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MK Restaurant Group Public Company Limited and its...
Transcript of MK Restaurant Group Public Company Limited and its...
MK Restaurant Group Public Company Limited
and its subsidiaries
Review report and interim financial statements
For the three-month and six-month periods ended 30 June 2016
Independent Auditor’s Report on Review of Interim Financial Information
To the Shareholders of MK Restaurant Group Public Company Limited
I have reviewed the accompanying consolidated statement of financial position of MK Restaurant
Group Public Company Limited and its subsidiaries as at 30 June 2016, the related consolidated
statements of income and comprehensive income for the three-month and six-month periods then
ended, the related consolidated statements of changes in shareholders’ equity and cash flows for
the six-month period then ended, as well as the condensed notes to the consolidated financial
statements. I have also reviewed the separate financial information of MK Restaurant Group
Public Company Limited for the same periods. Management is responsible for the preparation
and presentation of this interim financial information in accordance with Thai Accounting
Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this
interim financial information based on my review.
Scope of review
I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review
of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of
interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with Thai Standards on
Auditing and consequently does not enable me to obtain assurance that I would become aware of
all significant matters that might be identified in an audit. Accordingly, I do not express an audit
opinion.
Conclusion
Based on my review, nothing has come to my attention that causes me to believe that the
accompanying interim financial information is not prepared, in all material respects, in accordance
with Thai Accounting Standard 34 Interim Financial Reporting.
Kamontip Lertwitworatep
Certified Public Accountant (Thailand) No. 4377
EY Office Limited
Bangkok: 11 August 2016
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of financial position
As at 30 June 2016
(Unit: Thousand Baht)
30 June 31 December 30 June 31 December
Note 2016 2015 2016 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Assets
Current assets
Cash and cash equivalents 3 142,734 287,234 104,735 230,610
Short-term investments 4 8,874,766 8,590,995 8,642,086 8,210,908
Trade and other receivables 2, 5 104,510 108,414 212,339 215,437
Inventories 231,170 282,133 219,116 268,852
Other current assets 364,481 339,373 288,410 282,685
Total current assets 9,717,661 9,608,149 9,466,686 9,208,492
Non-current assets
Advances for purchases of building and equipment 14,659 20,884 14,659 11,824
Investments in subsidiaries 6 - - 451,480 451,480
Investment in joint venture 7 111,874 118,318 149,207 149,207
Other long-term investment 8 - - - -
Property, plant and equipment 9 4,356,802 4,494,044 3,650,257 3,852,688
Intangible assets 10 99,734 97,762 94,250 94,864
Leasehold rights 11 263,825 283,352 244,158 262,689
Deferred tax assets 153,978 142,362 142,236 131,662
Deposits 361,113 357,429 283,396 283,910
Total non-current assets 5,361,985 5,514,151 5,029,643 5,238,324
Total assets 15,079,646 15,122,300 14,496,329 14,446,816
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Separate financial statementsConsolidated financial statements
Somchai Hanjitkasem
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of financial position (continued)
As at 30 June 2016
(Unit: Thousand Baht)
30 June 31 December 30 June 31 December
Note 2016 2015 2016 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Liabilities and shareholders' equity
Current liabilities
Trade and other payables 2, 12 1,088,416 1,390,727 943,482 1,238,619
Income tax payable 254,985 200,454 230,890 178,076
Current portion of deferred income of
membership fee 40,067 41,778 33,586 33,384
Other current liabilities 194,236 202,205 164,505 173,475
Total current liabilities 1,577,704 1,835,164 1,372,463 1,623,554
Non-current liabilities
Deferred income of membership fee -
net of current portion 10,206 10,103 10,206 10,103
Provision for long-term employee benefits 13 284,403 269,736 264,202 253,232
Other non-current liabilities 10,664 9,406 12,294 9,406
Total non-current liabilities 305,273 289,245 286,702 272,741
Total liabilities 1,882,977 2,124,409 1,659,165 1,896,295
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen Somchai Hanjitkasem
Consolidated financial statements Separate financial statements
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of financial position (continued)
As at 30 June 2016
(Unit: Thousand Baht)
30 June 31 December 30 June 31 December
Note 2016 2015 2016 2015
(Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
Shareholders' equity
Share capital
Registered
925,850,000 ordinary shares of Baht 1 each 925,850 925,850 925,850 925,850
Issued and fully paid
910,249,500 ordinary shares of Baht 1 each 910,250 910,250 910,250 910,250
Share premium 8,785,028 8,785,028 8,785,028 8,785,028
Capital reserve for share-based payment
transactions 14 581,789 526,725 581,789 526,725
Retained earnings
Appropriated - statutory reserve 92,585 92,585 92,585 92,585
Unappropriated 2,817,072 2,675,814 2,467,512 2,235,933
Other component of shareholders' equity 9,945 7,489 - -
Total shareholders' equity 13,196,669 12,997,891 12,837,164 12,550,521
Total liabilities and shareholders' equity 15,079,646 15,122,300 14,496,329 14,446,816
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen Somchai Hanjitkasem
Consolidated financial statements Separate financial statements
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Income statements
For the three-month period ended 30 June 2016
(Unit: Thousand Baht except earnings per share expressed in Baht)
Separate
financial statements
Note 2016 2015 2016 2015
Revenues
Sales and service income 4,038,286 3,748,513 3,577,907 3,337,239
Interest income 27,945 55,747 27,654 55,521
Dividend income - - 188,000 191,500
Other income 69,153 57,532 93,998 74,818
Total revenues 4,135,384 3,861,792 3,887,559 3,659,078
Expenses
Cost of sales and services 1,325,684 1,277,282 1,339,083 1,289,157
Selling expenses 1,805,492 1,692,185 1,470,756 1,401,651
Administrative expenses 243,940 249,822 207,330 216,322
Total expenses 3,375,116 3,219,289 3,017,169 2,907,130
Profit before share of loss from investment in
joint venture and income tax expenses 760,268 642,503 870,390 751,948
Share of loss from investment in joint venture (3,607) (1,323) - -
Profit before income tax expenses 756,661 641,180 870,390 751,948
Income tax expenses 15 (143,428) (125,311) (128,357) (109,477)
Profit for the period 613,233 515,869 742,033 642,471
Profit attributable to:
Equity holders of the Company 613,233 515,869 742,033 642,471
Earnings per share 16
Basic earnings per share
Profit attributable to equity holders of
the Company 0.67 0.57 0.82 0.71
Diluted earnings per share
Profit attributable to equity holders of
the Company 0.67 0.56 0.81 0.70
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of comprehensive income
For the three-month period ended 30 June 2016
(Unit: Thousand Baht)
Separate
financial statements
2016 2015 2016 2015
Profit for the period 613,233 515,869 742,033 642,471
Other conprehensive income:
Other comprehensive income to be reclassified to
profit or loss in subsequent periods
Exchange differences on translation of
financial statements in foreign currency 89 6,848 - -
Other comprehensive income for the period 89 6,848 - -
Total comprehensive income for the period 613,322 522,717 742,033 642,471
Total comprehensive income attributable to:
Equity holders of the Company 613,322 522,717 742,033 642,471
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen Somchai Hanjitkasem
Consolidated
financial statements
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Income statements
For the six-month period ended 30 June 2016
(Unit: Thousand Baht except earnings per share expressed in Baht)
Separate
financial statements
Note 2016 2015 2016 2015
Revenues
Sales and service income 7,627,845 7,333,060 6,782,869 6,542,043
Interest income 55,775 114,406 55,245 113,532
Dividend income - 199 188,000 191,699
Other income 136,982 115,610 178,719 140,267
Total revenues 7,820,602 7,563,275 7,204,833 6,987,541
Expenses
Cost of sales and services 2,500,615 2,495,309 2,548,403 2,517,010
Selling expenses 3,522,886 3,322,598 2,876,651 2,747,280
Administrative expenses 489,561 499,181 415,247 437,744
Total expenses 6,513,062 6,317,088 5,840,301 5,702,034
Profit before share of loss from investment in
joint venture and income tax expenses 1,307,540 1,246,187 1,364,532 1,285,507
Share of loss from investment in joint venture 7 (8,900) (9,194) - -
Profit before income tax expenses 1,298,640 1,236,993 1,364,532 1,285,507
Income tax expenses 15 (247,135) (241,321) (222,706) (211,991)
Profit for the period 1,051,505 995,672 1,141,826 1,073,516
Profit attributable to:
Equity holders of the Company 1,051,505 995,672 1,141,826 1,073,516
Earnings per share 16
Basic earnings per share
Profit attributable to equity holders of
the Company 1.16 1.10 1.25 1.18
Diluted earnings per share
Profit attributable to equity holders of
the Company 1.14 1.08 1.24 1.17
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of comprehensive income
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Separate
financial statements
2016 2015 2016 2015
Profit for the period 1,051,505 995,672 1,141,826 1,073,516
Other comprehensive income:
Other comprehensive income to be reclassified to
profit or loss in subsequent periods
Exchange differences on translation of
financial statements in foreign currency 2,456 526 - -
Other comprehensive income for the period 2,456 526 - -
Total comprehensive income for the period 1,053,961 996,198 1,141,826 1,073,516
Total comprehensive income attributable to:
Equity holders of the Company 1,053,961 996,198 1,141,826 1,073,516
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of cash flows
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Separate
financial statements
2016 2015 2016 2015
Cash flows from operating activities
Profit before tax 1,298,640 1,236,993 1,364,532 1,285,507
Adjustments to reconcile profit before tax to net cash
provided by (paid from) operating activities:
Gain on sales of short-term investments (23,323) (12,788) (20,445) (10,355)
Gain on revaluation of short-term investments (12,015) (645) (12,400) (536)
Share of loss from investment in joint venture 8,900 9,194 - -
Loss from damaged inventories 427 1,293 427 1,293
Amortisation of prepaid expenses 9,914 11,580 8,573 10,564
Depreciation and amortisation 428,558 400,045 353,933 331,134
Allowance for impairment of property, plant and equipment - 702 - 702
Loss (gain) on disposals of equipment (204) 4,376 (605) (568)
Loss on write-off of equipment 4,234 9 4,206 9
Expenses for share-based payment transactions 55,064 83,407 53,578 80,014
Provision for long-term employee benefits 19,646 17,145 15,609 15,425
Realisation of gift voucher, net of sales
and cash received during the period (13,532) (20,682) (12,921) (19,999)
Realisation of deferred income, net of sales
and cash received during the period (24,968) (30,257) (19,168) (19,721)
Dividend income - (199) (188,000) (191,699)
Interest income (55,775) (114,406) (55,244) (113,532)
Profit from operating activities before changes in
operating assets and liabilities 1,695,566 1,585,767 1,492,075 1,368,238
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of cash flows (continued)
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Separate
financial statements
2016 2015 2016 2015
Cash flows from operating activities (continued)
Operating assets (increase) decrease
Trade and other receivables 18,983 9,905 19,646 12,954
Inventories 50,536 57,833 49,309 57,914
Other current assets (39,954) 220,321 (19,787) 195,257
Deposits (3,684) (14,527) 514 (9,940)
Operating liabilities increase (decrease)
Trade and other payables (245,549) (253,996) (239,448) (245,176)
Other current liabilities 5,563 3,700 3,951 1,542
Deferred income 23,360 30,442 19,473 26,894
Provision for long-term employee benefits (4,979) (893) (4,639) (893)
Other non-current liabilities 1,258 7,102 2,888 7,102
Cash from operating activities 1,501,100 1,645,654 1,323,982 1,413,892
Cash received from interest income 40,696 20,637 40,182 19,762
Cash paid for income tax (204,220) (295,127) (180,466) (262,720)
Net cash from operating activities 1,337,576 1,371,164 1,183,698 1,170,934
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of cash flows (continued)
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Separate
financial statements
2016 2015 2016 2015
Cash flows from investing activities
Decrease (increase) in short-term investments (248,433) 53,000 (398,333) (7,700)
Decrease (increase) in advances for purchases of
building and equipment 6,225 3,694 (2,835) 3,694
Cash paid for purchases of plant and equipment (322,952) (341,155) (192,676) (296,959)
Cash paid for purchases of computer software (9,575) (47,465) (6,643) (46,811)
Proceeds from disposals of equipment 2,906 1,867 13,161 5,959
Dividend income - 199 188,000 191,699
Net cash used in investing activities (571,829) (329,860) (399,326) (150,118)
Cash flows from financing activities
Dividend paid (910,247) (907,082) (910,247) (907,082)
Cash received from exercised warrants - 4 - 4
Net cash used in financing activities (910,247) (907,078) (910,247) (907,078)
Net increase (decrease) in cash and cash equivalents (144,500) 134,226 (125,875) 113,738
Cash and cash equivalents at beginning of period 287,234 298,554 230,610 222,235
Cash and cash equivalents at end of period 142,734 432,780 104,735 335,973
Supplement disclosure of cash flows information
Non-cash transactions
Decrease in accounts payable for purchases
of plant and equipment (51,830) (58,185) (50,200) (55,638)
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated
financial statements
Somchai Hanjitkasem
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of changes in shareholders' equity
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Other component
of equity
Other
Capital reserve comprehensive
Issued and of share-based Appropriated - income
paid-up Share payment statutory Translation
Note share capital premium transactions reserve Unappropriated adjustment Total
Balance as at 1 January 2015 907,081 8,785,028 325,699 92,585 2,563,655 6,653 12,680,701
Ordinary shares issued from exercised warrants 4 - - - - - 4
Recognition of expenses against capital reserve for
share-based payment transactions 14 - - 83,407 - - - 83,407
Total comprehensive income for the period - - - - 995,672 526 996,198
Dividend paid 17 - - - - (907,082) - (907,082)
Balance as at 30 June 2015 907,085 8,785,028 409,106 92,585 2,652,245 7,179 12,853,228
Balance as at 1 January 2016 910,250 8,785,028 526,725 92,585 2,675,814 7,489 12,997,891
Recognition of expenses against capital reserve for
share-based payment transactions 14 - - 55,064 - - - 55,064
Total comprehensive income for the period - - - - 1,051,505 2,456 1,053,961
Dividend paid 17 - - - - (910,247) - (910,247)
Balance as at 30 June 2016 910,250 8,785,028 581,789 92,585 2,817,072 9,945 13,196,669
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen
Consolidated financial statements
Somchai Hanjitkasem
Retained earnings
(Unaudited but reviewed)
MK Restaurant Group Public Company Limited and its subsidiaries
Statements of changes in shareholders' equity (continued)
For the six-month period ended 30 June 2016
(Unit: Thousand Baht)
Capital reserve
Issued and of share-based Appropriated -
paid-up payment statutory
Note share capital Share premium transactions reserve Unappropriated Total
Balance as at 1 January 2015 907,081 8,785,028 325,699 92,585 2,125,262 12,235,655
Ordinary shares issued from exercised warrants 4 - - - - 4
Recognition of expenses against capital reserve for
share-based payment transactions 14 - - 83,407 - - 83,407
Total comprehensive income for the period - - - - 1,073,516 1,073,516
Dividend paid 17 - - - - (907,082) (907,082)
Balance as at 30 June 2015 907,085 8,785,028 409,106 92,585 2,291,696 12,485,500
Balance as at 1 January 2016 910,250 8,785,028 526,725 92,585 2,235,933 12,550,521
Recognition of expenses against capital reserve for
share-based payment transactions 14 - - 55,064 - - 55,064
Total comprehensive income for the period - - - - 1,141,826 1,141,826
Dividend paid 17 - - - - (910,247) (910,247)
Balance as at 30 June 2016 910,250 8,785,028 581,789 92,585 2,467,512 12,837,164
The accompanying notes are an integral part of the financial statements.
Director Director
Rit Thirakomen Somchai Hanjitkasem
Retained earnings
Separate financial statements
(Unaudited but reviewed)
1 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
MK Restaurant Group Public Company Limited and its subsidiaries
Notes to consolidated interim financial statements
For the three-month and six-month periods ended 30 June 2016
1. General information
1.1 Corporate information
MK Restaurant Group Public Company Limited (“the Company”) was incorporated as a
limited company and subsequently transformed to be a public limited company under Thai
law, and domiciled in Thailand. The Company is principally engaged in sales of foods and
beverages through restaurants, under the trademark “MK Restaurants”. The registered office
address of the Company is at 1200 Bangna-trad Road, Bangna, Bangkok.
As at 30 June 2016, the Company had operated 452 branches (31 December 2015: 452
branches).
1.2 Basis of preparation of interim financial statements
These interim financial statements are prepared in accordance with Thai Accounting
Standard No. 34 (revised 2015) Interim Financial Reporting, with the Company choosing to
present condensed interim financial statements. However, the Company has presented the
statements of financial position, income, comprehensive income, changes in shareholders'
equity, and cash flows in the same format as that used for the annual financial statements.
The interim financial statements are intended to provide information additional to that
included in the latest annual financial statements. Accordingly, they focus on new activities,
events and circumstances so as not to duplicate information previously reported. These
interim financial statements should therefore be read in conjunction with the latest annual
financial statements.
The interim financial statements in Thai language are the official statutory financial
statements of the Company. The interim financial statements in English language have
been translated from the Thai language financial statements.
1.3 Basis of consolidation
These consolidated financial statements include the financial statements of MK Restaurant
Group Public Company Limited (herein after called “the Company”) and its subsidiaries
which were incorporated in Thailand (herein after called “the subsidiaries”) and have been
prepared on the same basis as that applied for the consolidated financial statements for
the year ended 31 December 2015 with no structural changes related to subsidiaries during
the current period.
(Unaudited but reviewed)
2 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
1.4 New financial reporting standards
During the period, the Company has adopted the revised and new financial reporting
standards and accounting treatment guidance issued by the Federation of Accounting
Professions which become effective for fiscal years beginning on or after 1 January 2016.
These financial reporting standards were aimed at alignment with the corresponding
International Financial Reporting Standards, with most of the changes directed towards
revision of wording and terminology, and provision of interpretations and accounting
guidance to users of standards. The adoption of these financial reporting standards does
not have any significant impact on the Company’s financial statements.
1.5 Significant accounting policies
The interim financial statements are prepared using the same accounting policies and
methods of computation as were used for the financial statements for the year ended 31
December 2015.
2. Related party transactions
During the periods, the Company and its subsidiaries had significant business transactions
with related parties. Such transactions, which are summarised below, arose in the ordinary
course of business and were concluded on commercial terms and bases agreed upon
between the Company, its subsidiaries and those related parties.
(Unit: Million Baht)
For the three-month periods ended 30 June
Consolidated
financial statements
Separate
financial statements Transfer pricing policy
2016 2015 2016 2015
Transactions with subsidiaries
(Eliminated from the consolidated
financial statements)
Sales of goods - - 257 206 Cost plus margin at the rate of 8% and 10%
Sublease and subservice income - - 7 6 At the rate stipulated in the agreements
Management service income - - 24 14 At the rate of Baht 7.6 million per month and
Baht 0.5 million per month (2015: At the rate
of 4% of sales and service income (after
output VAT deduction) with a maximum of
Baht 4 million per month and at the rate of
Baht 0.5 million per month)
Dividend income - - 188 191 At the declared rate
Sales of fixed assets - - 2 2 Net book value plus margin
Rental income - - 1 - At the rate stipulated in the agreements
Training expenses - - 22 20 Market price
Transactions with related companies
Royalty fee income 2 1 2 1 At the rate of 0.5% of gross sales per month
Royalty fee expenses 13 12 - - At the rate of 2% of net sales per month
Rental expenses from operating
equipment
10 10 7 7 Market price
Rental expenses for land and
construction
7 7 7 7 At the rate stipulated in the agreement
(Unaudited but reviewed)
3 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
(Unit: Million Baht)
For the six-month periods ended 30 June
Consolidated
financial statements
Separate
financial statements Transfer pricing policy
2016 2015 2016 2015
Transactions with subsidiaries
(Eliminated from the consolidated
financial statements)
Sales of goods - - 489 403 Cost plus margin at the rate of 8% and 10%
Sublease and subservice income - - 14 11 At the rate stipulated in the agreements
Management service income - - 41 27 At the rate of Baht 7.6 million per month and
Baht 0.5 million per month (2015: At the
rate of 4% of sales and service income
(after output VAT deduction) with a
maximum of Baht 4 million per month and
at the rate of Baht 0.5 million per month)
Dividend income - - 188 191 At the declared rate
Sales of fixed assets - - 10 4 Net book value plus margin
Rental income - - 1 - At the rate stipulated in the agreements
Training expenses - - 45 46 Market price
Transactions with related companies
Royalty fee income 3 2 3 2 At the rate of 0.5% of gross sales per month
Royalty fee expenses 25 24 - - At the rate of 2% of net sales per month
Rental expenses from operating
equipment
21 20 15 14 Market price
Rental expenses for land and
construction
15 15 15 15 At the rate stipulated in the agreement
As at 30 June 2016 and 31 December 2015, the balances of the accounts between the
Company and its subsidiaries and those related parties are as follows:
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
30 June
2016
31 December
2015
30 June
2016
31 December
2015
Trade and other receivables -
related parties (Note 5)
Subsidiary - - 112,158 113,273
Related companies (related by
common directors) 577 708 577 708
Total trade and other receivables -
related parties 577 708 112,735 113,981
Other payables - related parties
(Note 12)
Subsidiaries - - 12,355 4,776
Related companies (related by
common directors) 14,470 15,690 4,549 9,914
Total other payables - related parties 14,470 15,690 16,904 14,690
(Unaudited but reviewed)
4 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
Significant agreements with related parties
Franchise agreement for use of trademark, servicemark and license to operate
On 10 February 1994, the Company entered into a franchise agreement with Plenus-MK
Limited, a related party in Japan, in order to grant the latter the right to use the trademark and
the servicemark of “MK Restaurants” in its operating of the Thai-style Sukiyaki restaurants in
Japan. An initial franchise fee was Yen 25 million which was fully paid to the Company in
2002. A monthly royalty fee is charged at a rate of 0.5% of gross sales. The agreement shall
continue for a term of three years, and thereafter shall be automatically renewed on a three-
year basis until being terminated by either party by giving a written notice 180 days prior to
the expiration of such contract.
Management service agreements
On 17 February 2014, the Company entered into a management service agreement with
MK Interfood Company Limited (“MKI”), whereby the Company agreed to provide
management service to MKI in areas of branch operations, business development,
engineering, procurement, marketing, accounting and finance, human resources and
quality assurance. MKI agreed to pay management fee to the Company at a rate of 4% of
sales and service income (after output VAT deduction) with a maximum of Baht 4 million
per month. The agreement is effective for a period of two years, from 1 March 2014 to 28
February 2016, and shall be automatically extended for another two years until MKI gives a
written notice of termination three months prior to its expiration.
On 29 February 2016, the Company and MKI entered into a new management service
agreement, under which MKI agrees to pay management fee to the Company at a rate of
Baht 7.6 million per month. The agreement is effective for a period of two years, from 1
March 2016 to 28 February 2018, and shall be automatically extended for another two years
until MKI gives a written notice of termination three months prior to its expiration.
On 20 December 2013, the Company entered into a management service agreement with
MK Service Training Center Company Limited (“MKS”), whereby the Company agreed to
provide management service to MKS in areas of procurement, accounting and finance,
human resources and service training. MKS agreed to pay management fee to the
Company at a rate of Baht 500,000 per month. The agreement is effective for a period of
two years, from 1 January 2014 to 31 December 2015, and shall be automatically extended
for another two years until MKS gives a written notice of termination three months prior to
its expiration.
(Unaudited but reviewed)
5 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
On 29 February 2016, the Company and MKS entered into a new management service
agreement, under which MKS agrees to pay management fee to the Company at a rate of
Baht 500,000 per month. The agreement is effective for a period of two years, from
1 January 2016 to 31 December 2017, and shall be automatically extended for another two
years until MKS gives a written notice of termination three months prior to its expiration.
Sublease and subservice agreements
The Company entered into several sublease and subservice agreements, granting nine
leasehold rights to MK Interfood Company Limited (“MKI”). Sublease and subservice fees
are charged according to the terms of the agreements. The agreements are effective for a
period of three years and will be renewed automatically for another three years unless MKI
has breached them.
Building lease agreement
On 1 February 2016, the Company entered into a lease agreement for lease of building to
International Food Supply Co., Ltd. (“IFS”), under which IFS agrees to pay rental to the
Company at a rate of Baht 0.37 million per month. The lease agreement is for a period of 6
years, from 1 May 2016 to 30 April 2022. Subsequently, on 17 May 2016, the Company and
IFS agreed to adjust the rental space and the rental rate to be Baht 0.37 million per month.
Land, building and warehouse lease agreement
On 1 December 2014, the Company entered into a lease agreement for lease of land,
building and warehouse with Global Asset Development Co., Ltd., whereby the latter agrees
to lease land and construction thereon under six title deeds to the Company and the
Company agrees to pay the rental to Global Asset Development Co., Ltd. in a total amount
of Baht 1.69 million per month, from 1 January 2015 to 31 December 2017. In addition, the
Company shall give a written notice to extend the agreement at least 90 days prior to the
expiry date.
Land and distribution center building lease agreement
On 1 March 2013, the Company entered into a lease agreement for lease of land and
distribution center building with Global Asset Development Co., Ltd., whereby the latter
agrees to lease land and distribution center building to the Company and the Company
agrees to pay the rental to Global Asset Development Co., Ltd. at the rate stipulated in the
agreement. The lease agreement is for a period of 20 years, from 1 November 2013 to 31
October 2033. The agreement states that the Company shall begin to pay the monthly rent
from 1 November 2013 onwards. In addition, the Company shall give a written notice to
extend the agreement at least 90 days prior to the expiry date.
(Unaudited but reviewed)
6 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
On 18 April 2016, the Company entered into additional lease agreement for lease of land
with Global Asset Development Co., Ltd., whereby the latter agrees to lease land to the
Company and the Company agrees to pay the rental to Global Asset Development Co., Ltd.
at the rate stipulated in the agreement. The lease agreement is for a period of 17 years and
6 months, from 1 May 2016 to 31 October 2033. The agreement states that the Company
shall begin to pay the monthly rent from 1 May 2016 onwards. In addition, the Company
shall give a written notice to extend the agreement at least 90 days prior to the expiry date.
Directors and management’s benefits
During the three-month and six-month periods ended 30 June 2016 and 2015, the
Company and its subsidiaries had employee benefit expenses payable to their directors
and management as below.
(Unit: Million Baht)
Consolidated financial statements / Separate financial statements
For the three-month periods
ended 30 June
For the six-month periods
ended 30 June
2016 2015 2016 2015
Short-term employee benefits 29 26 59 50
Post-employment benefits - - 1 1
Share-based payments 5 7 10 13
Total 34 33 70 64
3. Cash and cash equivalents
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
30 June
2016
31 December
2015
30 June
2016
31 December
2015
Cash 63,974 156,910 51,720 135,776
Bank deposits in savings accounts 78,760 130,324 53,015 94,834
Total cash and cash equivalents 142,734 287,234 104,735 230,610
As at 30 June 2016, bank deposits in savings accounts carried interests between 0.10 and
0.40 percent per annum (31 December 2015: between 0.05 and 0.40 percent per annum).
(Unaudited but reviewed)
7 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
4. Short-term investments
4.1 As at 30 June 2016 and 31 December 2015, short-term investments consisted of the
following:
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
30 June
2016
31 December
2015
30 June
2016
31 December
2015
Fixed deposits 5,150,000 4,850,000 5,100,000 4,800,000
Investments in trading securities
(Note 4.2) 3,724,766 3,740,995 3,542,086 3,410,908
Total short-term investments 8,874,766 8,590,995 8,642,086 8,210,908
As at 30 June 2016, fixed deposits carried interests between 1.80 and 2.30 percent per
annum (31 December 2015: 1.90 and 2.60 percent per annum).
4.2 Movements in the short-term investments in trading securities during the six-month period
ended 30 June 2016 are summarised below.
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
Balance as at 1 January 2016 3,740,995 3,410,908
Cash paid for short-term investments in
trading securities during the period -
at cost 8,560,800 7,487,700
Sales during the period - at cost
Proceeds from sales (8,612,367) (7,389,367)
Gain on sales 23,323 20,445
Total (8,589,044) (7,368,922)
Gain on change in value 12,015 12,400
Balance as at 30 June 2016 3,724,766 3,542,086
(Unaudited but reviewed)
8 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
5. Trade and other receivables
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
30 June 31 December 30 June 31 December
2016 2015 2016 2015
Trade accounts receivable - related parties
Aged on the basis of due dates
Not yet due - - 80,824 87,433
Total trade accounts receivable
- related parties - - 80,824 87,433
Trade accounts receivable - unrelated parties
Aged on the basis of due dates
Not yet due 14,958 27,434 14,017 23,855
Total trade accounts receivable
- unrelated parties 14,958 27,434 14,017 23,855
Total trade accounts receivable 14,958 27,434 94,841 111,288
Other receivables
Other receivables - related
parties 577 708 31,911 26,548
Advances 11,311 15,427 9,124 13,691
Accrued interest income 64,618 49,539 64,346 49,284
Others 15,624 17,884 14,695 17,204
Total other receivables 92,130 83,558 120,076 106,727
Less: Allowance for doubtful
accounts (2,578) (2,578) (2,578) (2,578)
Total other receivables - net 89,552 80,980 117,498 104,149
Total trade and other
receivables - net 104,510 108,414 212,339 215,437
(Unaudited but reviewed)
9 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
6. Investments in subsidiaries
Details of investments in subsidiaries as presented in the separate financial statements are
as follows:
(Unit: Thousand Baht)
Paid-up capital Shareholding percentage Cost
Dividend received during
the six-month periods ended
30 June 31 December 30 June 31 December 30 June 31 December 30 June
Company’s name 2016 2015 2016 2015 2016 2015 2016 2015
(%) (%)
MK Interfood Company
Limited 400,000 400,000 100 100 299,050 299,050 160,000 160,000
MK Service Training
Center Company
Limited 35,000 35,000 100 100 52,430 52,430 28,000 31,500
International Food
Supply Company
Limited 100,000 100,000 100 100 100,000 100,000 - -
Total 451,480 451,480 188,000 191,500
7. Investment in joint venture
7.1 Details of investment in joint venture
Investment in joint venture represents investment in entity which is jointly controlled by the
Company and other company. Details of this investment are as follows:
(Unit: Thousand Baht)
Joint venture
Nature of
business Paid-up capital Shareholding percentage
Consolidated
financial statements
Separate
financial statements
30
June
2016
31
December
2015
30
June
2016
31
December
2015
30
June
2016
31
December
2015
Percent Percent
Plenus and MK PTE LTD Restaurant SGD 12.5 million 50 50 111,874 118,318 149,207 149,207
Total investment in joint venture 111,874 118,318 149,207 149,207
7.2 Share of loss
During the periods, share of loss from investment in joint venture in the consolidated
financial statements was as follows:
(Unit: Thousand Baht)
Consolidated financial statements
Joint venture For the six-month periods ended 30 June
2016 2015
Plenus and MK PTE LTD 8,900 9,194
(Unaudited but reviewed)
10 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
8. Other long-term investment
(Unit: Thousand Baht)
Consolidated financial statements/
Separate financial statements
30 June
2016
31 December
2015
Other investment
Oversea non-marketable securities - cost 7,278 7,278
Less: Allowance for impairment (7,278) (7,278)
Other investment - net - -
9. Property, plant and equipment
Movements in the property, plant and equipment account during the six-month period
ended 30 June 2016 are summarises below.
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
Net book value as at 1 January 2016 4,494,044 3,852,688
Acquisitions - at cost
Decrease in accounts payable for
purchases of equipment during the period (51,830) (50,200)
Cash paid for purchases of plant and equipment 322,952 192,676
Total 271,122 142,476
Disposals and write-off - net book value at
disposal and write-off date
Proceeds from disposals of equipment (2,906) (13,161)
Gain on disposals of equipment 204 605
Loss on write-off of equipment (4,234) (4,206)
Total (6,936) (16,762)
Depreciation for the period (401,428) (328,145)
Net book value as at 30 June 2016 4,356,802 3,650,257
(Unaudited but reviewed)
11 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
10. Intangible assets
Movements in the intangible assets account during the six-month period ended
30 June 2016 are summarised below.
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
Net book value as at 1 January 2016 97,762 94,864
Acquisitions during the period - at cost 9,575 6,643
Amortisation for the period (7,603) (7,257)
Net book value as at 30 June 2016 99,734 94,250
11. Leasehold rights
Movements in the leasehold rights account during the six-month period ended 30 June
2016 are summarised below.
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
Net book value as at 1 January 2016 283,352 262,689
Amortisation for the period (19,527) (18,531)
Net book value as at 30 June 2016 263,825 244,158
(Unaudited but reviewed)
12 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
12. Trade and other payables
(Unit: Thousand Baht)
Consolidated
financial statements
Separate
financial statements
30 June
2016
31 December
2015
30 June
2016
31 December
2015
Trade payables - unrelated parties 275,391 395,301 271,682 391,084
Other payables - related parties 14,470 15,690 16,904 14,690
Other payables - unrelated parties 66,871 111,671 56,150 95,538
Other payables - unrelated parties
(purchases of fixed assets) 107,413 164,176 84,624 140,313
Accrued expenses 608,427 687,928 499,391 581,966
Others 15,844 15,961 14,731 15,028
Total trade and other payables 1,088,416 1,390,727 943,482 1,238,619
13. Provision for long-term employee benefits
Movements of provision for long-term employee benefits for the six-month period ended 30
June 2016 are summarised below.
(Unit: Thousand Baht)
Consolidated financial statements
Retirement
benefits plan
Long service
awards plan Total
As at 1 January 2016 238,033 31,703 269,736
Current service cost 12,188 2,994 15,182
Interest cost 3,957 507 4,464
Benefit paid (4,979) - (4,979)
As at 30 June 2016 249,199 35,204 284,403
(Unaudited but reviewed)
13 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
(Unit: Thousand Baht)
Separate financial statements
Retirement
benefits plan
Long service
awards plan Total
As at 1 January 2016 224,373 28,859 253,232
Current service cost 10,668 2,467 13,135
Interest cost 3,696 458 4,154
Transfer (1,592) (88) (1,680)
Benefit paid (4,639) - (4,639)
As at 30 June 2016 232,506 31,696 264,202
Long-term employee benefit expenses included in the consolidated income statements for
the six-month periods ended 30 June 2016 and 2015 amounted to Baht 19.6 million and
Baht 17.1 million, respectively (Separate financial statements: Baht 17.3 million and Baht
15.4 million, respectively).
14. Warrants
On 7 August 2013, the Company allocated and issued 20,000,000 warrants to the
management including the management in the director position and employees of the
Company and/or employees of the subsidiaries of the Company at free of charge (“ESOP”
or “M-WA”). The exercise period is within 5 years commencing on 7 August 2013, and the
warrants can be exercised to acquire the new ordinary shares of the Company for totaling
17 times. The warrants are first exercisable after 1 year since the date that the Company
allotted and issued the warrants, with the first exercise date falling on 30 September 2014.
The following exercise dates fall on the last working day of March, June, September and
December and the last exercise date is 6 August 2018.
The exercise ratio is 1 warrant per 1 new ordinary share, and the exercise price is Baht 1
per share. The exercise conditions and fair value of share option were disclosed in the
notes to financial statements for the year ended 31 December 2015.
During the six-month period ended 30 June 2016, the Company and its subsidiaries
recorded expenses related to the ESOP or M-WA scheme of Baht 55.1 million (2015: Baht
83.4 million) and for the Company of Baht 53.6 million (2015: Baht 80.0 million) as
personnel expenses in the income statement, together with a corresponding increase in
“Capital reserve for share-based payment transactions” in the shareholders’ equity.
(Unaudited but reviewed)
14 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
Presented below is a summary of movements in the number of the Company’s warrants.
(Unit: Thousand Units)
30 June
2016
31 December
2015
Warrants issued as at 7 August 2013 20,000 20,000
Less: Number of exercised warrants - beginning of period (4,400) (1,235)
Warrants exercised during the period - (3,165)
Cumulative number of exercised warrants - end of period (4,400) (4,400)
Less: Warrants written-off - beginning of period (4,303) (3,289)
Warrants written-off during the period (374) (1,014)
Cumulative warrants written-off - end of period * (4,677) (4,303)
Warrants at the end of period 10,923 11,297
* The Company wrote-off M-WA of director, management and employees of the Company and its subsidiaries
that were not eligible for the privilege due to resignation before the warrants matured.
15. Income tax
Interim corporate income tax was calculated on profit before income tax for the period,
using the estimated effective tax rate for the year.
Income tax expenses for the three-month and six-month periods ended 30 June 2016 and
2015 are made up as follows:
(Unit: Thousand Baht)
For the three-month periods ended 30 June
Consolidated
financial statements
Separate
financial statements
2016 2015 2016 2015
Current income tax:
Interim corporate income tax charge 150,210 135,440 134,504 119,122
Adjustment in respect of income tax of
previous year (781) - (565) -
Deferred tax:
Relating to origination and reversal of
temporary differences (6,001) (10,129) (5,582) (9,645)
Income tax expenses reported in the
income statements 143,428 125,311 128,357 109,477
(Unaudited but reviewed)
15 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
(Unit: Thousand Baht)
For the six-month periods ended 30 June
Consolidated
financial statements
Separate
financial statements
2016 2015 2016 2015
Current income tax:
Interim corporate income tax charge 259,532 262,720 233,845 232,394
Adjustment in respect of income tax of
previous year (781) - (565) -
Deferred tax:
Relating to origination and reversal of
temporary differences (11,616) (21,399) (10,574) (20,403)
Income tax expenses reported in the
income statements 247,135 241,321 222,706 211,991
16. Earnings per share
Basic earnings per share is calculated by dividing profit for the period attributable to equity
holders of the Company (excluding other comprehensive income) by the weighted average
number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by dividing profit for the period attributable to
equity holders of the Company (excluding other comprehensive income) by the weighted
average number of ordinary shares in issue during the period plus the weighted average
number of ordinary shares which would need to be issued to convert all dilutive potential
ordinary shares into ordinary shares. The calculation assumes that such conversion took
place either at the beginning of the year or on the date the potential ordinary shares were issued.
16.1 Weighted average number of ordinary shares
(Unit: Thousand shares)
Consolidated financial statements /
Separate financial statements
For the three-month periods
ended 30 June
For the six-month periods
ended 30 June
2016 2015 2016 2015
Balance brought forward 910,250 907,085 910,250 905,081
Add: The weighted average
number of ordinary shares
issued during the period - - - 3
Weighted average number of
ordinary shares 910,250 907,085 910,250 907,084
(Unaudited but reviewed)
16 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
16.2 Reconciliation of diluted earnings per share
The following table sets forth the computation of basic and diluted earnings per share:
Consolidated financial statements
For the three-month periods ended 30 June
Weighted average number
Profit for the period of ordinary shares Earnings per share
2016 2015 2016 2015 2016 2015
Thousand
Baht
Thousand
Baht
Thousand
shares
Thousand
shares
Baht Baht
Basic earnings per share
Profit attributable to equity
holders of the Company 613,233 515,869 910,250 907,085 0.67 0.57
Effect of dilutive potential
ordinary shares
Warrants (M - WA) 9,243 11,334
Diluted earnings per share
Profit of ordinary
shareholders assuming
the conversion of warrants
to ordinary shares 613,233 515,869 919,493 918,419 0.67 0.56
Separate financial statements
For the three-month periods ended 30 June
Weighted average number
Profit for the period of ordinary shares Earnings per share
2016 2015 2016 2015 2016 2015
Thousand
Baht
Thousand
Baht
Thousand
shares
Thousand
shares
Baht Baht
Basic earnings per share
Profit attributable to equity
holders of the Company 742,033 642,471 910,250 907,085 0.82 0.71
Effect of dilutive potential
ordinary shares
Warrants (M - WA) 8,715 10,639
Diluted earnings per share
Profit of ordinary
shareholders assuming the
conversion of warrants to
ordinary shares 742,033 642,471 918,965 917,724 0.81 0.70
(Unaudited but reviewed)
17 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
Consolidated financial statements
For the six-month periods ended 30 June
Weighted average number
Profit for the period of ordinary shares Earnings per share
2016 2015 2016 2015 2016 2015
Thousand
Baht
Thousand
Baht
Thousand
shares
Thousand
shares
Baht Baht
Basic earnings per share
Profit attributable to equity
holders of the Company 1,051,505 995,672 910,250 907,084 1.16 1.10
Effect of dilutive potential
ordinary shares
Warrants (M - WA) 9,376 11,562
Diluted earnings per share
Profit of ordinary
shareholders assuming the
conversion of warrants to
ordinary shares 1,051,505 995,672 919,626 918,646 1.14 1.08
Separate financial statements
For the six-month periods ended 30 June
Weighted average number
Profit for the period of ordinary shares Earnings per share
2016 2015 2016 2015 2016 2015
Thousand
Baht
Thousand
Baht
Thousand
shares
Thousand
shares
Baht Baht
Basic earnings per share
Profit attributable to equity
holders of the Company 1,141,826 1,073,516 910,250 907,084 1.25 1.18
Effect of dilutive potential
ordinary shares
Warrants (M - WA) 8,835 10,840
Diluted earnings per share
Profit of ordinary
shareholders assuming the
conversion of warrants to
ordinary shares 1,141,826 1,073,516 919,085 917,924 1.24 1.17
(Unaudited but reviewed)
18 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
17. Dividends
Dividend declared for the six-month periods ended 30 June 2016 and 2015 consist of the
following:
Approved by
Total
dividends
Dividend
per share Paid on
(Million Baht) (Baht)
Year 2016
Final dividend on
2015 profit
Annual General Meeting of the
shareholders on 22 April 2016 910 1.0 19 May 2016
Total 910 1.0
Year 2015
Final dividend on
2014 profit
Annual General Meeting of the
shareholders on 24 April 2015 907 1.0 21 May 2015
Total 907 1.0
18. Operating segment information
Operating segment information is reported in a manner consistent with the internal reports
that are regularly reviewed by the chief operating decision maker in order to make
decisions about the allocation of resources to the segment and assess its performance.
The Company and its subsidiaries are engaged in two business segments which are
restaurant business and other businesses that support restaurant business including
training service provider and manufacture and distribution of foods. Their operations are
carried on in geographical areas of Thailand. However, the restaurant business in Thailand
is the main business segment and the segment information that has been considered
based on a quantitative basis is over 90 percent of operating segments and geographical
areas. For this reason, the chief operating decision maker considers aggregating the
operating segments into one reportable segment of restaurant operation.
Segment performance is measured based on operating profit or loss, on a basis consistent
with that used to measure operating profit or loss in the financial statements. As a result, all
of the revenues, operating profits and assets as reflected in these financial statements
pertain to the aforementioned reportable operating segment and geographical area.
(Unaudited but reviewed)
19 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
19. Commitments and contingent liabilities
29.1 Operating lease commitments
The Company and its subsidiaries have entered into several lease agreements in respect
of the lease of building space and equipment and other service agreements. The terms of
the agreements are generally between 3 and 20 years.
As at 30 June 2016, future minimum payments required under these non-cancellable
operating lease contracts and other service contracts were as follows:
(Unit: Million Baht)
Consolidated
financial statements
Separate
financial statements
Payable within:
Less than 1 year 1,108.8 876.3
1 to 5 years 1,227.5 994.9
More than 5 years 365.0 355.5
19.2 Futures contracts
The Company and a subsidiary have entered into futures contracts with many local
companies, whereby the Company, its subsidiary and those companies agreed quantity,
schedule, place and price of inventories to be delivered. The Company and its subsidiary
agreed to pay for inventories at the rates stipulated in the contracts.
19.3 Guarantees
As at 30 June 2016, there were outstanding bank guarantees issued by the banks on behalf
of the Company and its subsidiaries of approximately Baht 17.9 million (31 December
2015: Baht 17.6 million), in respect of certain performance bonds as required in the normal
course of businesses. These included letters of guarantee amounting to Baht 6.3 million
(31 December 2015: Baht 6.3 million) to guarantee payments due to creditors and Baht
11.6 million (31 December 2015: Baht 11.3 million) to guarantee electricity use.
(Unaudited but reviewed)
20 ……………………....………Director
Rit Thirakomen ……………………....………Director
Somchai Hanjitkasem
20. Fair value hierachy
As of 30 June 2016, the Company and its subsidiaries had the assets that were measured
at fair value as follows:
(Unit: Million Baht)
Consolidated
financial statements
Separate
financial statements
Level 2 Level 2
Financial assets measured at fair value
Investments in trading securities - debt
instruments 3,725 3,542
Valuation techniques and inputs to Level 2 valuation
The fair value of investments in debt instruments has been determined by using the yield
curve as announced by the Thai Bond Market Association or by other relevant bodies.
During the current period, there were no transfers within the fair value hierarchy.
21. Events after the reporting period
On 11 August 2016, the Meeting of the Board of Directors of the Company passed a
resolutions to approve an interim dividend payment in respect of the profit for the six-month
period ended 30 June 2016 to the Company’s shareholders at Baht 1 per share, totaling
Baht 910.2 million, which will be paid to the shareholders on 8 September 2016.
22. Approval of interim financial statements
These interim financial statements were authorised for issue by the Company’s Board of
Directors on 11 August 2016.