SNC Former Public Company Limited and Its Subsidiaries
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SNC Former Public Company Limited and its Subsidiaries Interim financial statements for the three-month and six-month periods ended 30 June 2018 and Independent auditor’s report on review of interim financial information Independent auditor’s report on review of interim financial information To the Board of Directors of SNC Former Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position of SNC Former Public Company Limited and its subsidiaries, and of SNC Former Public Company Limited, respectively, as at 30 June 2018; the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the three-month and six-month periods ended 30 June 2018; and condensed notes (“interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. My responsibility is to express a conclusion on this interim financial information based on my review. Scope of Review I conducted my review in accordance with Thai Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. (Vilaivan Pholprasert) Certified Public Accountant Registration No. 8420 KPMG Phoomchai Audit Ltd. Bangkok 1 August 2018 SNC Former Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 June 31 December 30 June 31 December Assets Note 2018 2017 2018 2017 (Unaudited) (Unaudited) (in thousand Baht) Current assets Cash and cash equivalents 773,842 505,386 78,864 46,540 Trade and other receivables 3,4 1,086,684 1,065,374 127,722 141,394 Short-term loans to related parties 3 15,179 15,899 682,212 954,260 Inventories 324,768 317,034 16,968 22,478 Other current assets 166,639 164,737 5,590 8,760 Total current assets 2,367,112 2,068,430 911,356 1,173,432 Non-current assets Investments in associate 6 50,339 59,091 51,450 51,450 Investments in subsidiaries 7 - - 1,420,309 1,120,629 Investment properties 8 203,319 173,608 72,964 77,507 Property, plant and equipment 9 2,349,773 2,449,061 269,249 290,627 Intangible assets 49,469 37,525 12,379 1,719 Deferred tax assets 25,189 27,352 9,009 9,529 Other non-current assets 37,606 44,354 34,235 41,807 Total non-current assets 2,715,695 2,790,991 1,869,595 1,593,268 Total assets 5,082,807 4,859,421 2,780,951 2,766,700 The accompanying notes are an integral part of these financial statements. 2 SNC Former Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 June 31 December 30 June 31 December Liabilities and equity Note 2018 2017 2018 2017 (Unaudited) (Unaudited) (in thousand Baht) Current liabilities Short-term loans from financial institutions - 30,000 - - Trade and other payables 3,10 1,321,078 1,109,971 142,372 133,598 Current portion of deferred income 15,742 23,422 - - Current portion of accounts payable - acquisition of assets 49,295 13,722 804 267 Current portion of long-term loans from financial institutions 234,784 247,804 126,840 139,860 Short-term loans from related parties 3 - - 45,000 125,500 Income tax payable 13,254 8,164 7,995 1,705 Other current liabilities 20,627 20,105 3,585 2,169 Total current liabilities 1,654,780 1,453,188 326,596 403,099 Non-current liabilities Deferred income 51,423 52,508 - - Long-term loans from financial institutions 344,499 455,865 198,850 256,240 Deferred tax liabilities 4,179 4,321 - - Provisions for employee benefits 57,244 56,000 17,856 18,880 Other non-current liabilities 4,078 3,967 - - Total non-current liabilities 461,423 572,661 216,706 275,120 Total liabilities 2,116,203 2,025,849 543,302 678,219 The accompanying notes are an integral part of these financial statements. 3 SNC Former Public Company Limited and its Subsidiaries Statement of financial position Consolidated financial Separate financial statements statements 30 June 31 December 30 June 31 December Liabilities and equity 2018 2017 2018 2017 (Unaudited) (Unaudited) (in thousand Baht) Equity Share capital: Authorised share capital 287,777 287,777 287,777 287,777 Issued and paid-up share capital 287,777 287,777 287,777 287,777 Share premium on ordinary shares 1,213,596 1,213,596 1,213,596 1,213,596 Retained earnings Appropriated Legal reserve 75,823 73,823 30,140 30,140 Unappropriated 1,212,937 1,076,362 706,136 556,968 Equity attributable to owners of the parent 2,790,133 2,651,558 2,237,649 2,088,481 Non-controlling interests 176,471 182,014 - - Total equity 2,966,604 2,833,572 2,237,649 2,088,481 Total liabilities and equity 5,082,807 4,859,421 2,780,951 2,766,700 The accompanying notes are an integral part of these financial statements. 4 SNC Former Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 30 June 30 June Note 2018 2017 2018 2017 (in thousand Baht) Continuing operations Revenues from sales of goods and rendering of services 3 1,601,002 2,056,265 183,692 265,633 Cost of sales and rendering of services 3 (1,379,911) (1,816,393) (152,111) (232,675) Gross profit 221,091 239,872 31,581 32,958 Interest income 3 1,452 978 8,576 14,693 Other income 3 29,853 13,412 20,813 3,135 Dividend income from subsidiaries 3, 7 - - 19,980 37,500 Distribution costs (23,121) (22,327) (4,875) (6,362) Administrative expenses 3 (79,868) (89,059) (15,062) (47,882) Direct expenses arising from investment properties (9,247) (8,317) (8,436) (8,171) Directors and management benefit expenses 3 (7,356) (8,730) (986) (942) Finance costs 3 (8,697) (11,873) (5,809) (10,982) Share of profit (loss) of investments in associate (3,369) 432 - - Profit before income tax expense from continuing operations 120,738 114,388 45,782 13,947 Tax income (expense) (11,862) 3,189 (4,800) 7,417 Profit for the period from continuing operations 108,876 117,577 40,982 21,364 Discontinued operation Loss for the period from discontinued operation, net of tax 5 - (725) - - Profit for the period 108,876 116,852 40,982 21,364 Other comprehensive income Other comprehensive income for the period, net of tax ---- Total comprehensive income for the period 108,876 116,852 40,982 21,364 The accompanying notes are an integral part of these financial statements. 5 SNC Former Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) Consolidated financial Separate financial statements statements Three-month period ended Three-month period ended 30 June 30 June Note 2018 2017 2018 2017 (in thousand Baht) Profit (loss) attributable to: Owners of the parent 107,878 116,934 40,982 21,364 Non-controlling interests 998 (82) -- Profit for the period 108,876 116,852 40,982 21,364 Total comprehensive income attributable to: Owners of the parent 107,878 116,934 40,982 21,364 Non-controlling interests 998 (82) - - Total comprehensive income for the period 108,876 116,852 40,982 21,364 Basic (loss) earnings per share (in Baht) Basic earnings per share from continuing operations 13 0.375 0.408 0.142 0.074 Basic loss per share from discontinued operation 5 - (0.002) - - The accompanying notes are an integral part of these financial statements. 6 SNC Former Public Company Limited and its Subsidiaries Statement of comprehensive income (Unaudited) Consolidated financial Separate financial statements statements Six-month period ended Six-month period ended 30 June 30 June Note 2018 2017 2018 2017 (in thousand Baht) Continuing operations Revenues from sales of goods and rendering of services 3 3,841,684 4,487,795 418,172 524,783 Cost of sales and rendering of services 3 (3,319,768) (4,007,561) (351,050) (466,364) Gross profit 521,916 480,234 67,122 58,419 Interest income 3 2,066 1,383 17,638 27,837 Other income 3 56,137 35,983 36,717 13,525 Dividend income from subsidiaries 3, 7 - - 249,980 37,500 Distribution costs (48,545) (49,937) (11,806) (13,033) Administrative expenses 3 (166,230) (192,124) (24,394) (60,551) Direct expenses arising from investment properties (20,044) (16,443) (19,233) (16,297) Directors and management benefit expenses 3 (14,740) (18,498) (1,060) (2,057) Finance costs 3 (17,120) (22,267) (11,882) (19,474) Share of loss of investments in associate 6 (8,752) (143) - - Profit before income tax expense from continuing operations 304,688 218,188 303,082 25,869 Tax income (expense) 11 (20,747) (1,927) (10,025) 3,857 Profit for the period from continuing operations 283,941 216,261 293,057 29,726 Discontinued operation Loss for the period from discontinued operation, net of tax 5 - (1,759) - - Profit for the period 283,941 214,502 293,057 29,726 Other comprehensive income Other comprehensive income for the period, net of tax ---- Total comprehensive income for the period 283,941 214,502 293,057 29,726 The accompanying notes are an integral part of these financial statements.