Page 132 - BTSGroup ONE REPORT 2021/22_EN

130 l Introduction l Nature of Business l Organisation and Shareholding Structure l Business Review l Corporate Governance l Financial Statements l Other Information l

Other current financial assets and Other non-current financial assets as Adjusted net debt to recurring EBITDA as at 31 March 2022 were 15.50 times
at 31 March 2022 amounting THB 18,531.5mn decreased of THB 4,699.0mn which rose from prior year (as at 31 March 2021: 11.04 times) mainly resulted
YoY (from THB 23,230.5mn as at 31 March 2021) mainly due to matured debt from the increase in interest-bearing debts as described above. However,
securities, sold equity investments during the year and recording of fair value almost 40% of interest-bearing debts are the loans used for the Pink Line and
adjustments of investments. Yellow Line projects (project financing). Such loans needed to fund the civil
work will eventually be reimbursed in full by the government. Under the terms
Liquidity and Capital Adequacy of the concessions for the Pink Line and Yellow Line, the government will
Capital structure: As at 31 March 2022, the Group had outstanding interest- bear the cost of land acquisition and civil work. Additionally, the borrowings
bearing debts of THB 151,282.5mn (as at 31 March 2021: THB 113,463.2mn). for the E&M work also take the form of project finance with no recourse to
Most of outstanding interest-bearing debts are debentures issued by the the sponsors of the projects.
Company (outstanding balance of THB 45,013.7mn), debentures issued by
BTSC (THB 14,288.8mn), bills of exchange payables (THB 18,975.6mn), long- In terms of financial covenants compliance, under the Terms and Conditions
term loans from financial institutions (THB 54,459.8mn) mainly from construction governing the rights and obligations relating the Debenture issuance of BTSC
of the Pink and Yellow Lines and short-term loans from financial institutions (for the issued debentures of THB 22,000mn and 10,200mn) and the Company
(THB 17,645.0mn). (for the issued debentures of THB 7,000mn, THB 9,500mn, THB 13,000mn,
THB 8,600mn and THB 13,000mn), the Company and BTSC have to maintain
interest bearing debt-to-equity of not greater than 2.5 times. As at 31 March
Adjusted net debt to equity, as at 31 March 2022 were 1.46 times, which
increased from last year (as at 31 March 2021: 1.28 times), primarily as a 2022, the Company and BTSC are able to maintain such financial covenants.
result of (1) increase in long-term loans from financial institutions of THB
8,964.0mn mainly from the drawdown of loans related to the Pink Line and Liquidity as at 31 March 2022, the Group had cash and cash equivalents
Yellow Line and (2) net increase in long-term debentures of THB 9,789.7mn and other current financial assets totaling THB 11,783.6mn (as at 31 March
from the THB 13,000mn Green bond issuance in July 2021, offset with the 2021: THB 6,716.8mn) which increased of THB 5,066.8mn YoY mainly from
repayment of debentures amounted to THB 1,000mn and THB 2,200mn in the increase in cash and cash equivalents. Unfortunately, current ratio as at
May and November, respectively. 31 March 2022 was 0.49 times which increased from as at 31 March 2021