srithai superware public company limited interim consolidated...

SRITHAI SUPERWARE PUBLIC COMPANY LIMITED

INTERIM CONSOLIDATED AND COMPANY FINANCIAL INFORMATION

30 JUNE 2014 (UNAUDITED)

Srithai Superware Public Company Limited

Statement of Financial Position

As at 30 June 2014

(Unaudited) (Audited) (Unaudited) (Audited)

30 June 31 December 30 June 31 December

2014 2013 2014 2013

Notes Baht’000 Baht’000 Baht’000 Baht’000

Assets

Current assets

Cash and cash equivalents 421,026 437,117 224,802 215,856

Short-term investments 7 6,992 7,859 - -

Trade accounts receivable, net 8 1,966,814 1,855,457 1,719,806 1,674,541

Other receivables - third parties 59,781 52,943 39,386 30,912

Other receivables - related parties, net 17.2 5,082 6,699 53,318 11,257

Inventories, net 1,677,268 1,475,139 1,234,785 1,131,539

Other current assets 145,506 114,291 107,036 88,615

Total current assets 4,282,469 3,949,505 3,379,133 3,152,720

Non-current assets

Investments in subsidiaries 9.1 - - 830,966 761,800

Investments in associates, net 9.1 241,685 288,172 184,113 184,113

Investments in joint venture 9.1 13,563 14,314 5,000 5,000

Other long-term investments, net 210,816 206,617 144,970 140,770

Investment properties, net 131,609 134,779 496,382 499,215

Property, plant and equipment, net 10 5,360,577 5,295,734 4,068,229 4,176,799

Intangible assets, net 10 49,153 49,383 35,741 39,114

Deferred tax assets, net 100,167 94,162 70,115 68,418

Leasehold right 49,000 48,330 - -

Other non-current assets 35,490 44,514 20,604 21,927

Total non-current assets 6,192,060 6,176,005 5,856,120 5,897,156

Total assets 10,474,529 10,125,510 9,235,253 9,049,876

Director ………………………………………………. Director …………………………………………………

Consolidated Company

financial information financial information

The notes to the interim consolidated and company financial information on pages 9 to 28 form an integral part of these

interim financial information.

2


Statement of Financial Position (Cont’d)

As at 30 June 2014

(Unaudited) (Audited) (Unaudited) (Audited)

30 June 31 December 30 June 31 December

2014 2013 2014 2013


Liabilities and shareholders’ equity

Current liabilities

Bank overdrafts and short-term loans 11.1 1,212,300 823,449 1,170,000 820,000

Long-term loans (maturing within one year) 11.2 600,648 563,878 473,274 435,092

Trade accounts payable - third parties 972,059 837,646 620,863 571,423

Trade accounts payable - related parties 17.2 110,362 112,562 148,368 122,263

Other payables - third parties 491,035 404,596 288,717 285,334

Other payables - related parties 17.2 2,211 2,475 12,332 3,503

Other current liabilities 41,114 36,133 25,369 25,790

Total current liabilities 3,429,729 2,780,739 2,738,923 2,263,405

Non-current liabilities

Long-term loans 11.2 2,165,642 2,466,413 1,641,879 1,965,749

Finance lease liabilities 1,790 2,661 - -

Employee benefit obligations 326,309 310,553 277,922 265,235

Total non-current liabilities 2,493,741 2,779,627 1,919,801 2,230,984

Total liabilities 5,923,470 5,560,366 4,658,724 4,494,389

Shareholders’ equity

Share capital 14

Authorised share capital

Ordinary shares 2,709,904,800 shares

of par Baht 1 each

(31 December 2013: Ordinary shares

270,990,480 shares of par Baht 10 each) 2,709,905 2,709,905 2,709,905 2,709,905

Issued and paid-up share capital

Ordinary shares 2,709,904,800 shares

of par Baht 1 each

(31 December 2013: Ordinary shares

270,990,480 shares of par Baht 10 each) 2,709,905 2,709,905 2,709,905 2,709,905

Premium on treasury shares 19,928 19,928 19,928 19,928

Retained earnings

Appropriated - legal reserve 182,000 182,000 182,000 182,000

Unappropriated 1,463,501 1,496,726 1,618,440 1,600,758

Other components of equity (35,316) (72,940) 46,256 42,896

Total parent's shareholders’ equity 4,340,018 4,335,619 4,576,529 4,555,487

Non-controlling interests 211,041 229,525 - -

Total shareholders’ equity 4,551,059 4,565,144 4,576,529 4,555,487

Total liabilities and shareholders’ equity 10,474,529 10,125,510 9,235,253 9,049,876





3


Statement of Comprehensive Income

For the three-month period ended 30 June 2014

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

30 June 30 June 30 June 30 June

2014 2013 2014 2013


Sales and service income 5 2,489,092 2,341,546 1,876,761 1,756,775

Cost of sales and services (2,003,806) (1,912,439) (1,520,117) (1,453,518)

Gross profit 485,286 429,107 356,644 303,257

Other income 28,099 34,221 128,665 104,707

Selling expenses (238,181) (206,042) (220,459) (184,209)

Administrative expenses (103,955) (96,298) (67,148) (58,470)

Finance costs (41,696) (41,913) (31,871) (31,162)

Share of profit of investments

in associates and joint venture 15,264 13,867 - -

Reversal (loss) on impairment of investment

in subsidiary and associate, net - (12,045) - 32,335

Profit before income tax 144,817 120,897 165,831 166,458

Income tax (14,047) (13,104) (8,286) (7,742)

Net profit for the period 5 130,770 107,793 157,545 158,716

Other comprehensive income (expense):

Exchange rate differences on translation (3,557) 18,009 - -

Gain (loss) on remeasuring

available-for-sale investments 1 (20,639) - (20,640)

Actuarial gain (loss) in defined

employee benefit plans - 938 - 938

Other comprehensive income (expense)

for the period, net of tax (3,556) (1,692) - (19,702)

Total comprehensive income for the period 127,214 106,101 157,545 139,014

Profit attributable to :

Owners of the parent 132,467 102,329 157,545 158,716

Non-controlling interests (1,697) 5,464 - -

Net profit for the period 130,770 107,793 157,545 158,716

Total comprehensive income attributable to:


Non-controlling interests (1,616) 5,161 - -


Earnings per share (Baht) 6

Basic earnings per share 0.05 0.04 0.06 0.06

4






Statement of Comprehensive Income

For the six-month period ended 30 June 2014



2014 2013 2014 2013


Sales and service income 5 4,726,680 4,653,889 3,566,082 3,563,084

Cost of sales and services (3,803,338) (3,778,313) (2,892,123) (2,915,092)

Gross profit 923,342 875,576 673,959 647,992

Other income 50,308 56,602 235,011 152,795

Selling expenses (434,701) (404,508) (396,025) (358,476)

Administrative expenses (212,108) (202,893) (142,800) (138,263)

Finance costs (84,648) (80,305) (65,025) (59,770)

Share of profit of investments

in associates and joint venture 25,461 29,954 - -

Reversal (loss) on impairment of investment

in subsidiary and associate, net - (12,045) - 32,335

Profit before income tax 267,654 262,381 305,120 276,613

Income tax (27,049) (24,639) (16,448) (18,945)

Net profit for the period 5 240,605 237,742 288,672 257,668

Other comprehensive income (expense):

Exchange rate differences on translation 34,382 (8,222) - -

Gain (loss) on remeasuring

available-for-sale investments 3,361 6,241 3,360 6,240

Actuarial gain (loss) on defined employee benefit plans - (3,751) - (3,751)


for the period, net of tax 37,743 (5,732) 3,360 2,489


Profit attributable to :



Net profit for the period 240,605 237,742 288,672 257,668

Total comprehensive income attributable to:



Total comprehensive income for the period

278,348 232,010 292,032 260,157

Earnings per share (Baht) 6

Basic earnings per share 0.09 0.08 0.11 0.10

5






Statement of Changes in Shareholders’ Equity


Translation

adjustment for

Appropriated investments

Issued and Premium retained Unappropriated in overseas Available - Total other Total Non- Total

paid-up on treasury earnings retained subsidiaries and for-sale components owners of controlling shareholders’

Notes share capital shares - legal reserve earnings associates investments of equity the parent interests equity

Opening balance as at 1 January 2014 (Audited) 2,709,905 19,928 182,000 1,496,726 (115,847) 42,907 (72,940) 4,335,619 229,525 4,565,144

Net profit for the period - - - 237,765 - - - 237,765 2,840 240,605

Other comprehensive income for the period - - - - 34,263 3,361 37,624 37,624 119 37,743

Dividends 12 - - - (270,990) - - - (270,990) (21,443) (292,433)

Closing balance as at 30 June 2014 (Unaudited) 2,709,905 19,928 182,000 1,463,501 (81,584) 46,268 (35,316) 4,340,018 211,041 4,551,059

Opening balance as at 1 January 2013 (Audited) 2,709,905 19,928 160,000 1,363,906 (67,716) 42,905 (24,811) 4,228,928 228,978 4,457,906

Net profit for the period - - - 222,915 - - - 222,915 14,827 237,742

Other comprehensive income (expense) for the period - - - (3,751) (7,760) 6,241 (1,519) (5,270) (462) (5,732)

Dividends 12 - - - (298,075) - - - (298,075) (17,602) (315,677)

Additional investment in a subsidiary - - - - - - - - (13,311) (13,311)

Closing balance as at 30 June 2013 (Unaudited) 2,709,905 19,928 160,000 1,284,995 (75,476) 49,146 (26,330) 4,148,498 212,430 4,360,928

6

Consolidated financial information (Baht’000)

Attributable to owners of the parent

Other components of equity


The notes to the interim consolidated and company financial information on pages 9 to 28 form an integral part of these interim financial information.


Statement of Changes in Shareholders’ Equity (Cont’d)


Issued and Premium Appropriated Unappropriated Total Total

paid-up on treasury retained earnings retained Available-for-sale other components shareholders’

Notes share capital shares - legal reserve earnings investments of equity equity

Opening balance as at 1 January 2014 (Audited) 2,709,905 19,928 182,000 1,600,758 42,896 42,896 4,555,487

Net profit for the period - - - 288,672 - - 288,672

Other comprehensive income for the period - - - - 3,360 3,360 3,360

Dividends 12 - - - (270,990) - - (270,990)

Closing balance as at 30 June 2014 (Unaudited) 2,709,905 19,928 182,000 1,618,440 46,256 46,256 4,576,529

Opening balance as at 1 January 2013 (Audited) 2,709,905 19,928 160,000 1,531,508 42,896 42,896 4,464,237

Net profit for the period - - - 257,668 - - 257,668

Other comprehensive income (expense) for the period - - - (3,751) 6,240 6,240 2,489

Dividends 12 - - - (298,075) - - (298,075)

Closing balance as at 30 June 2013 (Unaudited) 2,709,905 19,928 160,000 1,487,350 49,136 49,136 4,426,319

The notes to the interim consolidated and company financial information on pages 9 to 28 form an integral part of these interim financial information.

7

Company financial information (Baht’000)

Other components of equity



Statement of Cash Flows




2014 2013 2014 2013


Cash flows from operating activities

Cash generated from operations 16.1 541,274 258,423 388,389 (52,878)

Interest paid (84,574) (80,220) (65,110) (59,902)

Income tax paid (36,296) (43,081) (17,759) (27,516)

Net cash receipts (payments) from operating activities 420,404 135,122 305,520 (140,296)

Cash flows from investing activities

Cash payment for short-term investments 7 (49,166) (4,846) - -

Cash payment for investments in subsidiaries 9.2 a) - - (69,166) (75,514)

Purchase of fixed assets 16.2 (396,815) (323,815) (213,573) (258,289)

Purchase of intangible assets 16.2 (5,828) (5,261) (981) (2,799)

Purchase of leasehold rights - (47,295) - -

Cash payment for short-term loan to a related party - - - (8,000)

Cash receipt from disposal of short-term investments 7 50,174 6,252 - -

Proceeds from disposal of fixed assets

and intangible assets 2,869 5,042 57,354 21,541

Cash receipt from repayment of short-term loan

to a related party and interest income - - - 83

Interest receipt 2,977 3,130 1,385 535

Dividend receipts from investments in

subsidiaries, associates, and joint venture 16.2 74,791 32,869 125,598 85,267

Dividend receipts from other investments 9,487 12,126 9,487 12,126

Net cash payments for investing activities (311,511) (321,798) (89,896) (225,050)

Cash flows from financing activities

Increase in bank overdrafts and short-term loans 388,851 812,038 350,000 860,000

Receipt from long-term loans 11.2 114,800 72,332 - -

Receipt from short-term loan from a related party - 3,000 - -

Repayment of long-term loans 11.2 (355,007) (271,203) (285,688) (241,903)

Repayment of finance lease liabilities (598) (1,984) - -

Repayment of short-term loan from a related party - (3,000) - -

Cash payment for investments in a subsidiary - (12,756) - -

Dividend payment 12 (270,990) (298,075) (270,990) (298,075)

Dividends paid to non-controlling interests in subsidiaries (2,040) (17,602) - -

Net cash receipts (payments) from financing activities (124,984) 282,750 (206,678) 320,022

Net increase (decrease) in cash and cash equivalents (16,091) 96,074 8,946 (45,324)

Cash and cash equivalents, opening balance 437,117 441,288 215,856 232,170

Cash and cash equivalents, closing balance 421,026 537,362 224,802 186,846

Non cash transactions

Conversion of loan to investment in a subsidiary - - 181,371

8



The notes to the interim consolidated and company financial information on pages 9 to 28 form an integral part of these interim

financial information.

Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014

9

1 General information

Srithai Superware Public Company Limited “the Company” is a public limited company incorporated andresident in Thailand. The address of its registered office is as follows:

15 Suksawat Rd. Soi 36 Bangpakok, Rasburana, Bangkok 10140, Thailand.

The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and itssubsidiaries are referred to as “the Group”.

The Group’s main business operation is manufacturing and selling of plastics, comprising household productsand industrial products, and the trading and moulds business line.

These interim consolidated and company financial information have been approved by the Board of Directorson 13 August 2014.

These interim consolidated and company financial information have been reviewed, not audited.

2 Basis of preparation

These interim consolidated and company financial information are prepared in accordance with Thai GenerallyAccepted Accounting Principles under the Accounting Act B.E. 2543, being those Thai Accounting Standards(“TAS”) issued under the Accounting Professions Act B.E. 2547, and the financial reporting requirements of theSecurities and Exchange Commission. The primary financial statements (i.e. statements of financial position,statements of comprehensive income, changes in shareholders’ equity and cash flows) are prepared in the fullformat as required by the Securities and Exchange Commission. The notes to the interim financial informationare prepared in a condensed format according to TAS 34 “Interim Financial Reporting”, and additional notes arepresented as required by the Securities and Exchange Commission under the Securities and Exchange Act.

An English version of the interim consolidated and company financial information has been prepared from theinterim financial information that is in the Thai language. In the event of a conflict or a difference in interpretationbetween the two languages, the Thai language interim financial information shall prevail.

This interim financial information should be read in conjunction with the annual financial statements for the yearended 31 December 2013.

3 Accounting policies

The accounting policies used in the preparation of the interim financial information are consistent with those usedin the annual financial statements for the year ended 31 December 2013.

Revised accounting standards, revised financial reporting standards, and related interpretations:

The following amendments and related interpretations are effective for the periods beginning on or after 1 January2014.

TAS 1 (revised 2012)TAS 7 (revised 2012)

Presentation of financial statementsStatement of cash flows

TAS 12 (revised 2012) Income taxesTAS 17 (revised 2012)TAS 18 (revised 2012)TAS 19 (revised 2012)TAS 21 (revised 2012)TAS 24 (revised 2012)TAS 28 (revised 2012)

LeasesRevenueEmployee benefitsThe effects of changes in foreign exchange ratesRelated party disclosuresInvestments in associates

TAS 31 (revised 2012) Interest in joint venturesTAS 34 (revised 2012)TAS 36 (revised 2012)TAS 38 (revised 2012)

Interim financial reportingImpairment of assetsIntangible assets


10

3 Accounting policies (Cont’d)

Revised accounting standards, revised financial reporting standards, and related interpretations: (Cont’d)

The following amendments and related interpretations are effective for the periods beginning on or after 1 January2014 and are relevant to the Group. (Cont’d)

TFRS 2 (revised 2012)TFRS 3 (revised 2012)TFRS 5 (revised 2012)

Share-based paymentBusiness combinationsNon-current assets held for sale and discontinued operations

TFRS 8 (revised 2012) Operating segmentsTFRIC 1 Changes in existing decommissioning, restoration and similar liabilitiesTFRIC 4 Determining whether an arrangement contains a leaseTFRIC 5 Rights to interests arising from decommissioning, restoration and environmental

rehabilitation fundsTFRIC 7 Applying the restatement approach under TAS 29 financial reporting in

hyperinflationary economiesTFRIC 10 Interim financial reporting and impairmentTFRIC 12 Service concession arrangementsTFRIC 13 Customer loyalty programmesTFRIC 17 Distributions of non-cash assets to ownersTFRIC 18 Transfers of assets from customersTSIC 15 Operating leases - incentivesTSIC 27 Evaluating the substance of transactions in the legal form of a leaseTSIC 29 Service concession arrangements: DisclosureTSIC 32 Intangible assets - Web site costs

The management had assessed that the above amendments and related interpretations have no impact to the Group.

Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if itwould also be appropriate to anticipate or defer such costs at the end of the financial year.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected totalannual profit or loss.

4 Estimates

The preparation of interim financial information requires management to make judgements, estimates andassumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,income and expense. Actual results may differ from these estimates.

In preparing this interim financial information, the significant judgements made by management in applying theGroup’s accounting policies and the key sources of estimation uncertainty were the same as those that applied tothe consolidated financial statements for the year ended 31 December 2013.


11

5 Segment information

The Group’s main businesses are the manufacturing and selling of plastics, comprising household products andindustrial products, and the trading and moulds business line. Intercompany sales were already eliminated. Profit(loss) from sales was determined by subtracting cost of sales and services, selling expenses and administrativeexpenses from net sales. Other income and other expense were unallocated.


For the three-month period ended 30 June 2014 (Unaudited)

Plastics business line

Household products Industrial products TradingDomestic Overseas Domestic Overseas and moulds

Production Production Production Production business lines Total

Sales and service income 532,420 19,024 1,493,592 378,388 194,179 2,617,603

Revenue from subsidiaries (74,367) - (18,325) (25,863) (9,956) (128,511)

Total sales and service income 458,053 19,024 1,475,267 352,525 184,223 2,489,092

Profit from sales by segment 42,101 888 72,462 23,191 7,133 145,775

Loss on foreign exchange rate, net (2,625)Other income 28,099Finance costs (41,696)Share of profit of investments

in associates and joint venture 15,264

Profit before income tax 144,817

Income tax (14,047)

Net profit for the period 130,770


For the six-month period ended 30 June 2014 (Unaudited)




Sales and service income 1,045,386 38,581 2,870,360 664,789 351,557 4,970,673

Revenue from subsidiaries (157,708) (468) (41,306) (27,864) (16,647) (243,993)


Profit from sales by segment 73,906 5,474 133,216 49,525 20,601 282,722




Income tax (27,049)



12

5 Segment information (Cont’d)


For the three-month period ended 30 June 2013 (Unaudited)




Sales and service income 587,327 12,167 1,428,531 317,330 121,662 2,467,017

Revenue from subsidiaries (99,665) - (20,977) (407) (4,422) (125,471)


Profit (loss) from sales by segment 47,391 (1,876) 56,430 30,431 (307) 132,069



Loss on impairment of investment in associate (12,045)


Income tax (13,104)



For the six-month period ended 30 June 2013 (Unaudited)




Sales and service income 1,168,359 26,174 2,914,317 563,668 253,486 4,926,004

Revenue from subsidiaries (225,821) - (36,732) (407) (9,155) (272,115)


Profit (loss) from sales by segment 97,321 (490) 152,689 38,471 3,404 291,395



Loss on impairment of investment in associate (12,045)


Income tax (24,639)



13

6 Earnings per share

Earnings per share attributable to owners of the parent is calculated by dividing the net profit attributable to ownersof the parent by the weighted average number of paid-up ordinary shares outstanding during the period.

Basic earnings per share for the three-month periods ended 30 June is as follows:

Consolidatedfinancial information

Companyfinancial information

(Unaudited)30 June

2014

(Unaudited)30 June

2013

(Unaudited)30 June

2014

(Unaudited)30 June

2013

Net profit attributable to ordinary shares (Baht’000) 132,467 102,329 157,545 158,716Weighted average ordinary shares (Thousand shares)

(Note 14) 2,709,905 2,709,905 2,709,905 2,709,905Basic earnings per share (Baht) 0.05 0.04 0.06 0.06

Basic earnings per share for the six-month periods ended 30 June is as follows:



(Unaudited)30 June

2014

(Unaudited)30 June

2013

(Unaudited)30 June

2014

(Unaudited)30 June

2013

Net profit attributable to ordinary shares (Baht’000) 237,765 222,915 288,672 257,668Weighted average ordinary shares (Thousand shares)

(Note 14) 2,709,905 2,709,905 2,709,905 2,709,905Basic earnings per share (Baht) 0.09 0.08 0.11 0.10

The Company recalculates basic earnings per share for the three-month and six-month periods ended 30 June 2013for the purpose of comparability in financial information, which is calculated by using weighted average number ofordinary shares as if the par value and the number of issued and paid-up share capital was changed in consistent withthe change in the par value and the number of issued and paid-up share capital during the period ended 30 June2014.

There are no diluted potential ordinary shares in issue during the periods, so no diluted earnings per share inpresented.

7 Short-term investments

Short-term investments as at 30 June 2014 and 31 December 2013 comprise the following:



(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December

2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000

Fixed deposits pledged at bank 101 99 - -Fixed deposits 6,800 7,670 - -Local mutual fund units which are classified

as available-for-sale investments 79 79 - -

Add Fair value reserves 12 11 - -

Total short-term investments 6,992 7,859 - -


14

7 Short-term investments (Cont’d)

As at 30 June 2014, fixed deposits of a subsidiary amounting to Baht 0.10 million (31 December 2013: Baht 0.09million) are pledged as collateral for tax guarantee.

As at 30 June 2014, fixed deposits of subsidiaries represent 3-month to 12-month fixed deposits at bankscarrying interest at the rates of 1.15% to 8.00% per annum (31 December 2013: 1.75% to 8.75% per annum).

The movements of short-term investments for the six-month period ended 30 June 2014 comprise the following:

Consolidatedfinancial

information

Companyfinancial

informationBaht’000 Baht’000

Opening book value (Audited) 7,859 -Increase in short-term investments 49,166 -Disposals (50,174) -Fair value changes of available-for-sale investments 1 -

Currency translation differences 140 -

Closing book value (Unaudited) 6,992 -

8 Trade accounts receivable, net

Trade accounts receivable as at 30 June 2014 and 31 December 2013 comprise the following:





Trade accounts receivable - third parties 1,601,205 1,528,903 1,314,569 1,294,068

Less Allowance for doubtful accounts (6,830) (4,830) (6,216) (4,216)

Trade accounts receivable- third parties, net 1,594,375 1,524,073 1,308,353 1,289,852

Trade accounts receivable

- related parties (Note 17.2) 372,439 331,384 411,453 384,689

Total trade accounts receivable, net 1,966,814 1,855,457 1,719,806 1,674,541

Trade accounts receivable can be aged as follows:





Not yet due 1,430,331 1,310,424 1,135,489 1,104,164Overdue not exceeding 3 months 428,502 430,917 431,607 417,829Overdue 3 to 6 months 64,719 71,793 73,213 84,726Overdue 6 to 12 months 23,559 38,988 52,324 42,677

Overdue 12 months 26,533 8,165 33,389 29,361

Total 1,973,644 1,860,287 1,726,022 1,678,757

Less Allowance for doubtful accounts (6,830) (4,830) (6,216) (4,216)

Total trade accounts receivable, net 1,966,814 1,855,457 1,719,806 1,674,541


15

9 Investments in subsidiaries, associates and joint venture

9.1 Subsidiaries, associates and joint venture as at 30 June 2014 and 31 December 2013 comprise the following:


(Unaudited)30 June

(Audited)31 December

Percentage of shareholding 2014 2013

Nature of businessCountry of

incorporation30 June

201431 December

2013Cost

Baht’000Cost

Baht’000

SubsidiariesLocalKorat Thai Tech Co., Ltd. Manufacture of melamine Thailand 100.0 100.0 30,000 30,000P.E.T. Blow Co., Ltd. Manufacture of plastic Thailand 100.0 100.0 20,000 20,000SuperIdea Co., Ltd. Manufacture of plastic Thailand 100.0 100.0 6,250 6,250Srithai Nanoplast Co., Ltd. Manufacture of plastic Thailand 100.0 100.0 40,756 40,756Srithai Moulds Co., Ltd Manufacture of moulds and plastic Thailand 71.0 71.0 82,000 82,000Srithai Miyagawa Co., Ltd Manufacture of moulds and plastic Thailand 51.0 51.0 61,200 61,200

240,206 240,206

ForeignSrithai (Vietnam) Co., Ltd Manufacture of plastic and melamine Vietnam 100.0 100.0 433,746 433,746Srithai Superware Manufacturing Pvt. Ltd. Manufacture of melamine India 100.0 100.0 131,924 62,758Srithai Superware India Ltd. Trading of melamine India 82.4 82.4 25,090 25,090

590,760 521,594

Total investments in subsidiaries 830,966 761,800


16

9 Investments in subsidiaries, associates and joint venture (Cont’d)

9.1 Subsidiaries, associates and joint venture as at 30 June 2014 and 31 December 2013 comprise the following: (Cont’d)


(Unit : Baht’000)Company financial information

(Unit : Baht’000)

Percentage of Cost method Cost methodshareholding Equity method 30 June 2014 (Unaudited) 31 December 2013 (Audited)

(Unaudited) (Audited)Country of 30 June 31 December 30 June 31 December Allowance Net book Allowance Net book

Nature of business incorporation 2014 2013 2014 2013 Cost for impairment value Cost for impairment value

AssociatesLocalSrithai Sanko Co., Ltd. Trading of plastic Thailand 48.0 48.0 12,849 20,109 9,599 - 9,599 9,599 - 9,599Thai MFC Co., Ltd. Manufacture of

melamine powder Thailand 45.0 45.0 157,305 193,821 90,000 - 90,000 90,000 - 90,000S.K.I. Ceramics Co., Ltd.* Manufacture of ceramics Thailand 42.0 42.0 - - 52,500 (52,500) - 52,500 (52,500) -Sheewamala Co., Ltd. Manufacture of plastic

and melamine Thailand 40.0 40.0 20,802 22,658 19,920 - 19,920 19,920 - 19,920Srithai Packaging Co., Ltd. Manufacture of packaging Thailand 39.2 39.2 35,284 39,242 27,156 - 27,156 27,156 - 27,156

Soko Srithai Co., Ltd.* Manufacture of plastic Thailand 24.0 24.0 - - 48,385 (48,385) - 48,385 (48,385) -

226,240 275,830 247,560 (100,885) 146,675 247,560 (100,885) 146,675

ForeignBeijing Huatai Replica of Porcelain

Products Co., Ltd.* Manufacture of melamine China 40.0 40.0 - - 25,865 (25,865) - 25,865 (25,865) -

PT. Srithai Maspion Indonesia Manufacture of melamine Indonesia 32.5 32.5 15,445 12,342 37,438 - 37,438 37,438 - 37,438

15,445 12,342 63,303 (25,865) 37,438 63,303 (25,865) 37,438

Total investments in associates 241,685 288,172 310,863 (126,750) 184,113 310,863 (126,750) 184,113

Joint ventureLocal

Srithai-Otto (Thailand) Co., Ltd. Trading of plastic Thailand 50.0 50.0 13,563 14,314 5,000 - 5,000 5,000 - 5,000

Total investments in joint venture 13,563 14,314 5,000 - 5,000 5,000 - 5,000

Total investments in associates and joint venture 255,248 302,486 315,863 (126,750) 189,113 315,863 (126,750) 189,113

* Associates were dissolved and have been under the process of liquidation.


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9 Investments in subsidiaries, associates and joint venture (Cont’d)

9.2 Significant events

a) Investments in subsidiaries

Srithai Superware Manufacturing Private Limited

During the 1St quarter of 2014, Srithai Superware Manufacturing Private Limited, a subsidiary, has registeredto increase its capital from Rupee 120.00 million to Rupee 240.00 million according to the resolution of theBoard of Directors of the subsidiary. During the six-month period ended 30 June 2014, the Company paid forthe additional share capital of the subsidiary, amounting to Rupee 129.90 million or equivalent to Baht 69.17million according to its 100.00% shareholding. The partial payment amounting to Rupee 9.90 million is thepayment for an increase in share capital that the subsidiary registered in 2013.

b) Newly established associate

On 20 February 2014, the Board of Directors of Srithai Sanko Company Limited, an associate, had passed aresolution approving the investment in Sanko Srithai (Malaysia) SDN. BHD. Sanko Srithai (Malaysia) SDN.BHD. is incorporated in Malaysia engaging in distribution of plastics products with a registered share capitalnot exceeding Malaysian Ringgit 500,000.00. The associate will have 100.00% shareholding. On 14 March2014, the associate already registered the incorporation of Sanko Srithai (Malaysia) SDN. BHD. Accordingto this investment, the Company has indirect interest of 48.00% in Sanko Srithai (Malaysia) SDN. BHD. Theassociate is considering to call paid-up share capital.

c) Dividend payment of subsidiaries

Subsidiary - Srithai Moulds Company Limited

At the Annual General Shareholders’ Meeting of Srithai Moulds Company Limited on 31 March 2014, themeeting has approved a dividend in respect of the subsidiary’s net profit for the year 2013 at Baht 5.00 pershare, totalling Baht 5.00 million. The Company will receive a dividend of Baht 3.55 million according toits 71.00% shareholding.

Subsidiary - Korat Thai Tech Company Limited

At the Annual General Shareholders’ Meeting of Korat Thai Tech Company Limited on 4 April 2014, themeeting has approved a dividend in respect of the subsidiary’s net profit for the year 2013 of Baht 23.00per share, totalling Baht 69.00 million. The Company will receive a dividend of Baht 69.00 millionaccording to its 100.00% shareholding.

Subsidiary - Srithai Miyagawa Company Limited

At the Annual General Shareholders’ Meeting of Srithai Miyagawa Company Limited on 24 April 2014,the meeting has approved a dividend in respect of the subsidiary’s net profit for the year 2013 at Baht34.00 per share, totalling Baht 40.80 million. The Company received a dividend of Baht 20.81 millionaccording to its 51.00% shareholding.


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10 Property, plant and equipment and intangible assets, net

The movement in property, plant and equipment and intangible assets for the six-month period ended 30 June 2014comprise the following:



Property, Property,plant and Intangible plant and Intangible

equipment assets equipment assetsBaht’000 Baht’000 Baht’000 Baht’000

Opening net book amount (Audited) 5,295,734 49,383 4,176,799 39,114Additions 372,957 6,923 186,253 2,076Depreciation/amortisation charges (310,732) (7,085) (243,568) (5,377)Disposals - cost (21,011) - (86,086) -

- accumulated depreciation 14,997 - 33,519 -Assets written off - cost (4,181) (72) (4,181) (72)

- accumulated depreciation 1,793 - 1,793 -Reclassification - cost 7,984 - - -

- accumulated depreciation (700) - - -Reversal of fixed assets impairment 3,700 - 3,700 -

Foreign exchange rate adjustment 36 4 - -

Closing net book amount (Unaudited) 5,360,577 49,153 4,068,229 35,741

Capital expenditure commitments 92.68 1.70 82.08 1.70

The Group has mortgaged parts of land, buildings and machineries to banks as collateral for overdrafts, long-termloans and working capital facilities from banks as follows:



(Unaudited) (Audited) (Unaudited) (Audited)Cost Cost Cost Cost

30 June 31 December 30 June 31 December2014 2013 2014 2013

Million Baht Million Baht Million Baht Million Baht

Subsidiaries:Srithai Moulds Company Limited

- Land, buildings and machinery 26.2 26.2 - -Srithai Miyagawa Company Limited

- Land and machinery 317.8 226.8 - -Srithai Nanoplast Company Limited

- Land and machinery - 19.1 - -

During the period, Srithai Nanoplast Company Limited has already released a mortgage of land and building whichare collateral for overdrafts, long-term loans, and working capital facilities from a local bank.


19

11 Loans

11.1 Bank overdrafts and short-term loans

Bank overdrafts and short-term loans as at 30 June 2014 and 31 December 2013 comprise the following:





Bank overdrafts - 449 - -Short-term loans from banks- Baht 1,170,000 823,000 1,170,000 820,000

- US Dollar 42,300 - - -

Total bank overdrafts and short-term loans 1,212,300 823,449 1,170,000 820,000

As at 30 June 2014, short-term loans in Thai Baht from local banks amounting to Baht 1,170.00 million(31 December 2013: Baht 823.00 million), represent promissory notes due at call and with a period not exceeding3 months, bearing fixed interest rate over loan period (31 December 2013: fixed interest rate over loan period).

As at 30 June 2014, short-term loan in US Dollar of an overseas subsidiary amounting to US Dollars 1.32 million orequivalent to Baht 42.30 million represents short-term loan contract with a period not exceeding 3 months,bearing interest at Cost of Fund plus margin of a bank in Vietnam and are secured by Srithai Superware PublicCompany Limited (31 December 2013 : Nil).

11.2 Long-term loans

Long-term loans are due for repayments as follows:





Current portion of long-term loans 600,648 563,878 473,274 435,092

Loans due later than 1 year 2,165,642 2,466,413 1,641,879 1,965,749

Total long-term loans 2,766,290 3,030,291 2,115,153 2,400,841

As at 30 June 2014, long-term loans of the Company and local subsidiaries bear interest rates both at fixed rateand floating rates at MLR less discount, at prime rate less discount, at THBFIX plus margin, at FDR plusmargin, and at BIBOR plus margin. Long-term loans of an overseas subsidiary bear interest at Cost of Fundplus margin.

Repayment terms have not been changed from those disclosed in the 2013 annual financial statements.

As at 30 June 2014, long-term loans of subsidiaries amounting to Baht 378.61 million (31 December 2013: Baht439.10 million) are secured by Srithai Superware Public Company Limited.


20

11 Loans (Cont’d)

11.2 Long-term loans (Cont’d)

The movements of long-term loans for the six-month period ended 30 June 2014 comprise the following:

Consolidated Companyfinancial

informationfinancial

informationBaht’000 Baht’000

Opening balance (Audited) 3,030,291 2,400,841Additions 114,800 -Repayment (355,007) (285,688)Foreign exchange rate adjustment (23,794) -Closing balance (Unaudited) 2,766,290 2,115,153

11.3 Unutilised credit facilities

Unutilised credit facilities as at 30 June 2014 and 31 December 2013 comprise the following:

Consolidated financial information

30 June 2014 (Unaudited) 31 December 2013 (Audited)Long-term Working Long-term Working

Overdraft loan capital Overdraft loan capitalfacilities facilities facilities facilities facilities facilities

Baht’000 Baht’000 Baht’000 Baht’000 Baht’000 Baht’000

Floating rates- draw down within 1 year - 35,200 - - 54,470 -- draw down with no

timeframe limitation 204,339 - 215,572 221,550 - 283,766Fixed rate- draw down with no

timeframe limitation - - 3,886,853 - - 4,308,880

204,339 35,200 4,102,425 221,550 54,470 4,592,646

Company financial information

30 June 2014 (Unaudited) 31 December 2013 (Audited)

Long-term Working Long-term WorkingOverdraft loan capital Overdraft loan capital

facilities facilities facilities facilities facilities facilitiesBaht’000 Baht’000 Baht’000 Baht’000 Baht’000 Baht’000

Floating rate- draw down with no

timeframe limitation 157,339 - - 175,000 - -Fixed rate- draw down with no

timeframe limitation - - 3,826,853 - - 4,248,880

157,339 - 3,826,853 175,000 - 4,248,880


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12 Dividend per share

2014At the Company’s Annual General Shareholders’ Meeting on 29 April 2014, the meeting has approved adividend in respect of the Company’s net profit for the year 2013 of Baht 1.00 per share, totalling Baht 270.99million and the Company paid all dividends during the period ended 30 June 2014.

2013At the Company’s Annual General Shareholders’ Meeting on 26 April 2013, the meeting has approved adividend in respect of the Company’s net profit for the year 2012 of Baht 1.10 per share, totalling Baht 298.08million and the Company paid all dividends during the period ended 30 June 2013.

13 Income taxes

Income tax expense presented in the consolidated and company statements of comprehensive income iscalculated from the taxable net profit at 15.00% to 30.90% and 20.00%, respectively (The estimated tax ratefor the interim period of year 2013 was 15.00% to 25.00% and 20.00%, respectively).

14 Share capital

For the six-month period ended 30 June 2014 comprises the following :

Consolidated and Company financial information

Premium

Ordinary on share

Number of shares capital Totalshares Baht’000 Baht’000 Baht’000

Opening balance as at 31 December 2013 270,990,480 2,709,905 19,928 2,729,833Split of shares 2,438,914,320 - - -

Closing balance as at 30 June 2014 2,709,904,800 2,709,905 19,928 2,729,833

As at 30 June 2014, the total authorised and registered number of ordinary shares is 2,709,904,800 shares witha par value of Baht 1.00 per share (31 December 2013: 270,990,480 shares with a par value of Baht 10.00 pershare). All shares are issued and fully paid-up.

At the Company’s Annual General Shareholders’ Meeting on 29 April 2014, the meeting has approved aresolution to change the par value from Baht 10.00 per share to Baht 1.00 per share and change in the numberof issued and paid-up shares from 270,990,480 shares to 2,709,904,800 shares. The authorised and paid-upshare capital remain unchanged being Baht 2,709.90 million. The change was registered with the Ministry ofCommerce on 8 May 2014.

15 Commitments and contingent liabilities

As at 30 June 2014, there were no significant changes in commitments and contingent liabilities, including contractsfrom the year ended 31 December 2013, except as explained in Note 10.


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16 Cash flows from operating activities and supplementary cash flows information

16.1 Cash flows from operating activities

Reconciliation of net profit to cash flows from operating activities comprises the following:

Consolidated

financial informationCompany

financial information(Unaudited) (Unaudited) (Unaudited) (Unaudited)

30 June 30 June 30 June 30 June2014 2013 2014 2013


Profit before income tax for the period 267,654 262,381 305,120 276,613

Adjustments to reconcile net profit to netcash provided by (paid for) operations:

Depreciation 313,903 284,023 246,401 230,459Amortisation 29,699 29,001 21,388 21,976Amortisation of intangible assets 10 7,085 7,605 5,377 6,180Assets written off 3,005 962 3,005 962Allowance for doubtful accounts 2,000 - 2,000 -Allowance for inventory obsolescence and for net

realisable value (reversal) 2,943 (1,652) 3,000 (2,000)Loss on impairment in value of investments

in subsidiary and associate (reversal) - 12,045 - (32,335)Reversal of fixed assets impairment 10 (3,700) - (3,700) -(Gain) loss on disposal of fixed assets and

intangible assets (3,321) (781) (13,619) (1,476)Unrealised (gain) loss on foreign exchange rate (2,875) 5,014 (5,795) 2,517Interest income (2,714) (3,116) (1,377) (604)Share of (profit) loss of investments in

associates and joint venture (25,461) (29,954) - -Dividend income from investments in subsidiaries

and associates 17.3 - - (166,937) (90,590)Dividend income from other investments (9,487) (12,180) (9,487) (12,180)

Finance costs - interest expense 84,648 80,305 65,025 59,770

663,379 633,653 450,401 459,292

Changes in operating assets and liabilities(Increase) decrease in operating assets:Trade accounts receivable (101,038) (171,026) (33,456) (121,165)Other receivables (34,030) (49,499) (29,860) (30,724)Inventories (205,012) (281,644) (106,791) (236,933)Other current assets (27,284) (14,745) (18,421) (21,583)Other assets (702) 30,739 1,313 39,031

Increase (decrease) in operating liabilities:Trade accounts payable 141,415 69,502 75,590 (144,397)Other payables 84,969 26,431 38,573 8,900Other current liabilities 3,821 8,830 (1,647) (8,316)

Employee benefit obligations 15,756 6,182 12,687 3,017

Cash generated from operation 541,274 258,423 388,389 (52,878)


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16 Cash flows from operating activities and supplementary cash flows information (Cont’d)

16.2 Supplementary cash flows information comprises the following:

Consolidated Companyfinancial information financial information

(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June


Property, plant and equipmentAdditions (Note 10) 372,957 298,569 186,253 244,211Less Decrease (increase) in payables of

fixed assets 23,945 24,920 34,648 12,463Decrease (increase) in amounts due

to related parties of fixed assets (105) - (7,346) 1,289

Unrealised (gain) loss on exchange rate 18 326 18 326

Payment for purchases of fixed assets 396,815 323,815 213,573 258,289

Intangible assetsAdditions (Note 10) 6,923 4,852 2,076 2,390Less Decrease (increase) in payables of

intangible assets (1,095) 409 (1,095) 409

Payment for purchases of intangible assets 5,828 5,261 981 2,799

Dividend incomeDividends of investments in subsidiaries,

associates, and joint venture (Note 17.3) 73,580 38,192 166,937 90,590Less Decrease (increase) in dividend receivable 1,322 (5,323) (41,228) (5,323)

Less Realised loss on exchange rate (111) - (111) -

Dividends received from subsidiaries,

associates, and joint venture 74,791 32,869 125,598 85,267

17 Related party transactions

17.1 Group’s policy regarding business transactions with related parties comprises the following:

a) Sales/Purchases of goods and services

The Company has made sales/purchases of goods and services to related parties in the normal course ofbusiness. The sales/purchases were transacted at prices close to those charged to third parties except forsales of goods to related parties which are the Company’s distributors being charged at cost plus grossprofit. Credit term for such related parties are longer than normal credit terms of accounts receivablewhich are between 30 to 90 days.

Mould repair and injection work were transacted with related parties at cost plus gross profit.

b) Service income

Office and factory rental income was transacted with related parties at the rate determined in the rentalagreement. The rental rate was based on area and relevant space utilisation.

Machinery and mould rental was transacted with related parties at the agreed rate determined in the rentalagreements.


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17 Related party transactions (Cont’d)

17.1 Group’s policy regarding business transactions with related parties comprises the following: (Cont’d)

c) Management fee income

The Group received a management fee which was transacted with related parties at an agreed rate.

d) Sales of fixed assets

The selling price of fixed assets charges at net book value plus profit. The credit term for related partiesis the normal credit term which is 60 days.

The following transactions were carried out with related parities.

17.2 Outstanding balances as at the period ended





Trade accounts receivable - related partiesSubsidiaries - - 98,647 107,138Associates 180,023 142,554 180,023 142,555Joint venture 8,998 7,741 8,976 7,741

Other related parties 183,418 181,089 123,807 127,255

Total trade accounts receivable - related parties 372,439 331,384 411,453 384,689

Other receivables - related partiesSubsidiaries - dividend receivable - - 42,550 -

- other receivables - - 5,686 4,558Associates - dividend receivable 4,973 6,295 4,973 6,295

- other receivables 885 1,154 885 1,154Joint venture 141 141 141 141

Other related parties 56 82 56 82

Total other receivables - related parties 6,055 7,672 54,291 12,230

Less Allowance for doubtful accounts (973) (973) (973) (973)

Total other receivables - related parties, net 5,082 6,699 53,318 11,257

Short-term loan to a related party

Srithai Nanoplast Company LimitedAs at 30 June 2014, Korat Thai Tech Company Limited, a subsidiary, has outstanding balance of a short-termloan of Baht 16.00 million (31 December 2013: Baht 6.00 million) to Srithai Nanoplast Company Limited,another subsidiary, charging interest at the fixed rate of 4.00% per annum. The payment of interest is due everymonth and repayment of principal is due within 1 year.


25


17.2 Outstanding balances as at the period ended (Cont’d)





Trade accounts payable - related partiesSubsidiaries - - 67,968 38,251Associates 105,826 105,336 76,028 79,783Joint venture 132 - 124 -


Total trade accounts payable - related parties 110,362 112,562 148,368 122,263

Other payables - related partiesSubsidiaries - other payables - - 2,863 990

- payable for fixed assets - - 7,287 46Associates 553 2,447 524 2,439Other related parties - other payables 1,553 28 1,553 28

- payable for fixed assets 105 - 105 -

Total other payables - related parties 2,211 2,475 12,332 3,503

17.3 Transactions during the period

Revenues for the three-month periods ended 30 June comprise the following:




Sales and service incomeSubsidiaries - - 28,259 40,523Associates 106,806 78,683 106,806 78,683Joint venture 8,416 8,507 8,394 8,451


Total sales and service income 217,054 200,603 219,987 240,748

Other incomeService income

Subsidiaries - - 7,611 5,873Associates 1,733 1,537 1,734 1,537Joint venture 154 160 154 160


Total 2,121 2,093 9,733 7,966

Management fee incomeSubsidiaries - - 1,080 1,080

Joint venture 250 250 250 250

Total 250 250 1,330 1,330

Interests income

Subsidiaries - - - 26

Total - - - 26

Dividend incomeSubsidiaries - - 89,808 45,300Associates 4,001 23,793 4,001 23,793

Joint venture 1,000 - 1,000 -

Total 5,001 23,793 94,809 69,093

Total other income 7,372 26,136 105,872 78,415


26


17.3 Transactions during the period (Cont’d)




Sales of fixed assetsSubsidiary - - 2,315 2,108

Associates 48 - 48 -

Total sales of fixed assets 48 - 2,363 2,108

Revenues for the six-month periods ended 30 June comprise the following:




Sales and service incomeSubsidiaries - - 68,105 89,420Associates 202,886 160,367 202,886 160,367Joint venture 19,056 15,580 18,978 15,475Other related parties 206,623 243,192 139,812 242,870

Total sales and service income 428,565 419,139 429,781 508,132

Other incomeService income

Subsidiaries - - 14,733 12,539Associates 3,013 2,563 3,013 2,563Joint venture 307 315 307 315Other related parties 607 929 589 929

Total 3,927 3,807 18,642 16,346

Management fee incomeSubsidiaries - - 2,160 2,160Joint venture 500 500 500 500

Total 500 500 2,660 2,660

Interests incomeSubsidiaries - - - 26

Total - - - 26

Dividend incomeSubsidiaries - - 93,357 52,398Associates 72,580 38,192 72,580 38,192Joint venture 1,000 - 1,000 -

Total 73,580 38,192 166,937 90,590

Total other income 78,007 42,499 188,239 109,622

Sales of fixed assetsSubsidiary - - 57,500 21,756Associates 48 - 48 -

Total sales of fixed assets 48 - 57,548 21,756


27


17.3 Transactions during the period (Cont’d)

Expenses for the three-month periods ended 30 June comprise the following:




Cost of sales and servicesPurchases of goods



Total 113,386 113,977 179,842 173,761

ExpensesService expenses

Subsidiaries - - 2,986 2,055Associates 205 859 205 859


Total 3,359 2,110 6,345 4,165

Purchases of fixed assetsSubsidiaries - - 7,133 3,032

Other related parties 98 - 98 -

Total 98 - 7,231 3,032

Expenses for the six-month periods ended 30 June comprise the following:




Cost of sales and servicesPurchases of goods



Total 232,100 244,112 332,112 380,000

ExpensesService expenses

Subsidiaries - - 5,616 3,657Associates 545 1,862 545 1,862


Total 4,433 3,223 10,049 6,880

Purchases of fixed assetsSubsidiaries - - 10,263 4,097


Total 98 44 10,361 4,141


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17.4 Directors and managements’ remuneration

Directors and managements’ remuneration for the three-month periods ended 30 June comprise the following:




Directors’ remuneration 455 455 455 455Managements’ remuneration

Short-term employee benefits 26,498 26,556 16,519 15,795Post-employee benefits 1,251 894 1,063 781Other long-term employee benefits 10 17 9 15

Total directors and managements’ remuneration 28,214 27,922 18,046 17,046

Directors and managements’ remuneration for the six-month periods ended 30 June comprise the following:




Directors’ remuneration 953 818 953 818Managements’ remuneration

Short-term employee benefits 53,114 51,785 33,447 31,247Post-employee benefits 2,499 1,456 2,125 1,229Other long-term employee benefits 20 28 18 26

Total directors and managements’ remuneration 56,586 54,087 36,543 33,320

17.5 Individual with mutual interests

During the period/year ended 30 June 2014 and 31 December 2013, the Group had no significant tradingtransactions with shareholders, management and directors of the Group.

18 Promotional privileges

As at 30 June 2014, there was no additional promotional privilege received from the year ended 31 December2013.

srithai superware public company limited interim consolidated...

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