Advanced Info Service : Financial Statement FY2025 (financial statement yearly 2025)

About this update from Advanced Info Service Public Co., Ltd.

Advanced Info Service Public Company Limited and its Subsidiaries Financial statements for the year ended 31 December 2025 and Independent Auditor's Report KPMG Phoomchai Audit Ltd. 50"' Floor, Empire Tower 1 South Sathorn Road, Yannawa Sathorn, Bangkok 10120, Thailand Tel +66 2677 2000 Fax +66 2677 2222 Website home.kpmg/th Independent Auditor's Report To the shareholders of Advanced Info Service Public Company Limited Oyi/iiO/i I have audited the consolidated and sepat'ate financial statements of Advanced Info Service Public Company Limited and its subsidiaries (the “Gioup”) and of Advanced Info Service Public Company Limited (the “Company”), respectively, which comprise the consolidated and separate statements of financial position as at 31 December 2025, the consolidated and separate statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of material accounting policies and other explanatory information. In my opinion, the accompanying consolidated and separate financial statements present fairly, in all material respects, the financial position of the Group and the Company, respectively, as at 31 December 2025 and their’ financial perfoi mance and cash flows for the year then ended in accoi'dance with Thai Financial Reporting Standards (TFRSs). Basisfor- Ofiiitioii conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under those standards aie further described in the Auditor's Responsibilities for the Audit of the Coitsolidated aad Sep ii'ate Fiiiaiicial Stateweiits section ofmy report. I an independent of the Group and the Company in accordance with the Code o/EIltics/oi’ Professional Accoiiiitaiils tire/iicliiig liiclefieiideiice Staitdards issued by the Federation of Accounting Professions (Code ofEthics for Professional Accountants) that is relevant to my audit of the consolidated and separate financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Key Audit Matter s Key audit matter s are those matters that, in my professional judgment, were of roost significance in my audit of the consolidated and separate financial statements of the cuii ent period. These matters were addressed in the context of my audit of the consolidated and separate financial statements as a whole, and iii foi'ining my opinio» thereon, and I do not provide a sepai'ate opinion o» these matters. Revenue i'ecognition Refer to Note 3(q), and 22 to consolidated a nd separate fina ncial statements. The key a udit matter | How the matter was addressed in the audit For the main operating revenues - mobile service, data and internet and sale of equipment, there is arisk around the accuracy and existence of revenue recognition given the coinpiexity of systerris and the iinpact of changing pricing models. In addition, the application of the revenue recognition accounting standard is complex. I consider the accounting treatments i'elevant to the accuracy and existence of revenue recognition as a key audit matter. My audit procedure included the following: Evaluated the relevant IT systems, and the design and implementation and operating e ff ectiveness of automated controls over the capture ofdata and interfaces beñveen relevant IT applications, measurement and billing of revenue, and the recording of entries in the general ledger. Evaluated the process controls over authorising rate changes, new price plans, and the input of this infonnation to the relevant billing systems. We also tested the access conti ols and change management controls over the systems. Checked the accuracy of customer bill genei ation on a sample basis, tested a sample of the credits and discounts applied to customer bills, and tested cash receipts for a sample of customers back to tlieii’ customer invoices. Checked key reconciliationsused by iiianagemeiit front business suppoit systems to billing systems and the general ledger’ to assess the completeness and accui acy ofrevenue. Checked supporting evidence for manual journal entries posted to revenue accounts to identify any unusual items. Challenged the assumptions and key management estimates adopted where revenue is recognized but the invoice has not yet been issued. Assessed the appropriateness of the revenue recognition policies for the products and services offered by the Group in respect of TFRS 15 Revenue JI our comm acts n'itli ciisioiiiei s, including the appropriateness of the transaction pi'ices and their allocation to perfonnance obligations identified within bundled contracts based on stand-alone selling prices. Significant corrnnercial d isputes and litigation Refer to Note 3(p), and 32 to consolidated and separate the financial statements. The key audit matter H ow the matter was addressed in the audit The Group's has a number’ of significant commercial disputes and litigation from which the Group may be exposed to significant losses as a result of any unfavourable outcorrie of such disputes. Significant judgement is requii ed by iiianageinent in assessing the likelihood ofthe outcome ofeach matter and whether the risk of loss is i ernote, possible or probable and whether the matter is considered a contingent liability to be disclosed. Where the risk of loss is probable, management is required to estimate the provision amount based on the expected economic outflow resulting fi oin the disputes and litigation. I consider this as a key audit matter. My audit procedure included the following: * Inquired with the legal department and external legal counsel as to tle progress of the litigation and disputes and their opinion on the possibility of outcomes. Inquired with the management and legal depai tinent regarding the procedures followed to collect and momitor all litigation and disputes. Examined legal expense accounts. Read minutes of meetings of iiiarlagement executives ivlio monitor commercial disputes and litigatio», and cor iespondence between the management and its external legal counsel. Compared the legal department and external legal counsel's opinion o» the possibilities of outcomes to the provisions set up or contingent liability disclosures. Requested management to provide cvi itten representation that all known actual or possible litigation and claims whose effects should be considered when prepai'ing the financial statements have been disclosed to rue. Considered the adequacy of the Group's disclosures in accordance with the related Thai Financial Reporting Standards. Other /i/or inafioii Management is responsible for the other infoi'niation. The other iiifoimation comprises the information included in the annual report, but does not include the consolidated and separate financial statements and my auditor's report thereon. The annual report is expected to be made available to me after the date ofthis auditor's report. My opinion on the consolidated and separate financial statements does not cover the other iiifoi ination and I will not express any form of assurance conclusion thereon. In connection with my audit of the consolidated and separate financial statements, my responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is inatei ially inconsistent with the consolidated and separate financial statements or icy knowledge obtained in the audit, or otlienvise appears to be materially inisstated. When I read the annual report, if I conclude that there is a iiiaterial misstatement therein, 1 am required to communicate the matter to those charged with governance and request that the cor iection be made. Responsibilities ofMciiiageiiieiii arid Those Cliai'ged cvi//i Go»ei’iiaiice for’ the Consolidated aitd Separate Fiiicincial Stafeiiieiits Management is responsible for the prepai ation and fair presentation of the consolidated and separate financial statements in accordance with TFRSs, and for such internal control as management determines is necessary to enable the pieparation of consolidated and separate financia I statements that ai'e fi'ee from material iiiisstatemeiit, whether due to fraud or emor. In preparing the consolidated and sepai ate financial statements, management is responsible for assessing the Group's and the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group's and the Company’s financial reporting process. Auditor's Resyonsibi/ifies foil tlte Audit of the Coitsolidated aitJ Sef›ai’ate Fiiiciiicial Stateiiieiits My objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are fi ee fioin material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assui'ance, but is not a guarantee that an audit conducted in accordance with TSAs will always detect a material misstatement when it exists. Misstatements can arise from fiaud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements. As part of an audit in accordance with TSAs, I exercise professional judgment and maintain professional skepticisin throughout the audit. I also: Identify and assess the i isks of material misstatement of the consolidated and separate financial statements, whether due to fraud or ei ior, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting fioin fraud is higher than for one resulting from enor, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not foi’ the purpose of expressing an opinion on the effectiveness of the Group's and the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that iiiay cast significant doubt on the Group's and the Company's ability to continue as a going concern. If I conclude that amaterial uncertainty exists, I am required to draw attention in my auditor's report to the related disclosui es in the consolidated and separate financial statements or, if such disclosiwes are inadequate, to modify my opinion. My conclusions ai e based on the audit evidence obtained up to the date of my auditor’s report. However, futui e events or conditions may cause the Gi'oup and the Company to cease to continue as a going concern. Evaluate the overall presentation, stiucture and content of the consolidated and separate financial statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Plan and perfoi'in the group audit to obtain sufficient appropriate audit evidence regai'ding the financial infoi'ination of the entities or business units within the Group as abasis for’ forming an opinion on the group financial statements. I am responsible for the direction, supervision and review ofthe audit work performed for purposes of the group audit. I remain solely responsible for my audit opinion. I communicate with those charged with govei nance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with govei'iiance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with govei nance, I determine those matters that were ofmost significance in the audit ofthe consolidated and separate financial statements ofthe current per iod and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation piecludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to ou0veigli the public inter est benefits of such communication. (Sakda Kaotlianthong) Certified Public Accountant Registration No. 4628 KPMG Phooincliai Audit Ltd. Bangkok 3 February 2026 Dxenñ‹r3I, Deeenit›ei- 4I, Current assets 3028 I2S COM W› and ed equivalents 22,607,068,84 6 Specifically-designated bank deposits 580,027,694 Short-fenu investment Trade and oUier current receivables 429 I ,l44,8l6,59 i Contract assets 7 2,639,087,l23 Short-lems loans to related pmaies ?P J'4.02I ,230,000 65.M8,000.000 Current portion oflong-tern loans to a related party 29 I.l0fl,625.000 Liventories 4,I07.d23,3fl 0 5,06G.S22,95y CutreiH Its assets 43,344, I VG 20,8y7.9l y 38,244,y36 OUier current financial assets 30 2,000.000 25,590,332 Other current assets 1S4.002.7J6 l3 I,347,5'20 993,694 52,y03,984,960 50,026,613.949 d6,023,48f,786 70,028,5l9,S43 Ofller non-curreul fi+ ancial assele 30 115.2I5,300 63,I3J.237 9 I28,dd9,0f3,t G7 93,SJ I,048.I98 1nx'estmeiils in associates and joint 'e»Iures 10 ] 2,962.075.602 13,4 I 2,598.260 l3,147.069,82d I 1,708.382,748 Long-term loans Io a related party 29 t2S.000,000 670,375,000 I I I l8,G2G,35I.632 126.998,57 I ,59I 31,791,202 48,207.464 Rignt-of-use assets 12 ’79,89y.34 7.955 90,710.625,8J 3 298,687.906 Goodwill I3 1I.744.479.4 By 11,744,479,457 Other intangible assets oilier than goodwill 27,635.600.6’?2 24,830,224,540 2,835,735 y.90I.89S I4 ion.yos,yJz,sas 08.056.74 3.864 Deferred tax assets 16 6$93.I Sd.642 4,302.243.4 87 477,649,306 47l,407.'703 Oper non I.464.?8t.932 1,528.8&l,i87 73,402,03 I 5l,G09,898 Total icon-cui•rent assets 367,569,232,068 381,405.47 7,370 14t,622,799,OSS 106.22 I ,380.043 Total assefs 420.273,307.028 431.d32.091.319 l8y.64G.284.841 t76,249.899.586 Its at Trade and other current payables RoU siou for rex•cnuc sharing Current poñion oflong-term Cuont portion of spectrum I Current portion oflease liabilities Sh ort-lemi b orro»sug s from Corporate income tax payable Other current financial liabilities l7, 29 43, J63, 132.&17 6 .G I 20, 8 13,37 5.q 343,98 l,511 y, y8,I03.2G3 12,000.000,000 39,662,G0s,J 89 3.360.878,693 4,119 688 23 804 514,206.110 103,549.935, I 4 3 3,095.689,420 3 ,320,304,S2i 7 ,999,0J5,354 129.00 I.438 G,4 l0,000.000 20,g5 4,05 0 ,22 4 t 2 ,000,000,000 2,9I4,020,2 t 7 3 ,230,30J,S22 145,74 J .306 8.050,000,000 2,5,f0 977 59 26.332.620.081 y7,989.0 t2.I35 80,291.26l.S38 37.l22.002,569 60.729.644 7.306,863.809 83, 72t,738.02J 90,004,4 80.053 3.701.264.025 37.441.536.606 43.811.093 8,096 , y9S.032 3 ,S48,636.362 32,042.97t 15 J,682.096 434,32t.931 386,73'/,833 28,38'/,4t 0 28.000,3 t0 230/58,26d, 19S 58,947.0•il,243 52 025.199.6JG She•’el old eis’ eqeig ' Share cagi1at 334.108.19d.438 79 80 t .{01.96’? 38/ S 7,8 t9 .727 4,997 million or dinar yshares of Baht 1.00 each Issued and paid share capital 4,99y, 459 .800 â,99J.489 .800 4,997,459.800 4,99y, 4 *i9.800 £ g$’ 99f' I f S'EZ £ 98‘ 99SI‘ S S '£Z Baht I .00 cach. Fully paid 2 ,9y4,209.336 2 .9y4,209,736 ,974,209 ,?36 2,974.209,736 Share premium on ordinary shares Oliver deficits Deficits arising frorri charge in ownership interest in (669.6 5T,2g2) 22 1j 66# 6? Retained earn np Appropriated legal reserve 500,000,000 500,000,000 TOO.000,000 300,000.000 Unapprop riated 81.683.737, y33 71.696,872,122 8I.682,737,733 7I,696,872.I22 O0ier components o£ simreliold crs’ equity t 36,668,538 t69.4 3 I, I34 t 36.6 €8,S38 169.43I,I34 Total shareb old e+s' eguig• ett+ñbutabte to o¥ners of the Coa+pa+sy j07, j75.52S,592 97,222,42 2,S77 i07,843,182,874 97,892,079.859 Non-controlling interests 104.836,531 10I,472,•I04 - - To‹al sha -el+old e+s’ equity I 07,280,362. 123 97.323,894.981 107,845. I 83,874 97.892,079.859 Total liabilities and shqrefiotders’ equity 420.273.207.028 4 3 I.432,091,319 I 87,646,284,84 1 176,249,899.586 STATEMENTS OF INCOOIE son rna year E«nko nEcc6incn ai, 202S no**s CONSOI I DATED PINAnCML SI'ATEttIENTS 2025 2024 Revenues From r4j dering oFseu’ices and eguipn c4fl rentals Rc’eilue Fron sale oF goods 22, 29 '22, 29 1%,ddñ,OOJ 48 d3707,8?, 8 i q5,993,154,290 38,076,176,678 2.972.874.64 6 2,486,924,206 Total I ea'enucs I26,2ñ3,83},38ñ 2I3,S69530.9G8 2,973,8T4,646 2.486.923.206 Cosrs Cost oFrendering oF semic s and cr|uipotent rentals 23, 29 (94,906,853.899) (99.J34.3l8.3g4) (I.857.157,08d) (t,'75’/,02I,887) Cost oF sale oFgoods (4 1,559.950.032) (35,959,986,250) rota I cost ( 136.466,803,931) 135.394,30fl.634) (1,857, 157.08s) (i ,757,021.887) 89,797,01'7.455 78,175.02d.334 I,1 I 5,717.562 Dist+'tbutioi costs and adininisti-ati¥'e expenses D*sfrifiution cosh {6.0’7J.897.B3'i) (5,758,094.g2S) (876,430$ Adn tnisTralivc expenses '23. 29 (I9,986,Oy0,379) (22,032.310.552) t^ 2,994.807) (35.J93,S?9) Total disti”t6 utlon eosts aofl oflniinistt•ative expenses (26,060,968,2l0) (27.790.605,477) (33,049,203) (36.670,009) Profit from openting actfrlt Yes 63,236.049,24 1 TO.384.420.8S’7 1,062,668,357 693.231.310 Finance intone ?9 350,10S,969 242,300.300 1.586,160,80 I 2, t64,622.497 Olner income 33J.649,963 4d.629,87 7 Share ofprofii otsubsidiaries. associates end joiiii ventures accounted for using tquity method 9. 10 924 04?,308 t0â I,86?308 49.098,328,936 34.207,977.'i08 Net gain on £orcigii exchange rate 273.26y,0y4 28S,63y,646 2,113,660 2. t98.203 Loss front fair vuliie measurement of derivative assets (I 52 036,•i84) (g63S0,769) Finance costs 24. 29 (3,972,848.024) (9, I84,g36.058) ( [email protected] ) T'›-ofit beFot'e lnconse tas 37.S43.895.y*4 43.068.g8g¿T 47.908,8I4.206 35,113.963.4 13 Tox exgciise (9.652,3•i5.302) t?.99 l394283) (32,9l2,490) (38,606,d2S) 47,890.540.423 3ñ,0Tl94,974 47,883,901.7t6 35,075,3S6,Y88 Pi-oFit attributoflle to: Oomers of the Cor ipay 47.885,90 1.716 35,O75,3S6.788 A?.885,90 1,716 35,075,356,788 Non-controlling interests 4.638.706 1.838. t86 P rofil for the years 37.890,5d0,422 35.OF 7, t94.9?4 47.885,901,716 35.075,356,788 E+tunings per share {in Bstit) Z7 Basic earnings Mr share 16.10 I 1.79 J6. TO 11. J9 Diluted earnings per share 16. 10 I 1.79 is. io 11.79 47,890,540,422 (39,469.594) fl7.8 85,90 t,7I6 (3I,070.852) - 7,767,7 l3 7,893,919 20 (3 l ,070,8 5 2) (31,57 J,675) (0(OSI E I) t?, 1ifl,G 42 J (6,3 17,3 14) (9S16g0( (•l08,979,052 ) (2d 1,783,380) 70.B AG.83t 42,658,233 l,267.G38 (3J0,236.833} (205,443 , 4GI) (340,236,833) (205.388,S7 I) (37t .40y,68 i) (237.0 t 8. t3G§ (37l,30?,68S) (336.964,746) 4’?,S I 9.232,737 34.8J0,176,838 47,314,394.03 I 34,838,392,542 4 7,5I 4,S94.03 1 34,838.392,542 47,SI4,'i94.041 34,838,392,543 4, 638.?06 l ,78'4.3fi6 - - 4 T,519.332.73 Y 34,840, I ’76.838 4y.SU.594,03I 34.838.392.543 500.000 - (500.000) • (37.»G1.491.0 t6g 500,000,000 6S.0I4,939,895 50.944.562 Z3,285,0S T Toml otfier Term •EorsT Wwcfien¥ witr ewriev recorded diwcfly - (2B,I 93.089.811) . - (28, l9ñ,089,8T T) - - 36.078.366.788 34.8'7S,0**038 71.696.87..4 50,944.S62 622.862 I2.907,943 (37.T*,358) (55,608,034) - (200.334.780) -500,000,000 622.862 (87.*5*,358) - (28,193.089,81I) - (28.193.0g9.81 J) (S6,6*9,496] {T6,964.246) 974,?09,73 6 ?2,S'i I,SG6.S67 500.000.000 7T.696.872. T 50.944,56* j 6 j . T86.663 T G9.43 T,134 97.592.079,859 Di vibends paid Tetoi tmnsnctioos yith owners, retorted #•rectIy In shsrehol6trs’ equity (37.5GI,49T ,0t6) . . . - (37,S6T ,49J.OT 6) - - - (37.561.49L0t6j - (37,561.491.0 16) C#mpreh tnsive income for ttc year Profit for Tie year . - - 47.547.356.627 (959,624) (fi*.76*,:i9G) 47,fi T 4.594,031 3.974.209.736 22.551.866.867 500,000.000 81.68*,737.733 50,944,562 16t. T56.663 I T.938.? I9 {87.401 .006) T?6.668,538 I 07.545. I S¿674 Otficr comprehensive income (c›rpense) Totsl comprehensive Income for the year B lAnee ns nt December 31, 2025 47,885.901.71 6 (338.545.089) (969.624) 47,Sg5.90 I .716 (32.762,596) (371,307.685) 6t7’tt0’6 E I ’I 6IF' 806't9 t 1 89’98 tI’ 9Z) 2025 22S,989,760 202S {302,604,067 Payment oFs@trun licenses P act Trol› c¥pi4aI red«rtion oF inxeslnjent in an priate Iiet derrea in shon-tern )o«n la a related p ' hot Tn Nei repa3mcue or shon-term borroivlngs Nei procwds (re9n3menis) fmm shon•aemi b orrowiogs from related panics Wet proceed Tram safe {j›ai8 For pur«l «se} oFa s«bs1diag’ From t9 10 iO a9 79 17 17, 29 17, 29 17 2 {2J. I I'4, I TO.OOH) {S9a,0SS,300} 486,400,000 {559.ISO.000) 482, I 96,3 80 (A7,235.272,684) (l6,0S0,032,74I) (I2.000,000,000) T3,272,38I. I67) 500,00o 219.308 2.7u6,70 I, 151 22,607,068,816 25.353,769.967 (25.26 I ,666,609) 25A,29I ,077 1,063.9T6,87S *S,799,9I4 {36,93 I,702.9gJ) (I 7.S24. l34,7l9) {983,8d0) (28,l93.S07,339) (7l,820.567,6S9} 7.B63,493,67I 44,743,575,145 22,607.068,816 l66.OOH.323.875 I.J27.896 (29J,S00,000) 2I ,126.750.000 TI.O3d.610, I fi0 3'4.t0S. I0t.ITB (I 52, 140.25 I) 12.000.000,000} (T,640.000,000) (37.56 T.X9I,0I6) (38.22.5,**0.277) 872 (*.096.972.677) â.y28,524,827 20.693.000,000 6,909,767.835 30,967,? 18, 101 (I.932.9TS.63S) (T<8,746.0J0} 2,130.000.000 (28.I 93.089.8 I I) (28,IH,79I.A76) 7I 3,398,77 I ,236 329,753.59 I 3,728,524,827 Notes I. 2. 3. 4. 5. 6. 7. 8. 9. 10. I I . 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. Conten iz General IIifoi'iiiation Basis of preparation and presentation of the financial stateliieiits Material accounti rig policies Cash and cash equivalents S v ecifically-designatedbal k deposits Trade and other cui ient receivables Contract assets Inventories Investments in subsidiaries Investments iii associates and joint ventures Propei ty, plant and equipment Right-of-use assets Goodwill Spectiuiii licenses Other intangible assets other than goodwill Deferred tax assets Intei”est-hcai”iiig IiahiJities Trade and other cuii ent P ayables Spectrums licenses payable Provisions for employee benefit Share capital Segiiient financial information and disaggregatioii of revenue Expenses by natin e 1 inance costs Tax expense The International Business Centre Earnings per share Dividends Related parties Notes 30. 31 . 32. 33. COllttlliS Financial instruiiients Coiiiiiiitrnents with non-i elated parties Significant events, coi iinercial disputes and litigations Events after the reporting period These motes form an integral part of the financial stateiiients. The financial stateiiients issued for liai statutory and regulatory reporting purposes are prepared in the Thai language. ’Fliese English language financial stateiiierlts ha› e been prepared fi out the Thai language statutory financial stateiiients, and were approvetl and authorised for issue by the Board of Directors on February 3, 2026. GENERAL INFORMATION Advanced Info Service Public Coiiipany Limited (the “Company”) is incorporated in ’Thailand and has its registered office at 4.14 Plialiolyotliiii Road, Sarnsen Lai, Pliayatliai, Bangkok, Thailand. The Company was listed on the Stock Exchange of Thailand in No einber 199.1. As at December 3.1, 2025, Gulf Development Public Company Limited is a inajoi shareholder, holding 40.44% (as at December 31, 2024 : Intoucli Holdings Public Company Limited (“lNTUCH”) was a iiiajor sliai'eliolder, holding 40.44%) of the authorised share capital of the Coiiipany and is incorpoi ated in Thailand and Singtel Strategic lnvestiiients Pte Ltd. is a shareholder, holding 24.76% (as at December 3.1, 2024: 23.31 %) of the authorised share capital of the Company and is incorporated in Singapore C/Gauge in !'1ajoi SlirireliolHiiig Sli'iiclwe liitouch Holdings Puñlie Coiiipany Limited {“IN TVCVI”) was a rnnjor shareholder; holding 40.44% of the Coiu)iany’s shares until March 3.1, 2025. Subsequently, on April 1, 2025, INTUCH completed its aiiialgainatioii with Gulf Enei gy Development Public Company Lim ited. As a result of this amalgamation, INTUCH has ceased to exist as a juristic pei son. A new piiblic company has been established under the name, Gulf Development Public Company Liiiiited. The iiiajor principal business operations of the Coiiipnny ai'e to provide consulting and inaiingemeii t services to its subsidiaries. The principal business operations of the subsidiaries (the “Group”) are sinnrn arised as follows: Advanced Wireless Network CoiiiJiany Limited. (“AWN”), a subsidiary, has been granted permission front the Office of the National Broadcasting and Teleconnunications Coiiiinission (“NB TC”) to operate and service u Cellular Mobile Telephone Network. AWN can use the granted fiequencies tinder each Iicense's conditions to use the specti'iiin and is obliged to pay for the license fee at the bid price and comply with various conditions of various fiequency bands as follows: Fi'equency 700 MHz Range 723 - 733 hlHz arid 778 - 788 MHz 733 - 738 MHz and 788 - 793 1'fHz StR i't January 15, 2021 April 1, 2021 Enil Jaiuiary l4, 2036 MaLcli 31, 203.6 738 - 743 MHz and 793 - 798 MHz Oclohei 24, 2023 Mai cli 3.1, 203/i 900 4IHz 895 - 905 l'vlHz and 940 - 950 MHz July 1, 2016 June 30, 2031 1.800 MHz 1725 - 1740 MHz and 1820 - 1835 Ml4z November 25, 2015 September 15, 2033 1.740 - 1745 MHz and 1835 - 1840 lvlHz Septeluber 24, 2018 September 15, 2033 2100 lvfHz 1950 - 1965 MHz and 2140 - 2155 MHz Decent her 7, 20.12 December 6, 2027 1965 - 1980 MHz and 2155 - 2170 MHz August 4, 2025 August 3, 2040 2600 MHz 2500 - 2600 MHz Febi uary 21, 2020 February 20, 2035 26 GHz 25.2 - 26.4 GHz Febi uary 18, 2021 Februaq' 17, 2036 Super broadband Network Company Limited (“SBN”), a siihsidiary, has been granted pei'iiiission fi oin the Office of the National Broadcasting and telecom inunications Commission (“NBTC”) under the broadcasting netivoi'k license for national non-frequency business. The license certificate (the “License”) No. B I -N2l33 1-000 1-60, dated on March 20, 2017, will expii e on March 19, 2032. In addition, SBN has been granted licenses from NBTC for the operation of television broadcasting service oIi several channels for the period of 1 - 8 years each. SBM is obliged to comply with various conditions and pay fees u'itliin the tiiiie period as specified in the License. CS Loxlnfo Public Company Limited (“CSL”), an indii ect subsid iary, has been granted permission from the Office of the National Bioadcasting and Telecorinnunicatioiis Coinmission (“NB DC”) under the Telecom Operation License type I and type II to oper ate internet data centres, 1›‹ vide inter net and satellite uplink-downlink services for domestic and international coiiiiiitinications and distribute internet equipiiieiit. AD Venture Public Company Limited (“ADV”), an indirect subsidiary, has been granted permission froiii the Office of the National Broadcasting and Telecommunication Coniiiissioii (“NB TC”) under the Telecom Operation License type I to operate short message service— SMS. Triple T Broadband Public Company Limited (“TTTBB”), an indirect subsidiary, has been granteil permission from the Office of the National Broadcasting and Telecommunications Commission (“NBTC”) irnder the Telecom Operation License type I and type III to operate internet service and telecoiii network services, resale of rnobiIe phone and voice over internet phone services. Triple T Internet Company Limited (“TTTI”), an indirect subsidiary, has been granted permission from the Office of the National Broadcasti rig and elecoiii iiiurhcations Courier ission (“N8TC”) tinder the Telecom Operation License type I to o|ierate resale of fixed line service, resale of leased circuit sei vice and resale of mobile phone service. Accoi ding to the conditions specified by NBTC, provided that the authorised licensee is not in significant violation of the conditions specified iii the license, GB 1“C will consider renewi rig the license as a normal procedine. Details of subsidiaries, associates and joint ventures as at December 31, ai e as follows: Nfliii c of the ciitiIits Dii-eet sum.sidiai'i cs Advanced Contact Center Cona|›any Limate.d Service }›rovider of cal1center ’l'llailand 2025 99.99 2024 99.99 Digital PIiorie Coiiipany Liiiiited Ceased irioGile pmone operation Adva iced g'Ia°pie Card Company' I-iijjited Ceased providiiig electroJ4ic payIntent netu'ork senuces Tlei)a»d 98 Walad 9979 90.5 99.99 Advanced hIpay Company Linjited E 1cclrouic money and ct chronic payment service provider aijd prepaid cards 4 hailand 99.99 fifi.99 AIN Global Conan Cont palsy Linjited Service Pro ’idcr of” internalional tcle|›IJoie T]jailand 99.99 99.99 Advanced Virelcss Network Coiljpany Limited Service pro›'idcr oI cellular telephone network, distributor of handsets and iiJternaiional telcpl one service, network operator, telecom nunicat ion service operator and internet Thailand 99.99 99.9fi Super nroadband Network Co»Jparry Limited Net x'orf operator and telecom service operator, includiJig as set'ice provider of broadcasting network and teievision broadc astilig sein'ice several channels AIS Digilal Lit‘e Cont pan} 1.Omited Service proc ider of digital pt atforril Thailand Thailand 99. 99 99.99 99. 99 99.99 ADVANCED INKO SERVICE PUBLIC COMPANY’ LIGHTED AND ITS SUBSIDIARIES NOTES TO Tirc riNANCiAL STATEAIENTS roR TiIE YEAR ENDED DECEJIBER 31, 2025 Fax Lite Company Limited MIMO Tech Company Limited 2025 Service provider oF operalion in space, land Thailand 99.98 and building seo'ices. and related tacit ities Developer ofIT systems service provider of Thailand 99.99 conte zl aggregator and oukouming service For billing and colleclion (%) 202A 99.98 99.99 Advanced Broadband Network Company Liiiiited Advanced DigiiH Distribuiion Company Limited LearnDi Company Limited AIS DC Venture Company Limited G-GIS Company Limited (formerly' : AiS Broadband Co npaiy Limited) Indirect subsldiaries As a holding comfy Service pmvider of insurance broker Service provider of training Asa holding company As a holding company Thailand 99.99 Thailand 99.99 Thailand 99.99 ’Thailand 99.97 Thailand 99.99 99.99 99.99 99.97 99.98 CS Loxlnfo Public Company Limited Service provider pt internet data center services, internet and distribute internet equipment Thailand 99,/7 ’ 99.77’ Teleinfo Media Public Coil pany Limited l2ervice provider oFthe online ad’ertising and TI eiland being the ou aaurced contact eel lcr 99.99 ’ 99.99 ' AD Venture Public Company Limited Yellow Pages Coinmerce Company Limited Triple T Broadband Public Company Limited Triple T fnten et Company Limiled In Cloud Company Limited Three DB Company Limited Service provider of›nobilc contents, develop apglicalion and digital marketing Service provider of online advertising business Voice communication and broadband Internet data service provider Internet service providcr Sofhvare development. distribution and general sofhvare sen' ce provider and software Supporting High-Speed internet scrvice Online Domain I anJe provider Thailand Thailend Thailand Thailand Thailand Thailand 99.99 ' 99.94 ' 99.87 ' 99.86 ’ 99.86 ' 99.87 ' 99.99 ’ 99.94 ' 99.87 ' 59.86’ 99.86 ’ 99.87 ' Service provider of trsnsn ission network yJ,gJjp 29.00' 29.00 ' Cltoco Card G»terprise Company Limited DalaFarm Company Limited Swift Oy'nainics Con paiy Lin ited 3BB Internet Infrastructure Fund GSA Holdings Company Limited Thai Trinity Holding Compan}‘ Limiled Joint Ventures AnnalaNetwork Company Limited Develop a custom er relationship management syctei» Service provider of information system security Service provider of IoT technology Infrastructure busitjess fund As a holding con Can}' As a holding company' ' of fibe ro p v {; i p de p r $ o p$ f , i p n t f p rastructure develops Thailand Thailand Thailand Thailand Thailand Thailand Thailand 17.35' 25.00 ' 16.67 ' 19.00 25.00 '" 39.00 60.00 ' I 7.35 ' 25.00 ' t667' 19.00’ 25.00 "' 60.00 ' Salsa Advance Network Company Limited Service provider of infrastructure developer Thailand of fibre optic network 70.00 ' 70.00 ’ G-AIS Company Limited (Formerly : AIS Service provider old lgital platform and Broadband Company Limited) cloud-based services Ti ailand SO.00* ’ % ownership interest in indirect subsidiaries, associales end joint ventures are presented by owiership inlerest held by subsidiaries. Sec Note 10. The company received approval from (be BaJ4k oFW4ailaitd to cease its clecfronic pa}nent services business, c feclive front kccmbcr 11, 2025. DASIs Fon rREPARATION AND PRESENTATION OF THr FINANCIAL STATEMENTS The financial statements are prepared in accoi dance with Thai Financial Reporting Standards ("TFRS”), guidelines proiiiulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. the financial statements are presented in Thai Balit, which is the Company's functional cui iency. The accounting policies, desci ibed in the note 3, have been applied consistentl y to all periods presented in these financial statements. The gi e|›ai ation of financial statements in coiformiLy with TFRS iequiies managcnJcnt to make jiidgeii ents, estii rates and assumptions that affect the apj›IicatioM of the Gi out's acco‹iiiting |›olicics. Actual results my diffel’ front these estimates. Estii rates and ‹mdci lying assumptions that are dcsci-ibed in the note 3 aie i evieved on an ongoing hasis. Revisions to accounting estiM ates aie recognised piospectively. MATERIAL ACCOUNTING POLICIES The fi nancial statements have been prepared under the measurement basis of historical cost except as disclosed in the iiiaterial accounting policies as follows: («) Basi.v of coasoli‹hitioii The consolidated financial stateiiieiits ielate to the Coiiipany and its subsidiaries (together refeiied to as the *Gi otip”) and the Group's interests in its associates and joint ventures. Dir.siitess coiiibiiiatioiis The Groiip and the Company apply the acquisition method for all business combinations when control is transferred to the Group other than those with entities tinder connon control. Control is the power to govern the financial and opcrating policies of an entity so as to obtain benefits from its activitIC'S. In assessing control, the Gi oup and the Company take into consideration potential voting rights that currently are exercisable. The acquisition date is the date on which control is tiansfei ied to the acquirer. Judgement is applied in determining the acquisition date and detei ruining whether control is transfer ed from o l ieparty t o another. Goodwill is measured as the fair value of the consideration transfer ied including the recognised aiiiount of any lion-controllirig interest in the acqtiii ee, less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all iiieasured as of the acquisition date. Consideration transferred inclutles the fair values ofthe assets transfers ed, liabilities incurred by the Group and the Company to the previous owners of the acquiree, and equity interests issued by the Group and the Company. Consideration transferred also includes the fair value ofany contingent consideration and share-based l› ayrnentawards of the acquiree that ai'e replaced nian‹Jatorily in the business coiiibination. If a business combination results in the termination of pre-existing relationships between the Group and the Company and the acquiree, then the lower of tire terror ination amount, as contained in the agreement, and the value of the off-market element is deducted fi'om the consideration transfer red and recognised in other expenses. A contingent liability of the acqui iee is assumed in a business coiiibination only if stich a liability represents a present obligatlon ated arises troiii a past event, and its fair value can be iiieasured reliably. 3’lie Group and the Company measure any non-controlling interest (NCI) at its proportionate interest in the identifiable net assets of the acquit ee. 1ransaction costs that the Group and the Company incur in connection with a business cornbination such as legal fees, other professional and consulting fees are expensed as iiicuiied. Business coiiibinations of entities or busiliesses tinder coiiiiiion conti ol are accounted for using amethod sink ilar to the pooling of interest method and in accordance with the Guideline issued in 2009 by the Fcderation of Accounting Professions. Subsidiaries ai'e entities controlled by the Group. rhe Group controls an entity when it is exposed to, or has rights to, vai'iable returns froiii its involvement with the entity and has the ability to atfect those retui us through its power over the entity. fire financial statements of subsidiai ies are included in the consolidated financial statements from the date on which control coiiiiiiences until the date on which control ceases. Loss o{coiiii ol V'lieii the Group loses control over a subsidiary, it derecognised the assets and llabilities of the subsidiary, ard any related non-controlling inter ests and other components of equity. Any iexulting gain or loss is recognised in the statement of profit or loss and the statement of profit or loss and other comprehensive income. Any inter est retained in the former subsidiai y is iiieasin ed at fair value when control is lost. liileresls in eqai) - uccoiinled iiivestees The Group’s interests in equity-accounted investees comprise interests in associates and joint ventiues. The Corn}ian) ’3 interests iii equity-accountedinvestees corRlarise interests in subsidiaries, associates and joint ventin e. An associate is an entity in which the Group has significant influence including in case of the representation on the board of director s or equivalent, material transactions between the Ciroup and its investees, an investor holding less than 20%, but not control or joint control, over tile financial and operating policies. A joint venture is a joint aiiangernent whereby the parties that have a joint control at i angeiiieiit and have rights to the net assets of the ai“iangernent. Interests in associates, siibsidiaries and joint ventures are accounted foi rising the equity method. They arc recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated and sepai'ate financial statements include the Group's and the Company's share of pi'ofit or loss of equity-accountedinvestees in the profit or loss and other comprehensive income, until the date on which significant influence or joint control ceases. "transections eliiiiimaged oii coiisolidatioii Intra-group balances and transactions, and any unrealised income or expenses arising from iiitra-group transactions, are elirrñnated in pieparing the consolidated financial statements. Uni ealised gains arising front transactions with equity-accounted investees are elimitated against the investiiieiit to the extent of the Group's interest in the investee. Unrealised losses ai'e eliiiiinated in the saiiie way as iiiii‘ealised gains, brit only to the extent that there is no evidence of impairment. (h) Foi'eigii curi'eiicies 1 ransactions in foreign ermi encies are ti anslated to the functional cuiiency (Thai Baht) of the Group at the dates of the transactions. Monetary assets and liabilities denoiu inated in foi'eign currencies at the i eporting date are translated to the functional ciiii ency at the foi'eigIi exchange rates ruling at that date. Foreign exchange differences arisirig on translation aie recognised in the statement of pi ofit or loss. Non-monetary assets and 1iabilities iiieasiired at cost in foreign ciii iencies are translated to the functiolial currency rising the foreign exchange rates i tiling at the dates of llie ti ansactions. Fiiiyiiciitl i+is/i'iiiiieiiM Financial assets and financial liabilities are recognised in the Group and the Coiiipany consolidated statement of financial position and separate statement of financial position when the Group and the Coiiipany becomes a party to the contractual provisions of the instrument. Financial assets arid financial liabilities are initially mezsiired at fair value. Transaction costs that are directly atti ibiitable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial 1iabilities at fair value though profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropi rate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised iiniiiediately in profit or loss. Financial assets All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, dependl i4g Oh the classification of the financial assets. Classificniioii offinnncinl novels Debt instruiTlents that iiieet the following coliditions are iiieasured subsequently at arpoi tised cost; The financial asset is field within a business iiiodel whose objective is to hold financial assets iii oi'dei to collect contractual cash flows; anal The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal aiiiount outstanding. By default, all other financial assets ai e measured subsequently at fair value through profit or loss (EVTPL). Despite the foregoing, the Group and the Company may make the following iiievocable election designation at initial recognition of a financial asset; the Group and the Coiiipany rnay ii ievocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met (see (2) below); and The Group and the Company rHay irrevocably designate a debt investment that meets the amortised cost or FVTOCI ct iteria as measured at FVTPL if doing so cliintirades or signif cant y i educes an accounting inisiiiatcli (see (3) below). Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrriiiient aid of allocating interest i ncome over the relevant period. Interest income is recognised in profit or loss and is included in the “finance income” line item. Equity instruments classified as at FVTOCI On initial recognition, the Group anal the Company iiiay make an inevocable election (on an instrument-by-instrument basis) to designate investments in equity iI4Struments as at FVTOCI. Designation at FVTOCI is not per in itted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination. Irivestiuents in equity instruments at FVTOCI are initially measured at faii › altie plus transaction costs. Subsequently, they ai e measured at fair value with gaius and losses arising from chan g es in fair value recognised in other coiiipreliensive income dnd accumulated in the investments revaluation i eserve. The ctiiiitilative gain or loss is not be classified to profit or loss on disposal of the equity inestinents, instead, it is transfeii eel to retained earnings. The Gi oup and the Company' have designated all investments in equity instruiuelits that are not held for trading as at FVTOCI on initial application of TFRS 9. r iiiancial assets at FVTPL Finalicial assets that do not meet the criteria for being measured at amortised cost or FVTOCI (see (1) to (2) above) arc rpeasiued at FVTPL. Financial assets at FVTPL ai e measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss to the extent they are not part of a designated hedging relationship (see hedge accounting policy). The net gain or loss recognised in profit or loss and is included in the “gain (loss) fi orn fair value measurement of dei ivative assets” line iteiii. Fair value is determined in the manner desci ibed in Note 3(v). l'lie Group and the Cornpany recognise a loss allowance for expected credit losses on trade ieceivables and contract assets. The aiiiount of expected credit losses is updated at each reporting pei iod date to reflect changes in credit iisk since initial recognition of the respective financial instrument. The Group and the Company always recognise lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision iiiatrix based on the Group and the Company's historical credit loss experience, adjlisted for factors that are specific to the debtors, general ecoiiorn ic conditions and an assessment of both the cun ent as well as the forecast direction of conditions at the i epoi ting date, including tirHe value of iiioney where appropi iate. Lifetime ECL represents the expected credit losses that 'ill result from ail possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion ofIifetiine ECL that is expected to result froiii default events on a financial instrument that are possible within 12 iriontlis after the reporting date. Write-off policy The GrouJi and the CoiT1}iany write-off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic pros}iect of recovery. Financial assets written-off may still be subject to enforcement activities under the Group’s and the Companys recovery procedures, taking into account legal advice where appropriate. Any recovei ies iiiade are recognised in piofit or loss. Measurement and recognition of expected credit losses The rneasureiiient of expected credit losses is a function of the probability of default, loss gi› en default and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forwai d-looking information. As for the exposure at default, for financial assets, this is represented by the asset's gross carrying aiiiount at the reporting date. lf the Group and the Company have iiieasured the loss allowance for a financial instrument at an aiiiount equal to Iifetiiiie CCL in the previous ieporting period, but detei mines at the ciiii ent reporting date that the conditions for lifetime KCL aie no longer met, the Group and tiie Company measure the loss allowance at an amount equal to 12-month ECL at the cui ient reportirig date, except for assets foi 'hich sirnpt ified approach was used. Financial liabilities All financial liabilities are iiieastired subsequently at amortised cost using the effective interest method or at FVTPL. A financial liability iiiay be designated as at FVTPL upon initial recognition if; Such designation eliiiiinates or significantly reduces a iiieasiireirlent or recognition inconsistency that would otherwise arise; or » The financial liability is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s and the Company's documented risk management or investment strategy, and information about the s ouping is provided internally on that basis. Financial liabiIities measured subsequently at aiiiortised cost. ’flic effective interest rHethoJ is a method ofcalculating the aniortisetl cost of a financial liability and of allocating interest expense over the relevant period. The effective inter est rate is the i ate that exactly discounts estimated future cash payments (including all fees and points paid or ieceived that form an integral part of the effective iliterest rate, transaction costs and other premiums or discounts) though the expected life of the financial liability, or (where appi opriate) a slioi ter period, to the arnortisetl cost of a financial liability. Derivative finnncinl insti'uments The Group and the CoiiiJiany enter into a varied' of derivative financial instruments to iiianage its exposure to interest rate and foreign exchange i'ate risks, including foreign exchange forward contracts and intei est rate swaps. Derivatives are recognised initially at fair value at the date a derivative contract is entered into and are siibsequcntl y i-eineasui ed to their fair value at each reporting date. The resulting gain or loss is i ecognised in profit or loss iiiiiiiediately unless the derivative is designated and effective as a hedging instrriiiient, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A dci ivative with a positive fair value is iccognised as a financial asset wlieicas a derivative with a negative fair value is recognised as a financial 1 iability. Derivatives aie not offset in the financial statements. A derivative is presented as a non-cui i ent asset or non-cum ent liability if the iernaining maths ity of the insti'iiiiient is more than 12 months and it is not expected to be realised or scttled within 12 months. Other derivatives are presented as cuii ent assets or cuirent liabilities. Hedge accounting The Gi oiip designates cei tain deiivatives as hedging instininents in i espect of interest rate risk in cash flow hedges. At the inception of the hedge i elationsliip, the Group docuiiients the relationship betveen the hedging instrument and the hedged iter», along with its risk management objectives and its strategy for undertaking various hedge transactions. Further iiiore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging insti uiiient is effective in offsetting changes in fair valite or cash fiows oY the hedged item attiibutabJe to the hedged risk, xyhieli is wheat the hedging relationships iiieet all of the folloiving hedge effeCtiveIiess requirements; There is an econoliñc relationship between the hedged item and the hedging instrument; The effect of credit risk does not doininate the value changes that result from that economic relationships; and + 4’lie hedged i atio of the hedging relatlonsliip is the same as that resulti rig from the quantity of the hedged items that the Group actually hedges and the quantity' of the hedging instrument that the Groiip actually uses to hedge that quantity of hedged iten Iiilei'esl rate hencliiiicii'k i'efoi-iii When the basis of detcrrn ining the contractual cash flows of a tinnncial asset or financial liability measured at amortised cost changed as a result of interest rate benchmark reform (1BOR reform), the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by IBOR reform. If there were atiy other additional changes, the Group applied tl 1e p C t licies on accoun ‹ ^g *° i l l o dificationsto those changes. When the basis for determ ining the contractual cash flows of the hedged item or hedging instrument changes as a iestilt of IBOR reforms and ther efore there is no longer uncertainty arising about the cash fiows of the hedged item or the hedging insti'uinent, the Group amends the hedge documentation of that hedging relationship to reflect the changes required by 1BOR refoi'iii. For this purpose, the hedge designation is amended once the following changes: designating ate altei-iJative heic1Jmaik i ate as the hedged i isk; updating the description of the hedged item, inclriiling the description of the designateil r rtion of the cash flows or fair value being hedged The Group amends the formal hedge documentation by the end of the reporting period during which a change required by IBOR reform is Nlade to the liedge‹l risk, hedge iteiii or hedging instrtiiiient. ’l'liese ainendiiients in the format hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationsli ip. lf changes are made in adilition to those changes required by IBOR reform, then the Group first consider s someflier those additiofial changes resvlt iii the discoiitiiiuatioii of the hedge accounting relationship. If the additional changes do not result in the discontinuation of the hedge accounting relationship, their the Group aiiiends the foriiial hedge documentation for changes required by IBOR reform as mentioned above. When the interest i ate benchmark on which the hedged futtii e cash flows had been based is changed as required by IBOR i'eforrn, for the puipose of determining whether the hedged future cash flows are expected to occiii , the Group deems that the hedging reserve recognised in OCI foi- that hedging i elationship is based on the alternative benchmark rate on which the hedged future cash floivs will be based. Ca.sly fio› r hedges The effective portion of changes in the fair value of derivatives and oilier qualifying hedging insti iirneiits that are designated and qualified as cash flow hedges is recogniserl in other comprehensive income. The Group designates only the change in fair value of the spot element of interest rate swap as the hedging iiistruiiient in cash fioiv hedging relatioiisli ips. The change iii faii value of the forward element of interest i ate swap is recognised in a cash flow hedging reserve within equity. For all other hedged forecast transactions, the aiiioiint accumulated in the cash flow' hedging reserve is reclassified to profit or loss in the same period or periods during which the licdged expected fixture cash flows affect pi'ofit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument iS SOld, expired, is ter urinated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is disconti iiiied, the amount that has been accumulated in the cash flow hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows ai e no longer expected to occur, their the amounts that have been accuiiiiilated in the cash flow hedging reserve are iiiirnediately reclassified to profit or loss. (‹I) Cash ayil cash equivalents Cash and cash equivalents comprise cash, cash at banlts being types of ctiri ent accounts, saving accounts and fixed accounts not exceeding 3 months, excluding cash at banks used as collateral, and highly liquid short-terns investments with original maturities of three months or less. (e) Ti’ tile rural other’ ciiri'eiil i eceiuuhles Ti ade and other cmrent receivables are stated at cost less allowance for expected credit losses. The allowance for expected credit losses has disclosed in Note 6. (g) (li) lii›'entoi'ies Inventories comprise mobile phones, sirn cards and spar e parts used foi repairs and services. Inventories are stated at the lower of cost and nct realisable value. The Group’s and the Company's cost of inventories are calculated by using iiioving weighted average iiietliod. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to coiiiplete and to make the sale. Im'estiii eiits in siibsicliai res, associcites aiicljoint »enlures In 'estnients in subsidiaries in the separate financial stateiiients of the Company' and lnvestluents in associates and joint ventures in the consolidated and sepai-ate financial stateiiients are accounted for using the equity method. Fixed deposit at bank is classified as part of cuirent investment with maturities over three iiiontlis, not exceeding one year. Property is stated at cost less allowance for impairment (if any). Plant and equipiiient aie stated at cost less accuiiiiilated depreciation and allowance for impairment loss. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost ofself-constructed assets includes the cost Of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of disrnantli ng and reiiioving the iteiiis and i estoring the site on which they are located, and capitalised boiiowing costs. Purchased solhvare that i S in t e gral to the functionality of the related equ 'v• €•F t t is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as sepai'ate iteiiis for each rliajor components of property, plant and equipment. Gains or losses on disposal of an item of property, plant and equipment are determined by coinpai ing the proceeds fiorn disposal with the carrying amount of property, platit and equipment, and ai'e iccognised net in the statement of profit or loss. The cost of replacing a part of an item of property, plant and equipiiient is recognised in the car i ying amount of ilie item if it is probable that the future economic benefits embodied within the part will flow to the Group and the Coin r any,arid its cost can be measured reliably. The car iying aiiiount of the replaced par t is tlerecognised. The costs of the day'-to-day servicing of property, plant and equipment are recognised in the stateiiient of profit or loss as incur i ed. Depreciation Depreciation is calculated hased on the dcpieciable amount, which is the cost of |›Iant m d equi|aN ent, oi otlicl amount substituted fol cost, less its iesid lal valtlc. Depreciation is recognised in the statement of profit or loss on a straight-line basis over the estimated useful lives of each coiiiponent of an item of property, plant and equipment. The estiinated useful lives are as follows: Laiiil improvements Buildings and building improvements Leasehold building iinproveiiients Computer, computer equipment, tools and equipment Furniture, fixtures and office equipii ent Vehicles 10 -30 years 5 - 30 years 5, 10 years 3 -30 years 2 -20 years 5 years The Group and the Cornpan have no depreciation yovided on freehold land and assets under construction and installation. Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. Right-of ase assets anal /e‹ise lirif›//ifies The Group and the Coiii)iany assess ivhetliei a contract is or contains a lease, at inception of the contract. The Group and the Coiiipany recognise a right-of-rise asset and cor responding lease liability with respect to all lease aiiangemeiits in wliicli it is the lease, except for short-term leases (defined as leases with a lease tenn of 12 iiiontlis or less) and leases of low value assets. For these leases, the Group and the Corrlpany recognise the lease payments as an operatilig expense on a straight-line basis over the terns of the lease unless another systematic basis ismore representative ofthe time pattern in which economic benefits fiom the leased assets are consuiiied. The lease liability is initially iiieasured at the present value of the lease payments that are not paid at the coiiiinencernent date, discounted by using the rate implicit in the lease. If this rate cannot be readily deternllned, the Group and the Company use its increiiiental borrowing rate.

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