33. COMMITMENTS AND CONTINGENT LIABILITIES (CONTINUED) 33.4 As at July 10, 2013, the Company was accused in civil dispute at Phra Kanong Civil Court. Subsequently, on December 26,2013, the Trial Court ruled that the Company has to pay Baht 0.81 million including 7.5% per annum of interest calculated from November 15, 2011. The Company has recorded such obligation in the financial statement. However, the Company appealed the judgement to the Appeal Court. On November 19, 2014, the Appeal Court had the judgment, by ordering to decrease the payment obligation to Baht 0.68 million including 7.5 % per annum interest calculated from November 15, 2011. The Company subsequently appealed the judgement to the Supreme Court on February 13, 2015. On May 12, 2016, the Supreme Court had a final order to strike out the case, and ordered the Company to settle the payment with interest to the plaintiff in accordance with the judgment of the Appeal Court. The Company paid such compensation together with the interest on June 15, 2016. 34. EXPENSES BY NATURE Significant expenses by nature for the years ended October 31, 2016 and 2015 have been presented as follows: Unit : Baht
Cost of the rendering of services Staff expenses Management benefit expenses Directors’ remuneration Depreciation and amortization Other expenses
CONSOLIDATED FINANCIAL STATEMENTS 2016 2015 1,073,066,266 895,127,915 129,570,689 127,505,869 38,472,367 36,409,913 6,000,000 6,000,000 33,654,215 27,684,895 78,708,664 82,985,975
SEPARATE FINANCIAL STATEMENTS 2016 2015 969,281,489 779,042,109 97,999,571 94,011,939 22,679,816 22,407,762 6,000,000 6,000,000 26,971,291 20,869,477 67,159,097 68,496,990
35. MANAGEMENT BENEFIT EXPENSES Management benefit expenses include expenses relating to salaries, remunerations and other benefits payable to the directors and management, in accordance with the definition of “Executive Officers” of the Securities and Exchange Commission. Management under this definition includes a chief executive officer, the next four executive levels immediately after the chief executive officer and all persons in positions equivalent to these fourth executive levels including chief financial and accounting officer. For the year ended October 31, 2016 and 2015, management benefit expenses included in the consolidated financial statements amounted to Baht 38 million and Baht 36 million respectively (Separate financial statements: Baht 23 million and Baht 22 million, respectively). 36. APPROVAL FOR ISSUING OF CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS These financial statements have been approved for issuing by the Company’s Board of Directors on December 9, 2016.
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PICO (THAILAND) PUBLIC COMPANY LIMITED ANNUAL REPORT 2016