Delta Electronics (thailand) Public Co. Ltd.SET: DELTA

Financial Statement Quarter 2 / 2025

· Issued by Delta Electronics (thailand) Public Co. Ltd.
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Delta Electronics (Thailand) Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information For the three-month and six-month periods ended 30 June 2025

Independent Auditor's Report on Review of Interim Financial Information

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 30 June 2025, the related consolidated statements of comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the six-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 periods (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.

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.

Chatchai Kasemsrithanawat

Certified Public Accountant (Thailand) No. 5813

EY Office Limited Bangkok: 25 July 2025

Consolidated financial statements Separate financial statements

Note

30 June 2025 (Unaudited but reviewed)

31 December 2024 (Audited)

30 June 2025 (Unaudited but reviewed)

31 December 2024 (Audited)

Assets

Current assets

Cash and cash equivalents

12,967,191

15,700,903

7,773,871

9,790,790

Trade and other current receivables

3

38,496,225

32,906,076

40,747,907

34,500,166

Inventories

4

32,947,180

31,697,444

22,507,050

22,728,247

Derivative assets

17.2

392,789

43,659

392,785

42,574

Other current assets

5

2,766,893

2,183,436

1,247,743

682,982

Total current assets

87,570,278

82,531,518

72,669,356

67,744,759

Non-current assets

Deposits at bank with restrictions

30,664

32,043

-

-

Investments in subsidiary companies

6

-

-

22,015,232

20,283,903

Investments in associated companies

1,545

774

1,500

1,000

Investment properties

163,255

152,765

-

-

Property, plant and equipment

7

42,172,033

37,721,164

27,940,970

24,706,385

Advances to contractors and for acquisitions

of assets

482,171

854,512

482,171

831,564

Right-of-use assets

459,689

464,456

14,852

26,881

Goodwill

424,467

433,690

-

-

Other intangible assets

121,874

137,782

42,015

44,266

Deferred tax assets

705,858

591,110

-

-

Other non-current assets

580,746

176,871

43,509

29,892

Total non-current assets

45,142,302

40,565,167

50,540,249

45,923,891

Total assets

132,712,580

123,096,685

123,209,605

113,668,650

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

Consolidated financial statements Separate financial statements

Note

30 June 2025 (Unaudited but reviewed)

31 December 2024 (Audited)

30 June 2025 (Unaudited but reviewed)

31 December 2024 (Audited)

Liabilities and shareholders' equity

Current liabilities

Short-term loans from financial institutions

51,000

160,200

-

-

Short-term loan from related party

2

50,000

-

-

-

Trade and other current payables

8

39,314,953

35,793,288

32,781,241

29,583,365

Current portion of long-term loans

from related parties

2

331,392

-

-

-

Current portion of lease liabilities

86,641

84,825

6,791

20,555

Income tax payable

467,116

334,558

164,492

202,616

Provision for top-up tax

13

1,387,725

-

1,387,725

-

Liabilities and provision from tax assessments

16.4.1

113,201

113,201

113,201

113,201

Other current provisions

11

494,594

519,859

482,066

488,958

Derivative liabilities

17.2

963

217,560

541

215,979

Other current liabilities

9

1,120,747

903,471

788,418

689,412

Total current liabilities

43,418,332

38,126,962

35,724,475

31,314,086

Non-current liabilities

Long-term loans from related parties,

net of current portion

2

839,950

1,087,672

-

-

Lease liabilities, net of current portion

133,065

123,475

7,097

5,214

Deferred tax liabilities

367,841

386,415

-

-

Non-current provision for employee benefits

10

1,654,985

1,559,244

796,870

768,254

Other non-current provisions

11

1,378,910

1,254,750

1,102,083

986,276

Other non-current liabilities

904,182

616,354

570,975

344,035

Total non-current liabilities

5,278,933

5,027,910

2,477,025

2,103,779

Total liabilities

48,697,265

43,154,872

38,201,500

33,417,865

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

Consolidated financial statements Separate financial statements

30 June 2025 31 December 2024 30 June 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited)

but reviewed) but reviewed)

Shareholders' equity

Share capital Registered

12,590,000,000 ordinary shares of Baht 0.1 each 1,259,000 1,259,000 1,259,000 1,259,000 Issued and fully paid

12,473,816,140 ordinary shares of Baht 0.1 each

1,247,382

1,247,382

1,247,382

1,247,382

Share premium

1,491,912

1,491,912

1,491,912

1,491,912

Difference from business combination under

common control

(1,339,694)

(1,339,694)

-

-

Retained earnings

Appropriated - Statutory reserve

125,900

125,900

125,900

125,900

Unappropriated

86,214,201

81,834,974

82,142,911

77,385,591

Other components of shareholders' equity

(3,724,386)

(3,418,661)

-

-

Total shareholders' equity

84,015,315

79,941,813

85,008,105

80,250,785

Total liabilities and shareholders' equity

132,712,580

123,096,685

123,209,605

113,668,650

-

-

-

-

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

Directors

Profit or loss:

Sales

43,607,092

40,963,871

39,127,640

33,928,746

Service income

882,887

808,307

38,519

149,538

Cost of sales

(32,642,139)

(30,092,685)

(28,439,457)

(23,719,920)

Cost of services

(738,899)

(457,397)

(31,137)

(59,028)

Gross profit

11,108,941

11,222,096

10,695,565

10,299,336

Gain (loss) on exchange

(58,361)

379,390

(114,357)

365,226

Compensation for contract decommitment

161,190

251,759

161,190

251,826

Other income

128,719

235,482

109,375

192,675

Selling and distribution expenses

16.2.1

(3,766,906)

(3,613,032)

(3,346,153)

(3,315,945)

Administrative expenses

(819,901)

(784,025)

(372,730)

(407,081)

Research and development expenses

16.2.2

(1,424,412)

(1,005,899)

(1,613,804)

(856,247)

Other expenses

(5,559)

(2,903)

(5,230)

(1,801)

Operating profit

5,323,711

6,682,868

5,513,856

6,527,989

Share of profit from investments in associates

182

-

-

-

Finance income

86,122

57,455

65,642

8,194

Finance cost

(12,496)

(22,117)

(88)

(10,404)

Profit before income tax

5,397,519

6,718,206

5,579,410

6,525,779

Income tax expenses

13

(768,463)

(153,182)

(661,423)

(84,037)

Profit for the period

4,629,056

6,565,024

4,917,987

6,441,742

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

Other comprehensive income:

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Exchange differences on translation of

financial statements in foreign currency (452,141) (168,756) - -Other comprehensive income to be reclassified

to profit or loss in subsequent periods

(452,141)

(168,756)

-

-

Other comprehensive income for the period

(452,141)

(168,756)

-

-

Total comprehensive income for the period

4,176,915

6,396,268

4,917,987

6,441,742

Profit attributable to:

Equity holders of the Company

4,629,056

6,565,024

4,917,987

6,441,742

Total comprehensive income attributable to:

Equity holders of the Company

4,176,915 6,396,268

4,917,987

6,441,742

Earnings per share

14

Basic earnings per share

Profit attributable to equity holders of the Company

0.37 0.53

0.39

0.52

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

Profit or loss:

Sales

85,493,648

78,643,029

76,625,096

64,810,048

Service income

1,732,109

1,117,876

81,850

236,476

Cost of sales

(63,884,097)

(59,862,085)

(55,826,302)

(47,154,520)

Cost of services

(1,305,788)

(705,055)

(56,887)

(130,548)

Gross profit

22,035,872

19,193,765

20,823,757

17,761,456

Gain on exchange

336,137

608,947

336,123

582,662

Compensation for contract decommitment

226,675

528,943

219,086

529,814

Other income

301,856

419,418

230,191

332,657

Selling and distribution expenses

16.2.1

(6,904,089)

(6,511,880)

(6,091,750)

(5,880,165)

Administrative expenses

(1,632,818)

(1,489,040)

(754,456)

(762,258)

Research and development expenses

16.2.2

(2,701,251)

(1,653,760)

(2,820,573)

(1,831,151)

Other expenses

(111,356)

(8,884)

(23,366)

(3,308)

Operating profit

11,551,026

11,087,509

11,919,012

10,729,707

Share of profit from investments in associates

271

-

-

-

Finance income

149,809

107,393

100,081

17,997

Finance cost

(30,982)

(56,438)

(208)

(24,554)

Profit before income tax

11,670,124

11,138,464

12,018,885

10,723,150

Income tax expenses

13

(1,552,942)

(265,931)

(1,523,610)

(187,762)

Profit for the period

10,117,182

10,872,533

10,495,275

10,535,388

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

Other comprehensive income:

Other comprehensive income to be reclassified to profit or loss in subsequent periods:

Exchange differences on translation of

financial statements in foreign currency (305,725) 1,307,802 - -Other comprehensive income to be reclassified

to profit or loss in subsequent periods

(305,725)

1,307,802

-

-

Other comprehensive income for the period

(305,725)

1,307,802

-

-

Total comprehensive income for the period

9,811,457

12,180,335

10,495,275

10,535,388

Profit attributable to:

Equity holders of the Company

10,117,182

10,872,533

10,495,275

10,535,388

Total comprehensive income attributable to:

Equity holders of the Company

9,811,457 12,180,335

10,495,275

10,535,388

Earnings per share

14

Basic earnings per share

Profit attributable to equity holders of the Company

0.81 0.87

0.84

0.84

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

Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity

For the six-month period ended 30 June 2025

Consolidated financial statements

(Unaudited but reviewed)

(Unit: Thousand Baht)

Other components of shareholders' equity

Other comprehensive income Exchange differences

Issued and Difference from business on translation of Total other Total

fully paid combination under

Retained earnings

financial statements components of shareholders'

share capital

Share premium

common control

Appropriated

Unappropriated

in foreign currency

shareholders' equity

equity

Balance as at 1 January 2024

1,247,382

1,491,912

(1,339,694)

125,900

68,499,609

(2,486,558)

(2,486,558)

67,538,551

Profit for the period

-

-

-

-

10,872,533

-

-

10,872,533

Other comprehensive income for the period

-

-

-

-

-

1,307,802

1,307,802

1,307,802

Total comprehensive income for the period

-

-

-

-

10,872,533

1,307,802

1,307,802

12,180,335

Dividend paid (Note 12)

-

-

-

-

(5,613,217)

-

-

(5,613,217)

Balance as at 30 June 2024

1,247,382

1,491,912

(1,339,694)

125,900

73,758,925

(1,178,756)

(1,178,756)

74,105,669

Balance as at 1 January 2025

1,247,382

1,491,912

(1,339,694)

125,900

81,834,974

(3,418,661)

(3,418,661)

79,941,813

Profit for the period

-

-

-

-

10,117,182

-

-

10,117,182

Other comprehensive income for the period

-

-

-

-

-

(305,725)

(305,725)

(305,725)

Total comprehensive income for the period

-

-

-

-

10,117,182

(305,725)

(305,725)

9,811,457

Dividend paid (Note 12)

-

-

-

-

(5,737,955)

-

-

(5,737,955)

Balance as at 30 June 2025

1,247,382

1,491,912

(1,339,694)

125,900

86,214,201

(3,724,386)

(3,724,386)

84,015,315

-

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

Delta Electronics (Thailand) Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the six-month period ended 30 June 2025 Separate financial statements

(Unaudited but reviewed)

(Unit: Thousand Baht)

Issued and Total

fully paid

Retained earnings

shareholders'

share capital

Share premium

Appropriated

Unappropriated

equity

Balance as at 1 January 2024

1,247,382

1,491,912

125,900

63,990,888

66,856,082

Profit for the period

-

-

-

10,535,388

10,535,388

Other comprehensive income for the period

-

-

-

-

-

Total comprehensive income for the period

-

-

-

10,535,388

10,535,388

Dividend paid (Note 12)

-

-

-

(5,613,217)

(5,613,217)

Balance as at 30 June 2024

1,247,382

1,491,912

125,900

68,913,059

71,778,253

Balance as at 1 January 2025

1,247,382

1,491,912

125,900

77,385,591

80,250,785

Profit for the period

-

-

-

10,495,275

10,495,275

Other comprehensive income for the period

-

-

-

-

-

Total comprehensive income for the period

-

-

-

10,495,275

10,495,275

Dividend paid (Note 12)

-

-

-

(5,737,955)

(5,737,955)

Balance as at 30 June 2025

1,247,382

1,491,912

125,900

82,142,911

85,008,105

-

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

Cash flows from operating activities:

Profit before tax

11,670,124

11,138,464

12,018,885

10,723,150

Adjustments to reconcile profit before tax to

net cash provided by (paid from) operating activities:

Depreciation

3,940,039

3,067,477

3,055,941

2,409,034

Amortisation

50,617

34,899

5,912

5,799

Allowance for expected credit losses

105,857

135,331

39,332

157,866

Reduction of inventory to net realisable value

603,482

777,878

223,417

747,968

Reversal of the reduction to net realisable value

of the written-off obsolete and damaged inventories

(373,056)

(652,511)

(305,394)

(560,954)

Provisions

308,860

301,454

241,609

253,723

Provision for employee benefits

83,068

91,299

45,736

42,185

(Gain) loss from disposal/writte-off of property,

plant and equipment

(2,581)

(11,603)

9,236

459

Share of profit from investments in associates

(271)

-

-

-

Unrealised gain on exchange

(141,367)

(1,214,362)

(90,826)

(1,198,121)

(Gain) loss on fair value adjustments of derivative instruments

(565,727)

799,040

(565,649)

799,573

Finance income

(149,809)

(107,393)

(100,081)

(17,997)

Finance cost

Profit from operating activities before changes in

30,982

56,438

208

24,554

operating assets and liabilities

15,560,218

14,416,411

14,578,326

13,387,239

Decrease (increase) in operating assets:

Trade and other current receivables

(6,167,199)

(2,766,771)

(6,707,603)

237,354

Inventories

(1,490,258)

1,598,449

303,174

1,932,871

Other current assets

(485,183)

(720,940)

(559,627)

(50,259)

Other non-current assets

Increase (decrease) in operating liabilities:

(286,580)

(13,540)

(13,617)

(6,004)

Trade and other current payables

3,828,549

1,125,636

3,553,733

(455,603)

Other current liabilities

245,574

(137,323)

116,676

(188,744)

Cash paid for provisions

(204,008)

(34,453)

(132,694)

(9,035)

Cash paid for employee benefits

(42,293)

(191,682)

(17,120)

(123,754)

Other non-current liabilities

287,828

(106,182)

226,940

2,700

Cash flows from operating activities

11,246,648

13,169,605

11,348,188

14,726,765

Cash received from interest income

127,547

95,098

75,967

17,997

Cash paid for interest expenses

(22,886)

(55,510)

-

(26,303)

Cash paid for corporate income tax

(381,796)

(632,318)

(173,943)

(350,627)

Net cash flows from operating activities

10,969,513

12,576,875

11,250,212

14,367,832

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

Cash flows from investing activities:

(Increase) decrease in deposits at bank with restrictions

1,379

(1,186)

-

-

Increase in investments in subsidiary

-

-

(1,731,329)

(1,342,666)

Increase in investments in associated companies

(500)

-

(500)

-

Increase (decrease) in advances to contractors and

for acquisitions of assets

372,341

(178,546)

349,393

(70,454)

Acquisition of property, plant and equipment

(7,509,283)

(6,295,597)

(5,109,035)

(4,353,698)

Cash paid to others payable for purchase of plant and equipment

(1,226,207)

(1,180,124)

(1,183,825)

(1,142,974)

Proceeds from disposal of property, plant and equipment

34,503

86,791

-

20,094

Acquisition of investment properties

(6,674)

-

-

-

Acquisition of other intangible assets

(36,861)

(37,982)

(3,661)

-

Net cash flows used in investing activities

(8,371,302)

(7,606,644)

(7,678,957)

(6,889,698)

Cash flow from financing activities:

Cash receipt from short-term loans from financial institutions

51,116

21,612,529

-

21,527,643

Repayment of short-term loans from financial institutions

(160,316)

(23,156,740)

-

(23,119,170)

Cash receipt from short-term loans from related party

50,000

-

-

-

Repayment of long-term loans from related party

-

(38,032)

-

-

Repayment of liabilities under lease agreements

(65,283)

(62,552)

(17,625)

(22,243)

Dividend paid

(5,737,955)

(5,613,217)

(5,737,955)

(5,613,217)

Net cash flow used in financing activities

(5,862,438)

(7,258,012)

(5,755,580)

(7,226,987)

Increase in translation adjustments

347,335

852,531

-

-

Net increase (decrease) in cash and cash equivalents before

effect from currency translation

(2,916,892)

(1,435,250)

(2,184,325)

251,147

Effect from currency translation of cash and cash equivalents

183,180

(36,061)

167,406

(50,925)

Net increase (decrease) in cash and cash equivalents

(2,733,712)

(1,471,311)

(2,016,919)

200,222

Cash and cash equivalents at beginning of period

15,700,903

7,617,211

9,790,790

353,196

Cash and cash equivalents at end of period

12,967,191

6,145,900

7,773,871

553,418

Supplemental disclosures of cash flows information

-

-

-

-

Non-cash transaction

Additions to right-of-use assets and lease liabilities

70,660

14,425

5,536

-

Increase in others payable from purchase of plant and equipment

1,325,251

1,091,037

1,173,162

970,849

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

Delta Electronics (Thailand) Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and six-month periods ended 30 June 2025
  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 30 June

    2025

    2024

    2025

    2024

    Transactions with the parent company

    Sales of goods and raw materials

    498

    72

    491

    56

    Purchase of goods and raw materials

    598

    44

    14

    2

    Purchase of equipment

    104

    142

    104

    138

    Royalty paid (Note 16.2.1)

    1,954

    2,269

    1,954

    2,269

    Service paid

    34

    14

    34

    14

    Transactions with subsidiary companies

    (eliminated from the consolidated financial statements)

    Sales of goods and raw materials

    -

    -

    15,060

    8,992

    Purchase of goods and raw materials

    -

    -

    616

    350

    Purchase of equipment

    -

    -

    33

    1

    Commission paid

    -

    -

    196

    171

    Design and engineering fee paid (Note 16.2.2)

    -

    -

    634

    118

    Transactions with associated companies

    Purchase of goods and raw materials

    63

    -

    63

    -

    Transactions with related companies

    Sales of goods and raw materials

    6,299

    5,513

    3,010

    1,889

    Purchase of goods and raw materials

    4,704

    3,220

    3,445

    1,335

    Purchase of equipment

    587

    649

    535

    620

    Commission paid

    245

    255

    239

    245

    Commission received

    69

    67

    -

    -

    Services income

    46

    97

    -

    -

    Design and engineering fee paid (Note 16.2.2)

    380

    301

    379

    293

    Consolidated financial statements

    Separate financial statements

    (Unit: Million Baht) For the six-month periods ended 30 June

    2025

    2024

    2025

    2024

    Transactions with the parent company

    Sales of goods and raw materials

    984

    167

    976

    133

    Purchase of goods and raw materials

    726

    123

    17

    4

    Purchase of equipment

    262

    243

    157

    231

    Royalty paid (Note 16.2.1)

    3,814

    4,068

    3,814

    4,068

    Service paid

    64

    29

    64

    29

    Transactions with subsidiary companies

    (eliminated from the consolidated financial statements)

    Sales of goods and raw materials

    -

    -

    27,652

    17,556

    Purchase of goods and raw materials

    -

    -

    905

    680

    Purchase of equipment

    -

    -

    134

    104

    Commission paid

    -

    -

    358

    346

    Design and engineering fee paid (Note 16.2.2)

    -

    -

    983

    435

    Transactions with associated companies

    Purchase of goods and raw materials

    123

    -

    123

    -

    Transactions with related companies

    Sales of goods and raw materials

    11,672

    9,829

    5,801

    3,347

    Purchase of goods and raw materials

    7,035

    6,220

    4,735

    2,499

    Purchase of equipment

    1,015

    957

    936

    916

    Commission paid

    536

    570

    519

    554

    Commission received

    161

    130

    -

    -

    Services income

    129

    123

    -

    -

    Design and engineering fee paid (Note 16.2.2)

    720

    540

    706

    524

    Consolidated financial statements

    Separate financial statements

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

    30 June

    31 December

    30 June

    31 December

    2025

    2024

    2025

    2024

    (Audited)

    (Audited)

    Trade receivables - related parties (Note 3)

    Parent company

    417

    237

    407

    229

    Subsidiary companies

    -

    -

    20,274

    14,266

    Related companies (common shareholders)

    6,498

    4,973

    2,944

    2,081

    Total trade receivables - related parties

    6,915

    5,210

    23,265

    16,576

    Other current receivables - related parties (Note 3)

    Parent company

    1

    -

    1

    -

    Subsidiary companies

    -

    -

    25

    28

    Related companies (common shareholders)

    14

    78

    10

    74

    Total other current receivables - related parties

    15

    78

    36

    102

    Amounts due from related parties (Note 3)

    Subsidiary companies

    -

    -

    -

    2

    Total amounts due from related parties

    -

    -

    -

    2

    Trade payables - related parties (Note 8)

    Parent company

    846

    454

    241

    223

    Subsidiary companies

    -

    -

    342

    237

    Associated companies

    22

    23

    22

    23

    Related companies (common shareholders)

    3,055

    2,606

    1,403

    1,016

    Total trade payables - related parties

    3,923

    3,083

    2,008

    1,499

    Other current payables - related parties (Note 8)

    Parent company

    669

    1,017

    661

    1,010

    Subsidiary companies

    -

    -

    302

    384

    Related companies (common shareholders)

    1,282

    877

    1,098

    759

    Total other current payables - related parties

    1,951

    1,894

    2,061

    2,153

    Accrued expenses - related parties (Note 8)

    Parent company

    528

    433

    528

    433

    Related companies (common shareholders)

    152

    190

    147

    187

    Total accrued expenses - related parties

    680

    623

    675

    620

    Consolidated financial statements

    (Unit: Million Baht)

    Separate financial statements

    Short-term loan from related party

    (Unit: Million Baht) Consolidated financial statements

    Short-term loans

    Balance as at 1 January 2025

    Increase during the period

    Balance as at 30 June 2025

    Related company (common shareholders)

    - Eltek Power Company Limited

    -

    50

    50

    Total short-term loan from related party

    -

    50

    50

    Song-term loan from Eltek Power Company Limited, which is unsecured, carries interest at a rate of 2.30 percent per annum, payable every three months. The principal repayments is scheduled for April 2026.

    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 30 June 2025

    Related companies (common shareholders)

    - Eltek AS

    733

    55

    788

    - Delta International Holding Limited B.V.

    355

    28

    383

    Total long-term loans from related parties

    1,088

    83

    1,171

    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 331 million and EUR 12 million, or approximately Baht 457 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 383 million is scheduled for August 2029.

    Directors and management's benefits

    (Unit: Million Baht) For the three-month periods ended 30 June

    2025

    2024

    2025

    2024

    Short-term employee benefits

    49

    52

    24

    20

    Post-employment benefits

    3

    3

    3

    3

    Total

    52

    55

    27

    23

    Consolidated financial statements

    Separate financial statements

    (Unit: Million Baht) For the six-month periods ended 30 June

    2025

    2024

    2025

    2024

    Short-term employee benefits

    95

    99

    52

    42

    Post-employment benefits

    6

    7

    6

    6

    Total

    101

    106

    58

    48

    Consolidated financial statements

    Separate financial statements

  3. Trade and other current receivables

    Consolidated financial statements

    (Unit: Million Baht)

    Separate financial statements

    30 June

    2025

    31 December

    2024

    30 June

    2025

    31 December

    2024

    Trade receivables, related parties (Note 2) Aged on the basis of due dates

    (Audited) (Audited)

    Not yet due 6,757

    5,125

    21,939

    16,093

    Past due

    Up to 3 months

    124

    76

    1,675

    477

    3 - 6 months

    32

    9

    7

    6

    6 - 12 months

    2

    -

    4

    -

    Total

    6,915

    5,210

    23,625

    16,576

    Trade receivables, unrelated parties Aged on the basis of due dates

    Not yet due

    27,332

    24,027

    15,086

    15,282

    Past due

    Up to 3 months

    3,284

    2,470

    1,411

    1,586

    3 - 6 months

    277

    407

    143

    342

    6 - 12 months

    277

    154

    113

    121

    Over 12 months

    23

    27

    -

    -

    Total

    31,193

    27,085

    16,753

    17,331

    Total trade receivables

    38,108

    32,295

    40,378

    33,907

    Less: Allowance for expected credit losses

    (423)

    (320)

    (256)

    (217)

    Total trade receivables - net

    37,685

    31,975

    40,122

    33,690

    Other current receivables

    Amounts due from related parties (Note 2)

    -

    -

    -

    2

    Other current receivables - related parties

    (Note 2)

    15

    78

    36

    102

    Other current receivables - unrelated parties

    604

    803

    527

    702

    Accrued income - unrelated parties

    167

    44

    39

    4

    Interest receivables - unrelated parties

    25

    6

    24

    -

    Total other current receivables

    811

    931

    626

    810

    Trade and other current receivables - net

    38,496

    32,906

    40,748

    34,500

  4. Inventories

30 June

31 December

30 June

31 December

2025

2024

2025

2024

(Audited)

(Audited)

Inventories - cost

38,413

36,923

25,403

25,706

Reduce cost to net realisable value

(5,466)

(5,226)

(2,896)

(2,978)

Inventories - net

32,947

31,697

22,507

22,728

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

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

Reversal of the reduction to net realisable value of the written off obsolete and damaged inventories

during the period

(652)

373

(223)

305

Reversal during the period

49

-

Translation adjustment

(10)

-

Balance as at 30 June 2025

(5,466)

(2,896)

5.

Other current assets

30 June

31 December

30 June

31 December

2025

2024

2025

2024

(Audited)

(Audited)

Input tax refundable

1,592

1,154

846

599

Advance payments

262

136

140

5

Prepaid expenses

645

724

244

64

Prepaid tax

214

131

-

-

Others

54

38

18

15

Total other current assets

2,767

2,183

1,248

683

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

  1. 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

      30 June

      31 December

      30 June

      31 December

      currency

      2025

      2024

      2025

      2024

      (Million)

      (Million)

      (Audited)

      DET International Holding B.V. USD

      288

      269

      10,249

      9,622

      Delta Green Industrial (Thailand)

      Company Limited

      THB

      206

      206

      206

      206

      Delta Energy Systems (Singapore) Pte. Ltd.

      USD

      345

      311

      11,560

      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

      Delta Electronics Philippines Inc.

      PHP

      12

      -

      7

      -

      Subtotal

      23,339

      21,608

      Less: Allowance for impairment loss of

      investments in subsidiaries

      (1,324)

      (1,324)

      Total investments in subsidiaries - net

      22,015

      20,284

      No dividend was received from the above subsidiaries during the three-month and six-month periods ended 30 June 2025 and 2024.

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

        1. Establishment of new subsidiary

          Delta Electronics Philippines Inc.

          On 28 August 2023, a meeting of the Company's Board of Directors passed a resolution approving the establishment of a subsidiary, Delta Electronics Philippines Inc., to support and expand the business of power electronics, automation and energy infrastructure. The subsidiary was incorporated in Philippines on 3 March 2025, with a registered capital of PHP 15 million. The Company holds 100% of the new subsidiary's share capital.

          Delta Electronics Philippines Inc. called up PHP 12 million, or approximately Baht 7 million and has not commenced operations in the current quarter.

        2. Additional investment in subsidiary companies

          • On 3 December 2024, a meeting of the Company's Board of Directors passed a resolution to increase the Company's investment in DET International Holding B.V. by USD 5 million, or approximately Baht 171 million, to enable the latter to invest in Delta Electronics (Automotive) Americas Inc. to support the expansion of research and development activities. The Company made the additional investment in the current quarter.

          • On 14 February 2025, a meeting of the Company's Board of Directors passed a resolution to increase the Company's investment in DET International Holding B.V. by EUR 12 million, or approximately Baht 456 million, to enable the latter to invest in Delta Electronics (Slovakia), s.r.o. for land acquisition to support production expansion. The Company made the additional investment in the current quarter.

          • On 26 April 2024, a meeting of the Company's Board of Directors passed a resolution to increase the Company's investment in Delta Energy Systems (Singapore) Pte. Ltd. by USD 34 million, or approximately Baht 1,097 million, to enable the latter to invest in Delta Electronics India Pvt. Ltd. to support infrastructure improvements at the research and development center. The Company made the additional investment in the current quarter.

            The above additional investment had no impact on the investment structure of the Group.

      2. Subsidiaries indirectly owned by the Company

        1. 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 in the first quarter during the current year.

        2. 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. 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

Disposals/write-off during period - net book value at disposal/write-off date

8,836

(38)

6,282

(9)

Depreciation for the period

(3,875)

(3,038)

Translation adjustment

(472)

-

Net book value as at 30 June 2025

42,172

27,941

8.

Trade and other current payables

30 June

31 December

30 June

31 December

2025

2024

2025

2024

(Audited)

(Audited)

Trade payables - related parties (Note 2)

3,923

3,083

2,008

1,499

Trade payables - unrelated parties

23,736

22,351

21,367

20,363

Other current payables - related parties

(Note 2)

1,951

1,894

2,061

2,153

Other current payables - unrelated parties

2,747

2,412

2,367

1,854

Accrued expenses - related parties (Note 2)

680

623

675

620

Accrued expenses - unrelated parties

3,960

3,098

3,013

1,911

Advance received - unrelated parties

2,318

2,332

1,290

1,183

Total trade and other current payables

39,315

35,793

32,781

29,583

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

  1. Other current liabilities

    30 June

    31 December

    30 June

    31 December

    2025

    2024

    2025

    2024

    (Audited)

    (Audited)

    Withholding tax payable

    211

    357

    101

    290

    Value added tax payable

    151

    107

    31

    10

    Others

    759

    439

    656

    389

    Total other current liabilities

    1,121

    903

    788

    689

    Consolidated financial statements

    (Unit: Million Baht)

    Separate financial statements

  2. 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

83

46

Paid during the period

(42)

(17)

Translation adjustment

55

-

Balance as at 30 June 2025

1,655

797

11.

Provisions

(Unit: Million Baht)

Separate

Consolidated financial statements

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

392

15

407

298

298

Paid during the period

(194)

(10)

(204)

(133)

(133)

Reversal during the period

(72)

(26)

(98)

(56)

(56)

Translation adjustment

(8)

2

(6)

-

-

Balance as at 30 June 2025

1,862

12

1,874

1,584

1,584

Other

Warranty

provisions

Total

Warranty

Total

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

483

12

495

482

482

Other non-current provisions

1,379

-

1,379

1,102

1,102

Balance as at 30 June 2025

1,862

12

1,874

1,584

1,584

Warranty

Consolidated financial statements

(Unit: Million Baht)

Separate financial statements

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.

  1. Dividends

    Dividends declared in 2025 and 2024 consisted of the followings:

    Dividends

    Approved by

    Total dividends

    Dividend per share

    (Million Baht)

    (Baht)

    Final dividend for year 2024

    Annual General Meeting of the

    shareholders on 2 April 2025 5,738 0.46

    Final dividend for year 2023 Annual General Meeting of the

    shareholders on 11 April 2024 5,613 0.45

  2. 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 and six-month periods ended 30 June 2025 and 2024 are made up as follows:

    (Unit: Million Baht) For the three-month periods ended 30 June

    2025

    2024

    2025

    2024

    Current income tax:

    Interim corporate income tax charge

    (252)

    (195)

    (58)

    (84)

    Top-up tax

    (603)

    -

    (603)

    -

    Deferred tax:

    Relating to origination and reversal of

    temporary differences

    79

    42

    -

    -

    Translation adjustment

    8

    -

    -

    -

    Income tax expense reported in profit or loss

    (798)

    (153)

    (661)

    (84)

    Consolidated financial statements

    Separate financial statements

    (Unit: Million Baht) For the six-month periods ended 30 June

    Consolidated financial statements

    Separate financial statements

    2025 2024 2025 2024

    Current income tax:

    Current income tax charge (416)

    (338)

    (136)

    (188)

    previous year 108

    -

    -

    -

    Top-up tax (1,388)

    -

    (1,388)

    -

    Deferred tax:

    Relating to origination and reversal of

    temporary differences

    133

    86

    -

    -

    Translation adjustment

    10

    (14)

    -

    -

    Income tax expense reported in profit or loss

    (1,553)

    (266)

    (1,524)

    (188)

    Adjustment in respect of income tax of

    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.

  3. 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.

  4. 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 and six-month periods ended 30 June 2025 and 2024.

(Unit: Million Baht)

For the three-month periods ended 30 June

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Revenue

Sales from external customers

24,966

22,759

9,910

11,648

7,621

5,605

1,103

939

7

13

43,607

40,964

Service income from external

customers

39

84

34

36

613

598

106

77

91

13

883

808

Total revenue

25,005

22,843

9,944

11,684

8,234

6,203

1,209

1,016

98

26

44,490

41,772

Segment profit (loss)

5,090

5,248

129

845

333

143

14

59

(469)

(475)

5,097

5,820

Unallocated income (expenses):

Gain (loss) on exchange rate

(58)

379

Compensation for contract decommitment

161

252

Other income

129

235

Other expenses

(6)

(3)

Finance income

86

57

Finance cost

(12)

(22)

Profit before income tax

5,397

6,718

Income tax expenses

(768)

(153)

Profit for the period

4,629

6,565

Power electronics segment

Mobility segment

Infrastructure segment

Automation

segment Others

Consolidated financial statements

(Unit: Million Baht)

For the six-month periods ended 30 June

Power electronics segment

Mobility segment

Infrastructure segment

Automation

segment Others

Consolidated financial statements

Revenue

Sales from external customers Service income from external

customers Total revenue

Segment profit (loss) Unallocated income (expenses):

Gain on exchange rate

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024

49,843

42,685

19,708

22,526

13,761

11,541

2,172

1,853

10

38

85,494

78,643

62

120

48

67

1,342

763

158

141

122

27

1,732

1,118

49,905

42,805

19,756

22,593

15,103

12,304

2,330

1,994

132

65

87,226

79,761

10,862

8,483

161

1,713

541

218

58

92

(825)

(967)

10,797

9,539

336

609

Compensation for contract decommitment

227

529

Other income

302

419

Other expenses

(111)

(9)

Finance income

150

107

Finance cost

(31)

(56)

Profit before income tax

11,670

11,138

Income tax expenses

(1,553)

(265)

Profit for the period

10,117

10,873