Financial Statement Quarter 1 / 2025

‌Delta Electronics (Thailand) Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information For the three-month period ended 31 March 2025

To the Shareholders of Delta Electronics (Thailand) Public Company Limited

I have reviewed the accompanying consolidated financial information of Delta Electronics (Thailand) Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 March 2025, the related consolidated statements of comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Delta Electronics (Thailand) Public Company Limited for the same period (collectively "the 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.

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.

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.

Chatchai Kasemsrithanawat

Certified Public Accountant (Thailand) No. 5813

EY Office Limited Bangkok: 25 April 2025

6

7

The accompanying notes are an integral part of the interim financial statements.

8

9

2

11

12

The accompanying notes are an integral part of the interim financial statements.

1,259,000 1,259,000 1,259,000 1,259,000

(1,339,694) (1,339,694) - -

The accompanying notes are an integral part of the interim financial statements.

Directors

Note

The accompanying notes are an integral part of the interim financial statements.

Note

146,416 1,476,558 - -

146,416 1,476,558 - -

5,488,126 4,307,509 5,577,288 4,093,646

5,634,542 5,784,067 5,577,288 4,093,646

14

0.44 0.35 0.45 0.33

The accompanying notes are an integral part of the interim financial statements.

-

The accompanying notes are an integral part of the interim financial statements.

‌(Unaudited but reviewed)

-

The accompanying notes are an integral part of the interim financial statements.

6,272,605 4,420,258 6,439,475 4,197,371

7,928,754 6,292,982 7,474,880 5,601,387

659,670

(82,921)

(89,124)

(6,684)

105,831

702,089

6,262

-(151)

708,200

The accompanying notes are an integral part of the interim financial statements.

The accompanying notes are an integral part of the interim financial statements.

(97,714)

086,003)

183,499)

-

-(1,440)

369,156)

1. General information
   1. Basis of preparation of interim financial statements

      These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.

      The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements.

      The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language interim financial statements.

   2. Basis of consolidation

      The interim consolidated financial statements include the financial statements of Delta Electronics (Thailand) Public Company Limited ("the Company") and its subsidiaries ("the subsidiaries") (collectively as "the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024, with no change in shareholding structure of subsidiaries during the current period.

   3. Accounting policies

      The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024.

      The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements.

2. Related party transactions

   During the period, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business. There were no significant changes in the transfer pricing policy of transactions with related parties during the current period.

   Summaries significant business transactions with related parties are as follows.

   (Unit: Million Baht)
   For the three-month periods ended 31 March
   	Consolidated financial statements			Separate financial statements
   	2025	2024		2025	2024
   Transactions with the parent company
   Sales of goods and raw materials	486	95		485	77
   Purchase of goods and raw materials	128	79		3	2
   Purchase of equipment	158	101		53	93
   Royalty paid (Note 16.2.1)	1,860	1,799		1,860	1,799
   Transactions with subsidiary companies
   (eliminated from the consolidated financial statements)
   Sales of goods and raw materials	-	-		12,592	8,564
   Purchase of goods and raw materials	-	-		289	330
   Purchase of equipment	-	-		101	103
   Commission paid	-	-		162	175
   Design and engineering fee paid (Note 16.2.2)	-	-		349	317
   Transactions with associated companies
   Purchase of goods and raw materials	60	-		60	-
   Transactions with related companies
   Sales of goods and raw materials	5,373	4,316		2,791	1,458
   Purchase of goods and raw materials	2,331	3,000		1,290	1,164
   Purchase of equipment	428	308		401	296
   Commission paid	291	315		280	309
   Commission received	92	63		-	-
   Services income	83	26		-	-
   Design and engineering fee paid (Note 16.2.2)	340	239		327	231

   The balances of the accounts between the Group and those related companies are as follows:

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2025		31 December 2024		31 March 2025		31 December 2024
   			(Audited)				(Audited)
   Trade receivables - related parties (Note 3)
   Parent company	438		237		436		229
   Subsidiary companies	-		-		17,728		14,266
   Related companies (common shareholders)	5,690		4,973		2,774		2,081
   Total trade receivables - related parties	6,128		5,210		20,938		16,576
   Other current receivables - related parties (Note 3)
   Parent company	2		-		2		-
   Subsidiary companies	-		-		20		28
   Related companies (common shareholders)	6		78		3		74
   Total other current receivables - related parties	8		78		25		102
   Amounts due from related parties (Note 3)
   Subsidiary companies	-		-		2		2
   Total amounts due from related parties	-		-		2		2
   Trade payables - related parties (Note 9)
   Parent company	512		454		206		223
   Subsidiary companies	-		-		288		237
   Associated companies	18		23		18		23
   Related companies (common shareholders)	2,596		2,606		1,200		1,016
   Total trade payables - related parties	3,126		3,083		1,712		1,499
   Other current payables - related parties (Note 9)
   Parent company	882		1,017		880		1,010
   Subsidiary companies	-		-		356		384
   Related companies (common shareholders)	1,023		877		1,023		759
   Total other current payables - related parties	1,905		1,894		2,259		2,153
   Accrued expenses - related parties (Note 9)
   Parent company	522		433		522		433
   Related companies (common shareholders)	167		190		157		187
   Total accrued expenses - related parties	689		623		679		620

   Long-term loans from related parties

   					(	Unit: Million Baht)
   Consolidated financial statements
   Long-term loans		Balance as at 1 January 2025		Translation adjustment		Balance as at 31 March 2025
   Related companies (common shareholders)
   - Eltek AS		733		27		760
   - Delta International Holding Limited B.V.		355		13		368
   Total long-term loans from related parties		1,088		40		1,128

   Long-term loans from Eltek AS, which are unsecured, carry interest at a rate of EURIBOR +

   0.50 percent per annum, payable every three months and six months. The principal repayments of EUR 9 million, or approximately Baht 320 million and EUR 12 million, or approximately Baht 441 million are scheduled for June 2026 and October 2027, respectively.

   Long-term loan from Delta International Holding Limited B.V., which is unsecured, carries interest at a rate of 4.45 percent per annum, payable every three months. The principal repayments of EUR 10 million, or approximately Baht 367 million is scheduled for August 2029.

   Directors and management's benefits

   (Unit: Million Baht)
   For the three-month periods ended 31 March
   	Consolidated financial statements				Separate financial statements
   	2025		2024		2025		2024
   Short-term employee benefits	46		47		28		22
   Post-employment benefits	3		4		3		3
   Total	49		51		31		25

3. Trade and other current receivables

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2025		31 December 2024		31 March 2025		31 December 2024
   			(Audited)				(Audited)
   Trade receivables, related parties (Note 2)
   Aged on the basis of due dates
   Not yet due	6,093		5,125		19,931		16,093
   Past due
   Up to 3 months	30		76		997		477
   3 - 6 months	5		9		10		6
   Total	6,128		5,210		20,938		16,576
   Trade receivables, unrelated parties
   Aged on the basis of due dates
   Not yet due	27,795		24,027		16,234		15,282
   Past due
   Up to 3 months	2,121		2,470		1,238		1,586
   3 - 6 months	296		407		142		342
   6 - 12 months	214		154		159		121
   Over 12 months	50		27		7		-
   Total	30,476		27,085		17,780		17,331
   Total trade receivables	36,604		32,295		38,718		33,907
   Less: Allowance for expected credit losses	(298)		(320)		(195)		(217)
   Total trade receivables - net	36,306		31,975		38,523		33,690
   Other current receivables
   Amounts due from related parties (Note 2)	-		-		2		2
   Other current receivables - related parties (Note 2)	8		78		25		102
   Other current receivables - unrelated parties	672		847		568		706
   Interest receivables - unrelated parties	31		6		28		-
   Total other current receivables	711		931		623		810
   Trade and other current receivables - net	37,017		32,906		39,146		34,500

4. Inventories

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2025		31 December 2024		31 March 2025		31 December 2024
   			(Audited)				(Audited)
   Inventories - cost	36,462		36,923		24,561		25,706
   Reduce cost to net realisable value	(5,526)		(5,226)		(3,034)		(2,978)
   Inventories - net	30,936		31,697		21,527		22,728

   Movements in the reduce cost to net realisable value of inventory account are summarised below.

   			(Unit: Million Baht)
   Consolidated financial statements			Separate financial statements
   Balance as at 1 January 2025	(5,226)		(2,978)
   Increase during the period	(498)		(214)
   Reversal of the reduction to net realisable value of the written off obsolete and damaged inventories during the period	194		158
   Reversal during the period	29		-
   Translation adjustment	(25)		-
   Balance as at 31 March 2025	(5,526)		(3,034)

5. Other current assets

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2025		31 December 2024		31 March 2025		31 December 2024
   			(Audited)				(Audited)
   Input tax refundable	1,066		1,154		462		599
   Advance payments	410		136		187		5
   Prepaid expenses	593		724		138		64
   Prepaid tax	137		131		-		-
   Others	88		38		20		15
   Total other current assets	2,294		2,183		807		683

6. Investments in subsidiaries
   1. Details of investments in subsidiaries as presented in separate financial statements

      (Unit: Million Baht)
      Company's name			Paid-up capital			Cost
      		Foreign currency	31 March 2025	31 December 2024		31 March 2025	31 December 2024
      			(Million)	(Million)			(Audited)
      DET International Holding B.V.		USD	269	269		9,622	9,622
      Delta Green Industrial (Thailand) Company Limited		THB	206	206		206	206
      Delta Energy Systems (Singapore) Pte. Ltd.		USD	311	311		10,463	10,463
      Delta Electronics (Vietnam) Company Limited		USD	0.1	0.1		3	3
      Delta Electronics India Manufacturing Private Limited		INR	2,941	2,941		1,293	1,293
      PT Delta Electronics Indonesia		IDR	10,000	10,000		21	21
      Subtotal						21,608	21,608
      Less: Allowance for impairment loss of investments in subsidiaries						(1,324)	(1,324)
      Total investments in subsidiaries - net						20,284	20,284

      No dividend was received from the above subsidiaries during the three-month periods ended 31 March 2025 and 2024.

   2. Significant events during the current period
      1. Subsidiaries indirectly owned by the Company

         Dissolution of a subsidiary company

         Delta Energy Systems (India) Pvt. Ltd., a subsidiary which the Company indirectly held 100%, has registered its dissolution and registered the completion of its liquidation during the current quarter.

7. Property, plant and equipment

   Movements of the property, plant and equipment account are summarised below.

   			(Unit: Million Baht)
   Consolidated financial statements			Separate financial statements
   Net book value as at 1 January 2025	37,721		24,706
   Acquisitions during period - cost	3,075		2,271
   Disposals/write-off during period - net book value at disposal/write-off date	(15)		(2)
   Depreciation for the period	(1,826)		(1,474)
   Translation adjustment	124		-
   Net book value as at 31 March 2025	39,079		25,501

8. ‌Short-term loans from financial institutions

   (Unit: Million Baht)
   	Interest rate		Consolidated financial statements				Separate financial statements
   	(percent per annum)		31 March 2025		31 December 2024		31 March 2025		31 December 2024
   					(Audited)				(Audited)
   Short-term loans from financial institutions	2.16 - 5.00		121		160		-		-
   Total			121		160		-		-

9. ‌Trade and other current payables

   (Unit: Million Baht)
   	Consolidated financial statements				Separate financial statements
   	31 March 2025		31 December 2024		31 March 2025		31 December 2024
   			(Audited)				(Audited)
   Trade payables - related parties (Note 2)	3,126		3,083		1,712		1,499
   Trade payables - unrelated parties	22,369		22,351		19,932		20,363
   Other current payables - related parties (Note 2)	1,905		1,894		2,259		2,153
   Other current payables - unrelated parties	1,958		2,412		1,756		1,854
   Accrued expenses - related parties (Note 2)	689		623		679		620
   Accrued expenses - unrelated parties	3,303		3,098		2,356		1,911
   Advance received - unrelated parties	2,698		2,332		1,436		1,183
   Total trade and other current payables	36,048		35,793		30,130		29,583

10. ‌Other current liabilities

    (Unit: Million Baht)
    	Consolidated financial statements				Separate financial statements
    	31 March 2025		31 December 2024		31 March 2025		31 December 2024
    			(Audited)				(Audited)
    Withholding tax payable	122		357		62		290
    Value added tax payable	165		107		110		10
    Others	585		439		433		389
    Total other current liabilities	872		903		605		689

11. Non-current provision for employee benefits

    Movements of the non-current provision for employee benefits account are summarised below.

    			(Unit: Million Baht)
    	Consolidated financial statements		Separate financial statements
    Balance as at 1 January 2025	1,559		768
    Recognition during the period	40		23
    Paid during the period	(19)		(7)
    Translation adjustment	28		-
    Balance as at 31 March 2025	1,608		784

12. Provisions

    (Unit: Million Baht)
    	Consolidated financial statements						Separate financial statements
    			Other
    	Warranty		provisions		Total		Warranty		Total
    Balance as at 1 January 2025	1,744		31		1,775		1,475		1,475
    Recognition during the period	206		10		216		168		168
    Paid during the period	(120)		(6)		(126)		(89)		(89)
    Reversal during the period	(32)		(20)		(52)		(32)		(32)
    Translation adjustment	2		-		2		-		-
    Balance as at 31 March 2025	1,800		15		1,815		1,522		1,522
    Other current provisions	489		31		520		489		489
    Other non-current provisions	1,255		-		1,255		986		986
    Balance as at 31 December 2024 (Audited)	1,744		31		1,775		1,475		1,475
    Other current provisions	489		15		504		489		489
    Other non-current provisions	1,311		-		1,311		1,033		1,033
    Balance as at 31 March 2025	1,800		15		1,815		1,522		1,522

    Warranty

    The Group recognised a provision for the expected warranty claims on products based on past experience of the level of repairs and returns with current sales for each type of products under current warranty.

13. Income tax

    Interim corporate income tax was calculated on profit before income tax for the period, using the estimated effective tax rate for the year.

    Income tax expenses for the three-month periods ended 31 March 2025 and 2024 are made up as follows:

    (Unit: Million Baht)
    For the three-month periods ended 31 March
    	Consolidated financial statements				Separate financial statements
    	2025		2024		2025		2024
    Current income tax:
    Interim corporate income tax charge	(164)		(143)		(77)		(104)
    Adjustment in respect of income tax of previous year	108		-		-		-
    Top-up tax	(785)		-		(785)		-
    Deferred tax:
    Relating to origination and reversal of temporary differences	54		44		-		-
    Translation adjustment	3		(14)		-		-
    Income tax expense reported in profit or loss	(784)		(113)		(862)		(104)

    The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). The Group operates in several countries where Pillar Two legislation has been enacted and is effective for fiscal years beginning on or after 1 January 2025. The estimated top-up tax expense related to Pillar Two income taxes arises from the operation in Thailand.

14. Earnings per share

    Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period.

    (Unaudited but reviewed)

15. Segment information

    The Group is organised into business units based on their products and services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements.

    The following tables present revenue and profit information regarding the Group's operating segments for the three-month periods ended 31 March 2025 and 2024.

    (Unit: Million Baht)
    For the three-month periods ended 31 March
    	Power electronics segment				Mobility segment				Infrastructure segment				Automation segment				Others			Consolidated financial statements
    	2025		2024		2025		2024		2025		2024		2025		2024		2025	2024		2025		2024
    Revenue
    Sales from external customers	24,877		19,926		9,798		10,878		6,140		5,936		1,069		914		3	25		41,887		37,679
    Service income from external customers	23		36		14		31		729		165		52		64		31	14		849		310
    Total revenue	24,900		19,962		9,812		10,909		6,869		6,101		1,121		978		34	39		42,736		37,989
    Segment profit (loss)	5,772		3,235		32		868		208		75		44		33		(356)	(492)		5,700		3,719
    Unallocated income (expenses):
    Gain on exchange rate																				437		230
    Compensation for contract decommitment																				65		277
    Other income																				173		184
    Other expenses																				(149)		(6)
    Finance income																				64		50
    Finance cost																				(18)		(34)
    Profit before income tax expenses																				6,272		4,420
    Income tax expenses																				(784)		(112)
    Profit for the period																				5,488		4,308

16. Commitments and contingent liabilities
    1. Significant capital commitments

       As at 31 March 2025, the Group had significant capital commitments amounting to Baht 6,051 million, EUR 13 million or approximately Baht 480 million, and INR 6,334 million or approximately Baht 2,513 million in respect of the building construction, purchase of machinery and equipment (the Company only: Baht 6,051 million).

    2. Significant long-term service commitments

       1. Intellectual Property & Technology License commitments

          The Company entered into the Intellectual Property & Technology License Agreement with Delta Electronics Inc. ("Licensor"), whereby the Licensor granted the Company the right to manufacture and sell products that apply the Licensor's patents and technology, including improvements thereof. In consideration for the rights, the Company agrees to pay a royalty to the Licensor at a percentage of revenue from sales of products manufactured under the licenses, with that percentage determined on an arm's length basis. The percentage is to be amicably reviewed by the parties annually before each anniversary of the effective date, which was 1 January 2018. The agreement matures annually and renews continuously for further periods of one year until terminated by either party. The Company has recorded the related expense as "Royalty expenses", which are presented under the caption of "Selling and distribution expenses" in the statements of comprehensive income.

       2. Research and development service commitments

          The Company entered into the research and development service agreements with the subsidiary companies and related companies. Under these agreements, the subsidiary companies and related companies provide research and development services (design and engineering) to the Company and charge fees equal to the local operational costs incurred on product research and development plus a margin, on an arm's length basis. These agreements mature annually.

          The Company has recorded the design and engineering fees as "Research and development expenses" in the statements of comprehensive income.

    3. ‌Guarantee obligations

       As at 31 March 2025, the Group had the following significant outstanding letters of guarantee required in the ordinary course of its businesses:

       1. Outstanding letters of guarantee totaling approximately Baht 228 million have been issued by banks to meet requirements of the Company (including a letter of guarantee for approximately Baht 163 million issued by banks to meet obligations of the Company to the Revenue Department in relation to the tax assessment as mentioned in Note 16.4.1 to the financial statements).

       2. Outstanding letters of guarantee for totals of approximately Baht 85 million, INR 1,382 million or approximately Baht 548 million, EUR 0.5 million or approximately Baht 20 million and AUD 3 million or approximately Baht 58 million have been issued by banks to meet requirements of the subsidiaries.

    4. Tax assessment

       1. a. On 23 August 2017, the Company received tax assessment notices for the year 2007 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 79 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 3 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee.

          1. On 21 August 2018, the Company received tax assessment notices for the year 2008 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 49 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 4 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee.

          2. On 20 August 2019, the Company received tax assessment notices for the year 2009 from the Revenue Department, assessing corporate income tax amounting to approximately Baht 23 million (including penalties and surcharges) and specific business tax amounting to approximately Baht 5 million (including penalties and surcharges). The Company has submitted letter appealing the assessments to the Tax Appeal Committee of the Revenue Department and the appeal is currently under consideration by the Committee.

             However, the Company has recorded provisions for the tax assessments as mentioned in a., b., and c., with approximately Baht 113 million (including penalties and surcharges) under the captions of "Liabilities and provision from tax assessments" in the statement of financial position.

       2. The Indian tax authorities assessed corporate income tax of approximately INR 169 million or approximately Baht 67 million, covering the years 2007 - 2016, and sales tax and excise duties of approximately INR 148 million or approximately Baht 59 million, covering the years 2014 - 2020, against the subsidiary in India. The subsidiary has appealed the assessments. The management of the subsidiary believe that the outcome of the cases will be favorable to the subsidiary and therefore no provision for these contingent liabilities have been made in the accounts.

    5. ‌Litigation

       ‌During the year 2024, Vicor Corporation filed a complaint with the U.S. International Trade Commission (ITC), requesting a formal investigation into the Group's alleged patent infringement. The ITC completed the investigation and issued a final determination on 13 February 2025, finding that Vicor's patent infringement claim had partial merit. As a result, the ITC issued a limited exclusion order against the Group.

       ‌However, the Group's redesigns do not infringe Vicor Corporation's patents according to the ITC's final determination.

17. ‌Financial instruments
    1. ‌Fair value of financial instruments

       ‌Since the majority of the Group's financial instruments are short-term in nature or carrying interest at rates close to the market interest rates, its fair value is not expected to be materially different from the amounts presented in the statement of financial position.

    2. ‌Fair value hierarchy

       As at 31 March 2025, the Group had the financial assets and financial liabilities that were measured at fair value using different levels of inputs as follows:

       (Unit: Million Baht) Consolidated financial statements

       Level 1 Level 2 Level 3 Total

       Assets measured at fair value

       Derivatives

       Foreign currency forward contracts - 64 - 64

       Liabilities measured at fair value

       Derivatives

       Foreign currency forward contracts - 20 - 20

       (Unit: Million Baht) Separate financial statements

       Level 1 Level 2 Level 3 Total

       Assets measured at fair value

       Derivatives

       Foreign currency forward contracts - 64 - 64

       Liabilities measured at fair value

       Derivatives

       Foreign currency forward contracts - 19 - 19

       During the current period, there were no changes in the methods and the assumptions used to estimate the fair value of financial instruments and there were no transfers between the levels of the fair value hierarchy.

18. Foreign currency risk and financial derivatives

    As at 31 March 2025, the significant outstanding balances of the Group's financial assets and financial liabilities denominated in foreign currencies are as follows:

    (Unit: Million foreign currency unit)
    Foreign		Consolidated financial statements				Separate financial statements
    currency		Financial assets		Financial liabilities		Financial assets		Financial liabilities
    US dollar		1,264		858		1,175		694
    Euro		14		19		11		18
    Japanese yen		240		529		166		522

    		(Unit: Baht per 1 foreign currency unit)
    Foreign currency		Average exchange rate as at 31 March 2025
    US dollar		33.9265
    Euro		36.7392
    Japanese yen		0.2272

    The Group manages its exposure to foreign currency risk by using derivatives when considered appropriate. As at 31 March 2025, the outstanding derivatives for managing the exposure to foreign currency risk are as follows:

    Consolidated financial statements
    		Amount			Forward rate			Maturity date
    Forward contracts to "Sell"
    USD/THB	USD	118	million		33.5050 - 34.6220	THB/USD		April - July 2025
    Forward contracts to "Buy"
    USD/INR	USD	3	million		86.0000 - 86.2675	INR/USD		April 2025
    JPY/THB	JPY	210	million		0.2247 - 0.2259	THB/JPY		April - May 2025

    Separate financial statements
    		Amount			Forward rate			Maturity date
    Forward contracts to "Sell"
    USD/THB	USD	118	million		33.5050 - 34.6220	THB/USD		April - July 2025
    Forward contracts to "Buy"
    JPY/THB	JPY	210	million		0.2247 - 0.2259	THB/JPY		April - May 2025

19. Events after the reporting period

    1. The merger of subsidiaries in Slovakia

       On 25 October 2024, a meeting of the Company's Board of Directors passed a resolution to merge two subsidiaries in Slovakia, Delta Electronics (Slovakia), s.r.o. and Eltek s.r.o., with the merged business to belong to Delta Electronics (Slovakia), s.r.o. The subsidiaries' merger was completed on 1 April 2025.

       The merger had no impact on the consolidated financial statements because it was a merger of subsidiaries within a group of companies under common control.

    2. On 2 April 2025, the 2025 Annual General Meeting of the Company's shareholders approved the payment of a dividend of Baht 0.46 per share for 2024, totaling Baht 5,738 million.

20. Approval of interim financial statements

These interim financial statements were authorised for issue by the Company's Board of Directors on 25 April 2025.