Page 128 - BAM ONE REPORT 2564 (ENGLISH VERSION)

126 Part 1
Business Operation and Performance

Management Discussion and Analysis

Management Discussion and Analysis for the year ended 2021
Selected Financial Position for the year ended 2021

Significant items in Balance Sheet (for the year ended December 31, 2021)
Assets
As of December 31, 2021, the Company has total assets of Baht 125,904 million, decreasing by 4.7% from
the year ended 2020.

• As of December 31, 2021, the Company has cash of Baht 99 million, increasing by 1,913.0 % from the
year ended 2020, and interbank and money market items – deposits at financial institutions of Baht 3,334 million,
decreasing by 56.7% from the year ended 2020. This is mainly because the Company offered debentures to
institutional investors and high-net-worth investors of Baht 12,000 million in Q2/2021 and Baht 3,000 million in
Q4/2021. Also, the Company repaid debentures that matured of Baht 7,000 million from Q1/2021 to Q3/2021.

• In Q4/2021, the Company acquired NPLs (Loans purchased of receivables) from the financial institutions
of Baht 2,285 million and NPAs (Properties for sale) directly from financial institutions of Baht 6 million. There was
a cumulative purchase of NPLs/NPAs of Baht 3,669 million for the year ended 2020.

• On December 31, 2021, the Company has accrued income from auction sale – net of Baht 10,252 million,
increasing by 4.6% from the year ended 2020. This is because Legal Execution Department could resume their
auctions in the second half of 2021. External buyers bought underlying collaterals from the Legal Execution
Department’s auction sale of Baht 7,448 million, and the Company bought underlying collaterals for its portfolio
of Baht 2,836 million. The increase in the external buyer portion is in line with the strategy to let go of most of the
underlying collaterals to third parties.

Liabilities
As of December 31, 2021, the Company has total liabilities of Baht 83,148 million, decreasing by 7.9% from
the year ended 2020.
• Most of the Company's liabilities are debts issued and borrowings which are the significant sources
of funds to acquire NPLs and NPAs. The details are as follows:
1. Total notes payable of Baht 3,573 million decreased by 20.7% from the year ended 2020. This is
because the Company acquired insignificant quantities of NPLs and NPAs in Q4/2021.
2. Total borrowings of Baht 14,470 million decreased by 49.8% from the year ended 2020. This is mainly
from less investment in NPLs / NPAs’ acquisition and repayment of loan due in Q4/2021.