Leo Global Logistics Public Company Limited and its Subsidiaries

Condensed interim financial statements for the three-month period ended 31 March 2021 and Independent auditor’s review report

Independent Auditor’s Report on Review of Interim Financial Information

To the Board of Directors of Leo Global Logistics Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Leo Global Logistics Public Company Limited and its subsidiaries, and of Leo Global Logistics Public Company Limited, respectively, as at 31 March 2021; the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the three-month period ended 31 March 2021; and condensed notes (“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”.

Other Matter

The consolidated and separate statements of financial position of Leo Global Logistics Public Company Limited and its subsidiaries, and of Leo Global Logistics Public Company Limited as at 31 December 2020, which are included as comparative information, were audited by another auditor who expressed an unqualified opinion thereon in her report dated 25 February 2021 by including an emphasis of matter on the adopting accounting guidance on temporary accounting relief announced by the Federation of Accounting Professions to relieve the impact of COVID-19 pandemic. Furthermore, the consolidated and separate statements of comprehensive income, changes in equity and cash flows of Leo Global Logistics Public Company Limited and its subsidiaries, and of Leo Global Logistics Public Company Limited, for the three- month period ended 31 March 2020 , which are included as comparative information, were reviewed by another auditor who expressed an unmodified conclusion thereon in her report dated 14 May 2020 by including an emphasis of matter on the adopting accounting guidance on temporary accounting relief announced by the Federation of Accounting Professions to relieve the impact of COVID-19 pandemic.

(Vilaivan Pholprasert) Certified Public Accountant Registration No. 8420

KPMG Phoomchai Audit Ltd. 13 May 2021

2 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of financial position

Consolidated financial Separate financial statements statements 31 March 31 December 31 March 31 December Assets Note 2021 2020 2021 2020 (Unaudited) (Unaudited) (in Baht) Current assets Cash and cash equivalents 75,782,173 37,835,673 50,939,687 14,538,776 Trade and other receivables 4, 5 324,127,529 288,194,486 327,591,998 289,645,027 Financial assets measured at fair value through profit or loss 13 155,458,668 180,309,356 155,458,668 180,309,356 Financial assets measured at amortised cost 13 200,000,000 200,000,000 200,000,000 200,000,000 Other current assets 3,122,174 3,071,289 2,548,487 2,545,220 Total current assets 758,490,544 709,410,804 736,538,840 687,038,379

Non-current assets Restricted deposits at financial institutions 15,279,233 15,279,233 15,279,233 15,279,233 Investments in subsidiaries 7 - - 10,232,600 10,232,600 Investments in associates 6 61,046,645 55,953,763 12,885,614 12,885,614 Revenue department receivable 1,200,011 6,198,793 1,200,011 6,198,793 Investment property 23,950,831 24,494,346 23,950,831 24,494,346 Property, plant and equipment 8 109,323,689 97,842,880 55,937,868 42,771,241 Intangible assets 6,016,226 4,800,302 5,847,605 4,618,585 Deferred tax assets 9,305,366 9,359,414 7,971,218 8,238,117 Financial assets measured at fair value through other comprehensive income 13 49,858,900 47,801,000 49,858,900 47,801,000 Other non-current assets 14,252,054 12,833,109 13,045,971 11,622,153 Total non-current assets 290,232,955 274,562,840 196,209,851 184,141,682

Total assets 1,048,723,499 983,973,644 932,748,691 871,180,061

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

3 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of financial position

Consolidated financial Separate financial statements statements 31 March 31 December 31 March 31 December Note 2021 2020 2021 2020 (Unaudited) (Unaudited) (in Baht) Liabilities and equity

Current liabilities Bank overdrafts from financial institutions 1,440,703 1,382,480 1,440,703 1,382,480 Trade and other payables 4 214,542,839 196,550,373 212,192,125 192,377,597 Current portion of lease liabilities 7,348,412 5,847,675 4,774,216 3,481,850 Derivatives liabilities 13 1,236,800 226,448 1,236,800 226,448 Income tax payable 2,052,829 492,667 1,403,695 - Other current liabilities 32,335,729 23,950,112 32,061,644 23,728,562 Total current liabilities 258,957,312 228,449,755 253,109,183 221,196,937

Non-current liabilities Long-term borrowings from financial institutions 20,000,000 20,000,000 20,000,000 20,000,000 Lease liabilities 67,238,264 62,546,783 21,594,290 16,284,209 Provisions for employee benefits 46,836,062 46,016,472 45,758,000 44,993,257 Total non-current liabilities 134,074,326 128,563,255 87,352,290 81,277,466

Total liabilities 393,031,638 357,013,010 340,461,473 302,474,403

Equity Share capital: Authorised share capital (320,000,000 ordinary shares, par value at Baht 0.50 per share) 160,000,000 160,000,000 160,000,000 160,000,000 Issued and paid-up share capital (320,000,000 ordinary shares, par value at Baht 0.50 per share) 160,000,000 160,000,000 160,000,000 160,000,000 Share premium on ordinary shares 361,424,198 361,424,198 361,424,198 361,424,198 Retained earnings Appropriated Legal reserve 10,100,000 10,100,000 10,100,000 10,100,000 Unappropriated 100,939,474 73,942,501 48,991,100 27,055,860 Other component of equity 10,754,059 9,101,786 11,771,920 10,125,600 Equity attributable to owners of the parent 643,217,731 614,568,485 592,287,218 568,705,658 Non-controlling interests 12,474,130 12,392,149 - - Total equity 655,691,861 626,960,634 592,287,218 568,705,658

Total liabilities and equity 1,048,723,499 983,973,644 932,748,691 871,180,061

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

4 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited)

Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 31 March 31 March Note 2021 2020 2021 2020 (in Baht) Revenues Revenue from rendering of services 4, 9 473,328,646 227,634,810 465,026,375 219,479,831 Other income 4 569,121 499,506 488,229 419,362 Total revenues 473,897,767 228,134,316 465,514,604 219,899,193

Expenses Cost of rendering of services 4, 9 363,166,517 157,402,060 358,722,533 152,699,110 Selling expenses 31,230,036 18,415,845 31,230,036 18,415,845 Administrative expenses 51,017,520 44,546,095 48,010,055 41,570,879 Total expenses 445,414,073 220,364,000 437,962,624 212,685,834

Profit from operating activities 28,483,694 7,770,316 27,551,980 7,213,359 Finance costs (1,027,171) (742,361) (296,082) (278,744) Expected credit loss (211,243) (909,680) (75,458) (1,007,259) Share of profit of associates accounted for using equity method 6 5,092,882 3,655,511 - - Profit before income tax expense 32,338,162 9,773,786 27,180,440 5,927,356 Tax expense 10 (5,260,696) (473,462) (5,245,200) (617,263) Profit for the period 27,077,466 9,300,324 21,935,240 5,310,093

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

5 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited)

Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 31 March 31 March Note 2021 2020 2021 2020 (in Baht) Other comprehensive income Item that will be reclassified subsequently to profit or loss Exchange differences on translating financial statements 7,441 5,785 - - Total item that will be reclassified subsequently to profit or loss 7,441 5,785 - -

Items that will not be reclassified to profit or loss Gain on investments in equity instruments designated at FVOCI 2,057,900 - 2,057,900 - Income tax relating to items that will not be reclassified (411,580) - (411,580) - Total items that will not be reclassified to profit or loss 1,646,320 - 1,646,320 - Other comprehensive income for the period, net of tax 1,653,761 5,785 1,646,320 -

Total comprehensive income for the period 28,731,227 9,306,109 23,581,560 5,310,093

Profit (loss) attributable to: Owners of the parent 26,996,973 9,300,413 21,935,240 5,310,093 Non-controlling interests 80,493 (89) - - 27,077,466 9,300,324 21,935,240 5,310,093

Total comprehensive income attributable to: Owners of the parent 28,649,246 9,305,041 23,581,560 5,310,093 Non-controlling interests 81,981 1,068 - - 28,731,227 9,306,109 23,581,560 5,310,093

Basic earnings per share 11 0.084 0.047 0.069 0.027

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

6 Leo Global Logistics Public Company Limited Statement of changes in equity (Unaudited)

Consolidated financial statements

Retained earnings Other component of equity

Issued and Share premium Translating Total other Equity attributable

paid-up on ordinary financial Fair value components to owners of Non-controlling Total

share capital shares Legal reserve Unappropriated statements reserve of equity the parent interests equity

Note (in Baht)

Three-month period ended 31 March 2020

Balance at 1 January 2020 100,000,000 28,875,000 7,600,000 59,347,146 (1,073,285) 10,125,600 9,052,315 204,874,461 13,950,820 218,825,281

Transactions with owners, recorded directly in equity

Dividends 12 - - - (10,000,000) - - - (10,000,000) - (10,000,000)

Total distributions to owners of the parent 100,000,000 28,875,000 7,600,000 49,347,146 (1,073,285) 10,125,600 9,052,315 194,874,461 13,950,820 208,825,281

Comprehensive income for the period

Profit or loss - - - 9,300,413 - - - 9,300,413 (89) 9,300,324

Other comprehensive income - - - - 4,628 - 4,628 4,628 1,157 5,785

Total comprehensive income for the period - - - 9,300,413 4,628 - 4,628 9,305,041 1,068 9,306,109

Balance at 31 March 2021 100,000,000 28,875,000 7,600,000 58,647,559 (1,068,657) 10,125,600 9,056,943 204,179,502 13,951,888 218,131,390

Three-month period ended 31 March 2021

Balance at 1 January 2021 160,000,000 361,424,198 10,100,000 73,942,501 (1,023,814) 10,125,600 9,101,786 614,568,485 12,392,149 626,960,634

Comprehensive income for the period

Profit or loss - - - 26,996,973 - - - 26,996,973 80,493 27,077,466

Other comprehensive income - - - - 5,953 1,646,320 1,652,273 1,652,273 1,488 1,653,761

Total comprehensive income for the period - - - 26,996,973 5,953 1,646,320 1,652,273 28,649,246 81,981 28,731,227

Balance at 31 March 2021 160,000,000 361,424,198 10,100,000 100,939,474 (1,017,861) 11,771,920 10,754,059 643,217,731 12,474,130 655,691,861

The accompanying notes are an integral part of these interim financial statements. 7 Leo Global Logistics Public Company Limited Statement of changes in equity (Unaudited)

Separate financial statements Retained earnings Other components of equity Issued and Share premium Total other paid-up on ordinary Fair value component Total Note share capital shares Legal reserve Unappropriated reserve of equity equity (in Baht) Three-month period ended 31 March 2020 Balance at 1 January 2020 100,000,000 28,875,000 7,600,000 21,386,169 10,125,600 10,125,600 167,986,769

Transactions with owners, recorded directly in equity Dividends 12 - - - (10,000,000) - - (10,000,000) Total distributions to owners 100,000,000 28,875,000 7,600,000 11,386,169 10,125,600 10,125,600 157,986,769

Comprehensive income for the period Profit or loss - - - 5,310,093 - - 5,310,093 Other comprehensive income ------Total comprehensive income for the period - - - 5,310,093 - - 5,310,093 Balance at 31 March 2020 100,000,000 28,875,000 7,600,000 16,696,262 10,125,600 10,125,600 163,296,862

The accompanying notes are an integral part of these interim financial statements. 8 Leo Global Logistics Public Company Limited Statement of changes in equity (Unaudited)

Separate financial statements Retained earnings Other components of equity Issued and Share premium Total other paid-up on ordinary Fair value component Total share capital shares Legal reserve Unappropriated reserve of equity equity (in Baht) Three-month period ended 31 March 2021 Balance at 1 January 2021 160,000,000 361,424,198 10,100,000 27,055,860 10,125,600 10,125,600 568,705,658

Comprehensive income for the period Profit or loss - - - 21,935,240 - - 21,935,240 Other comprehensive income - - - - 1,646,320 1,646,320 1,646,320 Total comprehensive income for the period - - - 21,935,240 1,646,320 1,646,320 23,581,560 Balance at 31 March 2021 160,000,000 361,424,198 10,100,000 48,991,100 11,771,920 11,771,920 592,287,218

The accompanying notes are an integral part of these interim financial statements. 9 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of cash flows (Unaudited)

Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 31 March 31 March 2021 2020 2021 2020 (in Baht) Cash flows from operating activities Profit for the period 27,077,466 9,300,324 21,935,240 5,310,093 Adjustments to reconcile profit to cash receipts (payments) Tax expense 5,260,696 473,462 5,245,200 617,263 Finance costs 1,027,171 742,361 296,082 278,744 Depreciation and amortisation 4,076,936 3,473,112 2,407,545 1,764,505 Expected credit loss 211,243 909,680 75,458 1,007,259 Provisions for employee benefits 819,590 953,643 764,743 900,372 Unrealised (gain) loss on exchange rate (994,711) 1,046,416 (1,171,868) 1,046,416 Share of profit of associates accounted for using equity method, net of tax (5,092,882) (3,655,511) - - Gain from disposal of financial assets measured at fair value through profit or loss (1,209) - (1,209) - Loss on disposal and write-off of plant and equipment 2,626 1,101 2,624 1,101 Loss from changes in fair value adjustment of derivatives 1,010,352 1,465,657 1,010,352 1,465,657 (Gain) loss from changes in fair value adjustment of financial assets (144,103) 29 (144,103) 29 Dividend income (175,000) (175,000) (175,000) (175,000) Interest income (55,542) (46,469) (53,280) (36,612) 33,022,633 14,488,805 30,191,784 12,179,827 Changes in operating assets and liabilities Trade and other receivables (30,817,859) (472,952) (32,678,012) (3,345,642) Other current assets (55,498) (313,818) (3,267) (61,335) Other non-current assets (1,423,818) 8,851,373 (1,423,818) (1,339,374) Trade and other payables 14,870,066 (37,958,714) 16,636,217 (37,472,127) Other current liabilities 7,392,615 1,764,126 7,339,940 2,484,903 Other non-current liabilities - (5,625,000) - - Net cash generated from (used in) operating activities 22,988,139 (19,266,180) 20,062,844 (27,553,748) Withholding tax received 4,998,782 - 4,998,782 - Taxes paid (4,058,066) (2,538,915) (3,986,186) (2,428,198) Net cash from (used in) operating activities 23,928,855 (21,805,095) 21,075,440 (29,981,946)

The accompanying notes are an integral part of these interim financial statements. 10 Leo Global Logistics Public Company Limited and its Subsidiaries Statement of cash flows (Unaudited)

Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 31 March 31 March 2021 2020 2021 2020 (in Baht) Cash flows from investing activities Proceeds from sale of other debts securities 50,000,000 - 50,000,000 - Acquisition of other debts securities (25,004,000) (100,000) (25,004,000) (100,000) Acquisition of other equity securities - (800,000) - (800,000) Acquisition of plant and equipment (6,990,478) (435,949) (6,980,783) (435,949) Acquisition of investment property (66,475) (7,889) (66,475) (7,889) Acquisition of intangible assets (1,320,600) (381,000) (1,320,600) (381,000) Dividends received 175,000 175,000 175,000 175,000 Interest received 55,586 46,562 53,280 36,612 Net cash from (used in) investing activities 16,849,033 (1,503,276) 16,856,422 (1,513,226)

Cash flows from financing activities Proceeds (payment) from bank overdrafts, net 58,223 (1,080,819) 58,223 (1,080,819) Payment of lease liabilities (1,893,338) (6,431,782) (1,291,996) (565,582) Interest paid (981,106) (742,361) (297,178) (278,744) Net cash used in financing activities (2,816,221) (8,254,962) (1,530,951) (1,925,145)

Net increase (decrease) in cash and cash equivalents, before effect of exchange rate changes 37,961,667 (31,563,333) 36,400,911 (33,420,317) Effect of exchange rate changes on cash and cash equivalents (15,167) 264,769 - - Net increase (decrease) in cash and cash equivalents 37,946,500 (31,298,564) 36,400,911 (33,420,317) Cash and cash equivalents at 1 January 37,835,673 89,732,441 14,538,776 68,406,686 Cash and cash equivalents at 31 March 75,782,173 58,433,877 50,939,687 34,986,369

Non-cash transactions Acquisition of right-of-use assets by lease liabilities 7,894,443 64,789,446 7,894,443 12,091,491

The accompanying notes are an integral part of these interim financial statements. 11 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Note Contents

1 General information 2 Basis of preparation of the interim financial statements 3 Impact of COVID-19 pandemic 4 Related parties 5 Trade and other receivables 6 Investments in associates 7 Investments in subsidiaries 8 Property, plant and equipment 9 Segment information and disaggregation of revenue 10 Income tax expense 11 Earnings per share 12 Dividends 13 Financial instruments 14 Commitments with non-related parties 15 Events after the reporting period 16 Reclassification of accounts

12 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

These notes form an integral part of the interim financial statements.

The interim financial statements issued for Thai regulatory reporting purposes are prepared in the . These English language financial statements have been prepared from the Thai language statutory financial statements and were approved and authorised for issue by the Board of Directors on 13 May 2021.

1 General information

Leo Global Logistics Public Company Limited (the “Company”) was incorporated in . The Company was listed on the Stock Exchange of Thailand on 5 November 2020. The address of the Company’s registered office is as follows:

Head office : 251 - 251/1 Soi Pakdee, Rama 3 Road, Bangkorlaem Sub-district, Bangkorlaem District, Bangkok. Branch office 1 : 53, 11st floor Talay Thong Tower, Tungsukla Sub-district, Siracha District, Chonburi. Branch office 2 : 259/1 Soi Pakdee, Rama 3 Road, Bangkorlaem Sub-district, Bangkorlaem District, Bangkok. Branch office 3 : 294/18-19 Romklao Road, Khlong Sam Prawet Sub-district, Lat Krabang District, Bangkok. Branch office 4 : 571/1-571/6 Rama 3 Road, Bang Phong Phang Sub District, , Bangkok.

The principal business operations of the Group and Company were international freight forwarding and integrated logistic services provider.

2 Basis of preparation of the interim financial statements

(a) Statement of compliance

The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis (“interim financial statements”) in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting, guidelines promulgated by the Federation of Accounting Professions and applicable rules and regulations of the Thai Securities and Exchange Commission.

The interim financial statements do not include all of the financial information required for annual financial statements but focus on new activities, events and circumstances to avoid repetition of information previously reported. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidiaries for the year ended 31 December 2020.

The Group has initially applied revised TFRS that are effective for annual periods beginning on or after 1 January 2021 and has not early adopted TFRS which are not yet effective. The application has no material impact on the financial statements.

13 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

(b) Use of judgements, estimates and accounting policies

In preparing these interim financial statements, judgements and estimates are made by management in applying the Group’s accounting policies. Actual results may differ from these estimates. The accounting policies, methods of computation and the key sources of estimation uncertainty were the same as those that described in the financial statements for the year ended 31 December 2020.

3. Impact of COVID-19 pandemic

COVID-19 pandemic is still on going, while vaccines for COVID-19 are being rolled out during 2021. Due to uncertainty of the situation in 2020, the Group applied accounting guidance on temporary accounting relief measures for additional accounting options in response to impact from the situation of COVID-19 in preparing the financial statements for the year ended 31 December 2020 by excluding COVID-19 situation. The Group selects the exemptions as follow:

(1) Measurement of expected credit losses under simplified approach under TFRS 9 - Financial Instruments (2) Fair Value Measurement of non-marketable equity securities under TFRS 9 - Financial Instruments (3) Reversal of deferred tax assets under TAS 12 - Deferred tax (4) Impairment of assets under TAS 36 - Impairment of assets

As the accounting guidance already expired on 31 December 2020, the Group has adjusted the value of assets in 2021.

4 Related parties

Relationships with associates and subsidiaries are described in notes 6 and 7. Other related parties which in relationships and that the Group had significant transactions during the period with were as follows:

Name of entities Country of Nature of relationships incorporation YJC Thailand Co.,Ltd. Thailand Subsidiary of associate which 50.95% holding by an associate Key management personnel Thailand Persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Group.

14 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

The pricing policies are as follows

Transactions Pricing policies Revenue from rendering of services Prices normally charged to a third party Other income Contractual price Costs of rendering of services Agree price Key management personnel compensation As defined by the nomination and remuneration committee but not exceeding the amount approved by shareholders

Significant transactions with related parties Consolidated Separate Three-month period ended 31 March financial statements financial statements 2021 2020 2021 2020 (in Baht) Subsidiaries Revenue from rendering of services - - 1,229 13,933 Costs of rendering of services - - 270,306 52,203

Associates Revenue from rendering of services 2,499,848 3,066,790 - - Other income 295 15,285 295 15,285 Costs of rendering of services 4,297,455 1,428,854 4,297,455 1,428,854

Key management personnel Key management personnel compensation Short-term employee benefit 5,524,100 5,993,300 5,314,100 5,783,300 Post-employment benefits 240,816 235,515 219,303 213,996 Other long-term benefits 466 866 466 866 Total key management personnel compensation 5,765,382 6,229,681 5,533,869 5,998,162

Balances as at 31 March 2021 and 31 December 2020 with related parties were as follows:

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December Trade accounts receivable 2021 2020 2021 2020 (in Baht) Subsidiaries - - 3 ,325,500 817,300 Associates 915,340 796,032 - - Total 915,340 796,032 3,325,500 817,300

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December Other receivables 2021 2020 2021 2020 (in Baht) Associates 203 107 203 107 Total 203 107 203 107

15 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December Accrued income 2021 2020 2021 2020 (in Baht) Associates 1,055,442 506,164 - - Total 1,055,422 506,164 - -

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December Advance payment 2021 2020 2021 2020 (in Baht) Subsidiaries - - 3,305,650 3,305,650 Total - - 3,305,650 3,305,650

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December Trade accounts payable 2021 2020 2021 2020 (in Baht) Subsidiaries - - - 29,467 Associates 802,711 467,114 802,711 467,114 Total 802,711 467,114 802,711 496,581

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31December Other payables 2021 2020 2021 2020 (in Baht) Subsidiaries - - 1,359,638 - Total - - 1,359,638 -

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31December Accrued cost of rendering of services 2021 2020 2021 2020 (in Baht) Subsidiaries - - - 3,500 Associates - 25,496 - 25,496 Total - 25,496 - 28,996

Loan guarantee

At the Board of Director meeting of the Company held on 12 November 2020, the Board of Directors approved to guarantee of loan of a subsidiary in totalling not exceed Baht 4 million as owner interest in the subsidiary for one year. As at 31 March 2021, the Company has not issued letters of guarantee because the subsidiary has not borrowed from financial institutions.

16 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

5. Trade and other receivables

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December 2021 2020 2021 2020 (in Baht) Trade accounts receivable 303,726,010 228,957,595 305,082,988 227,757,040 Other receivables 1,223,453 1,180,259 1,189,524 1,145,016 Prepaid expenses 14,441,883 10,658,731 14,378,204 10,556,212 Accrued income 4,218,320 46,785,334 3,162,878 46,279,170 Advanced payment 333,456 428,160 3,593,997 3,723,182 Other 184,407 184,407 184,407 184,407 Total 324,127,529 288,194,486 327,591,998 289,645,027

Aging analyses for trade accounts receivable were as follows:

Consolidated Separate financial statements financial statements 31 March 31 December 31 March 31 December 2021 2020 2021 2020 (in Baht) Within credit terms 275,118,955 167,345,311 275,926,061 167,816,519 Overdue: Less than 3 months 28,846,169 58,670,852 29,015,924 56,969,528 3 - 6 months 382,334 212,935 595,170 199,882 6 - 12 months 52,556 3,220,602 40,548 3,194,397 More than 12 months 9,280,207 9,250,814 9,145,477 9,141,448 Total 313,680,221 238,700,514 314,723,180 237,321,774 Less allowance for expected credit loss (9,954,211) (9,742,919) (9,640,192) (9,564,734) Net 303,726,010 228,957,595 305,082,988 227,757,040

Consolidated Separate Expected credit loss financial statements financial statements For the three-month period ended 31 March 2021 2020 2021 2020 (in Baht) - Additions 211,243 909,680 75,458 1,007,259

17 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

6 Investments in associates

Consolidated financial statements Dividend income for Ownership the three-month Type of business interest Paid-up capital Cost Equity periods ended 31 31 31 31 31 31 31 31 31 31 March December March December March December March December March March 2021 2021 2021 2020 2021 2020 2021 2020 2021 2020 (%) (in Baht) Associates Aramex (Thailand) Logistic management Co., Ltd. Services and warehouse 26.00 26.00 39,000,000 39,000,000 10,140,000 10,140,000 6,916,770 3,499,855 - - Sinokor Merchant Agent of vessel Marine (Thailand) company in South Co., Ltd. Korea providing container services 50.00 50.00 5,000,000 5,000,000 9,745,614 9,745,614 54,129,875 52,453,908 - - Total 19,885,614 19,885,614 61,046,645 55,953,763 - -

18 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Separate financial statements Dividend income for Ownership the three-month interest Paid-up capital Cost Impairment At cost - net periods ended 31 31 31 31 31 31 31 31 31 31 31 31 March December March December March December March December March December March March 2021 2021 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (%) (in Baht) Associates Aramex (Thailand) Co., Ltd. 26.00 26.00 39,000,000 39,000,000 10,140,000 10,140,000 (7,000,000) (7,000,000) 3,140,000 3,140,000 - - Sinokor Merchant Marine (Thailand) Co., Ltd. 50.00 50.00 5,000,000 5,000,000 9,745,614 9,745,614 - - 9,745,614 9,745,614 - - Total 19,885,614 19,885,614 (7,000,000) (7,000,000) 12,885,614 12,885,614 - -

None of the Group and the Company’s associates are publicly listed and consequently do not have published price quotations.

19 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

7 Investments in subsidiaries

Separate financial statements Dividend income for Ownership the three-month Type of business interest Paid-up capital Cost Impairment At cost - net periods ended 31 31 31 31 31 31 31 31 31 31 31 31 March December March December March December March December March December March March 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (%) (in Baht) YJC Depot Container depot and Services repair services Co., Ltd. 50.00 50.00 15,000,000 15,000,000 7,500,000 7,500,000 - - 7,500,000 7,500,000 - - Leo Myanmar International freight Logistics Co., forwarding and 100,000 100,000 Ltd. integrated logistic Million Million services provider 80.00 80.00 US Dollar US Dollar 2,732,600 2,732,600 - - 2,732,600 2,732,600 - - Total 10,232,600 10,232,600 - - 10,232,600 10,232,600 - -

20 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

8 Property, plant and equipment

Acquisitions, disposals and transfers of property, plant and equipment during the three-month period ended 31 March 2021 were as follows:

Consolidated financial statements Disposals and Acquisitions and transfers out - net book transfers in- at cost value (in Baht) Buildings and buildings improvement 3,709,281 - Furniture, fixtures and office equipment 5,137,583 (2,626) Assets under construction 1,042,226 (2,898,612) Total 9,889,090 (2,901,238)

Separate financial statements

Disposals and Acquisitions and transfers out - net book transfers in- at cost value (in Baht) Buildings and buildings improvement 3,709,281 - Furniture, fixtures and office equipment 5,127,888 (2,624) Assets under construction 1,042,226 (2,898,612) Total 9,879,395 (2,901,236)

Guarantee

All land and certain buildings of the Company with a net book value of Baht 16.09 million (31 December 2020: Baht 16.26 million), have been mortgaged with financial institutions to secure for bank overdrafts and long-term borrowings from financial institutions.

Right-of-use assets

During the three-month period end 31 March 2021, the Company entered into a lease agreement of land and buildings for 5 years. The Company has rental payment of Baht 9.00 million. The Company recognised right-of-use assets and lease liabilities amounting to Baht 7.89 million and Baht 7.89 million, respectively.

Movements of right-of-use assets during the three-month periods ended 31 March 2021 is as follows:

Consolidated financial Separate financial statements statements (in Baht) At 1 January 2021 60,952,806 10,635,742 Addition 7,894,443 7,894,443 Less depreciation (2,182,233) (776,984) Exchange differences (34,805) - At 31 March 2021 66,630,211 17,753,201

21 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

9 Segment information and disaggregation of revenue

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as Chief Executive Officer that makes strategic decisions.

Operating segment information is reviewed by the chief operating decision maker. Similar segment is combined. The chief operating decision maker evaluates performance on gross profit of each segment.

Segment information

During 2021, the Group has changed the internal structure that causes the composition of its reportable segments to change. The Group restated the corresponding information for prior periods. The following summary describes the operations in each of the Group’s reportable segments.

Segment 1 Sea freight Segment 2 Air freight Segment 3 Integrated logistics services (Land transport and other services except service is segment 4) Segment 4 Storage rental and container depot

22 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Consolidated financial statements Integrated logistic Storage rental and Sea freight Air freight services container depot Total Three-month periods ended 31 March 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (in Baht) Revenues Revenue from rendering of services 388,192,556 158,113,440 33,485,316 21,607,183 43,811,680 38,932,646 7,839,094 8,981,541 473,328,646 227,634,810

Timing of revenue recognition At a point in time 80,111,771 49,106,334 33,485,316 21,607,183 10,541,505 10,722,086 4,234,575 4,818,885 128,373,167 86,254,488 Over time 308,080,785 109,007,106 - - 33,270,175 28,210,560 3,604,519 4,162,656 344,955,479 141,380,322 Total revenue 388,192,556 158,113,440 33,485,316 21,607,183 43,811,680 38,932,646 7,839,094 8,981,541 473,328,646 227,634,810

Cost of rendering of services (319,013,657) (119,511,372) (8,074,694) (3,700,623) (32,318,810) (29,438,536) (3,759,356) (4,751,529) (363,166,517) (157,402,060) Gross profit 69,178,899 38,602,068 25,410,622 17,906,560 11,492,870 9,494,110 4,079,738 4,230,012 110,162,129 70,232,750 Profit before finance costs, tax expense, depreciation and amortisation 32,349,387 10,332,421 Depreciation and amortisation (4,076,936) (3,471,785) Profit from operating activities 28,272,451 6,860,636 Share of profit of associates accounted for using the equity method 5,092,882 3,655,511 Finance costs (1,027,171) (742,361) Income tax expenses (5,260,696) (473,462) Profit for the period 27,077,466 9,300,324

23 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Geographical information

The Group has revenues of foreign operation from Leo Myanmar Logistics Co., Ltd. of Baht 2.03 million (2020: Baht 1.04 million).

Major customer

The Group has no revenues with a single external customer amount to 10% or more of total revenues.

10 Income tax expense

Income tax expense is recognised based on management’s best estimate of the weighted average annual income tax rate expected for the full financial year multiplied by the pre-tax income of the interim reporting period. The Group and the Company’s effective tax rate in respect of continuing operations for the three-month period ended 31 March 2021 was 16.27% and 19.30%, respectively (31 March 2020: 4.84% and 10.41%, respectively). This change in effective tax rate was caused mainly from the difference in treatment for accounting and taxation purpose of certain items of incomes and expenses.

11 Earning per share

Basic earnings per share

The calculations of basic earnings per share for the three-month ended 31 March were based on the profits for the period attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding during the periods as follows:

Consolidated Separated financial statement financial statement 2021 2020 2021 2020 (in Baht / Share) Profits for the period attributable to ordinary shareholders of the Company (basic) 26,996,973 9,300,413 21,935,240 5,310,093 Weighted average number of ordinary shares outstanding (basic) 320,000,000 200,000,000 320,000,000 200,000,000 Basic earnings per share 0.084 0.047 0.069 0.027

24 Leo Global Logistics Public Company Limited and its Subsidiaries Notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

12 Dividend

The dividends paid by the Group to the shareholders are as follows:

Dividend rate Approval date Payment schedule per share Amount (in Baht) (in Baht) Company 2020 Annual dividend 31 March 2020 30 April 2020 0.05 10,000,000 Interim dividend 15 September 2020 14 October 2020 0.15 30,000,000 Total 0.20 40,000,000

Subsidiary 2020 Interim dividend 12 May 2020 28 May 2020 33.33 5,000,000

13 Financial instruments

Carrying amounts and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities measured at amortised cost if the carrying amount is a reasonable approximation of fair value.

25 Leo Global Logistics Public Company Limited and its Subsidiaries Condensed notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Consolidated and separate financial statement Carrying amount Fair value Financial Financial Fair value - instruments instruments hedging measured at measured at instruments FVTPL FVOCI Total Level 1 Level 2 Level 3 Total (in Baht) At 31 March 2021 Financial assets Equity instruments - - 49,858,900 49,858,900 - - 49,858,900 49,858,900 Debt instruments - 155,458,668 - 155,458,668 - 155,458,668 - 155,458,668 Total financial assets - 155,458,668 49,858,900 205,317,568

Financial liabilities Forward exchange contract 1,236,800 - - 1,236,800 - 1,236,800 - 1,236,800 Total financial liabilities 1,236,800 - - 1,236,800

Consolidated and separate financial statement Carrying amount Fair value Financial Financial Fair value - instruments instruments hedging measured at measured at instruments FVTPL FVOCI Total Level 1 Level 2 Level 3 Total (in Baht) At 31 December 2020 Financial assets Equity instruments - 47,801,000 47,801,000 - - 47,801,000 47,801,000 Debt instruments - 180,309,356 - 180,309,356 - 180,309,356 - 180,309,356 Total financial assets - 180,309,356 47,801,000 228,110,356

Financial liabilities Forward exchange contract 226,448 - - 226,448 - 226,448 - 226,448 Total financial liabilities 226,448 - - 226,448

26

Leo Global Logistics Public Company Limited and its Subsidiaries Condensed notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Financial instruments measured at fair value

These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation techniques used as follows:

The Group determined Level 2 fair values for investments in equity instruments which is actively traded in market measured at FVTPL based on the adjusted net assets value as of the reporting date.

The Group determined Level 2 fair values for forward exchange contract based on the adjusted contract which the Company initial made with financial institutions by market value which is adjusted with each counterparty credit risk to reflect the contract value as of the present.

The Group determined Level 3 fair values for investments in equity instruments which is not actively traded in market. The fair value of the investment was then determined using the discounted cash flows because the investments were not listed on Stock Exchange, and there were no recent observable arm’s length transactions in the shares.

Debt securities

Movement of marketable debt securities

Consolidated and Separate financial statement Marketable debt At Fair value At securities 1 January Purchase Disposal adjustment 31 March (in Baht) 2021 Current financial assets Debt securities measured at - FVTPL 180,309,356 25,004,000 (49,998,791) 144,103 155,458,668

2020 Current financial assets Debt securities measured at - FVTPL - 100,000 - (29) 99,971

27

Leo Global Logistics Public Company Limited and its Subsidiaries Condensed notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

14 Commitments with non-related parties

Consolidated Separate financial At 31 March 2021 financial statements statements (in Baht) Capital commitments Intangible asset 175,000 175,000 Investment property 840,000 840,000 Total 1,015,000 1,015,000

Other commitments Bank guarantees 54,116,952 54,116,952 Total 54,116,952 54,116,952

The Company has letters of guarantee issued by financial institutions on behalf of the Company for freight charge, electricity and others.

15 Event after the reporting period

The Company

Dividend payment

On 29 April 2021, the 2020 annual general meeting of shareholders approved the annual dividend payment of Baht 0.07 per share by 320 million shares, amounting to Baht 22.4 million. The dividend will be paid to shareholder in May 2021.

Long-term land lease agreement and investment in new container depot

On 7 May 2021, the Board of director of Leo Global Logistics Public Company Limited has resolution to approve YJC Depot Services Co., Ltd., a subsidiary, to enter into long term land lease agreement and invests in new container depot amounting to approximately Baht 170.6 million which is included total future lease payment.

16 Reclassification of accounts

Certain accounts in the statement of financial position as at 31 December 2020, have been reclassified to conform to the presentation in condensed interim financial statement as at 31 March 2021 as follows:

Consolidated financial statements Before After reclassification Reclassification reclassification (in Baht) Statement of financial position as at 31 December 2020 Property, plant and equipment 36,890,074 60,952,806 97,842,880 Right-of-use assets 60,952,806 (60,952,806) - -

28

Leo Global Logistics Public Company Limited and its Subsidiaries Condensed notes to the condensed interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

Separate financial statements Before After reclassification Reclassification reclassification (in Baht) Statement of financial position as at 31 December 2020 Property, plant and equipment 32,135,499 10,635,742 42,771,241 Right-of-use assets 10,635,742 (10,635,742) - -

The reclassifications have been made because in the opinion of management, the new reclassification is more appropriate to the Group and the Company’s business.

29