Asefa Public Company (ASEFA) Q3 2024 earnings summary

Executive summary

• Interim financial statements prepared in accordance with Thai Accounting Standards, focusing on new activities and changes since December 31, 2023.

• Main business activities include manufacturing and distribution of electrical power systems and integrated engineering services.

Significant events and developments

• Change in accounting policy for land valuation from cost to revaluation method, resulting in a property value increase of Baht 420.34 million (consolidated).

• Gain on revaluation recognized in other comprehensive income, net of tax, at Baht 336.28 million (consolidated).

• Board approved and executed treasury stock programs and capital reduction to eliminate unsold treasury shares.

• Completion of asset sales and ongoing liquidation of a joint venture under bankruptcy, with court rulings favoring debt repayment to the company.

Capital allocation and financing

• Bank overdrafts and short-term loans from financial institutions total Baht 777.1 million as of September 30, 2024.

• New long-term loan of Baht 92 million obtained by a subsidiary for working capital, guaranteed by the company.

• Treasury stock of 15.7 million shares held at an average cost of Baht 3.81 per share, with Baht 59.86 million appropriated from retained earnings.

• Dividend of Baht 0.19 per share (total Baht 100.69 million) paid in May 2024.