Gulf Development PCL Balance Sheet

Financials in millions THB. Fiscal year is January - December.

Millions THB. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	52,553	45,746	34,104	36,055	39,194	19,847
Short-Term Investments	-	389.75	1,060	1,805	3,134	2,314
Accounts Receivable	34,297	31,964	21,156	22,842	20,038	10,165
Other Receivables	10,608	8,915	5,690	3,079	3,255	2,396
Inventory	4,936	3,768	3,180	2,958	1,561	1,303
Loans Receivable Current	-	1,565	148.85	-	52.62	-
Other Current Assets	7,704	6,416	6,109	5,947	3,015	2,787
Total Current Assets	110,098	98,764	71,447	72,686	70,249	38,811
Property, Plant & Equipment	113,102	106,061	92,602	92,151	101,908	130,785
Goodwill	-	312	112	118	123	7,903
Other Intangible Assets	13,258	9,590	5,454	5,840	3,750	11,061
Long-Term Investments	455,386	430,748	205,486	191,702	172,745	138,914
Long-Term Loans Receivable	30,384	28,704	23,832	20,884	16,445	6,655
Long-Term Deferred Tax Assets	853.54	1,091	780.88	827.22	731.84	1,897
Long-Term Accounts Receivable	68,701	69,279	71,868	57,019	38,644	20,335
Other Long-Term Assets	28,870	29,261	24,620	18,287	13,575	6,313
Total Assets	820,652	773,810	496,202	459,514	418,172	362,674
Accounts Payable	16,018	14,644	6,072	9,391	7,484	3,080
Accrued Expenses	-	35	16	16	3	6
Short-Term Debt	25,983	22,708	11,392	4,789	6,669	9,998
Current Portion of Long-Term Debt	43,347	42,713	44,482	37,636	22,633	9,528
Current Portion of Leases	314.5	336.91	325.97	252.6	363.39	75.98
Current Income Taxes Payable	1,492	1,155	56.12	44.59	59.66	92.14
Other Current Liabilities	11,071	14,282	9,267	13,494	14,656	12,236
Total Current Liabilities	98,225	95,874	71,610	65,623	51,868	35,016
Long-Term Debt	332,020	296,739	259,230	240,590	219,108	203,296
Long-Term Leases	1,501	1,571	1,635	1,582	1,791	666.88
Pension & Post-Retirement Benefits	1,039	1,022	846.56	735.46	677.78	259.7
Long-Term Deferred Tax Liabilities	3,290	3,001	2,266	1,899	1,684	3,822
Other Long-Term Liabilities	6,457	9,705	6,775	4,981	7,242	12,104
Total Liabilities	442,532	407,911	342,363	315,410	282,370	255,165
Common Stock	14,940	14,940	11,733	11,733	11,733	11,733
Additional Paid-In Capital	179,271	179,271	51,822	51,822	51,822	51,822
Retained Earnings	148,370	139,174	58,566	50,891	43,060	36,931
Comprehensive Income & Other	3,820	2,288	2,036	2,139	4,172	-3,891
Total Common Equity	346,401	335,673	124,158	116,585	110,787	96,596
Minority Interest	31,719	30,226	29,682	27,519	25,015	10,913
Shareholders' Equity	378,120	365,899	153,840	144,104	135,802	107,509
Total Liabilities & Equity	820,652	773,810	496,202	459,514	418,172	362,674
Total Debt	403,165	364,068	317,065	284,849	250,565	223,564
Net Cash (Debt)	-350,612	-317,932	-281,901	-246,990	-208,237	-201,404
Net Cash Per Share	-23.47	-22.49	-24.03	-21.05	-17.75	-17.17
Filing Date Shares Outstanding	14,946	14,940	11,733	11,733	11,733	11,733
Total Common Shares Outstanding	14,946	14,940	11,733	11,733	11,733	11,733
Working Capital	11,873	2,890	-163.39	7,063	18,381	3,795
Book Value Per Share	23.18	22.47	10.58	9.94	9.44	8.23
Tangible Book Value	333,143	325,771	118,592	110,627	106,914	77,632
Tangible Book Value Per Share	22.29	21.81	10.11	9.43	9.11	6.62
Land	-	10,020	7,491	6,909	6,899	3,445
Machinery	-	116,512	104,484	91,580	82,102	105,966
Construction In Progress	-	10,653	7,696	17,376	32,810	35,379

Source: S&P Global Market Intelligence. Utility template. Financial Sources.