Financial Statement Year Ended 2021

Emphasis of Matters

I draw attention to the following matters.

1. The restatement of the financial statements for the year ended 31 December 2020, presented herein as comparative information, due to the change in fair value of investment properties, with the Company also presenting the statement of financial position as at 1 January 2020 as comparative information, as discussed in Note 4 to the consolidated financial statements.
2. The contingent assets and liabilities arising from the recall of the 2500 - 2690 megahertz spectrum by the National Broadcasting and Telecommunication Commission and the uncertainty related to the lawsuit filed against the Company by its contract partner in relation to this spectrum recall, as discussed in Note 27.4 to the consolidated financial statements.

My opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

Key audit matters and how audit procedures respond to each matter are described below.

Revenue recognition

The Group's revenue is significant to the financial statements and directly affects its operating results, to which users of financial statements pay attention. The Group has numerous types of revenue and it is derived through various channels, under agreements with a large number of customers that contain a variety of conditions, pertaining to matters such as sales promotions and discounts. In addition, changes in consumer behavior and industry trends have directly affected the competitive environment in media and entertainment industry. There are therefore risks with respect to the amount and timing of revenue recognition.

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I have examined the revenue recognition of the Group by

• Assessing and testing the Group's IT system and its internal controls with respect to the revenue cycle by making enquiry of responsible executives, gaining an understanding of the controls and selecting representative samples to test the operation of the designed controls.
• Applying a sampling method to select sales and service agreements to assess whether revenue recognition was consistent with the conditions of the relevant agreement, and whether it was in compliance with the Group's policy.
• On a sampling basis, examining supporting documents for sales and service transactions occurring during the year, and with special consideration given to expanding the scope of the examination supporting documentation.
• Reviewing credit notes that the Group issued after the period-end, with special consideration given to expanding the scope of sampling of documentation.
• Performing analytical procedures on disaggregated data to detect possible irregularities in sales transactions throughout the period, particularly for accounting entries made through journal vouchers.

Contingent liabilities arising from litigation

As discussed in the emphasis of matters paragraph regarding the contingent assets and liabilities arising from the recall of the 2500 - 2690 megahertz spectrum by the National Broadcasting and Telecommunication Commission and the uncertainty regarding the lawsuit filed against the Company by its contract partner in relation to this spectrum recall, the case is currently being considered by the Central Administrative Court. The outcome of the case cannot yet be concluded and depend on the results of future legal and judicial proceedings. In addition, the timing and amount of any impact is uncertain. As a result, in order to assess the outcome of the litigation in order to determine the corresponding liabilities management needs to exercise significant judgement and take into account related laws and regulations. Due to the inherent uncertainty and complexity of the case, this is a key audit matter.

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I inquired with the management about the procedures relevant to the collection, monitoring and assessment of pending significant legal cases and assessed the judgement exercised by the management in evaluating the case. The audit procedures included, among others, the following:

• I enquired with the management and obtained relevant information from them about the significant legal cases.
• I inquired about key details and progress of the case with the internal legal counsel and management and about the methods applied by the management in assessing and estimating the liabilities arising from the case. I have also reviewed the defense documents submitted to the Central Administrative Court by the Company's legal representative.
• I have reviewed report of opinion to the significant legal cases written by the management and internal legal office.
• I assessed the disclosure of information relating to significant legal cases in the notes to the consolidated financial statements.

Other Matter

The State Audit Standards as described in the Basis for Opinion section and the Auditor's Responsibilities for the Audit of the Financial Statements section are relevant only to the audit of the financial statements, which are prepared by management in accordance with Thai Financial Reporting Standards.

The consolidated statement of financial position of MCOT Public Company Limited and its subsidiaries, and the separate statement of financial position of MCOT Public Company Limited as at 31 December 2020 (before restated), presented as comparative information, were audited by another auditor who expressed an unqualified opinion on those statements, under her report dated 23 February 2021. However, auditor drew attention through emphasis of matter in relation to the adoption of Financial reporting standards related to financial instruments and TFRS 16 Leases, change of accounting policy for the measurement of investment properties from cost method to fair value method and the uncertainty of lawsuit which the Company was filed by its contract partner derived from the recall of 2500 - 2690 megahertz spectrum by the National Broadcasting and Telecommunication Commission.

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