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คณะกรรมการ THE BOARD OF DIRECTORS

นายสุจริต ปัจฉิมนันท์ Mr. Sujarit Patchimnun ประธานกรรมการ Chairman

นายวิโรจน์ ธีรวัฒน์วาที Mr. Viroj Theeravatvatee กรรมการผู้จัดการและกรรมการบริหาร Managing Director and Executive Committee



พลเรือเอก อนุชิต เภกะนันทน์ Admiral Anuchit Bekanan

ประธานที่ปรึกษาคณะกรรมการ Chairman of Advisory Committee

นายบุญฤทธิ์ มหามนตรี Mr. Boonyarith Mahamontri กรรมการอิสระ Independent Director

SAHACOGEN (CHONBURI) PUBLIC COMPANY LIMITED 2018 ANNUAL REPORT

นายอัตถกร กลั่นความดี Mr. Atthakorn Glankwamdee กรรมการและกรรมการบริหาร Director and Executive Committee

นายบุญเกียรติ โชควัฒนา Mr. Boonkiet Chokwatana กรรมการ Director

นายสุเทพ ด่านศิริวิโรจน์ Mr. Suthep Dansiriviroj

กรรมการและกรรมการบริหาร Director and Executive Committee

พลเรือเอก อภิวัฒน์ ศรีวรรธนะ Admiral Apiwat Srivardhana กรรมการอิสระ Independent Director


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"OOVBM .FFUJOH 3FNVOFSBUJPO "MMPXBODF                                                                     


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IndependentAuditor's R eport To the Shareholders of Sahacogen (Chonburi) Public Company Limited O pinion I have audited the accompanying consolidated financial statements of Sahacogen (Chonburi) Public Company Limited and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2018, and the related consolidated statements RIFRPSUHKHQVLYHLQFRPHFKDQJHVLQVKDUHKROGHUVÂśHTXLW\DQGFDVKIORZVIRUWKH\HDUWKHQ ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and have also audited the separate financial statements of Sahacogen (Chonburi) Public Company Limited for the same period. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sahacogen (Chonburi) Public Company Limited and its subsidiaries and of Sahacogen (Chonburi) Public Company Limited as at 31 December 2018, their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards. B asis for O pinion I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the $XGLWRUÂśV5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH FinancialStatem ents section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants as issued by the Federation of Accounting Professions as relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

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K ey AuditM atters Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters. I have fulfilled the responsibilities described in the $XGLWRUÂśV5HVSRQVLELOLWLHVIRUWKH Auditofthe FinancialStatem ents section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole. Key audit matters and how audit procedures respond for each matter are described below. Investm entin subsidiary As described in Note 11 to the consolidated financial statements, as at 31 December 2018, the Company had an investment in a subsidiary with the book value of Baht 1,520 million, which is significant amount. This subsidiary had deficit from operations. The determination of the recoverable amount of the investment in this subsidiary requires management to exercise considerable judgement in order to forecast the operating results, estimating the cash inflows that are expected to be generated from investment, and to determine the discount rate and key assumptions. As a result, I attached importance to the audit of this matter. I assessed the forecasted operating results of the subsidiary prepared by the management of the Company, by gaining an understanding of the processes performed by the management to derive such figures, evaluating the assumptions used in preparing the plans and cash flow projections of the subsidiary, comparing these assumptions to other available sources of data, comparing past FDVKIORZSURMHFWLRQVZLWKDFWXDORSHUDWLQJUHVXOWVWRDVVHVVPDQDJHPHQWÂśVMXGJHPHQWLQ projecting future cash flows. I also considered the discount rate used by the management by comparing the weighted average cost of capital, other data and tested the calculation of the recoverable amount of the investment in the subsidiary in accordance with the financial model.

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O ther Inform ation Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements DQGP\DXGLWRUÂśVUHSRUWWKHUHRQ7KHDQQXDOUHSRUWRIWKH*URXSLVH[SHFWHGWREHPDGe available WRPHDIWHUWKHGDWHRIWKLVDXGLWRUÂśVUHSRUW My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement. R esponsibilities ofM anagem entand Those C harged w ith G overnance for the Financial Statem ents Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ,QSUHSDULQJWKHILQDQFLDOVWDWHPHQWVPDQDJHPHQWLVUHVSRQVLEOHIRUDVVHVVLQJWKH*URXSÂśV ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged ZLWKJRYHUQDQFHDUHUHVSRQVLEOHIRURYHUVHHLQJWKH*URXSÂśVILQDQFLDOUHSRUWLQJ process.

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$XGLWRUÂśV5HVSRQVLELOLWLHVIRUWKH$XGLWRIWKH)LQDQFLDO6WDWHPHQWV My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an DXGLWRUÂśVUHSRUWWKDWLQFOXGHVP\RSLQLRQ5HDVRQDEOHDVVXUDQFHLVDKLJKOHYHORIDVVXUDQFHEXW is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also: x

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

x

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of H[SUHVVLQJDQRSLQLRQRQWKHHIIHFWLYHQHVVRIWKH*URXSÂśVLQWHUQDOFRQWURO

x

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

x

&RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQWÂśVXVHRIWKHJRLQJFRQFHUQEDVLVRI accounting and, based on the audit evidence obtained, whether a material uncertainty H[LVWVUHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQLILFDQWGRXEWRQWKH*URXSÂśVDELOLW\ to continue as a going concern. If I conclude that a material uncertainty exists, I am UHTXLUHGWRGUDZDWWHQWLRQLQP\DXGLWRUÂśVUHSRUWWR the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions DUHEDVHGRQWKHDXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIP\DXGLWRUÂśVUHSRUW+RZHYHU future events or conditions may cause the Group to cease to continue as a going concern.

x

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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x

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are WKHUHIRUHWKHNH\DXGLWPDWWHUV,GHVFULEHWKHVHPDWWHUVLQP\DXGLWRUÂśVUHSRUWXQOHVVODZRU regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. I am responsible WKHDXGLWUHVXOWLQJLQWKLVLQGHSHQGHQWDXGLWRUÂśVreport.

Sirirat Sricharoensup Certified Public Accountant (Thailand) No. 5419

EY Office Limited Bangkok: 26 February 2019

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Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries Statem entoffinancialposition As at31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents Note

2018

2017

Separate financialstatem ents 2018

2017

Assets C urrentassets 7

75,295,500 272,324

269,844

272,324

269,844

Trade and other receivables

8

593,304,240

558,088,928

502,044,689

464,409,864

Short-term loans to related parties

6

280,000,000

Cash and cash equivalents Current investments - securities held for trading

Prepaid expenses Inventories

9

77,680,387

54,169,622

58,027,861

-

-

-

27,160,672

28,348,534

22,900,121

22,801,862

252,566,705

243,775,098

122,251,128

136,004,579

Other current assets

11,814,309

10,073,232

8,758,840

8,120,748

Totalcurrentassets

960,413,750

918,236,023

710,396,724

969,634,758

N on-currentassets Restricted bank deposits Investments in subsidiaries

812,000

812,000

-

-

11

-

-

1,662,499,900

1,662,499,900

Investment in associate

12

91,120,115

-

90,930,000

-

Other long-term investments - available-for-sale securities

13

10,680,000

10,050,000

10,680,000

10,050,000

Property, plant and equipment

14

5,845,945,619

6,146,046,931

4,099,283,565

4,378,520,564

Biological assets

15

39,642,621

49,353,216

-

-

Deferred tax assets

23

22,955,913

21,496,536

22,955,913

21,496,536

Intangible assets

16

9,828,999

11,736,436

7,259,199

9,068,262

382,500

1,401,329

231,000

231,000

Totalnon-currentassets

6,021,367,767

6,240,896,448

5,893,839,577

6,081,866,262

Totalassets

6,981,781,517

7,159,132,471

6,604,236,301

7,051,501,020

Other non-current assets

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

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Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries Statem entoffinancialposition (continued) As at31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents Note

2018

2017

Separate financialstatem ents 2018

2017

Liabilities and shareholders'equity C urrentliabilities Short-term loans from financial institutions

17

606,000,000

209,000,000

260,000,000

160,000,000

Trade and other payables

18

500,820,009

484,952,005

483,833,865

462,660,214

459,276

429,182

459,276

429,182

490,300,000

671,400,000

-

20,549,009

Current portion of liabilities under finance lease agreement Current portion of long-term loans

19

Income tax payable

542,088,000 -

Current porting of retentions Other current liabilities Totalcurrentliabilities

719,952,000 20,549,009

-

74,471,803

-

74,471,803

51,255,381

37,042,630

39,784,770

26,533,290

1,700,622,666

1,546,396,629

1,274,377,911

1,416,043,498

320,000,000

320,000,000

320,000,000

320,000,000

2,318,173

2,744,508

2,318,173

2,744,508

2,065,600,000

2,426,900,000

N on-currentliabilities Long-term loan from related party

6

Liabilities under finance lease agreements - net of current portion Long-term loans - net of current portion

19

Provision for long-term employee benefits

20

2,246,862,000

2,659,950,000

25,901,377

14,513,027

19,758,368

12,411,297

Totalnon-currentliabilities

2,595,081,550

2,997,207,535

2,407,676,541

2,762,055,805

Totalliabilities

4,295,704,216

4,543,604,164

3,682,054,452

4,178,099,303

Shareholders'equity Share capital Registered, issued and fully paid 955,000,000

955,000,000

955,000,000

955,000,000

Share premium

955,000,000 ordinary shares of Baht 1 each

285,447,000

285,447,000

285,447,000

285,447,000

Deficit on changes in the ownership interest in a subsidiary

(31,800,734)

(31,800,734)

-

-

95,500,000

95,500,000

95,500,000

95,500,000

3,140,000

1,360,000

-

-

1,315,012,056

1,251,577,601

1,586,410,849

1,538,134,717

Retained earnings Appropriated Statutory reserve - the Company

21

Statutory reserve - the subsidiary Unappropriated Other component of shareholders' equity

(176,000)

Equity attributable to owners of the Company

2,622,122,322

Non-controlling interests of the subsidiaries

(680,000) 2,556,403,867

(176,000) 2,922,181,849

(680,000) 2,873,401,717

63,954,979

59,124,440

-

-

Totalshareholders'equity

2,686,077,301

2,615,528,307

2,922,181,849

2,873,401,717

Totalliabilities and shareholders'equity

6,981,781,517

7,159,132,471

6,604,236,301

7,051,501,020

-

-

-

-

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

Directors

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Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries Statem entofcom prehensive incom e For the year ended 31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents Note

2018

2017

Separate financialstatem ents 2018

2017

Profitor loss: R evenues Sales

24

4,198,653,530

4,026,821,920

3,609,220,098

3,440,614,784

305,810

798,372

2,735,798

11,635,371

Other income Interest income Others Totalrevenues

8,881,059

9,388,828

21,604,206

20,503,846

4,207,840,399

4,037,009,120

3,633,560,102

3,472,754,001

3,656,660,518

3,385,847,770

3,187,369,283

2,910,936,784

152,142,899

139,443,869

101,560,810

93,332,103

Expenses Cost of sales Administrative expenses Impairment loss on assets (reversal) Impairment loss on biological assets

(2,979,203) 15

Totalexpenses

4,280,650

(5,000,000)

5,000,000

2,550,001

-

-

-

3,808,374,215

3,529,572,289

3,283,930,093

3,009,268,887

399,466,184

507,436,831

349,630,009

463,485,114

Profitbefore share ofincom e from investm entin associate, finance costand incom e tax expenses Share of income from investment in associate

12

Profitbefore finance costand incom e tax expenses Finance cost Profitbefore incom e tax expenses Income tax expenses

23

Profitfor the year

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

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

190,115

-

-

-

399,656,299

507,436,831

349,630,009

463,485,114

(168,277,845)

(134,419,679)

(147,818,060)

(118,198,417)

231,378,454

373,017,152

201,811,949

345,286,697

(6,486,900) 224,891,554

(64,882,769) 308,134,383

(6,486,900) 195,325,049

(64,882,769) 280,403,928


Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries Statem entofcom prehensive incom e (continued) For the year ended 31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents Note

2018

2017

Separate financialstatem ents 2018

2017

O ther com prehensive incom e: O thercom prehensive incom e to be reclassified to profitorloss in subsequentperiods: Gain on changes in value of available-for-sale investments Less: Income tax effect

23

630,000

850,000

630,000

850,000

(126,000)

(170,000)

(126,000)

(170,000)

504,000

680,000

504,000

680,000

O thercom prehensive incom e notto be reclassified to profitorloss in subsequentperiods: Actuarial loss

20

Less: Income tax effect

23

O ther com prehensive incom e for the year

Totalcom prehensive incom e for the year

(7,796,287) 949,730

-

(4,748,647) 949,730

-

(6,846,557)

-

(3,798,917)

-

(6,342,557)

680,000

(3,294,917)

680,000

218,548,997

308,814,383

192,030,132

281,083,928

215,054,746

299,349,994

195,325,049

280,403,928

192,030,132

281,083,928

0.20

0.29

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

9,836,808

8,784,389

224,891,554

308,134,383

208,968,455

300,029,994

9,580,542

8,784,389

218,548,997

308,814,383

0.23

0.31

Totalcom prehensive incom e attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

B asic earnings per share Profit attributable to equity holders of the Company

25

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

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

-

Total comprehensive income for the year

statutory reserved

-

-

-

-

955,000,000

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

B alance as at31 D ecem ber 2018

Dividend paid (Note 28)

from dividend payment of a subsidiary

Decrease in non-controlling interests of subsidiaries

statutory reserved

Transferred unappropriated retained earnings to

-

Total comprehensive income for the year

285,447,000

-

-

-

-

-

-

-

-

Profit for the year

Other comprehensive income for the year

285,447,000

955,000,000

B alance as at1 January 2018

285,447,000

-

-

955,000,000

-

-

-

-

-

B alance as at31 D ecem ber 2017

Dividend paid (Note 28)

from dividend payment of a subsidiary

Decrease in non-controlling interests of subsidiaries

-

-

Other comprehensive income for the year

Transferred unappropriated retained earnings to

-

285,447,000

(31,800,734)

-

-

-

-

-

-

(31,800,734)

(31,800,734)

-

-

-

-

-

-

(31,800,734)

in a subsidiary

share capital

955,000,000

interests

and paid-up Share premium

in the ownership

Deficit on changes

Issued

Profit for the year

B alance as at1 January 2017

For the year ended 31 D ecem ber 2018

Statem entofchanges in shareholders'equity

Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries

95,500,000

-

-

-

-

-

-

95,500,000

95,500,000

-

-

-

-

-

-

95,500,000

The Company

-

-

-

-

3,140,000

-

-

1,780,000

-

-

-

1,360,000

1,360,000

-

-

1,360,000

Subsidiary

Apprapriated

Retain earnings

1,315,012,056

(143,250,000)

-

(1,780,000)

208,464,455

(6,590,291)

215,054,746

1,251,577,601

1,251,577,601

(133,698,558)

-

(1,360,000)

299,349,994

-

299,349,994

1,087,286,165

Unappropriated

Equity attributable to owners of the Company

income

(176,000)

-

-

-

504,000

504,000

-

(680,000)

(680,000)

-

-

-

680,000

680,000

-

(1,360,000)

investments

available-for-sale

changes in value of

Deficit on

(176,000)

-

-

-

504,000

504,000

-

(680,000)

(680,000)

-

-

-

680,000

680,000

-

(1,360,000)

equity

of shareholders'

other component

Total

Other components of equity Other comprehensive

C onsolidated financialstatem ents

Total equity

2,622,122,322

(143,250,000)

-

-

208,968,455

(6,086,291)

215,054,746

2,556,403,867

2,556,403,867

(133,698,558)

-

-

300,029,994

680,000

299,349,994

2,390,072,431

the Company

owners of

attributable to

63,954,979

-

(4,750,003)

9,580,542

(256,266)

9,836,808

59,124,440

59,124,440

-

(4,750,003)

-

8,784,389

-

8,784,389

55,090,054

the subsidiaries

interests of

to non-controlling

Equity attributable

-

2,686,077,301

(143,250,000)

(4,750,003)

-

218,548,997

(6,342,557)

224,891,554

2,615,528,307

-

2,615,528,307

(133,698,558)

(4,750,003)

-

308,814,383

680,000

308,134,383

2,445,162,485

equity

shareholders'

Total

(Unit: Baht)


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955,000,000

-

-

-

-

955,000,000

955,000,000

-

-

-

-

955,000,000

share capital

Issued and paid-up

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

B alance as at31 D ecem ber 2018

Dividend paid (Note 28)

Total comprehensive income for the year

Other comprehensive income for the year

Profit for the year

B alance as at1 January 2018

B alance as at31 D ecem ber 2017

Dividend paid (Note 28)

Total comprehensive income for the year

Other comprehensive income for the year

Profit for the year

B alance as at1 January 2017

For the year ended 31 D ecem ber 2018

Statem entofchanges in shareholders'equity (continued)

Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries

285,447,000

-

-

-

-

285,447,000

285,447,000

-

-

-

-

285,447,000

Share premium

95,500,000

-

-

-

-

95,500,000

95,500,000

-

-

-

-

95,500,000

Appropriated

1,586,410,849

(143,250,000)

191,526,132

(3,798,917)

195,325,049

1,538,134,717

1,538,134,717

(133,698,558)

280,403,928

-

280,403,928

1,391,429,347

Unappropriated

Retained earnings

Separate financialstatem ents

equity

investments

(176,000)

-

504,000

504,000

-

(680,000)

(680,000)

-

680,000

680,000

-

-

2,922,181,849

(143,250,000)

192,030,132

(3,294,917)

195,325,049

2,873,401,717

-

2,873,401,717

(133,698,558)

281,083,928

680,000

280,403,928

2,726,016,347

shareholders'

available-for-sale

(1,360,000)

Total

changes in value of

Deficit on

income

Other comprehensive

of equity

Other component

(Unit: Baht)


Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries C ash flow statem ent For the year ended 31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents 2017

2018

Separate financialstatem ents 2018

2017

C ash flow s from operating activities Profit before tax

231,378,454

373,017,152

201,811,949

345,286,697

Adjustment to reconcile profit before tax to net cash provided by (paid from) operating activities (Gain) loss on disposal of land and equipment (Gain) loss on change in fair value of biological assets Depreciation

3,792,572 6,727,704

(115,591) (655,375)

-

357,405,796

2,449,803

1,861,063

2,035,735

3,781,436

4,110,903

3,701,894

335,292

1,132,667

-

-

5,579,519

3,496,057

5,579,519

6,047,119

437,364,706

Amortisation on intangible assets

2,278,636

Write - off machine, equipment and intangible assets

4,474,610

Reduction of inventory to net realisable value

(97,754)

421,575,093

503,365,020

Write - off biological assets

4,050,631

Unrealised gain on change in value of securities held for trading Share of income from investment in associate Provision for long-term employee benefits

(2,480) (190,115)

(2,646) -

(2,480) -

(2,646) -

3,592,063

1,998,280

2,598,424

1,655,990

Allowance for impairment loss on assets (reversal)

(2,979,203)

4,280,650

(5,000,000)

5,000,000

Allowance for impairment loss on biological assets

2,550,001

Reversal of allowance for doubtful accounts

-

-

-

-

-

-

161,832,345

134,419,679

141,372,560

118,198,417

922,734,418

961,166,818

777,957,662

839,093,341

Trade and other receivables

(35,215,312)

(22,247,520)

(37,634,825)

(27,507,379)

Inventories

(14,371,126)

(49,405,200)

8,173,932

(37,676,979)

Other current assets

5,221,532

18,903,884

5,264,598

17,364,259

Other non-current assets

1,018,829

Interest expenses

(137,907)

Profit from operating activities before changes in operating assets and liabilities Operating assets (increase) decrease

(894,330)

-

(6,000)

Operating liabilities increase (decrease) Trade and other payables

11,795,705

Other current liabilities

14,012,665

Cash flows from operating activities

905,196,711

Cash paid for interest expenses

(161,632,258)

Cash paid for corporate income tax N etcash flow s from operating activities

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

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

224,927,094 (196,819) 1,132,253,927 (164,119,901)

18,576,891

230,179,341

13,050,468

5,389,677

785,388,726

1,026,836,260

(141,171,548)

(147,819,813)

(33,446,304)

(68,011,555)

(33,672,505)

(68,004,701)

710,118,149

900,122,471

610,544,673

811,011,746


Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries C ash flow statem ent(continued) For the year ended 31 D ecem ber 2018 (Unit: Baht) C onsolidated financialstatem ents 2017

2018

Separate financialstatem ents 2018

2017

C ash flow s from investing activities Decrease in biological assets Proceeds from sales of land and equipment Acquisition of property, plant and equipment Increase (decrease) in retentions Acquisition of intangible assets Cash paid for investing in associate N etcash flow s used in investing activities

97,598

1,244,601

-

-

1,674,975

2,481,996

959,299

1,129,380

(206,254,362)

(802,517,594)

(143,962,167)

(766,014,097)

(74,371,803)

38,517,751

(74,371,803)

38,517,751

(371,200) (90,930,000) (370,154,792)

(158,629) (760,431,875)

(52,000) (90,930,000)

(63,329) -

(308,356,671)

(726,430,295)

C ash flow s from financing activities Decrease in short-term loans to related parties Increase in short-term loans from financial institutions Repayment of other short-term loans Decrease in liabilities under finance lease agreements Increase in long-term loans from financial institutions Repayment of long-term loans

-

-

280,000,000

35,000,000

397,000,000

185,000,000

100,000,000

160,000,000

(396,241) 644,550,000

(5,000,000) 305,000,000

(396,241) 644,550,000

305,000,000

(1,235,502,000)

(598,878,000)

(1,186,950,000)

(556,800,000)

(143,250,000)

(133,698,558)

(143,250,000)

(133,698,558)

(4,750,003)

(4,750,003)

N etcash flow s used in financing activities

(342,348,244)

(252,326,561)

(306,046,241)

(190,498,558)

N etdecrease in cash and cash equivalents

(2,384,887)

(112,635,965)

(3,858,239)

(105,917,107)

Cash and cash equivalents at beginning of year

77,680,387

190,316,352

58,027,861

163,944,968

C ash and cash equivalents atend ofyear

75,295,500

77,680,387

54,169,622

58,027,861

-

-

-

-

3,972,299

8,958,275

2,496,760

4,666,931

-

3,173,690

-

3,173,690

Dividend paid Dividend paid for non-controlling interests of subsidiary

-

-

Supplem entalcash flow inform ation: Non-cash transactions Acquisition of machine and equipment not yet paid Acquisition of asset from finance lease

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

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Sahacogen (C honburi)Public C om pany Lim ited and its subsidiaries N otes to consolidated financialstatem ents For the year ended 31 D ecem ber 2018 1.

G eneralinform ation 6DKDFRJHQ &KRQEXUL  3XEOLF &RPSDQ\ /LPLWHG ³WKH &RPSDQ\´  LV D SXEOLF FRPSDQ\ incorporated and domiciled in Thailand. The Company is principally engaged in the production and distribution of electricity and steam. The registered office of the Company is at 636 Moo 11, Sukaphiban 8 Road, Nongkarm, Sriracha, Chonburi.

2.

B asis ofpreparation

2.1

The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 11 October 2016, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

2.2

Basis of consolidation a) The consolidated financial statements include the financial statements of Sahacogen &KRQEXUL  3XEOLF &RPSDQ\ /LPLWHG ³WKH &RPSDQ\´  DQG WKH IROORZLQJ VXEVLGLDU\ FRPSDQLHV ³WKHVXEVLGLDULHV´ 

&RPSDQ\¶VQDPH

Sahacogen Green Company Limited

Nature of business

Production and distribution

Country of

Percentage of

incorporation

shareholding 2018

2017

Percent

Percent

Thailand

100

100

Thailand

75

75

Thailand

100

100

of electricity and steam Sahagreen Forest Company Limited

Production and distribution of electricity

Sahagreen Energy Company Limited

Production and distribution

(Owned by Sahacogen Green

of wood pellet

Company Limited)

(temporarily ceased its operation)

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


b)

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

c)

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

d)

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

e)

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

f)

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

2.3

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

3.

N ew financialreporting standards (a) Financialreporting standards thatbecam e effective in the currentyear During the year, the Company and its subsidiaries have adopted the revised financial reporting standards and interpretations (revised 2017) which are effective for fiscal years beginning on or after 1 January 2018. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have DQ\VLJQLILFDQWLPSDFWRQWKH&RPSDQ\DQGLWVVXEVLGLDULHVÂśILQDQFLDOVWDWHPHQWV (b) Financial reporting standards that w ill becom e effective for fiscal years beginning on or after 1 January 2019 The Federation of Accounting Professions issued a number of revised and new financial reporting standards and interpretations (revised 2018) which are effective for fiscal years beginning on or after 1 January 2019. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards.

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




The management of the Company and its subsidiaries believe that most of the revised financial reporting standards will not have any significant impact on the financial statements when they are initially applied. However, the new standard involves changes to key principles, as summarised below. TFR S 15 R evenue from C ontracts w ith C ustom ers TFRS 15 supersedes the following accounting standards together with related Interpretations. TAS 11 (revised 2017)

Construction contracts

TAS 18 (revised 2017)

Revenue

TSIC 31 (revised 2017)

Revenue - Barter Transactions Involving Advertising Services

TFRIC 13 (revised 2017)

Customer Loyalty Programmes

TFRIC 15 (revised 2017)

Agreements for the Construction of Real Estate

TFRIC 18 (revised 2017)

Transfers of Assets from Customers

Entities are to apply this standard to all contracts with customers unless those contracts fall within the scope of other standards. The standard establishes a five-step model to account for revenue arising from contracts with customers, with revenue being recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model. The management of the Company and its subsidiaries believe that this standard will not have any significant impact on the financial statements when it is initially applied. (c) Financial reporting standards related to financial instrum ents that w ill becom e effective for fiscalyears beginning on or after 1 January 2020 During the current year, the Federation of Accounting Professions issued a set of TFRSs related to financial instruments, which consists of five accounting standards and interpretations, as follows: Financial reporting standards: TFRS 7

Financial Instruments: Disclosures

TFRS 9

Financial Instruments

Accounting standard: TAS 32

Financial Instruments: Presentation

Financial Reporting Standard Interpretations: TFRIC 16

Hedges of a Net Investment in a Foreign Operation

TFRIC 19

Extinguishing Financial Liabilities with Equity Instruments

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


These TFRSs related to financial instruments make stipulations relating to the classification of financial instruments and their measurement at fair value or amortised cost (taking into account the type of instrument, the characteristics of the contractual FDVK IORZV DQG WKH &RPSDQ\ÂśV EXVLQHVV PRGHO  FDOFXODWLRQ RI Lmpairment using the expected credit loss method, and hedge accounting. These include stipulations regarding the presentation and disclosure of financial instruments. When the TFRSs related

to

financial

instruments

are

effective,

some

accounting

standards,

interpretations and guidance which are currently effective will becancelled. The management of the Company and its subsidiaries is currently evaluating the impact of these standards to the financial statements in the year when they are adopted. 4.

Significantaccounting policies

4.1

R evenue recognition Sales Revenue from sales is recognised when the significant risks and rewards passed to the buyer. Revenue from sales of electricity includes electricity tariff adder but is net of fuel adjustment charges (Ft) and operating charges of the Electricity Generating Authority of Thailand/Provincial Electricity Authority. Revenue from sales is the invoiced value, excluding value added tax after deducting discounts and allowances. Interestincom e Interest income is recognised on an accrual basis based on the effective rate. D ividends Dividends are recognised when the right to receive the dividends is established.

4.2

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

4.3

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

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




4.4

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

4.5

Investm ents a)

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

b)

Investments in available-for-sale securities are stated at fair value. Changes in the fair value of these securities are recorded in other comprehensive income, and will be recorded in profit or loss when the securities are sold.

c)

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

d.) Investments in associate is accounted for in the consolidated financial statements using the equity method. The fair value of marketable securities is based on the latest bid price of the last working day of the year. The fair value of unit trusts is determined from their net asset value. The weighted average method is used for computation of the cost of investments. In the event the Company reclassifies investments from one type to another, such investments will be readjusted to their fair value as at the reclassification date. The difference between the carrying amount of the investments and the fair value on the date of reclassification are recorded in profit or loss or recorded as other components of VKDUHKROGHUVÂśHTXLW\, depending on the type of investment that is reclassified On disposal of an investment, the difference between net disposal proceeds and the carrying amount of the investment is recognised in profit or loss.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


4.6

Property,plantand equipm ent/D epreciation Land is stated at cost. Plant and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of power plant, buildings and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives: Power plant Power plant improvement Buildings

25 - 30 years 3 - 6 years 10 - 25 years

The improvements of land and buildings

4 - 25 years

Tools and equipment

3 - 15 years

Furniture and office equipment

3 - 10 years

Vehicles

5 years

Depreciation is included in determining income. No depreciation is provided for land and construction in progress. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised. 4.7

B orrow ing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

4.8

Agriculture The suEVLGLDU\ÂśV ELRORJLFDO DVVHWs consist of eucalyptus, leucaena and acacia hybrid and its agricultural produce consist wood for energy and wood for construction which were measured at their fair value less costs to sell and fair value less costs to sell at the point of harvest, respectively. The fair value of eucalyptus, leucaena, acacia hybrid is determined based on discounted cash flows/ reference to price of eucalyptus, leucaena and acacia hybrid at the point of harvest. Gains or losses on changes in fair value of biological asset and agricultural produce are recognised in profit or loss. In case the fair value cannot be measured reliably, this biological asset shall be measured at its cost less any accumulated depreciation and any accumulated impairment losses. Once the fair value of such a biological asset becomes reliably measurable, the subsidiary shall measure it at its fair value less costs to sell. 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




4.9

Intangible assets Intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (if any). Intangible assets with finite lives are amortised on a systematic basis over the economic useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss. A summary of the intangible assets with finite useful lives are as follows: Useful lives Computer software

3 - 10 years

Rights in contracts to produce and distribute electricity

20 years

4.10 R elated party transactions Related parties comprise individuals or enterprises that control, or are controlled by the Company, whether directly or indirectly, or which are under common control with the Company. They also include individuals or enterprises 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 &RPSDQ\ÂśVRSHUDWLRQV 4.11 Long-term leases Leases of property, plant or equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in longterm payables, while the interest element is charged to profit or loss over the lease period. The assets acquired under finance leases is depreciated over the shorter of the useful life of the asset and the lease period. Leases of property, plant or equipment which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognised as an expense in profit or loss on a straight line basis over the lease term.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


4.12 Foreign currencies The consolidated and separate financial statements are presented in Baht, which is also WKH&RPSDQ\ÂśVIXQFWLRQDOFXUUHQF\,WHPVLQFOXGHGLQWKHFRQVROLGDWHGILQDQFLDOVWDWHPHQWV of each entity are measured using that functional currency of that entitiy. Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of reporting period. Gains and losses on exchange are included in determining income. 4.13 Im pairm entofassets At the end of each reporting period, the Company and its subsidiaries perform impairment reviews in respect of the property, plant and equipment and other intangible assets whenever events or changes in circumstances indicate that an asset may be impaired. An impairment loss is recognised when the recoverable amount of an asset, which is the KLJKHU RI WKH DVVHWÂśV IDLU YDOXH OHVV FRVWV WR VHOO DQG LWV YDOXH LQ XVH LV OHVV WKDQ WKH carrying amount. In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Company and its subsidiaries could obtain from the disposal of the asset in an DUPÂśVOHngth transaction between knowledgeable, willing parties, after deducting the costs of disposal. An impairment loss is recognised in profit or loss. In the assessment of asset impairment if there is any indication that previously recognised impairment losses may no longer exist or may have decreased, the Company and its subsidiaries estimate WKHDVVHWÂśVUHFRYHUDEOHDPRXQW$SUHYLRXVO\UHFRJQLVHGLPSDLUPHQW loss is reversed only if there has been a change in the assumptions used to determine the DVVHWÂśVUecoverable amount since the last impairment loss was recognised. The increased carrying amount of the asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss.

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




4.14 Em ployee benefits Short-term em ployee benefits Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred. Post-em ploym entbenefits D efined contribution plans The Company, its subsidiaries and their employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Company and its subsidiaries. The IXQGÂśVDVVHWVare held in a separate trust fund and the contributions of the Company and its subsidiaries are recognised as expenses when incurred. D efined benefitplans The Company and its subsidiaries have obligations in respect of the severance payments they must make to employees upon retirement under labor law. The Company and its subsidiaries treat these severance payment obligations as a defined benefit plan. The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method. Actuarial gains and losses arising from defined benefits plans are recognised immediately in other comprehensive income. 4.15 Provisions Provisions are recognised when the Company and its 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. 4.16 Incom e tax Income tax expense represents the sum of corporate income tax currently payable and deferred tax. C urrenttax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


D eferred tax Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period. The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while it recognises deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised. At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. The Company and its subsidiaries record deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity. 4.17 Fair value m easurem ent Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Company and its subsidiaries apply a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Company and its subsidiaries measure fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows: Level1 -

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

Level2 -

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

Level3 - Use of unobservable inputs such as estimates of future cash flows

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




At the end of each reporting period, the Company and its subsidiaries determine whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis. 5.

Significantaccounting judgem ents and estim ates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures and actual results could differ from these estimates. Significant judgements and estimates are as follows: Im pairm entofassets The Company and its subsidiaries treat assets as impaired when the management judges that there has been a significant decline in the fair value below their cost or where other REMHFWLYHHYLGHQFHRILPSDLUPHQWH[LVWV7KHGHWHUPLQDWLRQRIZKDWLV³VLJQLILFDQW´UHTXLUHV judgement of the management. Property plantand equipm ent/D epreciation Recognition of costs incurred as costs of property, plant and equipment requires management to exercise judgement, when identifying and recognising costs that are directly attributable to the acquisition of the assets. Moreover, capitalisation of such costs ceases when the management determine that the assets are in a condition whereby they are ready for their intended use. In determining depreciation of plant and equipment, the management is required to make estimates of the useful lives and residual values of the plant and equipment and to review estimate useful lives and residual values when there are any changes. In addition, the management is required to review property, plant and equipment for impairment on a periodical basis and record impairment losses when it is determined that their recoverable amount is lower than the carrying amount. This requires judgements regarding forecast of future revenues and expenses relating to the assets subject to the review. B iologicalassets The Company and its subsidiaries measured their biological assets at their fair value less costs to sell. Such fair values were calculated using the discounted cash flows method. The valuation involves certain assumptions and estimates such as projected cash flows discount rate, selling price, maintenance costs, selling price adjustment rate and the survival rate of biological assets.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


D eferred tax assets Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the temporary differences and losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of estimate future taxable profits. Post-em ploym entbenefits under defined benefitplans The obligation under the defined benefit plan is determined based on actuarial techniques. Such determination is made based on various assumptions, including discount rate, future salary increase rate, mortality rate and staff turnover rate. 6.

R elated party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties. (Unit: Million Baht) Consolidated

Separate

Transfer

financial statements

financial statements

pricing policy

2018

2017

2018

2017

Service revenue

-

-

6

4

Interest income

-

-

3

11

Contract rate

Dividend revenue

-

-

14

14

As declared

Acquisition of equipment

-

-

-

1

1,419

1,446

1,419

1,446

Transactions with subsidiaries (eliminated from the consolidated financial statements) As agreed by parties

As agreed by parties

Transactions with related companies Sales of electricity

Electricity rate charged by the Provincial Electricity Authority, deducted by certain discount

Sales of steam Fee paid for guarantee for minimum

410

326

362

299

Contract price

5

5

5

5

Contract price

electricity demand

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




(Unit: Million Baht) Consolidated

Separate

Transfer

financial statements

financial statements

pricing policy

2018

2017

2018

2017

7

7

4

4

Raw water and waste water treatment costs

Price charged to other customers in the normal course of business

Operation and service management fees

102

97

102

97

Contract price

Machinery lease fees

45

71

45

71

Contract price

Land rental expense

2

3

2

3

Contract price

11

9

11

9

Contract rate

Construction expense

8

6

-

-

Contract price

Security expense

2

4

-

2

Contract price

Interest paid

The balances of the accounts as at 31 December 2018 and 2017 between the Company and those related companies are as follows: (Unit: Baht) Consolidated financial statements 2018

2017

Separate financial statements 2018

2017

Trade and other receivables -related parties (N ote 8) Subsidiaries

-

-

4,326,560

6,251,556

150,135,514

142,817,233

146,295,913

139,395,557

150,135,514

142,817,233

150,622,473

145,647,113

-

-

150,135,514

142,817,233

147,134,674

142,159,314

37,616,084

61,340,833

37,467,490

59,000,206

Related companies (related by common shareholders and directors) Total Less: Allowance for doubtful debts Total trade and other receivables - related parties - net

(3,487,799)

(3,487,799)

O ther payables -related parties (N ote 18) Related companies (related by common shareholders and directors)

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


Short-term loans to related parties As at 31 December 2018 and 2017, the balance of short-term loans between the Company and the related companies and the movement are as follows: (Unit: Baht) Separate financial statements

Loans to related parties

Related by

Balance as at

Increase

Decrease

Balance as at

31 December 2017

during the year

during the year

31 December 2018

Sahagreen Energy Co., Ltd.

Subsidiary

30,000,000

-

Sahacogen Green Co., Ltd.

Subsidiary

280,000,000

20,000,000

(300,000,000)

-

310,000,000

20,000,000

(300,000,000)

30,000,000

Total

-

30,000,000

Less: Allowance for doubtful (30,000,000)

debts

-

-

(30,000,000)

Total short-term loans to 280,000,000

related parties - net

20,000,000

(300,000,000)

-

These short-term loans to subsidiaries carry interests at the rates of 3.51 percent per annum (2017: 3.82 - 4.11 percent per annum) and are repayable on demand and unsecured. Long-term loan from related party As at 31 December 2018 and 2017, the balance of long-term loan between the Company and the related company and the movement is as follows: (Unit: Baht) Consolidated/Separate financial statements

Loans from related party Better Way Thailand

Co., Ltd.

Balance as at

Increase

Decrease

Balance as at

31 December

during

during

31 December

Related by

2017

the year

the year

2018

Related companies

320,000,000

-

-

320,000,000

(related by common major shareholders and directors)

The loan borrowed from Better Way (Thailand) Co., Ltd. of Baht 320 million carries interest at the rates of 3.00 - 5.00 percent per annum with monthly interest payment and is to be repaid within 5 years and unsecured.

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




DirectorVDQGPDQDJHPHQWÂśVEHQHILWV During the years ended 31 December 2018 and 2017, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below. (Unit: Baht) Consolidated/Separate financial statements 2018 Short-term employee benefits Post-employment benefits Total

2017

27,514,093

21,988,897

476,432

1,033,437

27,990,525

23,022,334

Guarantee obligation with related party The Company has outstanding guarantee obligation with its associate company as described in Note 29.13 to the financial statements. 7

C ash and cash equivalents (Unit: Baht) Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

,

299,467

23,051

22,994

Bank deposits

,,

77,380,920

54,146,571

58,004,867

Total

,,

77,680,387

54,169,622

58,027,861

Cash

As at 31 December 2018, bank deposits in saving accounts carried interests between 0.10 to 1.25 percent per annum (2017: 0.50 to 1.25 percent per annum).

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


8

Trade and other receivables (Unit: Baht) Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

Trade receivables - related parties (Note 6)

150,132,306

142,813,942

146,292,705

139,392,266

Trade receivables - unrelated parties

430,879,142

395,774,277

342,828,651

303,350,550

3,208

3,291

4,329,768

6,254,847

208,220

597,418

-

-

12,081,364

18,900,000

12,081,364

18,900,000

593,304,240

558,088,928

505,532,488

467,897,663

-

-

(3,487,799)

(3,487,799)

593,304,240

558,088,928

502,044,689

464,409,864

Other receivables - related parties (Note 6) Other receivables - unrelated parties Accrued income Total Less: Allowance for doubtful debts (Note 6) Total trade and other receivables - net

As at 31 December 2018 and 2017, the outstanding balances of trade accounts receivable are not yet due. 9.

Inventories (Unit: Baht) Consolidated financial statements Reduce cost to net realisable value

Cost 2018 Raw materials

2017

2018

Inventories-net

2017

78,669,253

57,609,781

-

186,776,235

193,464,581

(12,878,783)

265,445,488

251,074,362

(12,878,783)

2018 -

2017

78,669,253

57,609,781

(7,299,264)

173,897,452

186,165,317

(7,299,264)

252,566,705

243,775,098

Spare parts and factory supplies Total

(Unit: Baht) Separate financial statements Reduce cost to net realisable value

Cost 2018

2017

133,877,766

142,051,698

2018

2017

Inventories-net 2018

2017

122,251,128

136,004,579

Spare parts and factory supplies

(11,626,638)

(6,047,119)

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




During the current year, the Company and subsidiary companies reduced cost of inventories by Baht 6 million (2017: Baht 6 million) (The Company only: Baht 6 million, 2017: 6 million). This was included in cost of sales. In 2017, the subsidiary companies reversed the write-down of cost of inventories by Baht 3 million and reduced the amount of inventories recognised as expenses during the year. 10.

N on-currentassets held for sale Book value of the non-current assets held for sale as at 31 December 2018 and 2017 are as follows: (Unit: Baht) Consolidated financial statements 2018

2017

Cost

143,745,714

144,723,180

Less Accumulated depreciation

(25,450,800)

(25,695,196)

(118,294,914)

(119,027,984)

Less Allowance for impairment loss on assets Net book value

-

-

Movements of the non-current assets held for sale account during the year ended 31 December 2018 and 2017 were summarised below. (Unit: Baht) Consolidated financial statements 2018 Net book value as at 1 January

2017 -

-

(733,070)

1,418,499

non-current assets held for sale

733,070

1,418,499

Net book value as at 31 December

-

-

Disposal Reversal (loss) on diminution in value of

In 2016, the Board of Directors Meeting of Sahagreen Energy Company Limited (a subsidiary) passed a resolution approving the cessation of wood pellet production at the Kabinburi facilities that ceased its production since 2015. The management of the subsidiary reclassified the assets from buildings and equipment to non-current assets held for sales and recorded an allowance for diminution in value of such assets in full in 2016 as they considered that the assets have not been sold. During the year 2018, Sahagreen Energy Company Limited (a subsidiary) sold Baht 0.7 million (2017: Baht 1.4 million) of non-current assets held for sale to the Company and a related company and therefore reversed loss on diminution in value of non-current assets held for sale of Baht 0.7 million (2017: Baht 1.4 million) in the profit or loss of the year.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


11.

Investm ents in subsidiaries Details of investments in subsidiaries as presented in separate financial statements are as follows: Shareholding &RPSDQ\ÂśVQDPH

Paid-up capital 2018

percentage

2017

Million Baht Million Baht

Cost

2018

2017

2018

2017

%

%

Baht

Baht

Subsidiaries directly held by the C om pany Sahacogen Green Company Limited

,520

,520

100

100

1,519,999,930

1,519,999,930

190

190

75

75

142,499,970

142,499,970

40

100

100

Sahagreen Forest Company Limited

Subsidiary held through Sahacogen G reen C om pany Lim ited Sahagreen Energy Company Limited

40

Total

-

-

1,662,499,900

1,662,499,900

During 2018 the Company received dividend from Sahagreen Forest Company Limited amounting to Baht 14 million. (2017: 15 million) 12.

Investm entin associate

12.1 Detail of associate (Unit: Baht) 





&RPSDQ\ÂśV

Nature of

Country of

name

business

incorporation

Impact Solar

Production and

Limited

supply of solar rooftop systems

Total

Thailand

Consolidated financial statements



Carrying amounts based Shareholding percentage 2018

2017

(%)

(%)

21

-

on equity method

Cost 2018

2017

2018

2017

90,930,000

-

91,120,115

-

90,930,000

-

91,120,115

-

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




(Unit: Baht) 





&RPSDQ\ÂśV

Nature of

Country of

name

business

incorporation







Separate financial statements



Shareholding percentage

2018

2017

(%)

(%)

21

-

Cost

2018

2017

Allowance for impairment of

Carrying amounts based

investments

on cost method - net

2018

2017

2018

2017

Impact Solar Production Limited

and supply of solar rooftop systems

Thailand

Total

90,930,000

-

-

-

90,930,000

-

90,930,000

-

-

-

90,930,000

-

12.2 Share of comprehensive income During the year, the Company recognised its share of profit from investment in associate company in the consolidated financial statements amounting to Baht 0.2 million. Investm entin Im pactSolar Lim ited 2Q-XO\WKH&RPSDQ\ÂśV%RDUGRI'LUHFWRUV0HHWLQJSDVVHGDUHVROXWLRQDSSURYLQJ an investment in 9.1 million additional shares of Impact Solar Limited with a par value of Baht 10, amounting to Baht 91 million. The Company holds a 21 percent interest in the ordinary share capital of this company. On 20 July 2018, the Company made the payment of Baht 91 million for these additional shares to Impact Solar Limited. The fair values of the identified assets and liabilities of Impact Solar Limited as at the investment date were as follows: (Unit: Thousand Baht) Cash and cash equivalents Trade receivables Inventories Other current assets Equipment -net Other non-current assets Total assets Trade and other payables

259,333 138 32 17,883 569,344 371 847,101 59,088

Short-term loans

115,000

Deferred revenue

21,657

Retention

25,640

Other current liabilities

156

Long-term loans

220,940

Total liabilities

442,481

Total net assets

404,620

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


(Unit: Thousand Baht) Net assets in the portion held by the Company (21%)

84,970

Cash paid for investment in associate - at cost

90,930

Intangible asset

5,960

The intangible asset acquired from the investment in an associated company is the DVVRFLDWHÂśV ULJKWV LQ FRQWUDFWV WR SURGXFH DQG GLVWULEXWH HOHFWULFLW\ JHQHUDWHG IURP renewable energy sources. The Company amortises the rights over the durations of the contracts, which are approximately 20 years. 13.

O ther long-term investm ents  available-for-sale securities (Unit: Baht) Consolidated/ Separate financial statements 2018

2017

Cost

10,900,000

10,900,000

Fair value

10,680,000

10,050,000

Loss on changes in value of investments Deferred tax assets (Note 23)

(220,000)

(850,000)

44,000

170,000

(176,000)

(680,000)

2WKHUFRPSRQHQWRIVKDUHKROGHUVÂśHTXLW\-loss on changes in value of available-for-sale investments

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

-

-

-

Depreciation on disposals/write-offs

31 December 2017

-

-

-

Increase during the year

Decrease during the year

31 December 2017

,,,

,,

31 December 2017

,,

8,196,637

,,

5,263,867

,,

(959,812)

-

2,426,812

11,844,034

,,

,,

11,908,847

,,

787,278,321

-

-

-

-

-

-

-

-

,,

1,244,895,077

-

500,437,257

787,278,321

,,,

5,750,731,409

,,

(959,812)

,,

6,501,452

,,,0

,,737

,,706

3,436,211,651

,,,0

-

(364,542,388)

844,527,216

9,193,444,512

437,364,706

,,

89,728,394

-

-

-

-

58,475,077

,

,,

55,056,449

,,

-

,,

,,

19,599,526

Total

2017 (Baht 428 million included in manufacturing cost, and the balance in administrative expenses)

,,

165,491,056

,,

-

,

3,943,978

121,821,284

,

,,

105,873,26

,,

-

,

,,

63,253,086

in progress

Construction

407,202,114

,,

316,110,803

,

-

-

130,662

80,272,513

,740

,5,787

70,759,466

,,

,

,112,646

12,513,449

vehicles

Motor

(Unit: Baht)

2016 (Baht 391 million included in manufacturing cost, and the balance in administrative expenses)

D epreciation for the year

3,751,841,832

-

,,

626,820,499

-

-

-

217,743,255

,,,

,,

,,

,,

-

,,

-

422,463,931

,,

,,6

,

,, ,,

,

,,5

199,545,640

equipment

land and buildings

236,381,184

office

improvements of equipment

Furniture and Tools and

Buildings and the

C onsolidated financialstatem ents

,,8

,,8

738,574,734

improvement

Power plant

2,770,149,690

31 December 2016

N etbook value

-

1 January 2017

Allow ance for im pairm entloss

-

Depreciation for the year

,,,

,,

,,

,

1,175,004,819

67,034,443

-

6,521,991,522

,,

Power plant

626,820,499

Land

1 January 2017

Accum ulated depreciation

31 December 2017

Transfer in (out)

Disposals/write-offs

Acquisition

1 January 2017

C ost

14. Property,plantand equipm ent


4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035



-

-

Depreciation on disposals/write-offs

31 December 2018

-

-

Decrease during the year

31 December 2018

633,514,036

31 December 2018

80,831,639

,,

7,650,923

,,

-

-

-

-

53,271,202

(9,416,349)

4,212,474

58,475,077

60,922,125

,

(9,474,695)

2,553,460

,,

7,629,011

,,

1,467,000

-

-

,,

9,860,358

(3,557,291)

1,573,615

11,844,034

18,956,369

-

(4,116,592)

3,263,600

,,

5,408,448

,,

-

-

-

-

-

-

-

5,845,945,619

,,,

,,

(5,296,396)

2,317,193

,,

,,,

,,

,,

,,,0

,,,

,,

-

-

,,

,,

,,,0

,,

(2,078,221)

,,

,,

503,365,020

176,882,653

,,

6,794,586

(165,734)

2,317,193

,,

136,434,776

(2,403,156)

17,016,648

121,821,284

224,061,001

,,

(3,042,158)

12,268,192

,,

Total

2018 (Baht 492 million included in manufacturing cost, and the balance in administrative expenses)

353,263,336

,,

-

,

-

,

90,846,574

(35,742)

10,609,803

80,272,513

267,729,227

,,

(194,175)

14,232,410

,,6

in progress

Construction

,,706

4,580,765,573

,,,

-

-

,,

-

-

-

348,779,038

(38,071,027)

169,106,810

217,743,255

-

,,

3,318,699,342

(8,131,785)

300,845,670

,,,

702,042,374

,,

(38,071,029)

145,246

,,

vehicles

equipment

land and buildings

improvement equipment

office

2017 (Baht 428 million included in manufacturing cost, and the balance in administrative expenses)

D epreciation for the year

,,

31 December 2017

N etbook value

-

Increase during the year

1 January 2017

-

-

Allow ance for im pairm entloss

-

Depreciation for the year

7,899,464,915

,,

633,514,036

(14,580,636)

-

149,853,186

,

,

,,,

Power plant

,,

1 January 2018

Accum ulated depreciation

31 December 2018

Transfer in (out)

Disposals/write-offs

Acquisition

1 January 2018

C ost

Land

Motor

Furniture and

improvements of Tools and

Buildings and the Power plant

C onsolidated financialstatem ents

(Unit: Baht)


 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

-

Transfer in (out)

-

-

-

Depreciation for the year

Depreciation on disposals/write-offs

31 December 2017

-

-

-

Increase during the year

Decrease during the year

31 December 2017

142,501,472

31 December 2017

4,479,423

5,293,076

-

-

-

-

44,023,254

(140,808)

1,687,651

42,476,411

48,502,677

2,400

(140,824)

871,614

47,769,487

equipment

5,922,350

5,609,654

-

-

-

-

40,134,428

(589,161)

2,685,488

38,038,101

46,056,778

-

(606,665)

3,015,688

43,647,755

office equipment

5,978,051

4,929,108

1,467,000

(959,812)

-

2,426,812

8,574,506

(1,796,504)

1,376,149

8,994,861

16,019,557

-

(3,770,424)

3,439,200

16,350,781

vehicles

Motor

28,134,608

781,718,514

-

-

-

-

-

-

-

-

28,134,608

(1,243,487,368)

-

489,903,462

781,718,514

in progress

Construction

4,378,520,564

3,943,346,002

6,467,000

(959,812)

5,000,000

2,426,812

3,038,019,395

(356,606,958)

357,405,796

3,037,220,557

7,423,006,959

-

(362,300,290)

802,313,878

6,982,993,371

Total

357,405,796

26,597,025

28,846,388

-

-

-

-

41,028,847

-

2,249,363

38,779,484

67,625,872

-

-

-

67,625,872

land and buildings

Furniture and

2017 (Baht 351 million included in manufacturing cost, and the balance in administrative expenses)

476,160,556

316,110,803

-

-

-

-

217,743,255

(351,893,415)

147,172,739

422,463,931

693,903,811

68,562,657

(351,893,418)

238,659,838

738,574,734

improvement

Tools and

320,998,335

3,688,747,079

2,658,336,987

5,000,000

-

5,000,000

-

2,686,515,105

(2,187,070)

202,234,406

2,486,467,769

6,380,262,184

1,174,922,311

(5,888,959)

66,424,076

5,144,804,756

Power plant

improvements of

Buildings and the

2016 (Baht 315 million included in manufacturing cost, and the balance in administrative expenses)

D epreciation for the year

142,501,472

31 December 2016

N etbook value

-

1 January 2017

Allow ance for im pairm entloss

-

1 January 2017

Accum ulated depreciation

142,501,472

-

Disposals/write-offs

31 December 2017

-

142,501,472

Acquisition

1 January 2017

C ost

Land

Power plant

Separate financialstatem ents

(Unit: Baht)


4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035



-

Transfer in (out)

-

-

-

Depreciation for the year

Depreciation on disposals/write-offs

31 December 2018

142,501,472

31 December 2018

5,891,792

4,479,423

4,570,723

5,922,350

-

-

-

38,121,049

(4,749,658)

2,736,279

40,134,428

42,691,772

-

(4,764,801)

1,399,795

46,056,778

7,235,635

5,978,051

1,467,000

-

1,467,000

8,006,238

(2,004,385)

1,436,117

8,574,506

16,708,873

-

(2,563,684)

3,253,000

16,019,557

580,000

28,134,608

-

-

-

-

-

-

-

580,000

(52,080,886)

(2,078,221)

26,604,499

28,134,608

in progress

Construction

4,099,283,565

4,378,520,564

1,467,000

,,

6,467,000

3,411,501,845

(48,092,643)

421,575,093

3,038,019,395

7,512,252,410

-

(57,213,476)

146,458,927

7,423,006,959

Total

421,575,093

24,375,041

26,597,025

-

-

-

45,750,293

(135,787)

1,862,826

44,023,254

51,642,085

-

(155,105)

3,294,513

48,502,677

Motor vehicles

2018 (Baht 415 million included in manufacturing cost, and the balance in administrative expenses)

353,263,336

476,160,556

-

-

-

43,276,581

-

2,247,734

41,028,847

67,651,622

-

-

25,750

67,625,872

Furniture and office equipment

357,405,796

3,560,865,566

3,688,747,079

-

-

,,

-

-

348,779,038

(38,071,027)

169,106,810

217,743,255

702,042,374

46,064,346

(38,071,029)

145,246

693,903,811

Tools and equipment

improvements of land and buildings

Power plant improvement

5,000,000

2,927,568,646

(3,131,786)

244,185,327

2,686,515,105

6,488,434,212

6,016,540

(9,580,636)

111,736,124

6,380,262,184

Power plant

2017 (Baht 351 million included in manufacturing cost, and the balance in administrative expenses)

D epreciation for the year

142,501,472

31 December 2017

N etbook value

-

-

Decrease during the year

31 December 2018

-

1 January 2017

Allow ance for im pairm entloss

-

1 January 2018

Accum ulated depreciation

142,501,472

-

31 December 2018

-

Disposals/write-offs

142,501,472

Acquisition

1 January 2018

C ost

Land

Separate financialstatem ents Buildings and the

(Unit: Baht)


14.1 As at 31 December 2018, certain items of equipment were fully depreciated but are still in use. The gross carrying amount (before deducting accumulated depreciation and allowance for impairment loss) of those assets amounted to approximately Baht 210 million (2017: Baht 148 million) (The Company only: Baht 166 million, 2017: Baht 97 million). 14.2 Sahagreen Forest Company Limited (a subsidiary) has mortgaged its land with structures thereon and mortgaged its machines with net book value totaling of approximately Baht 429 million (2017: Baht 451 million) as collateral against credit facilities received from a financial institution. 14.3 During the year 2017, the Company was finished the third phase of expansion of the co-generation power plant project. As at 31 December 2017, the gross carrying amount (before deducting accumulated depreciation) of the third phase of expansion of the co-generation power plant project amounted to approximately Baht 1,228 million. The power plant has been financed with loans from financial institutions. Borrowing costs amounting to Baht 28 million were capitalised during the year ended 31 December 2017. The weighted average rate of 3% has been used to determine the amount of borrowing costs eligible for capitalization. 14.4 During the year 2017, a meeting of the Board of Directors of the Company passed a resolution approving a plan to demolish electricity and steam transmission lines because a customer of the Company was expanding its plant and the Company therefore needs to remove these assets and rebuild them. The Company recorded allowance for impairment loss on these assets based on their net book value of approximately Baht 5 million in profit or loss for the year. 15.

B iologicalassets (Unit: Baht) Consolidated financial statements 2018 B alance as at1 January

49,353,216

2017 ,,

Gains (loss) arising from changes in fair value less costs to sell

(6,727,704)

655,375

Increase due to cost of planting

4,127,137

4,553,681

Decrease due to harvest

(4,224,735)

(5,798,282)

(335,292)

(1,132,667)

Write-offs Allowance for impairment loss

(,550,001)

B alance as at31 D ecem ber

39,642,621

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

49,353,216


16.

Intangible assets The net book value of intangible assets as at 31 December 2018 and 2017 is presented below. Unit: Baht

Consolidated

Separate

financial statements

financial statements

Computer software

Computer software

As at 31 December 2018 Cost LessAccumulated amortisation

24,569,131

19,372,842

(14,740,132)

(12,113,643)

9,828,999

7,259,199

,222,931

19,320,842

(12,486,495)

(10,252,580)

11,736,436

9,068,262

Net book value As at 31 December 2017 Cost LessAccumulated amortisation Net book value

A reconciliation of the net book value of intangible assets for the years 2018 and 2017 is presented below. Unit: Baht

Net book value at beginning of year Acquisition of computer software Amortisation

Separate

financial statements

financial statements

2018

2017

2018

2017

11,736,436

14,027,610

9,068,262

11,040,668

371,200

158,629

52,000

63,329

(2,278,636)

Written-off during year

(2,449,803)

(1)

Net book value at end of year

17.

Consolidated

9,828,999

(1,861,063)

(2,035,735)

-

-

-

11,736,436

7,259,199

9,068,262

Short-term loans from financialinstitutions (Unit: Baht

Interest rate

Consolidated

Separate

percent

financial statements

financial statements

per annum

2018

2017

2018

2017

2.30 - 3.80

606,000,000

209,000,000

260,000,000

160,000,000

606,000,000

209,000,000

260,000,000

160,000,000

Short-term loans from financial institutions Total

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




The short-term loans from financial institutions are unsecured, except for short-term loan of D VXEVLGLDU\ ZKLFK LV VHFXUHG E\ WKH PRUWJDJH RI WKH VXEVLGLDU\ÂśV ODQG ZLWK Vtructures thereon and mortgage of its machines. As at 31 December 2018, the short-term credit facilities of the Company and its subsidiaries which have not yet been drawn down amounted to Baht 1,679 million. 18.

Trade and other payables (Unit: Baht) Consolidated

Separate

financial statements

financial statements

2018 Trade payables - unrelated parties

2018

2017

450,013,166

374,151,443

440,145,104

364,402,589

Other payables - related parties (Note 6)

37,616,084

61,340,83

37,367,490

59,000,206

Other payables - unrelated parties

11,481,259

45,867,00

6,221,271

36,095,194

1,709,500

3,592,725

100,000

3,162,225

500,820,009

484,952,005

483,833,865

462,660,214

Construction and retention payables Total trade and other payables

19.

2017

Long-term loans (Unit: Baht)

Loans 1

Interest rate (%) 4.38% per annum

Repayment conditions

Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

138,350,000

178,350,000

138,350,000

178,350,000

241,200,000

303,200,000

241,200,000

303,200,000

-

240,000,000

-

240,000,000

-

533,550,000

-

533,550,000

semi-annual installments from December 2003 to June 2021

2

4.38% per annum

semi-annual installments from June 2006 to December 2021

3

4.38% per annum

semi-annual installments from June 2011 to December 2020

4

4.45% per annum from May 2011

semi-annual installments

until April 2014, and MLR minus

from June 2011 to

2.00% per annum from May 2014

December 2020

until the final maturity date of the agreement

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


(Unit: Baht)

Loans

Interest rate (%)

Repayment conditions

5

3.25% per annum from March 2016

semi-annual installments

until December 2017, and

from June 2018 to

thereafter 4.50% per annum from

December 2024

Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

765,400,000

860,000,000

765,400,000

860,000,000

300,000,000

400,000,000

300,000,000

400,000,000

466,400,000

583,200,000

466,400,000

583,200,000

644,550,000

-

644,550,000

-

233,050,000

281,602,000

-

-

2,788,950,000

3,379,902,000

2,555,900,000

3,098,300,000

Less: Current portion of long-term loans

(542,088,000)

(719,952,000)

(490,300,000)

(671,400,000)

Long-term loans - net of current portion

2,246,862,000

2,659,950,000

2,065,600,000

2,426,900,000

January 2018 until the final maturity date of the agreement 6

3.90% per annum

semi-annual installments from June 2017 to December 2021

7

4.35% per annum

semi-annual installments from June 2017 to December 2022

8

3.75% per annum

semi-annual installments from June 2019 to December 2024

9

4.58% per annum from November

semi-annual installments

2016 until October 2019, and MLR

from June 2017 to June

minus 1.60% per annum from

2023

November 2019 until the final maturity date of the agreement Total

Movement of the long-term loan account during the year ended 31 December 2018 are summarised below: (Unit: Thousand Baht)

Balance as at 1 January 2018 Add: Additional borrowings Less: Repayment Balance as at 31 December 2018

Consolidated

Separate

financial statements

financial statements

3,379,902

3,098,300

644,550

644,550

(1,235,502)

(1,186,950)

2,788,950

2,555,900

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




Under the credit facility agreements of the loans No. 5 and 6 with a branch of a foreign financial institution in Thailand, if the Company breaches the conditions of the agreements or terminates the agreements early, the Company might have to indemnify the branch of the foreign financial institution. The loan agreements contain covenants as specified in the agreements that, among other things, require the Company and its subsidiaries to comply with covenants pertaining to, among other things, the maintenance of certain financial ratios and the payment of dividends, the proportion of shareholding of a shareholder not less than the ratio specified in the agreement, the restrictions on the creation of lien or encumbrances over assets of the Company and its subsidiaries. The credit fDFLOLWLHV RI D VXEVLGLDU\ DUH VHFXUHG E\ WKH PRUWJDJH RI WKH VXEVLGLDU\ÂśV ODQG with structures thereon and machines. 20.

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

Separate

financial statements

financial statements

2018

2017

2018

2017

14,513,027

12,514,747

12,411,297

10,755,307

3,059,541

1,732,689

2,217,888

,,

532,522

265,591

380,536

,

9,292,901

-

6,096,783

-

(1,288,263)

-

(868,230)

-

(208,351)

-

(479,906)

-

Provisions for long-term em ployee benefits atbeginning ofyear Included in profit or loss: Current service cost Interest cost Included in other comprehensive income: Actuarial (gain) loss arising from Demographic assumptions changes Financial assumptions changes Experience adjustments Provisions for long-term em ployee benefits atend ofyear

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035

25,901,377

14,513,027

19,758,368

12,411,297


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

Separate

financial statements

financial statements

2018

2017

2018

2017

Cost of sales

1,102,504

407,551

697,144

205,262

Administrative expenses

2,489,559

1,590,729

1,901,280

1,450,728

Total expense recognised in profit or loss

3,592,063

1,998,280

2,598,424

1,655,990

The Company and its subsidiaries expect to not pay of long-term employee benefits during the next year (2017: Nil). As at 31 December 2018, the weighted average duration of the liabilities for long-term employee benefit is 12, 16 and 20 years (separate financial statements: 12 years) (2017: 10, 15 and 20 years, separate financial statements: 10 years). Significant actuarial assumptions are summarised below: (Unit: Percent per annum) Consolidated/ Separate financial statements

Discount rate Salary increase rate Turnover rate

2018

2017

2.2 - 3.0

-

6.6



0.0 - 12.0

-

The results of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2018 and 2017 are summarised below: (Unit: Baht) As at 31 December 2018

Discount rate Salary increase rate Turnover rate

Consolidated

Separate

financial statements

financial statements

Increase1%

Decrease1%

Increase1%

Decrease1%

(2,275,903)

2,647,665

(1,387,361)

1,579,050

2,546,730

(2,237,390)

1,551,077

(1,392,445)

(2,571,886)

2,060,421

(1,583,215)

1,120,429

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




(Unit: Baht) As at 31 December 2017

Discount rate Salary increase rate Turnover rate

Consolidated

Separate

financial statements

financial statements

Increase1%

Decrease1%

Increase1%

Decrease1%

(1,167,672)

1,337,576

(866,960)

976,441

1,389,470

(1,236,349)

1,024,068

(926,366)

(1,191,803)

1,396,409

(830,176)

955,972

On 13 December 2018, The National Legislative Assembly passed a resolution approving the draft of a new Labour Protection Act, which is in the process being published in the Royal Gazette. The new Labour Protection Act stipulates additional legal severance pay rates for employees who have worked for an uninterrupted period of twenty years or more. Such employees are HQWLWOHGWRUHFHLYHQRWOHVVWKDQGD\VÂśFRPSHQVDWLRQDWWKHlatest wage rate. This change is considered a post-employment benefits plan amendment and the Company and its subsidiaries have additional liabilities for long-term employee benefits of Baht 1.3 million (the Company only: Baht 0.7 million). The Company and its subsidiaries will reflect the effect of the change by recognising past services costs as expenses in the income statement of the period in which the law is effective. 21.

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. At present, the statutory reserve has fully been set aside.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


22.

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

Separate

financial statements

financial statements

2018 Fuel and energy costs

2018

2017

2,638,561,735

2,399,740,857

2,458,160,412

2,214,204,708

Depreciation

503,365,020

437,364,706

421,575,093

357,405,796

Plant maintenance and repairing costs

115,402,938

127,073,007

98,120,742

110,834,072

Operation services of the power plant

102,200,186

97,002,226

102,200,186

97,002,226

51,806,009

77,373,181

49,478,371

75,308,209

127,388,355

115,715,535

56,854,029

55,846,679

50,773,305

49,914,949

42,623,892

41,461,323

Rental expenses Salariesand other employee benefits Insurance expenses

23.

2017

Incom e tax Income tax expenses for the years ended 31 December 2018 and 2017 are made up as follows: (Unit: Baht) Consolidated/Separate financial statements 2018

2017

C urrentincom e tax: Current income tax charge Adjustment in respect of income tax of previous year

9,437,255

63,834,763

(2,314,708)

-

(635,647)

1,048,006

D eferred tax: Relating to origination and reversal of temporary differences Incom e tax expense reported in the statem ent ofcom prehensive incom e

6,486,900

64,882,769

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




The amounts of income tax relating to each component of other comprehensive income for the years ended 31 December 2018 and 2017 are as follows: (Unit: Baht) Consolidated/Separate financial statements 2018

2017

126,000

170,000

Deferred tax on gain from the change in value of available-for-sale investments Deferred tax on actuarial loss

(949,730)

-

(823,730)

170,000

The reconciliation between accounting profit and income tax expenses is shown below. (Unit: Baht)

Accounting profit before tax Applicable tax rate

Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

231,378,454

373,017,152

201,811,949

345,286,697

20%

20%

20%

20%

Accounting profit before tax multiplied by income tax rate

,275,691

74,603,430

40,362,389

69,057,339

Adjustment in respect of income tax of previous year

-

(2,314,708)

-

3,422,864

3,495,141

(339,379)

816,936

(42,543,845)

(17,439,558)

(28,888,348)

(4,977,450)

1,707,980

4,298,936

584,945

2,905,943

-

(3,402)

(2,917,999)

(2,919,999)

(61,082)

(71,778)

-

-

(40,896,947)

(13,215,802)

(31,221,402)

(4,991,506)

6,486,900

64,882,769

6,486,900

64,882,769

(2,314,708)

Deferred tax assets (liabilities) which were not recognised during the year Effects of: Promotional privileges (Note 24) Income/expenses which are disallowable for tax computation purposes Additional income/expenses which are allowable for deductions Tax loss of prior years that is used to reduce tax expenses Total Income tax expenses reported in the statement of comprehensive income

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


The components of deferred tax assets are as follows: (Unit: Baht) Statements of financial position Consolidated/Separate financial statements 2018 Provision for long-term employee benefits Accumulated depreciation of assets

3,951,674

2,482,259

18,960,239

18,844,277

44,000

170,000

22,955,913

21,496,536

Unrealised loss on re-measuring available-for-sale investments Total

2017

As at 31 December 2018, the subsidiaries has tax deductible temporary differences and unused tax losses totaling Baht 566 million (2017: Baht 543 million), on which deferred tax assets have not been recognised as the subsidiaries believes future taxable profits may not be sufficient to allow utilisation of the tax deductible temporary differences and unused tax losses. As at 31 December 2018, the unused tax losses amounting to Baht 207 million (2017: Baht 187 million) will expired by the year 2023. 24.

Prom otionalprivileges The Company has received promotional privileges from the Board of Investment for the generation of electricity from natural gas, and steam, pursuant to the promotion certificate No. 1308(2)/2558. Subject to certain imposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from the date the promoted activity commenced generating revenues (20 November 2017). Sahacogen Green Company Limited has received promotional privileges from the Board of Investment for the production of electricity and steam, pursuant to the investment promotion certificate No. 1563(1)/2552. Subject to certain imposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from the date the promoted operations begin generating revenues (22 March 2011) and a 50% reduction of corporate income tax on income derived from the promoted operations for a period of 5 years after the tax-exemption period ends. In addition, Sahacogen Green Company Limited has received promotional privileges from the Board of Investment for the energy plant farming, pursuant to the investment promotion certificate No. 1858(3)/2556 and 59-1260-0-00-2-0. Subject to certain imposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from the date the promoted operations begin generating revenues. The investment certificate No. 1858(3)/2556 has operations begin generating revenues on 2 July 2015 and the investment certificate No. 59-1260-0-00-2-0 has no revenues. 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




Sahagreen Forest Company Limited has received promotional privileges from the Board of Investment for the production of electricity, pursuant to the investment promotion certificate No. 1856(1)/2554. Subject to certain imposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from the date the promoted operations begin generating revenues (25 December 2012) and a 50% reduction of corporate income tax on income derived from the promoted operations for a period of 5 years after the tax-exemption period ends. Sahagreen Energy Company Limited has received promotional privileges from the Board of Investment for the production of wood pellet, pursuant to the investment promotion certificates No. 1861(2)/2555 and 1861(2)/2556. Subject to certain imposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from the date the promoted operations begin generating revenues (22 August 2013 and 1 September 2015, respectively). During the year 2016, the Board of Investment approved a request to transfer the business under investment promotion certificate No. 1861(2)/2556 of Sahagreen Energy Company Limited to Sahacogen Green Company Limited, whereby it would be covered by investment promotion certificate No. 59-1632-0-00-1-2 and eligible to receive all remaining privileges. These privieges which would be subject to the same conditions as under the former certificate, except for a condition regarding the amount of registered capital of Sahacogen Green Company Limited, which is an additional condition stipulated upon the transfer of the business. The privileges include an exemption from corporate income tax until 8 September 2023. The Company and iWVVXEVLGLDULHVÂśRSHUDWLQJUHYHQXHV for the years ended 31 December 2018 and 2017, divided between promoted and non-promoted operations, are summarised below. (Unit: Thousand Baht) Promoted operations

Sales

Non-promoted operations

Total

2018

2017

2018

2017

2018

2017

1,332,495

662,219

2,866,159

3,364,603

4,198,654

4,026,821

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


25.

Earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year.

Profit for the year(Baht)

Consolidated

Separate

Financial statements

financial statements

2018

2017

2018

2017

215,054,746

299,349,994

195,325,049

280,403,928

955,000,000

955,000,000

955,000,000

955,000,000

0.23

0.31

0.20

0.29

Weighted average number of ordinary shares (shares) Earnings per share (Baht/share)

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035 -

6,102 6,102

1,458,827

201,812 (6,487) 195,325

6,604,236

Finance cost

Profit (loss) before income tax expenses

Profit (loss) for the year

Segm enttotalassets

14,457

333,825

(8,355)

349,630

3,609,220

-

-

Elim inations

572,029

39,347

-

39,347

(14,672)

-

54,019

255,609

16,659

(7,630)

-

(7,630)

(6,020)

190

(1,800)

(1,669,969)

(8,253)

-

(8,253)

8,587

-

(16,840)

-

6,981,782

224,891

6,487

231,378

(168,278)

190

399,466

4,198,654

statem ents

million and Baht 531 million.

For the year 2018, the Company and its subsidiaries have revenue from three major customers in amount of Baht 1,828 million, Baht 1,781

Income tax expenses

O thers

G reen C o.,Ltd.

Public C o.,Ltd. ForestC o.,Ltd.

financial

Sahacogen

(C honburi) Sahagreen

C onsolidated

(Unit: Thousand Baht)

Sahacogen

G eneration and distribution ofelectricity and steam

(147,818)

Share of income from investment in associate

associate, finance cost and income tax expenses

Profit (loss) before share of income from investment in

R esults

Sales to externalcustom ers

Year ended 31 D ecem ber 2018

are as follows:

The revenues, profit or loss and total assets by segment of the Company and its subsidiaries for the years ended 31 December 2018 and 2017

steam. Their operations are carried on only in Thailand. Segment performance is measured based on operating profit or loss of each company.

The Company and its subsidiaries are principally engaged in one reportable segment which is the generation and distribution of electricity and

decision maker in order to make decisions about the allocation of resources to the segment and assess its performance.

Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating

26. Segm entinform ation


4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035



345,287

Profit (loss) before income tax expenses

8,856

1,452,524

280,404

7,051,501

Profit (loss) for the year

Segm enttotalassets

18,546

(3,976)

,

582,152

-

(3,976)

, -

(6,045)

2,069

141

(15,965)

51,103

254,704

Energy C o.,Ltd.

Sahagreen

w ood pellet

(1,945,591)

(12,288)

-

(12,288)

17,207

(29,495)

(35,692)

Elim inations

7,159,132

308,134

(64,883)

373,017

(134,420)

507,437

4,026,822

statem ents

financial

C onsolidated

million and Baht 534 million.

For the year 2017, the Company and its subsidiaries have revenue from three major customers in amount of Baht 1,745 million, Baht 1,696

-

(64,883)

Income tax expenses

8,856

(11,419)

(118,198)

Finance cost

367,054

20,275

3,440,615

ForestC o.,Ltd.

G reen C o.,Ltd.

Public C o.,Ltd.

463,485

income tax expenses

Profit (loss) before finance cost and

R esults

Sales to externalcustom ers

Year ended 31 D ecem ber 2017

Sahagreen

Sahacogen

(C honburi)

Sahacogen

G eneration and distribution ofelectricity and steam

distribution of

Production and

(Unit: Thousand Baht)


27.

Providentfund The Company, its subsidiaries and their employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees and the Company and its subsidiaries contributed to the fund monthly at the rate of 5 percent of basic salary. The fund, which is managed by CIMB Thai Bank Public Company Limited, will be paid to employees upon termination in accordance with the fund rules. The contributions for the year 2018 amounting to approximately Baht 2,919,784 (2017: Baht 2,661,039) were recognised as expenses.

28.

D ividend paid Dividend Approved by

Dividends

Final dividend for 2017

Total for 2018

Million Baht

Baht

143.25

0.15

143.25

0.15

133.70

0.14

133.70

0.14

Annual General Meeting of the shareholders on 24 April 2017

Total for 2017 29.

per share

Annual General Meeting of the shareholders on 23 April 2018

Final dividend for 2016

Total dividends

C om m itm ents

29.1 C apitalcom m itm ents As at 31 December 2018, the Company and a subsidiary had capital commitments of approximately Baht 7 million (31 December 2017: Baht 17 million and SEK 3 million) relating to the acquisition of equipment and maintenance the power plant of the Company and the acquisition of equipment and construction of building of a subsidiary. 29.2 Electricity Sales Agreem ents The Company entered into an agreement with the Electricity Generating Authority of Thailand (EGAT) to sell electricity in a specified quantity and at a stipulated price as defined in the agreement. The agreement period is 25 years and will expire in April 2024.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


In March 2009, Sahacogen Green Company Limited entered into an agreement with the Provincial Electricity Authority (PEA) to sell electricity in a specified quantity and at a stipulated price as defined in the agreement. The agreement is for a period of 5 years, and will automatically renew every 5 years until termination. In 2016, Sahacogen Green Company Limited joined the program for producers of electricity from renewable energy sources to change from an Adder to a Feed-in Tariff (FiT), and as a result entered into an amendment to the sales and purchase of electricity agreement with PEA in September 2016, whereby it is required to comply with certain conditions and the period for purchase of electricity is reduced, with the agreement expiring in October 2027. In September 2009, Sahagreen Forest Company Limited entered into an agreement with the Provincial Electricity Authority (PEA) to sell electricity in a specified quantity and at a stipulated price as defined in the agreement. The agreement is for a period of 20 years. Since Sahagreen Forest Company Limited joined the program for producers of electricity from renewable energy sources to change from an Adder to a Feed-in Tariff (FiT) in September 2016, it entered into an amendment to the sales and purchase of electricity agreement with PEA, whereby it is required to comply with conditions regarding the sale and purchase of electricity and connection to the electricity grid and the period for purchase of electricity is reduced, with the agreement expiring in March 2029. 29.3 Electricity and Steam Sales Agreem ents The Company entered into agreements with Saha Pathana Inter-Holding Public Company Limited to sell electricity and steam in a specified quantity and at a stipulated price as defined in the agreements. The agreements period is 15 years, starting from April 1999, and renewed for an additional period of 25 years. 29.4 Steam Sales Agreem ents Sahacogen Green Company Limited entered into an agreement with Thai President Foods Public Company Limited to sell steam in a specified quantity and at a stipulated price as defined in the agreement. The agreement is for a period of 10 years, starting from April 2011, and will renew every year until termination. 29.5 G as Purchase Agreem ent Under an agreement with the 377 3XEOLF &RPSDQ\ /LPLWHG ³377´  WKH &RPSDQ\ LV committed to purchase natural gas from PTT in a specified quantity and at a stipulated price as defined in the agreement for a period of 21 years. The agreement will expire in March 2020, however it contains an option to renew for an additional period of 4 years. 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




29.6 O peration and Service M anagem entAgreem ent The Company entered into an agreement with Operational Energy Group Limited under which the affiliate will provide management and advisory services for the operation and maintenance of the power plant, which the Company is committed to pay for at prices as determined in the agreement. The agreement will expire on 31 December 2023. 29.7 R aw W ater Purchase Agreem ent Under an agreement with a private entity, the Company is committed to purchase raw water in a specified quantity and at a stipulated price as defined in the agreement for a period of 25 years. The agreement will expire in March 2024. 29.8 Land R entalAgreem ents The Company entered into a land rental agreement with Sinparadorn Company Limited to rent 4,800 square meters of land for 3 years at a monthly rental rate of Baht 144,000, which was effective from 1 June 2017 to 31 May 2020. A subsidiary has entered into several land rental agreements for energy plant farming. The terms of the agreements are generally between 1 and 4 years. Future minimum lease payments required under these land rental agreements were as follows. (Unit: Million Baht) As at 31 December 2018

2017

in up to 1 year

1

2

In over 1 and up to 5 years

1

2

Payable:

29.9 O perating lease and service agreem ent The Company and its subsidiaries entered into operating lease agreement relating to rental of vehicle and office equipment and services agreements. The agreements periods are between 1 and 4 years.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


As at 31 December 2018 and 2017, future minimum lease and service payments required under these agreements were as follows. (Unit: Million Baht) Consolidated

Separate

financial statements

financial statements

2018

2017

2018

2017

in up to 1 year

11

7

3

4

in over 1 and up to 5 years

7

11

3

5

in over 5 years

-

1

-

1

Payable:

29.10 M achinery Lease Agreem ent The Company entered into a machinery lease agreement with Operational Energy Group /LPLWHG XQGHU ZKLFK WKH DIILOLDWH ZLOO SURYLGH UHSODFHPHQW PDFKLQHU\ LI WKH &RPSDQ\ÂśV machinery is temporarily out-of-order. Rental is charged at the rates stipulated in the agreement, which expires on 31 March 2024 At 31 December 2018 and 2017, future minimum lease and service payments required under these agreements were as follows. Unit: Million Dollar) Consolidated/Separate financial statement 31 December 2018

31 December 2017

in up to 1 year

1

1

in over 1 and up to 5 years

5

5

in over 5 years

-

2

Payable:

29.11 B iom ass FuelPurchase Agreem ent Sahagreen Forest Company Limited entered into a biomass fuel purchase agreement with Siam Forestry Company Limited to purchase specified quantities at stipulated prices defined in the agreement. The agreement is effective from 21 August 2010 until termination. 29.12 Long-term service agreem ent On 1 June 2017, the Company entered into a long-term service agreement with an overseas FRPSDQ\ IRU WKH PDLQWHQDQFH DQG UHSDLU WKH &RPSDQ\ÂśV JDV WXUELQH HQJLQHV whereby the service charges are as stipulated in the agreement. The agreement terminates on 31 December 2023. 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




29.13 G uarantees (1)

As at 31 December 2018, there were outstanding bank guarantee of approximately Baht 163 million (2017: Baht 163 million) issued by a bank on behalf of the Company in respect of certain performance bonds as required under the Power Sales Agreement with the Electricity Generating Authority of Thailand (EGAT). There were also other guarantees issued by a bank on behalf of the Company and its subsidiaries totaling Baht 23 million (2017: Baht 23 million).

(2)

As at 31 December 2018, the Company has guaranteed bank credit facilities of its associate company amounting to Baht 42 million.

30.

Fair value hierarchy As at 31 December 2018, the Company and its subsidiaries had the assets that were measured at fair value using different levels of inputs as follows: (Unit: Baht) Consolidated

Separate

financial statements

financial statements

2018 Level 1

2017 Level 3

Level 1

Level 3

2018

2017

Level 1

Level 1

Assets m easured atfair value Held for trade investments  Equity instruments

272,324

-

,4

-

272,324

,4

10,680,000

-

10,050,000

-

10,680,000

10,050,000

-

39,642,621

-

49,353,216

-

-

Available-for-sale investments Equity instruments Biological assets

31.

Financialinstrum ents

31.1 Financialrisk m anagem ent TKH&RPSDQ\DQGLWVVXEVLGLDULHV¶ILQDQFLDOLQVWUXPHQWVDVGHILQHGXQGHU7KDL $FFRXQWLQJ 6WDQGDUG1R³)LQDQFLDO,QVWUXPHQWV'LVFORVXUHDQG3UHVHQWDWLRQV´SULQFLSDOO\FRPSULVH cash and cash equivalents, trade accounts receivable, loans provided, investments, short-term and long-term borrowings. The financial risks associated with these financial instruments and how they are managed is described below.

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


C reditrisk The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts receivable since the majority of sales are supplied to a limited number of FXVWRPHUV +RZHYHU GXH WR WKRVH FXVWRPHUVÂś FUHGLWZRUWKLQHVV WKH &RPSDQ\ and its subsidiaries do not anticipate material losses from its debt collection. Interestrate risk The Company DQGLWVVXEVLGLDULHVÂśexposure to interest rate risk relates primarily to its cash at financial institutions, loans provided, short-term and long-term borrowings which are subject to interest. However, because most of the financial assets and financial liabilities have floating interest rates which fluctuate in line with market interest rates or fixed interest rates which approximate the current market interest rate. Details of long-term loans from financial institutions are set out in Note 19 to the consolidated financial statements. As at 31 December 2018 and 2017, significant financial assets and liabilities classified by type of interest rate are summarised in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date, or the repricing date if this occurs before the maturity date. (Unit: Million Baht) Consolidated financial statements 2018 Fixed interest rates Within

1-5

Over

Floating

Non- interest

1 year

years

5 years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial Assets Cash and cash equivalents

-

-

-

75

-

75

0.10 - 1.25

Trade and other receivables

-

-

-

-

593

593

-

-

-

-

75

593

668

606

-

-

-

-

606

2.30 - 3.80

-

-

-

-

501

501

-

Financial liabilities Short-term loans from financial institutions Trade and other payables Long-term loans from financial institutions Long-term loan from a related party

MLR - 1.60 and 542

1,747

319

181

-

2,789

3.75 - 4.58

-

320

-

-

-

320

3.00 - 5.00

1,148

2,067

319

181

501

4,216

4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




(Unit: Million Baht) Consolidated financial statements 2017 Fixed interest rates Within

1-5

Over

Floating

Non- interest

1 year

years

5 years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial Assets Cash and cash equivalents

-

-

-

78

-

78

0.50 - 1.25

Trade and other receivables

-

-

-

-

558

558

-

-

-

-

78

558

636

209

-

-

-

-

209

2.40 - 3.78

-

-

-

-

485

485

-

Financial liabilities Short-term loans from financial institutions Trade and other payables Long-term loans from financial institutions

MLR-1.60 to 2.00 540

1,833

292

715

-

3,380

-

320

-

-

-

320

749

2,153

292

715

485

4,394

Long-term loan from a related party

and 3.25 - 4.58 3.00 - 5.00

(Unit: Million Baht) Separate financial statements 2018 Fixed interest rates Within

1-5

Over

Floating

Non- interest

1 year

years

5 years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial Assets Cash and cash equivalents

-

-

-

54

-

54

0.10 - 1.25

Trade and other receivables

-

-

-

-

502

502

-

-

-

-

54

502

556

260

-

-

-

-

260

2.30 - 3.02

-

-

-

-

484

484

-

490

1,747

319

-

-

2,556

3.75 - 4.50

-

320

-

-

-

320

3.00 - 5.00

750

2,067

319

-

484

3,620

Financial liabilities Short-term loans from financial institutions Trade and other payables Long-term loans from financial institutions Long-term loan from a related party

 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035


(Unit: Million Baht)

Separate financial statements 2017 Fixed interest rates Within

1-5

Over

Floating

Non- interest

1 year

years

5 years

interest rate

bearing

Effective Total

interest rate (% per annum)

Financial Assets Cash and cash equivalents

-

-

-

58

-

58

0.50 - 1.25

Trade and other receivables

-

-

-

-

464

464

-

280

-

-

-

-

280

-

280

-

-

58

464

802

160

-

-

-

-

160

2.40

-

-

-

-

463

463

-

Short-term loans to related parties

Financial liabilities Short-term loans from financial institutions Trade and other payables

MLR-2.00 and

Long-term loans from financial institutions Long-term loan from a related party

491

1,781

292

534

-

3,098

3.25 - 4.50

-

320

-

-

-

320

3.00 - 5.00

651

2,101

292

534

463

4,041

31.2 Fair values offinancialinstrum ents SiQFHWKHPDMRULW\RIWKH&RPSDQ\DQGLWVVXEVLGLDULHV¶ financial instruments are short-term in nature or bear floating interest rates, their fair value is not expected to be materially different from the amounts presented in the statements of financial position. 32.

C apitalm anagem ent The prLPDU\ REMHFWLYH RI WKH &RPSDQ\ DQG LWV VXEVLGLDULHV¶ capital management is to ensure that it has appropriate capital structure in order to support their business and maximise shareholder value. As at 31 December 2018, the Group's debt-to-equity ratio was 1.60:1 (2017: 1.74:1) and the Company's was 1.26:1 (2017: 1.45:1).

33.

Eventafter the reporting period

33.1 On 20 February 2019, a meeting of the Board of Directors of Sahagreen Forest Company Limited passed a resolution to propose that the Annual General Meeting of the Shareholders to be held in March 2019 adopt a resolution to pay a dividend of Baht 0.50 per share, or a total of Baht 9.50 million, to the shareholders in respect of the 2018 earnings. Such dividend will be paid and recorded after it is approved by the Annual General Meeting RIWKLVFRPSDQ\¶VVKDUHKROGHUV. 4")"$0(&/ $)0/#63* 16#-*$$0.1"/:-*.*5&% "//6"-3&1035




33.2 On 26 February 2019DPHHWLQJRIWKH&RPSDQ\¶V%RDUGRI'LUHFWRUVSDVVHGDUHVROXWLRQ to propose the Annual General Meeting of the Shareholders to be held in April 2019 adopt a resolution to pay a dividend of Baht 0.12 per share, or a total of Baht 114.60 million, to the shareholders in respect of the 2018 earnings. Such dividend will be paid and recorded after it is approved by the Annual General Meeting RIWKH&RPSDQ\¶VVKDUHKROGHUV 34.

Approvaloffinancialstatem ents 7KHVHILQDQFLDOVWDWHPHQWVZHUHDXWKRULVHGIRULVVXHE\WKH&RPSDQ\¶V%RDUGRI'LUHFWRUV on 26 February 2019.

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“สหโคเจน รวมใจ ไมทุจริต ไมคอรรัปชั่น” “Sahacogen Fights Against Corruption”


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