1st Quarter Financial Statement 2025 31 March 2025

May 6, 2025 at 8:01 AM UTC · Issued by Central Pattana Public Co. Ltd.

‌Central Pattana Public Company Limited and its Subsidiaries

Condensed interim financial statements for the three-month period ended

31 March 2025 and

Independent auditor's review report

Independent Auditor's Report on Review of Interim Financial Information To the Board of Directors of Central Pattana Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Central Pattana Public Company Limited and its subsidiaries, and of Central Pattana Public Company Limited, respectively, as at 31 March 2025; the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the three-month period ended 31 March 2025; and condensed notes ("interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, "Interim Financial Reporting". My responsibility is to express a conclusion on this interim financial information based on my review

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, "Interim Financial Reporting".

(Bunyarit Thanormcharoen) Certified Public Accountant Registration No. 7900

KPMG Phoomchai Audit Ltd. Bangkok

2 May 2025

		‌31 March	31 December		31 March		31 December
Assets Note		2025 (Unaudited)	2024		2025 (Unaudited)		2024
Current assets Cash and cash equivalents		3,096,842		(in thousand Baht) 3,351,013 1,601,874				1,867,796
Trade accounts receivable	2, 3	1,413,188		1,404,193		911,669		906,222
Other current receivables	2	2,384,526		2,213,663		1,535,350		1,964,978
Current portion of finance lease receivables	2	12,469,789		12,211,517		-		259
Real estate development for sales		18,028,201		17,162,959		-		-
Short-term loans to related parties	2	489,235		466,322		2,188,960		2,176,268
Other current financial assets	4	4,504,734		1,941,374		255,511		103,543
Total current assets		42,386,515		38,751,041		6,493,364		7,019,066
Non-current assets
Restricted bank deposits	6	1,000		1,000		-		-
Other non-current financial assets		5,518,579		5,622,769		1,374,248		1,635,843
Investments in subsidiaries and fund	4	-		-		34,232,885		34,232,885
Investments in associates	4	15,023,223		15,153,731		14,848,258		14,852,418
Investments in joint ventures	4	33,259,252		33,011,337		5,838,713		5,838,713
Finance lease receivable	2	10,832,640		10,623,005		-		-
Long-term loans to related parties	2	411,070		405,664		70,082,143		68,354,461
Investment properties	5, 6	187,062,790		186,640,749		92,161,907		92,812,102
Property, plant and equipment		4,788,198		4,857,074		608,709		617,097
Goodwill		1,290,875		1,290,875		-		-
Deferred tax assets		3,804,630		3,627,133		2,669,893		2,487,293
Other non-current assets	2	4,581,107		4,230,373		731,521		439,055
Total non-current assets		266,573,364		265,463,710		222,548,277		221,269,867
Total assets		308,959,879		304,214,751		229,041,641		228,288,933

		31 March	31 December		31 March		31 December
Liabilities and equity Note		2025 (Unaudited)	2024		2025 (Unaudited)		2024
Current liabilities				(in thousand Baht)
Short-term loans from financial institutions		3,750,000		3,050,000		2,750,000		2,050,000
Trade accounts payable	2	1,252,250		1,341,943		576,650		594,140
Other current payables	2,4	9,038,666		7,242,882		3,628,864		4,241,665
Current portion of lease liabilities	2	5,720,700		5,702,797		2,397,299		2,388,493
Short-term loans from related parties	2	543,858		530,753		18,981,961		18,140,348
Current portion of long-term loans	6	15,169,412		14,275,796		13,997,412		12,976,896
Current portion of advance received from rental income	2	2,611,065		2,638,229		996,346		996,907
Income tax payable		1,636,387		948,532		699,407		336,168
Contractor payables		2,460,837		2,361,306		877,462		799,213
Total current liabilities		42,183,175		38,092,238		44,905,401		42,523,830
Non-current liabilities
Long-term loans from related parties	2	85,456		103,203		4,891,894		5,070,621
Long-term loans	6	48,589,198		51,549,579		46,067,958		48,985,340
Lease liabilities	2	51,754,454		51,597,292		40,127,626		40,286,138
Deferred tax liabilities		3,767,575		3,670,036		-		-
Advance received from rental income	2	36,517,618		37,143,746		14,603,116		14,847,376
Deposits received from customers	2	9,893,548		9,834,980		6,038,593		5,992,614
Non-current provisions for employee benefits		1,443,165		1,433,163		1,178,469		1,173,982
Provision for decommissioning and restoration		373,937		370,164		331,486		328,080
Guarantees for leases	2	574,162		574,162		16,032		16,032
Other non-current liabilities		17,788		17,206		-		-
Total non-current liabilities		153,016,901		156,293,531		113,255,174		116,700,183
Total liabilities		195,200,076		194,385,769		158,160,575		159,224,013

31 March

31 December

31 March

31 December

Liabilities and equity

2025

(Unaudited)

2024

2025

(Unaudited)

2024

(in thousand Baht)

Equity

Share capital

Authorised share capital

(4,488,000,000 ordinary shares, par value at

Baht 0.5 per share) 2,244,000 2,244,000 2,244,000 2,244,000

Issued and paid-up share capital

(4,488,000,000 ordinary shares, par value at

Baht 0.5 per share) 2,244,000		2,244,000		2,244,000		2,244,000
Premium on ordinary shares 8,558,558		8,558,558		8,558,558		8,558,558
Premium on treasury shares 396,053 Retained earnings Appropriated		396,053		396,053		396,053
Legal reserve	224,400		224,400		224,400		224,400
Unappropriated	93,280,026		89,052,819		60,144,770		57,928,657
Other components of equity	(264,167)		105,787		(686,715)		(286,748)
Equity attributable to owners of the parent	104,438,870		100,581,617		70,881,066		69,064,920
Non-controlling interests	9,320,933		9,247,365		-		-
Total equity	113,759,803		109,828,982		70,881,066		69,064,920
Total liabilities and equity	308,959,879		304,214,751		229,041,641		228,288,933

Consolidated financial Separate financial statements statements

Three-month period ended Three-month period ended

31 March 31 March

2025 2024 2025 2024

(in thousand Baht)

Revenue
Revenue from rental and services	10,791,608	9,907,686	6,661,593	5,912,021
Revenue from hotel operation	528,089	490,579	-	-
Revenue from sale of real estate	601,557	1,306,255	-	-
Investment income	505,872	469,133	897,860	684,542
Other income	240,331	529,437	520,298	477,679
Total revenue	12,667,457	12,703,090	8,079,751	7,074,242
Expenses Cost of rental and services	4,306,416	4,330,663	2,851,831	2,791,105
Cost of hotel operation	171,427	155,467	-	-
Cost of real estate sales	399,976	822,056	-	-
Administrative expenses	2,044,206	1,997,980	1,275,673	1,257,579
Total expenses	6,922,025	7,306,166	4,127,504	4,048,684
Profit from operating activities	5,745,432	5,396,924	3,952,247	3,025,558
Reversal of (impairment loss) from expected credit loss	(3,514)	2,274	(137)	1,733
Finance costs Share of profit of joint ventures and associates	(883,259)	(888,115)	(1,184,971)	(1,101,599)
accounted for using equity method	522,052	595,752	-	-
Profit before income tax expense	5,380,711	5,106,835	2,767,139	1,925,692
Tax expense	(1,075,717)	(899,056)	(551,026)	(381,120)
Profit for the period	4,304,994	4,207,779	2,216,113	1,544,572

Consolidated financial Separate financial

statements statements

Three-month period ended 31 March

Other comprehensive income	2025	2024 (in thousand	2025 Baht)	2024
Items that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements	(19,505)	86,123	-	-
Losses on cash flow hedges Share of profit of realised other comprehensive income of joint ventures accounted for using equity method	(169,074) 89,654	(120,745) -	(169,074) -	(120,745) -
Total items that will be reclassified subsequently to profit or loss	(98,925)	(34,622)	(169,074)	(120,745)

Items that will not be reclassified subsequently to profit or loss

Gain (loss) on investments in equity instruments designated

at FVOCI (275,248) 199,765 (230,893) 110,290

Total items that will not be reclassified subsequently

to profit or loss (275,248) 199,765 (230,893) 110,290 Other comprehensive income (expense)

for the period, net of tax (374,173)		165,143		(399,967)		(10,455)
Total comprehensive income for the period 3,930,821			4,372,922		1,816,146		1,534,117
Profit attributable to: Owners of the parent 4,227,207			4,154,167		2,216,113		1,544,572
Non-controlling interests	77,787		53,612		-		-
	4,304,994		4,207,779		2,216,113		1,544,572
Total comprehensive income attributable to: Owners of the parent	3,857,253		4,344,225		1,816,146		1,534,117
Non-controlling interests	73,568		28,697		-		-
	3,930,821		4,372,922		1,816,146		1,534,117
Basic earnings per share (in Baht)	0.94		0.93		0.49		0.34

Exchange

						differences					Total	Equity
	Issued and			Retained earnings		on translating		Cash flow			other	attributable to	Non-
	paid-up	Share	Share premium	Legal		financial		hedges	Fair value		components	owners of	controlling	Total
	share capital	premium	on treasury share	reserve	Unappropriated	statements		reserve	reserve	Other deficits	of equity	the parent	interests	equity
							(in thousand Baht)
Three-month period ended 31 March 2024 Balance at 1 January 2024	2,244,000	8,558,558	396,053	224,400	80,687,082	47,357		14,438	237,664	(136,647)	162,812	92,272,905	8,308,832	100,581,737
Comprehensive income for the period
Profit	-	-	-	-	4,154,167	-		-	-	-	-	4,154,167	53,612	4,207,779
Other comprehensive income	-	-	-	-	-	111,038		(120,745)	199,765	-	190,058	190,058	(24,915)	165,143
Total comprehensive income for the period	-	-	-	-	4,154,167	111,038		(120,745)	199,765	-	190,058	4,344,225	28,697	4,372,922
Balance at 31 March 2024	2,244,000	8,558,558	396,053	224,400	84,841,249	158,395		(106,307)	437,429	(136,647)	352,870	96,617,130	8,337,529	104,954,659

Issued and

Retained earnings

Share of other

Exchange comprehensive

differences income (expense) Total Equity

on translating of joint ventures other attributable to Non-

paid-up

Share premium

Legal

financial

Cashflow Fair value

accounted for using components

owners of

controlling

Total

share capital

premium

on treasury share

reserve

Unappropriated

statements

hedge reserve reserve

Other deficits

equity method of equity

the parent

interests

equity

(in thousand Baht)

Three-month period ended 31 March 2025
Balance at 1 January 2025	2,244,000	8,558,558	396,053	224,400	89,052,819	1,481	(213,864)	544,633	(136,647)	(89,816)	105,787	100,581,617	9,247,365	109,828,982
Comprehensive income for the period Profit	-	-	-	-	4,227,207	-	-	-	-	-	-	4,227,207	77,787	4,304,994
Other comprehensive income	-	-	-	-	-	(15,286)	(169,074)	(275,248)	-	89,654	(369,954)	(369,954)	(4,219)	(374,173)
Total comprehensive income for the period	-	-	-	-	4,227,207	(15,286)	(169,074)	(275,248)	-	89,654	(369,954)	3,857,253	73,568	3,930,821
Balance at 31 March 2025	2,244,000	8,558,558	396,053	224,400	93,280,026	(13,805)	(382,938)	269,385	(136,647)	(162)	(264,167)	104,438,870	9,320,933	113,759,803

Separate financial statements

Other components of equity

Issued and

Retained earnings

Cash flow Total other

	paid-up share capital	Share premium	Share premium on treasury share	Legal reserve	Unappropriated	hedges reserve	Fair value reserve	components of equity	Total equity
Three-month period ended 31 March 2024					(in thousand Baht)
Balance at 1 January 2024	2,244,000	8,558,558	396,053	224,400	57,609,779	14,438	(290,379)	(275,941)	68,756,849
Comprehensive income for the period Profit	-	-	-	-	1,544,572	-	-	-	1,544,572
Other comprehensive income	-	-	-	-	-	(120,745)	110,290	(10,455)	(10,455)
Total comprehensive income for the period	-	-	-	-	1,544,572	(120,745)	110,290	(10,455)	1,534,117
Balance at 31 March 2024	2,244,000	8,558,558	396,053	224,400	59,154,351	(106,307)	(180,089)	(286,396)	70,290,966

Separate financial statements

Other components of equity

Issued and

Retained earnings

Cash flow Total other

	paid-up share capital	Share premium	Share premium on treasury share	Legal reserve	Unappropriated	hedges reserve	Fair value reserve	components of equity	Total equity
Three-month period ended 31 March 2025					(in thousand Baht)
Balance at 1 January 2025	2,244,000	8,558,558	396,053	224,400	57,928,657	(213,864)	(72,884)	(286,748)	69,064,920
Comprehensive income for the period Profit	-	-	-	-	2,216,113	-	-	-	2,216,113
Other comprehensive income	-	-	-	-	-	(169,074)	(230,893)	(399,967)	(399,967)
Total comprehensive income for the period	-	-	-	-	2,216,113	(169,074)	(230,893)	(399,967)	1,816,146
Balance at 31 March 2025	2,244,000	8,558,558	396,053	224,400	60,144,770	(382,938)	(303,777)	(686,715)	70,881,066

Consolidated financial Separate financial statements statements

Three-month period ended 31 March

2025 2024 2025 2024

(in thousand Baht)

Cash flows from operating activities
Profit for the period	4,304,994	4,207,779	2,216,113	1,544,572
Adjustments to reconcile profit (loss) to cash receipts (payments)
Real estate development for sales decrease from
transfer to cost of sale	399,976	822,056	-	-
Depreciation and amortisation expenses	2,250,265	2,220,752	1,480,946	1,403,851
Investment income	(505,872)	(469,133)	(897,860)	(684,542)
Finance costs	883,259	888,115	1,184,971	1,101,599
(Reversal of) impairment loss from expected credit loss	3,514	(2,274)	137	(1,733)
Loss on write off of investment properties	2,112	198	172	198
Gain on sale of other current financial assets	(1,430)	-	(780)	-
Gain on sales of assets	(5,302)	(268)	(4,149)	(2,863)
Recognition of advance received from rental income	(662,196)	(466,347)	(250,727)	(58,047)
Non-current provisions for employee benefits	44,313	29,460	34,358	21,134
Share of profit of associates and joint ventures
accounted for using equity method	(522,052)	(595,752)	-	-
Unrealised gain on exchange rate	4,559	-	-	-
Unrealised (gain) loss from change in valuation of financial instruments	26,175	(110,842)	2,438	-
Tax expense	1,075,717	899,056	551,026	381,120
	7,298,032	7,422,800	4,316,645	3,705,289
Changes in operating assets and liabilities
Trade accounts receivable	(12,509)	185,533	(5,584)	168,548
Other current receivables	(170,589)	(140,966)	430,245	207,572
Real estate development for sales	(904,838)	(659,960)	-	-
Finance lease receivables	10,283	16,324	259	756
Other non-current assets	(70,267)	(30,655)	5,319	(4,820)
Trade accounts payable	4,052	(353,969)	(17,490)	(18,560)
Other current payables	(311,602)	(27,282)	(538,986)	(73,100)
Advance received from rental income	8,904	302,493	5,906	119,585
Deposits received from customers	58,568	111,903	45,979	159,543
Provisions for employee benefit paid	(34,311)	(26,898)	(29,871)	(21,701)
Other non-current liabilities	582	554	-	-
Net cash generated from operations	5,876,305	6,799,877	4,212,422	4,243,112
Taxes received	20,699	17,127	-	540
Taxes paid	(390,520)	(374,416)	(270,395)	(242,466)
Net cash from operating activities	5,506,484	6,442,588	3,942,027	4,001,186

Consolidated financial statements

Separate financial statements

Three-month period ended Three-month period ended 31 March 31 March

2025 2024 2025 2024

(in thousand Baht)

Cash flows from investing activities
Interest received	19,370	18,200	493,756	345,557
Dividends received	261,427	227,135	342,518	197,350
Decrease in other current financial assets	(846,648)	(499,106)	(148,942)	-
Cash received for capital reduction of investments in associate	230,693	1,067	4,160	1,067
Acquisition of other non-current financial assets	(276,424)	(19,300)	(12,239)	-
Cash received from sales and reduction capital of non-current financial assets	95,995	20,234	-	-
Repayments of loans to related parties	(18,743)	(24,663)	(4,318,804)	(3,462,382)
Cash received from repayment of loans from related parties	-	-	2,639,398	3,394,089
Acquisition of investment properties	(1,400,923)	(1,715,341)	(309,330)	(654,521)
Acquisition of building and equipment	(66,119)	(95,660)	(29,337)	(14,546)
Advance payment for purchase of investment properties	(432,747)	(298,686)	(349,201)	(10,513)
Proceeds from sales of investment properties	6,928	5,756	5,693	151,168
Repayment of contractor payables	(759,020)	(957,544)	(338,663)	(754,983)
Net cash used in investing activities	(3,186,211)	(3,337,908)	(2,020,991)	(807,714)
Cash flows from financing activities
Interest paid	(529,914)	(647,751)	(672,636)	(899,899)
Payment of lease liabilities	(509,950)	(538,131)	(725,974)	(720,642)
Cash received from loans from related parties	8,250	10,500	1,943,586	1,990,895
Repayments of loans from related parties	-	(13,500)	(1,280,434)	(1,034,825)
Cash received from loans from financial institutions and issuing debentures	1,800,000	12,800,000	1,800,000	11,900,000
Repayments of loans from financial institutions and debentures	(3,421,400)	(14,701,049)	(3,251,500)	(14,577,749)
Net cash used in financing activities	(2,653,014)	(3,089,931)	(2,186,958)	(3,342,220)

Net increase (decrease) in cash and cash equivalents, before effect

Consolidated financial Separate financial statements statements

Three-month period ended Three-month period ended

31 March 31 March

2025 2024 2025 2024

(in thousand Baht)

of exchange rate changes	(332,741)		14,749		(265,922)		(148,748)
Effect of exchange rate changes on cash and cash equivalents	78,570		(32,551)		-		-
Net decrease in cash and cash equivalents	(254,171)		(17,802)		(265,922)		(148,748)
Cash and cash equivalents at 1 January	3,351,013		3,168,528		1,867,796		1,968,150
Cash and cash equivalents at 31 March	3,096,842		3,150,726		1,601,874		1,819,402
Non-cash transactions Other current payable from acquisition of other current financial assets	1,842,665	-		-		-
Contractor payables which payments have not yet been made Trade accounts payable from real estate development for sales which payments have not yet been made	1,008,991 283,766	1,066,501 188,317		421,743 -		504,223 -

‌Note	Contents
1	Basis of preparation of the interim financial statements
2	Related parties
3	Trade accounts receivable
4	Investments in subsidiaries, associates, and joint ventures
5	Investment properties
6	Loans from financial institutions and debentures
7	Segment information and disaggregation of revenue
8	Commitments with non-related parties
9	Event after the reporting period

These notes form an integral part of the interim financial statements.

The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on 2 May 2025.

Basis of preparation of the interim financial statements
The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis ("interim financial statements") in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting, guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission. The interim financial statements focus on new activities, events and circumstances to avoid repetition of information previously reported in annual financial statements. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidiaries for the year ended 31 December 2024.
Revised TFRS for annual periods beginning on or after 1 January 2025 has no material impact on the financial statements of the Group.
In preparing these interim financial statements, judgements and estimates are made by management in applying the Group's accounting policies. Actual results may differ from these estimates. The accounting policies, methods of computation and the key sources of estimation uncertainty were the same as those that described in the financial statements for the year ended 31 December 2024.

Related parties

Significant transactions with related parties	Consolidated		Separate
Significant transactions with related parties	financial statements		financial statements
Three-month period ended 31 March	2025	2024	2025	2024
(in thousand Baht)
Subsidiaries and fund
Revenue from rental and services	-	-	37,103	33,699
Management income	-	-	211,236	183,619
Interest income	-	-	542,223	473,757
Other income	-	-	94,579	99,113
Cost of rental and services	-	-	9,936	9,487
Administrative expenses	-	-	5,530	81
Interest expenses	-	-	176,202	257,088
Sale of investment properties	-	-	-	151,188
Associates
Revenue from rental and services	656,010	433,414	242,178	24,085
Management income	206,714	198,341	155,471	152,433
Interest income	479,393	440,388	4,741	4,928
Dividend income	-	-	342,518	197,350
Other income	15,472	13,562	15,471	13,561
Cost of rental and services	20,252	24,531	1,576	2,142
Administrative expenses	114,773	111,413	6,875	9,000
Interest expenses	3,134	4,471	73	-

Significant transactions with related parties	Consolidated		Separate
Significant transactions with related parties	financial statements		financial statements
Three-month period ended 31 March	2025	2024	2025	2024
(in thousand Baht)
Joint ventures
Revenue from rental and services	11,702	17,206	3,778	4,080
Management income	246	250	246	250
Other income	349	88	103	88
Interest income	4,998	8,654	4,998	7,066
Administrative expenses	1,474	747	1,474	747
Interest expenses	204	-	-	-
Other related parties
Revenue from rental and services	1,010,610	960,284	662,869	623,634
Other income	188	995	236	938
Cost of rental and services	6,513	6,892	3,177	3,926
Management fee	57,798	73,044	55,598	70,937
Administrative expenses	32,174	17,534	28,987	12,371
Interest expenses	364,477	327,978	364,447	327,978
Key management
Key management personnel compensation
Short-term benefits	84,856	77,376	81,513	73,479
Long-term benefits	3,653	3,729	3,536	3,526
Total key management personnel compensation	88,509	81,105	85,049	77,005

Significant balances as at 31 March 2025 and 31 December 2024 with related parties were as follows:

Consolidated			Separate
	financial statements		financial statements
	31 March	31 December	31 March	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Trade accounts receivable
Subsidiaries and fund	-	-	115,157	113,893
Associates	88,310	99,990	64,238	63,800
Joint ventures	11,456	13,180	4,298	4,490
Other related parties	206,814	209,297	113,335	119,080
Total	306,580	322,467	297,028	301,263
Other current receivables
Accrued income
Associates	70,525	66,712	51,238	47,821
Joint ventures	12,500	12,500	-	-
	83,025	79,212	51,238	47,821
Other current receivables
Associates	9,394	7,177	4,400	4,542
Joint ventures	35	-	35	-
Other related parties	64,994	64,994	64,994	64,994
Total	74,423	72,171	69,429	69,536

Consolidated			Separate
	financial statements		financial statements
	31 March	31 December	31 March	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Current portion of finance lease
receivable
Associate	12,443,907	12,187,037	-	-
Short-term loans to
Subsidiaries	-	-	1,699,725	1,709,946
Associates	12,391	12,394	12,391	12,394
Joint ventures	476,844	453,928	476,844	453,928
Total	489,235	466,322	2,188,960	2,176,268
Finance lease receivable
Associates	10,550,357	10,332,574	-	-
Long-term loans to
Subsidiaries	-	-	69,671,073	67,948,797
Associates	364,809	360,228	364,809	360,228
Joint ventures	46,261	45,436	46,261	45,436
Total	411,070	405,664	70,082,143	68,354,461
Other non-current assets
Deposit
Associates	2,534,217	2,485,187	33,830	33,380

Loans to subsidiaries, associates, and joint ventures are unsecured and denominated in Thai Baht and carry interests at the rate as stipulated in the agreements.

Consolidated			Separate
	financial statements		financial statements
	31 March	31 December	31 March	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Trade accounts payable
Subsidiaries and fund	-	-	52,487	25,798
Associates	33,692	17,532	25,620	13,004
Joint ventures	478	-	478	-
Other related parties	24,094	38,507	20,753	32,699
Total	58,264	56,039	99,338	71,501
Other current payables
Subsidiaries and fund	-	-	7,049	383,420
Associates	6,376	5,829	4,186	3,697
Joint ventures	1,842,665	-	-	-
Total	1,849,041	5,829	11,235	387,117

Consolidated			Separate
	financial statements		financial statements
	31 March	31 December	31 March	31 December
As at	2025	2024	2025	2024
(in thousand Baht)
Short-term loans from
Subsidiaries	-	-	18,981,961	18,140,348
Other related parties	543,858	530,753	-	-
Total	543,858	530,753	18,981,961	18,140,348
Lease liabilities
Subsidiaries and fund	-	-	13,310,224	13,797,668
Associates	600,670	680,221	51,586	61,973
Joint ventures	34,844	36,052	-	-
Other related parties	14,566,628	14,289,302	14,386,470	14,108,393
Total	15,202,142	15,005,575	27,748,280	27,968,034
Advance received from rental
income
Subsidiaries and fund	-	-	14,041	15,411
Associates	29,689,134	30,316,132	11,416,655	11,606,113
Total	29,689,134	30,316,132	11,430,696	11,621,524
Less: Current portion of advance
received from rental income	(1,977,012)	(1,985,373)	(782,418)	(781,977)
Net	27,712,122	28,330,759	10,648,278	10,839,547
Long-term loans from
Subsidiaries	-	-	4,891,894	5,070,621
Other related parties	85,456	103,203	-	-
Total	85,456	103,203	4,891,894	5,070,621
Deposits received from customers
Subsidiaries and fund	-	-	6,883	12,085
Associates	4,233	4,233	-	-
Joint ventures	13,429	13,429	4,822	4,822
Other related parties	466,518	458,764	277,617	275,049
Total	484,180	476,426	289,322	291,956
Guarantees for leases
Other related party	573,862	573,862	16,032	16,032

Loans from subsidiaries and related parties are unsecured and denominated in Thai Baht and carry interests at the rate as stipulated in the agreements.

Significant agreement with related parties

As at 31 March 2025, the Group had collateral of subsidiaries of Baht 997 million (31 December 2024: Baht 1,063 million).

Trade accounts receivable

Consolidated financial statements			Separate financial statements
31 March		31 December	31 March	31 December
	2025	2024	2025	2024
(in million Baht)
Personal: non-related parties
Within credit terms	5	7	2	2
Overdue:
Less than 3 months	26	12	9	4
3 - 6 months	1	2	1	1
6 - 12 months	1	2	-	1
Over 12 months	2	3	1	-
Total	35	26	13	8
Less: allowance for expected credit loss	(3)	(3)	(1)	(1)
Net	32	23	12	7
Deposits from overdue customers	151	98	82	52
Corporate: non-related parties
Within credit terms	235	125	95	50
Overdue:
Less than 3 months	154	205	60	90
3 - 6 months	23	50	9	19
6 - 12 months	19	17	9	11
Over 12 months	76	87	12	12
Total	507	484	185	182
Less: allowance for expected credit loss	(68)	(64)	(6)	(6)
Net	439	420	179	176
Accrued income under operating leases	635	639	424	422
Deposits from overdue customers	8,245	7,949	5,000	4,669
Related parties
Within credit terms	111	115	157	151
Overdue:
Less than 3 months	53	63	57	47
3 - 6 months	11	42	11	47
6 - 12 months	37	5	40	10
Over 12 months	9	21	16	31
Total	221	246	281	286
Accrued income under operating leases	86	76	16	15
Deposits from overdue customers	484	475	279	277

The normal credit term granted by the Group ranges from 1 days to 30 days.

Investments in subsidiaries, associates, and joint ventures

Material movements for the three-month period ended 31 March 2025	Consolidated financial statements	Separate financial statements
(in million Baht)
Associates
Decrease capital	(231)	(4)

CPN Retail Growth Leasehold REIT (Associate)

In March 2025, the Group received cash from reducing the net value of CPN Retail Growth Leasehold REIT at the rate of 0.1673 Baht per unit, amounting to Baht 226.53 million, and received dividends from the investment unit at the rate of 0.0987 Baht per unit, amounting to Baht 148.70 million.

CPN Commercial Growth Leasehold Property Fund (Associate)

In March 2025, the Company received cash from reducing the net value of CPN Commercial Growth Leasehold Property Fund at the rate of 0.0390 Baht per unit, amounting to Baht 4.16 million, and received dividends from the investment units at the rate of 0.2271 Baht per unit, amounting to Baht

24.22 million.

Porto Worldwide Limited (Joint venture)

In February 2025, Porto Worldwide Limited sold the shares of Grab Holdings Limited to Chipper Global Limited, an indirect subsidiary, of 11.18 million shares amounting to USD 54.45 million (equivalent to Baht 1,842.67 million), to restructure the investment structure.

Collateral

As at 31 March 2025, the Company had a part of investment in associate at cost of Baht 991.5 million which was used as collateral for the joint investment agreement with Dusit Thani Public Company Limited (31 December 2024: Baht 991.5 million).

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2025 (Unaudited)

Investment properties

Transaction movement of investment properties is as follows:

Consolidated financial statements Separate financial statements

Owned properties Own properties

		Buildings					Buildings
		and	Assets under	Right-of-use			and	Assets under	Right-of-use
Land		improvements	construction	assets	Total	Land	improvements	construction	assets	Total
(in million Baht)
At 1 January 2025	51,480	65,866	14,075	55,220	186,641	11,271	28,047	1,148	52,346	92,812
Additions	23	144	2,215	124	2,506	-	27	705	51	783
Disposals/ write-off	-	(4)	-	(3)	(7)	-	(2)	-	-	(2)
Transferred assets	(20)	385	(472)	87	(20)	-	141	(141)	-	-
Difference from
translating in
consolidated financial
statements	-	(4)	-	-	(4)	-	-	-	-	-
Less: depreciation
charge for the period	-	(1,221)	-	(832)	(2,053)	-	(583)	-	(848)	(1,431)
At 31 March 2025	51,483	65,166	15,818	54,596	187,063	11,271	27,630	1,712	51,549	92,162

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2025 (Unaudited)

Loans from financial institutions and debentures

As at 31 March 2025 and 31 December 2024, investment properties had secured loans with guaranteed assets of the Group.

Restricted bank deposits were fixed deposits which the Group had used for credit guarantee facility. As at 31 March 2025, the Group had unutilised credit facilities totalling Baht 14,500 million

(31 December 2024: Baht 14,203 million).

Interest rate swaps used for hedging of loans

31 March 2025
Consolidated financial statements/ Separate financial statements
	Carrying amount	Fair value
	Hedging instruments	Level 2
(in million Baht)
Financial liabilities
Interest rate swap contract	50	50
Cross currency swap contract	460	460

Segment information and disaggregation of revenue

The Group has three reportable segments, as described below, which are the Group's strategic divisions. The strategic divisions offer different products and services. The chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Group's reportable segments.

Segment 1

Development of shopping center buildings, office building and condominiums for rent including provision of food center services, utility services, operator of play land and

water theme park in the shopping center buildings

Segment 2

Hotel business

Segment 3

Real estate business for sales of land and houses and condominium units

Information regarding the results of each reportable segment is included. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Group's CODM. Segment profit before tax is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

Central Pattana Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2025 (Unaudited)

Segment revenue and results for the three-month periods ended 31 March 2025 and 2024 were as follows:

Consolidated financial statements

Segment 1 Segment 2 Segment 3 Total

Three-month period ended 31 March	2025	2024	2025	2024	2025	2024	2025	2024
(in million Baht)
Information about reportable segments
External revenue	10,792	9,908	528	491	601	1,306	11,921	11,705
Inter-segment revenue	72	67	1	-	-	-	73	67
Total segment revenue	10,864	9,975	529	491	601	1,306	11,994	11,772
Timing of revenue recognition
At a point in time	272	249	529	491	601	1,306	1,402	2,046
Over time	10,592	9,726	-	-	-	-	10,592	9,726
Total revenue	10,864	9,975	529	491	601	1,306	11,994	11,772
Segment profit before income tax	6,230	5,309	201	194	191	482	6,622	5,985
Segment assets
as at 31 March/ 31 December	188,203	187,841	3,571	3,570	18,105	17,250	209,879	208,661
Segment liabilities
as at 31 March/ 31 December	39,364	39,962	754	767	1,472	1,414	41,590	42,143

Separate financial statements
	Segment 1
For the three-month period ended 31 March	2025	2024
Timing of revenue recognition	(in million Baht)
At a point in time	134	127
Over time	6,528	5,785
Total revenue	6,662	5,912

Reconciliations of reportable segment profit or loss	Consolidated financial statements
For the three-month period ended 31 March	2025	2024
(in million Baht)
Reportable segments	6,622	5,985
Elimination of inter-segment losses	(157)	(196)
Unallocated amounts:
- Other income	240	329
- Other expenses	(1,846)	(1,607)
- Share of profit of investments in associates and joint ventures	522	596
Total	5,381	5,107

	31 March	31 December
	2025	2024
(in million Baht)
Assets
Total assets for reportable segments	209,879	208,661
Other unallocated amounts
- Investment	58,306	55,729
- Deferred tax assets	3,805	3,627
- Other assets	36,970	36,198
Total consolidated assets	308,960	304,215
Liabilities
Total liabilities for reportable segments	41,590	42,143
Other unallocated amounts
- Loans	68,138	69,509
- Deferred tax liabilities	3,768	3,670
- Other liabilities	81,704	79,064
Total consolidated liabilities	195,200	194,386

Geographical information

The Group is mostly managed and operates principally in Thailand. There are no material revenues derived from, or assets located in, foreign countries.

Commitments with non-related parties

	Consolidated	Separate
At 31 March 2025	financial statements	financial statements
(in million Baht)
Capital commitments
Buildings and facility systems	13,312	4,983
Other commitments
Bank guarantees	1,784	763
Service agreements	91	-
Real estate development for sales agreements	5,241	-
Total	7,116	763

Event after the reporting period

At the Company's annual general meeting of the shareholders of the Company held on 29 April 2025, the shareholders approved a resolution to approve the appropriation of dividend from operations in the year 2024 of Baht 2.1 per share, totalling Baht 9,425 million which will be paid to the shareholders in May 2025.