Page 126 - BAM ONE REPORT 2565 (ENGLISH VERSION)

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Management Discussion and Analysis for the year ended 2022
Selected Financial Position for the year ended 2022
Significant items in Balance Sheet (for the year ended December 31, 2022)

Assets
As of December 31, 2022, the Company has total assets of Baht 132,805 million, increasing by 5.5% yoy.
Bangkok Commercial Asset Management Public Co., Ltd.
• The Company has cash of Baht 86 million, decreasing by 13.0% yoy, and interbank and money market
items – deposits at financial institutions of Baht 6,647 million, increasing by 99.4% yoy. This is from the issuance
and offering of debentures for acquiring NPLs from financial institutions.
• The Company has loans purchased of receivables and accrued interest receivables - net of Baht 72,384
million, decreasing by 1.4% yoy. In 2022, the Company acquired NPLs (loans purchased of receivables) from
financial institutions of Baht 8,079 million and NPAs (properties for sale) from financial institutions of Baht 174
million. (As of 2021, the Company acquired NPLs of Baht 3,663 million and NPAs of Baht 6 million)
• As of December 31, 2022, the Company has accrued income from auction sale - net of Baht 12,299
million, increasing by 20.0% from the year ended 2021, due to the increase in collateral auction activities through
the Legal Execution Department.
• As of December 31, 2022, right-of-use assets - net, of Baht 49 million, increased by 497.2% yoy. This is
mainly due to recording software lease of Baht 57 million in Q3/2022.
• As of December 31, 2022, other assets, of Baht 217 million, increased by 41.8% yoy, mainly due to
recording dividend receivables of Baht 95 million. They are dividends from securities held by the Company. Such
securities are not considered as investments in subsidiaries or associate companies.

Liabilities
As of December 31, 2022, the Company has total liabilities of Baht 89,097 million, increasing by 7.2% yoy,
and has the debt-equity ratio or D/E of 2.04 times.
• 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 2,361 million decreased by 33.9% and total borrowings of Baht 10,186
million decreased by 29.6% yoy. This is because of less investment in NPLs / NPAs’ acquisition and
rearrangement of the structure of liabilities according to cost of funds strategy under rising interest rates.
2. Net debentures of Baht 73,005 million increased by 17.5% yoy. This is because the Company issued
and offered debentures to institutional and high-net-worth investors of Baht 17,300 million as follows:
- Debenture No.1/2022 of Baht 9,500 million. They comprised of 4 debentures with tenure ranging
from 2-10 years and interest rates from 2.13% to 4.37%.
- Debenture No.2/2022 of Baht 3,300 million. They comprised of 3 debentures with tenure ranging
from 2.5-8 years and interest rates from 2.88% to 4.08%.
- Debenture No.3/2022 of Baht 4,500 million. They comprised of 4 debentures with tenure ranging
from 1.5-8 years and interest rates from 2.54% to 4.23%.
In addition, the Company repaid 3 debentures which were due in 2022, total amount issued Baht
6,400 million.
• As of December 31, 2022, the Company has accrued interest payables of Baht 656 million, increasing
by 18.7% yoy. This is due to issuance and offering of debentures. Furthermore, the Company’s average cost of
funds is 3.19% (as of 2022: 2.98%).
• The Company has lease liabilities of Baht 39 million, increasing by 2,730.5% yoy, which is the accounting
records in accordance with right-of-use assets.