BTW : Annual Report 2016 EN

C o n t e n t 1. Vision and Mission 2. Financial Highlights 3. Message from the Board of Directors 4. Audit Committee Report 5. Nomination and Remuneration Committee Report 6. Risk Management Committee Report 7. Board of Directors 8. Audit Committee 9. Nomination and Remuneration Committee 10. Risk Management Committee

1 2 3 5 7 9 11 12 13 14

Business Operation 11. Business Policy and Overview 12. Type of Business 13. Risk Factors 14. General Information

17 22 43 54

Management and Corporate Governance 15. Shareholders’ Information 16. Dividend Policy 17. Management Structure 18. Corporate Governance Report 19. Corporate Social Responsibility 20. Internal Control and Risk Management 21. Related-Party Transactions

55 56 57 77 95 99 101

Financial Position and Operating Results 22. Report of the Board of Directors’ Responsibilities for Financial Statements 23. Management Discussion and Analysis 24. Separate and Consolidated Financial Statements for the year 2016

110 111 126

Other Important Information 25. Details about Directors, Executives, Persons with Controlling Interest and Company Secretary 172 26. Details about Directors of the Company’s subsidiaries 181 27. Details about Head of Internal Audit 183

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* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

BT Wealth Industries Public Company Limited and its subsidiaries Statement of financial position As at 31 December 2016 (Unit: Baht) Consolidated financial statements Note

2016

2015

Separate financial statements 2016

2015

Assets Current assets Cash and cash equivalents

115,467,532

206,337,624

22,300,391

22,102,047

Current investments

100,630,246

47,487,223

494,183

26,262,344

Trade and other receivables

537,282,618

115,872,542

49,616,932

27,611,282

Unbilled receivables

321,127,695

145,847,802

-

-

Short-term loan to subsidiary

Work in progress Inventories

Other current assets Total current assets

-

-

365,000,000

-

10,223,111

6,364,017

-

-

225,650,611

248,139,145

-

-

35,150,903

21,345,926

11,139,117

12,354,776

1,345,532,716

791,394,279

448,550,623

88,330,449

19,175,629

18,942,154

50,218

36,060

Non-current assets Restricted bank deposits

Investments in subsidiaries

-

-

112,249,925

114,249,925

Property, plant and equipment

625,907,944

530,707,964

505,297,784

372,990,214

10,251,824

13,250,344

1,638,048

2,204,275

8,076,738

21,407,801

1,808,047

1,177,753

Intangible assets Deferred tax assets

Other non-current assets Total non-current assets Total assets

13,636,658

14,097,636

6,504,967

4,196,634

677,048,793

598,405,899

627,548,989

494,854,861

2,022,581,509

1,389,800,178

1,076,099,612

583,185,310

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

....................................................................Director (Mr. Chotic Russamitinakornkul)

* Â&#x161;£´Š¹Â&#x2014; Â&#x161;ÂľÂ&#x2014;Âľ Ă&#x20AC;§¼Â&#x2DC;l ­´Â&#x2122;Â&#x201D;¹ªÂ&#x2022;£¾ªl Â&#x2C6;³ ¹Â&#x201D; ¥²Â&#x160;Â&#x2122; * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

BT Wealth Industries Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2016 (Unit: Baht) Consolidated financial statements 2016

Note

2015

Separate financial statements 2016

2015

Liabilities and shareholders' equity Current liabilities Short-term loans from financial institution

100,000,000

-

100,000,000

-

Trade and other payables

246,403,871

111,201,630

16,305,167

122,876,386

43,651,503

17,751,130

-

-

109,835,378

18,836,122

-

-

Unbilled payables Construction revenue received in advance

Current portion of liabilities under finance lease agreements

Liabilities from derivative instruments

8,413,557

887,771

8,358,473

-

25,676,614

94,289,423

-

-

Short-term provision Other current liabilities Total current liabilities

-

39,879,180

-

-

15,925,127

15,568,537

687,247

767,712

549,906,050

298,413,793

125,350,887

123,644,098

Non-current liabilities Liabilities under finance lease agreements

25,894,685

55,084

25,894,685

-

Provision for long-term employee benefits

14,707,078

9,540,335

9,040,237

5,888,763

Deferred tax liabilities

- net of current portion

Total non-current liabilities Total liabilities

7,333

694,519

454

36,271

40,609,096

10,289,938

34,935,376

5,925,034

590,515,146

308,703,731

160,286,263

129,569,132

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

* ÂŁ ² ¢ Â&#x2021; ² Â&#x2122; Â&#x203A; ÂŁ ° Â&#x2C6;Ă? ² Â&#x203A;u * " / / 6 " - 3 & 1 0 3 5 *

....................................................................Director (Mr. Chotic Russamitinakornkul)

BT Wealth Industries Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2016 (Unit: Baht) Consolidated financial statements Note

2016

2015

Separate financial statements 2016

2015

Shareholders' equity Share capital

Registered 756,000,000 ordinary shares of Baht 0.50 each (2015: 1,512,000,000 ordinary shares of Baht 0.25 each)

378,000,000

378,000,000

378,000,000

378,000,000

Issued and paid-up 756,000,000 ordinary shares of Baht 0.50 each (2015: 1,200,000,000 ordinary shares of Baht 0.25 each) Shares premium

378,000,000

300,000,000

378,000,000

300,000,000

495,768,000

-

495,768,000

-

31,000,000

20,000,000

31,000,000

20,000,000

Retained earnings Appropriated - statutory reserve Unappropriated Other components of shareholders' equity Equity attributable to owners of the Company

365,236,027

598,499,136

11,045,349

133,616,178

160,219,402

160,219,402

-

-

1,430,223,429

1,078,718,538

915,813,349

453,616,178

Equity attributable to non-controlling interests 1,842,934

2,377,909

-

-

Total shareholders' equity

of the subsidiaries

1,432,066,363

1,081,096,447

915,813,349

453,616,178

Total liabilities and shareholders' equity

2,022,581,509

1,389,800,178

1,076,099,612

583,185,310

-

-

-

-

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

....................................................................Director (Mr. Chotic Russamitinakornkul)

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BT Wealth Industries Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2016 (Unit: Baht) Consolidated financial statements Note

2016

Separate financial statements

2015

2016

2015

Profit or loss: Revenues Revenues from fabrication work

1,781,172,061

1,787,829,577

-

-

-

-

64,383,736

52,181,138

669,251

675,725

4,082,395

117,175 358,200,450

Rental income Other income Interest income Dividend income

-

-

238,800,300

Gains on exchange

46,628,148

-

534,258

6,653

Others

68,603,643

160,596,980

2,957,538

2,771,914

1,897,073,103

1,949,102,282

310,758,227

413,277,330

1,575,274,015

1,012,611,059

-

-

-

-

39,496,537

31,670,197

182,237,675

183,339,108

47,900,694

30,281,682

-

70,574,399

-

-

1,757,511,690

1,266,524,566

87,397,231

61,951,879

139,561,413

682,577,716

223,360,996

351,325,451

Total revenues Expenses Cost of fabrication work Cost of rental Administrative expenses Losses on exchange Total expenses Profit before finance cost and income tax expenses Finance cost

(13,429,233)

Profit before income tax expenses

126,132,180

Income tax benefits (expenses)

Profit for the year

(18,600,388) 107,531,792

(9,808,455) 672,769,261 2,032,032 674,801,293

(5,521,207) 217,839,789 (2,771,634) 215,068,155

(8,997) 351,316,454 1,141,482 352,457,936

Other comprehensive income: 2WKHU FRPSUHKHQVLYH LQFRPH QRW WR EH UHFODVVLILHG WR SURILW RU ORVV LQ VXEVHTXHQW SHULRGV Actuarial loss

(6,262,720)

-

Less: Income tax effect

1,252,544

-

(5,010,176)

-

Other comprehensive income for the year

Total comprehensive income for the year

102,521,616

674,801,293

(3,148,730) 629,746 (2,518,984)

212,549,171

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

* ÂŁ ² ¢ Â&#x2021; ² Â&#x2122; Â&#x203A; ÂŁ ° Â&#x2C6;Ă? ² Â&#x203A;u * " / / 6 " - 3 & 1 0 3 5 *

....................................................................Director (Mr. Chotic Russamitinakornkul)

-

352,457,936

BT Wealth Industries Public Company Limited and its subsidiaries Statement of comprehensive income (continued) For the year ended 31 December 2016 (Unit: Baht) Consolidated financial statements 2016

Note

2015

Separate financial statements 2016

2015

Profit attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

106,867,067

671,523,909

664,725

3,277,384

107,531,792

674,801,293

101,856,891

671,523,909

664,725

3,277,384

102,521,616

674,801,293

0.158

1.119

215,068,155

352,457,936

212,549,171

352,457,936

0.318

0.587

Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

Earnings per share Basic earnings per share

Profit attributable to equity holders of the Company

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

....................................................................Director (Mr. Chotic Russamitinakornkul)

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 * -

Total comprehensive income for the year

...................................................................................Director (Ms. Siripond Satawin)

The accompanying notes are an integral part of the financial statements.

Balance as at 31 December 2016

Dividend paid (Note 26)

from dividend payment of the subsidiary

Decrease in non-controlling interests of the subsidiary

transferred to statutory reserve

Unappropriated retained earnings

378,000,000

-

-

-

78,000,000

-

Other comprehensive income for the year

Increase in share capital (Note 19)

-

300,000,000

Balance as at 1 January 2016

Profit for the year

300,000,000

-

-

-

Balance as at 31 December 2015

Dividend paid (Note 26)

from dividend payment of the subsidiary

Decrease in non-controlling interests of the subsidiary

transferred to statutory reserve

Unappropriated retained earnings

-

Increase in non-controlling interests of the subsidiaries

300,000,000

share capital

paid-up

Issued and

Total comprehensive income for the year

Balance as at 1 January 2015

For the year ended 31 December 2016

Statement of changes in shareholders' equity

BT Wealth Industries Public Company Limited and its subsidiaries

-

-

-

-

-

-

-

-

-

-

-

31,000,000

-

-

11,000,000

-

-

-

-

20,000,000

20,000,000

-

-

20,000,000

-

-

-

- statutory reserve

365,236,027

(324,120,000)

-

(11,000,000)

-

101,856,891

(5,010,176)

106,867,067

598,499,136

598,499,136

(200,000,000)

-

(20,000,000)

-

671,523,909

146,975,227

Unappropriated

....................................................................Director (Mr. Chotic Russamitinakornkul)

495,768,000

-

-

-

495,768,000

Share premium

Appropriated

Retained earnings

Equity attributable to owners of the Company

160,219,402

-

-

-

-

-

-

-

160,219,402

160,219,402

-

-

-

-

-

160,219,402

control

under common

business combination

Surplus on

shareholders' equity

Other component of

Consolidated financial statements

Total equity

1,430,223,429

(324,120,000)

-

-

573,768,000

101,856,891

(5,010,176)

106,867,067

1,078,718,538

1,078,718,538

(200,000,000)

-

-

-

671,523,909

607,194,629

the Company

owners of

attributable to

-

1,842,934

-

(1,199,700)

-

-

664,725

-

664,725

2,377,909

2,377,909

-

(1,799,550)

-

900,075

3,277,384

the subsidiaries

Interest of

Non-controlling

-

1,432,066,363

(324,120,000)

(1,199,700)

-

573,768,000

102,521,616

(5,010,176)

107,531,792

1,081,096,447

1,081,096,447

(200,000,000)

(1,799,550)

-

900,075

674,801,293

607,194,629

equity

shareholders'

Total

(Unit: Baht)

BT Wealth Industries Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the year ended 31 December 2016 (Unit: Baht) Separate financial statements Retained earnings

Issued and paid-up share capital Balance as at 1 January 2015

Total

Appropriated Share premium

shareholders'

- statutory reserve

Unappropriated

equity

300,000,000

-

-

1,158,242

301,158,242

-

-

-

352,457,936

352,457,936

-

-

20,000,000

(20,000,000)

-

-

-

(200,000,000)

(200,000,000)

Balance as at 31 December 2015

300,000,000

-

20,000,000

133,616,178

453,616,178

Balance as at 1 January 2016

300,000,000

-

20,000,000

133,616,178

453,616,178

Profit for the year

-

-

-

215,068,155

215,068,155

Other comprehensive income for the year

-

-

-

Total comprehensive income for the year

-

-

-

212,549,171

212,549,171

78,000,000

495,768,000

-

-

573,768,000

-

-

11,000,000

(11,000,000)

-

-

-

(324,120,000)

(324,120,000)

378,000,000

495,768,000

31,000,000

11,045,349

915,813,349

Total comprehensive income for the year Unappropriated retained earnings transferred to statutory reserve Dividend paid (Note 26)

Increase in share capital (Note 19)

(2,518,984)

-

(2,518,984)

Unappropriated retained earnings transferred to statutory reserve Dividend paid (Note 26) Balance as at 31 December 2016

-

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

....................................................................Director (Mr. Chotic Russamitinakornkul)

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BT Wealth Industries Public Company Limited and its subsidiaries Cash flow statement For the year ended 31 December 2016 (Unit: Baht) Consolidated financial statements

Separate financial statements

2016

2015

2016

2015

126,132,180

672,769,261

217,839,789

351,316,454

80,800,442

73,924,861

38,999,864

29,525,959

Cash flows from operating activities Profit before tax Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: Depreciation and amortisation Gain on sales of investments in trading securities

(646,358)

(9,700,605)

(529,570)

(1,045,095)

Unrealised gain on valuation of trading securities

(36,665)

(233,167)

(2,269)

(181,353)

Allowance for impairment loss on investments

-

Loss (gain) on sales of equipment

(9,069,105)

Provision for long-term employee benefits

1,601,964

-

2,000,000

-

327,877

-

335,087

1,618,130

2,745

241,971

Gain on reversal of liabilities from derivative instruments

(29,380,161)

-

-

-

Unrealised loss (gain) on exchanges

(38,407,061)

50,757,044

-

-

Reversal of short-term provision

-

Interest income

(669,251)

(119,397,109)

(675,725)

(4,082,395)

(117,175)

(238,800,300)

(358,200,450)

4,638,154

201,214

3,636,984

1,248

134,964,139

669,591,781

19,064,848

21,876,646

(597,856,542)

(105,438,272)

(18,084,049)

(8,401,841)

Dividend income Interest expenses Profit from operating activities before changes in operating assets and liabilities Decrease (increase) in operating assets Trade and other receivables and unbilled receivables Work in progress

(3,859,094)

40,527,089

-

-

Inventories

22,488,534

(16,088,790)

-

-

Other current assets

862,900

334,058

Other non-current assets

460,978

1,566,223

3,902,284

(7,841,826)

(2,308,333)

(1,385,384)

Increase (decrease) in operating liabilities Trade and other payables

132,606,709

Unbilled payables

25,900,373

Construction revenue received in advance Cash paid for short-term provision

90,999,256 (39,839,580)

Cash paid for long-term employee benefits

(2,697,940)

Other current liabilities Cash flows from (used in) operating activities

356,590 (235,613,677)

Cash paid for interest expenses Cash paid for income tax

3,846,549 (226,703,352) (1,431,229)

(109,456,873) -

5,425,783 -

-

-

-

-

-

-

99,705

(80,465)

268,822

175,757,347

(106,962,588)

9,942,200

(4,754,711)

(291,624)

(3,636,984)

(1,248)

(16,563,845)

(3,703,273)

(2,686,625)

(2,711,942)

Cash receipt from withholding tax refundable Net cash flows from (used in) operating activities

(190,546,415)

(256,932,233)

763,797 172,526,247

(113,286,197)

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

....................................................................Director (Mr. Chotic Russamitinakornkul)

763,797 7,992,807

BT Wealth Industries Public Company Limited and its subsidiaries Cash flow statement (continued) For the year ended 31 December 2016 (Unit: Baht) Consolidated financial statements 2016

Separate financial statements

2015

2016

2015

Cash flows from investing activities Increase in restricted bank deposits Acquisition of investments in trading securities

(233,475)

(426,253)

(14,158)

(36,060)

(669,000,000)

(758,000,000)

(430,000,000)

(140,000,000)

456,300,000

185,000,000

Cash received from sales of investments in 616,540,000

1,326,000,000

Increase in short-term loan to subsidiary

trading securities

-

-

Cash paid for investments in subsidiaries

-

-

-

Cash received from sales of investments in subsidiary

-

-

-

(365,000,000)

(34,649,825) 399,700

Acquisition of building and equipment and (145,742,181)

(291,290,497)

Acquisition of intangible assets

payment of payables for purchase of assets

(1,500,190)

(4,047,150)

Proceeds from sales of equipment

24,670,868

244,416

15,539,173

186,916

797,072

718,476

160,794

114,742

Interest income Dividend income Net cash flows from (used in) investing activities

(174,467,906)

273,198,992

(144,919,086)

(187,835,464)

-

(1,236,000)

238,800,300

358,200,450

(229,132,977)

180,144,459

Cash flows from financing activities Cash received from short-term loan from financial institution

100,000,000

Repayment of short-term loan from financial institution

-

(440,000,000)

100,000,000

-

-

-

Cash received from short-term loan from subsidiary

-

-

96,000,000

-

Repayment of short-term loan from subsidiary

-

-

(96,000,000)

-

(4,222,482)

-

Repayment of liabilities under finance lease agreements

(5,110,253)

Proceeds from increase in share capital

585,000,000

Cash paid for direct costs related to share offering

(14,040,000)

Increase in non-controlling interests Dividend paid

-

(2,992,589) -

585,000,000

-

(14,040,000)

900,075

-

-

(324,120,000)

(417,520,493)

(1,199,700)

(1,799,550)

-

340,530,047

(861,412,557)

342,617,518

(200,000,000)

Net increase (decrease) in cash and cash equivalents

(90,870,092)

(415,687,318)

198,344

(11,862,734)

Cash and cash equivalents at beginning of the year

206,337,624

622,024,942

22,102,047

33,964,781

Cash and cash equivalents at end of the year

115,467,532

206,337,624

22,300,391

22,102,047

-

-

-

-

38,475,640

-

38,475,640

-

2,885,654

4,842,000

2,885,654

115,362,816

Dividend paid to non-controlling interests of the subsidiary Net cash flows from (used in) financing activities

(324,120,000)

(200,000,000) -

Supplemental cash flow information Non-cash transactions Assets acquired under finance lease agreements Increase in payables for purchase of assets

The accompanying notes are an integral part of the financial statements.

...................................................................................Director (Ms. Siripond Satawin)

....................................................................Director (Mr. Chotic Russamitinakornkul)

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BT Wealth Industries Public Company Limited and its subsidiaries Notes to consolidated financial statements For the year ended 31 December 2016 1.

General information %7 :HDOWK ,QGXVWULHV 3XEOLF &RPSDQ\ /LPLWHG ³WKH &RPSDQ\´ LV D SXEOLF FRPSDQ\ incorporated and domiciled in Thailand. The Company is principally engaged in the rental of assets and its registered address is at 593/3 Soi Ramkhamhaeng 39 7KHS /HHOD 5DPNKDPKDHQJ 5RDG :DQJWKRQJODQJ %DQJNRN

2.

Basis of preparation

2.1

The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification RI WKH 'HSDUWPHQW RI %XVLQHVV 'HYHORSPHQW GDWHG 6HSWHPEHU LVVXHG XQGHU the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements.

The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

2.2

Basis of consolidation D

7KH FRQVROLGDWHG ILQDQFLDO VWDWHPHQWV LQFOXGH WKH ILQDQFLDO VWDWHPHQWV RI %7 :HDOWK ,QGXVWULHV 3XEOLF &RPSDQ\ /LPLWHG ³WKH &RPSDQ\´ DQG WKH IROORZLQJ VXEVLGLDU\ FRPSDQLHV ³WKH VXEVLGLDULHV´

&RPSDQ\ÂśV QDPH

Best Tech & Engineering Limited BT & OWL Solar 1 Limited

Nature of business

Country of

Percentage of

incorporation

shareholding 2016

2015

Steel fabrication work

Thailand

99.5

99.5

Generation and supply of

Thailand

90.0

90.0

electricity Best Tech Industries Limited

Steel fabrication work

Thailand

100.0

100.0

Global Clean Energy Limited

Generation and supply of

Thailand

100.0

100.0

electricity

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b)

The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns.

c)

Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases.

d)

The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company.

e)

Material balances and transactions between the Company and its subsidiaries have been eliminated from the consolidated financial statements.

f)

Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position.

2.3

The separate financial statements present investments in subsidiaries under the cost method.

3.

New financial reporting standards (a)

Financial reporting standards that became effective in the current year

During the year, the Company and its subsidiaries have adopted the revised (revised 2015) and new financial reporting standards and accounting treatment guidance issued by the Federation of Accounting Professions which become effective for fiscal years beginning on or after 1 January 2016. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards. The adoption of these financial reporting standards does not have any VLJQLILFDQW LPSDFW RQ WKH &RPSDQ\¶V DQG LWV VXEVLGLDULHV¶ ILQDQFLDO VWDWHPHQWV (b)

Financial reporting standard that will become effective in the future

During the current year, the Federation of Accounting Professions issued a number of the revised financial reporting standards and interpretations (revised 2016) and new accounting treatment guidance which is effective for fiscal years beginning on or after 1 January 2017. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards.

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The management of the Company and its subsidiaries believe that the revised financial reporting standards and interpretations and new accounting treatment guidance will not have any significant impact on the financial statements when they are initially applied. However, one standard involves changes to key principles, which are summarised below.

TAS 27 (revised 2016) Separate Financial Statements This revised standard stipulates an additional option to account for investments in subsidiaries, joint ventures and associates in separate financial statements under the equity method, as described in TAS 28 (revised 2016) Investments in Associates and Joint Ventures. However, the entity is to apply the same accounting treatment for each category of investment. If an entity elects to account for such investments using the equity method in the separate financial statements, it has to adjust the transaction retrospectively.

At present, the management of the Company and its subsidiaries is evaluating the impact of this standard to the financial statements in the year when it is adopted.

4.

Significant accounting policies

4.1

Revenue recognition a)

Revenues 5HYHQXHV IURP IDEULFDWLRQ ZRUN XQGHU ORQJ WHUP FRQWUDFWV Revenues from fabrication work under long-term contracts are recognised on a SHUFHQWDJH RI FRPSOHWLRQ EDVLV EDVHG RQ WKH DVVHVVPHQW RI WKH VXEVLGLDULHVœ engineers. Recognised revenues, that are not yet due per the contracts have EHHQ SUHVHQWHG XQGHU WKH FDSWLRQ RI ³8QELOOHG UHFHLYDEOHV´ LQ WKH VWDWHPHQWV RI financial position.

6DOHV RI JRRGV Sales of goods are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied after deducting discounts and allowances.

5HQWDO LQFRPH Rental income is recognised on an accrual basis over the period of contracts. ,QWHUHVW LQFRPH Interest income is recognised on an accrual basis based on the effective interest rate.

'LYLGHQGV Dividends are recognised when the right to receive the dividends is established.

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b)

Expenses &RVWV RI IDEULFDWLRQ ZRUN Costs of fabrication work are recognised in accordance with the percentage of work completed based on total estimated costs. Provision for anticipated losses on construction projects is made in the accounts in full when the possibility of loss is ascertained. Differences between the recorded costs on the percentage of work completed based on the estimated cost and the actual costs are presented as current assets or current liabilities in the statements of financial position.

2WKHU H[SHQVHV Other expenses are recognised on an accrual basis.

4.2

Cash and cash equivalents Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.

4.3

Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experience and analysis of debt aging.

4.4

Inventories Raw materials, spare parts and factory supplies are valued at the lower of cost (under the weighted average method) and net realisable value and are charged to production costs whenever consumed.

4.5

Investments a)

Investments in securities held for trading are stated at fair value. Changes in the fair value of these securities are recorded in profit or loss.

b)

Investments in subsidiaries are accounted for in the separate financial statements using the cost method.

The fair value of unit trusts is determined from their net asset value.

The weighted average method is used for computation of cost of investments.

On disposal of an investment, the difference between net disposal proceeds and the carrying amount of the investment is recognised in profit or loss.

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4.6

Property, plant and equipment/Depreciation Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any).

Depreciation of plant and equipment is calculated by reference to their costs, on the straight-line basis over the following estimated useful lives: Buildings and construction

-

10, 20 years

Machinery, tools and construction equipment

-

5, 10

years

Furniture, fixtures and office equipment

-

5

years

Motor vehicles

-

5

years

Depreciation is included in determining income.

No depreciation is provided on land and assets under installation and construction.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised.

4.7

Intangible assets Intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses (if any).

Intangible assets with finite lives are amortised on a systematic basis over the economic useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss.

The intangible assets with finite useful lives are computer software with useful lives of 5 years.

4.8

Related party transactions Related parties comprise individuals or enterprises that control, or are controlled by, the Company and its subsidiaries, whether directly or indirectly, or which are under common control with the Company and its subsidiaries.

They also include associated companies, and individuals or enterprises which directly or indirectly own a voting interest in the Company and its subsidiaries that gives them significant influence over the Company and its subsidiaries, key management personnel, directors, and officers with authority in the planning and direction of the &RPSDQ\¶V DQG LWV VXEVLGLDULHV¶ RSHUDWLRQV

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4.9

Long-term leases Leases of property, plant or equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in long-term payables, while the interest element is charged to profit or loss over the lease period. The asset acquired under finance leases are depreciated over their useful life.

Leases of property, plant and equipment which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognised as an expense in profit or loss on a straight line basis over the lease term.

4.10 Foreign currencies The consolidated and separate financial statements are presented in Baht, which is DOVR WKH &RPSDQ\ÂśV IXQFWLRQDO FXUUHQF\ Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of reporting period.

Gains and losses on exchange are included in determining income.

4.11 Impairment of assets At the end of each reporting period, the Company and its subsidiaries perform impairment reviews in respect of the property, plant and equipment and other intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. An impairment loss is recognised when the recoverable amount of DQ DVVHW ZKLFK LV WKH KLJKHU RI WKH DVVHWÂśV IDLU YDOXH OHVV FRVWV WR VHOO DQG LWV YDOXH LQ use, is less than the carrying amount.

An impairment loss is recognised in profit or loss.

4.12 Employee benefits 6KRUW WHUP HPSOR\HH EHQHILWV Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred.

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3RVW HPSOR\PHQW EHQHILWV 'HILQHG EHQHILW SODQV The Company and its subsidiaries have obligations in respect of the severance payments it must make to employees upon retirement under labor law. The Company and its subsidiaries treat these severance payment obligations as a defined benefit plan.

The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method.

Actuarial gains and losses arising from post-employment benefits are recognised immediately in other comprehensive income.

4.13 Provisions Provisions are recognised when the Company and its subsidiaries have present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

4.14 Income tax Income tax expense represents the sum of corporate income tax currently payable and deferred tax.

Current tax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation.

Deferred tax Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period.

The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while they recognise deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised.

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

The Company and its subsidiaries record deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity.

4.15 Derivatives Forward exchange contracts Forward exchange contracts are presented in the financial statements at fair value.

Unrecognised gains and losses from the translation are recognised in profit or loss.

4.16 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Company and its subsidiaries apply a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Company and its subsidiaries measure fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level 1 -

Use of quoted market prices in an observable active market for such assets or liabilities

Level 2 -

Use of other observable inputs for such assets or liabilities, whether directly or indirectly

Level 3 - Use of unobservable inputs such as estimates of future cash flows At the end of each reporting period, the Company and its subsidiaries determine whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis.

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5.

Significant accounting judgements and estimates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures; and actual results could differ from these estimates.

Significant judgements and estimates are as follows: Fair value of financial instruments In determining the fair value of financial instruments recognised in the statement of financial position that are not actively traded and for which quoted market prices are not readily available, the management exercise judgement, using a variety of valuation techniques and models. The input to these models is taken from observable markets, and includes consideration of credit risk (bank and counterparty, both) liquidity, correlation and longer-term volatility of financial instruments. Change in assumptions about these factors could affect the fair value recognised in the statement of financial position and disclosures of fair value hierarchy.

Percentage of completion The subsidiary recognises construction income by reference to the stage of completion of the construction contract activity, when the outcome of a construction contract can be estimated reliably. The stage of completion is measured by reference to survey of works and estimates performed by project engineer. The management is required to make judgement and estimates based on past experience and information obtained from the project engineer.

Estimated construction project costs The subsidiary estimates costs of construction projects based on details of the construction work, taking into account the volume and value of construction materials to be used in the project, design cost, labor cost, subcontracting costs and other related costs to be incurred to completion of service, taking into account the direction of the movement in these costs. Estimates are reviewed regularly or whenever actual costs differ significantly from the figures used in the original estimates.

Provision for losses on construction projects Management applied judgement in estimating the loss they expect to be realised on each construction project, based on estimates of anticipated costs that take into account the progress of the project and actual costs incurred to date, together with fluctuations in costs of construction materials, labour and the current situation.

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

Post-employment benefits under defined benefit plans The obligation under the defined benefit plan is determined based on actuarial techniques. Such determination is made based on various assumptions, including discount rate, future salary increase rate, mortality rate and staff turnover rate.

6.

Related party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company, its subsidiaries and related parties.

(Unit: Million Baht) Consolidated

Separate

financial statements

financial statements

Pricing policy

2016

2015

2016

2015

Revenue from rental assets

-

-

64.4

52.2

Management income

-

-

2.4

1.2

Purchase fixed assets

-

-

81.3

200.9

Interest income

-

-

3.9

-

3.95% and 4.50% per

Interest expense

-

-

0.2

-

3.95% per annum

6.0

2.9

-

-

Contract price

3.6

3.6

1.6

1.5

Contract price

Transactions with subsidiaries (eliminated from the consolidated financial statements) Mutual agreement Contract price Mutual agreement

annum

Transactions with related party Consulting fee Transactions with management and directors Office space rental expenses

The balances of the accounts between the Company and those related parties are as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2016

2015

2015

Trade and other receivables - related party (Note 9) Trade receivables - subsidiary

-

-

7,214

5,091

Other receivables - subsidiary

-

-

9,566

5,645

-

-

16,780

10,736

Total trade and other receivables - related party

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

(Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2016

2015

2015

Other payables - related parties (Note 16) Subsidiary Related company Management and directors Total other payables - related parties

-

-

1,050

110,521

910

-

-

-

-

929

-

-

910

929

1,050

110,521

Short-term loan to subsidiary As at 31 December 2016, the balance of short-term loan between the Company and its subsidiary and the movement is as follows: (Unit: Thousand Baht) Separate financial statements Balance as at

Balance as at

1 January

Increase during

Decrease during

31 December

2016

the year

the year

2016

Short-term loan to Best Tech & Engineering Limited

-

365,000

-

365,000

Short-term loan from subsidiary As at 31 December 2016, the balance of short-term loan between the Company and its subsidiary and the movement is as follows: (Unit: Thousand Baht) Separate financial statements Balance as at

Balance as at

1 January

Increase during

Decrease during

31 December

2016

the year

the year

2016

Short-term loan from Best Tech & Engineering Limited

-

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

96,000

(96,000)

-

'LUHFWRUV DQG PDQDJHPHQW¶V EHQHILWV 'XULQJ WKH \HDUV HQGHG 'HFHPEHU DQG WKH &RPSDQ\ DQG LWV VXEVLGLDULHV KDG HPSOR\HH EHQHILW H[SHQVHV SD\DEOH WR WKHLU GLUHFWRUV DQG PDQDJHPHQW DV EHORZ (Unit: Thousand Baht) &RQVROLGDWHG

6HSDUDWH

ILQDQFLDO VWDWHPHQWV

ILQDQFLDO VWDWHPHQWV

6KRUW WHUP HPSOR\HH EHQHILWV

7.

3

3RVW HPSOR\PHQW EHQHILWV 7RWDO

Cash and cash equivalents (Unit: Thousand Baht) &RQVROLGDWHG

6HSDUDWH

ILQDQFLDO VWDWHPHQWV

ILQDQFLDO VWDWHPHQWV

&DVK

%DQN GHSRVLWV

7RWDO

$V DW 'HFHPEHU EDQN GHSRVLWV LQ VDYLQJ DFFRXQWV FDUULHG LQWHUHVWV EHWZHHQ DQG SHU DQQXP EHWZHHQ DQG SHU DQQXP

8.

Current investments 7KH RXWVWDQGLQJ EDODQFH RI FXUUHQW LQYHVWPHQWV LV DV IROORZV (Unit: Thousand Baht) &RQVROLGDWHG

6HSDUDWH

ILQDQFLDO VWDWHPHQWV

ILQDQFLDO VWDWHPHQWV

,QYHVWPHQWV LQ WUDGLQJ VHFXULWLHV )DLU YDOXH 0XWXDO IXQG 'HEW LQVWUXPHQWV 7RWDO

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

9.

Trade and other receivables (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2016

2015

2015

Trade receivables - related party Aged on the basis of due dates Not yet due

-

-

7,214

5,091

Total trade receivables - related party

-

-

7,214

5,091

321,549

79,069

-

-

159,360

12,781

-

-

6,824

3,518

-

-

487,733

95,368

-

-

487,733

95,368

7,214

5,091

-

-

9,566

5,645

16,721

3,711

154

81

Revenue department receivable

32,830

16,794

32,683

16,794

Total other receivables

49,550

20,505

42,403

22,520

537,283

115,873

49,617

27,611

Trade receivables - unrelated parties Aged on the basis of due dates Not yet due Past due Up to 3 months 3 - 6 months Total trade receivables - unrelated parties Total trade receivables Other receivables Other receivables and advances related party Other receivables and advances unrelated parties

Trade and other receivables

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

10.

Unbilled receivables/ Construction revenue received in advance (Unit: Thousand Baht) Consolidated financial statements 2016

2015

1,932,432

4,925,704

1,633,833

4,558,840

(1,312,705)

(4,412,992)

Unbilled receivables Project value as per contract Accumulated amount recognised as revenue on percentage of completion basis Less: Value of total billed

321,128

145,848

1,327,665

245,297

791,515

71,098

percentage of completion basis

(681,680)

(52,262)

Construction revenue received in advance

109,835

18,836

Unbilled receivables

Construction revenue received in advance Project value as per contract Value of total billed Less: Accumulated amount recognised as revenue on

11.

Inventories (Unit: Thousand Baht) Consolidated financial statements 2016 Raw materials

213,306

225,814

Spare parts and factory supplies

5,900

6,858

Goods in transit

6,445

15,467

225,651

248,139

Total

12.

2015

Restricted bank deposits These represent fixed deposits of the Company and its subsidiary which pledged with banks to secure credit facilities and guarantees granted by banks.

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

13.

Investments in subsidiaries Details of investments in subsidiaries as presented in separate financial statements are as follows: (Unit: Thousand Baht) Dividend income for Shareholding &RPSDQ\¶V QDPH

Paid-up capital 2016

Best Tech & Engineering Ltd.

2015

the years ended

percentage 2016

2015

(%)

(%)

Cost

31 December

2016

2015

2016

2015

80,000

80,000

99.5

99.5

79,600

79,600

238,800

358,200

5,000

5,000

90.0

90.0

4,500

4,500

-

-

Best Tech Industries Ltd.

25,000

25,000

100.0

100.0

25,000

25,000

-

-

Global Clean Energy Ltd.

5,150

5,150

100.0

100.0

5,150

5,150

-

-

114,250

114,250

238,800

358,200

(2,000)

-

-

-

112,250

114,250

238,800

358,200

BT & OWL Solar 1 Ltd.

Total Less: Allowance for impairment loss on investments

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

14.

Property, plant and equipment (Unit: Thousand Baht) Consolidated financial statements Assets

Buildings

Machinery

Furniture,

under

fixtures and

installation

and

and

office

Motor

and

construction

equipment

equipment

vehicles

construction

55,549

181,505

282,339

37,294

42,566

78

599,331

Additions

-

-

20,950

9,518

11,132

254,532

296,132

Disposals

-

-

(1,666)

Land

Total

Cost: 1 January 2015

Transfer in (out)

(2)

(50)

-

(1,718)

-

17,134

-

-

-

55,549

198,639

301,623

46,810

53,648

237,476

893,745

Additions

-

-

46,834

5,662

-

134,608

187,104

Disposals

-

-

(19,196)

31 December 2015

Transfer in (out)

(160)

(1,208)

(17,134)

-

(20,564)

-

18,146

25,836

-

-

55,549

216,785

355,097

52,312

52,440

328,102

1,060,285

1 January 2015

-

115,814

143,972

19,809

14,992

-

294,587

Depreciation for the year

-

12,705

41,373

7,078

8,441

-

69,597

Depreciation on disposals

-

-

-

(1,147)

31 December 2015

-

128,519

184,250

26,885

23,383

-

363,037

Depreciation for the year

-

14,051

45,086

8,077

9,088

-

76,302

Depreciation on disposals

-

-

(1,208)

-

(4,962)

31 December 2016

-

142,570

225,740

34,804

31,263

-

434,377

31 December 2015

55,549

70,120

117,373

19,925

30,265

237,476

530,708

31 December 2016

55,549

74,215

129,357

17,508

21,177

328,102

625,908

31 December 2016

(43,982)

-

-

Accumulated depreciation:

(1,095)

(3,596)

(2)

(158)

(50)

Net book value:

Depreciation for the year 2015 (Baht 54 million included in cost of fabrication work, and the balance in administrative expenses)

69,597

2016 (Baht 58 million included in cost of fabrication work, and the balance in administrative expenses)

76,302

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

(Unit: Thousand Baht) Separate financial statements Furniture, fixtures

Assets under

Buildings and

Machinery and

and office

installation and

construction

equipment

equipment

Motor vehicles

construction

Total

Cost: 1 January 2015

-

140,137

970

-

-

141,107

Additions

-

17,913

6,505

5,980

272,800

303,198

Disposals

-

(1,404)

-

-

-

(1,404)

Transfer in (out)

17,134

-

-

-

31 December 2015

17,134

156,646

7,475

5,980

255,666

442,901 186,280

(17,134)

Additions

-

43,382

1,594

-

141,304

Disposals

-

(18,608)

-

-

-

-

(18,608)

Transfer in (out)

18,284

25,836

-

-

(44,120)

-

31 December 2016

35,418

207,256

9,069

5,980

352,850

610,573

-

41,674

12

-

-

41,686

187

28,103

620

197

-

29,107

-

-

-

Accumulated depreciation: 1 January 2015 Depreciation for the year Depreciation on disposals 31 December 2015 Depreciation for the year Depreciation on disposals

-

(882)

(882)

187

68,895

632

197

-

69,911

1,908

33,640

1,686

1,199

-

38,433

-

-

-

(3,069)

-

(3,069)

2,095

99,466

2,318

1,396

-

105,275

31 December 2015

16,947

87,751

6,843

5,783

255,666

372,990

31 December 2016

33,323

107,790

6,751

4,584

352,850

505,298

31 December 2016 Net book value:

Depreciation for the year 2015 (Baht 29 million included in service cost, and the balance in administrative expenses)

29,107

2016 (Baht 34 million included in service cost, and the balance in administrative expenses)

38,433

As at 31 December 2016, the Company and its subsidiary had machinery and vehicles with net book values of Baht 37 million (2015: Baht 7 million) (Separate financial statements: Baht 34 million, 2015: None) which were acquired under finance lease agreements.

As at 31 December 2016, certain items of plant and equipment were fully depreciated but are still in use. The gross carrying amount before deducting accumulated depreciation of those assets amounted to approximately Baht 141 million (2015: Baht 88 million).

The subsidiary has mortgaged its land and structures thereon with total net book value as at 31 December 2016 of Baht 97 million (2015: Baht 109 million) as collateral against credit facilities granted by bank.

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

15.

Short-term loans from financial institution As at 31 December 2016, the bills of exchange of the Company are subject to interest at rate of 3.95% per annum and payable between February to March 2017. The bills of exchange are not collateralised.

16.

Trade and other payables (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016 Trade payables - unrelated parties

2015

2016

2015

210,367

80,904

-

-

8,920

6,034

8,920

6,034

1,742

-

1,732

-

24,465

29,369

4,603

6,321

910

929

1,050

110,521

246,404

111,202

16,305

122,876

Payables for purchase of assets - unrelated parties Other payables - unrelated parties Accrued expenses - unrelated parties Accrued expenses - related parties Total trade and other payables

17.

Liabilities under finance lease agreements (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2015

2016

2015

Liabilities under finance lease agreements

37,346

967

37,291

-

Less: Deferred interest expenses

(3,037)

(24)

(3,037)

-

Total

34,309

943

34,254

-

Less: Portion due within one year

(8,414)

(888)

(8,359)

-

25,895

55

25,895

-

Liabilities under finance lease agreements - net of current portion

The Company and its subsidiary have entered into the finance lease agreements with leasing companies for rental of machinery, motor vehicles and equipment for use in its operation, whereby it is committed to pay rental on a monthly basis. The terms of the agreements are generally between 3 and 5 years.

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

Future minimum lease payments required under the finance lease agreements were as follows: (Unit: Thousand Baht) Consolidated financial statements As at 31 December 2016 Less than 1 year Future minimum lease payments Deferred interest expenses Present value of future minimum lease payments

1-5 years

Total

9,705

27,641

37,346

(1,291)

(1,764)

(3,037)

8,414

25,895

34,309

(Unit: Thousand Baht) Consolidated financial statements As at 31 December 2015 Less than 1 year

1-5 years

Total

Future minimum lease payments

911

56

967

Deferred interest expenses

(23)

(1)

(24)

Present value of future minimum lease payments

888

55

943

(Unit: Thousand Baht) Separate financial statements As at 31 December 2016 Less than 1 year Future minimum lease payments Deferred interest expenses Present value of future minimum lease payments

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

1-5 years

Total

9,650

27,641

37,291

(1,291)

(1,746)

(3,037)

8,359

25,895

34,254

18.

Provision for long-term employee benefits

Provision for long-term employee benefits, which represents compensation payable to employees after they retire, was as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2015

2016

9,540

9,353

5,889

2

-

-

-

5,645

1,354

1,366

3

142

248

252

-

100

6,226

-

3,115

-

37

-

33

-

-

-

9,040

5,889

2015

Provision for long-term employee benefits at beginning of year Transfer employee from subsidiary Included in profit or loss: Current service cost Interest cost Included in other comprehensive income: Actuarial loss arising from Experience adjustments Financial assumptions changes Benefits paid during the year

(2,698)

(1,431)

14,707

9,540

Provision for long-term employee benefits at end of year

Line items in profit or loss under which long-term employee benefit expenses are recognised are as follows: (Unit: Thousand Baht)

Cost of fabrication work Administrative expenses Total expenses recognised in profit or loss

Consolidated

Separate

financial statements

financial statements

2016

2015

2016

1,110

1,123

-

-

492

495

3

242

1,602

1,618

3

242

2015

The Company and its subsidiaries expect to pay Baht 0.4 million of long-term employee benefits during the next year (Separate financial statements: None) (2015: Baht 0.2 million, Separate financial statements: None).

As at 31 December 2016, the weighted average duration of the long-term employee benefit liabilities is 7 years (Separate financial statements: 7 years) (2015: 8 years, Separate financial statements: 8 years).

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

Significant actuarial assumptions are summarised below: Consolidated financial statements

Discount rate Salary increase rate

Separate financial statements

2016

2015

2016

2015

(% per annum)

(% per annum)

(% per annum)

(% per annum)

2.60

2.70

2.60

2.70

3.00 - 7.00

3.00 - 7.00

3.00 - 7.00

3.00 - 7.00

The effects of sensitivity analysis for significant assumptions on the present value of the long-term employee benefit obligation as at 31 December 2016 and 2015 are summarised below: (Unit: Thousand Baht) As at 31 December 2016 Consolidated financial statements

Discount rate Salary increase rate

Separate financial statements

Increase 1%

Decrease 1%

Increase 1%

Decrease 1%

(769)

842

(315)

332

828

(771)

328

(316)

(Unit: Thousand Baht) As at 31 December 2015 Consolidated financial statements

Discount rate Salary increase rate

19.

Separate financial statements

Increase 1%

Decrease 1%

Increase 1%

Decrease 1%

(496)

543

(245)

259

629

(583)

316

(301)

Share capital a)

On 28 March 2016, the Extraordinary General Meeting of shareholders pass a UHVROXWLRQ WR FKDQJH WKH SDU YDOXH RI WKH &RPSDQ\¶V RUGLQDU\ VKDUHV IURP %DKW 0.25 per share to Baht 0.50 per share, resulting in a decrease in the number of ordinary shares from 1,512 million shares to 756 million shares. The Company registered the par value decrease with the Ministry of Commerce on 31 March 2016.

b)

During 4 to 6 July 2016, the Company made an initial public offering of 156 million additional ordinary shares at a price of Baht 3.75 per share and received full settlement of the additional share capital on 7 July 2016. Direct costs attributable to the share offering net of income tax, amounting to Baht 11.2 million, are presented as a deduction from the premium on ordinary shares in the statement of financial position. The Company registered the increase in its paid-up capital with the Ministry of Commerce on 7 July 2016.

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

The Stock Exchange of Thailand (SET) has approved the listing of the ordinary shares of the Company as securities on the Market of Alternative Investment (mai), to be traded from 11 July 2016.

20.

Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside a statutory reserve at least 5% of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10% of the registered capital. The statutory reserve is not available for dividend distribution.

21.

Expenses by nature Significant expenses classified by nature are as follows: (Unit: Thousand Baht)

Salaries, wages and other employee benefits Depreciation and amortisation Construction materials and subcontractors

Consolidated

Separate

financial statements

financial statements

2016

2015

2016

276,319

263,761

31,660

21,926

2015

80,800

73,925

39,000

29,526

1,249,412

837,302

-

-

(18,629)

(24,438)

-

-

Changes in inventories of raw materials, supplies and work in progress

22.

Income tax Income tax expenses for the years ended 31 December 2016 and 2015 are made up as follows: (Unit: Thousand Baht) Consolidated

Separate

financial statements

financial statements

2016

2015

2016

2015

Current income tax: Current income tax charge

4,704

-

2,808

-

Deferred tax: Relating to origination and reversal of temporary differences

13,896

(2,032)

(36)

(1,141)

18,600

(2,032)

2,772

(1,141)

Income tax expenses (benefits) reported in the statement of comprehensive income

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

The amounts of income tax relating to each component of other comprehensive income for the years ended 31 December 2016 and 2015 are as follows: (Unit: Thousand Baht)

Deferred tax on actuarial loss

Consolidated

Separate

financial statements

financial statements

2016

2016

2015

2015

(1,252)

-

(630)

-

(1,252)

-

(630)

-

The reconciliation between accounting profit and income tax expenses is shown below.

(Unit: Thousand Baht)

Accounting profit before tax Applicable tax rate

Consolidated

Separate

financial statements

financial statements

2016

2015

2016

2015

126,132

672,769

217,840

351,316

20%

20%

20%

20%

Accounting profit before tax multiplied by income tax rate

25,226

134,554

43,568

70,263

7,715

2,105

7,632

1,325

6,121

-

-

-

-

-

-

1,066

3,654

-

-

(21,159)

(142,624)

-

-

Deferred tax assets which have not been recognised during the year Reversal of deferred tax assets from liabilities from derivative instruments Deferred tax assets from transfer of provision for long-term employee benefits

(1,129)

Effects of elimination entries on the consolidated financial statements Effects of: Promotional privileges Dividend income Non-deductible expenses Additional expense deductions allowed Others Total

-

-

445

331

199

(867)

(52)

(867)

53

-

(21,528)

(142,345)

18,600

(2,032)

(47,760)

-

(71,640) 40 -

(48,428)

(71,600)

2,772

(1,141)

Income tax expenses (benefits) reported in the statement of comprehensive income

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

The components of deferred tax assets and deferred tax liabilities are as follows: (Unit: Thousand Baht) Statements of financial position Consolidated financial statements 2016

2015

Separate financial statements 2016

2015

Deferred tax assets Provision for long-term employee benefits Liabilities from derivative Unused tax loss

2,942 5,135 -

1,908 18,858 642

1,808 -

1,178 -

Total

8,077

21,408

1,808

1,178

7

695

-

36

7

695

-

36

Deferred tax liabilities Unrealised gain from revaluation of trading investments Total

As at 31 December 2016, the Company and its subsidiaries have unused tax losses totaling Baht 11.4 million (2015: Baht 10.4 million) (Separate financial statements: Baht 6.9 million, 2015: Baht 6.6 million), on which deferred tax assets have not been recognised as the Company and its subsidiaries believes future taxable profits may not be sufficient to allow utilisation of the temporary differences and unused tax losses.

The unused tax losses of the Company and the subsidiaries amounting to Baht 11.4 million will expire by 2021.

23.

Earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year, after adjusting the number of shares for the year ended 31 December 2015 to reflect the impact of the change in par value described in Note 19 to the financial statements. In this respect, the number of ordinary shares was adjusted as if the share spilt had occurred at the beginning of the first reporting period.

The following table sets forth the computation of basic earnings per share: Consolidated financial statements Earnings per share Profit for the year (Thousand Baht) Weighted average number of ordinary shares (Thousand shares) Profit attributable to equity holders of the Company (Baht per share)

Separate financial statements

2016

2015

2016

2015

106,867

671,524

215,068

352,458

675,869

600,000

675,869

600,000

0.158

1.119

0.318

0.587

* £´©± µ µ À§¥ l ­´ ±ª £µªl ³ ± ¡«² * #5 8FBMUI *OEVTUSJFT 1VCMJD $PNQBOZ -JNJUFE *

24.

Segment information Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The chief operating decision maker has been identified as executive committee.

The Company and its subsidiaries are operating in two segments as follows: x

Fabrication work for construction and industrial purpose segment

x

Generation and supply of electricity segment

The subsidiaries have not commenced their operations in the generation and supply of electricity segment. As a result, the fabrication work for construction and industrial purpose segment is the only major reportable operating segment and its operations are carried on only in Thailand. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the financial statements. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain exclusively to the aforementioned reportable operating segment and geographical area.

Geographic information The Company and its subsidiaries operate in Thailand only. As a result, all of the revenues and assets as reflected in these financial statements pertain exclusively to this geographical reportable segment.

Major customers For the year 2016, the subsidiary has revenue from three major customers in amount of Baht 683 million (2015: one major customer of Baht 1,087 million), arising from fabrication work for construction and industrial purpose.

25.

Provident fund The Company, its subsidiary and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees, the Company and its subsidiary contribute to the fund monthly at the rate of 3% and 5% of basic salary. The fund, which is managed by TISCO Asset Management Company Limited, will be paid to employees upon termination in accordance with the fund rules.

The contributions for the year 2016 amounting to approximately Baht 3 million (2015: None) were recognised as expenses. (Separate financial statements: Baht 1 million, 2015: None)

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

26.

Dividend paid

Dividends

Approved by

Dividends from the earnings

%RDUG RI 'LUHFWRUV¶ PHHWLQJ

of the operations as from

Total dividends

Dividend per share

Number of shares

(Thousand Baht)

(Baht)

(Thousand shares)

200,000

66.67

3,000

120,000

0.10

1,200,000

204,120

0.27

756,000

on 21 September 2015

1 January 2015 to 31 August 2015 200,000

Final dividends for 2015

Annual General Meeting of the shareholders on 11 March 2016

,QWHULP GLYLGHQGV IRU

%RDUG RI 'LUHFWRUV¶ PHHWLQJ on 10 August 2016

324,120

27.

Commitments and contingent liabilities

27.1 Capital commitments a) As at 31 December 2016, the Company and its subsidiaries had capital commitments of Baht 12 million (2015: Baht 11 million) (Separate financial statements: Baht 12 million, 2015: Baht 8 million) relating to the renovation of office building and acquisition of machinery and equipment. b) As at 31 December 2016, the Company had capital commitment amounting to Baht 90 million (2015: Baht 90 million) in respect of the uncalled portion of investment in the subsidiaries.

27.2 Operating lease commitments The Company and its subsidiaries have entered into several lease agreements in respect of the lease of land, office building space, machinery, motor vehicles and equipment. The terms of the agreements are generally between 1 and 5 years.

Operating lease agreements are non-cancellable.

Future minimum lease payments required under these non-cancellable operating leases contracts were as follows.

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(Unit: Million Baht) Consolidated

Separate

financial statements

financial statements

2016

2015

2016

2015

14

17

3

5

1

5

-

2

Payable: In up to 1 year In over 1 and up to 5 years 27.3 Bank guarantees a)

As at 31 December 2016, the Company has guaranteed bank credit facilities of its subsidiary amounting to Baht 2,063 million (2015: None).

b)

As at 31 December 2016, there were outstanding bank guarantees of USD 4 million and Baht 133 million (2015: USD 3 million and Baht 705 million) issued by banks on behalf of the subsidiary to guarantee purchase of goods, electricity use, among others.

c)

As at 31 December 2016, the subsidiary has outstanding letters of credit of USD 4 million and Baht 21 million (2015: USD 2 million and Baht 5 million).

28.

Fair value hierarchy As at 31 December 2016 and 2015, the Company and its subsidiaries had the assets and liabilities that were measured at fair value using different levels of inputs as follows: (Unit: Thousand Baht) Consolidated financial statements As at 31 December 2016 Level 1

Level 2

Level 3

Total

Financial assets measured at fair value Held for trade investments Mutual fund - Debt instruments

-

100,630

-

100,630

-

25,677

-

25,677

Financial liabilities measured at fair value Foreign currency forward contracts

* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

(Unit: Thousand Baht) Consolidated financial statements As at 31 December 2015 Level 1

Level 2

Level 3

Total

Financial assets measured at fair value Held for trade investments Mutual fund - Debt instruments

-

47,487

-

47,487

-

94,289

-

94,289

Financial liabilities measured at fair value Foreign currency forward contracts

(Unit: Thousand Baht) Separate financial statements As at 31 December 2016 Level 1

Level 2

Level 3

494

-

Total

Financial assets measured at fair value Held for trade investments Mutual fund - Debt instruments

-

494

(Unit: Thousand Baht) Separate financial statements As at 31 December 2015 Level 1

Level 2

Level 3

26,262

-

Total

Financial assets measured at fair value Held for trade investments Mutual fund - Debt instruments

29.

-

26,262

Financial instruments

29.1 Financial risk management 7KH &RPSDQ\œV DQG LWV VXEVLGLDULHVœ ILQDQFLDO LQVWUXPHQWV DV GHILQHG XQGHU 7KDL $FFRXQWLQJ 6WDQGDUG 1R ³)LQDQFLDO ,QVWUXPHQWV 'LVFORVXUH DQG 3UHVHQWDWLRQV´ principally comprise cash and cash equivalents, trade accounts receivable and investments. The financial risks associated with these financial instruments and how they are managed is described below. &UHGLW ULVN The Company and its subsidiaries are exposed to credit risk primarily with respect to trade and other receivables. The Company and its subsidiaries manage the risk by adopting appropriate credit control policies and procedures and therefore do not expect WR LQFXU PDWHULDO ILQDQFLDO ORVVHV ,Q DGGLWLRQ WKH &RPSDQ\ DQG LWV VXEVLGLDULHV GR QRW have high concentrations of credit risk since they have a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of accounts receivables and other receivables as stated in the statement of financial position.

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* £ ² ¢ ² £ ° Í ² u * " / / 6 " - 3 & 1 0 3 5 *

(Unit: Million Baht) As at 31 December 2016 Separate financial statements Fixed interest rates Within

1-5

Floating

Non- interest

1 year

years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial assets Cash and cash equivalents

-

-

22

-

22

0.37

Trade and other receivables

-

-

-

50

50

-

365

-

-

-

365

3.95, 4.50

365

-

22

50

437

Short-term loan to subsidiary

Financial liabilities Short-term loans from financial institution

100

-

-

-

100

3.95

Trade and other payables

-

-

-

16

16

-

Liabilities under finance lease agreements

8

26

-

-

34

4.10 - 5.03

108

26

-

16

150

(Unit: Million Baht) As at 31 December 2015 Separate financial statements Fixed interest rates Within

1-5

Floating

Non- interest

1 year

years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial assets Cash and cash equivalents

-

-

22

-

22

0.37

Current investments

-

-

-

26

26

-

Trade and other receivables

-

-

-

28

28

-

-

-

22

54

76

-

-

-

123

123

-

-

-

123

123

Financial liabilities Trade and other payables

-

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USD

Financial liabilities

as at 31 December

as at 31 December

2016

2015

2016

2015

(Million)

(Million)

(Million)

(Million)

4

2

1

1

Average exchange rate as at 31 December 2016

2015

(Baht per 1 foreign currency unit) 35.7843

36.0417

Foreign exchange contracts outstanding are summarised below.

As at 31 December 2016 Foreign currency

Sold amount

Contractual exchange rate

(Million)

(Baht per 1 foreign currency unit)

USD

5

30.7494 - 31.3550

Contractual maturity date

May 2017

As at 31 December 2015 Foreign currency

Sold amount

Contractual exchange rate

(Million)

(Baht per 1 foreign currency unit)

USD

18

30.2330 - 31.2613

Contractual maturity date

January 2016

29.2 Fair values of financial instruments 6LQFH WKH PDMRULW\ RI WKH &RPSDQ\ÂśV DQG LWV VXEVLGLDULHVÂś ILQDQFLDO LQVWUXPHQWV DUH short-term in nature or carrying interest at rates close to the market interest rates, their fair value is not expected to be materially different from the amounts presented in the statement of financial position.

30.

Capital management 7KH SULPDU\ REMHFWLYH RI WKH &RPSDQ\ÂśV FDSLWDO PDQDJHPHQW LV WR HQVXUH WKDW LW KDV appropriate capital structure in order to support its business and maximise shareholder value. As at 31 December 2016, the Group's debt-to-equity ratio was 0.41:1 (2016: 0.29:1) and the Company's was 0.18:1 (2015: 0.29:1).

31.

Events after the reporting period Proposed dividend payment by a subsidiary On 23 February 2017, the Board of Directors Meeting of Best Tech & Engineering Limited passed the resolution to approve to pay a dividend of Baht 68.75 per share, or a total of Baht 55 million, to the shareholders in respect of the profit for the year 2016.

Proposed dividend payment by the Company 2Q )HEUXDU\ WKH &RPSDQ\ÂśV %RDUG RI 'LUHFWRUV 0HHWLQJ SDVVHG WKH resolution to approve to pay a dividend of Baht 0.07 per share, or a total of Baht 53 million, to the shareholders in respect of the operating result from 1 January 2017 to 31 March 2017. The above resolution will be proposed to the Annual General Meeting of shareholders for approval.

* ÂŁ ² ¢ Â&#x2021; ² Â&#x2122; Â&#x203A; ÂŁ ° Â&#x2C6;Ă? ² Â&#x203A;u * " / / 6 " - 3 & 1 0 3 5 *

The Company expects to realise dividend income from Best Tech & Engineering Limited, after the approval by the Annual General Meeting of shareholders of such subsidiary, in the amount of Baht 55 million. Thus, the proposed dividend payment of the Company will depend on the resolution of the Annual General Meeting of shareholders of Best Tech & Engineering Limited.

32.

Approval of financial statements These financial statements were authorised for issue by the Company’s Board of Directors on 23 February 2017.

.......................................................Director (Ms. Siripond Satawin)

.......................................................Director (Mr. Chotic Russamitinakornkul)

32

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