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Satisfaction Business.

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SINCE 1977

Annual Report 2 0 1 1   !""#

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SINCE 1977

Satisfaction Business.

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 Contents öŖġĕĭęĞĽĦøĥāċĦûõĦėİûĨč ĞĦėüĦõďėĤČĦčõėėĕõĦė øćĤõėėĕõĦė IJøėûĞėŖĦûõĦėüĥĈġûøřõė đŐĦĖüĥĈõĦė õĦėĒĥĆčĦĞĥûøĕijčėġĎďō4776 ėĦĖûĦčõĦėďăĨĎĥĉĨĉĦĕğęĥõõĦėõĽĦõĥĎĈĭıęõĨüõĦė õĦėøěĎøĬĕĔĦĖijč ėĦĖûĦčöġûøćĤõėėĕõĦėĉėěüĞġĎ ėĦĖûĦčĐĭŖĞġĎĎĥāþĩėĥĎġčĬāĦĉ ûĎõĦėİûĨčıęĤğĕĦĖİğĉĬďėĤõġĎûĎõĦėİûĨč ęĥõĝćĤõĦėďėĤõġĎČĬėõĨü ĔĦěĤġĬĉĞĦğõėėĕıęĤõĦėıöŕûöĥč čIJĖĎĦĖİõĩĸĖěõĥĎĐęďėĤIJĖþčřċĩĸöĥĈõĥčıęĤėĦĖõĦėėĤğěŕĦûõĥč ďśüüĥĖøěĦĕİĞĩĸĖû øĽĦġČĨĎĦĖıęĤõĦėěĨİøėĦĤğřĐęõĦėĈĽĦİčĨčûĦčıęĤĄĦčĤċĦûõĦėİûĨč ėĦĖûĦčøěĦĕėĥĎĐĨĈþġĎöġûøćĤõėėĕõĦėĉŕġėĦĖûĦčċĦûõĦėİûĨč ĐĭŖĊīġğĬŖčıęĤõĦėüĥĈõĦė ĐĭŖĊīġğĬŖčėĦĖijğāŕćěĥčċĩĸ5<ČĥčěĦøĕ4776 öŖġĕĭęċĥĸěĴď

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1


  Financial Highlights   

 Lists

2554 2011

2553 2010    

1,132.12

1,093.87

926.42

1,143.69

1,100.55

979.76

146.52

129.50

25.82

2,433.46

2,515.01

2,980.44

1,430.65

1,658.72

1,993.90

1,002.81

856.29

986.54

2552 2009

NOP "  089?9C8?1Q?@?( 2  RSN""   TU"  V9C;W6X=;WG?16L?9EG6=78C6 2  RSNO  :;@?189C;W6 +2 "eRf S #g#   >6@i=;X8@f1;LLg *2  $ O  :;@?1?LL6@L -2 jO  :;@?118?k818@86L 2 l mPNnj#N  GA?=6A;1E6=oL6pK8@q



 Lists

2554 2011

2553 2010    

2552 2009

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2

     

12.81%

11.77%

2.64%

14.61%

15.12%

2.62%

6.02%

5.15%

0.87%

0.2106

0.2004

0.0703

0.090

-

0.115

1.43

1.22

1.55

2.02

1.45

1.66

1.43

1.94

2.02


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1,023,714 249,438,001 828,473,037 62,332 1,078,997,084

244,834 46,306,997 1,110,812,619 17,557 1,157,382,007

15,365,297

4,687,093

15,365,297

4,687,093

   

543,634,424 708,460,271 18,102,092

589,898,004 676,672,838 8,800,767

224,856,333 101,576,482 49,496,845 204,773,577 16,612,700

225,563,905 101,576,482 48,895,159 143,923,541 6,576,940

18,198,869

24,552,856

15,000,000 8,995,614 1,327,756,567 2,433,457,961

15,000,000 8,149,087 1,327,760,645 2,515,010,613

!7*  7> 9'=.  ;

34

     

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9,337,576 15,000,000 2,282,586 557,843,282 1,715,225,289


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51,131,777 256,249,567

16,710,760 352,191,904

46,470,413 236,360,451

13,625,130 332,017,287

3,265,846

1,089,393

3,038,948

779,025

152,462,205

391,996,462

129,624,923

368,504,523

41,473,657

40,937,509

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18,138,588 129,500,000 1,627,529 864,192,082

7,419,375 335,534,712 111,227,074

1,469,682 273,222,162 151,437,349

7,376,516 132,162,190 -

1,303,613 47,970,694 -

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332,327,097 74,498,846 8,377,188 841,332,324 1,658,723,544

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6,310,725 2,654,272 58,239,304 922,431,386

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701,357,785 147,196,958

701,357,785 147,196,958

701,357,785 147,196,958

15,602,230 104,705,343

12,228,741 (39,647,575)

15,602,230 64,096,217

12,228,741 (67,989,581)

(45,699,839) 923,162,477 79,643,789 1,002,806,266 2,433,457,961

(45,699,839) 775,436,070 80,850,999 856,287,069 2,515,010,613

928,253,190 928,253,190 1,709,847,245

792,793,903 792,793,903 1,715,225,289

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4B $  8 '(D&0> 4B. „µ¦œÎµÁ­œ°Š„µ¦ÁŠ·œ ¦·¬´š²Â¨³¦·¬´š¥n°¥™º°ž’·´˜·˜µ¤¤µ˜¦“µœ„µ¦´¸Œ´š¸É 1 ž¦´ž¦» Š2552 Á¦ºÉ°Š„µ¦œÎµÁ­œ°Š „µ¦ÁŠ·œ£µ¥Ä˜o…o°„ε®œ—…°Š¤µ˜¦“µœ„µ¦´¸š¸Éž¦´ž¦»ŠÄ®¤n - ŠÂ­—Š“µœ³„µ¦ÁŠ·œ  Š„εŦ…µ—š»œÁÈ—Á­¦È‹  ŠÂ­—Š„µ¦Áž¨¸É¥œÂž¨Š­nªœ…°ŠŸ¼o™º°®»oœ  Š„¦³Â­ÁŠ·œ­—  ®¤µ¥Á®˜»ž¦³„°Š„µ¦ÁŠ·œ 4B3 š¸É—·œ°µ‡µ¦Â¨³°»ž„¦–r ¤µ˜¦“µœ„µ¦´¸Œ´š¸É ž¦´ž¦»Š „ε®œ—Ä®o¦·¬´š²Â¨³¦·¬´š¥n°¥˜o°Š¦ª¤˜oœš»œš¸Éž¦³¤µ– ĜÁºÊ°Š˜oœ­Îµ®¦´„µ¦¦ºÊ°„µ¦…œ¥oµ¥Â¨³„µ¦¼¦–³­™µœš¸É˜´ÊŠ…°Š­·œš¦´¡¥rŽ¹ÉŠÁž}œ£µ¦³Ÿ¼„¡´œ…°Š¦·¬´š² ¨³¦·¬´š¥n°¥Áž}œ­nªœ®œ¹ÉŠ…°Š¦µ‡µš»œ…°Šš¸É—·œ°µ‡µ¦Â¨³°»ž„¦–r¨³„ε®œ—Ä®o¦·¬´š²Â¨³¦·¬´š¥n°¥ ˜o°Š‡·—‡nµÁ­ºÉ°¤¦µ‡µ­Îµ®¦´­nªœž¦³„°…°Šš¸É—·œ°µ‡µ¦Â¨³°»ž„¦–r˜n¨³­nªœÂ¥„˜nµŠ®µ„‹µ„„´œÁ¤ºÉ° ­nªœž¦³„°Â˜n¨³­nªœœ´Êœ¤¸˜oœš»œš¸É¤¸œ´¥­Îµ‡´Á¤ºÉ°Áš¸¥„´˜oœš»œš´ÊŠ®¤—…°Šš¦´¡¥r­·œœ´Êœœ°„‹µ„œ¸Ê ¤µ˜¦“µœ„µ¦´¸Œ´ž¦´ž¦»ŠÄ®¤n„ε®œ—Ä®o¦·¬´š²Â¨³¦·¬´š¥n°¥˜o°Šššªœ°µ¥»„µ¦Ä®ož¦³Ã¥œr ¤¼¨‡nµ‡ŠÁ®¨º°Â¨³ª·›¸„µ¦‡·—‡nµÁ­ºÉ°¤¦µ‡µ°¥nµŠœo°¥š¸É­»—š»„­·Êœ¦°´¸ ˜´ÊŠÂ˜nª´œš¸É¤„¦µ‡¤¦·¬´š²¨³¦·¬´š¥n°¥Å—ož¦³¤µ–„µ¦‡nµ¦ºÊ°™°œÂ¨³¤¼¨‡nµŽµ„…°Šš¦´¡¥r­·œ ¨³¦·¬´š²Â¨³¦·¬´š¥n°¥Å—oÁž¨¸É¥œÂž¨Š°µ¥»„µ¦ÄoŠµœÃ—¥ž¦³¤µ–…°Š°µ‡µ¦Ã¦ŠŠµœÄ®oÁnµÃ—¥Áž¨¸É¥œ °µ¥»„µ¦ÄoŠµœ‹µ„Á—·¤20 ¨³25 žeÁž}œže „µ¦ž¦³¤µ–„µ¦‡nµ¦ºÊ°™°œÂ¨³Â¨³ž¦³¤µ–„µ¦¤¼¨‡nµŽµ„¦·¬´š²¨³¦· ¬´š¥n°¥™º°ž’·´˜·Ã—¥ª·›¸ž¦´ ¥o°œ®¨´ŠŠ„µ¦ÁŠ·œžeš¸ÉœÎµ¤µÁž¦¸¥Áš¸¥Ä®¤n­nªœ„µ¦Áž¨¸É¥œÂž¨Š°µ¥»„µ¦ÄoŠµœ—´Š„¨nµª™º°ž’·´˜· ×¥ª·›¸Áž¨¸É¥œš´œš¸˜µ¤š¸É„ε®œ—Äœª·›¸ž’·´˜·ÄœnªŠÁž¨¸É¥œÂž¨Š…°Š¤µ˜¦“µœŒ´ž¦´ž¦»ŠÄ®¤n

+ *9 ( $)* -'./01'2!344/(+* #$ 6$ 6" #  7: ; $'.31 1'2!344/!$9 7;   ®œnª¥µš  Š„µ¦ÁŠ·œ  Š„µ¦ÁŠ·œ¦ª¤ ÁŒ¡µ³„·‹„µ¦ ŠÂ­—Š“µœ³„µ¦ÁŠ·œ–›´œªµ‡¤   š¸É—·œ°µ‡µ¦Â¨³°»ž„¦–rÁ¡·É¤…¹Êœ   ž¦³¤µ–„µ¦®œ¸Ê­·œ¦³¥³¥µª Á¡·É¤…¹Êœ      …µ—š»œ­³­¤Á¡·É¤…¹Êœ           

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 # )Q)Q AR> + (,-./ +0344- ˜oœš»œ‡nµÁnµÂ¨³¦·„µ¦ ¨—¨Š  …µ—š»œ­Îµ®¦´že ¨—¨Š  

Š„µ¦ÁŠ·œ¦ª¤ 

®œnª¥µš  Š„µ¦ÁŠ·œ ÁŒ¡µ³„·‹„µ¦ 

    

    

5.3  <) @,  J8 !),77 !B. +!= !B. 2 .  7*B" $ 299 " .!=; ! +29  B ;  9;;$ 7@$ ( 9 " $.  2(+* 7 -B  I(+* 9 + '12 #  =  !B . +J8

!) ,778!9 7+.(7+ $ +9' 9 +8 ! "$7*J  8!9 # 7;(9'.0! 2!34457*!- ;  29< 29  . !2(+*  8   !B. +$ ! 7*!8!9! #$  !) ,.0b%773443&. .$ 2(+* 7 -B!. +9'8! 7*   5.2

+ *9  ( $)* -'.31 1'2!2553 !$9 7; %9'S& 9  "$7*J8!9 8 ) *+ (,-./ +0344 !B. + .$ 2(+* 7 -B8 9 676,672,838

) +  . "$7*J8!9

+ "$7*J8!9

676,672,838 %676,672,838&

676,672,838 %9':&

) )=   9   . + "$7*J8!9 "$7*J8!9 "$7*J8!9 8 ) *+ (,-./ +0344 !B. + 143,923,541 143,923,541 .$ 2(+* 7 -B8 9 05/FN3/F450 %05/FN3/F450& -

50

     


5.4  & ;(9'.1 ! 2!2554 I$ 7+.'1  $ "  !B 2  2 $ " ' 1     $  ! -AB    9 '  . #   6 " !7>      $ "   !B!. I$  2'! .(+* + (. #2 2'!7>"  8  <; (+ ' . 8 $2+  !) ,. 18%773442). $ .! +28 '.0 ! 2!3445 !'17?89'7+.(7+ !) ,.08 I ยžย’ยทยยดย˜ยทรƒย—ยฅยชยทย›ยธยžยฆยดยยฅoยฐยœยฎยจยดยŠ

+ *9 ( $)*  -'./01'2!344/(+* #$ 6$ 6 " # 7: ; $'./01'2!344/!$9 7;  %9': & ) +  9 77  77 +77  8 ) *+ (,-./ +0344+ ; 2  " !9 .'   11,608,709 (1,396,880) 10,211,829 ! +29. 6"!9$   6 131,851,772 (131,851,772) B .  989,598,374 121,214,245 1,110,812,619  B!' . 8,691,878 3,660,619 12,352,497 +9' " + 2  (221,505,637) (48,128,138) (269,633,775) 29'$.!9 7>$

(9,942,370) 9,942,370 298 "92 "9 (37,412,240) 7,692,802 (29,719,438) $ * ! (669,916) (38,866,754) (39,536,670)   %9': & ) +  9 77  77 +77   # )Q)Q AR> + (,-./ +0344$ "  2$ 0M/,177,646 730,129,436 833,307,082   2$ (72,439,784) (487,743,694) (560,183,478) 298 "98  (24,061,360) (25,270,153) (49,331,513) 298 "98  (82,324,132) (11,910,995) (94,235,127)   + 7*!- 29J1 ",* (+*291!!   18,513,905 (18,513,905)  #($& #7: (57,210,690) 186,690,689 129,479,999  #9  ;;)%& (0.0658) 0.2662 0.2003

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   8 ) *+ (,-./ +0344+ ; " .!9 .'   ! +29. 6"!9$   6 B .  B!' . +9' " + 2  29'$.!9 7>$

298 "92 "9 $ * !      # )Q)Q AR> + (,-./ +0344$ "  2$   2$ 298 "98  298 "98    + 7*!- 29J1 ",* (+*291!!   #($& #7: #9  ;;)%&      

52

     

%9':& ) )=   9 77  77 +77 3,940,762 131,851,772 989,598,374 5,552,154 (221,094,001) (9,942,370) (25,987,585) (29,111,356)

(1,396,880) (131,851,772) 121,214,245 3,660,619 (48,128,138) 9,942,370 7,692,802 (38,866,754)

2,543,882 1,110,812,619 9,212,773 (269,222,139) (18,294,783) (67,978,110) %9':&

) )=   9 77  77 +77

103,177,646 (72,439,784) (21,525,231) (62,391,821)

730,129,436 (487,743,694) (25,270,153) (11,910,995)

833,307,082 (560,183,478) (46,795,384) (74,302,816)

18,513,905 (37,258,637) (0.0531)

(18,513,905) 186,690,689 0.2662

149,432,052 0.2131


4.4 $A   <#   ;(9'. 1 ! 2!2554 I(+*9 $ 7?!!) ,. 19 . 

+7*B   J8   8!9 J*    I(+*9  . '  

+7*B+ " $ = 8 $ ''12$+$(9+*9'.7*!- ' <=.2#'$ 2-K B7* J<=.$! I(+*9  J* !.  $  I(+*9 + ."*= ; $ 7>298 "9!'1 J8**'+ 5 7: " '.1 ! 2!2554 !'17?89'7+.(7+ !)  ,.0N

+ *9 ( $)*  -'./01'2!3444(+* # $ 6$  6" #  7: ; $'./01'2!3444!$9 7; (9':& )  )=   ) + 8 ) *+ (,-./ +03441 2,986,385 2,642,380 J*  +7*B .!=;  # )Q)Q AR> + (,-./ +03441 298 "9 +7*B .!=; 9 +8

298 "98 .!=;    !&   #9  ;;) (& 

3,536,935 3,536,935

2,792,930 2,792,930

0.0050

0.0040

     

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53


FB #&% ) )AT)$ ) ,) 6.1  $(+* 9 $ 7* $ ' ) + 2553 2554  $ Z *( ' Z !B '!

425,000 218,073 12,334,758 12,977,831

255,000 62,497 17,984,221 18,301,718

(9'_) ) )=   2554 2553 380,000 138,220 505,494 1,023,714

210,000 34,834 244,834

6.2  !9 * $ #7: ; $'.31 1'2!2554 (+*2553 (1) 7:2554 I !"  (98!9!#*2 !**'"   $!"#'269 +  (2) 7:2554 I B . 77> !B. +"#'62.7 + (7: 2553 "#'42.0 + )          

54

     


GB % (>0& % (>@,  ) + 2553 2554

(9'_) ) )=   2554 2553

(778!9&

+ ; 2  + ;" 8 9(+*   _29 . ;  "*  '! + ; " . .'   '!+ ; 2  + ; . "9+9' 29<; .$ 298 "9"9+9'  + ;" +  .[ '!+ ; . '!+ ; 2 (+*+  ; .

(778!9&

17,494,667 (3,842,026& 13,652,641 13,652,641

13,283,100 (3,071,271) 10,211,829 10,211,829

3,285,225 3,285,225 390,550 3,675,775

2,543,882 2,543,882 328,169 2,872,051

236,351,000 9,679,483 4,415,717 250,446,200 264,098,841

21,000,000 17,976,592 6,341,690 2,359,300 47,677,582 57,889,411

236,351,000 6,504,874 2,906,352 245,762,226 249,438,001

21,000,000 14,836,868 6,341,690 1,256,388 43,434,946 46,306,997

-'.31 1'2!2554(+*2553+ ; 2 2+ ( ! ;.22 " '.= #$#* $ $9 7;_) )=   ) + 2554 2553 2554 2553 (778!9&

(, !)(, +#& ;.!9= #$#* ;.  #$#*   '93$  3$ =6$  ! '96$ (9!9 1 7: ! '917:=;7 '!  _29 . ;  "*  1 (,)(, +#& ;.  #$#*   '93$  '! '!; ;

(778!9&

1,714,319

1,985,646

-

-

4,409,182 943,135 3,390,145 7,037,886 17,494,667 (3,842,026& 13,652,641

6,071,959 738,975 670,004 3,816,516 13,283,100 (3,071,271) 10,211,829

1,283,230 217,944 7,573 1,776,478 3,285,225 3,285,225

1,158,315 66,980 443,436 875,151 2,543,882 2,543,882

13,652,641

10,211,829

390,550 390,550 3,675,775

328,169 328,169 2,872,051

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8B  < ) @,#  



(9'_) ) +  ) )=   2554 2553 (778!9&

.$(+* 9'77.$ 2(+* 9'77 2 29 9   298 "9 .82  $ ;"9 '!  : 9'. 77>  2$ * !  : 9'. 77> .$ * !  : 9'. 77> !B. + 2+  :29 . +$+8! +29 B .  1

937,348,792 40,398,041 869,457,061 142,179,192 142,881,362 2,132,264,448 (692,695,612& (426,084,544& (175,402,799& 838,081,493 (9,608,456& 828,473,037

750,701,876 40,398,041 774,595,446 117,985,053 109,590,614 1,793,271,030 (560,183,479) (112,666,476) 1,120,421,075 (9,608,456) 1,110,812,619

I=   7:2554 (+*2553 "#'33.3 + (+*23.8 + !+#$7> 9' =.  B .   I$ # B  . ! +29  1 ! -'.31 1 '2!2554 (+* 2553 "#'721.3 + (+*"#'1,018.1+ !+#$7"$"# . 2;#7* '  (+* !** '"   B . "#'207.0 + 7>"#'! +29 2  2$ K%'&<=.-'./0 1'2!344/  9*'9*+ 2 -'.31 1'2!2554I$ # 2 $ +9'(+ ' ย…oยฐยคยผยจรยกยทร‰ยครย˜ยทยครย„ยธร‰ยฅยชย„ยดยรƒย‡ยฆยŠย„ยตยฆ 2$:    +*  $'! 2  ! +292 .7@$$#  ! +292 .$ # "*<; "*(+ ' ! +292 .$ # "*<; "*. (+ ' ! +292 .$ # "*<; "*(9!9$   

56

     

) +  ) )=   2554 2553 97.16% 90.92% 1,130,603,457 1,149,473,649 1,098,603,457 1,045,120,851 1,018,208,124 833,307,082 80,395,333 211,813,769


9B ) W? ) (,(P 0>A  I$ #Z 7*"#72;#7* ' !**'"  (+*  2;#7* <=. $128!I 10B )  D  !  (9': ) ) )=   .   + $ + < B' < "# $  "(+$B"# $ '!  _29 . +$+ ! +29 +89  1

. (+*#*(+ ' 2554 2553

100,000,000 100,450,000

100,000,000 100,450,000

$ 9'+ 2554 2553  +*  +* 100.00 49.91

100.00 49.91

+'12 2554 2553

97,550,000 45,523,850 143,073,850

97,550,000 45,523,850 143,073,850

(41,497,368) 101,576,482

(41,497,368) 101,576,482

9 !9! "97c +87:2554 (+*2553 I$ #8     " (+$B "# $ 7"##' 12(9=.. 7>7* ' ! **'"   + $ +< B' < "# $ ! 7* !2-* ! 2; .a`344/!. ' . 0b  344/.7* !! ! 8  I<; +8  ! + $ +< B' < "# $"  $!"#' 3F54MFMMM ! +29 +*0M7>"#'35L4+ 2$7> +*35L4#8 $ 9'     +$ +9'7+.(7+" $! +*^4L47> +*0MMI$ <; +$ +9'!. '.0^ 344/I= 9'9*'9  <; + 2!  B 1! $ 9' 9 $ +9'$( $7> â&#x20AC;&#x153; +9" 7+.(7+ $ 9'+ 89 u8 9'    

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! +29 B(+*; ! + $ +< B' < "# $-'<; + 7* $ ' $9 7; :%9': & ) + 2553 B  $(+* 9 $ 72,882 + ; 2 - 1 2,500,657 B!' . 6,304,569 1 9 2(+* 7 -B8 9- 1 283,252,868 9'77 29(+* 7 -B- 1 1,330,616 9,506,490 B!9!' . 302,968,082 '! B ;    12 %5F454F4/0& " ; 2  %0FMbMFb4N& " ;29 9   %NF344F4MM& ; !' . %0FM/0FN/^& " ;! 9  %4b^F0a^&  !**'"   (256,252,940& %3^FM/^FMb^& ; !9!' . %3NNF^4MFa33& '!;  B 1 3,217,260 2!  B 1.<; % +*35L4& 788,229 (24,500,000)  $"9<; +.!! %3/F^00F^^0&

+9" 7+.(7+ $ 9'+89 

  

58

     


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59

0 S 31 1'2!3443 9'77 1 9  " 7 -B  " B .  77 +$+" (   /01'2!3445 0! !  S 301'2!344/ 29$"#9 #7:  " 7 -B /01'2!3445 %0!/'(:  31 1'2!344/ /01'2!3445 0! ! ARS 344/ 3445

.1B /)!

00L3

!

475,927,507 2,126,852 310,451 (2,108,599) 476,256,211 81,533,767 30,762,780 34,936 112,331,483 394,393,740 363,924,728

20,404,403 7,634,962 28,039,365 109,751,213 104,224,850

299 2 "9+9' 

130,155,616 2,108,599 132,264,215

299.$ "9+9' 

71,468,902 71,173,245

4,366,256 7,776,506 12,142,762

^4,a/4,04N 7,480,848 83,316,007

1  9.$

) +

05F3a5F05a 4,311,601

4,168,430 615,635 4,784,065

18,452,578 (9,356,912& 9,095,666

1 9 2

48,895,159 49,496,845 6,879,161

39,684,905 46,789,883

6,879,161 6,879,161

48,895,159 7,480,848 56,376,007

589,898,004 543,634,424

110,472,856 46,789,883 34,936 157,297,675

700,370,860 2,126,852 310,451 7,480,848 (9,356,912& 700,932,099

'!

1  9.$

%9'_& )  )=  


..B. ) )=   I! 1 9.$   # *2+ .  . 9   2$ K %2  !$+6 +'&$ 2$$ +9'"* 7> ! 1v  # *2+ .;(9.!   (+*I 7\!. 8 !!7*   32.2.1 7:2551 I$ #  +  9'!+97*K89 % "(+$B "# $&$"* 1 9(+* .[ 2 !$+6 +'8 9 $ +9'82 280+ <=.I(+*  9'!+$ +9'! $ 9 ' +Ze +*50:509   "#'140 + I$ " 9  9'"#'129.5 + <=.  9*'9 #   1 9-'./11'2!2554 $ +9'( $7>!$"# " 2 7>; 8( $)*  I$ # 1 9.$" # *2+ . ! +29 1!-'./01'2! 2554 (+*2553"#'49.5 + (+*48.9+ !+#$72;#7*  !**'"  !!7*   17 ..B3  !

(1) 9 ! 1 9.$  # *2+ .$# !. 7:34/b= 7>29 9.$"9+9' (+*9 $ 9   2 $ # . 8 9.$9$ 2 # 8 9$ +9'$  8 7>  8 9;(9'..! 9   $9 $

18 8 2$  +9'" '9 9 .$  ; $  9 = ! +29  2 # 8 97>299 2"9+9'  (2) 9 ! 1 9.$" (9=.. 9   2$ # 8 9 (+* 1 9" 22+1!$. 9   2. 8 9!!7*   12 (3) 9 ! 1 9 2" 2!   !(97*K. 8 9 8! 2 7:34459 $ #=   +(  9 2.#   2!   !(97*K!. 7:345^$( **'+ 9 2(9 =.8!9" $!/M7:7>047:! +8 1 9 2$ +9'2+ 7*!-^ 7:$9 $ 2" (  9$ +9'7>"#'NL5+  9 $ # 1 9 2" 2!   !(97*K(+* 1 9 .$" 22+1!$ # *2+ .(+*(9=. ! +29 1!-'.31 1'2!3444 (+*2553"#'543.6+ (+*"#'589.9+ !+#$72;#7*  '   !**'"  (+*" ;! 72  ;

60

     


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2554

311'2!2554 0!)@,0ARS 2553

 " B .  311'2!2554 0!)@,0 S 311'2!2553 29 . !2 #7: 311'2!2554 %0!/'(S 311'2!2553

77

0 S 311'2!2553 <; .!

.2B  <) @, 

634,058,274 307,030 634,365,304 125,353,707 28,115,269 153,468,976 508,704,567 480,896,328

12,426,164 12,426,164 1,620,764 443,157 2,063,921 10,805,400 10,362,243

9'77 .$9

13,239,329 12,428,123

2,984,794 811,206 3,796,000

16,224,123 16,224,123

 .9 2(+* 9' * 77 2 1- 7J2

34,933,350 29,369,632

532,749,296 503,686,694

129,959,265 29,369,632 159,328,897

662,708,561 307,030 663,015,591

'!

58,324,267 73,870,860

-

85,599,275 130,902,717

5,403,490 3,129,725 8,533,215

91,002,765 1,243,438 47,189,730 139,435,932

2(+* 

B .$ 

58,324,267 15,546,593 73,870,860

.$

) +

2,976,168 3,129,725

143,923,542 204,773,577

5,403,490 3,129,725 8,533,215

149,327,032 1,243,438 62,736,323 213,306,792

'!

37,909,518 32,499,357

676,672,838 708,460,271

135,362,755 32,499,357 167,862,112

812,035,593 307,030 1,243,438 62,736,323 876,322,384

'!; ;

(9'_)


(9'_) ) )=   2(+* 

.$ 0 S 311'2!2553 77  !" B .  311'2!2554 0!)@,0 S 311'2!2553 29 . !2 #7: 311'2!2554 %0!/'(S 311'2!2553 311'2!2554 0!)@,0ARS 2553 2554

58,324,267 15,546,593 73,870,860 58,324,267 73,870,860

'!

91,002,764 1,243,439 47,189,730 139,435,933

149,327,031 1,243,439 62,736,323 213,306,793

5,403,490 3,129,726 8,533,216

5,403,490 3,129,726 8,533,216

95,267,600 130,902,717

143,923,541 204,773,577 2,976,168 3,129,726

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48,100,000 142,108,850 319,000,000 240,000,000 456,000,000 1,287,208,850

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21,829,538 12,546,885 (3,718,070) 30,658,353

13,998,588 935,754 (90,843) 14,843,499

41,001,754 13,735,741 (310,451) (3,808,913) 50,618,131

4,637,164 (34,936) 79,303 4,681,531

16,994,647 2,491,156 (3,255,603) 16,230,200

10,569,176 1,125,974 (90,842) 11,604,308

32,200,987 (34,936) 3,696,433 (3,346,445) 32,516,039

536,464 434,748

4,834,891 14,428,153

3,429,412 3,239,191

8,800,767 18,102,092 3,590,329 3,696,433

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4,520,585 4,520,585

18,494,536 12,546,886 (3,718,070) 27,323,352

11,146,935 789,609 11,936,544

34,162,056 13,336,495 (3,718,070) 43,780,481

4,520,562 4,520,562

14,587,057 2,151,356 (3,255,603) 13,482,810

8,477,497 686,912 9,164,409

27,585,116 2,838,268 (3,255,603) 27,167,781

23

3,907,479

2,669,438

6,576,940

23

13,840,542

2,772,135

16,612,700

0!)@,0ARS 2553

2,641,756

2554

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35,821,b43 21,^55,899 26,792,34M 73,/4a,aM0

11,956,554 19,54^,968 31,414,522

23,782,169 21,^55,899 26,792,34M 72,319,318

8,307,236 19,54^,968 27,765,204

97,4a4,50a 3M,050,319 4/,MN0,888 12,M^3,050 182,aNM,766 34b,35N,4b^

269,633,775 15,708,461 29,719,438 5,715,708 320,777,382 /43,191,NM5

97,4a4,50a 19,968,0/M 38,4/^,MNM 7,N4M,5N4 0b5,M50,133 236,/bM,540

269,222,139 04,^Ma,5b0 18,294,783 1,026,700 304,252,083 332,M0^,287

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3,^44,913 8,M^/,44M 11,829,5b/ (1,055,353)

1,173,708 1,668,242 2,841,95M (282,875)

3,5N4,55N 8,M3^,5M5 11,433,a4/ (1,0M^,389)

ab/F/5M 0F5/4F5b^ 3F3NaFaM^ (216,169)

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2,559,074 (1,089,393) 1,469,682

0M,504,5b5 (3,M/a,N5a) 7,376,40b

3FMa3,638 (779,025) 1,303,613

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2553 275,294,750 40,000,000 53,904,965 22,626,081 248,743,407 24,649,421 665,218,624

2554 25,330,798 42,679,690 5,784,288 97,992,337 90,000,000 261,787,113

2553 275,294,750 40,000,000 53,904,965 22,626,081 24,649,421 416,475,217

(275,294,750) (275,294,750) (13,599,495& (40,000,000) (13,599,495& (40,000,000) (12,248,803& (11,643,098) (12,248,803& (11,643,098) (5,784,288& (16,917,254) (5,784,288& (16,917,254) (22,837,282& (23,491,939) (24,649,421) (24,649,421) (97,992,337& (97,992,337& (152,462,205& (391,996,462) (129,624,923& (368,504,523) 335,534,712 273,222,162 132,162,190 47,970,694

7+.(7+  #7: ; $'.311'2!2554 !+* $$;

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665,218,624 419,108,537 (596,330,245& 487,996,916

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152,700,731 (41,473,657) 111,227,074

192,374,858 (40,937,509) 151,437,349

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223,208,760 119,258,762 342,467,522 (11,736,861) 330,730,661

254,434,036 89,472,164 343,906,200 (11,579,103) 332,327,097

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8,970,127 (1,794,025) 7,176,102

7,536,687 (1,507,337) 6,029,350

1,794,025 1,742,910 (550,550) 2,986,385

1,507,337 1,285,593 (150,550) 2,642,380

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9,620,627 9,620,627

8,377,188 8,377,188

3,897,710 3,897,710

2,654,272 2,654,272

   

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328,169 328,169

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224,856,333 224,856,333

^FN0/F4b3 30^Fb4MF/5/ 334F4b/FNM4

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b,341,690 b,341,690

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874,640 874,640

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1,301,349 1,301,349

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174,041 174,041

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161,830,143 55,820,200 217,650,343 225,563,905

23,464,061 23,464,061 23,638,102

(11,225,275& (5,032,796& (16,258,071& (24,345,674&

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150,604,868 74,251,465 224,856,333 224,856,333


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116

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117


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118

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121


                   

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Annual Report 2011

123


                               

                               

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126

Thai Factory Development Public Company Limited


               

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127


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Annual Report 2011

129


   

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131


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Thai Factory Development Public Company Limited


    

    

    

    

          

          

          

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Annual Report 2011

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134

Thai Factory Development Public Company Limited


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AUDITOR'S REPORT AND FINANCIAL STATEMENTS AS AT DECEMBER 31, 2011 AND 2010

Annual Report 2011

135


AUDITOR’S REPORT To The Shareholders of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED I have audited the consolidated statements of financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and the separate statements of financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31, 2011 and 2010, the related consolidated statements of comprehensive income and separate statements of comprehensive income, consolidated statements of changes in shareholders’ equity and separate statements of changes in shareholders’ equity, and consolidated statements of cash flows and separate statements of cash flows for the years then ended. These financial statements are the responsibility of the Company's management as to their correctness and completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the consolidated financial statements and separate financial statements referred to above present fairly, in all material respects, the consolidated financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and separate financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31, 2011 and 2010 the results of their and its operations and cash flows for the years then ended in conformity with generally accepted accounting principles.

136

Thai Factory Development Public Company Limited


As stated in note 3, 5 and 35 to the financial statements for the year ended December 31, 2011, the Company and subsidiaries adopted the new and revised financial reporting standards issued by the Federation of Accounting Professions and according to the notification of the Department of Business Development, regarding the condensed form which should be included in the financial statements B.E. 2554, that the adoption is effective for the financial statements beginning on or after January 1, 2011 for preparation and presentation these financial statements. Accordingly the comparative consolidated and separate financial statements for the year ended December 31, 2010 have been presented by the new format and retroactive adjustment for the first using financial reporting standards in accordance with the consolidated financial statements and separate financial statements for the year ended December 31, 2011. D I A International Audit Co., Ltd.

(Mrs. Vilairat Rojnuckarin) C.P.A. (Thailand) Registration No. 3104 February 29, 2012

Annual Report 2011

137


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2011 AND 2010

Consolidated financial statements 2011 2010 (Restated)

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

12,977,831 264,098,841 828,473,037 151,685 1,105,701,394

18,301,718 57,889,411 1,110,812,619 246,220 1,187,249,968

1,023,714 249,438,001 828,473,037 62,332 1,078,997,084

244,834 46,306,997 1,110,812,619 17,557 1,157,382,007



15,365,297

4,687,093

15,365,297

4,687,093

    

543,634,424 708,460,271 18,102,092

589,898,004 676,672,838 8,800,767

224,856,333 101,576,482 49,496,845 204,773,577 16,612,700

225,563,905 101,576,482 48,895,159 143,923,541 6,576,940

18,198,869

24,552,856

15,000,000 8,995,614 1,327,756,567 2,433,457,961

15,000,000 8,149,087 1,327,760,645 2,515,010,613

1RWH ASSETS Current assets Cash and cash equivalents Trade accounts and other receivable Properties for sale Other current assets Total current assets Non-current assets Deposits at financial institutions with restrictions Loan to related party and interest receivable - subsidiary Investments in subsidiaries Leasehold rights Investment properties Equipment Other non-current assets Income tax refundable Collateral for letter of guarantee related parties Others Total non-current assets Total assets

  



Notes to financial statements are parts of these financial statements.

138

Thai Factory Development Public Company Limited

15,000,000 3,168,927 630,850,161 1,709,847,245

9,337,576 15,000,000 2,282,586 557,843,282 1,715,225,289


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION (Continued) AS AT DECEMBER 31, 2011 AND 2010

1RWH LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank overdrafts  Trade accounts and other payable  Current portion of financial lease payable  Current portion of long-term loans from financial institutions  Current portion of debt restructuring payable  Current portion of long-term loans from related parties  Short - term loan from related parties and interest payable - subsidiary  Deposit from sale of project  Accrued income tax Other current liabilities Total current liabilities Non-current liabilities Financial lease payable  Long-term loans from financial institutions  Debt restructuring payable  Long-term loans from related parties and interest payable  Rental deposit received Employee benefit obligations  Estimated long-term liabilities  Total non-current liabilities Total liabilities

Consolidated financial statements 2011 2010 (Restated)

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

51,131,777 256,249,567 3,265,846

16,710,760 352,191,904 1,089,393

46,470,413 236,360,451 3,038,948

13,625,130 332,017,287 779,025

152,462,205 41,473,657

391,996,462 40,937,509

129,624,923 -

368,504,523 -

11,736,861

11,579,103

28,268,546 2,456,272 547,044,731

2,886,089 817,391,220

43,950,023 129,500,000 28,268,546 1,382,755 618,596,059

18,138,588 129,500,000 1,627,529 864,192,082

7,419,375

1,469,682

7,376,516

1,303,613

335,534,712 111,227,074

273,222,162 151,437,349

132,162,190 -

47,970,694 -

330,730,661 86,088,130 2,986,385 9,620,627 883,606,964 1,430,651,695

332,327,097 74,498,846 8,377,188 841,332,324 1,658,723,544

16,919,200 2,642,380 3,897,710 162,997,996 781,594,055

6,310,725 2,654,272 58,239,304 922,431,386

-

-

Notes to financial statements are parts of these financial statements.

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139


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION (Continued) AS AT DECEMBER 31, 2011 AND 2010

Consolidated financial statements 1RWH 2011 2010 (Restated) LIABILITIES AND SHAREHOLDERS' EQUITY (Continued) Shareholders' equity Share capital Registered 836,000,000 ordinary shares of Baht 1 each 836,000,000 836,000,000 Issued and paid - up share capital 701,357,785 ordinary shares of Baht 1 each 701,357,785 701,357,785 Premium on ordinary shares 147,196,958 147,196,958 Retained earnings (Deficit) Appropriated - statutory reserve 15,602,230 12,228,741 Unappropriated 104,705,343 (39,647,575) Difference from changing investment proportion in subsidiaries (45,699,839) (45,699,839) Total owners of the Company 923,162,477 775,436,070 Non-controlling interest 79,643,789 80,850,999 Total shareholders' equity 1,002,806,266 856,287,069 Total liabilities and shareholders' equity 2,433,457,961 2,515,010,613

Notes to financial statements are parts of these financial statements.

140

Thai Factory Development Public Company Limited

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

836,000,000

836,000,000

701,357,785 147,196,958

701,357,785 147,196,958

15,602,230 64,096,217

12,228,741 (67,989,581)

928,253,190 928,253,190 1,709,847,245

792,793,903 792,793,903 1,715,225,289


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

1RWH Revenues from sales and services Sale income - land Sale income - condominium Revenues from rental and services Total revenues from sales and services Cost of sales and services Cost of sale - land Cost of sale - condominium Cost of rental and services Total cost of sales and services Gross profit Other income Interest income Others Total other income Selling expenses Administrative expenses Directors' remuneration Financial cost Profit (Loss) before income tax Income tax Profit (Loss) for the year Other comprehensive income Total comprehensive income for the year

Consolidated financial statements 2011 2010 (Restated)

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

662,945,325 184,901,042 284,275,993 1,132,122,360

833,307,082 260,564,881 1,093,871,963

662,945,325 184,901,042 26,830,102 874,676,469

833,307,082 17,923,870 851,230,952

(426,084,544) (132,512,134) (141,282,622) (699,879,300) 432,243,060

(560,183,478) (149,263,930) (709,447,408) 384,424,555

(426,084,544) (132,512,134) (5,507,538) (564,104,216) 310,572,253

(560,183,478) (6,030,265) (566,213,743) 285,017,209

510,469 11,057,390 11,567,859 (34,685,645) (146,419,173) (6,718,780) (71,273,344) 184,713,977 (38,194,780) 146,519,197 146,519,197

179,115 6,497,299 6,676,414 (49,331,513) (117,859,315) (6,045,000) (88,357,960) 129,507,181 129,507,181 129,507,181

24,030,426 11,123,652 35,154,078 (33,855,598) (124,828,467) (4,830,000) (8,558,199) 173,654,067 (38,194,780) 135,459,287 135,459,287

25,243,425 7,193,494 32,436,919 (46,795,384) (96,904,628) (4,440,000) (19,831,427) 149,482,689 149,482,689 149,482,689

147,726,407 (1,207,210) 146,519,197

140,544,161 (11,036,980) 129,507,181

135,459,287 135,459,287

149,482,689 149,482,689

EARNINGS PER SHARE  Basic earnings (loss) per share Weighted average number of ordinary shares (shares)

0.2106 701,357,785

0.2004 701,357,785

0.1931 701,357,785

0.2131 701,357,785

Diluted earnings (loss) per share Weighted average number of ordinary shares (shares)

0.2061 716,929,718

0.2004 701,357,785

0.1889 716,929,718

0.2131 701,357,785



Net profit (loss) attributable to : Owners of the Company Non-controlling interests

1RWHVWRILQDQFLDOVWDWHPHQWVDUHSDUWVRIWKHVHILQDQFLDOVWDWHPHQWV

Annual Report 2011

141


142

Thai Factory Development Public Company Limited

z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3L.LÂ&#x201E;Â&#x2021;Â&#x2C6;Â&#x2026;Â&#x2026;Â&#x20AC;Â {Â Â&#x192;}Â  Effect of change in accounting policies z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3L.L{Â&#x2021;Â Â&#x2026;Â&#x2026;Â&#x20AC;Â {Â Â&#x192;}Â  Total comprehensive income for the period Appropriated - statutory reserve z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3L..

z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3LLIÂ&#x201E;Â&#x2021;Â&#x2C6;Â&#x2026;Â&#x2026;Â&#x20AC;Â {Â Â&#x192;}Â  Effect of change in accounting policies z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3LLI{Â&#x2021;Â Â&#x2026;Â&#x2026;Â&#x20AC;Â {Â Â&#x192;}Â  Total comprehensive income for the year Dividend payment Share dividend Cash dividend Additional purchase investment in subsidiaries z{|{}~{Â&#x20AC;{Â Â&#x201A;~Â&#x192;Â&#x201E;Â&#x2026;-.Â&#x2020;3L.L











,-/0

147,196,958 147,196,958 147,196,958 147,196,958

701,357,785 701,357,785 701,357,785

147,196,958 147,196,958 -

63,759,750 701,357,785

637,598,035 637,598,035 -

Issued and paid-up share capital

12,228,741 12,228,741 3,373,489 15,602,230

12,228,741

12,228,741 12,228,741 -

(669,916) (38,977,659) (39,647,575) 147,726,407 (3,373,489) 104,705,343

(63,759,750) (9,563,986) (39,647,575)

118,827,530 (225,695,530) (106,868,000) 140,544,161

(45,699,839) (45,699,839) (45,699,839)

(23,711,771) (45,699,839)

(21,988,068) (21,988,068) -

814,413,729 (38,977,659) 775,436,070 147,726,407 923,162,477

(9,563,986) (23,711,771) 775,436,070

893,863,196 (225,695,530) 668,167,666 140,544,161

Difference Retained earnings (Deficit) from changing Total owners Premium on Appropriated investment proportion of the ordinary shares statutory reserve Unappropriated in subsidiaries Company

Consolidated financial statements Owners of the Company

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

80,850,999 80,850,999 (1,207,210) 79,643,789

(788,229) 80,850,999

92,676,208 92,676,208 (11,036,980)

Non controlling interests

895,264,728 (38,977,659) 856,287,069 146,519,197 1,002,806,266

(9,563,986) (24,500,000) 856,287,069

986,539,404 (225,695,530) 760,843,874 129,507,181

Total shareholders' equity

(Unit : Baht)


Annual Report 2011

143

147,196,958 147,196,958 147,196,958 147,196,958

701,357,785 701,357,785 701,357,785

Balance as at December 31, 2010 (before restatement) Effect of change in accounting policies Balance as at December 31, 2010 (after restatement) Total comprehensive income for the year Appropriated - statutory reserve Balance as at December 31, 2011

147,196,958 147,196,958 -

63,759,750 701,357,785

1RWHVWRILQDQFLDOVWDWHPHQWVDUHSDUWVRIWKHVHILQDQFLDOVWDWHPHQWV









637,598,035 637,598,035 -

Balance as at December 31, 2009 (before restatement) Effect of change in accounting policies Balance as at December 31, 2009 (after restatement) Total comprehensive income for the year Dividend payment Share dividend Cash dividend Balance as at December 31, 2010

1RWH

Issued and paid-up share capital

12,228,741 12,228,741 3,373,489 15,602,230

12,228,741

12,228,741 12,228,741 -

(29,111,356) (38,878,225) (67,989,581) 135,459,287 (3,373,489) 64,096,217

(63,759,750) (9,563,986) (67,989,581)

81,471,017 (225,619,551) (144,148,534) 149,482,689

Separate financial statements Retained earnings (Deficit) Premium on Appropriated ordinary shares statutory reserve Unappropriated

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

831,672,128 (38,878,225) 792,793,903 135,459,287 928,253,190

(9,563,986) 792,793,903

878,494,751 (225,619,551) 652,875,200 149,482,689

(Unit : Baht) Total shareholders' equity


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Consolidated financial statements 2011 2010 (Restated) Cash flows from operating activities Profit (Loss) before income tax Adjustment net profit (loss) to cash receipt (disbursement) from operating activities Doubtful account Employee benefit obligations Depreciation and amortisation Gain on sales of assets Interest expenses Profit from operation before changes of operating assets and liabilities (Increase) Decrease in changes of operating assets Trade accounts and other receivable Properties for sale Other current assets Other non-current assets (Increase) Decrease in changes of operating assets Increase (Decrease) in changes of operating liabilities Trade accounts and other payable Other current liabilities Rental deposit received Increase (Decrease) in changes of operating liabilities Cash provided by (used in) operating activities Interest paid Income tax received Income tax paid Net cash from (used in) operating activities

184,713,977

129,507,181

173,654,067

149,482,689

2,986,385 82,985,673 (873,982) 74,148,139

1,315,550 81,184,753 (1,677,639) 88,357,960

2,642,380 12,847,157 (873,982) 8,558,198

5,617,925 (227,640) 20,651,518

343,960,192

298,687,805

196,827,820

175,524,492

(206,209,430) 242,510,183 94,535 (846,527) 35,548,761

4,291,766 469,164,806 (33,054) (12,044,915) 461,378,603

(203,131,004) 245,397,192 (44,775) 8,451,235 50,672,648

3,719,645 469,164,805 96,114 (13,979,606) 459,000,958

(96,857,970) (429,818) 11,589,284 (85,698,504) 293,810,449 (73,833,680) 17,364,414 (20,936,660) 216,404,523

(89,241,455) (1,028,056) 4,972,243 (85,297,268) 674,769,140 (76,729,937) 7,813,757 (23,835,201) 582,017,759

(96,572,472) (244,773) 10,608,475 (86,208,770) 161,291,698 (39,205,910) (9,926,234) 112,159,554

(75,493,875) (1,106,271) 1,513,925 (75,086,221) 559,439,229 (41,552,800) (12,991,463) 504,894,966

Notes to financial statements are parts of these financial statements.

144

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

Thai Factory Development Public Company Limited


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (Continued) FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Consolidated financial statements 2011 2010 (Restated) Cash flows from investing activities (Increase) Decrease in deposits at financial institutions with restrictions Increase in loan to related parties and interest receivable Decrease in loan to related parties and interest receivable Purchase of properties awaiting development or sale Cash received from amendment of lease agreement Improvement of leasehold right Purchase of investment properties Purchase of equipment Cash received from sales of equipment Cash paid for purchase investment in subsidiary Net cash from (used in) investing activities Cash flows from financing activities Increase (Decrease) in bank overdrafts Advance received from related party Repayment of advance received from related party Draw down of short-term loan from other person Repayment of short-term loan from other person Draw down of short-term loan from related party Repayment of short-term loan from related party Repayment of liabilities under financial lease Draw down of long-term loans from financial institutions Repayment of long-term loans from financial institutions Repayment of debt restructuring payable Repayment of long-term loan from other person Repayment of long-term loan from related party Dividend payment Net cash from (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at ending of period

(Unit : Baht) Separate financial statements 2011 2010 (Restated)

(10,678,204) 9,356,912 (2,126,852) (307,029) (4,285,905) 1,336,451 (6,704,627)

(3,223,480) (6,055,775) 6,055,775 (26,205,254) (157,187) (622,549) 1,677,640 (24,500,000) (53,030,830)

(10,678,204) (23,638,103) 24,345,675 (3,972,173) 1,336,448 (12,606,357)

(3,223,480) (33,057,194) 16,565,585 (26,205,254) (215,030) 227,640 (24,500,000) (70,407,733)

34,421,017 -

4,849,937 17,000,000 (17,000,000) (1,026,603) 188,367,164 (625,167,730) (39,327,204) (30,000,000) (23,122,427) (9,563,986) (534,990,849) (6,003,920) 24,305,638 18,301,718

32,845,283 6,000,000 (6,000,000) 132,300,000 (108,200,000) (1,031,496) 150,103,787 (304,791,891) (98,774,317) 778,880 244,834 1,023,714

1,968,483 16,037,590 (16,037,590) 17,000,000 (17,000,000) 88,000,000 (70,000,000) (754,353) 188,367,164 (603,267,302) (30,000,000) (9,563,986) (435,249,994) (762,761) 1,007,595 244,834

(1,323,690) 60,103,787 (237,325,494) (39,674,127) (31,225,276) (215,023,783) (5,323,887) 18,301,718 12,977,831

Notes to financial statements are parts of these financial statements.

Annual Report 2011

145


THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS AS AT DECEMBER 31, 2011 AND 2010

1. GENERAL INFORMATION THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED (“the Company”) is a public company incorporated in year 1991 and domiciled in Thailand. Its registered address is No. 26 JC Kevin Tower, 10th Floor, Narathiwat-Ratchanakarin Road, Yannawa, Sathorn, Bangkok. The Company is principally engaged in the property development business 2. PREPARATION OF INTERIM FINANCIAL STATEMENTS BASIS 2.1 The financial statements have been prepared in conformity with generally accepted accounting principles

enunciated under the Accounting Professions Act B.E. 2547 and also presented in accordance with the notification of the Department of Business Development, the Ministry of Commerce dated September 28, 2011, regarding the condensed form which should be included in the financial statements B.E. 2554 and regulation of the Securities and Exchange Commission regarding to preparation and presentation of financial report under the Securities and Exchange Act B.E. 2535. The financial statements have been prepared under the historical cost convention, except as transaction disclosed in related accounting policy. 2.2 Basis of consolidation 2.2.1 The consolidated financial statements include the financial statements of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and the subsidiaries which THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED holds share capital or has the significant power to control such subsidiaries. The subsidiaries’ operations were included since the purchase date and they will not be included when the control power is finished. The mentioned subsidiaries are as follows: Name

Nature of business

Total Industrial Services Company Limited Factory rental SG Land Company Limited Office condominium rental

Proportion of shareholding Relationship 2011 2010 (%) (%) 100.00 100.00 Shareholder/common director 49.91 49.91 Shareholder/common director

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

146

Thai Factory Development Public Company Limited


2.2.3 The consolidated financial statements have been prepared in conformity with the same accounting policy for the accounts and accounting events of the Company and subsidiaries. 2.2.4 These consolidated financial statements were prepared with the only objective to show consolidated financial position and operational result of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and subsidiaries. Therefore, the use of these consolidated financial data for any other purpose would be limited value due to the different nature of business of the subsidiaries whose financial statements were consolidated. 3. NEW ACCOUNTING STANDARDS ISSUANCE 3.1 In 2010 and 2011, The Federation of Accounting Professions issued various new and revised financial reporting standards which certain standards are relevant to the operations of the Company and subsidiaries, effective for the accounting period beginning on or after January 1, 2011. The Company applied those standards as below: Financial reporting standards TAS 1 (Revised 2009) TAS 2 (Revised 2009) TAS 7 (Revised 2009) TAS 8 (Revised 2009) TAS 10 (Revised 2009) TAS 16 (Revised 2009) TAS 17 (Revised 2009) TAS 18 (Revised 2009) TAS 19 TAS 23 (Revised 2009) TAS 24 (Revised 2009) TAS 27 (Revised 2009) TAS 33 (Revised 2009) TAS 34 (Revised 2009) TAS 36 (Revised 2009) TAS 37 (Revised 2009) TAS 38 (Revised 2009) TAS 40 (Revised 2009) TFRS 3 (Revised 2009)

Contents Presentation of Financial Statements Inventories Statements of Cash Flows Accounting Policies, Changes in Accounting Estimates and Errors Events After the Reporting Period Property, Plant and Equipment Leases Revenue Employee Benefits Borrowing Costs Related Party Disclosures Consolidated and Separated Financial Statements Earnings per Share Interim Financial Reporting Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets Intangible Assets Investment Property Business Combination

The adoption to the new and revised accounting standards results the change in accounting policies of the Company and subsidiaries which are disclosed in note 5.

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147


3.2 In addition the above new issued and revised accounting standards and financial reporting standards, the other standards are expected to be effective for the financial statements beginning on or after January 1, 2013 and have not been adopted in the preparation of these interim financial statements as following: Financial reporting standards TAS 12 TAS 20 (Revised 2009) TAS 21 (Revised 2009) TSIC 10 TSIC 21 TSIC 25

Contents Income Taxes Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rate Government Assistance-No Specific Relation to Operating Activities Income Taxes- Recovery of Revalued NonDepreciable Assets Income Taxes- Changes in the Tax Status of an Enterprises or its Shareholders

At present, the Company is evaluating the effects of those standards on the financial statements in the year in which they are initial applied.

4. SIGNIFICANT ACCOUNTING POLICIES 4.1 Revenue recognition 4.1.1 Revenues from sales Revenues from sales of land, factory and condominiumare recognised as income when the significant risk and rewards ofownership have been transferredto the buyer that the Company retains neithercontinuing managerial involvement nor effective control over the land, factory and condominium sold. The recognized amount and cost incurred in respect of the transaction can be measured reliably. 4.1.2 Rental income and related service income Rental income is recognised as income over the periods of the leases. Service income is recognised when services have been rendered taking into account the stage of completion. 4.1.3 Other revenues and expenses Other revenues and expenses are recognised on accrual basis. 4.1.4 Cost of land, factory and condominium sold are recognized as cost of sales based on proportion of land, factory and condominium sold.

148

Thai Factory Development Public Company Limited


4.2 Cash and cash equivalents Cash and cash equivalents consist of cash in hand, cash 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 and other receivable/Allowance for doubtful accounts Trade accounts and other receivable are stated at the net realizable 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 experiences and analysis of debtor aging. 4.4 Properties for sale Properties for sale are valued at the lower of cost and net realizable value. 4.5 Investments Investments in subsidiaries are accounted for in the separate financial statements using the cost method less allowance for loss on diminution in value (if any). 4.6 Investment properties/Depreciation Investment properties are properties which are held to earn rental income, for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment properties are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of Investment properties is calculated by reference to its cost on the straight-line basis over the following estimated useful lives: Building and factory  30 years Office condominium 28 years Improvement of leasehold building 29 - 30 years Improvement of office condominium 5 years Infrastructure system 20 years Improvement of leasehold land 8, 29 years 4.7 Equipment /Depreciation Equipment is stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of equipment is calculated by reference to its cost on the straight-line basis over the following estimated useful lives: Improvement of leasehold office building 4 years Furniture and equipment 5, a years Motor vehicles 4 years Annual Report 2011

149


4.8 Leasehold rights and amortization Leasehold rights are stated at cost less accumulated amortization. Amortization is calculated by reference to cost on a straight-line basis over the following lease period: Leasehold rights - land 30, 40 years Leasehold rights - factory 15 years 4.9 Capitalization of interest costs on borrowings Interest costs on borrowings incurred during the development/construction periods is capitalised as part of the cost of related projects. Capitalization ceases when the projects are completed and ready for their intended use or sale or when the projects are suspended until active development resumes. 4.10 Impairment of assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Company makes an estimate of the assetâ&#x20AC;&#x2122;s recoverable amount. Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the income statement. (The recoverable amount means the net selling price or its utilization value whichever is higher.) 4.11Related party transactions Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company. They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Companyâ&#x20AC;&#x2122;s operations. 4.12 Finance leases Leases of 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 other long-term payables, while the interest element is charged to the income statements over the lease period. The equipment acquired under finance leases is depreciated over the useful life of the asset.

150

Thai Factory Development Public Company Limited


1B.-Operating Lease agreement-the Company and subsidiaries are the lease  The Company and subsidiaries recorded long-term lease agreement of land made before 1999 as expense according to the rate and term stipulated in the agreement. In 2011, the Company and subsidiaries recorded long-term lease agreement of land made since 1999 in which substantially all the risks and rewards of ownership of assets remain with the lessor classified as an operating lease agreement. Rentals applicable to such operating leases are charged to the statement of comprehensive income by using the straight-line method over the lease term, commencing from the subsidiaries can take benefit from such leased land 1B.1 Operating lease agreement - the Company and subsidiaries are the lessor   Assets leased out under operating leases are included in investment property in the statement of financial position. They are depreciated over their expected useful lives on a basis consistent with other similar fixed assets. Rental income (net of any incentives) is recognised on a straight-line basis over the lease term. 4.15 7UDQVDFWLRQVLQIRUHLJQFXUUHQFLHV The Company and subsidiaries record the transactions in foreign currencies converting into Thai Baht by using the exchange rates ruling on the transaction dates. The outstanding balances of accounts in foreign currencies as at the balance sheets date are converted into Thai Baht by using the exchange rates ruling on the same day. Gain or loss on exchange is taken into income or expense as incurred. 4.16 Employee benefits and provident fund 4.16.1 Employee benefits The Company and subsidiaries provide for post employment benefits, payable to employees under the Thai Labor Law. The present value of employee benefit liabilities recognized in the statements of financial position is estimated on an actuarial basis using Projected Unit Credit Method. The calculation was made by utilizing various assumptions about future events. The Company is responsible for the selection of appropriate assumptions. The assumptions used in determining the net period cost for employee benefits include the discount rate, the rate of salary increment, and employee turnover. Any changes in these assumptions will impact the net periodic cost recorded for employee benefits. On an annual basis, the Company and subsidiaries determine the appropriate discount rate, which represents the interest rate that should be used to determine the present value of future cashflows currently expected to be required to settle the employee benefits. In determining the appropriate discount rate, the Company and subsidiaries consider the market yield based on Thai government bonds with currency and term similar to the estimated term of benefit obligation.  The principal actuarial assumptions used were as follows; Discount rate 5% Employee turnover Age-related scale and kind of employees Mortality According to Thailand TMO N^male and female tables 

Annual Report 2011

151


4.16.2 Provident fund The Company and subsidiaries establish provident fund under the defined contribution plan. The fundâ&#x20AC;&#x2122;s assets are separated entitles which are administered by the external fund manager. The Company, the subsidiaries and employees made contribution into such provident fund. The Companyâ&#x20AC;&#x2122;s and subsidiariesâ&#x20AC;&#x2122; contribution payments to the provident fund were recorded as expenses in the statements of comprehensive income in the incurred period. 4.17 Income tax Income tax is provided for in the accounts based on the taxable profits determined in accordance with the Revenue Code. . 4.18 Financial instruments Financial assets shown in balance sheets consist of cash and cash equivalent and accounts receivable. Financial liabilities shown in balance sheets consist of overdraft and short-term loans from financial institutions, liabilities under financial lease and long - term loans. Accounting policies regarding to recognition and measurement have been disclosed for each related transaction. 4.19 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates. 4.20 Provisions Provisions are recognised when the Company and subsidiaries have a 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. If some or all the expenditure is required to settle a provision, is expected to be reimbursed when it is virtually certain that reimbursement will be received if the Company and subsidiaries settle the obligation. The amount recognized should not exceed the amount of the provision. 4.21 Earnings per share 4.21.1 Basic earnings per share is calculated by dividing the comprehensive income for the year by the weighted average number of ordinary shares issued during the year. 4.21.2 Diluted earnings per share is calculated by dividing the comprehensive income for the period by the weighted average number of ordinary shares issued during the period plus the weighted average number of ordinary shares which would need to be issued to convert all dilutive potential ordinary shares (warrants) into ordinary shares.

152

Thai Factory Development Public Company Limited


5.

EFFECT OF FIRST TIME ADOPTION OF THAI FINANCIAL REPORTING STANDARDS 5.1 Presentation of financial statements The Company and subsidiaries adopted TAS 1 (Revised 2009) regarding the presentation of financial statements including revised titles for the financial statements. The financial statements consist of - Statements of financial position - Statements of comprehensive income - Statements of changes in shareholders' equity - Statements of cash flows - Notes to financial statements 5.2 Property, plant and equipment TAS 16 (Revised 2009) stated that the Company and subsidiaries have to include initial estimated cost of asset dismantlement, removal and restoration as asset costs and subject to depreciation. The depreciation charge has to be determined separately for each significant part of an asset. Furthermore, useful life, the residual value and depreciation method have to be reviewed at least at each financial year-end. From January 1, 2011, the Company and subsidiaries estimated cost of asset dismantlement and scrap, and changed the estimated useful lives of factory building for rent by changing from 20 years and 25 years to 30 years. The Company and subsidiaries made retroactively adjusted the estimate of cost of asset dismantlement and scrapon the 2010 financial statements, presented for comparative purpose. The Company and subsidiaries change the estimated useful lives by using prospective method in accordance with the transitional provisions of the revised TAS. The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive income for the year ended December 31, 2010 are as follows:  (Unit: Baht) Consolidated Separate financial statements Financial statements Statement of financial position as at December 31, 2010

Increase in property, plant and equipment (Increase) in estimated long-term liabilities Increase in deficit

a,3bb,3a5 %a,/^^,0aa& 00M,NM5

3,b53,aM0 %3,b45,3^3& 00,5^0

Annual Report 2011

153




(Unit: Baht) Consolidated Separate financial statements Financial statements Statement of comprehensive income for the year ended December 31,2010

(Decrease) in cost of rental and services (Decrease) in loss for the year

%3^,0a/& %3^,0a/&

%4M,b/^& %4M,b/^&

5.3 Investment properties

Under the revised TAS, investment property, defined as property owned to earn rentals; capital appreciation; or both, is disclosed in the financial statements separately from other property, plant and equipment. The Company and subsidiaries have selected the cost model for accounting for investment properties under the revised TAS. The change in accounting policy has been applied to reclassify the comparative financial statements. From January 1, 2011,the estimate of cost of asset dismantlement and scrap, the depreciable amount and useful life of the investment property have been reassessed in accordance with the requirements of TAS 16 (Revised 2009) as stated in note 4.2. The effects on the statement of financial position as at December 31, 2010are as follows:   (Unit: Baht) Consolidated financial statements Before After reclassification  Reclassification reclassification Statement of financial position as at December 31, 2010 ¦ 676,672,838 676,672,838 Investment properties Property, plant and equipment for rent  676,672,838 (676,672,838) ¦      %Unit : Baht& Separate financial statements Before After reclassification  Reclassification reclassification Statement of financial position as at December 31, 2010 Investment properties ¦ 05/FN3/F450 05/FN3/F450 Property, plant and equipment for rent  05/FN3/F450 %05/FN3/F450& ¦ 

154

Thai Factory Development Public Company Limited


4.4 Revenues From January 1, 2011, the Company and subsidiaries have changed the accounting policy relating to recognition of revenues from sales of real estate - condominium project from recognize income based on the percentage of completion work to be based on the significant risk and rewards of ownership have been transferred to the buyer in accordance with TAS 18 (Revised 2009) Revenues, effective on January 1, 2011.

The Company and subsidiaries changed the accounting policy by using retroactive method in accordance with the transitional provisions of TAS 18. The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive income for the year ended December 31, 2010 are as follows: (Unit: Baht) Consolidated financial statements Before After Adjustment Restatement Restatement Statements of financial position  as at December 31, 2010 Trade accounts receivable -Unrelated parties 11,608,709 (1,396,880) 10,211,829 Unbilled income 131,851,772 (131,851,772) Properties for sale 989,598,374 121,214,245 1,110,812,619 Other current assets Advance received from customers Unrecognized income Accrued expenses  Deficit

8,691,878 (221,505,637) (9,942,370) (37,412,240) (669,916)

3,660,619 (48,128,138) 9,942,370 7,692,802 (38,866,754) 

12,352,497 (269,633,775) - (29,719,438) (39,536,670)

(Unit: Baht) Consolidated financial statements Before After Restatement Restatement Adjustment Statement of comprehensive income for the year ended December 31, 2010 Sale income-condominium Cost of sale-condominium Selling expenses Administrative expenses Reversal estimated specific business tax and transfer fee Profit (Loss) for the year Basic earnings per shares (Baht)

 0M/,177,646 (72,439,784) (24,061,360) (82,324,132)

730,129,436 (487,743,694) (25,270,153) (11,910,995)

833,307,082 (560,183,478) (49,331,513) (94,235,127)

18,513,905 (57,210,690) (0.0658)

(18,513,905) 181,690,689 0.2662

- 129,479,999 0.2003



Annual Report 2011

155


(Unit: Baht) Separate financial statement Before Restatement Statements of financial position as at December 31, 2010 Trade accounts receivable â&#x20AC;&#x201C;Unrelated parties Unbilled income Properties for sale Other current assets Advance received from customers Unrecognized income Accrued expenses  Deficit

After Restatement

Adjustment 



/,940,762 131,851,772 989,598,374 5,552,154 (221,094,001) (9,942,370) (25,987,585) (29,111,356)

(1,396,880) (131,851,772) 121,214,245 3,660,619 (48,128,138) 9,942,370 7,692,802 (38,866,754)

3,543,882 1,110,812,619 9,212,773 (269,222,139) - (18,294,783) (67,978,110)

(Unit: Baht) Separate financial statement Before Restatement Statement of comprehensive income for the year ended December 31, 2010 Sale income-condominium Cost of sale-condominium Selling expenses Administrative expenses Reversal estimated specific business tax and transfer fee Profit (Loss) for the year Basic earnings per shares (Baht)

156

Thai Factory Development Public Company Limited

Adjustment

After Restatement

 103,177,646 (72,439,784) (21,525,231) (62,391,821)

730,129,436 (487,743,694) (25,270,153) (11,910,995)

833,307,082 (560,183,478) (46,795,384) (74,302,816)

18,513,905 (32,258,637) (0.0531)

(18,513,905) 181,690,689 0.2662

- 149,432,052 0.2131


5.5 Employee benefits From January 1, 2011, the Company and subsidiaries have applied TAS 19 Employee Benefits. Under the new policy, the obligation of the Company and subsidiaries in respect of post-employment benefits is retirement benefit recognized in the financial statements based on calculations performed annually by a qualified actuary using the projected unit credit method. Previously, this obligation was recognised as and when payments were made. The Company and subsidiaries have chosen to record such liability as expense on a straight-line method within 5 years since January 1, 2011, in accordance with the transitional provisions of TAS 19 The effects on the statement of financial position as at December 31, 2011 and the statement of comprehensive income for the year ended December 31, 2011 are as follows:  (Unit: Baht) Consolidated Separate financial  financial statements statements Statements of financial position as at December 31, 2011 2,986,385 2,642,380 Increase in employee benefit obligations Statement of comprehensive income for the year ended December 31, 2011 Increase in employee benefit resulting in: Increase in administrative expense Decrease in profit Decrease in profit per share Basic earnings per share (Baht)

3,536,935 3,536,935

2,792,930 2,792,930

0.0050

0.0040





Annual Report 2011

157


6. ADDITIONAL DISCLOSURE OF CASH FLOWS INFORMATION 6.1 Cash and cash equivalents comprise of :

Consolidated financial statements 2010 2011 Cash Current accounts Savings accounts Total

425,000 218,073 12,334,758 12,977,831

255,000 62,497 17,984,221 18,301,718

(Unit: Baht) Separate financial statements 2011 2010 380,000 138,220 505,494 1,023,714

210,000 34,834 244,834

6.2 Non-Cash Transaction For the year ended December 31, 2011 and 2010 : (1) In 2011, the Company has loan from a new financial institution to pay long-term loan from the former financial institution in amount of Baht 269 million. (2) In 2011, the Company transferred assets for sale to investment properties in amount of Baht 62.7 million (2010 amount of Baht 42.0 million).

158

Thai Factory Development Public Company Limited


7. TRADE ACCOUNTS AND OTHER RECEIVABLE   Consolidated financial statements 2010 2011 (Restated) Trade accounts receivable Accounts receivable - rental and related services business Less: Allowance for doubtful accounts Total Account receivable -related parties Total trade accounts receivable Other receivable Advance to purchase land Prepaid expenses Accounts receivable - sale of investment Others Total other receivable Total trade accounts and other receivable

(Unit: Baht) Separate financial statements 2011 2010 (Restated)

0^,5N5,bb^ %/,a53,M3b& 0/,b43,b50 ¦ 0/,b43,b50

13,283,100 (3,071,271) 0M,300,a3N ¦ 0M,300,a3N

/,3a4,334 ¦ /,3a4,334 /NM,44M /,b^4,^^4

3,45/,aa3 3,45/,aa3 /3a,0bN 3,a^3,M40

3/b,/40,MMM N,b^N,5a/ ¦ 5,504,^0^ 34M,55b,3MM 3b5,MNa,a50

30,MMM,MMM 0^,N^b,4N3 b,/50,bNM 3,/4N,/MM 5^,b^^,4a3 4^,aaN,500

3/b,/40,MMM b,4M5,a^5 ¦ 3,NMb,/43 354,^b3,33b 35N,5/a,MM0

30,MMM,MMM 05,a/b,aba b,/50,bNM 0,34b,/aa 5/,5/5,N5b 5b,/Mb,NN^

The outstanding balances of accounts receivable as at December 31, 2011 and 2010 are aged, based on due date, as follows:  (Unit: Baht) Consolidated Separate financial statements financial statements 2011 2010 2011 2010 (Restated) (Restated) Unrelated parties Within due 0,^05,/0N 1,985,646 ¦ Overdue Less than 3 months 5,5MN,0a3 6,071,959 0,3a/,3/M 1,158,315 3 months to 6 months N5/,0/4 738,975 30^,N55 66,980 Over 6 months to 1 year /,/NM,054 670,004 ^,4^/ 443,436 Over 1 year onwards ^,M/^,aab 3,816,516 0,^^b,5^a 875,151 Total 0^,5N5,bb^ 13,283,100 /,3a4,334 2,543,882 Less: Allowance for doubtful accounts ¦ %/,a53,M3b& (3,071,271) Net 0/,b43,b50 10,211,829 /,3a4,334 2,543,882 Related parties Overdue   /NM,44M 328,169 Less than 3 months ¦ Total ¦ /NM,44M 328,169 Grand total 0/,b43,b50 10,211,829 /,b^4,^^4 2,872,051

Annual Report 2011

159


8. PROPERTIES FOR SALE     Land and land improvement Building and building improvement Construction expense Other expense in project Interest expense Total Less: Transferred to accumulated cost of sales condominium Less: Transferred to accumulated cost of sales - land Less: Transferred to investment properties Total Less: Allowance for diminution in value of properties for sale Net

(Unit: Baht) Consolidated financial statements and Separate financial statements 2010 2011  (Restated& 937,348,792 750,701,876 40,398,041 40,398,041 869,457,061 774,595,446 142,179,192 117,985,053 142,881,362 109,590,614 2,132,264,448 1,793,271,030 %692,695,612& %426,084,544& %175,402,799& 838,081,493 %9,608,456& 828,473,037

(560,183,479) (112,666,476) 1,120,421,075 (9,608,456) 1,110,812,619

The Company capitalized financial cost for the year ended December 31, 2011 and 2010 amount of Baht 33.3 million and Baht 23.8 million, respectively, as a part of the cost of the properties for sale. The Company has mortgaged its properties for sale with a total net book value as at December 31, 2011 and 2010 of Baht 721.3 million and Baht 1,018.1 million, respectively, as collateral for overdrafts and long-term loans from financial institutions. Properties for sale amount of Baht 207.0 million represented residential condominium (HuaHin) project. As at December 31, 2010, the project was pending but as at December 31, 2011, the Company start the project development. Additional information of condominium project:   Consolidated financial statements and Separate financial statements  2011 2010 Percentage of total sale amount of the project 97.16% 90.92% Project value which is operating 1,130,603,457 1,149,473,649 Project value which has to buy and to sell agreements  1,098,603,457 1,045,120,851 Project value which has to buy and to sell agreements - already transferred 1,018,208,124 833,307,082 Project value which has to buy and to sell agreements - not transferred yet 80,395,333 211,813,769

160

Thai Factory Development Public Company Limited


I. DEPOSITS AT FINANCIAL INSTITUTIONS WITH RESTRICTIONS These represent fixed deposits pledged with banks to secure long-term loan from financial institutions and letters of guarantee issued by the banks on behalf of the Company. .L. INVESTMENTS IN SUBSIDIARIES (Unit: Baht) Separate financial statements Company’ name

Issued and paid-up share capital 2011 2010

Total Industrial Services Company Limited 100,000,000 SG Land Company Limited 100,450,000 Total Less : Allowance for diminution in value of investments in subsidiaries Net

Percentage ofshareholding 2011 2010 (%) (%)

100,000,000 100,450,000

100.00 49.91

100.00 49.N0

Investment at cost 2011 2010

N^F44MFMMM 45,523,850 143,073,850

N^F44MFMMM 45,523,850 143,073,850

(41,497,368) 0M0F4^bF5a3

(41,497,368) 0M0F4^bF5a3

The subsidiary has not payment dividend in 2011 and 2010 The Company used the share certificates of SG Land Company Limited as collateral with a bank to guarantee credit line of long-term loans from financial institutions.

Total Industrial Services Company Limited According to the Board of Directors Meeting No. 8/2010 held on September 16, 2010, the Company passed a resolution to acquire investment in ordinary shares of Total Industrial Services Company Limited from minor shareholders for 2,450,000 shares at Baht 10 per share, totaling Baht 24.5 million (24.5%). Therefore, the Company has shareholding proportion in such subsidiary 100% (from 75.5%). The Company has acquired such investment on September 17, 2010. The Company recorded the difference between acquisition cost and book value as “difference from changing investment proportion in subsidiaries” under shareholders’ equity.

Annual Report 2011

161


Book value of assets and liabilities of Total Industrial Services Company at investment date are consist of : (Unit : Baht) Consolidated financial statements 2010 ASSETS Cash and cash equivalents Accounts receivable - net Other current assets Leasehold right on building and equipment for lease - net Leasehold improvement and equipment - net Other non-current assets  Total assets LIABILITIES Bank overdrafts Accounts payable Accounts payable â&#x20AC;&#x201C; construction Other current liabilities Financial lease payable Long-term loan from financial institution Other non- current liabilities Total liabilities Net assets Net assets as purchase proportion (24.5%) Cash paid for additional investment Difference from changing investment proportion in subsidiaries

162

Thai Factory Development Public Company Limited

72,882 2,500,657 6,304,569 283,252,868 1,330,616 9,506,490 302,968,082 %4,545,531& %1,060,659& %9,255,500& %1,031,937& %567,187& %256,252,941& %27,037,067& %299,750,822& 3,217,260 788,229 (24,500,000) %23,711,771&


Annual Report 2011

163

Cost: December 31, 2010 Improvement of leasehold right Transfer from properties for sale Transfer from equipment Restatement Decrease from amendment of agreement December 31, 2011 Accumulated amortization: December 31, 2010 Amortization for the year Transfer from equipment December 31, 2011 Net book value: December 31, 2010 December 31, 2011 Amortization for the year: 200M 2010



11. LEASEHOLD RIGHTS 



(Unit: Baht) Separate financial statements

Leasehold Leasehold Leasehold Prepaid rental - Prepaid rental rights - land right - factory Total - building land rights - land        48,895,159 130,155,616 475,927,507 75,835,159 18,452,578 700,370,860 2,126,852 2,126,852 7,480,848 7,480,848 7,480,848 310,451 310,451 2,108,599 (2,108,599) 11.2 %9,356,912& %9,356,912& 132,264,215 476,256,211 83,316,007 9,095,666 700,932,099 56,376,007        20,404,403 81,533,767 4,366,256 4,168,430 110,472,856 6,879,161 7,634,962 30,762,780 7,776,506 616,635 46,789,883 34,936 34,936 28,039,365 112,331,483 12,142,762 4,784,065 157,297,675 6,879,161        394,393,740 71,468,902 05F3a5F05a 589,898,004 42,905,398 109,751,213 104,224,850 363,924,728 71,173,245 4,311,601 543,634,424 41,713,582         39,684,905     46,789,883 6,879,161   

Note

Consolidated financial statements




11.1 Separate financial statement

The Company has leasehold rights to land which it leases from the Privy Purse Bureau to construct a residential building(Mahadlekluang project). The residential building is belonged to the Privy Purse Bureau and the Company has to comply with conditions stipulated in the agreement as stated in note 32.2.1. In 2008, the Company entered into an agreement with an overseas investor holding shares of a subsidiary (SG Land Company Limited) that the leasehold right and others will be sold to the subsidiary in amount of Baht 280 million which equivalently belong to the Company and the overseas investor (Baht 140 million each). The Company partly received payment from the subsidiary in amount of Baht 129.5 million. The agreement of leasehold right transfer is in the process. As at December 31, 2011, the Company recorded such amount as deposit from sale of project (liabilities in the statement of financial position). As at December 31, 2011 and 2010, the Company has placed the land leasehold right received from the Privy Purse with a total net book value of Baht 49.5 million and Baht 48.9 million, respectively as collateral for long-term loans from financial institutions as stated in note 17. 11.2 Subsidiary (1) The subsidiary has leasehold rights to land which it leases since 1993 from the Privy Purse Bureau

which was recorded as repaid rental - land. The subsidiary constructed an office buildingon the leased land and the office building is belonged to the lessor since the construction date. The subsidiary has the right to use such office building as long as the leased term of land. The subsidiary recorded office building for rent as prepaid rental â&#x20AC;&#x201C; building. (2) The subsidiary has leasehold rights to landfrom a company to construct office building for rent and leasehold rights to landfrom individuals to construction factory for lease as stated in note 12. (3) The subsidiary has leasehold rights to factoryfromthe Industrial Estate Authority of ThailandL In the second quarter of 2011, the subsidiary has amended the agreement made with the Industrial Estate Authority of Thailand since 2004 by changing lease term of a factory from 30 years to 15 years, resulting the remaining lease term is approximately 7 years. The subsidiary has received rental returned from such agreement amendment in amount of Baht 9.4 million. The subsidiary has placed factory leasehold rights under agreements with the Industrial Estate Authority of Thailand, and land leasehold rights under agreements with individuals, the Privy Purse Bureau and a company with a total net book value as at December 31, 2010 and 2010 amount of Baht 543.6 million and Baht 589.9 million, respectively as collateral for bank overdraft facilities, long-term loans from financial institutions and debt restructuring payable

19

164

Thai Factory Development Public Company Limited


Annual Report 2011

165

13.

Cost : December 31, 2010 Additions Improvement Transfer from properties for sale December 31, 2011 Accumulated amortization: December 31, 2010 Amortization for the year December 31, 2011 Net book value: December 31, 2010 December 31, 2011 Amortization for the year: 200M 2011

INVESTMENT PROPERTIES

b/5,058,274 307,030 ¦ 634,365,304 125,353,707 28,115,269 153,468,976 508,704,567 480,896,328

12,426,164 ¦ ¦ ¦ 12,426,164 1,620,765 443,157 2,063,920 10,805,400 10,362,24/

Improvement of leasehold Building and improvement land

13,239,329 12,428,123  

2,984,794 811,206 3,796,000

16,224,123 ¦ ¦ 16,224,123

Infrastructure system

Assets of leased land

34,933,350 29,369,632

532,749,296 503,686,694

129,959,265 29,369,632 159,328,897

bb3,708,561 307,030 ¦ ¦ 663,015,591

Total

4a,324,267 73,870,860

¦ ¦ ¦

4a,324,267 ¦ ¦ 04,546,593 ^/,a^M,abM

Land

a4,599,275 130,902,717

4,5M/,5NM 3,129,725 8,533,215

91,002,765 ¦ 1,243,438 47,189,730 0/N,5/4,N/2

Building and factory

2,976,168 3,129,725

05/FN3/F453 204,773,577

4,5M/,5NM 3,129,725 8,533,215

05N,/3^,M/3 ¦ 1,243,438 b3F^/bF/3/ 30/,/Mb,^N2

Total

Consolidated financial statements Assets of the Company’s land

37,909,518 32,499,357

676,672,83a 708,460,271

135,362,755 32,499,357 167,862,112

812,035,593 /M^FM/M 0F35/F5/a b2F^/bF/3/ 876,322,384

Grand total

(Unit: Baht)


(Unit: Baht) Separate financial statements

Building and factory

Land

Total

Cost : December 31, 2010 Improvement

Transfer from properties for sale December 31, 2011 Accumulated amortization: December 31, 2010 Amortization for the year December 31, 2011 Net book value: December 31, 2010 December 31, 2011 Amortization for the year: 200M 2010

4a,324,267 ¦ 04,546,593 ^/,a^M,abM ¦ ¦ ¦ 4a,324,267 73,870,860

91,002,764 05N,/3^,M/0 1,243,439 1,243,439 47,189,730 b/,736,323 0/N,5/4,N// 30/,/Mb,^N/ 4,5M/,5NM 3,129,726 8,533,216

4,5M/,5NM 3,129,726 8,533,216

N4F3b^FbMM 130,902,717

05/FN3/F450 204,773,577  2,976,0ba 3,129,726

Since January 1, 2011, the Company and subsidiaries have applied TAS 40 (Revised 2009) Investment Property. Therefore, the Company made reclassification from property, plant and equipment held for lease to be investment properties. The subsidiary operates its factory rental business on land leased from the Industrial Estate Authority of Thailand as stated note 32L3L3and 32.2.3 and from individuals as stated in note 32.2.4. The subsidiary provided office for rent on the land leased from a company as stated in note 32.2.6. The Company and subsidiary have mortgaged investment properties with a total net book value as at December 31, 2011 and 2010 of Baht 708.5 million and Baht 676.7 million, respectively (the Company only : Baht 204.8 million and Baht 143.9 million, respectively) and assigned the rights to benefits under the insurance policies covering its building held for lease to its lenders, as collateral for banks overdraft facilities, long-term loans from financial institutions and debt restructuring payable.

166

Thai Factory Development Public Company Limited


Investments properties as at December 31, 2011 are as follows:  

1. 2. 3. 4. 5.

Items Land and factory building Land and factory building Leasehold on land and factory right building Leasehold on land and factory right building Leasehold on land and office right building Total

Locations Navanakorn Real Estate TFD Real Estate Lamchabang Real Estate King Kaew Ratchdamri



Net book value of investment properties



(Unit : Baht)

Fair value

32,662,497 48,100,000 172,111,080 142,108,850 116,385,264 319FMMMFMMM 119,776,012 35MFMMMFMMM 267,525,417 456FMMMFMMM 708,460,270 1,287,208,850

Apprisal method Cost replacement Cost replacement Discounted cash flow Discounted cash flow Discounted cash flow

1. The fair value was appraisal value of 2011 by an independent appraiser. 2. The fair value of land and building according to 4 and 5 was included leasehold right which had net book value of Baht 130.2 million as stated in note 11 3.Investment properties according to no.2 at net book value amount of Baht 63.5 million are being appraised the fair value, thus, fair value of such assets was not included. For comparison purposes  13. EQUIPMENT (Unit: Baht) Consolidated financial statements Improvement of  leasehold office Motor Furniture and building vehicles equipment Cost: December 31, 200M Additions Transfer to investment properties Disposals December 31, 2000 Accumulated depreciation: December 31, 200M Transfer to investment properties Depreciation for the year Depreciation on disposals December 31, 2000 Net book value: December 31, 200M December 31, 2000 Depreciation for the yearS 200M 2010

Total

4,173,628 253,102 (310,451) - 5,116,279

21,829,538 12,546,885 (3,718,070) 30,658,353

13,998,588 935,754 - (90,843) 14,843,499

41,001,754 13,735,741 (310,451) (3,808,913) 50,618,131

4,673,164 (34,936) 79,303 ¦ 4,681,531

16,994,647 ¦ 2,491,156 %3,255,603) 16,230,200

10,569,176 ¦ 1,125,974 (90,842) 11,604,308

32,200,987 (34,936) 3,696,433 %3,346,445) 32,516,039

536,464 434,748

4,834,891 14,428,153

3,429,412 3,239,191

8,800,767 18,102,092 3,590,329 3,696,433

Annual Report 2011

167


(Unit: Baht) Separate financial statements

Improvement of leasehold office building Cost : December 31, 200M Additions Disposals December 31, 2000 Accumulated depreciation: December 31, 200M Depreciation for the year Depreciation on disposals December 31, 2000 Net book value: December 31, 200M December 31, 2000 Depreciation for the yearS 2010 2011

Motor vehicles

 Furniture and equipment

Total

5F43MF4a4 0aF5N5F4/b 00F05bFN/4 12,546,886 789,609 %3,718,070& 5F43MF4a4 27,323,352 11,936,544

/5F0b3FM4b 13,336,495 %3,718,070& 43,780,481

5F43MF4b3 05F4a^FM4^ 3,040,/4b %/,344,bM/& 5F43MF4b3 0/,5a3,a0M

aF5^^F5N^ bab,N03 N,0b5,5MN

3^F4a4F00b 3,a/a,3ba %/,344,bM/& 3^,0b^,^a0

3FbbNF5/a 3,^^3,0/4

bF4^bFN5M 0b,b03,^MM

3/ 3/

/FNM^F5^N 0/,a5M,453

3Fb50F^4b 3,a/a,3ba

As at December 31, 2011, certain equipment items have been fully depreciated but are still in use. The original cost of those assets amounted to approximately Baht 40.4 million (2010 : Baht 37.3 million) [the Company only: Baht 21.1 million (2010 : Baht 19.0 million)].

168

Thai Factory Development Public Company Limited


.4B

BANK OVERDRAFTS  As at December 31, 2011 and, 2010, the Company and subsidiaries have bank overdraft facility in total Baht 45 million (the Company only : Baht 40 million) guaranteed by part of properties for sale of the Company. The subsidiary mortgaged most of its building held for lease, assigned the rights to benefits under the insurance policies covering its building held for lease, and assigned the rights under land and building lease agreements with the Industrial Estate Authority of Thailand to its lenders, to secure bank overdrafts and long-term loans from financial institutions.

15. TRADE ACCOUNTS AND OTHER PAYABLE  Consolidated financial statements 2011 2010 Trade accounts payable Trade accounts payable Accounts payable - construction Accounts payable - land Total trade accounts payable Other payable Advance received from customers Retention for constructors Accrued expenses Other Total other payable Total trade accounts and other payable

35,a30,b43 30,^55,aNN 3b,^N3,34M ^/,/4a,aM0

11,956,554 0N,54^,Nba ÂŚ 31,414,522

(Unit : Baht) Separate financial statements 2011 2010 3/,^a3,0bN 30,^55,aNN 3b,^N3,34M ^3,/0N,/0a

8,307,236 0N,54^,Nba ÂŚ 27,765,204

N^,4a4,50a 269,633,775 N^,4a4,50a 269,222,139 3M,050,/0N 15,708,461 0N,Nba,0/M 04,^Ma,5b0 4/,MN0,aaa 29,719,438 /a,4/^,MNM 18,294,783 03,M^3,050 5,715,708 ^,N4M,5N4 0,026,700 0a3,aNM,^bb 320,777,382 0b5,M50,0// 304,252,083 34b,35N,4b^ /43,0N0,NM5 3/b,/bM,540 //3,M0^,3a^

16B FINANCIAL LEASE PAYABLE Long-term financial lease are due as follows: (Unit: Baht)

Within 1 year Over 1 year but not over than 5 years Total Less : Deferred interest Present value of minimum amount must be paid Less : Current portion Net

Consolidated financial statements 2011 2010 3,755,913 1,173,708 8,073,550 1,668,243 2,841,95M 11,829,463 (1,144,242) (282,875)

Separate financial statements 2011 2010 3,495,449 ab/F/5M 8,027,404 0F5/4F5b^ 11,522,853 3F3NaFaM^ (1,107,389) (216,169)

10,685,221 (3,265,846) 7,419,375

10,415,464 (3,038,948) 7,376,516

2,559,074 (1,089,393& 1,469,683

3FMa3,638 (779,025) 1,303,613

Annual Report 2011

169


17B LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS

(Unit: Baht) Credit lineMillion December 31, 2011 Remaining Credit No. Amount amount 1 434 2 500 ÂŚ 3 90 4 30 ÂŚ 5 275 6 120 ÂŚ 7 1,796 1,467 8 100 10 Total 3,345 1,477 Less: current portion 1 2 3 4 5 6 7 8 Total current portion Net

Consolidated financial statements

Separate financial statements

2011

2011

25,330,798 42,679,690 5,784,288 226,209,804 97,992,337 90,000,000 487,996,917

2010 275,294,750 40,000,000 53,904,965 22,626,081 248,743,407 24,649,421 665,218,624

%275,294,750) %13,599,495& %5M,MMM,MMM) %12,248,803& (11,643,098) %4,784,288& (16,917,254) %22,837,282& (23,491,939) (24,649,421) %97,992,337& %152,462,205& (391,996,462) 335,534,712 273,222,162

25,330,798 42,679,690 5,784,288 97,992,337 90,000,000 261,787,113

2010 275,294,750 40,000,000 53,904,965 22,626,081 24,649,421 416,475,217

%275,294,750) %13,599,495& %5M,MMM,MMM) %12,248,803& (11,643,098) %4,784,288& (16,917,254) (24,649,421) %97,992,337& %129,624,923& (368,504,523) 48,030,918 47,970,694

Movement of the account for year ended December 31, 2011 are as follows :

(Unit: Baht) Separate Consolidated financial statements financial statements Balance as at December 31, 2010 Received loan increase Repayment loan Balance as at December 31, 2011

170

Thai Factory Development Public Company Limited

665,218,624 419,108,537 %596,330,245& 5a^,996,916

416,475,217 50N,108,537 %573,796,641& 261,787,113


Credit line (1) Baht loan from a local bank, with total facility of Baht 434 million of which Baht 284.6 million has been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the loan agreement are to be made when the land/land with factory buildings in the related project are sold, and the loan is otherwise repayable in monthly installments, commencing from June 2009. It is to be repaid in full within June 2014. Such loan is secured by the mortgage of most of the Companyâ&#x20AC;&#x2122;s properties for sale and the assignment of the beneficiary rights under the insurance policies covering these assets to the lender. In the second quarter of 2011, the Company has loan credit line (7) to pay all remaining loan and redeem all collateral.

Credit line (2) Baht loan from a local bank, with total facility of Baht 500 million of which Baht 40 million has been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the loan agreement are to be made when condominium units are sold, and the loan is otherwise repayable in monthly installments, commencing from March 2010. It is to be repaid in full within March 2011. Such loan is secured by the following: (1) Assignment of the Companyâ&#x20AC;&#x2122;s leasehold rights to land which is leased from the Privy Purse Bureau (2) Pledge of the Companyâ&#x20AC;&#x2122;s rights to make bank account withdrawals and to administer the bank account. The Company did not withdraw the remaining amount of Baht 460 million within due date of loan withdrawal on December 1, 2009 (According to loan agreement, the loan line will be cancelled if the Company does not withdraw the money within the specified period). As at December 31, 2010, such loan in amount of Baht 40 million was defaulted since March 2010. The Company recorded interest as defaulted rate and paid the interest since the defaulted date. The defaulted loan was included in current portion of long-term loan presented in the statement of financial position and the Company is under the negotiation to compromise the repayment term, to increase facility and to extend the withdrawal period. On February 25, 2011, the Company made memorandum with the bank to amend the repayment condition as follows: (1) Loan Baht 40 million and accrued interest under the agreement Baht 4.9 million. As at the memorandum date, the Company paid principal Baht 5.0 million and interest Baht 0.2 million. The remaining principal was extended to be paid through 30 installments, commencing from the memorandum date by making monthly payment for principal and interest at least Baht 1.3 million each with interest rate at MLR, commencing from March 2011. However, the loan must be repaid in full within August 2013. %2& Fee of facility cancellation Baht 9.2 million and defaulted interest Baht 0.2 million. The bank will release the debt in (2) including defaulted interest Baht 4.7 million if the Company can completely comply with the condition in (1).

Annual Report 2011

171


Credit line (3) On April 30, 2008, the Company has facility of loan from a local bank Baht 90 million. The facility will be used together with an investor in total amount Baht 180 million which has been drawn down in full amount, at interest rate MLR – 1% per annum. The principal is required to be monthly repaid together with interest at Baht 1.2 million each, commencing from May 2008. However, it must be fully repaid within May 2017. Such loan is guaranteed by pledging 10,022,950 ordinary shares of a subsidiary which were held by the Company at par value Baht 5 each and by such subsidiary as the co-receivable. Credit line (4) On August 20, 2009, the Company has loan from a local bank with total facility of Baht 30 million of which has been draw down in full amount, at interest rate MLR + 0.5 % per annum. The interest is required to be monthly paid and the principal is grace for 1 year since the first drawn down. However, it must be repaid in full within March 2011. In October 2010, the Company and the lender made MOU to amend the principal and interest repayment to be monthly payment of principal and interest at least Baht 1.5 million, commencing in November 2010. However, it must be repaid in full within April 2012. Such loan is secured by the mortgage of a part of the Company’s land and factory for lease and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender. Credit line (5) On November 12, 2009, the subsidiary has loan from local bank with total facility of Baht 275 million which has been draw down in full amount, at the interest rate SPRL + risk at 0.5% per annum. The principal and interest are required to be monthly paid at least Baht 3.4 million per month, commencing on November 2009. However, it must be repaid in full within November 2019. Such loan is secured by the following: (1) The mortgage of the subsidiary’s factory buildings for lease and the assignment of the beneficiary rights under the insurance policies covering these assets to the lender. (2) Assignment of the subsidiary’s rights of land lease and building lease from individual and Industrial Estate Authority of Thailand. (3) Letter of guarantee by the Company in the amount of half of the debt. (4) Letter of guarantee in full amount by the advisor of the Board of Directors. Credit line (6) On September 10, 2010, the Company has loan from local bank with total facility of Baht 120.2 million which has been drawn down in full amount, at interest rate MLR + 1% per annum. The interest is required to be monthly paid and the principal will be paid by release mortgaging of condominium according to the condition. However, it must be repaid in full with in February 2012. Such loan is secured by the mortgage of part of the Company’s properties for sale (Condominium) and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender. In the second quarter of 2011, the Company fully repaid loan according to the agreement.

172

Thai Factory Development Public Company Limited


Credit line (7) On June 9, 2011, the Company has loan from local bank with total facility of Baht 1,796 million which has been draw down in amount of Baht 329.1 million, at the interest rate MLR per annum to repay credit line (1) and to develop TFD Industrial Estate project. The interest is required to be monthly paid and the principal will be paid by release mortgaging of real estate according to the condition. However, it must be repaid in full within June 2017. Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights under the insurance policies covering these assets to the lender. (2) Pledge of the Companyâ&#x20AC;&#x2122;s right on the fixed deposit to the bank. Credit line (a) On June 9, 2011, the Company has loan from local bank with total facility of Baht 0MM million which has been draw down in amount of Baht NM million, at the interest rate MLR per annum. The interest is required to be monthly paid and the loan must be repaid in full within November 2012. Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights under the insurance policies covering these assets to the lender. (2) Pledge of the Companyâ&#x20AC;&#x2122;s right on the promissory note to the financial institutions. (3) Letter of guarantee by the advisor of the Board of Directors. 18. DEBT RESTRUCTURING PAYABLE (Unit: Baht) Consolidated financial statements 2011 2010 Debt restructuring payable Less: Current portion Net

152,700,731 (41,473,657) 111,227,074

192,374,858 (40,937,509) 151,437,349

A subsidiary has made a debt restructuring agreement with a financial institution at interest rate MLR - 1 % per annum by making monthly principal and interest payment of Baht 4.2 million each and it must be fully paid within April 2017. Such loan was guaranteed by mortgaging leasehold right and office condominium leasehold of the subsidiary including the assignment of the beneficiary rights under the insurance policies covering these assets to the lender.

Annual Report 2011

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19. LONG-TERM LOAN FROM RELATED PARTY AND INTEREST PAYABLE

Long-term loan from related party Interest payable Total Less: Current portion Net

(Unit: Baht) Consolidated financial statements 2010 2011 223,208,760 345F5/5FM/b 119,258,762 aNF5^3F0b5 342,467,522 343,906,200 %11,736,861& (11,579,103) 330,730,661 332,327,097

On April 30, 2008, a subsidiary has entered into a loan agreement with an overseas company (related party) with details as follows: Credit line (1) The subsidiary has loan from the related party Baht 90 million which has been drawn down in full amount with interest rate 15 percent per annum and the principal is required to be monthly repaid together with interest at compromise rate in amount not lower than Baht 1.2 million per month. As stipulated in the agreement, such loan must be fully repaid within 9 years since the date of drawn down or the loan closing date whichever is earlier. Credit line (2) The subsidiary has loan from the related party Baht 135 million which has been drawn down in full amount with interest rate 15 % per annum and the interest is required to be monthly paid with interest at compromise rate. The principal is required to be firstly repaid in the month of closing loan and fully repaid within 3 years since the loan closing date. Credit line (3) The subsidiary has loan from the related party Baht 140 million of which Baht 120 million has been drawn down with interest rate 15 % per annum. Interest is required to make monthly payment. As stipulated in the agreement, the payment condition is as same as the credit line (2). Remark: â&#x20AC;&#x153;the loan closing dateâ&#x20AC;? means the date that liabilities under debt restructuring agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD. with Siam Commercial Bank Plc.) have been fully repaid.

174

Thai Factory Development Public Company Limited


20. EMPLOYEE BENEFIT OBLIGATIONS The Company and subsidiaries have employee benefit obligations as at January 1, 2011. The Company and subsidiaries have chosen to record such liability as expense on a straight-line method within 5 years as stated in note 5.5. Movement of employee benefit obligations during the transitional provisions as follows:  

(Unit: Baht)

Consolidated financial statements

Unrecognized obligation as at January 1, 2011 Recognised in statements of comprehensive income  Unrecognized obligation as at December 31, 2011  Employee benefit obligations comprise of : Recognised employee benefit  Present employee benefit  Less Employee benefit payment Remaining employee benefit obligations as at December 31, 2011

Separate financial statements

8,970,127 %1,794,025& 7,176,102

7,536,687 %1,507,337& 6,029,350

1,794,025 0,742,910 %550,550& 2,986,385

 1,507,337 1,285,593 %150,550& 2,642,380

21. ESTIMATED LONG-TERM LIABILITIES 

 Building dismantlement Total

(Unit: Baht)

Consolidatedfinancial statements 3M00 3M0M  %Restated& N,620,627 8,377,188 N,620,627 8,377,188

Separate financial statements 3M00 3M0M  %Restated& 3,897,710 2,654,272 3,897,710 2,654,272



Annual Report 2011

175


22. RELATED PARTY TRANSACTIONS During the period, the Company and subsidiaries had significant business transactions with related persons or parties, which have been concluded on commercial terms and bases agreed upon in the ordinary course of business between the Company and those companies. Below is a summary of those transactions. (Unit : Million Baht) For the year ended December 31, Separate Consolidated financial financial statements statements 2011 2010 2011 2010 Transactions with related persons and parties Interest income - Interest expense 27.6 Consulting fee and other benefit expenses 17.3 Commission ¦

1.0 40.0 14.0 9.2

¦ 15.2 ¦

- ¦ 11.9 9.2

Pricing Policy

Interest rate 5.85% per annum Interest rate 15% per annum Contract price At the rate 2-3% of the land prices

  Transactions with subsidiaries (eliminated from the consolidated financial statements) Interest income ¦ ¦ 3/Lb 34L3 Interest rate at 6.625% and 15% per annum Interest expense ¦ ¦ 3L3 ML0 Interest rate at 7.25% per annum Building management income ¦ ¦ /LN 3.7 Contract price Advance from - Increase during the period ¦ ¦ bLM 15.5 No interest is charged Advance from - Decrease during the period ¦ ¦ 6.0 15.5 Advance to - Increase during the period ¦ ¦ NL3 - No interest is charged Advance to - Decrease during the period ¦ ¦ 9.2 

The relationship between the Company and related parties is summarised as follows: The related parties’ name SCHUBERT HOLDINGS PTE. LTD. Vibhavadi Hospital Plc.

JC Asset Company Limited V.C.A.L. Business Group Company Limited VSSL Enterprise Company Limited Mr. Gurdist Chansrichawla Mr. Apichai Taechaubol

176

Thai Factory Development Public Company Limited

Relationship Shareholding in subsidiary A former director of the Company is a director and a shareholder in related company Shareholding in the Company Shareholding in the Company Shareholding in the Company Shareholding in subsidiary Advisor of board of directors, director and shareholder in related company


Details of the outstanding balances between the Company and related parties as at December 31, 2011 and 2010 are as follows: (Unit: Baht)

Note Trade accounts receivable Subsidiary SG Land Company Limited Total Loans to related parties and interest receivable Subsidiaries Total Industrial Services Company Limited 22.1.1 SG Land Company Limited 22.1.2 Total Receivable – sale of investment Related party Vibhavadi Hospital Plc. Total

Separate financial statements 2011 2010

Consolidated financial statements 2011 2010

-

-

390,550 390,550

328,169 328,169

¦ ¦ -

¦ ¦ -

¦ 224,856,333 224,856,333

^FN0/F4b3 30^Fb4MF/5/ 225,563,905

¦ ¦

b,341,690 b,341,690

¦ ¦

-

Other receivable and advance to Related party SCHUBERT HOLDINGS PTE. LTD. Total

22.2

1,301,349 1,301,349

874,640 874,640

Collateral for letter of guarantee Related party VSSL Enterprise Co., Ltd. Total

22.4

15,000,000 15,000,000

15,000,000 15,000,000

Short – term loan from related party and interest payable Subsidiary Total Industrial Services Company Limited SG Land Company Limited 22.3 Total

- - -

- -

b,341,690 b,341,690

-

15,000,000 15,000,000

15,000,000 15,000,000

4,103,953 39,846,070 43,950,023

18,138,588 18,138,588

Annual Report 2011

177


(Unit: Baht)

Note Long â&#x20AC;&#x201C; term loan from related party and interest payable Related party 19 SCHUBERT HOLDINGS PTE. LTD. Total Deposit from sale of project Subsidiary SG Land Company Limited Total

Separate financial statements 2011 2010

Consolidated financial statements 2011 2010

342,467,522 342,467,522

11

343,906,200 343,906,200

-

-

-

129,500,000 129,500,000

- -

129,500,000 129,500,000

For the year ended December 31, 2011 and 2010, movements of loans to related parties and loan from related parties were as follow :(Unit: Baht) During the period

Note 1. Loans to related parties Subsidiary Total Industrial Services Company Limited Loan Interest receivable Total SG Land Company Limited Loan Interest receivable Total Grand Total

Balance as at December 31, 2010

Decrease

22.1.1 7,889,750 23,812 7,913,562

174,041 174,041

22.1.2 161,830,143 55,820,200 217,650,343 225,563,905    

178

Increase

Balance as at December 31, 2011

Thai Factory Development Public Company Limited

23,464,061 23,464,061 23,638,102

(7,889,750) (197,853) (8,087,603)  %11,225,275& %5,032,796& %16,258,071& %24,345,674&

-

150,604,868 74,251,465 224,856,333 224,856,333


(Unit: Baht) During the period

2. Short -term loan from related parties Subsidiary Total Industrial Services Company Limited Loan Interest payable Total SG Land Company Limited Loan Interest payable Total Grand total

Note   22.3 



Balance as at December 31, 2010

-

Increase

7,300,000 12,216 7,312,216

Decrease

Balance as at December 31, 2011

%3,200,000& %8,263& %3,208,263&

4,100,000 3,953 4,103,953

18,000,000 025,000,000 %105,000,000& 2,201,889 %494,407& 138,588 18,138,588 127,201,889 %105,494,407& 18,138,588 134,514,105 %108,702,670&

38,000,000 1,846,070 39,846,070 43,950,023

3. Long -term loan from related party SCHUBERT HOLDINGS PTE. LTD. Loan Interest payable Total

19 254,434,036 89,472,164 343,906,200

ÂŚ 36,290,262 36,290,262

%/0,225,276& %6,503,664& %/^,728,940&

223,208,760 119,258,762 342,467,522

22.1 Loans to related parties 22.1.1 Loan to subsidiary â&#x20AC;&#x201C; promissory notes with interest rate 6.625% per annum, due at call. 22.1.2 The Company entered into loan agreements with a subsidiary with details as follows: Credit line (1) Baht 90 million of which full amount has been draw down, with interest rate 15 percent per annum and the principal is required to be monthly repaid together with interest at compromise rate in amount not lower than Baht 1.2 million per month. Credit line (1) The subsidiary must be fully repaid to the Company within 9 years since the date of drawn down or the loan closing date whichever is earlier.

Annual Report 2011

179


Credit line (2) Baht 135 million which has been drawn down in full amount with interest rate 15 percent per annum and the interest is required to be monthly paid with interest at compromise rate. Credit line (2) As stipulated in the agreement, the principal is required to be firstly repaid in the month of closing loan and fully repaid within 3 years since the loan closing date. Credit line (3) Baht 140 million which has not been drawn down with interest rate 15 percent per annum. The subsidiary entered into this loan in order to pay for purchase of leasehold right of Mahadlekluang project (the Company project). Credit line (3) As stipulated in the agreement, the payment condition is as same as the credit line (2). Remark: â&#x20AC;&#x153;the loan closing dateâ&#x20AC;? means the dated that liabilities under debt restructuring agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD. with Siam Commercial Bank Plc.) have been fully repaid. 22.2 Advance paid to Advance paid to related parties for operation purpose has no interest charge. 22.3 Short - term loan from subsidiary A short - term loan from subsidiary with interest rate 7.25 percent per annum and due at call, documented by a promissory note. Such loan has no collateral. 22.4 Collateral for letter of guarantee The Company paid collateral to a related company because the Company used letter of guarantee in amount of Baht 21.5 million of the related company by bank issuance letter of guarantee to be placed at the Privy Purse Bureau as stated in note 32.2.1 (6). The Company will earn remuneration at 2% per annum for the collateral in amount of Baht 15 million. 22.5 Guarantee obligations with subsidiary The Company has guarantee obligations with related parties, as described in note 32.4.1 23. SHARE CAPITAL According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to increase share capital from Baht 760 million to Baht 836 million, divided into 76,000,000 ordinary shares at Baht 1 per share, totaling Baht 76 million. The new shares were issued to serve share dividend and the adjustment of exercise right ratio for purchasing ordinary share of warrant holders. The Company registered to increase the shares capital with the Ministry of Commerce on May 10, 2010.

180

Thai Factory Development Public Company Limited


24. WARRANTS TO PURCHASE ORDINARY SHARES The Stock Exchange of Thailand approved the listing of 30,980,393 warrants to purchase the Company’s ordinary shares as registered securities on the Stock Exchange of Thailand, commencing from April 18, 2003. The warrants (approved by the Company’s Extraordinary General Meeting of the Shareholders No. 1/2002 held on July 16, 2002) have a life of 10 years and are exercisable every three months with the first exercise date being on June 30, 2003 and the final exercise date on March 31, 2013. The warrants are exercisable in a ratio of 1 warrant to 1 ordinary share at an exercise price of Baht 5 per share. The 2004 Annual General Meeting of the Company’s Shareholders held on April 29, 2004 passed a resolution approving a stock split to change the par value of the Company’s shares, from Baht 5 per share to Baht 1 per share, changing the number and exercise price of the Company’s remaining warrants from 24,480,393 warrants at an exercise price of Baht 5 per warrant to 122,401,965 warrants at an exercise price of Baht 1 per warrant, to be consistent with the change in the par value of the Company’s shares. According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to pay dividend by common shares, therefore, the Company adjusted the exercise right ratio for purchasing ordinary shares. Formerly, the Company had declared share dividend at a ratio of exercise right of 1 warrant to purchase 1 ordinary shares at the exercise price of Baht 1 per share. The new ratio of exercise right is 1 warrant to purchase 1.1 ordinary shares at the exercise price of Baht 1 per share. The warrant have a life of 10 years and are exercisable every three months with the first exercise date being on June 30, 2003 and the final exercise date on March 31, 2013. During this period, no warrants were exercised to purchase ordinary shares. As at December 31, 2011 and 2010, 122,401,965 warrants to purchase ordinary shares have not yet been exercised. 25. STATUTORY RESERVE Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought forward (if any) until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution.

Annual Report 2011

181


26. DIRECTORS’ REMUNERATION AND MANAGEMENT BENEFIT EXPENSES 26.1 DIRECTORS’ REMUNERATION Director remuneration is the benefits paid to the Company and subsidiaries of directors excluding salaries and related benefits which were paid to executive directors according to Section 90 of the Public Company Limited Act. 26.2 MANAGEMENT BENEFIT EXPENSES Management benefit expense focuses expense relating to salaries, remunerations and other benefits to their directors and management, in accordance with the definitions of the Office of the Securities and Exchange Commission. Management under definition includes a chief executive officer, the next four executive levels immediately below that chief executive officer and all persons in positions comparable to these fourth executive levels. In 2011, management benefit expense including board consulting consist of the consulting fee amount of approximately Baht 8.7 million and other benefit expenses amount of Baht 8.6 million (2010: consulting fee Baht 8.7 million and other benefit expenses Baht 5.3 million) [for the Company only : consulting fee Baht 6.6 million and other benefit expenses Baht 8.6 million (2010: consulting fee Baht 6.6 million and other benefit expenses Baht 5.2 million)]. 27. PROVIDENT FUND The Company and subsidiaries and their employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. The Company and subsidiaries and their employees contributed to the fund monthly at rates of 3-10 percent of basic salary. The fund, which is managed by MFC Asset Management Public Company Limited, will be paid to the employees upon termination in accordance with the fund rules. During the year 2011, the Company and subsidiaries contributed Baht 2.5 million (2010: Baht 2.4 million) [for the Company only: Baht 2.1 million (2010: Baht 2.0 million)] to the fund. 28. EXPENSES ANALYSED BY NATURE OF EXPENSE 28.1 Significant expenses analysed by nature of expense for the year ended December 31, 2011 and 2010 are as follows : Consolidated financial statements

219,603,260

2010 %Restated& 264,969,439

219,603,260

2010 %Restated& 264,969,439

338,993,417 48,621,877 6,718,780 3N,0^4,M4/ 82,985,673

136,702,868 39,208,062 6,045,000 39,522,170 81,184,753

338,993,417 35,958,250 4,830,000 26,765,541 12,847,157

136,702,868 28,482,621 4,440,000 27,041,812 5,617,925

2011  Change in properties for sale Purchase land, work in progress and project development expenses Staff expense Directors’ remuneration Management benefit expenses Depreciation and amortisation

182

(Unit: Baht) Separate financial statements

Thai Factory Development Public Company Limited

2011


28.2 Depreciation and amortisation are summarised below. (Unit: Baht) Separate financial statements 2011 2010

Consolidated financial statements 2011 2010 Depreciation and amortisation which is cost of rental andrelated services Depreciation and amortisation which is selling and administrative expenses Total

72,410,079

77,594,423

3,129,726

2,976,168

10,575,594 82,985,673

3,590,330 81,184,753

9,717,431 12,847,157

2,641,757 5,617,925

29. BASIC EARNINGS PER SHARE / RECONCILATION OF DILUTED EARNINGS PER SHARE There is no disclosure of the reconciliation of diluted earnings per share in the financial statements for the three months and year ended December 31, 2010 as the exercise price of the warrant to purchase ordinary shares is higher than the average market price of the ordinary shares for the period. The reconciliation of basic earnings per share with diluted earnings per sharefor the year ended December 31, 2011 is presented as follows: For the year ended December 31, 2011 Consolidated Separate financial statements financial statements Weighted Weighted average average Profit number of number of per ordinary ordinary Net profit shares shares share Net profit (Baht) (Share) (Baht) (Baht) (Share) Basic earnings per share  Net profit (loss) - owners of the Company Effect of diluted ordinary shares 033F5M0FNb4 warrants issued to   existing shareholders Diluted earnings (loss) per share Profit of ordinary shareholders as if  warrants were exercised

147,726,407

-

147,726,407

701,357,785 0.2106 135,459,287

15F571F933

-

716,929,718 0.2061 135,459,287  

Profit per share (Baht)

701,357,785 0.1931

15F571F933

716,929,718 0.1889

Annual Report 2011

183


30. DIVIDEND PAYMENT According to the 2010 Annual General Meeting held on April 29, 2010, the Company passed resolutions approving to pay dividend of the 2009 operation and retained earnings at Baht 0.115 per share, totaling Baht 73.3 million to the Companyâ&#x20AC;&#x2122;s shareholders in details as follows: (1) By dividend share for 63,759,803 ordinary shares at the ratio 10 ordinary shares: 1 dividend share at Baht 1 each which equal to Baht 0.10 per ordinary share, totaling Baht 63.7 million. In case the remaining ordinary shares are not reach 1 dividend share, they will be paid by cash at Baht 0.10 per ordinary share. (2) By cash at Baht 0.015 per ordinary share, totaling Baht 9.6 million. The dividend is fixed to be paid on May 27, 2010. 31. SEGMENT INFORMATION Business operations of the Company and subsidiaries involve two principal segments: business of property development for sale and property for lease, and hotel business. These operations are mainly carried on in Thailand. Below is for the year December 31, 2011 and 2010 (after restatement) of the Company and subsidiaries by segment. Properties for sale business 2011 2010 Revenues from external customers Total revenues Segment income (loss) Interest income Other income Profit (Loss) before financial cost and income tax Financial cost Profit (Loss) before income tax Income tax Comprehensive income

184

847.8 847.8

Thai Factory Development Public Company Limited

833.3 833.3

Properties for lease business 2011 2010 284.3 284.3

260.6 260.6

(Unit: Million Baht) Consolidated financial statements 2011 2010 1,132.1 1,132.1 244.4 ML4 00L0

1,093.9 1,093.9 211.2 ML3 bL4

256.0 %71.3&

217.9 %88.4&

184.7 (38.2) 146.5

129.5 ÂŚ 129.5


32. COMMITMENTS AND CONTINGENT LIABILITIES 32.1 Capital Commitments as at December 31, 2011 32.1.1 The Company had commitments of approximately Baht 121.9 million in respect of agreements to design, improve and construct residential condominium and management and control construction agreement (2010: Baht 85.9 million). 32.1.2 The Company had commitments under the following agreements in respect of TFD Industrial Estate project: - Agreement to construction standard factory building and utilities system of approximately Baht 5.2 million. ÂŚ Agreement to buy land for project development approximately Baht 906.6 million (2010: Baht 146.8 million) and the commission for land acquisition Baht 14.7 million. 32.2 Operating Lease Commitments 32.2.1 The Company has leasehold rights to land which it leases from the Privy Purse Bureau and on which it has the right to construct a residential building. In January 2007, a permit to construct the residential building was received from the relevant government agency. In June 2007 and February 2008, the Company entered into an agreement with Privy Purse Bureau to construct the building and lease the land with completed building in a period of 30 years, commencing from January 1, 2010. On September 21, 2010, the Company received the letter of the Privy Purse Bureau to approve changing pattern and size of the project requested by the Company and to have new conditions. As at December 31, 2011, the Company had the following commitments in respect of this agreement: (1) The permit to construct the residential building is to be in the name of the Privy Purse Bureau and ownership of the building and other constructions on this land is to be transferred to the Privy Purse Bureau, while the Company is to pay all expenses related to the construction of the building until completion. (2) The construction period is 5 years since the date of the permit to construct the new building from the relevant government agency. (3) The lease period is 30 years commencing from the end of the construction period as per (2). However, if the construction is completed before the end of construction period, the lease period commences from the completion date by making monthly rental payment. The Company is obliged to pay rental at a rate of Baht 500,000 per month in the first year, and such rental rate is to be increased by five percent every year until the end of lease period.

Annual Report 2011

185


(4) During the construction period, the Company is obliged to make payment of compensation for loss of benefit at a rate of Baht 500,000 per month over the construction, commencing in September 2010 and the entrance usage at Baht 4,700 per month. (5) The Company has to make extra payment to the Privy Purse Bureau in amount of Baht 30 million within December 20, 2010. (6) The Company has to rendered letter of guarantee in credit line of Baht 50 million within December 20, 2010 and it was partially rendered Baht 21.5 million by using the credit line for bank issuance letter of guarantee to VSSL Enterprise Company Limited (related party) to the Privy Purse Bureau for the period of three years, commencing from May 27, 2010. Refer to (5) and (6), the Company required to extend the period of payment special remuneration and render letter of guarantee and on December 14, 2010, the Company received letter from the Privy Purse Bureau approve to extend to 30 days after pass the environment valuation approved by the related agent. 32.2.2 In April 2003, the subsidiary entered into an agreement with the Industrial Estate Authority of Thailand to lease land for use in the subsidiaryâ&#x20AC;&#x2122;s operation of its factory rental business for a period of 30 years ending on June 23, 2033. Under this agreement, the subsidiary is committed to pay an annual rental of approximately Baht 4.8 million, and such rental rate may be increased by ten percent on the contemporaneous rental rate every five years. As at December 31, 2011, the subsidiary has the committed to pay rental under these lease approximately: Million Baht Within 1 Year 5.3 2 Years to5 Years 21.3 After5 Years 82.3 Total 108.9 32.2.3 In March 2004, the subsidiary entered into agreements with the Industrial Estate Authority of Thailand to lease land for use in the subsidiaryâ&#x20AC;&#x2122;s operation of its factory rental business for a period of 15 years ending on December 31, 2018. Under these agreements, the subsidiary is committed to pay annual rental of approximately Baht 1.7 million, and such rental rates may be increased by ten percent on the contemporaneous rental rates every five years. As at December 31, 2011, the subsidiary has committed to pay rental under theses leases approximately: Within 1 Year 2 Years to5 Years After5 Years Total

186

Thai Factory Development Public Company Limited

Million Baht 1.9 7.5 3.7 13.1


32.2.4 In February 2006, the subsidiary entered into agreements with individuals in order to lease land for use in the subsidiaryâ&#x20AC;&#x2122;s operation of its factory rental business, for a period of 30 years, ending on February 19, 2036. As at December 31, 2011, the subsidiary has committed to pay rental under these leases approximately: Within 1 Year 2 Years to5 Years After5 Years Total

Million Baht 1.6 6.4 34.1 42.1

In addition, the subsidiary entered into agreements to lease the land for a further 30 years, from February 20, 2036 to February 19, 2066. The subsidiary is committed to pay key money of Baht 15 million and monthly rental totaling Baht 68.4 million during the years 2036 - 2066. At the end of the rental period, the subsidiary may extend the lease for a further period of not less than 20 years and must comply with conditions stipulated in the agreements. 32.2.5 The subsidiary has leasehold right to land from the Privy Purse Bureau and has the right to construct a condominium for lease on such land with the lease term of 30 years, commencing from November 1993 until October 2023. The condominium is belonged to the Privy Purse Bureau. As at December 31, 2011, the subsidiary has commitment to pay remaining rental approximately: Within 1 Year 2 Years to5 Years After5 Years Total

Million Baht 2.9 16.9 25.7 45.5

Moreover, the subsidiary has commitment to pay for entrance usage in amount of Baht 50,000 per month. 32.2.6 The subsidiary has leasehold right on land (sublease) from a company and has the right to construct an office building on such land with the lease term of 30 years, commencing from December 1995 until November 2025. The office building is belonged to the sub-leasers at the end of the contract. 32.3 Long-term service commitments 32.3.1 As at December 31, 2011, the Company had the following commitments in respect of an agreement with the Industrial Estate Authority of Thailand to collaborate in the development of TFD Industrial Estate project. (1) A fee for supervision of services within the Industrial Estate. The Company is committed to pay an annual fee of approximately Baht 1.2 million, commencing in 2009. Such fee rate may be increased by 10 percent on the contemporaneous fee rate every three years. (2) Sales promotion expenses of approximately Baht 1.8 million

Annual Report 2011

187


(3) Contribution of approximately Baht 11.3 million to the fund for maintenance and replacement of infrastructure system and other facilities when the land users receive permission of land utilisation from the Industrial Estate Authority of Thailand 32.3.2 As at December 31, 2011, a subsidiary has commitment under service agreement amount of Baht 14.5 million (2010: Baht 8.1 million). 32.4 Guarantees 32.4.1 As at December 31, 2011, the Company has guaranteed bank credit facilities of a subsidiary amounting to Baht 140 million (2010: Baht 140 million). 32.4.2 As at December 31, 2011, there were outstanding bank guarantees of Baht 38.2 million (2010 : Baht 16.7 million) [the Company only: Baht 34.7 million (2010: Baht 13.2 million)], issued by banks on behalf of the Company and subsidiary in respect of certain performance bonds as required in the normal course of business. These included the following letters of guarantee: Bank guarantees on behalf of the Company -

As at December 31, 2011, letters of guarantee amounting to Baht 32.1 million to guarantee performance under the agreement with the Industrial Estate Authority of Thailand to collaborate in the development of TFD Industrial Estate project (2010: Baht 10.8 million).

-

As at December 31, 2011, letters of guarantee amounting to Baht 2.6 million to guarantee electricity use, among others (2010: Baht 2.4 million).

Bank guarantees on behalf of the subsidiary -

As at December 31, 2011, letters of guarantee amounting to Baht 3.5 million to guarantee electricity use, among others (2010: Baht 3.5 million).

32.5 Lawsuit In 2006, SG Land Company Limited, a subsidiary, was sued by a company for breaching the building lease agreement and claimed for damage Baht 5 million per month since the date which was sued unit the subsidiary moves out of the building. The Civil Court dismissed the case. In October 2007, the plaintiff appealed the judge. In February 2011, the Appeal Court affirmed the judge. As December 31, 2011, the case is finalized because the plaintiff did not submit the case to the Supreme Court within 1 month after the Appeal Courtâ&#x20AC;&#x2122;s judge.

32.6 Other The Company entered into agreement to buy and to sell with a company at agreement value of Baht 275.3 million, the company has gradually transferred the ownership under agreement to buy and to sell amount of Baht 260.3 million which was recorded as income in the statement of comprehensive income, the remaining ownership is expected to transfer within 2012

188

Thai Factory Development Public Company Limited


33. FINANCIAL INSTRUMENTS 33.1 Financial risk management The Company’s financial instruments, as defined under Thai Accounting Standard No. 48 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, trade accounts receivable, loans to, investments, advances, trade accounts payable, accounts payable purchases of land, accounts payable - construction, and short-term and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below. !"#$%&"%'( The Company is exposed to credit risk primarily with respect to trade accounts receivable and loans. The Company manages the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company does not have a high concentration of credit risk since it has a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of receivables and loans as stated in the statement of financial position. )*&#"#'&"+&#"%'( The Company’s exposure to interest rate risk relates primarily to its cash at banks, loans to, bank overdrafts, short-term and long-term borrowings. However, since most of the Company’s financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal. Significant financial assets and liabilities as at December 31, 2011 classified by type of interest rates are summarized in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date or the reprising date if this occurs before the maturity date. 

Consolidatedfinancial statements 

Fixed interest rates - within  1 year

 Financial assets Cash and cash equivalent Trade accounts receivable Deposits at financial institutions with restrictions Total Financial liabilities Bank overdrafts Trade accounts payable Long-term loans from financial institutions  Debt restructuring payable Long – term loans from related parties Total

Floating interest Non-interest rate bearing (Thousand Baht)

Total

¦ ¦  04,355 04,355

03,335 ¦  10 12,345

643 03,652  14,295

12,978 13,652  15,365 41,995

-

51,132 -  487,997 152,701 - 691,830

- 73,358  73,358

51,132 73,358  487,997 152,701 330,731 1,095,919

- - 330,731 330,731

 Interest rate (% p.a.) ML^4  3LMM¦3L0M

7.55 ¦ 8.10  6.25 ¦ 8.25 6.25

Annual Report 2011

189


 

Fixed interest rates - within  1 year

 Financial assets Cash and cash equivalent Trade accounts receivable Loans to related parties and interest receivable Deposit at financial institutions with restrictions Total Financial liabilities Bank overdrafts Trade accounts payable Short-term loans from related parties and interest payable Long-term loans from financial institutions Total

- -

Separatefinancial statements Floating interest Non-interest rate bearing Total (Thousand Baht) 505 -

 Interest rate (% p.a.)

518 3,676

1,023 3,676

0.75 -

-

224,856

15.00

224,856

-

15,355 240,211

10 515

4,194

15,365 244,920

2.00 ¦ 2.10

46,470   - 261,787 308,257

- 72,319  - 72,319

46,470 72,319

7.55 ¦ 7.75 -  7.25 6.25 ¦ 8.25

- -  43,950 43,950

43,950 261,787 424,526

,-"#%.*/0""#*/1"%'( The exposure of the Company and its subsidiaries to foreign currency risk is limited since the majority of business transactions are denominated in Thai Baht. 33.2 Fair values of financial instruments As the majority of the Company’s financial assets and liabilities are short-term in nature and the loans carry interest at rates close to current market rates, their fair value is not expected to be materially different from the amounts presented in the statement of financial positionLA fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. Methodology of fair value measurement depends upon characteristics of the financial instruments. The fair value is determined by reference to the latest quoted market price or by using an appropriate valuation technique. 34. CAPITAL MANAGEMENT The objective of financial management of the Company and subsidiaries is to maintain the continuity of operation capability and appropriate capital structure. As at December 31, 2011 and 2010, the Company and subsidiaries have Debt to Equity ratio as follows: Consolidated Separate  financial statements financial statements  2010 2011 2010 2011      Debt to Equity ratio 1.43 1.94 0.84 1.16

190

Thai Factory Development Public Company Limited


35. RECLASSIFICATION 

Some transactions of the 2010 financial statements were reclassified in conformity with the presentation of the 2011 financial statements. This transaction is in accordance with the changes in the accounting policy as a result of the adoption of the new and revised TFRS as mentioned in the notes to the financial statements no 5. The significant reclassification is as follows:   Unit : Baht Consolidatedfinancial statements Before After Reclassify reclassify reclassify Statements of financial position as at December 31, 2010

ASSETS Trade accounts receivable and other accounts receivable Trade accounts receivable Trade accounts receivable - Unrelated parties Advances to contractors Other current assets Prepaid expenses Accounts receivable - sale of investment Other Advance to purchase land Land, building and equipment held for lease Leasehold rights LIABILITIES Trade accounts payable and other accounts payable Trade accounts payable Accounts payable - construction Other current liabilities  Advance received from customers Retention for constructors Accrued expenses Other Total

-

57,889,411

57,889,411

10,211,829 4,624,095

%10,211,829& %4,624,095&

-

12,352,497 6,341,690 2,605,520 21,000,000 394,393,740 195,504,264

%12,352,497& %6,341,690& %2,359,300& %21,000,000& (394,393,740) 394,393,740

246,220 ÂŚ 589,898,004

11,956,554 19,457,968

352,191,904 %11,956,554& %19,457,968&

352,191,904 -

3bN,633,775 %269,633,775& 15,708,461 %15,708,461& 3N,719,438 %3N,719,438& %5,715,708& a,601,797 997,121,867 ÂŚ

2,886,089 997,121,867    

Annual Report 2011

191


 Unit : Baht Separatefinancial statements Before After Reclassify reclassify reclassify Statements of financial position as at December 31, 2010

ASSETS Trade accounts receivable and other accounts receivable Trade accounts receivable Trade accounts receivable - Unrelated parties Trade accounts receivable - Related parties Advances to contractors Other current assets Prepaid expenses Accounts receivable - sale of investment Other Advance to purchase land LIABILITIES Trade accounts payable and other accounts payable Trade accounts payable Accounts payable - construction Other current liabilities Advance received from customers Retention for constructors Accrued expenses Other Total 

ÂŚ

5b,306,997

5b,306,997

2,543,882 328,169 5,624,095

%2,543,882& %328,169& %5,624,095&

ÂŚ ÂŚ ÂŚ

9,212,773 6,341,690 1,273,945 21,000,000

%9,212,773& %6,341,690& %1,256,388& %21,000,000&

ÂŚ ÂŚ 17,557 ÂŚ

ÂŚ //3,017,287 a %&  %&    %&  %&  %&  %&  

//3,017,287  ÂŚ   ÂŚ   

36. APPROVAL OF INTERIM FINANCIAL STATEMENTS  These financial statements were authorized for issue by the Company's Board of Directors on February 29, 2012.

192

Thai Factory Development Public Company Limited


Nature of Business „k…                    

!'C"/3# ◆ :A?80?C@;=qQ6761;iW69@f:0Qg<?L=6I8L@6=6E;9>;76Wk6=/))<8@A@A6iK=i;L6@;C;9L@=KC@  L@?9E?=Ei=6,kK81@89EKL@=8?1i1?9@LX;=L?16;==69@897?=8;KL89EKL@=8?16L@?@6L2 ◆ V9// :0Q<?L18L@6E89@A6G@;CDyJCA?9I6;X:A?81?9E2:A64;Wi?9q=6I8L@6=6E@;C;976=@8@L61X  89@;?iKk18CC;Wi?9q;9*06k=K?=q//*2 ◆ V9 +  @A6 4;Wi?9q 6Ji?9E6E 8@L X?C@;=q E6761;iW69@ i=;Ž6C@ 78? 8@L LKkL8E8?=q <A8CA 8L :;@?1  V9EKL@=8?1G6=78C6L4;2 œ@E2@;E6761;iVy‡:oLi=;i6=@86L?9E?1L;L@?=@6EE6761;i89IC8@qkKL896LLE8L@=8C@  f4HQg=6L8E69@8?1i=;i6=@q2 ◆ V9),. @A64;Wi?9qL;1EW;L@1?9EL?9EX?C@;=86L@;@A6:A?8V9EKL@=8?10K9Ef:V0g2:A6  4;Wi?9qA?Lk669?ii;89@6E?L?W?9?I6=@;W?9?I6?11;X@A6XK9EoLX?C@;=86L2 ◆ V9) @A64;Wi?9qŽ;896E<8@A@A6V9EKL@=8?1yL@?@6‡K@A;=8@q;X:A?81?9E@;L6@Ki8@L;<9:0Q  V9EKL@=8?1yL@?@6?@@A?G?,?9GKk,Q8L@=8C@ ‰K?9IQ8L@=8C@ 4A?CA?69IL?;‹=;789C6@;E6761;i1?9EL  ?9E=6?Eq,W?E6X?C@;=86L@;L6=78C6X;=8976L@;=LV9:0Q<?LC;9@89K;KL1q89@6=6L@6Ekq@A6  8976L@6=L<A8CA?XX6C@C;Wi6@8@8761?9EL?16L?9E=6?Eq,W?E6X?C@;=86L W;L@@A6CKL@;W6=L?=689  ?K@;,i?=@?9E616C@=;98CL?LL6Wk16LkKL896LLL6C@;= ◆ V9. :0Q<?L8976L@6E89;XX8C6kK81E89IX;==69@<8@AkKL896LL?118?9C6K9E6=@A69?W6GŠœ?9E  4;2 œ@E2 ◆ :A6q6?=/ <?L@A6q6?=;X@A6-/›6=8@?I6C;Wi16@6E?9E=6?EqX;=;<96=LA8i@=?9LX6=89@A6  q6?=;X?9E ◆ M9‰?q  @A64;Wi?9q89C=6?L6E8@L=6I8L@6=6EC?i8@?1X=;WH?A@)  @;H?A@  .+  2

„g…

O00&€ "$ (2 !/H&3HH GA?=6A;1E89I=?@8;898@LLKkL8E8?=86L8L?LX;11;<L(

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C&H(# 1@&(> H?A@W8118;9

b22">#&3C (&" 100.00%

H?A@2*-W8118;9

49.91%

Annual Report 2011

193


„j… 

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2 0?C@;=q?9E=6L8E69@8?1  E6761;iW69@i=;Ž6C@L8989EKL@=8?16L@?@6L  , 89C;W6LX=;WL?16  , 89C;W6LX=;W=69@?9EL6=78C6X66L 2 B69@;X;XX8C6Li?C6kKL896LL  , V9C;W6LX=;W=69@?9EL6=78C6X66L +2 ›;@61L6=78C6?i?=@W69@kKL896LL *2 4;9E;W898KWkKL896LL -2 M@A6=89C;W6L :;@?1

g^^q B&>>&"3 % !2(

67.0 176.0 37.0 646.0 54.0 980.0

6.8

g^k^ B&>>&"3 % !2(

85.7

7.8

18.0 174.8 15.9 3.80 65.9 833.3 75.7 5.5 6.7 0.6 100.0 1,100.5 100.0

g^kk B&>>&"3 % !2(

662.9 97.0

58.0 8.5

187.3 16.4 184.9 16.2 11.6 1.0 1,143.7 100.0

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194

Thai Factory Development Public Company Limited


Status of Industry and Competition !/H&3HH /3# +'2 v"#/'( &3 „k… !'C"/3#   ‡@i=6L69@ @A64;Wi?9qoLi=;EKC@LC?9k6E878E6E89@;X876I=;KiL?LX;11;<L(   ◆ V9EKL@=8?1yL@?@6   ◆ G?16?9E=69@?1œ?9E =6?Eq,W?E6X?C@;=q <?=6A;KL6L ?9EW?9?I6W69@   ◆ B69@?1X;=;XX8C6Li?C6?9EW?9?I6W69@   ◆ G?16X;=4;9E;W898KWL   ◆ 4;9L@=KC@8;9 Q6L8I9?9E4;9L@=KC@8;94;9@=;1 3# #0>"@3( $" &3#/H(&> H((  :0QA?L6L@?k18LA6E@A6:0QV9EKL@=8?1yL@?@6?@H?9Ii?D;9IQ8L@=8C@ 4A?CA;69IL?;‹=;789C6@;E6761;i 1?9EL?9E?CC;Wi?9q89I89X=?L@=KC@K=6LqL@6W?L<611?L@;kK81EX?C@;=86L@A6=62:A6C;Wi?9qA?LL8I96E?C;9@=?C@ @;;i6=?@6@A6i=;Ž6C@<8@A@A6V9EKL@=8?1yL@?@6‡K@A;=8@q;X:A?81?9EfVy‡:g<A6=6@A6X8=W;XX6=L8@Li=;EKC@L89? I696=?189EKL@=q‘;96?9E?X=66,@=?E6‘;96@;=6Li;9E@;E6W?9EL;Xk;@A:A?8?9EX;=68I98976L@;=L2:A6i=;Ž6C@oL CKL@;W6=@?=I6@L?=6?K@;i?=@?LL6Wk16=L 616C@=;98Ci?=@LW?9KX?C@K=6L?9E;@A6=9;9,i;11K@89IW?9KX?C@K=89I 89EKL@=86L2 b>H " 3( "$ 0'3( >3#H " >3#H €&(2 #A # $'("&H £8@A =6I?=E @; 8@L X?C@;=q i=;EKC@L  @A6 4;Wi?9q A8=6L ?=CA8@6C@L @; E6L8I9 X?C@;=86L k?L6E ;9 E6L8I9 L@?9E?=EL<A6=6W;E6=9W?@6=8?1L?=6KL6E?9EC;9L@=KC@8;98LLKi6=78L6Ekq8@L69I8966=L2:A64;Wi?9qKL6L? k8EE89Ii=;C6LLkq8978@89IL676=?1C;9@=?C@;=L<8@A6Ji6=@8L689C;9L@=KC@=6?EqW?E6X?C@;=q@;k8EX;=C;9L@=KC@8;9 C;9@=?C@2:A6C;9@=?C@L?=6=6<?=E6E@;C;9@=?C@;=L<8@A=6167?9@6Ji6=869C6<A;;XX6==6?L;9?k16C;9@=?C@i=8C6 C;WW69LK=?@6<8@A@A64;Wi?9qoL6L@8W?@6EC;L@L2  ‡@i=6L69@ @A64;Wi?9q;<9L1?9EL?9E=6?EqW?E6X?C@;=86L89X87689EKL@=8?16L@?@6LL8@K?@6E89X;K= i=;789C6L?LX;11;<L(  2 4A;9kK=8fH;<89gV9EKL8?1yL@?@6894A;9kK=8‹=;789C6  2 >?7?>?D;=9V9EKL@=8?1‹=;W;@8;9¯;9689‹?@AKW:A?98‹=;789C6  +2 œ?6W4A?k?9IV9EKL@=8?1yL@?@6894A;9kK=8‹=;789C6  *2 589ID?6<£?=6A;KL6‹=;Ž6C@89G?WK@‹=?D?9‹=;789C6  -2 :0QV9EKL@=8?1yL@?@6‹=;Ž6C@894A?CA;69IL?;‹=;789C6 b>H "$ H&#3(&> '"3#"&3&/H Q2 hq p&(C v"{'(  :0Q8976L@L89@A6C;9L@=KC@8;9;X@A6.,K98@C;9E;W898KWi=;Ž6C@89G;8GKDAKW78@-/2:A6i=;Ž6C@  <A8CA8L<;=@AH?A@2+k8118;9 ;XX6=L?L?16?k16?=6?;X* .//2+*LpK?=6W6@6=L2‡@i=6L69@ /.i6=C69@;X ;<96=LA8iA?Lk669@=?9LX6==6E@;CKL@;W6=L2V@8L6Ji6C@6E@A?@?11<811k6@=?9LX6==6Ekq@A6L6C;9EpK?=@6=;X 2012.

Annual Report 2011

195


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196

Thai Factory Development Public Company Limited


 4;Wi6@8@8;989@A8LkKL896LL=6W?89LW6E8;C=6L89C6@A6=6?=6X6<;i6=?@;=L?9E@A6kKL896LL=6pK8=6LA8IA 8976L@W69@2Q8=6C@C;Wi6@8@;=L?=6;@A6=89EKL@=8?16L@?@6L89@A6L?W6?=6??L:0Q8L9;<L6@@89IKi8@L;<9 89EKL@=8?16L@?@62  ‡LX;=;K=kKL896LLi1?9 :0Q<811Li66EKi8@L:0QV9EKL@=8?1yL@?@6E6761;iW69@1;C?@6E?@?9 89@6=L6C@8;9?@5W*+;X@A6‰;@;=<?q?@:?Wk;9:A?G?,?9 4A?CA;69IL?;‹=;789C6 L89C6@A61;C?@8;98LC1;L6E @;@A6GK7?=9?kAKW8V9@6=9?@8;9?1‡8=i;=@?9E@A6œ?6W4A?k?9IQ66iG6?‹;=@2:A6iK=i;L68L@;L6111?9EL?9E kK81E =6?Eq,W?E6 X?C@;=86L ?9E <?=6A;KL6 X;= L?16 ?9E X;= =69@ @; @A6 LKii;=@89I 89EKL@=q2 ‡ W?Ž;= 89EKL@=8?1 ;i6=?@;=A?L?1=6?Eqk;KIA@6Wi@q1?9E89@A6:0QV9EKL@=8?1yL@?@62MK=@?=I6@CKL@;W6=LA;<676=?=6G‰yL ;i6=?@89I?9;9,i;11K@89IkKL896LL@A?@1;;DLX;=@=?9Li;=@?@8;9C;9769869C6 9;@?k1q616C@=;98Ci?=@L?9E?K@;W;k816 i?=@?LL6Wk16=L2 1"3#"&3&/ (  :A?81?9EoLC;9E;W898KWW?=D6@89=6W?896E=;kKL@1?=I61q@;?iK=CA?L89Ii;<6=;X1;C?1CKL@;W6=L <A8CAA?Lk669L@=;9IKi@;9;<2›;<676= L89C6@A6=6?=6L;W?9qC;9E;W898KWE6761;i6=LE6761;i89Ii=;Ž6C@L ?1;9I@A6W?LL@=?9Li;=@?@8;9=;K@6L;XLDq@=?89?9EK9E6=I=;K9E@=?89 @A6=68L9;<;76=LKii1q;XC;Wi16@61q,kK81@ C;9E;W898KWL2Q6761;i6=L?=6X;=C6E@;;XX6=7?=8;KLL?16Li=;W;@8;9L@;L@8WK1?@6L?16L<8@A89@A68=CKL@;W6= @?=I6@I=;KiL2  ›;<676= X=;W9;<@;@A696J@+,-q6?=L @A66C;9;W8C?9Ei;18@8C?1C=8L8L@A?@A?LL69@?96I?@8768Wi?C@ @;@A6X89?9C8?1W?=D6@?9E@A6=6X;=6<811?XX6C@iK=CA?L89Ii;<6=;XA;W6kKq6=L89:A?81?9E<811k6?W?Ž;=X?C@;= ?XX6C@89I E6W?9EL X;= =6L8E69@8?1 C;9E;W898KWL 89 H?9ID;D2 ‡L8E6 X=;W @A8L X?C@;=  =8L89I 89@6=6L@ =?@6L  C;L@1q C;9L@=KC@8;9?9EE6C;=?@89IW?@6=8?1L?9EA8IA6=1?k;=C;L@L?=6?1L;96I?@876X?C@;=L@;@A6=6L8E69@8?1W?=D6@2  ‡@ i=6L69@  @A6 W?=D6@ k;?L@L *  K98@L ;X C;9E;W898KWL    K98@L ;X <A8CA <6=6 1?K9CA6E EK=89I@A61?@@6=A?1X;X?9E@A6X8=L@X;K=W;9@AL;X89H?9ID;D@A=;KIA*-i=;Ž6C@L2‡W;9I@A6W  - K98@L?=6LC?@@6=6E89/k=?9E,96<i=;Ž6C@LE6761;i6Ekq18L@6E=6?16L@?@6E6761;i6=L89@A6G@;CD yJCA?9I6;X:A?81?9EfGy:g<A816@A6=6W?8989I- K98@L?=6i=;EKC@L;X9;9,18L@6E=6?16L@?@6E6761;i6=L89 i=;Ž6C@L2  0=;W@A6X8=L@pK?=@6=;X =6?16L@?@6E6761;i6=LA?E@;C;9X=;9@<8@AA8IA6=C;9L@=KC@8;9C;L@L?9E A8IA6=89@6=6L@=?@6L<A816CKL@;W6=oLE6W?9EX;=C;9E;W898KW<?LX?1189I2:A;L61;;D89IX;=?i1?C6@;187689 H?9ID;D@;;D?1;9I6=@8W6@;W?D6?E6C8L8;92V9 8@8L6Ji6C@6E@A?@XK@K=6A;W6kKq6=L<811A?76@;LA;K1E6= 6769A8IA6=C;L@LL89C6Q6i?=@W69@;X:=6?LK=qA?L?1L;89C=6?L6E8@L?ii=?8L6E1?9Ei=8C6kq,-i6=C69@2:A8L KiE?@6<811LK=61qA8D6@A6C;L@;XC;9E;W898KWi=;Ž6C@Lkq-,i6=C69@;9?76=?I624;9E;W898KWL@A?@@69E @;L611<611=6W?89@A;L6;XX6=89I16LL@A?9H?A@) i6=LpK?=6W6@6=;= 89;@A6=<;=EL @A;L6@A?@C;L@16LL @A?9H?A@2-W8118;9?K98@L89C6@A6q?@@=?C@@A61?=I6L@I=;Ki;Xi;@69@8?1kKq6=L?9E;96C?96?L81q<8@96LL? 1?=I6= W?=D6@ LA?=6 ;X @A8L @qi6 ;X C;9E;W898KW 89 @A6 W?=D6@2  ‡1@6=9?@61q  k;@A 1?=I6 ?9E LW?11 E6761;i6=L 89C=6?L89I1q69@6=@A8LW?=D6@2‡W?=D6@LA?=6=?@8;k6@<6691?=I6?9ELW?11;i6=?@;=L8L--(*-<A816E6W?9ELX;= C;9E;W898KW=6W?89=;Lq?L <8@A@A6X1;;E6Ji6=869C6 XK@K=6kKq6=LX661A8IA,=8L6kK81E89IL18D6C;9E;W898KW i;L6L?1;<6==8LDX;=X1;;E6Ji;LK=62‡LX;=@A6?@@=?C@8761;C?@8;9X;=XK@K=6=6L8E69@8?1C;9E;W898KWi=;Ž6C@L @A6 ?=6?L?=;K9EB?@CA?E?i8L6D,B?W?V°=;?E?9E8996=GKDAKW78@?=6L@=;9I1q8E69@8X86E2  ‡LX;=:0QoLkKL896LL89 89@A6=6L8E69@8?1C;9E;W898KWW?=D6@ :0QA?LE6761;i6E@A64;1;98?1 5?;:?;›K?›89‹=;Ž6C@1;C?@6E?@:?Wk;9‹?D9?W‹=?9 ‹=?CAK?k58=85A?9‹=;789C6f?EŽ?C69@@;@A6›?EG?8 F?8B;q?1,898@8?@6Ei=;Ž6C@g@;L?@8LXq18X6L@q16;XC8@qE<6116=L<8LA89I@;Li69E@A68=<66D69E96J@@;@A6L6?2:A6 i=;Ž6C@8L@A6X8=L@?9EL;16A8IA,=8L6C;9E;W898KW89@A65?;:?;?=6?89‹=?CAK?k58=85A?9‹=;789C62:A6i=;Ž6C@

Annual Report 2011

197


8L1;C?@6E96J@@;?k6?CA?9E@A6=6X;=6;XX6=L?i?9;=?W8C786<;Xk;@A@A6L6??9E@A6k6?CA2HK81@K9E6=@A6 C;9C6i@;X@A68C;98C;X16I69E?=q=61?J?@8;9 @A64;1;98?15?;:?;›K?›89‹=;Ž6C@;XX6=L?K98pK6C;1;98?1E6L8I9 LK==;K9E6Ekq=KLA9?@K=?1?Wk8?9C6;9?pK86@1;C?@8;9i6=X6C@X;=@A6X69ILAK8C;9C6i@?L8@8Lk?CD6EKikq? W;K9@?89<A816X=;9@89I?1;9I L6=696 <A8@6,L?9Ek6?CA2  Q2 1">"3&> z" Q" p/ p&3 v"{'( C;9L8L@L;X@<;.,L@;=6qkK81E89IL;9?9?=6?;XW;=6@A?9)=?82 :A6+.+,K98@L i=;Ž6C@7?1K6LW;=6@A?9H?A@+k8118;92V@8L;91q+D81;W6@6=L?<?qX=;W›K?›89Q8L@=8C@2‡EŽ?C69@ @;5?;:?; @A6i=;Ž6C@;XX6=L?.,E6I=66i?9;=?W8C786<<A816@A6L89I16,1;?E6EC;==8E;=@A?@?11;<L?XK11786< ;X@A6L6??9Ek6?CA89676=qK98@2:A6i=;Ž6C@ <A8CA8L89?C;1;98?1L@q16 =6X16C@L1KJK=q?9E616I?9C689?7?=86@q ;X=;;WLL@?=@89IX=;W?;96,k6E=;;WC;9E;W898KW;X-2)LpK?=6W6@6=L@;?@<;,k6E=;;WK98@;XX6=89I).2 LpK?=6 W6@6=L ?9E ? @A=66,k6E=;;W K98@ ;X -2,)2 LpK?=6 W6@6=L2 V9 ?EE8@8;9  @<;,L@;=6q EKi16J C;9E;W898KWL;XX6=89I@<;@;X;K=k6E=;;WL89?Li?C6k6@<669//2,)2-LpK?=6W6@6=L?=6?7?81?k1689 @?9E6W<8@A@A=66,@;X;K=,k6E=;;Wi69@A;KL6K98@L<8@AKL6?k16?=6?Lk6@<669.2,+LpK?=6W6@6=L2 Q2 B2#> H&#3' v"{'(T1;C?@6E?@G;8‰?A?E16DœK?9I œKWi898 ‹?@AKW<?9 H?9ID;D 8L? i=;Ž6C@;XX6=89I?+,q6?=16?L6=8IA@@;kKq6=L;9?@8@16E66E>;22:A6i=;Ž6C@ @;k6kK81@;9@A6,+,. =?8 <811A;KL6@<;*+,L@;=6q@;<6=LC;9L8L@89I;X-K98@L?9E8LCK==69@1q<?8@89IX;=@A66978=;9W69@?18Wi?C@ ?LL6LLW69@?ii=;7?1X=;W@A6?K@A;=8@86L2:A6-/›6=8@?I6‹=;Ž6C@89G;8GKDAKW78@-/W6?9<A816A?L?1=6?Eq @=?9LX6==6E;<96=LA8i@;/.i6=C69@;XCKL@;W6=L2:A6i=;Ž6C@oL;<96=LA8iLA;K1E?11k6@=?9LX6==6E@;8@LCKL@;W6=L kq®;X2

198

Thai Factory Development Public Company Limited


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Annual Report 2011

199


   :A64;Wi?9qLA?119;@kKq;=16?L6i=;i6=@q 6pK8iW69@ =?<W?@6=8?1;=KL6L6=78C6X=;W?9 6Wi1;q66;X@A64;Wi?9q X?W81qW6Wk6=;=C1;L6?LL;C8?@6 ?9E9;@L8I9?C;9@=?C@X;=@A?@W?@@6=f6JC6i@@A6 6Wi1;qW69@C;9@=?C@g6JC6i@89?Li6C8?1C?L6?9E?ii=;76E89<=8@89IX=;W@A6‰?9?I89IQ8=6C@;=2 gj +3((&33( 3# C&$(H    :A6i6=L;9961;X?1116761LLA;K1E9;@=6C687669@6=@?896E@A89IL I8X@L i?LL69I6=@8CD6@L Li;=@L @8CD6@L?9E;@A6=@8CD6@LX;==6C=6?@8;9;=69@6=@?89W69@;=;XX6=L@A?@?=6i6=L;9?1W?@@6=L897;1789I@A68=EK@q 8XLKCA ?C@8;9C?916?E@;k89E89I@A64;Wi?9q;=C?KL6@A6W@;k6iK@89@A6L8@K?@8;9;XC;9X18C@;X89@6=6L@2 g] 7''@(&3C '#&' {"u H  2"H( " @/u>&' H0&' " 3A @"H&(&"3H    :A6W?9?I6W69@;=6Wi1;q66C?9i?=@8C8i?@689@A6;K@L8E6?C@878@86L<8@AI;;E=6?L;9L2V9 L676=?1C?L6L@A64;Wi?9q69C;K=?I6L8@Li6=L;9961@;i?=@8C8i?@689@A66J@6=9?1?C@878@86L?L8@E66WL@A;L6 ?C@878@86LW?q6Ji?9E@A6i6=Li6C@876?9E6Ji6=869C6@;8@Li6=L;9961 <A8CAC?9A61i@;8Wi=;76@A6Ž;k;X@A6L6 i6;i16@;@A64;Wi?9q6769W;=62:A6i6=L;9961<A;?CC6i@@A6Ž;kL89i=;X6LL8;9?189L@8@K@8;9L?L16C@K=6=L  iKk18CL6=78C6;=;XX8C6LLKCA?L?E8=6C@;= C;9LK1@?9@ 6@C @A6qWKL@?LDX;=?ii=;7?1X=;W@A6‰?9?I89IQ8=6C@;= k6X;=6?CC6i@?9C6;X@A6Ž;k;=@8@162:A66Wi1;q66@A?@=6C6876E?ii=;7?1LA;K1Ek6=6?18‘6E@A?@LA6<;K1E9;@ k=89I@A64;Wi?9q;=A8LA6=@8@16@;k89E@A6;K@L8E6?C@878@q 6JC6i@kq?ii=;7?1@;E;L;2  V9@A66769@@A?@@A6W?9?I6W69@;=6Wi1;q668L?ii;89@6E@A6L6C=6@?=q;X@A6k;?=E;XE8=6C@;=L;X@A6 4;Wi?9q;=?I69@89@A6W?9?I6W69@;X?i=;Ž6C@E8=6C@;=89?9?XX818?@6;=LKkL8E8?=qLA?119;@k6=6I?=E6E?L? C;9X18C@;X89@6=6L@2 j %$&3&(&"3H   –0?W81q—W6?9L@A6i6=L;9<8@A=61?@8;9@;@A6i6=L;9961;X?1116761LX=;W@A6k1;;E1896;=16I?1 W?==8?I6 89C1KE89I16I?11q?E;i@6Ei6=L;9L2   C1;L61q2

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200

Thai Factory Development Public Company Limited


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15,000

342,468 1,301

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Annual Report 2011

201


Risk Factors  :0QE6761;iL1?9EL?9EkK81EL=6?EqW?E6X?C@;=86LX;=LW?11?9EW6E8KW,L8‘6E69@6=i=8L6LfG‰yg?@@A6:0Q V9EKL@=8?1yL@?@6?9E;@A6=L2V9?EE8@8;9 :0QkK81EL?9EL611L=6L8E69@8?1C;9E;W898KWL i=;78E6LkK81E89IW?9?I6W69@ L6=78C6 ?9E?LL6@W?9?I6W69@L6=78C6@A=;KIA?i=;i6=@qXK9E2‡L?=6LK1@ @A6X;11;<89I?=6=8LDX?C@;=L@A?@W?q ?XX6C@@A6C;Wi?9q;i6=?@8;92 Q2 €">#—H '"3"A  QK=89I@A6i?L@q6?= @A6<;=1EoLW?Ž;=6C;9;W8Ci=;k16W<?L?E6k@C=8L8L89C6=@?89yK=;i6?998;9fyg W6Wk6=C;K9@=86L 16?E89I@;?X;=6C?L@;X?96C;9;W8CL1;<E;<989@A6=6I8;9?16C;9;Wq2£A816@A6E6k@C=8L8L8@L61X C;9@=?C@6E@A6yoL6C;9;W8CI=;<@A ?@@A6;@A6=X=;9@ ?W?Ž;=6?=@ApK?D6?9E@A6:LK9?W8?X@6=W?@A893?i?9 ?1L;A8@@A6<;=1EoL6C;9;Wq89I696=?1?L3?i?9=6W?89L@A6<;=1EoL16?E89I6C;9;W8Ci1?q6=2:A69?@K=?1E8L?L@6= W?@6=8?11q=6EKC6E@A6C;K9@=qoLi=;EKC@878@q<A8168@<;K1E@?D6L;W6@8W6k6X;=6@A6C;K9@=qXK11q=6C;76=L2:A8L89 C6=@?896XX6C@A?LX;=C6EC6=@?893?i?96L6@;W;76@A68=i=;EKC@8;9k?L6L2‡LX;=@A6:A?8I;76=9W69@oL6C;9;W8C L@8WK1?@89IW6?LK=6L?8W6E?1L;@;?@@=?C@W;=6X;=68I98976L@W69@L <6k618676@A?@@A6q<811k696X8@;K=kKL896LL 89I696=?12 %"H(&' @">&(&'> 3# H'/&(A &HH/H  ‹;18@8C?189C8E69@LEK=89I@A6i?L@X6<q6?=L?9E@A6C;9@89K6EC8781K9=6L@89@A6C;K9@=qoLL;K@A6=9k;=E6=i=;789C6L A?76?XX6C@6E@A6C;9X8E69C6;X:A?8?9EX;=68I98976L@;=L2:A6qA?766Ji=6LL6EE;Kk@L;76=@A6I;76=9W69@oLi;18Cq <A816@A689L@?k818@q?EELW;=6=8LD@;kKL896LL6LL6@KiA6=62›;<676= ?L@A6i;18@8C?1L8@K?@8;98LI6@@89Ik6@@6=?9E ?L8976L@;=LL66W@;k6C;W6W;=6C;9X8E69@ @A8LL69@8W69@A61iL69A?9C89I8976L@W69@?C@878@86L2£8@A?L@=;9I6= 6C;9;W8Ci=;Li6C@;X@A6C;K9@=q8@L61X?9E@A6I;76=9W69@oL6Ji;=@;=869@6EW6?LK=6L :0Qk618676L@A?@@A8L<811 k6?k;;9X;=KL89I696=?12 U(/> #&HH(H   >?@K=?1 E8L?L@6=L LKCA ?L @A6 C;K9@=qoL <;=L@ X1;;E 89 @A6 i?L@ q6?= 8@L -,q6?= A8L@;=q @A?@ ?XX6C@6E 7?=8;KLi=;789C6L9?@8;9<8E6A?76L69@?E=?L@8C8Wi?C@@;@A6C;K9@=qoL6C;9;W8C?9EL;C8?1L@?k818@q2V9?EE8@8;9  @A6?I=8CK1@K=?1L6C@;= @A6i=;EKC@8;9L6C@;=?9E@A689EKL@=q=6pK8=6L;W6@8W6k6X;=6XK11q=6C;76=89IX=;W@A6X1;;E2  0;=@K9?@61q ;K=:0Q89EKL@=8?16L@?@6<?L9;@?XX6C@6EX=;W@A6X1;;E ;K=C?=6XK1i=6i?=?@8;9 ?9E;K=1;C?@8;9 L8@K?@6E96J@@;?W?89@=?9Li;=@?@8;92:A6X1;;EA?E9;96I?@8768Wi?C@@;KL 8@6769A61i6EKL@;L6=76CKL@;W6=L LKXX6=89IX=;W@A6X1;;E?@;@A6=89EKL@=8?16L@?@6L<8LA@;k6W;76E@;;K=i=;Ž6C@2:0Q@A6=6X;=6<?L?k16@;?EE8@8;9?11q89C=6?L6;K=X8J6E=6769K6LX=;W@A6L?16L?9E16?L6;X1?9EL?9EX?C@;=86L W?89@69?9C6X66L?9EK@818@q L6=78C6X66L2 R&33'&> &HH  ‡L@A6q6?=69E;X @A64;Wi?9qoL1;9I,@6=W1;?9Lk;==;<6EX=;WX89?9C8?189L@8@K@8;9L@;8976L@89?9 89EKL@=8?16L@?@6E6761;iW69@i=;Ž6C@?9EX;=kK81E89I89EKL@=8?1i1?9@L?9E=6L8E69@8?1C;9E;W898KWL@;@?1H?A@*.. W8118;92:A8L<?LH?A@))W8118;9;=2i6=C69@E6C=6?L6E<A69C;Wi?=6E<8@A@;@?1;XH?A@-W8118;92‡L?=6LK1@ ;K=@;@?118?k818@86L?L@A669E;XE6C=6?L6E+2)-i6=C69@X=;W@A6q6?=k6X;=62:A6=?@8;;X E6k@@;6pK8@q?1L;E6C=6?L6EX=;W2/*@8W6L89@;2*+@8W6L892V9k=86X @A8L=6X16C@L@A6C;Wi?9qoL LKCC6LL@;=6EKC68@LX89?9C8?1=8LD=6I?=E89I@A6C;L@;XC?i8@?1@;?C6=@?89167612

202

Thai Factory Development Public Company Limited


 V9 @A64;Wi?9qA?E?989@6=6L@=?@6=8LD6Ji;L6E@;8@LE6i;L8@L?@X89?9C8?189L@8@K@8;9L 1;?9L ;76=E=?X@L  LA;=@,@6=W?9E1;9I,@6=W1;?9LL89C6W;L@89@6=6L@=?@6LX1KC@K?@6E?CC;=E89I@;W?=D6@=?@6L2:0QoL89@6=6L@=?@6 =8LDA;<676==6W?896E1;<2£6<6=6?k16@;W?89@?8918pK8E8@q@;6Ji?9E;K=kKL896LL<A816=6EKC89I;K=X89?9C8?1 =8LD2V9?EE8@8;9 <6W?9?I6E@;W?89@?89@A618pK8E8@q<A816C?ii89I;K=E6k@@;6pK8@q=?@8;?@?1;<167612:A8L<?L E;96@A=;KIA?989C=6?L6;X;K=i=;Ž6C@L?16L?9E@A=;KIA@A6Li66E89IKi;X@A6;<96=LA8i@=?9LX6=@;CKL@;W6=L <8@A89@A6@6=WL;X?C;9@=?C@L;@A?@@A6q=6i?q@A68=1;?9L<A816<6=6EKC6;K=89@6=6L@=?@66Ji69L6L2:A8L=6LK1@6E 89?1;<?9EC;9@=;11?k16=8LD2 1#&( &H  :0Q 8L CK==69@1q 6Ji;L6E @; C=6E8@ =8LD =61?@89I @; @=?E6 =6C687?k16L ?9E 1;?9L2 MK= W?9?I6W69@ A?L X;=WK1?@6E?i;18Cq?9Ei=;C6EK=6L@;C;9@=;1C=6E8@<A816=6pK6L@89ICKL@;W6=L@;i?q89?i=;i6=@8W6X=?W689;=E6=@; C;9@=;1@A6=8LD2V9?EE8@8;9 :0QW?D6LLK=6@A?@8@L6J@69E6EC=6E8@L<8119;@k6C;9C69@=?@6E89?i?=@8CK1?=I=;Ki;X CKL@;W6=L2G89C6;K=CKL@;W6=k?L68L9;@;91q1?=I6kK@?1L;E876=L6 <6E;9;@X;=6L66?9qW?@6=8?1E?W?I6;= 1;LLX=;W;K=C=6E8@6J@69L8;9?C@878@q2

Annual Report 2011

203


Explanation and Analysis of Operating Results and Financial Status R&33'&> b((/H 3# "@(&3C H/>(H k… b/A "$ (2 /#&("H @"(H "$ (2 '"@3A 3# &(H H/uH&#&&H $" (2 A g^kk  :A6?KE8@;= ‰=L2Œ81?8=?@B;Ž9?D?=89 42‹2‡2>;2+* ;XMXX8C6;XQV‡V9@6=9?@8;9?1‡KE8@89I =6i;=@6E @A?@LA6A?L6J?W896E@A6X89?9C8?1L@?@6W69@L89?CC;=E?9C6<8@AI696=?11q?CC6i@6E?KE8@89IL@?9E?=EL6Ji=6LL6E A6=;i898;9@A?@@A6X89?9C8?1L@?@KL ;i6=?@89I=6LK1@L CA?9I689LA?=6A;1E6=Lo6pK8@q?9EC?LAX1;<?=6X?8=1qi=6L69@6E 89?CC;=E?9C6<8@AI696=?11q?CC6i@6E?CC;K9@89Ii=89C8i16L2 g… b/A "$ '"3H">&#(# $&33'&> H((/H 3# "@(&3C H/>(H  :A6;i6=?@89I=6LK1@L?9E@A6X89?9C8?1L@?@KL;X@A6C;Wi?9q?9E8@LLKkL8E8?=86L89@A6i?L@@A=66q6?=L C;K1Ek6LKWW?=8‘6E?LX;11;<L(   l Q2 $&33'&> H((3( $" A g^^q €&(2 "&C&3>>A ''"/3(&3C H(3##

204

Thai Factory Development Public Company Limited


1. Income statements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Annual Report 2011

205


2. Balance Sheet as December 31

STATEMENTS OF FINANCIAL POSITION

ASSETS Current assets Cash and cash equivalents Trade accounts and other receivable Unbilled income Properties for sale Advances to contractors Other current assets Total current assets Non-current assets Deposits at financial institutions with restrictions Loan to related party and interest receivable - subsidiary Investments in subsidiaries Leasehold rights Investment properties Equipment Other non-current assets Income tax refundable Collateral for letter of guarantee related parties Rental deposits - others Others Total non-current assets Total assets

206

2011

2010

12,977,831 264,098,841 828,473,037 151,685 1,105,701,394

18,301,718 57,889,411 1,110,812,619 246,220 1,187,249,968

24,305,638 13,776,960 626,322,848 935,902,175 4,277,830 18,460,221 1,623,045,672

15,365,297

4,687,093

1,463,613

543,634,424 708,460,271 18,102,092

589,898,004 676,672,838 8,800,767

155,756,105 1,165,112,703 11,768,548

18,198,869

24,552,856

14,200,224

15,000,000 8,995,614 1,327,756,567 2,433,457,961

15,000,000 8,149,087 1,327,760,645 2,515,010,613

7,017,757 20,825,490 1,376,144,440 2,999,190,112

Thai Factory Development Public Company Limited

2009


STATEMENTS OF FINANCIAL POSITION (Continued) 2011 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank overdrafts Trade accounts and other payable Current portion of financial lease payable Current portion of long-term loans from financial institutions Current portion of debt restructuring payable Current portion of long-term loans from related parties Current portion of long-term loans from other persons Short - term loan from related parties and interest payable - subsidiary Deposit from sale of project Accrued income tax Other current liabilities Total current liabilities Non-current liabilities Financial lease payable Long-term loans from financial institutions Debt restructuring payable Long-term loans from related parties and interest payable Rental deposit received Employee benefit obligations Estimated long-term liabilities Total non-current liabilities Total liabilities

2

2010

2009

51,131,777 256,249,567 3,265,846

16,710,760 352,191,904 1,089,393

11,860,823 197,878,053 1,064,721

152,462,205 41,473,657

391,996,462 40,937,509

672,145,840 38,620,494

11,736,861

11,579,103

10,923,998

-

-

30,000,000

28,268,546 2,456,272 547,044,731

2,886,089 817,391,220

3,653,887 9,318,749 975,466,565

7,419,375

1,469,682

2,520,957

3

335,534,712 111,227,074

273,222,162 151,437,349

429,873,350 193,081,568

3

330,730,661 86,088,130 2,986,385 9,620,627 883,606,964 1,430,651,695

332,327,097 74,498,846 8,377,188 841,332,324 1,658,723,544

323,427,664 69,526,604 1,018,430,143 1,993,896,708

5

8 1,4

Annual Report 2011

207


STATEMENTS OF FINANCIAL POSITION (Continued) 2011 LIABILITIES AND SHAREHOLDERS' EQUITY (Continued) Shareholders' equity Share capital Registered 836,000,000 ordinary shares of Baht 1 each 836,000 760,000,000 ordinary shares of Baht 1 each Issued and paid - up share capital 701,357,785 ordinary shares of Baht 1 each 637,598,035 ordinary shares of Baht 1 each Premium on ordinary shares Retained earnings (Deficit) Appropriated - statutory reserve Unappropriated Difference from changing investment proportion in subsidiaries Total owners of the Company Non-controlling interest Total shareholders' equity Total liabilities and shareholders' equity

208

701,357

2011

836,000,000

2010

2009

836,000,000 760,000,000

701,357,785

701,357,785

147,196

147,196,958

147,196,958

637,598,035 147,196,958

15,602 104,705

15,602,230 104,705,343

12,228,741 (39,647,575)

12,228,741 118,827,530

(45,699 923,162 79,643 1,002,806 2,433,457

(45,699,839) 923,162,477 79,643,789 1,002,806,266 2,433,457,961

(45,699,839) 775,436,070 80,850,999 856,287,069 2,515,010,613

(21,988,068) 893,863,196 92,676,208 986,539,404 2,980,436,112

Thai Factory Development Public Company Limited


3. Statements of Cash Flows STATEMENTS OF CASH FLOWS 2011 Cash flows from operating activities Profit (Loss) before income tax Adjustment net profit (loss) to cash receipt (disbursement) from operating activities Doubtful account Employee benefit obligations Depreciation and amortisation Provision compensation for factory rental and related services Loss on devaluation of asset available for sale Gain on sales of assets Gain on sales of investment in subsidiary Interest expenses Profit from operation before changes of operating assets and liabilities (Increase) Decrease in changes of operating assets Trade accounts and other receivable Unbilled income Properties for sale Advances to contractors Other current assets Advances to purchase land Other non-current assets (Increase) Decrease in changes of operating assets Increase (Decrease) in changes of operating liabilities Trade accounts and other payable Other current liabilities Rental deposit received Increase (Decrease) in changes of operating liabilities Cash provided by (used in) operating activities Interest paid Income tax received Income tax paid Net cash from (used in) operating activities

2010

2009

184,713,977

129,507,181

45,146,666

2,986,385 82,985,673 (873,982) 74,148,139

1,315,550 81,184,753 (1,677,639) 88,357,960

86,284,898 (3,813,500) 4,842,206 (22,635) (36,497,659) 80,660,424

343,960,192

298,687,805

176,600,400

(206,209,430) 242,510,183 94,535 (846,527) 35,548,761

4,291,766 469,164,806 (33,054) (12,044,915) 461,378,603

(1,806,731) (466,457,637) 102,174,118 10,603,713 18,554,592 12,240,297 7,499,867 (317,191,781)

(96,857,970) (429,818) 11,589,284 (85,698,504) 293,810,449 (73,833,680) 17,364,414 (20,936,660) 216,404,523

(89,241,455) (1,028,056) 4,972,243 (85,297,268) 674,769,140 (76,729,937) 7,813,757 (23,835,201) 582,017,759

(152,253,530) 51,714,933 5,414,514 (95,124,083) (235,715,464) (78,707,407) (30,065,971) (344,488,842)

Annual Report 2011

209


STATEMENTS OF CASH FLOWS (Continued) 2011 Cash flows from investing activities (Increase) Decrease in deposits at financial institutions with restrictions Increase in loan to related parties and interest receivable Decrease in loan to related parties and interest receivable Purchase of properties awaiting development or sale Cash received from amendment of lease agreement Improvement of leasehold right Purchase of investment properties Purchase of equipment Cash received from sales of equipment Cash paid for increase share capital in subsidiary Cash paid for purchase investment in subsidiary Net cash from (used in) investing activities Cash flows from financing activities Increase (Decrease) in bank overdrafts Advance received from related party Repayment of advance received from related party Draw down of short-term loan from other person Repayment of short-term loan from other person Draw down of short-term loan from related party Repayment of short-term loan from related party Repayment of liabilities under financial lease Draw down of long-term loans from financial institutions Repayment of long-term loans from financial institutions Repayment of debt restructuring payable Repayment of long-term loan from other person Repayment of long-term loan from related party Dividend payment Net cash from (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at ending of period

210

Thai Factory Development Public Company Limited

2010

2009

(10,678,204) 9,356,912 (2,126,852) (307,029) (4,285,905) 1,336,451 (6,704,627)

(3,223,480) (6,055,775) 6,055,775 (26,205,254) (157,187) (622,549) 1,677,640 (24,500,000) (53,030,830)

1,925,585 (1,631,535) (6,074,165) 267,358 104,993,117 (22,062,150) 77,418,210

34,421,017 -

4,849,937 17,000,000 (17,000,000) (1,026,603) 188,367,164 (625,167,730) (39,327,204) (30,000,000) (23,122,427) (9,563,986) (534,990,849) (6,003,920) 24,305,638 18,301,718

(16,796,575) 30,000,000 (30,000,000) 2,111,272 395,596,212 (37,866,234) (37,017,910) (25,866,177) (12,751,944) 267,408,644 338,012 23,967,626 24,305,638

(1,323,690) 60,103,787 (237,325,494) (39,674,127) (31,225,276) (215,023,783) (5,323,887) 18,301,718 12,977,831


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Annual Report 2011

211


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212

Thai Factory Development Public Company Limited


&u&>&(&H   ‡L;X69E;X @A64;Wi?9q?9E8@LLKkL8E8?=86L=6C;=E6E@;@?118?k818@86L<;=@AH?A@2*+k8118;92 :A8LC;9L8L@6E;XH?A@)))W8118;91;9I,@6=W1;?9L H?A@-)W8118;9LA;=@,@6=W1;?9L H?A@-W8118;9?CC;K9@ i?q?k16L?9EH?A@*W8118;9<;=@A;X;@A6=18?k818@86L2£A69C;Wi?=6E@;@;@?118?k818@86L;XH?A@2-/k8118;9  8@L18?k818@86L<?LE6C=6?L6?k;K@*¦@;H?A@.W8118;92:A6=?@8;;XE6k@@;6pK8@q=?@8;?1L;E6C=6?L6X=;W2/* @8W6L89@;2*+@8W6L?q6?=1?@6=?X@6=@A64;Wi?9q?9E8@LLKkL8E8?=86LA?E?1=6?Eq=6i?8E@A68=1;?9L@; X89?9C8?189L@8@K@8;9LX;11;<89I@A6@=?9LX6=;XC;9E;W898KW;<96=LA8i@;8@LCKL@;W6=L892 b22">#H— +•/&(A   ‡L;X69E;X LA?=6A;1E6=Lo6pK8@q@;@?16EH?A@ +W8118;92:A8LC;9L8L@6E;XH?A@) W8118;9i?8E,Ki?9E;XX6=6EC?i8@?1 H?A@*)W8118;9LA?=6i=6W8KWL H?A@W8118;9?CCKWK1?@6Ei=;X8@L E8XX6=69C6 X=;W?CA?9I6;X8976L@W69@=?@8;89LKkL8E8?=qC;Wi?986L@;@?189IH?A@*W8118;9?9EH?A@.W8118;9<;=@A;X W89;=LA?=6A;1E6=Lo6pK8@q89LKkL8E8?=qC;Wi?986L24;Wi?=6<8@A@A6q6?=LA?=6A;1E6=Lo6pK8@q<;=@AH?A@ /- W8118;9 89C=6?L6 ;X H?A@ *) W8118;9 @A8L =6LK1@ W?891q @A6 4;Wi?986L ?9E 8@L LKkL8E8?=86L A?E ? i=;X8@ LKCC6L8761q2 &•/&#&(A   :A6CK==69@=?@8;;X@A64;Wi?9q?9E8@LLKkL8E8?=86L?L;X?CC;K9@6EX;=?ii=;J8W?@61q2 @8W6L E;<9X=;W?k;K@2*/@8W6L @A8L=6LK1@891;?9X=;WX89?9C8?189L@8@K@8;9L<?LE6C=6?L62H6L8E6L  ?EE8@8;9?18976L@W69@L<6=6W?E68996<?LL6@LE6L8I9?@6EX;=L?16L89;=E6=@;E6761;i96<L;K=C6L;X89C;W6L X;=@A6C;Wi?9qoLXK@K=62 B{" $'("H 3# &3$>/3'H (2( A $$'( $/(/ "@(&"3H " $&33'&> H((/H  ‰?Ž;= X?C@;=L ?9E 89X1K69C6L @A?@ W?q ?XX6C@ XK@K=6 ;i6=?@8;9L ;= X89?9C8?1 L@?@KL ?=6 E878E6E 89@; @<; C?@6I;=86L @A689@6=9?1X?C@;=L?9E@A66J@6=9?1X?C@;=L( k =3(3> $'("H $" u/H&3HH "@(&"3  :A6 4;Wi?9q ;i6=?@6L 89 i=;i6=@q E6761;iW69@ kKL896LL L6C@;=  89EKL@=8?1 6L@?@6 i=;Ž6C@ 89 i?=@8CK1?=2 :A6=6X;=6 XK9E=6pK8=6EX;=8976L@W69@8L=61?@8761qA8IA2‰;=6;76= i=;i6=@qE6761;iW69@=6pK8=6L169I@Aq@8W6@; k6Li69@;91?9E8Wi=;76W69@?9E89L@?11?@8;9;X89X=?L@=KC@K=62:A69?@K=6;X@A6kKL896LL8@L61X6Ji;L6E@A6 4;Wi?9q@;X89?9C6?9E18pK8E8@q=8LDL8XL?16LE;9;@W66@i1?996E@?=I6@;=8Xi=;Ž6C@L6Ji6=869C6E61?q24;9E;W898KW ?9E ;XX8C6 =69@ kKL896LL6L k6?= @A6 L?W6 =8LDL <8@A @A6 89EKL@=8?1 6L@?@6 kKL896LL ?9E ?1L; LKkŽ6C@ @; C;Wi6@8@8;9X=;Wi1?q6=L89@A6L?W689EKL@=q2›;<676= @A6=8LDLX=;W89@6=9?1X?C@;=LC?9k6IK?=E6E?I?89L@?9E C;9@=;116Ekq6XX6C@876=8LDW?9?I6W69@2 g +,(3> $'("H  yJ@6=9?1X?C@;=L?9E89X1K69C6L<A8CAW8IA@?XX6C@@A64;Wi?9qoL;i6=?@8;9?=6@A66C;9;W8CC;9E8@8;9L89 :A?81?9E?9E@A6=6I8;9 <;=1E6C;9;Wq 89@6=6L@=?@6 ;81i=8C6 9?@K=?1E8L?L@6= CA?9I6L891?<L?9E=6IK1?@8;9L 8Wi;L6EkqI;76=9W69@?I69C86L?L<611?LC;9LKW6=k6A?78;=2GKCAX?C@;=L?=6k6q;9E@A64;Wi?9qoLC;9@=;1 ?9E6Ji6C@?@8;92›69C6 @A6=8LDW?9?I6W69@W6?LK=6L@;C;9@?89=8LDLX=;W89@6=9?1X?C@;=LWKL@k66XX6C@876?9E X16J8k16@;?11;<@A64;Wi?9q@;?1L;?CC;WW;E?@66J@6=9?1X?C@;=L?9E89X1K69C6L2

Annual Report 2011

213


Report of the Board of Directors’ Accountability to the Financial Statements  :A6H;?=E;XQ8=6C@;=L8L=6Li;9L8k16X;=@A6?CCK=?Cq?9EC;Wi16@8;9;X?C;9L;18E?@6EL@?@6W69@;X@A6 C;Wi?9q?9E8@LLKkL8E8?=86L?9EX89?9C8?189X;=W?@8;9iKk18LA6E89@A6‡99K?1B6i;=@2:A6X89?9C8?1L@?@6W69@A?L k669i=6i?=6E;9@A6k?L8L;X@A6Š696=?11q,‡CC6i@6E‡CC;K9@89I‹=89C8i16LfŠ‡‡‹g;X:A?81?9EKi;9?9?ii=;i=8?@6 ?CC;K9@89Ii;18Cq=6IK1?=1qi=?C@8C6E ?96J6=C8L6;XE8LC=6@8;9 @A6k6L@6L@8W?@6?9E@A6E8LC1;LK=6;X?E6pK?@6 W?@6=8?189X;=W?@8;9899;@6L@;@A6X89?9C8?1L@?@6W69@LX;=@A6k6L@89@6=6L@;XLA?=6A;1E6=L?9E8976L@;=L2  :A6 H;?=E ;X Q8=6C@;=L A?L 6L@?k18LA6E ?9E W?89@?896E ?9 6XX6C@876 89@6=9?1 C;9@=;1 @; 69LK=6 @A?@ @A6 C;Wi?9qoL ?CC;K9@89I =6C;=E 8L ?CCK=?@6  C;Wi16@6 ?9E ?E6pK?@6 X;= @A6 W?89@69?9C6 ;X ;K= ?LL6@L ?9E X;= W;98@;=89I<6?D96LL6L@;i=6769@C;==Ki@6E;=K9KLK?1i=?C@8C6L@A?@?=6W?@6=8?12  V9@A8L=6I?=E @A6H;?=E;XQ8=6C@;=LA?LL6@Ki@A6‡KE8@4;WW8@@66C;9L8L@89I;X9;9,6J6CK@87689E6i69E69@ E8=6C@;=L@;k6=6Li;9L8k16X;=@A6pK?18@q;X@A6X89?9C8?1L@?@6W69@?9E@A689@6=9?1C;9@=;12:A6‡KE8@4;WW8@@66oL ;i898;9L=6I?=E89I@A6W?@@6=L?=6iKk18LA6E89@A6‡KE8@4;WW8@@66oL=6i;=@?1L;89C1KE6E89@A6‡99K?1B6i;=@2  :A6 H;?=E ;X Q8=6C@;=L 8L ;X @A6 ;i898;9 @A?@ @A6 C;Wi?9qoL 89@6=9?1 C;9@=;1 LqL@6W  89 I696=?1  =6W?89L L?@8LX?C@;=q 16?E89I@;8@L=6?L;9?k16C;9X8E69C6@A?@@A6X89?9C8?1L@?@6W69@L;X@A6C;Wi?9q?9ELKkL8E8?=86L?L;X Q6C6Wk6=+ ?=6=618?k1689C;Wi18?9C6<8@A@A6Š‡‡‹?9E=6167?9@1?<L =K16L?9E=6IK1?@8;9L2

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215


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Major Shareholders as at December 30, 2011 234‡LL6@L4;Wi?9qœ8W8@6E 2‰=L2GK<?9966 ‹A?8=;ŽD8ŽŽ? +2Œ242‡2œ2HKL896LLŠ=;Ki4;Wi?9qœ8W8@6E *2‰=2‹8LK@A Œ8=8q?W6@@?DK1 -2‰=24A?8L8@A Œ8=8q?W6@@?DK1 2‰=2‡i8CA?8 :?6CA?Kk;1 )2‰=2‹8Ž8@ Œ8=8q?W6@@?DK1 .2‰=2G;9Ii;1 4A?@CA?<?9i?9 /2:A?8X?›;1E89I4;2 œ@E2 2M@A6= Q"(>

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% 24.757 21.410 14.398 9.981 4.078 1.361 1.141 1.112 1.081 20.682 k^^

Annual Report 2011

217


General Information       

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218

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Annual Report 2011

219


SINCE 1977

      Thai Factory Development Public Company Limited        

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TFD: Annual Report 2011