# EXHIBIT #4 — Claimed vs. Actual (FY2021 / พ.ศ. 2564)
### The single most damning document in the case: what STARK *told investors* in February 2022, beside what the numbers *actually were*.

**Two filings, one year, two realities:**
- **CLAIMED** = STARK's originally-filed FY2021 consolidated statements and the **56-1 One Report 2564**, audited by **Deloitte Touche Tohmatsu Jaiyos** (CPA Nantawat Samruayhan No. 7731), **unqualified ("clean") opinion dated 23 February 2022.**
- **ACTUAL** = the same FY2021 year as **restated by PwC** in the FY2022 filing (the restatement that accompanied the **disclaimer of opinion, 16 June 2023**).

All figures consolidated, ฿ millions.

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## The side-by-side

| Metric (FY2021) | CLAIMED (filed Feb 2022, clean opinion) | ACTUAL (PwC restated, 2023) | Swing |
|---|---:|---:|---:|
| Revenue from sales | 25,217 | 17,487 | **−7,730** |
| Total revenue | 27,108 | 19,116 | −7,991 |
| Gross profit | +5,393 (≈20% margin) | gross **loss** ≈ (2,708) | +20% → negative |
| **Net profit / (loss) for the year** | **+2,795** | **(5,989)** | **−8,784** |
| Net margin | ≈10.3% | negative | flipped |
| Total assets | 39,142 | 29,878 | −9,264 |
| Trade & other (current) receivables | **15,571** | 6,306 | **−9,265** |
| Total liabilities | 32,551 | 32,722 | +171 |
| **Total equity** | **+6,591** | **(2,845)** | **−9,436** |
| Net cash from operations | **(1,226)** | (1,207) | ≈ unchanged |
| Auditor's opinion | **Unqualified (Deloitte)** | Year+1 → **Disclaimer (PwC)** | auditor switched |

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## What this table screams

🚩 **The hole was almost entirely fake receivables.** Liabilities barely moved (**+฿171M**), yet assets fell **≈฿9,265M** — and trade & other receivables fell by essentially the identical amount (**≈฿9,265M**, i.e. the same ฿9.26bn). Translation: the fraud wasn't hidden debt; it was **fictitious sales that created fictitious money owed by customers.** Reverse the fake sales and ฿9.3bn of "assets" simply vanish — taking equity from **+฿6.6bn to −฿2.8bn.**

🚩 **The "profit" was a ฿8.8-billion lie.** A reported **+฿2,795M profit** became a **−฿5,989M loss** for the *same year*. Almost nothing about the headline survived contact with an auditor who actually checked.

🚩 **You didn't even need the restatement.** Look only at the **CLAIMED** column — the one with the clean opinion:
- Receivables of **฿15,571M** on **฿25,217M** of sales = **≈225 days sales outstanding (DSO).** A copper-cable maker that waits ~7–8 months to get paid is not a growth story; it's a question.
- A reported **฿2,795M profit** sitting next to **negative ฿1,226M operating cash flow.** Real profit produces cash. This "profit" consumed it.
- In the 56-1, management *bragged* that receivables had grown **+161%** and that **export wire sales had leapt to ฿14,326M — 52.9% of all sales** (from a low base) — and presented these as proof of booming demand. They are, in hindsight, the fingerprints of the fictitious-sales scheme.

> **The lesson for a due-diligence analyst:** every signal needed to walk away was in the **originally filed, clean-opinion** statements — *before* the collapse, *before* PwC, *before* the headlines. Ballooning receivables + negative operating cash + a profit that doesn't convert to cash = stop and verify. The restatement only confirmed what the cash flow statement had been saying all along.

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## The auditor switch (a red flag in its own right)
- **FY2021:** Deloitte issues a **clean (unqualified)** opinion (23 Feb 2022), with only an Emphasis of Matter about purchase-price-allocation fair-value remeasurement on the Vietnam acquisitions.
- **FY2022:** PwC takes over, uncovers the irregularities, forces the restatement above, and issues a **Disclaimer of Opinion** (16 Jun 2023).

A change of auditor immediately followed by a multi-billion restatement and a disclaimer is one of the most reliable late-stage signatures of accounting fraud. (How Deloitte's prior-year audit missed receivables at ~225 days and ฿9bn of fictitious sales later became part of the regulatory and litigation story.)

*Sources: STARK FY2021 financial statements & 56-1 One Report 2564 (in folder `2564/`); PwC-restated FY2021 comparatives in FY2022 statements (folder `2565/`); see Evidence Files #1–#2 and the Case Dossier.*
