Page 133 - BTSGroup ONE REPORT 2021/22_EN

BTS Group Holdings Public Company Limited 4.4 Management Discussion and Analysis 131
Annual Report 2021/22

that was 0.44 times. The increase in current ratio was mainly because of Profitability
(1) increase in cash to be received from clearing house - share subscription of Net profit for FY 2021/22 was THB 3,881.0mn (decreased 27.6% YoY) and
subsidiary 6,668.5mn and (2) increase in receivable from subscription for newly net profit for equity holders of the Company was THB 3,825.6mn (decreased
issued ordinary shares of subsidiary 6,248.2mn. 16.4% YoY). Additionally, the net profit margin in FY2021/22 was 12.3%

(versus 10.8% in FY 2020/21). Net profit of THB 3,825.6mn decreased 16.4%
Capital expenditures for the year ended 31 March 2022 were THB 11,854.7mn, or THB 750.7mn YoY, mainly from (1) decrease in net gain on sale of Thana
primarily comprised (1) capital expenditures for MOVE Business of THB City Land, (2) higher finance costs mainly from bonds issuance and the
8,267.4mn which are mainly from construction of Pink Line and Yellow Line drawdown of syndicated loans in relation to the Pink and Yellow Lines and
totalling THB 8,105.4mn (excluding the part of the provision of E&M works (3) softer operating performances of MIX and MATCH businesses. However,
for the Green Line extensions and construction of the Pink and Yellow the reduction in net profit was partially offset by (4) decrease in share of loss
Lines, which is shown in net cash used in operating activities amounting to from investment in associates/JVs. The return on equity decreased to 4.8%
THB 733.6mn and THB 5,345.5mn, respectively. (2) capital expenditures for versus 7.5% in FY2020/21 due to net profit decreased as mentioned above.
MIX Business of THB 457.2mn and (3) capital expenditures for MATCH Business
of THB 2,975.4mn mainly from purchases of investment properties of Capricorn Commitments and contingent liabilities
Hill Company Limited (our subsidiary) and construction of Mo-Chit Complex.
The capital expenditures of construction of Pink Line and Yellow Line were As at 31 March 2022, the Company and its subsidiaries had commitments
financed by long-term loans from financial institutions and the others were and contingent liabilities as disclosed in Note 49 to the consolidated financial
financed by internal cash flow. statements of FY2021/22.