315) - - Total costs (34,968,265) (34,874,686) (419,675) (349,030) Gross profit 21,342,582 18,418,192 128,775 176,568 Distribution costs and administrative expenses Distribution costs 13 (1,494,612) (1,322,151) (6) (21) Administrative expenses 13 (5,060,482) (4,567,526) (9,196) (26,201) Total distribution costs and administrative expenses (6,555,094) (5,889,677) (9,202) (26,222) Profit from operating activities 14,787,488 12,528,515 119,573 150,346 Finance income 13 118,977 62,602 489,047 571,299 Other income 13 103,209 109,575 13,991 22,921 Share of profit of subsidiaries, associates and joint ventures accounted for using equity method 5, 6 248,986 241,608 10,449,314 8,236,027 Net gain (loss) on foreign exchange rate (9,396) (478,733) 338 (83) Net gain (loss) from fair value measurement of derivative assets (3,784) 280,901 - - Finance costs 13 (2,080,596) (2,300,271) (481,440) (509,011) Profit before income tax 13,164,884 10,444,197 10,590,823 8,471,499 Tax expense 11 (2,580,867) (1,992,735) (7,297) (20,445) Profit for the periods 10,584,017 8,451,462 10,583,526 8,451,054 Profit attributable to Owners of the Company 10,583,526 8,451,054 10,583,526 8,451,054 Non-controlling interests 491 408 - - Profit for the periods 10,584,017 8,451,462 10,583,526 8,451,054 Earnings per share (in Baht) Basic earnings per share 3.56 2.84 3.56 2.84 Diluted earnings per share 3.56 2.84 3.56 2.84 FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONSOLIDATED SEPARATE ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT The accompanying notes form an integral part of the interim financial statements. 5
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NOTES 2025 2024 2025 2024 Profit for the periods 10,584,017 8,451,462 10,583,526 8,451,054 Other comprehensive income Components of other comprehensive income that will or may be subsequently reclassified to profit or loss Loss on cash flow hedges (33,254) (39,775) - - Share of other comprehensive expense of subsidiaries accounted for using equity method 5 - - (26,603) (31,820) Income tax relating to components of other comprehensive income that will or may be subsequently reclassified to profit or loss 6,651 7,955 - - Other comprehensive expense for the periods, net of income tax (26,603) (31,820) (26,603) (31,820) Total comprehensive income for the periods 10,557,414 8,419,642 10,556,923 8,419,234 Total comprehensive income attributable to Owners of the Company 10,556,923 8,419,234 10,556,923 8,419,234 Non-controlling interests 491 408 - - Total comprehensive income for the periods 10,557,414 8,419,642 10,556,923 8,419,234 FINANCIAL STATEMENTS FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT CONSOLIDATED SEPARATE The accompanying notes form an integral part of the interim financial statements. 6
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Other deficits Issued and Deficits arising Total other Total shareholders’ paid from change in Reserve for Gain on components of equity attributable Non- Total share Share ownership interest Legal Unappro- share- dilution of Hedging Fair value shareholders’ to owners controlling shareholders’ Notes capital premium in subsidiaries reserve priated based payment investment reserves reserves equity of the Company interests equity Balance as at January 1, 2024 2,974,210 22,551,567 (669,657) 500,000 65,014,940 50,944 161,187 21,406 (27,476) 206,061 90,577,121 101,089 90,678,210 Transactions with owners, recorded directly in shareholders’ equity Contributions by and distributions to owners of the Company Dividends paid 12, 13 - - - - (13,709,274) - - - - - (13,709,274) (3) (13,709,277) Total contributions by and distributions to owners of the Company - - - - (13,709,274) - - - - - (13,709,274) (3) (13,709,277) Changes in ownership interest in a subsidiary Change in ownership interest in a subsidiary - - - - - - - - - - - (895) (895) Total changes in ownership interest in a subsidiary - - - - - - - - - - - (895) (895) Total transactions with owners, recorded directly in shareholders’ equity - - - - (13,709,274) - - - - - (13,709,274) (898) (13,710,172) Comprehensive income for the period Profit for the period - - - - 8,451,054 - - - - - 8,451,054 408 8,451,462 Other comprehensive income - - - - - - - (31,820) - (31,820) (31,820) - (31,820) Total comprehensive income for the period - - - - 8,451,054 - - (31,820) - (31,820) 8,419,234 408 8,419,642 Balance as at March 31, 2024 2,974,210 22,551,567 (669,657) 500,000 59,756,720 50,944 161,187 (10,414) (27,476) 174,241 85,287,081 100,599 85,387,680 Retained earnings ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED) CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT Other components of shareholders’ equity The accompanying notes form an integral part of the interim financial statements. 7
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Other deficits Issued and Deficits arising Total other Total shareholders’ paid from change in Reserve for Gain on components of equity attributable Non- Total share Share ownership interest Legal Unappro- share- dilution of Hedging Fair value shareholders’ to owners controlling shareholders’ Notes capital premium in subsidiaries reserve priated based payment investment reserves reserves equity of the Company interests equity Balance as at January 1, 2025 2,974,210 22,551,567 (669,657) 500,000 71,696,872 50,944 161,187 (10,170) (32,530) 169,431 97,222,423 101,472 97,323,895 Transactions with owners, recorded directly in shareholders’ equity Contributions by and distributions to owners of the Company Dividends paid 12, 13 - - - - (17,070,673) - - - - - (17,070,673) - (17,070,673) Total contributions by and distributions to owners of the Company - - - - (17,070,673) - - - - - (17,070,673) - (17,070,673) Changes in ownership interest in a subsidiary Change in ownership interest in a subsidiary - - - - - - - - - - - 400 400 Total changes in ownership interest in a subsidiary - - - - - - - - - - - 400 400 Total transactions with owners, recorded directly in shareholders’ equity - - - - (17,070,673) - - - - - (17,070,673) 400 (17,070,273) Comprehensive income for the period Profit for the period - - - - 10,583,526 - - - - - 10,583,526 491 10,584,017 Other comprehensive income - - - - - - - (26,603) - (26,603) (26,603) - (26,603) Total comprehensive income for the period - - - - 10,583,526 - - (26,603) - (26,603) 10,556,923 491 10,557,414 Balance as at March 31, 2025 2,974,210 22,551,567 (669,657) 500,000 65,209,725 50,944 161,187 (36,773) (32,530) 142,828 90,708,673 102,363 90,811,036 CONSOLIDATED FINANCIAL STATEMENTS Retained earnings Other components of shareholders’ equity ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED) “UNAUDITED” FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 UNIT : THOUSAND BAHT The accompanying notes form an integral part of the interim financial statements. 8
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Share of other comprehensive gain (loss) Total other Issued and Reserve for Gain on of subsidiaries components of Total paid Share Legal share-based dilution of Fair value accounted for shareholders’ shareholders’ Notes share capital premium reserve Unappropriated payment investment reserves using equity method equity equity Balance as at January 1, 2024 2,974,210 22,551,567 500,000 65,014,940 50,944 161,187 12,286 (18,356) 206,061 91,246,778 Transactions with owners, recorded directly in shareholders’ equity Dividends paid 12, 13 - - - (13,709,274) - - - - - (13,709,274) Total transactions with owners, recorded directly in shareholders’ equity - - - (13,709,274) - - - - - (13,709,274) Comprehensive income for the period Profit for the period - - - 8,451,054 - - - - - 8,451,054 Other comprehensive income - - - - - - - (31,820) (31,820) (31,820) Total comprehensive income for the period - - - 8,451,054 - - - (31,820) (31,820) 8,419,234 Balance as at March 31, 2024 2,974,210 22,551,567 500,000 59,756,720 50,944 161,187 12,286 (50,176) 174,241 85,956,738 UNIT : THOUSAND BAHT Retained earnings Other components of shareholders’ equity ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED) SEPARATE FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” The accompanying notes form an integral part of the interim financial statements. 9
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Share of other comprehensive gain (loss) Total other Issued and Reserve for Gain on of subsidiaries components of Total paid Share Legal share-based dilution of Fair value accounted for shareholders’ shareholders’ Notes share capital premium reserve Unappropriated payment investment reserves using equity method equity equity Balance as at January 1, 2025 2,974,210 22,551,567 500,000 71,696,872 50,944 161,187 12,908 (55,608) 169,431 97,892,080 Transactions with owners, recorded directly in shareholders’ equity Dividends paid 12, 13 - - - (17,070,673) - - - - - (17,070,673) Total transactions with owners, recorded directly in shareholders’ equity - - - (17,070,673) - - - - - (17,070,673) Comprehensive income for the period Profit for the period - - - 10,583,526 - - - - - 10,583,526 Other comprehensive income - - - - - - - (26,603) (26,603) (26,603) Total comprehensive income for the period - - - 10,583,526 - - - (26,603) (26,603) 10,556,923 Balance as at March 31, 2025 2,974,210 22,551,567 500,000 65,209,725 50,944 161,187 12,908 (82,211) 142,828 91,378,330 Retained earnings Other components of shareholders’ equity ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED) SEPARATE FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT The accompanying notes form an integral part of the interim financial statements. 10
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NOTES FINANCIAL STATEMENTS 2025 2024 2025 2024 Cash flows from operating activities Profit for the periods 10,584,017 8,451,462 10,583,526 8,451,054 Adjustments to reconcile profit (loss) to cash receipts (payments) Depreciation and amortisation 7 14,805,469 15,239,790 42,681 58,751 Finance income (118,977) (62,602) (489,047) (571,299) Finance costs 2,080,596 2,300,271 481,440 509,011 Expected credit losses 460,870 554,938 - - (Reversal of) loss for obsolete, decline in value and write-off inventories (11,267) 20,214 - - Reversal of loss on unused equipment 7 (75,601) (8,011) - - (Reversal of) loss on terminate contract assets (1,902) 21,822 - - Loss on sales and write-off of assets 183,627 203,430 49 9 Net unrealised (gain) loss on foreign exchange rate and fair value measurement of derivative assets (82,458) 90,473 (1) (194) Share of profit of subsidiaries, associates and joint ventures accounted for using equity method 5, 6 (248,986) (241,608) (10,449,314) (8,236,027) Employee benefit expense 53,190 53,589 7,891 5,239 Tax expense 2,580,867 1,992,735 7,297 20,445 Cash provided by operation before 30,209,445 28,616,503 184,522 236,989 Changes in operating assets and liabilities Specifically-designated bank deposits 109,901 40,524 - - Trade and other current receivables 648,500 435,670 (431,300) 18,915 Contract assets (55,146) (322,999) - - Inventories 1,636,953 263,000 - - Other current assets 165,700 139,768 (3,967) (442) Other non-current assets (27,574) (192,314) (18,788) 2,030 Trade and other current payables 828,219 574,108 (209,581) (188,989) Unearned income 430,643 (13,621) - - Unearned income - network Equipment Rental (197,764) 1,062,751 - - Advance received from customers (84,113) (63,183) - - Other current liabilities (76,586) 40,506 1,174 144 Other financial liabilities (6,447) (8,770) - - Other non-current liabilities (7,587) 2,975 - - Cash generated from (used in) operations 33,574,144 30,574,918 (477,940) 68,647 Employee benefit paid (67,854) (59,401) (21,179) (13,172) Taxes paid (616,132) (563,284) (10,627) (13,937) Net cash provided by (used in) operating activities 32,890,158 29,952,233 (509,746) 41,538 changes in operating assets and liabilities SEPARATECONSOLIDATED FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT The accompanying notes form an integral part of the interim financial statements. 11
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NOTES FINANCIAL STATEMENTS 2025 2024 2025 2024 Cash flows from investing activities Interest received 56,009 29,309 548,018 714,176 Purchase of property, plant, equipment and other intangible assets other than goodwill (5,808,871) (7,076,540) (789) (442) Proceed from sale of equipment 33,965 5,809 21 5 Payment of spectrum license 9 (4,692,550) (1,758,400) - - Net (increase) decrease in short-term loans to related parties 13 - - (97,250) 808,000 Net increase in long-term loan to related parties 13 (409,250) - - - Proceed from sale of investment in an subsidiary 5 - - 400 - Proceed from capital reduction of investment in an associate 6 243,200 243,200 243,200 243,200 Dividends received 6 8,700 - 352,200 - Net cash provided by (used in) investing activities (10,568,797) (8,556,622) 1,045,800 1,764,939 Cash flows from financing activities Finance costs paid (1,486,863) (1,603,956) (127,105) (314,156) Lease liabilities paid 8 (4,368,105) (4,460,165) (38,427) (38,442) Repayment of short-term borrowings 8 - (5,000,000) - - Proceeds from short-term borrowings from related parties 8, 13 - - 1,800,000 20,000 Repayments of long-term liabilities 8 (4,030,000) (1,808,500) - - Net cash received (paid for purchase) of a subsidiary from non-controlling interest 400 (895) - - Net cash provided by (used in) financing activities (9,884,568) (12,873,516) 1,634,468 (332,598) Effect of exchange rate changes on balances held in foreign currencies (2,079) (2,492) - - Net increase in cash and cash equivalents 12,434,714 8,519,603 2,170,522 1,473,879 Cash and cash equivalents as at January 1, 22,607,069 14,743,575 3,728,525 329,754 Cash and cash equivalents as at March 31, 35,041,783 23,263,178 5,899,047 1,803,633 Supplemental disclosures of cash flow information Outstanding debts arising from investments in capital expenditures, spectrum license and lease liabilities 156,841,220 183,967,716 273,717 112,323 FINANCIAL STATEMENTS ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” UNIT : THOUSAND BAHT CONSOLIDATED SEPARATE The accompanying notes form an integral part of the interim financial statements. 12
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 13 Notes Contents 1. General information and basis of preparation of the interim financial statements 2. Specifically-designated bank deposits 3. Trade and other current receivables 4. Contract assets 5. Investments in subsidiaries 6. Investments in associates and joint ventures 7. Capital expenditures 8. Interest-bearing liabilities 9. Spectrum licenses payable 10. Segment financial information and disaggregation of revenue 11. Tax expense 12. Dividends 13. Related parties 14. Financial instruments 15. Commitments with non-related parties 16. Significant events, commercial disputes and litigations 17. Event after the reporting period
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 14 These notes form an integral part of the interim financial statements . The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language financial statements and were approved and authorised for issue by the Board of Directors on May 6, 2025. 1. GENERAL INFORMATION AND BASIS OF PREPARATION OF THE INTERIM FINANCIAL STATEMENTS Change in Major Shareholding Structure As of March 31, 2025, Intouch Holdings Public Company Limited (“INTUCH”) was a major shareholder, holding 40.44% of the Company’s shares. Subsequently, on April 1, 2025, INTUCH completed its amalgamation with Gulf Energy Development Public Company Limited. As a result of this amalgamation, INTUCH has ceased to exist as a juristic person. A new public company has been established under the name, Gulf Development Public Company Limited. Basis of preparation of the interim financial statements The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis (“ interim financial statements”) in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting, guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission . The interim financial statements focus on new activities, events and circumstances to avoid repetition of information previously reported in annual financial statements . Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidiaries for the year ended December 31, 2024. In preparing these interim financial statements, judgements and estimates are made by management in applying the Group’s accounting policies. Actual results may differ from these estimates. The accounting policies, methods of computation and the key sources of estimation uncertainty were the same as those described in the financial statements for the year ended December 31, 2024. 2. SPECIFICALLY-DESIGNATED BANK DEPOSITS In order to comply with the Notification of the Bank of Thailand applicable to the electronic cash card business, the subsidiaries held deposits at call with banks not less than the subsidiaries’ outstanding balance of advance received from customers which cannot be used for other purposes apart from payments to service providers in the consolidated financial statements as at March 31, 2025 amounting to Baht 470 million (as at December 31, 2024 : Baht 580 million).
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 15 3. TRADE AND OTHER CURRENT RECEIVABLES Trade and other current receivables as at March 31, 2025 and December 31, 2024 are as follows: Unit: Million Baht Note Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Trade receivables Related parties: 13 Trade receivables 221 293 47 47 Accrued income 86 90 746 671 307 383 793 718 Other parties: Trade receivables 11,240 12,659 10 10 Accrued income 6,737 6,325 - - 17,977 18,984 10 10 Total trade receivables 18,284 19,367 803 728 Less Allowance for expected credit losses (1,792) (1,745) (9) (9) Trade receivables - net 16,492 17,622 794 719 Other current receivables Prepaid expense 1,021 1,016 25 21 Value-added tax receivable 57 47 2 2 Others 13 287 231 344 403 Total other current receivables 1,365 1,294 371 426 Total trade and other current receivables 17,857 18,916 1,165 1,145 Unit: Million Baht Consolidated Separate financial statements financial statements 2025 2024 2025 2024 (Reversal of) expected credit loss for the three-month period ended March 31, 516 510 (1) (1)
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 16 Aging analysis for trade receivables are as follows: Unit: Million Baht Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Related parties Current - overdue 3 months 302 381 792 717 Overdue 3 - 6 months 4 - - - Overdue 6 - 12 months - 1 - - Overdue over 12 months 1 1 1 1 307 383 793 718 Other parties Current - overdue 3 months 16,931 17,910 - - Overdue 3 - 6 months 593 616 - - Overdue 6 - 12 months 183 189 - - Overdue over 12 months 270 269 10 10 17,977 18,984 10 10 Less Allowance for expected credit losses (1,792) (1,745) (9) (9) 16,185 17,239 1 1 Trade receivables - net 16,492 17,622 794 719 The normal credit term granted by the Group and the Company ranges from 14 days to 120 days. 4. CONTRACT ASSETS Contract assets as at March 31, 2025 and December 31, 2024 are as follows: (Separate financial statements: Nil) Unit: Million Baht Consolidated financial statements As at As at March 31, December 31, 2025 2024 Current assets Sales of device and monthly service contract 2,802 2,747 Less Allowance for expected credit losses (66) (68) Contract assets - net 2,736 2,679 Unit: Million Baht Consolidated financial statements 2025 2024 (Reversal of) loss on termination of contract assets for the three-month period ended March 31, (15) 7
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 17 5. INVESTMENTS IN SUBSIDIARIES Movements in investments in subsidiaries for the three-month period ended March 31, are as follows: Unit: Million Baht Separate financial statements 2025 2024 Subsidiaries Balance as at January 1, 93,577 67,506 Dividends received during the period (352) (2,537) Disposal of investment in a subsidiary (1) - Share of profit of subsidiaries accounted for using equity method 10,206 8,013 Share of other comprehensive gain of subsidiaries accounted for using equity method (26) (32) As at March 31, 103,404 72,950 6. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES Movements in investments in associates in the consolidated financial statements and separate financial statements for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated financial statements 2025 2024 As at January 1, 12,136 12,218 Share of profit of associates accounted for using equity method 231 226 Dividend received (9) - Capital reduction of investment in an associate (243) (243) As at March 31, 12,115 12,201 Unit: Million Baht Separate financial statements 2025 2024 As at January 1, 11,708 11,772 Share of profit of associate accounted for using equity method 243 223 Capital reduction of investment in an associate (243) (243) As at March 31, 11,708 11,752 On March 6, 2025, the Company received a capital reduction from 3BBIF, amounting to Baht 243 million. As at March 31, 2025, the Company held 19% of 3BBIF’s units.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 18 Movements in investments in joint ventures in the consolidated financial statements for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated financial statements 2025 2024 As at January 1, 276 232 Share of profit of joint ventures accounted for using equity method 19 16 As at March 31, 295 248 7. CAPITAL EXPENDITURES Movements in capital expenditures for the three-month period ended March 31, are as follows: As at March 31, 2025 Unit: Million Baht Consolidated financial statements Balance as at Increase Decrease Balance as at January 1, March 31, 2025 2025 Cost: Property, plant and equipment 345,149 3,036 (3,900) 344,285 Right-of-use assets 142,447 1,421 (1,199) 142,669 Other intangible assets other than goodwill 44,103 1,061 - 45,164 Spectrum licenses 200,063 - - 200,063 Total 731,762 5,518 (5,099) 732,181 Accumulated depreciation and amortization: Plant and equipment (210,247) (6,322) 3,681 (212,888) Right-of-use assets (51,736) (4,229) 1,094 (54,871) Other intangible assets other than goodwill (19,135) (1,025) - (20,160) Spectrum licenses (92,006) (3,230) - (95,236) Total (373,124) (14,806) 4,775 (383,155) Allowance for impairment: Plant and equipment (7,903) (400) 465 (7,838) Other intangible assets other than goodwill (138) - 11 (127) Total (8,041) (400) 476 (7,965) Net book value: Property, plant and equipment 126,999 123,559 Right-of-use assets 90,711 87,798 Other intangible assets other than goodwill 24,830 24,877 Spectrum licenses 108,057 104,827 Total 350,597 341,061
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 19 As at March 31, 2024 Unit: Million Baht Consolidated financial statements Balance as at Increase Decrease Balance as at January 1, March 31, 2024 2024 Cost: Property, plant and equipment 340,443 4,618 (578) 344,483 Right-of-use assets 140,365 2,348 (1,190) 141,523 Other intangible assets other than goodwill 36,128 1,629 - 37,757 Spectrum licenses 200,063 - - 200,063 Total 716,999 8,595 (1,768) 723,826 Accumulated depreciation and amortization: Plant and equipment (194,343) (6,552) 369 (200,526) Right-of-use assets (39,140) (4,507) 1,091 (42,556) Other intangible assets other than goodwill (15,246) (925) - (16,171) Spectrum licenses (78,909) (3,256) - (82,165) Total (327,638) (15,240) 1,460 (341,418) Allowance for impairment: Plant and equipment (6,876) (195) 203 (6,868) Total (6,876) (195) 203 (6,868) Net book value: Property, plant and equipment 139,224 137,089 Right-of-use assets 101,225 98,967 Other intangible assets other than goodwill 20,882 21,586 Spectrum licenses 121,154 117,898 Total 382,485 375,540 Depreciation and amortisation for the three-month period ended March 31, 2025 Million Baht 14,806 2024 Million Baht 15,240
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 20 As at March 31, 2025 Unit: Million Baht As at March 31, 2024 Unit: Million Baht The costs of spectrum licenses are initially recognised at cash equivalent price based on the present value of their acquisition cost. Separate financial statements Balance as at Increase Decrease Balance as at January 1, March 31, 2025 2025 Cost: Property, plant and equipment 1,020 - - 1,020 Right-of-use assets 452 12 (8) 456 Other intangible assets other than goodwill 324 - - 324 Total 1,796 12 (8) 1,800 Accumulated depreciation and amortisation: Plant and equipment (972) (5) - (977) Right-of-use assets (153) (38) 8 (183) Other intangible assets other than goodwill (321) - - (321) Total (1,446) (43) 8 (1,481) Net book value: Property, plant and equipment 48 43 Right-of-use assets 299 273 Other intangible assets other than goodwill 3 3 Total 350 319 Separate financial statements Balance as at Increase Decrease Balance as at January 1, March 31, 2024 2024 Cost: Property, plant and equipment 1,022 1 (1) 1,022 Right-of-use assets 185 113 (29) 269 Other intangible assets other than goodwill 324 - - 324 Total 1,531 114 (30) 1,615 Accumulated depreciation and amortisation: Plant and equipment (953) (6) 1 (958) Right-of-use assets (104) (53) 29 (128) Other intangible assets other than goodwill (321) - - (321) Total (1,378) (59) 30 (1,407) Net book value: Property, plant and equipment 69 64 Right-of-use assets 81 141 Other intangible assets other than goodwill 3 3 Total 153 208 Depreciation and amortisation for the three-month period ended March 31, 2025 Million Baht 43 2024 Million Baht 59
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 21 8. INTEREST-BEARING LIABILITIES Interest-bearing liabilities as at March 31, 2025 and December 31, 2024 are as follows: Unit: Million Baht Note Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Current Short-term borrowings 13 11,999 12,000 11,999 12,000 Current portion of long-term liabilities - Current portion of long-term borrowings 13 7,756 9,099 - - Total current portion of long-term liabilities 7,756 9,099 - - Current portion of lease liabilities 13 14,121 14,805 147 146 Short-term borrowings from related parties 13 - - 9,850 8,050 Total current 33,876 35,904 21,996 20,196 Non-current Long-term liabilities - Long-term borrowings - net 13 17,406 20,091 - - - Long-term debentures - net 67,634 67,631 51,458 51,456 Total long-term liabilities 85,040 87,722 51,458 51,456 Lease liabilities - net 13 87,636 90,004 127 155 Total non-current 172,676 177,726 51,585 51,611 Total 206,552 213,630 73,581 71,807 Under the terms and conditions of the long-term borrowings and debentures, the Group and the Company have to comply with certain restrictions. As at March 31, 2025, the Group had no undrawn long-term borrowing credit facilities. The carrying amounts (gross of issue costs) and fair values of long-term debentures as at March 31, 2025 and December 31, 2024 are as follows: Unit: Million Baht Consolidated financial statements Carrying amount Fair values* As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Long-term debentures 67,680 67,680 69,583 68,711
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 22 Unit: Million Baht Separate financial statements Carrying amount Fair values* As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Long-term debentures 51,500 51,500 53,050 52,283 * Fair values for traded debentures have been determined based on quoted selling prices from The Thai Bond Market Association at the close of the business at the end of the reporting period. Movements of interest-bearing liabilities for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated financial statements Short-term borrowings Long-term borrowings Long-term debentures Lease liabilities Total As at January 1, 2025 12,000 29,190 67,631 104,809 213,630 Cash flows items: Addition - - - 1,421 1,421 Repayments - (4,030) - (4,368) (8,398) Transaction cost (4) - - - (4) Total cash flows items (4) (4,030) - (2,947) (6,981) Non-cash changes items: Termination - - - (105) (105) Amortisation as expenses 3 2 3 - 8 Total non-cash changes items 3 2 3 (105) (97) As at March 31, 2025 11,999 25,162 67,634 101,757 206,552 Unit: Million Baht Consolidated financial statements Short-term borrowings Long-term borrowings Long-term debentures Lease liabilities Total As at January 1, 2024 41,976 34,615 50,653 115,139 242,383 Cash flows items: Addition - - - 2,336 2,336 Repayments (5,000) (435) (1,373) (4,460) (11,268) Transaction cost (5) - - - (5) Total cash flows items (5,005) (435) (1,373) (2,124) (8,937) Non-cash changes items: Termination - - - (87) (87) Unrealised gain on foreign exchange rate - - - (10) (10) Amortisation as expenses 16 2 9 - 27 Total non-cash changes items 16 2 9 (97) (70) As at March 31, 2024 36,987 34,182 49,289 112,918 233,376
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 23 Unit: Million Baht Separate financial statements Short-term borrowings Short-term borrowings from related parties Long-term debentures Lease liabilities Total As at January 1, 2025 12,000 8,050 51,456 301 71,807 Cash flows items: Addition - 1,800 - 12 1,812 Repayments - - - (39) (39) Transaction cost (4) - - - (4) Total cash flows items (4) 1,800 - (27) 1,769 Non-cash changes items: Amortisation as expenses 3 - 2 - 5 Total non-cash changes items 3 - 2 - 5 As at March 31, 2025 11,999 9,850 51,458 274 73,581 Unit: Million Baht Separate financial statements Short-term borrowings Short-term borrowings from related parties Long-term debentures Lease liabilities Total As at January 1, 2024 36,976 5,920 26,477 65 69,438 Cash flows items: Addition - 20 - 112 132 Repayments - - - (38) (38) Transaction cost (5) - - - (5) Total cash flows items (5) 20 - 74 89 Non-cash changes items: Amortisation as expenses 16 - 1 - 17 Total non-cash changes items 16 - 1 - 17 As at March 31, 2024 36,987 5,940 26,478 139 69,544 9. SPECTRUM LICENSES PAYABLE Movements in spectrum licenses payable in the consolidated financial statements for the three-month period ended March 31, are as follows: (Separate financial statements: Nil) Unit: Million Baht Consolidated financial statements 2025 2024 As at January 1, 52,964 64,209 Payments (4,693) (1,758) Amortisation of deferred interest expense 329 414 As at March 31, 48,600 62,865
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 24 10. SEGMENT FINANCIAL INFORMATION AND DISAGGREGATION OF REVENUE The Group comprises the following operating segments: Segment 1 Mobile phone services Segment 2 Mobile phone and equipment sales Segment 3 Datanet and broadband services Information about reportable segments Performance for the three-month period ended March 31, is as follows : Unit: Million Baht Mobile phone Mobile phone Datanet and broadband Total services and equipment sales services reportable segments 2025 2024 2025 2024 2025 2024 2025 2024 External revenue 35,321 34,408 11,146 10,462 9,844 8,423 56,311 53,293 Segment profit before income tax expense 10,432 9,162 400 224 2,333 1,058 13,165 10,444 Reportable assets as at March 31, 2025 and December 31, 2024, are as follows: Unit: Million Baht Mobile phone Mobile phone Datanet and broadband Total services and equipment sales services reportable segments As at As at As at As at As at As at As at As at March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 310,519 306,801 9,170 11,065 112,402 113,566 432,091 431,432 Revenue Disaggregation of revenue The Group recognises revenue from the sale of goods and rendering of services to customers at a point in time and over time by type of goods or main services. The disclosure of segment financial information and disaggregation of revenue for the three-month period ended March 31, are as follows: Unit: Million Baht 2025 2024 Timing of revenue recognition Point in time Segment 2 - Mobile phone and equipment sales 11,146 10,462 Segment 3 - Datanet and broadband services 58 28 11,204 10,490 Over time Segment 1 - Mobile phone services 35,321 34,408 Segment 3 - Datanet and broadband services 9,786 8,395 45,107 42,803 Total 56,311 53,293
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 25 11. TAX EXPENSE Tax expense is recognised based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre - tax income of the interim period . The effective tax rates in respect of operations for the three-month period ended March 31, 2025 for the Group and the Company w ere 19.60% and 0.07%, respectively ( for the three - month period ended March 31, 202 4: the effective tax rates of the Group and the Company were 19.08% and 0. 24%, respectively). 12. DIVIDENDS At the Annual General Meeting of the Shareholders of the Company held on March 25, 2024, the shareholders approved the appropriation of dividend of Baht 8.61 per share. The Company paid an interim dividend at the rate of Baht 4.00 per share on September 5, 2023, therefore the remaining dividend to be paid was Baht 4.61 per share, amounting to Baht 13,709 million. The dividend was paid to shareholders on April 17, 2024. At the Annual General Meeting of the Shareholders of the Company held on March 24, 2025, the shareholders approved the appropriation of dividend of Baht 10.61 per share. The Company paid an interim dividend at the rate of Baht 4.87 per share on September 3, 2024, therefore the remaining dividend to be paid was Baht 5.74 per share, amounting to Baht 17,071 million. The dividend was paid to shareholders on April 10, 2025. 13. RELATED PARTIES Significant transactions with related parties for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated Separate financial statements financial statements 2025 2024 2025 2024 Revenue from rendering of service and equipment rentals Subsidiaries - - 548 525 Gulf Group 17 14 - - Singtel Group 40 54 - - Joint ventures 1 1 - - Associates 113 110 - - Other related parties 173 70 - - Total 344 249 548 525 Dividend received from Subsidiary - - 352 2,537 Joint venture 9 - - - Total 9 - 352 2,537 Sale of property and other assets Joint ventures - 1 - - Finance income Subsidiaries - - 469 568 Associates 10 2 - - Total 10 2 469 568
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 26 Unit: Million Baht Consolidated Separate financial statements financial statements 2025 2024 2025 2024 Other income Subsidiaries - - 10 22 Joint ventures 3 3 - - Total 3 3 10 22 Rental and other service expenses Subsidiaries - - 24 15 Gulf Group 19 13 6 - Singtel Group 97 70 - - Joint ventures 20 17 - - Associates 1,113 909 - - Other related parties 1 2 - - Total 1,250 1,011 30 15 Management benefit expenses Short-term employee benefit 67 41 67 41 Purchase of property, other assets and assets under construction and installation Gulf Group - 102 - - Finance costs Subsidiaries - - 23 18 Associates 734 639 - - - Other related parties 137 201 26 76 Total 871 840 49 94 Dividend paid to INTOUCH 6,904 5,544 6,904 5,544 Singtel 3,980 3,196 3,980 3,196 Total 10,884 8,740 10,884 8,740
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 27 Balances with related parties as at March 31, 2025 and December 31, 2024 are as follows: Unit: Million Baht Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Cash and cash equivalents Bank deposit Other related parties 232 301 - 1 Trade and other current receivables Trade receivables Subsidiaries - - 46 46 Gulf Group 13 9 - - Singtel Group 36 29 1 1 Associates 40 161 - - Other related parties 132 94 - - Total 221 293 47 47 Accrued income Subsidiaries - - 746 671 Gulf Group 10 9 - - Other related parties 76 81 - - Total 86 90 746 671 Total trade receivables 307 383 793 718 Other current receivables Accrued interest income Subsidiaries - - 332 402 Associates 29 19 - - Total other current receivables 29 19 332 402 Total trade and other current receivables 336 402 1,125 1,120 Dividend receivable Subsidiary - - 352 - Short-term loans to related parties Subsidiaries - - 65,245 65,148 As at March 31, 2025 the Company has short-term loans to related parties representing promissory notes at call, bearing interest at the average rate of 2.91% per annum (as at December 31, 2024: interest at the average rate of 2.95% per annum).
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 28 Movements of short-term loans to related parties for the three-month period ended March 31, are as follows: Unit: Million Baht Separate financial statements 2025 2024 Short-term loans to related parties As at January 1, 65,148 85,841 Increase 409 902 Decrease (312) (1,710) As at March 31, 65,245 85,033 Unit: Million Baht Consolidated financial statements As at As at March 31, December 31, 2025 2024 Long-term loans to related parties Associates 1,080 670 As at March 31 , 2025 the Group has long- term loans to related parties representing credit facility agreement, bearing interest at the average rate of 5.00% per annum (as at December 31, 2024: interest at the average rate of 5.00% per annum). The loan will be repayable within November 2026. The loans are unsecured. Movements of long-term loans to related parties for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated financial statements 2025 2024 Long-term loans to related parties As at January 1, 670 185 Increase 410 - As at March 31, 1,080 185
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 29 Unit: Million Baht Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Trade and other current payables Trade payables Subsidiaries - - 7 11 Gulf Group 8 1 - - Singtel Group 38 1 - - Joint ventures 1 - - - Associates 3 3 - - Total trade payables 50 5 7 11 Other current payables Accrued expenses Subsidiaries - - 25 41 Gulf Group 2 4 - - Singtel Group 292 301 - - Associates 6 1 - - Other related parties 37 160 - 1 Total other current payables 337 466 25 42 Total trade and other current payables 387 471 32 53 Lease liabilities Gulf Group 7 9 - - Singtel Group - 4 - - Joint ventures 2 5 - - Associates 73,728 74,804 - - Total lease liabilities 73,737 74,822 - - Dividend payables INTOUCH 6,904 - 6,904 - Singtel 3,980 - 3,980 - Total 10,884 - 10,884 - Short-term borrowings from related parties Subsidiaries - - 9,850 8,050 Other related party 4,000 4,000 4,000 4,000 Total 4,000 4,000 13,850 12,050 As at March 31, 202 5, short-term borrowings from related parties of the Group and the Company represented promissory notes at call, bearing interest at the average rate of 2.44% and 1.42% per annum, respectively, and are unsecured (as at December 31, 2024: interest at the average rate of 2.69% and 1.73% per annum for the Group and the Company, respectively).
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 30 Movements of short-term borrowings from related parties for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated Separate financial statements financial statements 2025 2024 2025 2024 Short-term borrowings from related parties As at January 1, 4,000 9,999 12,050 15,919 Increase - - 1,800 20 As at March 31, 4,000 9,999 13,850 15,939 Unit: Million Baht Consolidated financial statements As at As at March 31, December 31, 2025 2024 Current portion of long-term borrowings from related party Other related party 2,625 1,500 Long-term borrowings from related party - net Other related party 9,875 11,750 Total 12,500 13,250 As at March 31, 2025 and December 31, 2024, the Group has long-term borrowings from related party, bearing interest at the rate of THOR plus margin and semi-annual interest payments with 14 principal installments starting from 2022 to 2028 and unsecured. Movements of long-term borrowings from related party for the three-month period ended March 31, are as follows: Unit: Million Baht Consolidated financial statements 2025 2024 Long-term borrowings from related party As at January 1, 13,250 13,499 Decrease (750) (374) As at March 31, 12,500 13,125
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 31 14. FINANCIAL INSTRUMENTS Classification of financial assets and liabilities as at March 31, 202 5 and December 31, 2024 in the consolidated financial statements are as follow: Unit: Million Baht Consolidated financial statements As at As at March 31, December 31, 2025 2024 Current asset Other current financial asset Forward contracts 32 26 Total current asset 32 26 Non-current assets Other non-current financial assets Investment in equity securities measured at fair value through other comprehensive income 117 117 Interest rate swap 18 31 Investment in debt instrument 2 2 Total non-current assets 137 150 Total assets 169 176 Current liabilities Other current financial liabilities Forward contracts (38) (123) Interest rate swap (2) (3) Total current liabilities (40) (126) Non-current liability Other non-current financial liability Interest rate swap (58) (44) Total non-current liability (58) (44) Total liabilities (98) (170) Total 71 6 Unit: Million Baht Separate financial statements As at As at March 31, December 31, 2025 2024 Non-current asset Other non-current financial asset Investment in equity securities measured at fair value through other comprehensive income 63 63
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 32 Movements of financial assets and liabilities for the three-month period ended March 31 are as follows: Unit: Million Baht Consolidated financial statements Balance as at Change in Balance as at January 1, fair value March 31, 2025 during the period 2025 Current asset Other current financial asset Forward contracts 26 6 32 Non-current assets Other non-current financial assets Investment in equity securities measured at fair value through other comprehensive income 117 - 117 Interest rate swap 31 (13) 18 Investment in debt instrument 2 - 2 Current liabilities Other current financial liabilities Forward contracts (123) 85 (38) Interest rate swap (3) 1 (2) Non-current liability Other non-current financial liability Interest rate swap (44) (14) (58) Total 6 65 71 Unit: Million Baht Consolidated financial statements Balance as at Change in Balance as at January 1, fair value March 31, 2024 during the period 2024 Current asset Other current financial asset Forward contracts 17 111 128 Non-current assets Other non-current financial assets Investment in equity securities measured at fair value through other comprehensive income 124 - 124 Interest rate swap 65 (9) 56 Investment in debt instrument 2 - 2 Current liability Other current financial liability Forward contracts (109) 109 - Non-current liability Other non-current financial liability Interest rate swap (38) (22) (60) Total 61 189 250
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 33 Unit: Million Baht Separate financial statements Balance as at Change in Balance as at January 1, fair value March 31, 2025 during the period 2025 Non-current asset Other non-current financial asset Investment in equity securities measured at fair value through other comprehensive income 63 - 63 Total 63 - 63 Unit: Million Baht Separate financial statements Balance as at Change in Balance as at January 1, fair value March 31, 2024 during the period 2024 Non-current asset Other non-current financial asset Investment in equity securities measured at fair value through other comprehensive income 62 - 62 Total 62 - 62 The following table presents valuation technique of financial instruments measured at fair value in statement of financial position, which have significant changes in valuation technique and unobservable input during the period. Type Valuation technique Interest rate swaps Swap models: The present value of estimated future cash flows, using an observable yield curve. Forward contracts Based on the rates quoted forward exchanged rates from commercial banks at the reporting date. 15. COMMITMENTS WITH NON-RELATED PARTIES Commitments with non-related parties as at March 31, 2025 and December 31, 2024 are as follows: Unit: Million Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Capital commitments Unrecognised contractual commitments Buildings and equipment Thai Baht (THB) 5,130 5,359 - - US Dollar (USD) 97 119 - - SG Dollars (SGD) - 1 - - Service maintenance Thai Baht (THB) 1,991 2,804 29 10 US Dollar (USD) 15 17 - - SG Dollars (SGD) - 3 - -
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 34 Unit: Million Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Services cloud Thai Baht (THB) 3,739 3,739 - - Unit: Million Baht Consolidated financial statements As at As at March 31, December 31, 2025 2025 Non-cancellable operating lease commitments Within one year 54 55 After one year but within five years 20 8 Total 74 63 Unit: Million Baht Consolidated Separate financial statements financial statements As at As at As at As at March 31, December 31, March 31, December 31, 2025 2024 2025 2024 Other Forward contracts 3,683 4,619 - - Bank guarantees: - Spectrum licenses 55,225 60,246 - - - Others 3,513 3,496 31 31 Total 62,421 68,361 31 31 16. SIGNIFICANT EVENTS, COMMERCIAL DISPUTES AND LITIGATIONS The Company 1) 900 MHz subscribers migration to 3G 2100 MHz On September 25, 2014, the National Telecom Public Company Limited (“ NT”) submitted a dispute under Black case No. 80/2557 to the Arbitration Institute, demanding the Company to pay compensation for a breach in the Concession Agreement between the Company and NT, regarding the Company porting its 900 MHz subscribers to the 3G 2100 MHz system provided by its subsidiary. The compensation claimed was Baht 9,126 million bearing interest of 7.5 per annum from September 25, 2014 until the full amount is paid. On March 29, 2016, NT submitted a revision to amend the compensation amount for the period from May 2013 to September 2015, the end date of operation agreement, to Baht 32,813 million plus VAT and interest at 1.25% per month from June 2013 until the full amount is paid. On February 14, 2019, the Arbitral Tribunal dismissed the said dispute by giving the reason which the Company was not in breach of the Agreement.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 35 On May 15, 2019, NT submitted Black case No.951/2562 to the Central Administrative Court to revoke the arbitrament. On September 22, 2023, the Central Administrative Court dismissed NT's request to revoke the arbitration award. On October 18, 2023, NT appealed the judgment by the Central Administrative Court to the Supreme Administrative Court Black case No.Or.2102/2566. The Company’s management believes that the outcome of the dispute should be settled favourably and should not have a considerable impact on the financial statements of the Company . 2) The claim for additional revenue from the 6th and 7th Amendments to the Agreement for operations (“the Agreement”) On September 30, 2015, the Company submitted the dispute Black case No. 78/2558 to the Arbitration Institute, Court of Justice to decide regarding the 6th Amendment dated May 15, 2001 and the 7th Amendment dated September 20, 2002 to the Agreement for operations to conduct business of Cellular Mobile Telephone that the amendments bind the Company and National Telecom Public Company Limited (“ NT”) to comply with the amendments until the expiration of the Agreement for operations and the Company has no obligation to pay for the additional revenue according to the letter claimed by NT to the Company on September 29, 2015 regarding to request the payment of additional revenue in the amount of Baht 72,036 million which NT has claimed that the 6th and 7th Amendments were material which caused NT to receive lower revenue than the rate as specified in the Agreement for operations. On November 30, 2015, NT submitted a dispute under Black case No.122/2558 to the Arbitration Institute to decrease the claimed amount to Baht 62,774 million, according to the percentage of adjustment to revenue sh aring. This case is the same as the dispute under Black case No. 78/2558, so the Arbitration Committee tried these cases together. The Company received the arbitrament from the Arbitration Committee dated January 23, 2020, with a majority vote ordering the Company to pay additional remuneration of Baht 31,076 million at an interest rate of 1.25 percent per month to NT from the day after November 30, 2015, until the full amount is paid. The Company disagreed with the decision, and on April 22, 2020, the Company filed a request for revocation of the award to the Central Administrative Court (Black case No. 1165/2563). On April 23, 2020, NT requested the revocation of the decision made by the Arbitration Committee to the Central Administrative Court that NT’s claim of Baht 31,698 million related to after the claim period (Black case No. 1171/2563). On July 26, 2022, the Central Administrative Court decided to revoke the Arbitration Committee’s verdict because the 6th and 7th Amendments of the Agreement still have a binding effect on the parties. Therefore, the Company does not have to pay for the additional revenue as claimed by NT. On August 24, 2022, NT appealed the judgment by the Central Administrative Court to the Supreme Administrative Court. Accordingly, the dispute has not yet been finalised, but the Company’s management considers that the ultimate resolution of the above dispute should not have a considerable impact on the financial statements of the Company.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 36 3) The Company submitted a claim to the Central Administrative Court for revocation of the National Telecommunication Commission order regarding revenue incurred from the temporary service for 900 MHz customer protection period after the Concession end On May 1, 2017, the Company filed a law suit against the office of the National Broadcasting and Telecommunication Committee (“NBTC office”), the National Telecommunication Committee (“NTC”), the National Broadcasting and Telecommunication Committee (“NBTC”) and 5 other persons to the Central Administrative Court under Black case No. 736/2560 to revoke the NBTC office’s letter and resolution which ordered the Company to pay revenue during the subscriber protection period after the expiration of the Concession agreement from October 1, 2015, to June 30, 2016, amounting to Baht 7,221 million plus interest. On June 15, 2017, the Company received an indictment dated April 21, 2017, in which the NBTC and the NBTC office filed a lawsuit, under Black case No. 661/2560, against the Company for the same amount to the Central Administration Court, ordering the Company to pay revenue during the customer protection period. On June 12, 2020, the Central Administrative Court revoked the NBTC’s order on the grounds that during the 900 MHz’s customer protection period, the Company’s expenses incurred from the service exceeded the revenues generated. On July 8, 2020 and July 17, 2020, the NBTC and the NBTC office appealed to the Supreme Administrative Court. The Company’s management has considered that the Company has complied with NBTC announcement regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations (“Telecommunication Service Agreement”) and the Company was obliged to submit the revenue after deducting any expenses to NBTC office but the Company’s expenses incurred from the service was greater than the revenue. Therefore, the Company has no remaining revenue to submit to NBTC Office as stipulated in the announcement. 4) Claim for the additional revenue sharing from the rental charge for providing transmission services National Telecom Public Company Limited (“NT”) submitted dispute No. A1/2018 dated January 12, 2018, to the Arbitration Institute, demanding the Company pay for the additional revenue sharing from the rental charges of the transmission system from October 2012 to September 2015, totaling Baht 1,121.92 million (including VAT), plus the default interest rate of 1.25% per month. According to NT's views, the Company has to collect the rental charges of the transmission system at the rate specified by NT, which is higher than the rate that the Company charged to the tenant. On December 19, 2022, the Company received the award by the Arbitration Committee to revoke NT’s dispute claims under the reason that such claims regarding the rental charges of the transmission system were disputes in relation to the compliance with the NBTC’s notification and not the disputes in relation to the Concession Agreement. On March 16, 2023, NT sub mitted the request to revoke the Arbitration Committee’s award to the Central Administrative Court as the Black Case No. 516/2566. The case is currently under the consideration of the Central Administrative Court. The Company’s management believes that t he Company has correctly complied with the relating conditions of the Agreement in all respects, therefore the outcome of the dispute should not materially impact the financial statements of the Company.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 37 5) Claim for the usage of colocation, site facilitie s and related equipment rental for assets provided during the temporary customer protection period after the Cellular Mobile Telephone Concession ended On February 15, 2018, the National Telecom Public Company Limited (“ NT”) submitted dispute No. A3/2018 to the Arbitration Institute, Ministry of Justice by Thailand Arbitration Center (“THAC”) to claim for usage fees for colocation, site facilities and re lated equipment rental for assets under Cellular Mobile Telephone Concession during the temporary customer protection period after the Concession ended. The claim amounted to Baht 183.44 million (included VAT) plus the default interest rate of 1.25% per month. On April 5, 2018, the Company submitted a dispute under Black case No .Kor.3/2561 to the Central Administrative Court to revoke the THAC’s order for consideration for dispute No. A3/2018. On April 25, 2018, the Central Administrative Court dismissed Black case No. Kor.3/2561. Subsequently, on May 21, 2018, the Company appealed the dismissal of Black case No. Kor.3/2561. On October 29, 2019, NT filed a petition to the Central Administrative Court to withdraw the dispute from THAC. On February 13, 2020, the Arbitration Committee allowed NT to submit a petition to dismiss the above dispute. On August 13, 2020, the Company received a copy of Black case No. 1746/2563 dated June 30, 2020. Currently, the case is being processed by the Central Administrative Court. The Company ’ s management believes that the Company has correctly complied with the relating conditions of the Agreement and the announcement of the National Broadcasting and Telecommunication Committee in all respects, so the outcom e of the dispute should be settled favourably and will not materially impact on the financial statements of the Company . Digital Phone Company Limited (“DPC”) 1) The claim for the usage /revenue arising from the use of telecommunication equipment and telecommunication network during the temporary customer protection period after the Concession ended On May 20, 2015, the National Telecom Public Company Limited (“NT”) filed a lawsuit against the office of the National Broadcasting and Telecommunication Committee (“NBTC Office”), National Telecommunication Committee (“NTC”), National Broadcasting and Telecommunication Committee (“NBTC”), True Move Company Limited (“True Move”), and DPC to the Central Administrative Court under Black case No.918/2558. The lawsuit asked the defendants to pay fees and compensation for the usage of telecommunication equipment and telecommunication network of NT during the temporary customer protection period, subject to the announcement of NBTC regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations (“Telecommunication Service Agreement”). The fees and compensation were calculated for the period from September 16, 2013, to September 15, 2014. The total amounts are as follows:
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 38 1) NBTC Office, NTC and NBTC amounting to Baht 24,117 million plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 18,025 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 6,083 million plus interest at the rate of 7.5% per annum. On September 11, 2015, NT filed a lawsuit to the Central Administrative Court under Black case No. 1651/2558, claiming for usage fees/revenue from the usage of telecommunication equipment and telecommunication network of NT from September 16, 2014, to July 17, 2015. The total amounts are as follows: 1) NBTC Office, NTC and NBTC amounting to Baht 6,521 million plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 4,991 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,635 million plus interest at the rate of 7.5% per annum. On May 27, 2016, NT filed a lawsuit to the Central Administrative Court under Black case No. 741/2559, claiming for usage fees/reve nue from the usage of telecommunication equipment and telecommunication network of NT from July 18, 2015, to November 25, 2015. The total amounts are as follows: 1) NBTC Office, NTC and NBTC amounting to Baht 2,857 million plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 2,184 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 673 million plus interest at the rate of 7.5% per annum. During December 2019, DPC received a request from the Central Administrative Court to amend the claim amounts in the petition filed by NT on September 24, 2019 to be as follows: Black case No. 918/2558 1) NBTC Office, NTC and NBTC amounting to Baht 5,109 m illion plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 3,651 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,457 million plus interest at the rate of 7.5% per annum.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 39 Black case No. 1651/2558 1) NBTC Office, NTC and NBTC amounting to Baht 4,169 million plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 2,946 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 1,223 million plus interest at the rate of 7.5% per annum. Black case No. 741/2559 1) NBTC Office, NTC and NBTC amounting to Baht 1,858 million plus interest at the rate of 7.5% per annum. 2) True Move, NBTC Office, NTC and NBTC amounting to Baht 1,336 million plus interest at the rate of 7.5% per annum. 3) DPC, NBTC Office, NTC and NBTC amounting to Baht 522 million plus interest at the rate of 7.5% per annum. On April 29, 2022, the Central Administrative Court dismissed the cases against DPC under Black case No. 918/2558 and 1651/2558 for a total requested amount from DPC of Baht 2,680 million. The court ordered NBTC to pay NT Baht 361 million including interest. On May 30, 2022, NT filed an appeal regarding the Black Case No. 918/2558 and No. 1651/2558 to the Supreme Administrative Court as the Black Case No. Or. 1229/2565 and Or. 1203/2565. DPC received a notification from the Supreme Administrative Court on August 18, 2 022 and October 10, 2022 respectively. Currently, the case is under the consideration by the Supreme Administrative Court. On December 28, 2022, the Central Administrative Court dismissed the case against DPC under the Black case No. 741/2559 for a total requested amount from DPC of Baht 522 million. On January 26, 2023, NT submitted the appeal for the decision in the case no. 741/2559 as the Black Case No. Or.347/2566. Currently, the case is under the consideration by the Supreme Administrative Court. The management of the Group believes that DPC has no obligation to pay for the usage fees and compensation from the usage of telecommunication equipment and telecommunication network as claimed by NT due to DPC has complied with the announcement of NBTC. Therefore, the outcome of the disputes should be settled favourably and have no considerable impact to the consolidated financial statements of the Group. 2) The claim for revocation of the National Telecommunication Committee’s (“NTC”) order regarding the revenue incurred from the temporary service during the customer protection period after the Concession ended On November 16, 2015, DPC filed a lawsuit against the National Broadcasting and Telecommunication Committee (“NBTC”) to the Central Administrative Court under case No. 1997/2558. This filed lawsuit revoked the NTC resolution, in which the office of the NBTC demanded that DPC deliver the revenue during the consumer protection period from September 16, 2013, to July 17, 2014, amounting to Baht 628 million.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 40 In the same case, on September 16, 2016, the NBTC and the office of the National Broadcasting and Telecommunication Committee (“NBTC office”) filed a complaint to the Central Administrative Court as the Black Case No. 1441/2559. This complaint reques ted DPC to deliver revenue sharing for the consumer protection period from September 16, 2013 to July 17, 2014. The claim amount was Baht 680 million (including interest up to the submitted date of Baht 52 million) plus interest at the rate of 7.5% per annum of the claim amount from the submitted date until DPC delivers all revenue sharing in full. On September 7, 2018, the NTC issued a letter informing of their resolution to allow DPC to deliver the revenue from the service income during the protection of all subscribers, totaling Baht 869 million. However, the NBTC had ordered DPC to provide a payment of Baht 628 million for the first period, and the remaining amount to be paid is Baht 241 million. Subsequently, on December 7, 2018, DPC filed a lawsuit with the Central Administrative Court to revoke such a resolution of NTC. On June 2, 2021, the Central Administrative Court ordered the merger of the three cases. On March 30, 2022, the Central Administrative Court revoked the NTC’s resolution, which order ed DPC to deliver the revenue from the service income during the protection of all subscribers in the total amount of Baht 869 million. The reason is that DPC had expenses incurred from the provision of services greater than the revenues generated. On April 28, 2022, the NBTC submitted an appeal to the Supreme Administrative Court. Currently, the case is under the consideration by the Supreme Administrative Court. The Group’s management considers that DPC has complied with the NBTC announcement regarding the Temporary Customer Protection Plan Following the Expiration of the Agreement for operations (“Telecommunication Service Agreement”) in 2013 and that DPC is obliged to submit the revenue after deducting any expenses to the NBTC office. However, DPC has expenses incurred from the service greater than the revenues generated. Therefore, DPC has no revenue remaining to submit to NBTC as stipulated in the announcement. Advanced Wireless Network Company Limited (“AWN”) 1) The claim for revocation of the NBTC’s order regarding Mobile Number Portability (MNP) During 2015 - 2020, AWN received an administrative order (“Order”) from the Office of NBTC to pay administrative fines regarding a mobile number portability issue . AWN filed a revocation request of the Order to the Central Administrative Court for Black case No. 1357/2560, which claimed Baht 221 million from AWN, and for Black case No. 2212/2563, which claimed Baht 605 million from AWN. On August 26, 2020, the Central Administrative Court gave a verdict on Black case No. 1357/2560 to revoke that the administrative fines shall not exceed Baht 20,000 per day. As a result, the administrative fines were decreased to Baht 0.82 million. On September 25, 2020, AWN appealed to the Supreme Administrative Court. On September 20, 2024, the Central Administrative Court gave a verdict on Black case No. 2212/2563 to revoke that the administrative fines shall not e xceed Baht 20,000 per day. As a result, the administrative fines were decreased to Baht 1.42 million. AWN appealed to the Supreme Administrative Court on October 18, 2024, to revoke all orders regarding administrative fines.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 41 Currently, both cases are being considered by the Supreme Administrative Court. The AWN's management believes that AWN conducted everything correctly with respect to the relevant agreement terms, therefore the outcome of this case should not have a significant impact on the consolidated financial statement of the Group. Triple T Broadband Public Company Limited (“TTTBB”) 1) In case of charging rental circuit service fee and other contracts from TT&T Public Company Limited (TT&T) On December 7, 2021, the Official Receiver in the bankruptcy case of TT&T ordered TTTBB to pay outstanding debts in the amounting to Baht 1,152 million, including the interest on the principal amounting to Baht 723 million until the settlement is completed. On August 15, 2022, TTTBB filed a petition against this order with the Central Bankruptcy Court and on May 10, 2023, the Central Bankruptcy Court ordered the removal of TTTBB from TT&T's debtor's list through the disposal of such debt out of TT&T’s receivable account. TTTBB paid for the undisputed remaining debt to TT&T in the amount of Baht 75.65 million, and with the interest included, in the amount of Baht 159 million on February 28, 2024. On August 9, 2023, the Official Receiver appealed against the Central Bankruptcy Court's order to the Court of Appeals for Specialized Cases regarding the disputed debts in the amount of Baht 1,033 million, plus the interest on the principal in the amount of Baht 647 million until the payment is completed. On June 10, 2024, the Court of Appeal for Specialised Cases upheld the decision of the Central Bankruptcy Court which ordered to remove TTTBB out of the TT&T’s receivable account, except for some remaining debts to pay in the principal amounting to Baht 0.02 million, including the interest until the settlement is completed. TTTBB paid the debts on August 30, 2024. On July 8, 2024, the Official Receiver filed a petition to the Supreme Court for a permission to appeal and appealed against this order of the Court of Appeals for Specialized Cases. On August 30, 2024, TTTBB filed an objection against the permission to Appeal from the Official Receiver. Currently, the case is under the consideration by the Supreme Court, whether to accept the appeal for consideration or not. The Group’s management beli eves that there should be no significant impact on the overall financial statement of the group of companies. 2) Laying of Optical Fiber on poles of the Provincial Electricity Authority TTTBB has 5 ongoing cases regarding the disputes of the laying of communication cables on the poles under the possession of the Provincial Electricity Authority before receiving permission, with the computable monetary claims in the total amount of Baht 111 million. Currently, the case is under the consideration by the Civil Court. The Group’s management believes that there should be no significant impact on the overall financial statement of the group of companies.
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ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CONDENSED NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 “UNAUDITED” 42 17. EVENT AFTER THE REPORTING PERIOD Related transaction regarding data center business On April 11, 2025, the Board of Directors’ meeting passed a resolution proposing that AIS DC Venture Company Limited (“AISDC”) provide financial assistance in proportion to the shareholding, amounting to Baht 400 million, representing 25% of the total Baht 1,600 million, to GSA Data Center 01 Company Limited (“GSA01”), a subsidiary of GSA Holdings Company Limited (“GSAHLD”). The purpose of this funding is to be used as working capital to support the development of a data center construction project. .