Page 221 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

7. Finance costs were THB 3,113 million, increased by 5.5% from the same period of last year which mainly from
lease liabilities (Accounting record based on Financial Reporting Standards No. 16 on Lease Agreement)

8. Share of profit of associates and joint ventures was THB 279 million, increased by 111.6% from the same period
of last year mainly due to increasing profits contributed by associates and joint ventures.

9. Tax expense (income) was THB (372) million, decreased by 58.0% from the same period of last year
from the decrease of loss.

Financial Position

1) Total assets as of 31 December 2021 and 31 December 2020 were THB 263,228 million and THB 239,180 million,
respectively, which was an increase of THB 24,048 million or 10.1%. This was substantially due to an increase in
goodwill of THB 10,137 million, mostly from acquisition of COL, investment in joint ventures of THB 4,621 million,
mostly from an investment in Porto Worldwide Limited which has invested in Grab Taxi Holdings (Thailand)
Limited, investment property of THB 2,477 million, inventories of THB 2,220 million, intangible assets other than
goodwill of THB 2,043 million, property plant and equipment of THB 1,705 million (mostly due to the consolidation
of COL business), deferred tax assets of THB 1,433 million, cash and cash equivalent THB 668 million,
while right of use decreased by THB 1,691 million.

2) Total liabilities as of 31 December 2021 and 31 December 2020 were THB 204,147 million and THB 183,465 million,
respectively, which was an increase of THB 20,682 million or 11.3%.This was substantially due to an increase in
short-term loans and long-term loans including current portion of long term debt of THB 4,006 million and
THB 9,680 million, respectively, which mainly from acquisition of COL business and investing in Porto Worldwide
Limited. Trade payables and other current payable increased by THB 5,335 million and THB 1,345 million,
respectively.

3) Total equity as of 31 December 2021 and 31 December 2020 were THB 59,081 million and THB 55,715 million,
respectively, which was an increase of THB 3,366 million or 6.0%. This was substantially due to increase
other components of equity (translation reserve) of THB 5,348 million, while retained earnings decreased by
THB 2,353 million due to dividend paid. Non-controlling interests increased by THB 372 million.

Capital Structure
As of 31 December 2021, the Company’s capital structure comprised of total liabilities of THB 204,147 million,
which included interest-bearing debt of THB 77,567 million (excluding lease liabilities), and total
shareholders’ equity totaled THB 59,081 million. Net interest-bearing debt to equity ratio was at 1.03 times

Statement of Cash Flows
For the full year ended 31 December 2021, the Company reported the cash flows as follows:

1. Cash flows from (used in) operating activities of THB 23,360 million, increased by THB 11,400 million from
the same period of last year. This was substantially due to a decrease of profit after adjusted to cash
THB 1,419 million and changes in operating assets and liabilities being a cause of cash increased by
THB 9,229 million, while tax paid decreased by THB 752 million.

2. Cash flows from (used in) investing activities was THB (22,906) million. Cash flows used in investing activities
increased by THB 14,127 million from the same period of last year. This was substantially mainly due to
the acquisition of subsidiaries, COL, increased by THB 10,641 million and net investment in Joint ventures,
Porto Worldwide Limited, which mainly invested in Grab Taxi Holdings (Thailand) Limited, increased by
THB 4,502 million, while the net decline in the acquisition of current investment amounted to THB 770 million
and net property, plant and equipment amounted to THB 261 million.

Annual Report 2021 (Form 56-1 One-Report) 221