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
Srithai Superware Public Company Limited
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
Notes Baht’000 Baht’000 Baht’000 Baht’000
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
Consolidated Company
The notes to the interim consolidated and company financial information on pages 9 to 28 form an integral part of these
interim financial information.
financial information financial information
3
Srithai Superware Public Company Limited
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
Notes Baht’000 Baht’000 Baht’000 Baht’000
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:
Owners of the parent 128,830 100,940 157,545 139,014
Non-controlling interests (1,616) 5,161 - -
Total comprehensive income for the period 127,214 106,101 157,545 139,014
Earnings per share (Baht) 6
Basic earnings per share 0.05 0.04 0.06 0.06
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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.
Srithai Superware Public Company Limited
Statement of Comprehensive Income
For the six-month period ended 30 June 2014
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
30 June 30 June 30 June 30 June
2014 2013 2014 2013
Notes Baht’000 Baht’000 Baht’000 Baht’000
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)
Other comprehensive income (expense)
for the period, net of tax 37,743 (5,732) 3,360 2,489
Total comprehensive income for the period 278,348 232,010 292,032 260,157
Profit attributable to :
Owners of the parent 237,765 222,915 288,672 257,668
Non-controlling interests 2,840 14,827 - -
Net profit for the period 240,605 237,742 288,672 257,668
Total comprehensive income attributable to:
Owners of the parent 275,389 217,645 292,032 260,157
Non-controlling interests 2,959 14,365 - -
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
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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.
Srithai Superware Public Company Limited
Statement of Changes in Shareholders’ Equity
For the six-month period ended 30 June 2014
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
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Consolidated financial information (Baht’000)
Attributable to owners of the parent
Other components of equity
Other comprehensive income (expense)
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 Limited
Statement of Changes in Shareholders’ Equity (Cont’d)
For the six-month period ended 30 June 2014
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.
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Company financial information (Baht’000)
Other components of equity
Other comprehensive income (expense)
Srithai Superware Public Company Limited
Statement of Cash Flows
For the six-month period ended 30 June 2014
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
30 June 30 June 30 June 30 June
2014 2013 2014 2013
Notes Baht’000 Baht’000 Baht’000 Baht’000
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
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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.
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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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.
Consolidated financial information (Baht’000)
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
Consolidated financial information (Baht’000)
For the six-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 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)
Total sales and service income 887,678 38,113 2,829,054 636,925 334,910 4,726,680
Profit from sales by segment 73,906 5,474 133,216 49,525 20,601 282,722
Loss on foreign exchange rate, net (6,189)Other income 50,308Finance costs (84,648)Share of profit of investments
in associates and joint venture 25,461
Profit before income tax 267,654
Income tax (27,049)
Net profit for the period 240,605
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
12
5 Segment information (Cont’d)
Consolidated financial information (Baht’000)
For the three-month period ended 30 June 2013 (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 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)
Total sales and service income 487,662 12,167 1,407,554 316,923 117,240 2,341,546
Profit (loss) from sales by segment 47,391 (1,876) 56,430 30,431 (307) 132,069
Loss on foreign exchange rate, net (5,302)Other income 34,221Finance costs (41,913)Share of profit of investments
in associates and joint venture 13,867
Loss on impairment of investment in associate (12,045)
Profit before income tax 120,897
Income tax (13,104)
Net profit for the period 107,793
Consolidated financial information (Baht’000)
For the six-month period ended 30 June 2013 (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 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)
Total sales and service income 942,538 26,174 2,877,585 563,261 244,331 4,653,889
Profit (loss) from sales by segment 97,321 (490) 152,689 38,471 3,404 291,395
Loss on foreign exchange rate, net (23,220)Other income 56,602Finance costs (80,305)Share of profit of investments
in associates and joint venture 29,954
Loss on impairment of investment in associate (12,045)
Profit before income tax 262,381
Income tax (24,639)
Net profit for the period 237,742
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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:
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) 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:
Consolidatedfinancial information
Companyfinancial information
(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 - -
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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:
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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:
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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:
Companyfinancial information
(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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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)
Consolidatedfinancial information
(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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
17
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
18
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:
Consolidatedfinancial information
Companyfinancial information
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:
Consolidatedfinancial information
Companyfinancial information
(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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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:
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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:
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
21
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
22
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
Notes Baht’000 Baht’000 Baht’000 Baht’000
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)
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
23
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
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
24
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
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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.
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
25
17 Related party transactions (Cont’d)
17.2 Outstanding balances as at the period ended (Cont’d)
Consolidatedfinancial information
Companyfinancial information
(Unaudited) (Audited) (Unaudited) (Audited)30 June 31 December 30 June 31 December
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
Trade accounts payable - related partiesSubsidiaries - - 67,968 38,251Associates 105,826 105,336 76,028 79,783Joint venture 132 - 124 -
Other related parties 4,404 7,226 4,248 4,229
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:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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
Other related parties 101,832 113,413 76,528 113,091
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
Other related parties 234 396 234 396
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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
26
17 Related party transactions (Cont’d)
17.3 Transactions during the period (Cont’d)
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
27
17 Related party transactions (Cont’d)
17.3 Transactions during the period (Cont’d)
Expenses for the three-month periods ended 30 June comprise the following:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
Cost of sales and servicesPurchases of goods
Subsidiaries - - 98,153 80,410Associates 107,272 106,427 76,863 87,298Joint venture 158 64 133 64
Other related parties 5,956 7,486 4,693 5,989
Total 113,386 113,977 179,842 173,761
ExpensesService expenses
Subsidiaries - - 2,986 2,055Associates 205 859 205 859
Other related parties 3,154 1,251 3,154 1,251
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:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
Cost of sales and servicesPurchases of goods
Subsidiaries - - 170,056 175,489Associates 221,599 229,724 156,408 194,058Joint venture 158 64 133 64
Other related parties 10,343 14,324 5,515 10,389
Total 232,100 244,112 332,112 380,000
ExpensesService expenses
Subsidiaries - - 5,616 3,657Associates 545 1,862 545 1,862
Other related parties 3,888 1,361 3,888 1,361
Total 4,433 3,223 10,049 6,880
Purchases of fixed assetsSubsidiaries - - 10,263 4,097
Other related parties 98 44 98 44
Total 98 44 10,361 4,141
Srithai Superware Public Company LimitedCondensed Notes to the Interim Consolidated and Company Financial InformationFor the six-month period ended 30 June 2014
28
17.4 Directors and managements’ remuneration
Directors and managements’ remuneration for the three-month periods ended 30 June comprise the following:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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:
Consolidated Companyfinancial information financial information
(Unaudited) (Unaudited) (Unaudited) (Unaudited)30 June 30 June 30 June 30 June
2014 2013 2014 2013Baht’000 Baht’000 Baht’000 Baht’000
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.