Annual Report for the 4 - month period of September 1 - December 31, 2011
The principal actuarial assumptions used to calculate the defined benefit obligations as at actuarial date are summarised below. Discount rate 4.1% Average future salary increase 5-8% Average turnover rate 5-35% based on employees’ age
20. Other liabilities
Accrued employee expenses Accrued expenses Corporate income tax payable Others Total other liabilities
31 December 2011 44,367,985 29,901,828 40,005,283 46,868,825 161,143,921
(Unit : Baht) 31 August 2011 98,226,414 20,273,032 35,466,571 25,987,557 179,953,574
21. Capital Management The primary objectives of the Company’s capital management are to maintain the Company’s ability to continue as a going concern and to maintain net liquid capital in accordance with the rules laid down by the Office of the Securities and Exchange Commission.
22. Statutory reserve
Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a legal reserve at least 5 percent of its net profit 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. The Company set up the full amount of legal reserve.
23. Treasury stock
As at 31 December 2011 and 31 August 2011, the Company has outstanding of 3,287,200 of treasury shares for a total of Baht 96.99 million, at an average price of Baht 29.51 per share. On 25 February 2011, the Company’s board of directors approved the resale of 3,287,200 treasury shares, or equal to 4.59 percent of the total paid-up share capital. The resale period is from 1 April 2011 - 30 September 2013, and the selling price is to be not less than the average closing price for the preceding 5 business days, less an amount of 15 percent of such average closing price. During the period ended 31 December 2011, the Company does not resale its treasury stock.
90
Capital Nomura Securities Public Company Limited