ANNUAL REPORT 201818 Financial Highlights

(Unit : Thousand Baht) 2014 2015 2016 2017 2018 Revenues Revenue from television programs 1,843,211 2,124,549 2,416,210 3,478,354 2,968,243 Revenue from animation and 14,122 5,050 268 - - computer graphic Revenue from movies 20,625 20,117 - - - Revenue from concerts and plays - 167,923 118,145 184,330 266,801 Revenue from event marketing 169,533 108,063 116,357 138,010 188,351 Revenue from management fee 150 60 1,040 Revenue from sale of goods and rendering 5,307 8,000 15,925 51,748 169,846 of other services Other income 57,138 20,376 26,420 24,998 46,083 Share of gain of investments in joint 52,009 14,430 2,139 -12,840 -41,457 ventures Total revenues 2,161,943 2,468,507 2,695,614 3,864,661 3,598,906 Total costs 1,433,824 1,375,861 1,504,750 1,741,278 2,231,169 Selling and Administrative expenses 661,153 763,681 823,039 859,618 858,793 Finance costs 100,727 132,470 112,670 97,594 60,171 Income tax expense -19,086 45,382 52,118 257,676 98,113 Non - controlling interests 1,346 772 4,407 4,405 5,355 Net Profit -16,021 150,341 198,631 904,089 345,305 Financial Position Current assets 1,288,336 1,760,674 1,725,621 2,647,240 2,542,845 Total assets 4,985,067 5,588,357 5,422,405 6,447,772 6,216,362 Liabilities 3,306,141 2,801,687 2,435,899 2,004,348 1,668,492 Equity 1,678,926 2,786,670 2,986,506 4,443,424 4,547,870

Annual Report 2018 2 WORKPOINT ENTERTAINMENT PCL (Unit : Thousand Baht) 2014 2015 2016 2017 2018 Financial Ratio Current Ratio (Times) 1.4 1.6 1.8 2.1 2.2 Debt to Equity Ratio (Times) 2.0 1.0 0.8 0.5 0.4 Gross Profit (%) 30.2 43.5 43.6 55.1 38.1 Net Profit (%) (0.7) 6.1 7.4 23.4 9.6 Return on Assets (%) (0.4) 2.8 3.7 15.2 5.5 Return on Equity (%) (1.0) 6.8 6.7 24.4 7.7 Earnings per Share (0.0) 0.4 0.48 2.14 0.78 Dividend per Share 0.44 0.34 0.27 1.39 * 0.45 Dividend Payout Ratio to Net Income (%) 73% 81% 81% 77% * 75%

*Notes The Board of Directors meeting No.1/2019 on February 26,2019 approved the allocation of the net profit as the cash dividends payment from the company’s operation from January 1,2018 to December 31,2018 at the rate of Baht 0.450 per share, or not exceeding in total of Baht 200,000,000

Income and Net Profit Asset (Unit : MB) (Unit : MB) 4000 7500

3,865 6000 3,599

3000 6,448 6,216 4,548 4,443 4500 5,422 2000 2,696

3000 2,987 2,436

1000 2,004 1,668 904 1500 345 199 0 0 2016 2017 2018 2016 2017 2018 Income Net Profit Asset Liabilities Equity

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 3 Board of Directors

1 2 Mr. Phanya Nirunkul (Age : 64 years) Mr. Prapas Cholsaranon (Age : 59 years) Position : Chairman Position : Vice Chairman Chairman of the Nomination and Member of the Nomination and Remuneration Committee Remuneration Committee Date of Directorship : February 19 , 2004 Date of Directorship : February 19 , 2004 Education : Education : Doctoral Degree Doctoral Degree • Doctor of Arts (Honorary Degree) of • Doctor of Arts (Honorary Degree) of Communication Arts , Mahasarakham University Communication Arts (Broadcasting) , • Doctor of Arts (Honorary Degree) of Business Sripatum University Administration (Marketing) ,Rajamangala University Bachelor’s Degree of Technology Tawan-ok • Bachelor of Architecture , Chulalongkorn University • Doctor of Arts (Honorary Degree) of Communication Arts (Broadcasting) , Experience : Sripatum University 1989 – Present Vice Chairman Bachelor’s Degree Member of the Nomination and • Bachelor of Architecture , Chulalongkorn University Remuneration Committee , Workpoint Entertainment Experience : Public Company Limited 1989 – Present Chairman Certifications : Chairman of the Nomination and Remuneration Committee , • Directors Accreditation Program (DAP) Workpoint Entertainment Public No. 10/2004 ,Thai Institute of Directors Company Limited Association (IOD) Certifications : • The Executive Program in Energy Literacy for • Directors Accreditation Program (DAP) a Sustainable Future Tea Class 10 , Thailand No.10/2004 ,Thai Institute of Directors Energy Academy Association (IOD) Number of Share Holding : Number of Share Holding : ( as of 31/12/2018 ) ( as of 31/12/2018 ) • 101,286,187 shares or 22.938% of the total paid up • 105,845,822 shares or 23.971% of the total paid up capital capital

Annual Report 2018 4 WORKPOINT ENTERTAINMENT PCL 3 4 Mr. Phanich Sodsee (Age : 55 years) Mr. Kanit Vattanapradit (Age : 59 years) Position : Director , Group Chief Executive Officer Position : Director , Chief Internal Control Officer Date of Directorship : February 19 , 2004 Date of Directorship : March 1 , 2013 Education : Education : Bachelor’s Degree Master’s Degree • Bachelor of Fine Arts (Sculpture Division) , • Master of Public Administration Program , Chiang Mai University National Institute of Development Administration Experience : Bachelor’s Degree 1991 - Present Director , • Bachelor of Business Administration , Group Chief Executive Officer, Ramkhamhaeng University Workpoint Entertainment Experience : Public Company Limited March 2012 - Present Director , Chief Internal Certifications : Control Officer , • Directors Accreditation Program (DAP) Workpoint Entertainment No. 10/2004 ,Thai Institute of Directors Public Company Limited Association (IOD) 2004 - February 2012 Director , Chairman of Audit • The National Defence College No.60 , Committee , Thailand National Defence College Workpoint Entertainment Number of Share Holding : Public Company Limited ( as of 31/12/2018 ) 1999 - February 2012 Financial Manager , • 175,000 shares or 0.040% of the total paid up Thai Sumiden Engineering capital and Construction Company Limited Certifications : • Directors Accreditation Program (DAP) No. 9/2004 , Thai Institute of Directors Association (IOD) Number of Share Holding : ( as of 31/12/2018 ) • None Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 5 1 5 6 Mrs. Vichanee Srisawat (Age : 48 years) Mr. Chalakorn Panyashom (Age : 44 years) Position : Director , Chief Marketing Officer Position : Director , Chief Operating Officer Date of Directorship : April 26 , 2010 Date of Directorship : April 11 , 2014 Education : Education : Master’s Degree Master’s Degree • Master of Business Administration , • Master of Economics Program (Business Chulalongkorn University Economics) , National Institute of Development Bachelor’s Degree Administration • Bachelor of Business Administration , Bachelor’s Degree Ramkhamhaeng University • Bachelor of Engineering (Instrumentation Experience : Engineering) , King Mongkut’s Institute of 1994 - Present Director , Chief Marketing Officer , Technology Ladkrabang Workpoint Entertainment Experience : Public Company Limited 2013 - Present Director , Chief Operating Officer Certifications : Workpoint Entertainment Public • Directors Accreditation Program (DAP) Company Limited No. 89/2011 , Thai Institute of Directors Association 2005 - 2012 Vice President - Satellite Television (IOD) and Special Project , • Academy of Business Creativity (ABC) No.5 , Workpoint Entertainment Public Sripatum University Company Limited • Leader Program No.26 , Capital Market Academy Certifications : Number of Share Holding : • Directors Accreditation Program (DAP) ( as of 31/12/2018 ) No. 133/2017 ,Thai Institute of Directors Association (IOD) • None • Academy of Business Creativity (ABC) No.3 , Sripatum University • Leader Program No.22 , Capital Market Academy Number of Share Holding : ( as of 31/12/2018 ) • None Annual Report 2018 6 WORKPOINT ENTERTAINMENT PCL 7 8 Pol.Maj.Gen. Pratchai Jaichansukit Mr. Somkiat Tiloklert (Age : 64 years) (Age : 63 years) Position : Director , Member of the Audit Committee Position : Director , Chairman of the Audit Committee , Member of the Nomination and Date of Directorship : November 11 , 2008 Remuneration Committee Education : Date of Directorship : February 19 , 2004 Bachelor’s Degree Education : Master’s Degree • Bachelor of Architecture , Chulalongkorn University • Master of Public Administration , Chulalongkorn Experience : University 2008 - Present Director , Member of the Audit • Master of Science (Environmental Science) , Kasetsart University Committee , Workpoint Entertainment Bachelor’s Degree Public Company Limited • Bachelor of Laws , Thammasat University 1982 - 2016 Pilot , Thai Airways International Public • Bachelor of Arts (Political Science) , Company Limited Ramkhamhaeng University Certifications : Experience : 2004 - Present Director , Chairman of the Audit • Directors Accreditation Program (DAP) Committee , Member of the No. 77/2009 , Thai Institute of Directors Association Nomination and Remuneration (IOD) Committee , Workpoint Entertainment Public Company Limited Number of Share Holding : 2015 - 2016 Commander of Samutsongkhram ( as of 31/12/2018 ) Provincial Police • None Certifications : • Directors Accreditation Program (DAP) No. 9/2004 , Thai Institute of Directors Association (IOD) • Audit Committee Program (ACP) No.20/2007 , Thai Institute of Directors Association (IOD) Number of Share Holding : ( as of 31/12/2018 ) • None

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 7 9 Advisor , Thepnakorn Motor Sales Miss Pornthip Moonsawat (Age : 55 years) Company Limited Position : Director , Member of the Audit Committee Advisor , Chrysler Nakhonratchasima Company Limited Date of Directorship : March 30 , 2012 2002 - 2003 Special Instructor , Eastern Asia University. Education : 1989 Accounting Manager , BIR Leather Master’s Degree (Thailand) Company Limited • Master of Business Administration (Marketing) , Certifications : National Institute of Development Administration • Directors Accreditation Program (DAP) Bachelor’s Degree No. 97/2012 , Thai Institute of Directors • Bachelor of Accounting , Thammasat University Association (IOD) Experience : Number of Share Holding : 2012 Present Director , Member of the Audit ( as of 31/12/2018 ) Committee , Workpoint Entertainment • None Public Company Limited Present Managing Director , North Accounting Company Limited Managing Director , JK Consulting Company Limited Accounting Director , IV Global Securities Public Company Limited Advisor , Thepnakorn Service Korat Limited Partnership Advisor , Ratchasima Thepnakhon Company Limited Advisor , Thepnakorn Auto Service Company Limited Advisor , Thep Nakorn Car Company Limited

Annual Report 2018 8 WORKPOINT ENTERTAINMENT PCL Executive Committee

1

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 9 1. Mr. Phanya Nirunkul Position : Chairman Education : Doctoral Degree • Doctor of Arts (Honorary Degree) of Communication Arts , Mahasarakham University • Doctor of Arts (Honorary Degree) of Business Administration (Marketing) , Rajamangala University of Technology Tawan-ok • Doctor of Arts (Honorary Degree) of Communication Arts (Broadcasting) , Sripatum University Bachelor’s Degree • Bachelor of Architecture , Chulalongkorn University Experience : 1989 – Present Chairman Chairman of the Nomination and Remuneration Committee, Workpoint Entertainment Public Company Limited Certifications : • Directors Accreditation Program (DAP) No. 10/2004 , Thai Institute of Directors Association (IOD)

2. Mr. Prapas Cholsaranon Position : Vice Chairman Education : Doctoral Degree • Doctor of Arts (Honorary Degree) of Communication Arts (Broadcasting) , Sripatum University Bachelor’s Degree • Bachelor of Architecture , Chulalongkorn University Experience : 1989 – Present Vice Chairman Member of the Nomination and Remuneration Committee , Workpoint Entertainment Public Company Limited Certifications : • Directors Accreditation Program (DAP) No. 10/2004 , Thai Institute of Directors Association (IOD) • The Executive Program in Energy Literacy for a Sustainable Future Tea Class 10 , Thailand Energy Academy

Annual Report 2018 10 WORKPOINT ENTERTAINMENT PCL 3. Mr. Phanich Sodsee Position : Group Chief Executive Officer Education : Bachelor’s Degree • Bachelor of Fine Arts (Sculpture Division) , Chiang Mai University Experience : 1991 - Present Director , Group Chief Executive Officer , Workpoint Entertainment Public Company Limited Certifications : • Directors Accreditation Program (DAP) No. 10/2004 , Thai Institute of Directors Association (IOD) • The National Defence College No.60 , Thailand National Defence College 4. Mr. Kanit Vattanapradit Position : Chief Internal Control Officer Education : Master’s Degree • Master of Public Administration Program , National Institute of Development Administration Bachelor’s Degree • Bachelor of Business Administration , Ramkhamhaeng University Experience : March 2012 – Present Director , Chief Internal Control Officer , Workpoint Entertainment Public Company Limited 2004 - February 2012 Director , Chairman of Audit Committee , Workpoint Entertainment Public Company Limited 1999 - February 2012 Financial Manager , Thai Sumiden Engineering and Construction Company Limited Certifications : • Directors Accreditation Program (DAP) No. 9/2004 , Thai Institute of Directors Association (IOD)

5. Mrs. Vichanee Srisawat Position : Chief Marketing Officer Education : Master’s Degree • Master of Business Administration , Chulalongkorn University Bachelor’s Degree • Bachelor of Business Administration , Ramkhamhaeng University Experience : 1994 - Present Director , Chief Marketing Officer , Workpoint Entertainment Public Company Limited Certifications : • Directors Accreditation Program (DAP) No. 89/2011 , Thai Institute of Directors Association (IOD) • Academy of Business Creativity (ABC) No.5 , Sripatum University • Leader Program No.26 , Capital Market Academy

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 11 6. Mr. Chalakorn Panyashom Position : Chief Operating Officer Education : Master’s Degree • Master of Economics Program (Business Economics) , National Institute of Development Administration Bachelor’s Degree • Bachelor of Engineering (Instrumentation Engineering) , King Mongkut’s Institute of Technology Ladkrabang Experience : 2013 - Present Director , Chief Operating Officer , Workpoint Entertainment Public Company Limited 2005 - 2012 Vice President - Satellite Television and Special Project , Workpoint Entertainment Public Company Limited Certifications : • Directors Accreditation Program (DAP) No. 133/2017 , Thai Institute of Directors Association (IOD) • Academy of Business Creativity (ABC) No.3 , Sripatum University • Leader Program No.22 , Capital Market Academy

7. Mr. Chayan Chantawongsatorn Position : Chief Production Officer Education : Master’s Degree • Global Mini MBA , Thammasat University Bachelor’s Degree • Bachelor of Communication Arts , Dhurakij Pundit University Experience : 2013 - Present Chief Production Officer , Workpoint Entertainment Public Company Limited 2001 - 2012 Vice President – Production , Workpoint Entertainment Public Company Limited

8. Mr. Dhanasak Hoonarak Position : Chief Business Development Officer Education : Master’s Degree • Master of Business Administration (Finance) Creighton University USA Bachelor’s Degree • Bachelor of Business Administration (Marketing) Assumption University Experience : 2013 - Present Chief Business Development Officer , Workpoint Entertainment Public Company Limited

Annual Report 2018 12 WORKPOINT ENTERTAINMENT PCL 9. Mr. Surakarn Sirimothya Position : Chief Financial Officer Education : Master’s Degree • Master of Business Administration (Finance) , San Francisco State University • Master of Management , College of Management , Mahidol University Bachelor’s Degree • Bachelor of Engineering (Telecommunications Engineering) , Sirindhorn International Institute of Technology , Thammasat University Experience : 2013 - Present Chief Financial Officer , Workpoint Entertainment Public Company Limited 2012 Vice President – Investment Banking , Thanachart Securities Public Company Limited 2008 - 2011 Senior Manager – Finance and Investment , Boutique Group of Companies (A JV of LBREP and Capital Land) Certifications : • TLCA Executive Development Program (EDP) Class of Year 2016 , Thai Listed Companies Association • Financial Advisor’s Code of Conduct and Working Procedures under Financial Advisor’s Code of Conduct , Investment Banking Club , Association of Thai Securities Companies • Company Secretary Program No.2/2560 Fundamentals for Corporate Secretaries , Thai Company Secretary Club , Thai Listed Companie Association with Stock Exchange of Thailand and Securities and Exchange Commission • New Financial Reporting Standard by KPMG Phoomchai Audit Ltd. , Federation of Accounting Professions by The Accounting Standard Committee

10. Flt.Lt. Supadet Asawadumrongdet Position : Chief Administrative Officer Education : Master’s Degree • Master of Science (Information Technology) , Sripatum University Bachelor’s Degree • Bachelor of Science (Computer Science) , Navaminda Kasatriyadhiraj Royal Air Force Academy Experience : Present Chief Administrative Officer , Workpoint Entertainment Public Company Limited 2012 - 2017 Vice President – Administration , Workpoint Entertainment Public Company Limited

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 13 Company and subsidiary company business overview

There are 4 business categories of The Company Subsidiary companies that are 100% and subsidiary companies as follows: 1) TV programs business 2) event organizing business and 3) concert invested by the Company license & stage plays business 4) merchandising and • Thai Broadcasting Company Limited service business. The Company has been operated (“Thai Broadcasting”) is operated as a digital under the following vision, mission, and long term goal TV station, named “Workpoint channel”, under as regularly considered and reviewed by the Company’s Commercial digital terrestrial TV license at directors: national level for a variety standard definition Vision : “To be a leading entertainment company channel category that officially broadcasted in in Southeast Asian industry driven by innovative second quarter of 2014. ideas and morals.” • Workpoint Pictures Company Limited Mission : “To create products with social (“Workpoint Pictures”) is operated a movie responsibilities, to be driven by distinctive innovations, production business and also invests though to develop organizational excellence on continuous joint venture in many movies and animations and sustainable basis, to provide entertainment such as ‘Mamdiaw hua liam hua laem’, services and promote social learning, to develop ‘Teng Nong Khon Maha-Hia’, ‘Sing lek lek personnel with organization’s culture of commitment and tee reak wa rak’, ‘Yak’ or ‘The Robot Giant’ , creative thinking with good morals.” ‘Cat a Wabb’ and ‘Thailand Only’. Long-term Goal : To be aleading entertainment • Bangkok Exhibition Company Limited company of Thailand overing broadcasting in all (“Krungthep Exhibition”) is operated an event channels and platforms. organizing business such as exhibitions, press conferences, product - launch Event, The Company main business is TV program corporate events, light shows, and fashion production for broadcasting in the Company’s shows. TV station, named “Workpoint channel”. This channel is digital broadcasting under “Commercial digital • Nanonesia Company Limited (“Nanonesia”) terrestrial TV license at national level for a variety (formerly Six Degrees Production Company standard definition channel category” or digital TV Limited) was established on March 9 , 2017 license which is held by subsidiary company. with the purpose to sell products of the The Company policy focuses on presenting Company Group such as ‘Health and Beauty both knowledge and entertainment TV program. Products’ and ‘TV Shopping’. Most of them are successful, indicated by awards and advertisement sales volume. The Company is accepted as a leader of TV program producer and TV station in Thailand. Both of domestic and international awards can guarantee success of the company and TV shows quality as mentioned above. Besides, the company also invests through subsidiary companies as described below.

Annual Report 2018 14 WORKPOINT ENTERTAINMENT PCL Subsidiary company that is 98.29% Subsidiary company that is 50% invested invested by the Company (includes both by the Company direct and indirect shareholding) • Tohgloam Television Company Limited • Siam Ganesha Company Limited (“Siam Pic - (“Tohgloam Television”) is operated as Ganesha”) is operated a theater management a TV program producer. Its past TV programs business, named ‘K-Bank Siam Pic-Ganesha are as follows, ‘Kadee See Chompoo’ , theater’ was opened in April 2015. In 2018, ‘Kon la dao deaw gun’, ‘Microphone King’ there are 5 concerts and stage plays under and ‘The Voice season 1&2’. Siam Ganesha managements itself as follows, • BNK Production Company Limited (“BNK ‘Homrong the musical’ , ‘Khun pra chuay Production”) is operated as a TV program sum dang sod 8 Fuen Ayothaya concert’, producer. Its past TV programs are as ‘Byrd & Heart by request concert’ , ‘Buppah follows, ‘Victory BNK48’ and ‘BNK Senpai’ Rahtree kueab ja musical the musical’ and ‘Once Upon a Trai concert’. Besides, Subsidiary company that is 30% invested Siam Ganesha also allows third party to rent by the Company the theater for concerts and stage plays such as ‘Luk Ma Pah the musical’ , • FWR Company Limited (“FWR”) is operated ‘Ron the musical’ , ‘BBM48:Babymime show’ , a Theme park business, named ‘Dinosaur ‘Basic Vocal Jazz Workshop by Natt show’, Planet’, that was opened in March 2016. ‘Siam Supernatural Tour show’ and ‘Joox The Company invests in related businesses Thailand Music Award 2018’. to support the growth of the Company and subsidiary companies. Investment in subsidiary companies Subsidiary company that is 60% invested is a jointly own business between the company and by the Company skilled and widely accepted people. The Company is confident that subsidiaries investments would success • Ground Company Limited (“Ground”) is operated and continuously increase income and profit of the Audio Editing and Recording business. Also Company. plays, movies, advertisements, and narration sound recording included

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 15 Company Group Structure

Workpoint Entertainment Public Company Limited

Audio Editing Theater Event Organising Theme Park Merchandising TV Business and Recording Management service Business Movie Business Business Business Business Business

13,500,000 Shares 120,000 Shares 2,704,000 Shares 1,570,000Shares 1,100,000 Shares 530,000 Shares (100.00%) (60.00%) (96.57%) (100.00%) (100.00%) (100.00%) Bamgkok Workpoint Pictures Nanonesia Thai Broadcasting Ground Company Siam Ganesha Exhibition FWR Company Company Limited Company Limited Company Limited Limited Company Limited Company Limited Limited Limited*

600,000 Shares (50.00%) 270,000 Shares Tohgloam 96,000 Shares (30.00%) Television Company Limited (3.43%)

70,000 Shares (50.00%) BNK Production Company Limited

Notes : The voting rights of Group of companies percentage of shareholding (1 share : 1 vote vote) Structure as of December 31,2017 *Formerly Six Degrees Production Company Limited

Annual Report 2018 16 WORKPOINT ENTERTAINMENT PCL Business category

There are 4 business categories of The Company in the program via the quiz or interviewing guests and subsidiary companies as follows, 1) TV programs or invited experts. The audiences business, 2) event organizing business, 3) concert would get both entertainment and knowledge & stage plays business and 4) merchandising and through various and amusing presentations. service business. The businesses as mentioned above These light entertainment local content are also are related and supported each other. These are the divided into 2 categories as follows details for all of business synopses. 1.1.1 Local developed content such as ‘Fan pun tae TV programs business Super Fan’, ‘Way tee thong way tee ter’, ‘mic thongkum TV programs business of The Company are divided 1-7’, ‘Mic thong kum mor lum fung petch’, ‘Mic thong kum into 3 categories as follows dek’, ‘Mic on Debt off’, ‘Lightning quiz’ , ‘Little Lightning quiz’ , ‘Game jarachon ku hu antaray’, ‘Super mum’ , 1. TV programs business via digital TV station ‘Ching roi ching lan wow wow wow’, ‘Khun pra chuai’, 2. TV programs business via online channels ‘Lek auad gum’, ‘Jam auad nha jor’ , ‘Microphone King’ , ‘Teng Nhong wittayakom’ , ‘Kon auad pee’ , ‘Buddy 3. Licensed programs business tee khai’ , ‘Randed pra ted thai’ , ‘Nuk rong song mic’ Product or service category , ‘My mom cook’ , ‘Victory BNK48’ , ‘BNK Senpai’ , The product or service category of TV programs ‘The Rapper’ and so on. business are divided by business types as follows 1.1.2 Format content is the program that TV programs business via digital TV station The Company purchases Format licenses from licenses owner. Most of them are purchased The Company runs a business by programs from foreign companies to produce the program follow production and purchasing program licenses to through their patterns with some changes to adjust broadcast on The Company TV channel. The income for audiences in Thailand such as, ‘Let me in Thailand’, comes from selling advertisements and promoting ‘I Can See Your Voice’ , ‘Wekid season 1 2’ , ‘Smalltalk’ products & services while the programs are on air. , ‘My Little TV’ , ‘Hear Me Love Mee See Me’ , ‘The Mask Also, the TV station of The Company is named Singer season 1 4’ , ‘The Mask Project A’ , ‘The Mask ‘WORKPOINT channel’ which is digital broadcasting Truce Day’ , ‘The Mask Line Thai’ and so on. under Commercial digital terrestrial TV licence at 1.2) Sit Com The Company’s Sit Com has a unique National level for a variety standard definition channel style that is comedy, presenting people lifestyles category that holds the license by subsidiary company in parody and humor by creating a situation in funny and officially broadcast in second quarter of 2014. way such as ‘Raberd terdterng soi kha kai yah tae’ , Before the digital broadcasting, ‘WORKPOINT channel’ ‘Kwanjai Thailand’ , ‘Porban jaiklar’ , ‘Talok hok chak was broadcasting under the satellite TV license 2018’ and so on. since 2012 then this TV station is continuously broadcasting for many years more than 5 years. 1.3) Drama The Company’s drama has a unique style that is comedy, presenting people lifestyles The TV programs that broadcast in ‘WORKPOINT in series such as ‘7 Days series season1 2’, ‘Office channel’ are divided into 3 categories as follows Syndrome season1 2’ , ‘Dokmai Laiphatklon’ and so on. 1) Local content 1.4) News is the news that reporting various 1.1) Light Entertainment which are variety show, event of crimes, economy, politic, social, entertainment, quiz show, and reality show that focus on the and also sport from both in Thailand and international. entertainment and knowledge for guests and The Company has its own studios (Workpoint News audiences by adding contents, ideas, and knowledge Studio) for broadcasting the contents all days. Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 17 The contents are such as ‘Workpoint News’ , ‘Banjong Facebook, and Company’s Website / Application along chong khao’ , ‘Ta lad khao’ , ‘Hong khao bunterng’ , with broadcasting via “WORKPOINT channel” in order to ‘E jun sueb sayong’ and so on. capturing the audiences’ trends or behaviors. 1.5) Sports is the program that represent sports Since the Company started broadcasting via online with innovative and large scale production such as platforms along with WORKPOINT Channel, rating of ‘Super Muay Thai fight talom lok’ and so on. the Company’s programs on TV increased significantly 2) Licensed program along with the increase of Subscribers/Followers on Online Platforms. 2.1) Finished Program is the program that The Company purchases various programs including food Online channels of The Company’s TV programs are program, health program, cartoon, game show, and divided into 3 categories as follows: series etc. 1) Youtube 2.2) Licensed live program which are live sports and Youtube is the world’s leading VDE platform enabling live events such as ‘Garena ROV esports (online game)’ users to upload VDO clips and perform live streaming , ‘International Muaythai Festival’ , ‘WLF World Boxing of various TV programs. The name of The Company’s Championship live’, ‘Kun Lun fight’ , ‘Women’s World youtube channel is “WorkpointOfficial” presenting rerun Championship 2018’ , ‘Asian Games 2018’ and so on. clips, new edited clips, and Live Streaming. Such channel 3) Program that is air time rented by third party earns income from advertising based on the proportion as agreed with Youtube. This is the program that is air time rented by third party on WORKPOINT channel such as ‘The “Workpoint Official” on Youtube had steadily Giving’, ‘Super Jew’, ‘Nutcha & The Gang’ , ‘Super 10’, increasing subscribers. The Company was awarded ‘Super 60’ , ‘Make Awake’, ‘Kum ka tuen’, and ‘Young Daimond Play Button by Youtube. In 2018, “Workpoint Self Made Millionaire’ etc. Official” on Youtube had over 21 million subscribers and the view of The Mask Singer season 2 was also the • TV programs business via online channels highest rank of the channel with over 68.5 million views. Formerly, The Company has broadcasted its contents The number of subscribers of The Company’s only on The Company’s TV channel. However, since Youtube channel is in the top rank of Thailand and ranks 2016, The Company has added another broadcasting 55th of the World Top 100 Most Subscribe Channel List as channel via online platforms, for example, Youtube , of March 12th, 2019 , increasing from ranks 97th in 2017.

Comparison on Youtube Subscribers among World Top 100 Most Subscribe Channel List the Same Business Group

Source : www.noxinfluencer.com

Annual Report 2018 18 WORKPOINT ENTERTAINMENT PCL Comparison on Increase of Subscribers among the Same Business Group

2) Facebook Facebook is one of the world’s leading social networks. The Company’s facebook page is called “Workpoint Entertainment” presenting VDO clips and PR news via Feeds of Facebook as well as Live Streaming of the Company’s TV programs. The Company earned incomes from Facebook by selling feed to customers directly and revenue sharing as agreed between Facebook and the Company. The Company’s Facebook Page is also a popular page as other online channels. Currently, there are over 12 million likes and ranks 2nd of Thailand.

Statistic on Facebook’s Likes Comparison on Facebook’s Follower among the Same Business Group

3) Company’s Website/Application Besides Youtube and Facebook, the Company also broadcasts its programs via the Company’s Website and Application in order to increase the viewing channels for various groups of audiences. Currently, the Company’s application has been downloaded over 2 million times.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 19 • Licensed Program Besides selling advertising time and promoting products via WORKPOINT channel and online platforms, the Company also sells License of its programs to the customers in Thailand and other countries. Since 2013, the Company has sold over than 30 program licenses to 16 countries including U.S.A., Indonesia, Vietnam, Cambodia, Singapore, and so on.

The license are as follows : 1) Format The Company sells program formats to the foreign customers for reproducing under instruction of the Company such as ‘Ching Roi Ching Lan Wow Wow Wow’ , ‘Talok Hok Chak’ , ‘Rat Cha Rot Ma Kei’ , ‘Mic on Debt off’ , ‘Fan Pan Tae’ , ‘Lek auad gum’ , ‘Kadee See Chompu’ and ‘Lightning Quiz’, etc. 2) Finished Program The Company sells Finished Programs to customers for broadcasting with dubbing of language of each country such as ‘Raberd Terdtern Singto Thong’ sit com, ‘Raberd Terdtern Dancer Taluang Sai’ sit com, ‘Nang Khaen’ drama, ‘Office Syndrome’ drama, ‘Talok Hok Chak’ , ‘Khon Aud Pee’ and so on.

Annual Report 2018 20 WORKPOINT ENTERTAINMENT PCL • Target Group The Company’s Target group is audiences with all occupations seeking for both knowledge and entertainment. The major audiences of each program is planned to meet with category of each program. However, most programs are suitable for all family members with all genders and ages. Especially, most audiences of WORKPOINT channel are persons with the age of 35 years and over with similar proportions on gender and area.

WORKPOINT Channel’s Audience Group

However, the target group of online channel is audiences with the age ranged from 15 - 34 years with similar proportions between males and females. Online Platform’s Audience Group

The competition of TV stations was still high although there were many entrepreneurs suspended their broadcasting. Therefore, contents and their quality are becoming more important factors. Consequently, it is necessary for TV entrepreneurs to improve their programs to meet with demands and preference of all groups of consumers.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 21 2) Event organizing business 3) Concert and stage plays business 2.1) Product and Service 3.1) Product and Service Event organizing business is a business that The Company runs a concert and stage plays provides activities organizing entirely to meet the client’s business. Concerts and stage plays are performed by demand and objective. Previously, The Company famous singers and actors with well decorated stage was trusted by both government and individuals and professional dancers. Previously, the exhibitions to organize many events such as Future for vocational mainly took place by renting third party stages. students’ project for vocational education commission, However, in 2015, Siam Ganesha Company limited Storytelling, read and play with kids, festival for (Siam Pic Ganesha) which is a subsidiary company, Ministry of social development and human security, runs a theater business, named ‘K Bank Siam Pic ‘Ratchaphruek ruam jai pak rak por luang’ public relation Ganesha Theater’. The theater was opened in April 2015. for tourism authority of Thailand, Money Me Show event In 2018 , there are 5 concerts and stage plays under for Kasikorn bank Public Company Limited, and Chonburi Siam Ganesha managements itself as follows, ‘Homrong buffalo race festival for Ministry of culture. In 2018 , the musical’ , ‘Khun pra chuay sum dang sod 8 Fuen there are many events such as Chiangraigames 46th , Ayothaya concert’, ‘Byrd & Heart by request concert’ Songkran mesa phakhaoma siamsanook , Red cross fair , ‘Buppha Rahtree kueab ja musical the musical’ and 2018 , The 236th year of Rattanakosin city under royal ‘Once Upon a Trai concert’. Besides, Siam Ganesha benevoience , Thailand industry expo 2018 and so on. also allows third party to rent the theater for concerts Besides of event organizing for clients, the Company and stage plays such as ‘Lukemhapha the musical’ also organizes events itself by seeking for sponsorships. , ‘Ron the musical’ , ‘BBM48 : Babymime show’ , Some event activities are developed from Company’s ‘Basic Vocal Jazz workshop by Natt show’ , programs. The Company has good feedbacks from many ‘Siam Supernatural tour show’ , ‘Joox Thailand event activities organized by itselfs such as Randed fair music award 2018’ and so on. , Siam street world competition 2018 , Mic thong kum 6 According to popularity and expansion of the fan meet and so on. group of consumers who prefer famous foreign artists , the company has some opportunities to hold some concerts of some foreign artists in 2018 with good feedback , for example , Wanna One World Tour One : The World in Bangkok and Yoo Seonho Fan Meeting in Bangkok , etc.

Annual Report 2018 22 WORKPOINT ENTERTAINMENT PCL 4) Merchandising and service business 4.1) Product and service The Company operates merchandising and service business under Nanonesia Company Limited (formerly named Six Degrees Company Limited). These products and services can be classified into 2 main groups as follows : 4.1.1 Merchandising Business The company sells products under brands owned by the company and consignments covering skin care products , supplementary food products , kitchenware , apparel and jewelry. Products under our own brands are as follows : • Let Me In Beauty • Me Vio It is a group of facial skin care products for A supplementary food product containing 7 kinds brightening and rejuvenizing skin that was launched of the best purple fruits for cellular detoxification. in September 2017. This business is expanded from Let This product was launched in November 2018. Me In Thailand TV Program produced by our company Our target group consisted of women with the age and broadcasted via Workpoint channel. From the ranged from 24 - 35 years , living in Bangkok and cities success of this TV program and expertise obtained in various provinces. The target group’s income is 20,000 from working with such industry, we gain good baht and higher. Also , the target group are confident knowledge on beauty. And through some researches , with Korean products and follow Let Me In TV Program. the Company created beauty products with some extracts from South Korea based on international innovations and Moreover, in 2018, Let Me In Beauty products also processes from some institutes and experts entrusted won OK! Beauty Choice 2018 - BEAUTY SPOTLIGHT by many countries. Currently, there are 6 products Best Hydrating Serum and OK! Beauty Choice 2018 in the product group of Let Me In Beauty. BEAUTY SPOTLIGHT Best Foaming Cleanser. • Absolute Renewal and Hydrating Serum For consignments, the Company started to operate this business on December 14th, 2018. Our consignments • Absolute Renewal and Radiance Cream are promoted by broadcasting “1346 Hello Shops” • Absolute Purifying Foaming Cleanser TV program via WORKPOINT channel. The Company • Absolute Sunscreen Serum SPF 50+ PA++++ is ready to accept orders of these consignments for 24 hours with free delivery. • Ultimate Brightening Body Serum • Serum Mask Sheet Age Fighter and Glowing Lover

Distribution Channels • Modern Trade including Watsons , • Call Center with public relations via the Eve and Boy,7 Eleven and The Mall, etc. Company’s television media • Agent • Online media including Facebook , Instagram and Website

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 23 4.1.2 Other Service Business include venue services mainly consisted of spaces in KBank Siam Pic Ganesha Center of Performing Art. Spaces of this theater can be divided for providing various services as follows : • The Theatre with the capacity of 1,069 seats. • The Playhouse with the capacity of 200 seats (for holding performances or seminars). • The Studio with the capacity of 40 seats (for arranging as a small theater). “ KBank Siam Pic Ganesha Center of Performing Art ” is considered as another alternative venue for audiences and entrepreneurs who are interestedin holding performance because the capacity and size of this theater are ranked in Top Ten of Thailand. The venue is adjustable to suit with various kinds of performances including concerts or stageplays. In addition, this theater is also located in the middle of the city with convenient transportation.

Annual Report 2018 24 WORKPOINT ENTERTAINMENT PCL (Unit : Thousand Baht) % Share- holding Business Comapny 2017 % 2018 % of The Company 1. TV Business Thai Broadcasting 100% Company Limited Tohgloam Television 50% Company Limited 3,478,354 89.9% 2,968,243 81.5% BNK Production 50% Company Limited Ground Company 60% Limited 2. Concerts and Plays Business Bangkok Exhibition 100% Company Limited Thai Broadcasting 100% 184,330 4.7% 266,801 7.3% Company Limited Siam Ganesha 98.29% Company Limited 3. Event Marketing Business Thai Broadcasting 100% Company Limited 138,010 3.5% 188,351 5.2% Bangkok Exhibition 100% Company Limited 4. Merchandising and service Workpoint - Business Entertainment Public Company Limited Thai Broadcasting 100% Company Limited Nanonesia Company 100% 51,748 1.3% 169,846 4.7% Limited * Siam Ganesha 98.29% Company Limited Ground Company 60% Limited Other Income 25,058 0.6% 47,122 1.3% Total Revenue 3,877,500 100% 3,640,363 100% Notes *Formely Six Degrees Production Company Limited

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 25 Risk Factors

The Company gives priority to the policy of doing The Decline of TV Programs’ Populairty or business under risk management. The policy includes the management plan for potential risks and the support the Change of Consumers’ Trends of risk management process to minimize and control Consumer’s behavior is always changing based risk at appropriate level. The Company also maintains on propularity while Digital TV’s revenue depends on the risk management report and the monitoring process the popularity of each TV program. Media buyer and on the regular basis. agency will consider number of audiences and/or TV programs’ popularity before they decide the budget High Competition of Digital TV Business allocation to each TV program. Therefore, if the popularity of Nowadays, Digital TV business is considered TV program declines, it would have impacts on as a high competitive market. Although there are the income and profits of the Company. some entrepreneurs suspended their broadcasting, However, the Company has minimized such the competition still remains high. The competition risk by creating various TV programs. Each TV program to maintain market share is expected to be remained. will be developed with creativity and great presentation. The digital TV oprtators must keep adjusting and Moreover, the Company always keep strong TV content improving the contenst at all times. Revenue from screening process and always prepare the pilot test the Digital TV business is depended on TV program before making the real production of any broadcasted ratings and the popularity of the entire TV channel. TV programs. Moreover, before on air, all TV programs The higher rating will lead to the higher advertising prices must be screened to ensure the quality. TV rating result and the higher chance for media and agency to buy and feedback from the audience of each TV program the advertisments. will be evaluated and analyzed for further development. To catch up with the competition and the change The entire process is the key to the long-term success of audiences’ trends, the Company creates various of the Company’s TV programs. programs for every group of audiences and also keep improving the entire TV program schedule to maintain Expansion of New and Alternative the market share. With more – than – 28 year – experience Advertising Medias in television production business, guaranteed by Besides TV advertising, online advertising is also the popularity of many TV programs and awards from considered as another media that is continuously growing. many institutions, the Company is confident that the Most advertisements are purchased for broadcasting Company can keep providing the audience high quality via many world’s leading Online Platform such as TV programs that not only meet with the taste of audences Facebook and Youtube. Agency and media buyer pays but also, differentiate from the other TV channels. In more attention on online platforms for communicating addition to broadcasting the contents on Workpoint and advertising their products and services. Online channel, the Company also broadcasts its contents platform is considered as another channel to approach thru online channel to support competition with other consumers. digital TV entrepreneurs and expand the audiences on Online Platforms besides television media. The Company realizes the change occurring in advertising industry and see it as the business opportunities. As such the Company starts broadcasting its programs both television and online platforms in order to capture demands of agency, media buyer, and audiences. Currently, the Company broadcasts programs via Facebook, Youtube, and Company’s Website / Application along with Annual Report 2018 26 WORKPOINT ENTERTAINMENT PCL the Company’s tevision channel. Consequently, WORKPOINT channel can approach audiences via television and online media simultaneously. Currently, the Company has over 14 million subscribers and followers via Facebook and Youtube. “WORKPOINT Channel” Viewing Statistics via Social Media at March 12, 2019

Depending on People’s Talent Reliance on Product Manufacturers The Company’s success on TV business depends According to the commencement of the Company’s on employees talent and experience on TV production. It Merchandising Business which can be currently classified can be considered that human resource is the important into 2 main groups including: health and beauty products factor of business operation. Lacking human resource under “Let Me In Beauty” brand and “Me Vio” brand; with high quality may impact the quality of TV programs and TV Shopping products promoted via “Hello Shops” and other businesses. TV program broadcasted via WORKPOINT channel , The Company minimizes risks and possible impacts the Company is required to rely on product procurement through emphasizing on personnel development for distributing via various channels. To select products, as well as promoting and supporting their development the Company emphasizes on procure products from continuously, for example, providing personnel training standard manufacturers therefore there may be and fostering all employees to have commitment and only a few number of manufacturers for selection for participation in Company’s operation. The Company some types of products. realizes on maintaining talented people by providing them However, to reduce such risk, the Company rewards, compensations, and welfares. Moreover, the establishes the Policy on Management of Manufacturer Company also develops facilities to support their living Procurement Process and Product Order Planning standard adequately. carefully. For products manufactured by the Company, the Company will establish the policy to procure more than 1 manufacturer and/or plan advance order in order to prevent excess demand. Moreover, for products manufactured by our partners who are our co investors or consignments, the Company will establish the policy to select qualifications of trading partners in order to ensure that all products will be provided for distribution as planned.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 27 Shareholding Structure Information

Number of Registered and Paid-up Capital As of December 31,2018. The Company’s registered capital was THB 452,094,295 , consisting of 452,094,295 common shares at Par value of THB 1 per share. These shares represented THB 441,559,477 in paid up or. 441,559,477 common shares at Par value of THB 1 per share. Shareholders The top ten shareholders of the Company as of December 31,2018 are as follow :

No. List of Shareholders Number of Shares Percentage 1. Mr.Phanya Nirunkul Groups1 112,145,822 25.398 1.1 Mr.Phanya Nirunkul 105,845,822 23.971 1.2 Miss Panvad Nirunkul 2,100,000 0.476 1.3 Miss Panfun Nirunkul 2,100,000 0.476 1.4 Mr.Porawat Nirunkul 2,100,000 0.476 2. Mr.Prapas Cholsaranon Groups1 112,316,087 25.436 2.1 Mr.Prapas Cholsaranon 101,286,187 22.938 2.2 Mrs.Chedi Cholsaranon 2,222,800 0.503 2.3 Mr.Sangrag Cholsaranon 2,220,000 0.503 2.4 Miss Pumkow Cholsaranon 2,220,000 0.503 2.5 CSN99 Company Limited 4,367,100 0.989 3. Thai NVDR Company Limited 28,179,103 6.382 4. Dentsu X (Thailand) Limited 12,505,582 2.832 5. SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 5,512,586 1.248 6. Mr.Sompong Cholkadeedamrongkul 4,627,900 1.048 held by Asset Plus Fund Management 7. N.C.B TRUST LIMITED-NORGES BANK 11 4,297,767 0.973 8. Provident Funds – K Master Pooled Fund 3,513,700 0.796 9. STATE STREET EUROPE LIMITED 3,071,617 0.696 10. Mr.Sompong Cholkadeedamrongkul 2,768,300 0.627 Total 288,938,464 65.436 Source : Thailand Securities Depository Company Limited Notes : ¹ This Grouping according to the Notification of the Securities and Exchange Commission gorjor.17/2551 on December 15,2008 only , not grouping according to section 258 of Securities and Exchange Act B.E. 2535. (as amended)

Annual Report 2018 28 WORKPOINT ENTERTAINMENT PCL Warrants Warrants of Workpoint Entertainment Public Company Limited No.1 (WORK-W1) to existing shareholders of the Company according to the proposition of shareholding.

Term of Warrants 4 years Issuance Date October 1,2015 Expiry Date September 30,2019 Exercise Ratio 1 unit of Warrant shall be entitled to purchase 1 new ordinary share Exercise Price THB 38.10 per share Number of Warrants Issued 20,861,107 units Number of shares issued to support exercising 20,861,107 shares of WORK-W1 Number of exercised Warrants (units) as 17,444,515 units of December 31,2018 Number of unexercised Warrants (units) as of 3,416,592 units December 31,2018 Number of remaining shares reserved (shares) 3,416,592 shares Dividend Payment Policy 1. The Company shall make dividend payment not less than 70 percent of net profit after corporate income tax based on the Separate Financial Statements , The dividend payment is subject to necessity and suitability of the Company and such payment must not have material impacts to the normal operation of the Company. The Company paid out cash dividends from the Company’s normal operation from January 1, 2018 to December 31, 2018 at the rate of THB 0.45 per share , or 75.27 percent of net profit based on the Separate Financial Statement , or not exceeding in total of THB 200,000,000. 2. Dividend History 2012 2013* 2014 2015 2016 2017 Earnings per Share 1.68 1.14 0.60 0.36 0.32 2.10 Dividend per Share 1.40 - 0.44 0.34 0.27 1.39 Dividend Payment Ratio** 83% - 82% 81% 80% 77% Notes : * Due to the Company’s investment plan in many business , the dividend payment may have impacts on the Company’s normal operations. The Annual General Meeting of Shareholders 2014 on April 11,2014. approved the omission of dividend distribution of the year 2013. ** calculated from the dividend per share devide by earnings per share.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 29 Management Structure

Management Structure as of December 31,2018

Board of Directors

Nomination and Remuneration Audit Committee Committee Chairman Mr. Phanya Nirunkul Internal Audit Office

Vice Chairman Mr. Prapas Cholsaranon

Executive Committee

GROUP Chief Executive Officer Mr. Phanich Sodsee

Internal Control TV Production and Business Finance Marketing Digital TV Administration Movie Development

Flt.Lt. Supadet Mr. Kanit Vattanapradit Mr. Chayan Mr. Dhanasak Hoonarak Mr. Surakarn Sirimothya Mrs. Vichanee Srisawat Mr. Chalakorn Panyashom Asawadumrongdet Chief Internal Chantawongsatorn Chief Business Chief Financial Officer Chief Marketing Officer Chief Operating Officer Chief Administrative Control Officer Chief Production Officer Development Officer Officer

Annual Report 2018 30 WORKPOINT ENTERTAINMENT PCL Independent Auditor’s Report

To the Shareholders of Workpoint Entertainment Public Company Limited

Opinion Basis for Opinion I have audited the consolidated and separate I conducted my audit in accordance with Thai financial statements of Workpoint Entertainment Public Standards on Auditing (“TSAs”). My responsibilities under Company Limited and its subsidiaries (the “Group”) those standards are further described in the Auditor’s and of Workpoint Entertainment Public Company Responsibilities for the Audit of the Consolidated and Limited (the “Company”), respectively, which comprise Separate Financial Statements section of my report. the consolidated and separate statements of financial I am independent of the Group and the Company in position as at 31 December 2018, the consolidated and accordance with the Code of Ethics for Professional separate statements of comprehensive income, changes Accountants issued by the Federation of Accounting in equity and cash flows for the year then ended, and Professions that is relevant to my audit of the consolidated notes, comprising a summary of significant accounting and separate financial statements, and I have fulfilled my policies and other explanatory information. other ethical responsibilities in accordance with these In my opinion, the accompanying consolidated and requirements. I believe that the audit evidence I have separate financial statements present fairly, in all material obtained is sufficient and appropriate to provide a basis respects, the financial position of the Group and the for my opinion. Company, respectively, as at 31 December 2018 and Key Audit Matters their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Key audit matters are those matters that, in my Standards (“TFRSs”). professional judgment, were of most significance in my audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of my audit of the consolidated and separate financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 31 Revenue recognition from rendering of services

Refer to Note 3 (p)

The key audit matter How the matter was addressed in the audit The Group has several types of revenue through various My audit procedures included: channels. Under the agreements with the customers, • Understand and assess the effectiveness of internal these contain a variety of terms and conditions, such controls related to the revenue recognition; as type of services, scope of services, the pricing arrangement, sales promotion and discount. These factors • Apply a sampling method to select service may affect the amount and timing of revenue recognition. agreements to assess whether revenue recognition The Group’s revenue is significant to the financial was consistent with the terms and conditions of the statements and has a direct impact on its operating relevant agreement; results, which the users of financial statements pay • Perform testing on sampling basis for verify revenue particular attention. Therefore, I have determined that this transactions incurred during the year and during the matter is a key audit matter. periods before and after closed to the year end with related documents; • Perform analysis on revenue by comparison with historical data and industry information.

Valuation of television program licenses

Refer to Notes 3 (i) and 14

The key audit matter How the matter was addressed in the audit The Group has acquired television program licenses My audit procedures included: which have finite useful lives. The Group has regularly • Understand and assess the evaluation process of reviewed television program license for the impairment impairment indicator reviews and the considerations of indicators and the recoverable amounts. These television the recoverable amount of television program license; program license are significant to the consolidated financial statements of the Group. Therefore, I have • Perform analysis on the usage of television program determined that this matter is a key audit matter. licenses by comparison with historical data and industry information as well as the future business plan of the Group; • Evaluate the adequacy of the financial statements disclosures in accordance with Thai Financial Reporting Standards.

Annual Report 2018 32 WORKPOINT ENTERTAINMENT PCL Other Information Auditor’s Responsibilities for the Audit of the Consolidated Management is responsible for the other information. and Separate Financial Statements The other information comprises the information included My objectives are to obtain reasonable assurance in the annual report, but does not include the consolidated about whether the consolidated and separate financial and separate financial statements and my auditor’s statements as a whole are free from material misstatement, report thereon. The annual report is expected to be made whether due to fraud or error, and to issue an auditor’s available to me after the date of this auditor’s report. report that includes my opinion. Reasonable assurance My opinion on the consolidated and separate is a high level of assurance, but is not a guarantee financial statements does not cover the other information that an audit conducted in accordance with TSAs will and I will not express any form of assurance conclusion always detect a material misstatement when it exists. thereon. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, In connection with my audit of the consolidated they could reasonably be expected to influence the and separate financial statements, my responsibility is economic decisions of users taken on the basis of these to read the other information identified above when it consolidated and separate financial statements. becomes available and, in doing so, consider whether the other information is materially inconsistent with the As part of an audit in accordance with TSAs, consolidated and separate financial statements or my I exercise professional judgment and maintain professional knowledge obtained in the audit, or otherwise appears skepticism throughout the audit. I also: to be materially misstated. • Identify and assess the risks of material When I read the annual report, if I conclude that misstatement of the consolidated and separate there is a material misstatement therein, I am required financial statements, whether due to fraud or to communicate the matter to those charged with error, design and perform audit procedures governance and request that the correction be made. responsive to those risks, and obtain audit evidence that is sufficient and appropriate to Responsibilities of Management and Those Charged provide a basis for my opinion. The risk of not with Governance for the Consolidated and Separate detecting a material misstatement resulting from Financial Statements fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional Management is responsible for the preparation omissions, misrepresentations, or the override of and fair presentation of the consolidated and separate internal control. financial statements in accordance with TFRSs, and for such internal control as management determines is • Obtain an understanding of internal control relevant necessary to enable the preparation of consolidated and to the audit in order to design audit procedures separate financial statements that are free from material that are appropriate in the circumstances, but not misstatement, whether due to fraud or error. for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s In preparing the consolidated and separate financial internal control. statements, management is responsible for assessing the Group’s and the Company’s ability to continue as a • Evaluate the appropriateness of accounting going concern, disclosing, as applicable, matters related policies used and the reasonableness of to going concern and using the going concern basis of accounting estimates and related disclosures accounting unless management either intends to liquidate made by management. the Group and the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s and the Company’s financial reporting process.

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 33 • Conclude on the appropriateness of management’s I also provide those charged with governance use of the going concern basis of accounting and, with a statement that I have complied with relevant based on the audit evidence obtained, whether ethical requirements regarding independence, and a material uncertainty exists related to events to communicate with them all relationships and other or conditions that may cast significant doubt matters that may reasonably be thought to bear on on the Group’s and the Company’s ability to my independence, and where applicable, related continue as a going concern. If I conclude that safeguards. a material uncertainty exists, I am required to From the matters communicated with those charged draw attention in my auditor’s report to the related with governance, I determine those matters that were of disclosures in the consolidated and separate most significance in the audit of the consolidated and financial statements or, if such disclosures are separate financial statements of the current period and inadequate, to modify my opinion. My conclusions are therefore the key audit matters. I describe these are based on the audit evidence obtained up to matters in my auditor’s report unless law or regulation the date of my auditor’s report. However, future precludes public disclosure about the matter or when, in events or conditions may cause the Group and extremely rare circumstances, I determine that a matter the Company to cease to continue as a going should not be communicated in my report because the concern. adverse consequences of doing so would reasonably • Evaluate the overall presentation, structure and be expected to outweigh the public interest benefits of content of the consolidated and separate financial such communication. statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to (Sasithorn Pongadisak) express an opinion on the consolidated financial Certified Public Accountant statements. I am responsible for the direction, Registration No. 8802 supervision and performance of the group audit. I remain solely responsible for my audit opinion. KPMG Phoomchai Audit Ltd. I communicate with those charged with governance regarding, among other matters, the planned scope and Bangkok timing of the audit and significant audit findings, including 26 February 2019 any significant deficiencies in internal control that I identify during my audit.

Annual Report 2018 34 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of financial Public Company position Limited and its Subsidiaries Statement of financial position

Consolidated Separate financial statements financial statements 31 December 31 December Assets Note 2018 2017 2018 2017 (in Baht) Current assets Cash and cash equivalents 5 1,418,288,993 1,334,609,723 605,240,089 977,766,185 Current investments 6 564,070,577 559,280,425 564,070,577 559,280,425 Trade accounts receivable 4, 7 377,169,341 519,597,882 147,633,575 170,499,917 Other receivables 4 57,113,988 58,684,058 66,314,955 12,561,859 Inventories 8 112,845,965 169,519,952 14,861,818 18,323,529 Other current assets 13,355,896 5,547,471 - 84,178 Total current assets 2,542,844,760 2,647,239,511 1,398,121,014 1,738,516,093

Non-current assets Investments in subsidiaries 10 - - 1,637,526,900 1,369,508,154 Investments in joint ventures 9 30,957,520 23,314,918 450,000 900,000 Other long-term investments 30,000,000 - - - Long-term loans to and interest receivable from related parties 4 51,695,205 - 1,420,506,468 1,089,417,825 Property, plant and equipment 11 1,176,209,387 1,099,840,934 722,938,979 737,608,687 Right to use of assets 12 265,023,940 288,663,909 - - Digital television license 13 1,426,041,472 1,564,271,492 - - Other intangible assets 14 498,597,150 605,831,575 45,309,017 43,398,001 Deferred tax assets 61,987,026 52,795,739 - - Other non-current assets 4 133,005,983 165,813,808 18,492,479 40,264,985 Total non-current assets 3,673,517,683 3,800,532,375 3,845,223,843 3,281,097,652

Total assets 6,216,362,443 6,447,771,886 5,243,344,857 5,019,613,745

The Theaccompanying accompanying notes are are an anintegral integral part of part these of financial these financialstatements. statements.

5 Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 35 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of financial Public Company position Limited and its Subsidiaries Statement of financial position

Consolidated Separate financial statements financial statements 31 December 31 December Liabilities and equity Note 2018 2017 2018 2017 (in Baht) Current liabilities Trade accounts payable 4, 16 193,648,049 220,328,609 169,101 2,690,204 Other payables 4, 17 212,299,600 255,344,691 19,536,303 32,188,654 Current portion of deferred subsidy income 22,380,025 22,380,025 - - Current portion of digital television license payable 13 388,792,178 369,398,744 - - Current portion of long-term loans from financial institutions 15 280,000,000 204,000,000 280,000,000 204,000,000 Current portion of finance lease liabilities 15 8,610,383 17,491,381 - - Income tax payable 16,807,065 93,331,611 1,597,717 - Other current liabilities 33,726,778 53,642,437 14,664,055 19,057,172 Total current liabilities 1,156,264,078 1,235,917,498 315,967,176 257,936,030

Non-current liabilities Deferred subsidy income 2,482,523 17,588,575 - - - Digital television license payable 13 - 388,792,178 - - - Long-term loans from financial institutions 15 378,940,000 236,290,000 378,940,000 236,290,000 Finance lease liabilities 15 - 8,610,383 - - Deferred tax liabilities 4,026,644 1,477,024 4,026,644 1,477,024 Provisions for employee benefits 18 126,778,846 115,672,253 75,873,641 72,061,956 Total non-current liabilities 512,228,013 768,430,413 458,840,285 309,828,980

Total liabilities 1,668,492,091 2,004,347,911 774,807,461 567,765,010

The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. Annual Report 2018 36 WORKPOINT ENTERTAINMENT PCL 6 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of financial Public Company position Limited and its Subsidiaries Statement of financial position

Consolidated Separate financial statements financial statements 31 December 31 December Liabilities and equity Note 2018 2017 2018 2017 (in Baht) Equity Share capital 20 Authorised share capital 452,094,290 452,094,290 452,094,290 452,094,290 Issued and paid-up share capital 441,559,477 438,857,442 441,559,477 438,857,442 Share premium 20 2,832,118,523 2,717,666,946 2,832,118,523 2,717,666,946 Warrants 19 96,396,071 63,796,062 96,396,071 63,796,062 Surplus on business combination under common control - - 3,804,778 3,804,778 Retained earnings Appropriated Legal reserve 21 45,209,430 45,209,430 45,209,430 45,209,430 Unappropriated 1,112,334,600 1,164,086,972 1,049,449,117 1,182,514,077 Other components of equity (1,734,818) (1,734,818) - - Equity attributable to owners of the parent 4,525,883,283 4,427,882,034 4,468,537,396 4,451,848,735 Non-controlling interests 22 21,987,069 15,541,941 - - - Total equity 4,547,870,352 4,443,423,975 4,468,537,396 4,451,848,735

Total liabilities and equity 6,216,362,443 6,447,771,886 5,243,344,857 5,019,613,745 ------

The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. Annual Report 2018 7 WORKPOINT ENTERTAINMENT PCL 37 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of comprehensivePublic Company Limited and its income Subsidiaries Statement of comprehensive income

Consolidated Separate financial statements financial statements Year ended 31 December Year ended 31 December Note 2018 2017 2018 2017 (in Baht) Revenues Revenue from television programs 4 2,968,242,806 3,478,354,140 2,019,315 8,607,231 Revenue from concerts and plays 266,800,943 184,329,944 - - Revenue from event marketing 188,351,014 138,009,602 - - Revenue from management fee 4 1,040,000 60,000 172,758,640 145,980,400 Revenue from sale of goods and rendering of other services 4 169,845,717 51,748,453 215,088,866 243,176,467 Total revenues 3,594,280,480 3,852,502,139 389,866,821 397,764,098

Costs Cost of television programs 4 (1,794,022,493) (1,478,241,124) (1,373,592) (4,218,114) Cost of concerts and plays 4 (198,513,051) (123,578,490) - - Cost of event marketing 4 (167,267,280) (116,182,492) - - Cost of management fee - - (118,583,003) (59,291,501) Cost of sale of goods and rendering of other services 4 (71,366,302) (23,276,168) (57,394,933) (63,444,429) Total costs (2,231,169,126) (1,741,278,274) (177,351,528) (126,954,044)

Gross profit 1,363,111,354 2,111,223,865 212,515,293 270,810,054

Dividend income 4, 9, 10 - - 195,810,000 751,184,447 Other income 4 46,082,647 24,998,425 78,431,073 71,013,858 Selling expenses 4 (273,382,922) (256,990,696) (3,398,123) (3,540,353) Administrative expenses 4 (585,409,778) (602,627,293) (171,748,770) (256,837,035) Finance costs 26 (60,170,800) (97,594,495) (28,999,425) (37,364,428) Share of loss of investments in joint ventures 9 (41,457,419) (12,839,557) - -

Profit before income tax 448,773,082 1,166,170,249 282,610,048 795,266,543 Income tax expense 27 (98,113,216) (257,676,127) (18,617,898) (8,221,592) Profit for the year 350,659,866 908,494,122 263,992,150 787,044,951

The accompanying notes are an integral part of these financial statements. The accompanying notes are an integral part of these financial statements. Annual Report 2018 38 WORKPOINT ENTERTAINMENT PCL 8 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of comprehensive Public Company Limited and itsincome Subsidiaries Statement of comprehensive income

Consolidated Separate financial statements financial statements Year ended 31 December Year ended 31 December Note 2018 2017 2018 2017 (in Baht) Profit for the year 350,659,866 908,494,122 263,992,150 787,044,951

Total comprehensive income for the year 350,659,866 908,494,122 263,992,150 787,044,951

Profit attributable to: Owners of the parent 345,304,738 904,089,193 263,992,150 787,044,951 Non-controlling interests 22 5,355,128 4,404,929 - - Profit for the year 350,659,866 908,494,122 263,992,150 787,044,951

Total comprehensive income attributable to: Owners of the parent 345,304,738 904,089,193 263,992,150 787,044,951 Non-controlling interests 22 5,355,128 4,404,929 - - Total comprehensive income for the year 350,659,866 908,494,122 263,992,150 787,044,951

Earnings per share 28 Basic earnings per share 0.7829 2.1378 0.5985 1.8610 Diluted earnings per share 0.7790 2.1120 0.5956 1.8386

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

9 Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 39 Workpoint Entertainment Public Company Limited and its Subsidiaries Statement of changes in equity 107,475 107,475 (2,271,711) 46,114,612 Total equity 601,709,719 221,334,330 908,494,122 548,423,509 548,316,034 908,494,122 (318,570,916) 2,986,506,344 4,443,423,975

- - - - 107,475 107,475 Non- 4,404,929 4,404,929 (2,164,236) (2,271,711) (2,271,711) interests 13,301,248 15,541,941 controlling

- - - 46,114,612 904,089,193 601,709,719 221,334,330 550,587,745 550,587,745 904,089,193 owners (318,570,916) 2,973,205,096 4,427,882,034 Total equity Total of the parent attributable to attributable

------(1,734,818) (1,734,818) of equity in subsidiaries

Other components Discount on changes in interest ownership ------(in Baht) (in 578,568,695 904,089,193 904,089,193 (318,570,916) (318,570,916) (318,570,916) 1,164,086,972 Unappropriated

Consolidated financial statements Consolidated ------Retained earnings Legal reserve 45,209,430 45,209,430

------10 93,381,781 63,796,062 46,114,612 Warrants (29,585,719) (29,585,719) (75,700,331)

------Share 877,142,174 877,142,174 585,916,813 291,225,361 premium 1,840,524,772 2,717,666,946

------share 5,809,300 capital paid-up 21,602,206 21,602,206 15,792,906 417,255,236 438,857,442 Issued and Issued

19 29 Note 19, 20 19, 20 The accompanying notes are an integral part of these financial statements. financial these of part integral an are notes accompanying The Contributions by and distributions to owners share from warrants of ordinary Issued Issued of ordinary share from share-based payment exercised share payment from share-based of ordinary Issued Share-based payment transaction payment Share-based Total contributions by and distributions to owners Total distributions by and contributions Total changes in ownership interests in subsidiaries Change in owership interests in subsidiaries interests without of non-controlling aAcquisition in change control Dividends to owners of the to owners parentDividends Dividends to non-controlling interests to non-controlling Dividends Total transactions with owners, recorded directly in equity in directly recorded with owners, transactions Total Workpoint Entertainment Public Company Limited and its Subsidiaries its and Limited Company Public Entertainment Workpoint equity in changes of Statement Transactions with owners, recorded directly in equity in directly recorded with owners, Transactions Year ended 31 December 2017 December 31 ended Year Balance at 1 January 2017 year the for income comprehensive Total Comprehensive income for the year the for income Comprehensive Profit Balance at 31 December 2017 Balance at 31 December The accompanying notes are an integral part of these financial statements. Annual Report 2018 40 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Statement of changes in equity 3,250,000 3,250,000 (2,160,000) 62,066,233 40,881,299 46,806,089 Total equity 350,659,866 350,659,866 (246,213,489) (249,463,489) (397,057,110) 4,443,423,975 4,547,870,352

- - - - Non- 5,355,128 1,090,000 3,250,000 3,250,000 5,355,128 (2,160,000) (2,160,000) interests 15,541,941 21,987,069 controlling

- - - 62,066,233 40,881,299 46,806,089 345,304,738 345,304,738 owners (247,303,489) (247,303,489) (397,057,110) 4,427,882,034 4,525,883,283 Total equity Total of the parent attributable to attributable

------(1,734,818) (1,734,818) of equity in subsidiaries

Other components Discount on changes in interest ownership ------(in Baht) (in 345,304,738 345,304,738 (397,057,110) (397,057,110) (397,057,110) 1,164,086,972 1,112,334,600 Unappropriated

Consolidated financial statements Consolidated ------Retained earnings Legal reserve 45,209,430 45,209,430

------11 32,600,009 63,796,062 96,396,071 32,600,009 46,806,089 Warrants (14,206,080)

------Share 60,437,198 54,014,379 114,451,577 114,451,577 premium 2,717,666,946 2,832,118,523

------share 2,702,035 1,629,035 2,702,035 1,073,000 capital paid-up 438,857,442 441,559,477 Issued and Issued

19 29 Note 19, 20 19, 20 The accompanying notes are an integral part of these financial statements. financial these of part integral an are notes accompanying The Total changes in ownership interests in subsidiary Contributions by and distributions to owners share from warrants of ordinary Issued Change in owership interests in subsidiary Capital received interests from in non-controlling subsidiary Issued of ordinary share from share-based payment exercised share payment from share-based of ordinary Issued Total contributions by and distributions to owners Total distributions by and contributions Share-based payment transaction payment Share-based Dividends to owners of the to owners parentDividends Dividends to non-controlling interests to non-controlling Dividends Total comprehensive income for the year the for income comprehensive Total Comprehensive income for the year the for income Comprehensive Profit Workpoint Entertainment Public Company Limited and its Subsidiaries its and Limited Company Public Entertainment Workpoint equity in changes of Statement Total transactions with owners, recorded directly in equity in directly recorded with owners, transactions Total Transactions with owners, recorded directly in equity in directly recorded with owners, Transactions Year ended 31 December 2018 December 31 ended Year Balance at 1 January 2018 2018 Balance at 31 December The accompanying notes are an integral part of these financial statements. Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 41 Workpoint Entertainment Public Company Limited and its Subsidiaries Statement of changes in equity 46,114,612 787,044,951 787,044,951 550,587,745 550,587,745 221,334,330 601,709,719

(318,570,916) 4,451,848,735 3,114,216,039 Total equity Total

- - - 787,044,951 787,044,951 714,040,042

(318,570,916) (318,570,916) (318,570,916) 1,182,514,077 Unappropriated

------Retained earnings 45,209,430 45,209,430

Legal reserve

------3,804,778 3,804,778 (in Baht) (in

common control combination under Surplus on business on Surplus Separate financial statements financial Separate - - - - 63,796,062 46,114,612 93,381,781 (29,585,719) (29,585,719) (75,700,331) Warrants

- - - - 12 Share 877,142,174 877,142,174 291,225,361 585,916,813

premium 2,717,666,946 1,840,524,772

- - - - 5,809,300

21,602,206 21,602,206 15,792,906 paid-up 438,857,442 417,255,236 Issued and Issued share capital

29 19 Note 19, 20 19, 20 The accompanying notes part are these an The of integral accompanying financial statements. Dividends to owners of the Company the of owners to Dividends Share-based transaction payment Issued of ordinary share from share-based payment exercised payment share-based from share ordinary of Issued Contributions by and distributions to owners to and distributions by Contributions warrants from share ordinary of Issued Total comprehensive income for the year 2017 at 31 December Balance Comprehensive income for the year Profit Total transactions with owners, recorded directly in equity Total contributions by and distributions to owners Workpoint Entertainment Public Company Limited and its Subsidiaries its and Limited Company Public Entertainment Workpoint of changes equity in Statement Year ended 31 December 2017 at 1 JanuaryBalance 2017 Transactions with owners, recorded directly in equity The accompanying notes are an integral part of these financial statements. Annual Report 2018 42 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Statement of changes in equity 46,806,089 40,881,299 62,066,233 263,992,150 263,992,150

(397,057,110) (247,303,489) (247,303,489) 4,468,537,396 4,451,848,735 Total equity Total

- - - 263,992,150 263,992,150

(397,057,110) (397,057,110) (397,057,110) 1,049,449,117 1,182,514,077 Unappropriated

------Retained earnings 45,209,430 45,209,430

Legal reserve

------3,804,778 3,804,778 (in Baht) (in

common control combination under Surplus on business on Surplus Separate financial statements financial Separate - - - - 96,396,071 32,600,009 32,600,009 46,806,089 63,796,062 (14,206,080) Warrants

- - - - 13 54,014,379 60,437,198 Share 114,451,577 114,451,577 premium 2,832,118,523 2,717,666,946

- - - - 2,702,035 2,702,035 1,073,000 1,629,035

paid-up 441,559,477 438,857,442 Issued and Issued share capital

29 19 Note 19, 20 19, 20 The accompanying notes part are these an The of integral accompanying financial statements. Dividends to owners of the Company the of owners to Dividends Share-based transaction payment Issued of ordinary share from share-based payment exercised payment share-based from share ordinary of Issued Contributions by and distributions to owners to and distributions by Contributions warrants from share ordinary of Issued Total comprehensive income for the year 2018 at 31 December Balance Total contributions by and distributions to owners Total transactions with owners, recorded directly in equity Comprehensive income for the year Profit Workpoint Entertainment Public Company Limited and its Subsidiaries its and Limited Company Public Entertainment Workpoint of changes equity in Statement Year ended 31 December 2018 at 1 JanuaryBalance 2018 Transactions with owners, recorded directly in equity The accompanying notes are an integral part of these financial statements. Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 43 Workpoint Entertainment Public Company Limited and its Subsidiaries Statement of cash flows WorkpointWorkpoint Entertainment Entertainment Public Public Company Company Limited Limited and and its Subsidiaries its Subsidiaries StatementStatement of cash of cash flows flows

ConsolidatedConsolidated SeparateSeparate financialfinancial statements statements financialfinancial statements statements Year Yearended ended 31 December 31 December Year Yearended ended 31 December 31 December 20182018 20172017 20182018 20172017 (in Baht)(in Baht) CashCash flows flows from fromoperating operating activities activities ProfitProfit for the for year the year 350,659,866 350,659,866 908,494,122 908,494,122 263,992,150 263,992,150 787,044,951 787,044,951 AdjustmentsAdjustments to reconcile to reconcile profit profit to cash to cashreceipts receipts IncomeIncome tax expense tax expense 98,113,216 98,113,216 257,676,127 257,676,127 18,617,898 18,617,898 8,221,592 8,221,592 FinanceFinance costs costs 60,170,800 60,170,800 97,594,495 97,594,495 28,999,425 28,999,425 37,364,428 37,364,428 DepreciationDepreciation and amortisation and amortisation 637,792,157 637,792,157 506,316,086 506,316,086 54,412,922 54,412,922 60,749,695 60,749,695 AmortisationAmortisation deferred deferred subsidy subsidy (15,106,053) (15,106,053) (16,530,457) (16,530,457) - - - - EmployeeEmployee benefit benefit expenses expenses 11,106,593 11,106,593 6,645,837 6,645,837 3,811,685 3,811,685 3,069,119 3,069,119 Share-basedShare-based payment payment 46,806,089 46,806,089 46,114,612 46,114,612 12,537,343 12,537,343 14,446,675 14,446,675 Loss Lossfrom fromcapital capital reduction reduction from frominvestment investment in subsidiaries in subsidiaries ------238,610 238,610 ShareShare of loss of of loss investments of investments in joint in jointventures ventures 41,457,419 41,457,419 12,839,557 12,839,557 - - - - Gain Gainfrom fromsale of sale current of current investments investments - - (3,003,373) (3,003,373) - - (3,003,373) (3,003,373) UnrealisedUnrealised gain fromgain fromfair value fair value adjustment adjustment of of tradingtrading securities securities (4,763,972) (4,763,972) (341,954) (341,954) (4,763,972) (4,763,972) (341,954) (341,954) UnrealisedUnrealised gain ongain exchange on exchange rate rate (38,829) (38,829) - - (2,551) (2,551) - - DividendDividend income income - - - - (195,810,000) (195,810,000) (750,043,464) (750,043,464) Write-offWrite-off withholding withholding tax deducted tax deducted at source at source - - 1,521,666 1,521,666 - - 1,053,019 1,053,019 (Reversal(Reversal of) bad of) debt bad anddebt doubtful and doubtful account account (303,870) (303,870) 4,318,356 4,318,356 (369,995) (369,995) 585,955 585,955 Loss Lossfrom fromdecline decline in value in value of inventories of inventories 24,957,454 24,957,454 5,354,843 5,354,843 20,540,368 20,540,368 5,399,114 5,399,114 ReversalReversal of allowance of allowance for impairment for impairment of investments of investments in subsidiaries in subsidiaries ------(24,203) (24,203) Loss Losson impairment on impairment of investments of investments in jointin jointventures ventures - - 5,232,668 5,232,668 - - 150,000 150,000 (Gain)(Gain) loss on loss disposal on disposal and write-off and write-off of assets of assets 21,574,909 21,574,909 34,947,657 34,947,657 (7,112,131) (7,112,131) (11,554,174) (11,554,174) Loss Losson write-off on write-off of inventory of inventory 21,975,852 21,975,852 - - 19,185,497 19,185,497 - - InterestInterest income income (9,770,244) (9,770,244) (5,994,582) (5,994,582) (64,523,075) (64,523,075) (54,484,910) (54,484,910) 1,284,631,387 1,284,631,387 1,861,185,660 1,861,185,660 149,515,564 149,515,564 98,871,080 98,871,080 ChangesChanges in operating in operating assets assets and liabilities and liabilities TradeTrade accounts accounts receivable receivable and other and otherreceivables receivables 144,218,075 144,218,075 (301,395,250) (301,395,250) 32,496,896 32,496,896 26,576,207 26,576,207 InventoriesInventories 9,740,681 9,740,681 (90,107,603) (90,107,603) (36,264,154) (36,264,154) (14,158,730) (14,158,730) OtherOther current current assets assets (9,698,144) (9,698,144) 27,144,623 27,144,623 569,667 569,667 83,642 83,642 OtherOther non-current non-current assets assets (183,850,364) (183,850,364) (4,250,541) (4,250,541) (40,070) (40,070) 729,675 729,675 TradeTrade accounts accounts payable payable and other and otherpayables payables (53,651,644) (53,651,644) 151,162,377 151,162,377 (10,509,477) (10,509,477) (12,165,745) (12,165,745) OtherOther current current liabilities liabilities (19,915,659) (19,915,659) 32,531,469 32,531,469 (4,393,462) (4,393,462) 7,583,397 7,583,397 CashCash generated generated from from operating operating activities activities 1,171,474,332 1,171,474,332 1,676,270,735 1,676,270,735 131,374,964 131,374,964 107,519,526 107,519,526 IncomeIncome taxes taxesreceived received (paid) (paid) 37,268,478 37,268,478 (156,834,529) (156,834,529) 6,856,870 6,856,870 (4,997,346) (4,997,346) Net cashNet cashfrom from operating operating activities activities 1,208,742,810 1,208,742,810 1,519,436,206 1,519,436,206 138,231,834 138,231,834 102,522,180 102,522,180

TheThe accompanying accompanyingThe accompanying notes notes notes are arean are integral an integral integral part of part these part of thesefinancial of thesefinancial statements. financial statements. statements. Annual Report 2018 14 44 WORKPOINT ENTERTAINMENT PCL 14 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of cash Public Companyflows Limited and its Subsidiaries Statement of cash flows

Consolidated Separate financial statements financial statements Year ended 31 December Year ended 31 December

2018 2017 2018 2017 (in Baht) Cash flows from investing activities Interest received 9,563,933 6,599,411 55,148,944 62,611,983 Cash received from investments in restricted deposits at financial institutions - 1,843,075 - - Net cash paid for current investments (26,180) (150,030,062) (26,180) (150,030,062) Cash paid for other long-term investments (30,000,000) - - - Cash received from long-term loans to related parties 137,000,000 1,500,000 125,924,382 370,935,381 Cash paid for long-term loans to related parties (188,500,000) - (447,650,000) (463,310,000) Cash received from sale of assets 11,413,389 160,865 9,046,747 32,533,422 Cash paid for purchase of property, plant and equipment (228,292,326) (212,855,247) (33,209,724) (49,258,823) Cash paid for purchase of right to use assets (284,700) (518,300) - - Cash paid for purchase of other intangible assets (258,837,936) (327,783,212) (8,473,902) (12,138,673) Cash paid for digital television license (395,000,000) (388,375,470) - - Cash paid for investments in subsidiaries - - (233,750,000) (604,730,558) Cash received from sale of investment in subsidiaries - - - 601,737 Cash received from share capital reduction of subsidiaries - - - 22,829,588 Cash paid for investments in joint ventures (60,500,021) (7,455,000) - - Cash received from capital return from joint ventures 11,400,000 964,876 450,000 - Dividend received - 1,200,000 132,810,000 756,343,464 Net cash used in investing activities (992,063,841) (1,074,749,064) (399,729,733) (33,612,541)

The accompanying notes are an integral part of these financial statements. Annual Report 2018 The accompanying notes are an integral part of these financial statements. WORKPOINT ENTERTAINMENT PCL 45

15 Workpoint Entertainment Public Company Limited and its Subsidiaries

StatementWorkpoint Entertainment of cash Public Companyflows Limited and its Subsidiaries Statement of cash flows

Consolidated Separate financial statements financial statements Year ended 31 December Year ended 31 December

2018 2017 2018 2017 (in Baht) Cash flows from financing activities Interest paid (34,414,090) (91,606,349) (28,843,971) (37,338,305) Cash received from long-term loans from financial institutions 422,650,000 463,310,000 422,650,000 463,310,000 Cash paid for long-term loans from financial institutions (204,000,000) (779,319,000) (204,000,000) (578,550,000) Cash paid for finance lease liabilities (17,491,381) (39,671,265) - (6,324,179) Cash received from increase of share capital 106,197,532 823,044,049 102,947,534 823,044,049 Cash received from transfer of ordinary share from share-based payment exercised - - - 710,427 (Reversal of) advanced received for share capital (6,724,650) 6,419,850 (6,724,650) 6,419,850 Dividends paid to owners of the Company (397,057,110) (318,570,916) (397,057,110) (318,570,916) Dividends paid to non-controlling interests (2,160,000) (8,631,711) - - Net cash from (used in) financing activities (132,999,699) 54,974,658 (111,028,197) 352,700,926

Net increase (decrease) in cash and cash equivalents 83,679,270 499,661,800 (372,526,096) 421,610,565 Cash and cash equivalents at 1 January 1,334,609,723 834,947,923 977,766,185 556,155,620 Cash and cash equivalents at 31 December 1,418,288,993 1,334,609,723 605,240,089 977,766,185

Non-cash transactions Outstanding debts arising from investments in capital expenditures 32,102,348 41,563,215 5,047,616 3,142,297 Digital television license payable 388,792,178 758,190,922 - - Share-based payment 46,806,089 46,114,612 46,806,089 46,114,612 Sale of assets under finance leases - - - 52,775,192

The accompanying notes are an integral part of these financial statements. Annual Report 2018 46 The accompanyingWORKPOINT ENTERTAINMENTnotes are an integral PCL part of these financial statements.

16 Workpoint Entertainment Public Company Limited and its Subsidiaries Workpoint Entertainment Public Company Limited and its Subsidiaries NotesNotes to theto financialthe financial statements statements For the year ended 31 December 2018 For the year ended 31 December 2018

Note Contents

1 General information 2 Basis of preparation of the financial statements 3 Significant accounting policies 4 Related parties 5 Cash and cash equivalents 6 Current investments 7 Trade accounts receivable 8 Inventories 9 Investments in joint ventures 10 Investments in subsidiaries 11 Property, plant and equipment 12 Right to use of assets 13 Digital television license 14 Other intangible assets 15 Interest-bearing liabilities 16 Trade accounts payable 17 Other payables 18 Provisions for employee benefits 19 Warrants 20 Share capital 21 Legal reserve 22 Non-controlling interests 23 Segment information 24 Employee benefit expenses 25 Expenses by nature 26 Finance costs 27 Income tax expense 28 Earnings per share 29 Dividends 30 Financial instruments 31 Commitments with non-related parties 32 Events after the reporting period 33 Thai Financial Reporting Standards (TFRS) not yet adopted 34 Reclassification of accounts

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 47

17 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

These notes form an integral part of the financial statements.

The financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on 26 February 2019.

1 General information

Workpoint Entertainment Public Company Limited, the “Company”, is incorporated in Thailand and has its registered office at 99 Moo 2, Tambon Bang Poon, Amphoe Muang Pathum Thani, Pathum Thani, Thailand.

The Company was listed on the Stock Exchange of Thailand in September 2004.

The major shareholders during the year were Mr. Phanya Nirunkul (23.97% shareholding) and Mr. Prapas Cholsaranon (22.94% shareholding).

The principal activity of the Company are holding and providing of services. The principal activities of the Group are digital television broadcasting and the production of television programs, animation and computer graphics, movies, concerts and plays, event marketing and sale of goods and services related to the Group’s businesses.

Details of the Company’s joint ventures and subsidiaries as at 31 December 2018 and 2017 are given in Notes 9 and 10.

2 Basis of preparation of the financial statements

(a) Statement of compliance

The financial statements are prepared in accordance with Thai Financial Reporting Standards (“TFRS”); guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission.

The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or after 1 January 2018. The initial application of these new and revised TFRS has resulted in changes in certain of the Group’s accounting policies. These changes have no material effect on the financial statements.

In addition to the above new and revised TFRS, the FAP has issued a number of new and revised TFRS which are not yet effective for current periods. The Group has not early adopted these standards in preparing these financial statements. Those new and revised TFRS that are relevant to the Group’s operations are disclosed in Note 33.

18

Annual Report 2018 48 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements Notes to the financial statements For the year ended 31 December 2018 For the year ended 31 December 2018

(b) Basis of measurement (b) Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items: The financial statements have been prepared on the historical cost basis except for the following items:

Items Measurement bases Items Measurement bases Trading securities Fair value Trading securities Fair value Defined benefit liability Present value of the defined benefit obligation Defined benefit liability Present value of the defined benefit obligation as explained in Note 3 (m) as explained in Note 3 (m) Share-based payment Fair value of the equity instrument granted Share-based payment Fair value of the equity instrument granted

(c) Functional and presentation currency (c) Functional and presentation currency

The financial statements are presented in Thai Baht, which is the Company’s functional currency. The financial statements are presented in Thai Baht, which is the Company’s functional currency.

(d) Use of judgements and estimates (d) Use of judgements and estimates

The preparation of financial statements in conformity with TFRS requires management to make The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. estimates are recognised prospectively.

Assumptions and estimation uncertainties Assumptions and estimation uncertainties

Information about assumption and estimation uncertainties that have a significant risk of resulting Information about assumption and estimation uncertainties that have a significant risk of resulting in a material adjustments to the carrying amounts of assets and liabilities within the year ending in a material adjustments to the carrying amounts of assets and liabilities within the year ending 31 December 2019 is included in the following notes: 31 December 2019 is included in the following notes:

Note 14 Impairment test: key assumptions underlying recoverable amounts Note 14 Impairment test: key assumptions underlying recoverable amounts Note 18 Measurement of defined benefit obligations: key actuarial assumptions Note 18 Measurement of defined benefit obligations: key actuarial assumptions Note 19 Measurement of share-based payment Note 19 Measurement of share-based payment

Measurement of fair values Measurement of fair values

A number of the Group’s accounting policies and disclosures require the measurement of fair values, A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. for both financial and non-financial assets and liabilities.

The Group has an established control framework with respect to the measurement of fair values. This The Group has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including level 3 fair values, and reports directly to Chief Financial Officer. measurements, including level 3 fair values, and reports directly to Chief Financial Officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of TFRS, including the level in the fair value hierarchy in these valuations meet the requirements of TFRS, including the level in the fair value hierarchy in which the valuations should be classified. which the valuations should be classified.

19 19

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 49 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Significant valuation issues are reported to the Group’s Audit Committee.

When measuring the fair value of an asset or a liability, the Group uses observable market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognised transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 19 Share-based payment Note 30 Financial instruments

3 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Basis of consolidation

The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in joint ventures.

Business combinations

The Group applies the acquisition method for all business combinations when control is transferred to the Group, as describe in subsidiaries section, other than those with entities under common control.

The acquisition date is the date on which control is transferred to the acquirer. Judgment is applied in determining the acquisition date and determining whether control is transferred from one party to another.

Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Any gain on bargain purchase is recognised in profit or loss immediately.

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Annual Report 2018 50 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group to the previous owners of the acquiree, and equity interests issued by the Group. Consideration transferred also includes the fair value of any contingent consideration and share-based payment awards of the acquiree that are replaced mandatorily in the business combination. If a business combination results in the termination of pre-existing relationships between the Group and the acquiree, then the lower of the termination amount, as contained in the agreement, and the value of the off-market element is deducted from the consideration transferred and recognised in other expenses.

When share-based payment awards exchanged (replacement awards) for awards held by the acquiree’s employees (acquiree’s awards) relate to past services, then a part of the market-based measure of the awards replaced is included in the consideration transferred. If they require future services, then the difference between the amount included in consideration transferred and the market-based measure of the replacement awards is treated as post-combination compensation cost.

A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably.

Transaction costs that the Group incurs in connection with a business combination, such as legal fees, and other professional and consulting fees are expensed as incurred.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

Step acquisition

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.

Acquisitions from entities under common control

Business combination under common control are accounted for using a method similar to the pooling of interest method. Under that method the acquirer recognizes assets and liabilities of the acquired businesses at their carrying amounts in the consolidated financial statements of the ultimate parent company at the moment of the transaction. The difference between the carrying amount of the acquired net assets and the consideration transferred is recognized as surplus or discount from business combinations under common control in shareholder’s equity. The surplus or discount will be transferred to retained earnings upon divestment of the businesses acquired.

The results from operations of the acquired businesses will be included in the consolidated financial statements of the acquirer from the beginning of the comparative period or the moment the businesses came under common control, whichever date is later, until control ceases.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 51 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Non-controlling interests

At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree.

Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Loss of control

When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

Interests in equity-accounted investees

The Group’s interests in equity-accounted investees comprise interests in joint ventures.

Interests in joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity - accounted investees, until the date on which significant influence or joint control ceases.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity - accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

(b) Foreign currencies

Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currency of the Group entities at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date.

Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency using the foreign exchange rates ruling at the dates of the transactions.

Foreign currency differences are generally recognised in profit or loss.

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Annual Report 2018 52 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

(c) Derivatives financial instruments

The Group enters into forward foreign currency exchange contracts to protect the Group from movements in exchange rates by establishing the rate at which a foreign currency liability will be settled. The forward foreign currency exchange contracts are not recognised in the financial statements on inception but only when they are settled according to the contract terms.

(d) Cash and cash equivalents

Cash and cash equivalents in the statements of cash flows comprises cash balances, call deposits and highly liquid short-term investments.

(e) Trade and other accounts receivable

Trade and other accounts receivable are stated at their invoice value less allowance for doubtful accounts.

The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Bad debts are written off when incurred.

(f) Inventories

Inventories are measured at the lower of cost and net realisable value.

Cost is calculated using first in first out principle, and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

Cost of television programs and television programs under production comprise of direct cost of production, filming cost and other production overheads.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.

(g) Investments

Investments in subsidiaries and joint ventures

Investments in subsidiaries and joint ventures in the separate financial statements of the Company are accounted for using the cost method. Investments in joint ventures in the consolidated financial statements are accounted using equity method.

Short-term deposits at financial institutions

Fixed deposits at banks are presented as part of short-term investments with maturities over three months, not exceeding one year.

Other investments in equity securities

Marketable equity securities held for trading are classified as current assets and are stated at fair value, with any resultant gain or loss recognised in profit or loss.

Equity securities which are not marketable are stated at cost less any impairment losses.

The fair value of financial instruments classified as held-for-trading is determined as the quoted bid price at the reporting date.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 53 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Disposal of investments

On disposal of an investment, the difference between net disposal proceeds and the carrying amount together with the associated cumulative gain or loss that was reported in equity is recognised in profit or loss.

If the Group disposes of part of its holding of a particular investment, the deemed cost of the part sold is determined using the first in first out method applied to the carrying value of the total holding of the investment.

(h) Property, plant and equipment

Recognition and measurement

Owned assets

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self- constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major components) of plant and equipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised in profit or loss.

Leased assets

Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are classified as finance leases. Plant and equipment acquired by way of finance leases is capitalised at the lower of its fair value and the present value of the minimum lease payments at the inception of the lease, less accumulated depreciation and impairment losses. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to profit or loss.

Subsequent costs

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

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Annual Report 2018 54 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Depreciation

Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows:

Land improvements 5 years Building, building improvement and utility systems 5 - 45 years Furniture and fixtures 5 years Tools and equipment 5 - 10 years Office equipment 5 years Vehicles 5 years

No depreciation is provided on freehold land or assets under construction and installation.

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(i) Intangible assets

Digital television license

The carrying amount of digital television licence consists of expenditures that are directly attributable to the acquisition of license for operating a national commercial digital terrestrial television broadcasting service in standard definition variety category, and is measured at cash price equivalent by discounting the future instalments to present value using a market discount rate. The asset is stated at cost less accumulated amortisation and impairment losses. The difference between the cash price equivalent and the total payments to be made is recognised as an interest expenses over the licence fee payment periods, which the asset is amortised from the date which it is ready to provide services.

Other intangible assets

Other intangible assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated amortisation and accumulated impairment losses.

Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, is recognised in profit or loss as incurred.

Amortisation

Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value.

Amortisation is recognised in profit or loss on a straight-line basis over the estimated economic useful lives of intangible assets, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 55 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

The estimated useful lives for the current and comparative periods are as follows:

Television programs licenses Over the period of the agreement Book licenses Over the period of the agreement Music licenses Over the period of the agreement Software licenses 5 years Digital television license Over the period of the license Right to use of assets Over the period of the agreement

Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(j) Impairment

The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The impairment loss is recognised in profit or loss.

Calculation of recoverable amount

The recoverable amount of a non-financial asset is the greater of the assets’ value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

Reversals of impairment

An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after the impairment loss was recognised in profit or loss.

Impairment losses recognised in prior periods in respect of other non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(k) Interest-bearing liabilities

Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the borrowings on an effective interest basis.

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Annual Report 2018 56 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

(l) Trade and other accounts payable

Trade and other accounts payable are stated at cost.

(m) Employee benefits

Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

Defined benefit plans

The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount.

The calculation of defined benefit obligations is regularly performed by a qualified actuary using the projected unit credit method.

Remeasurements of the defined benefit liability, actuarial gain or loss are recognised immediately in other comprehensive income. The Group determines the interest expense on the defined benefit liability for the period by applying the discount rate used to measure the net defined benefit obligation at the beginning of the annual period, taking into account any changes in the net defined benefit liability during the period as a result of benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Termination benefits

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discontinues.

Short-term employee benefits

Short-term employee benefit obligations are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 57 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

(n) Share-based payments

The grant-date fair value of equity-settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non- market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

(o) Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

(p) Revenue

Revenue excludes value added tax and is arrived at after deduction of trade discounts and volume rebates.

Revenue from television programs

Revenue from television programs represents the service income from advertising and airtime are recognised when services are rendered and programs broadcast, and the income from production of television programs are recognised based on the proportion of completed service.

Revenue from concerts and plays

Revenue from concerts and plays including their promotion are recognised when the concerts and plays have been exhibited.

Revenue from event marketing

Revenues from event marketing are recognised based on the proportion of completed service.

Revenue from movies

Revenue from movies represents the income from movies production, which are recognised when the production is completed and delivered, and the income from box-office sharing between cinema’s owner and the joint ventures are recognised when the motion pictures have been exhibited, the income from sale of motion pictures copyright is recognised when the copyright is delivered, the income from granting the rights in motion pictures copyright is recognised in full when the licensee is entitled to exploit.

Revenue from animation and computer graphic

Revenue from animation and computer graphic are recognised based on the proportion of completed service.

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Annual Report 2018 58 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Sale of goods and rendering of services

Revenue is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. The Group recognised revenue from rendering of services as services are provided.

Investments

Revenue from investments comprises dividend and interest income from investments and bank deposits.

Dividend income

Dividend income is recognised in profit or loss on the date the Group’s right to receive payments is established.

Interest and other income

Interest and other income are recognised in profit or loss as it accrues.

(q) Finance Costs

Interest expenses and similar costs are charged to profit or loss for the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial year of time to be prepared for its intended use or sale.

(r) Lease payments

Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease. Lease incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the lease.

Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.

Determining whether an arrangement contains a lease

At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset.

At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 59 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

(s) Income tax

Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that they relate to a business combination, or items recognised directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised.

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Annual Report 2018 60 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries WorkpointNotes to the financialEntertainment statements Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 Decembe r 2018 For the year ended 31 December 2018

(t) Earnings per share (t) Earnings per share (t) Earnings per share The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic TheEPS Group is calculated presents by basic dividing and dilutedthe profit earnings or loss per attributable share (“EPS to ordinary”) data for shareholders its ordinary of shares. the Company Basic EPSby theis calculated weighted averageby dividing number the profitof ordinary or loss shares attributable outstanding to ordinary during shareholders the period, ofadjusted the Company for own byshares the weighted held. Diluted average EPS number is determined of ordinary by shares adjusting outstanding the profit during or theloss period, attributable adjusted to forordinary own sharesshareholders held. Dilutedand the weightedEPS is determined average number by adjusting of ordinary the shares profit outstanding, or loss attributable adjusted for to own ordinary shares shareholdersheld, for the and effects the weighted of all dilutive average potential number ordinaryof ordinary shares, shares which outstanding, comprise adjusted convertible for own notes shares and held,share for opti theons effects granted of to all employees. dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees. (u) Segment reporting

(u) Segment reporting Segment results that are reported to the Group’s CEO (the chief operating decision maker) include Segmentitems directly results attributable that are reported to a segment to the as Group’s well as thoseCEO that(the canchief be operatingallocated ondecision a reasonable maker) basis include. items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

4 Related parties 4 Related parties For the purposes of these financial statements, parties are considered to be related to the Group if the ForGroup the purposeshas the ability, of these directly financial or indirectly, statements, to partiescontrol are or jointconsidered control to the be partyrelate ord toexercise the Group significant if the Groupinfluence has theover ability, the party directly in makin or indirectly,g financial to and control operating or joint decisions, control orthe vice party versa, or exercise or where significant the Group influenceand the party over theare partysubject in tomakin commong financial control and or operatingcommon decisions,significant or influence. vice versa, Related or where parties the Groupmay be andindividuals the party or are other subject entities. to common control or common significant influence. Related parties may be individuals or other entities. . Relationships with joint ventures and subsidiaries are described in Notes 9 and 10. Relationships with Relationshipskey management with and joint other ventures related and parties subsidiaries were as ar follows:e described in Notes 9 and 10. Relationships with key management and other related parties were as follows:

Country of incorporationCountry of Name of entities incorporation/ nationality Nature of relationships Key managementName of entities personnel / nationalityThailand Persons havingNature authority of relationships and responsibility for Key management personnel Thailand Personsplanning, having directing authority and controllingand responsibility the activities for planning,of the entity, directing directly and or controlling indirectly, theincluding activities any ofdirector the entity, (whether directly executive or indirectly, or otherwise) including of any the directorGroup. (whether executive or otherwise) of the

Group. Other related parties OtherBungfire related Entertainment parties Limited Bungfire Partnership Entertainment Limited Thailand Joint director with subsidiary Barakao Partnership Development Co., Ltd. ThaThailandiland JointRelationship director withwith subsidiaryDirector BarakaoGebHom Development Rom Rib Ordinary Co., Ltd. Thailand Relationship with Director GebHom Partnership Rom Rib Ordinary Thailand Relationship with Director of subsidiary Adang Partnership Entertainment Co., Ltd. ThailandThailand RelationshipRelationship with with Director Director of of subsidiary subsidiary AdangLimbic Entertainment Marketing Co. Co.,, Ltd. Ltd. ThailandThailand RelationshipRelationship with with Dire Directorctor of of subsidiary subsidiary LimbicSuperjeew Marketing Co., Ltd. Co. , Ltd. ThailandThailand RelationshipRelationship with with Director Director of of subsidiary joint venture SuperjeewSahamongkolfilm Co., Ltd. International Thailand Relationship with Director of joint venture Sahamongkolfilm Co., Ltd. International Thailand Relationship with Director of joint venture BNK Co., Ltd.48 Office Co., Ltd. ThailandThailand RelationshipRelationship with with Director Director of of jo subsidiaryint venture BNKAksorn 48 OfficeMeesang Co., Co., Ltd. Ltd. ThailandThailand RelationshipRelationship with with Director Director of subsidiary Aksorn Meesang Co., Ltd. Thailand Relationship with Director

31 31

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 61 Workpoint Entertainment Public Company Limited and its Subsidiaries WorkpointNotesWorkpoint to the financial EntertainmentEntertainment statements PublicPublic CompanyCompany LimitedLimited andand itsits SubsidiariesSubsidiaries For the year ended 31 December 2018 WorkpointWorkpointNotesWorkpointNotes toto thethe Entertainment financialfinancialEntertainment Entertainment statementsstatements Public Public Public Company Company Company Limited Limited Limited and and and its its itsSubsidiaries Subsidiaries Subsidiaries For For thethe yearyear endedended 3131 DecembeDecemberr 20182018 NotesNotesNotes to to theto the the financial financial financial statements statements statements

For thethe yearyear endedended 3131 DecembeDecember 2018 ForFor For the the the Theyear year yearpricing ended ended ended policies 31 31 Decembe31 Decembe forDecembe transactionsr 2018rr 2018 2018 with related parties are explained further below: TheThe pricingpricing policiespolicies forfor transactionstransactions withwith relatedrelated partiesparties areare explainedexplained furtherfurther below:below:

Top ic Pricing policy TheTheThe pricing pricing pricing policies policies policies for for transactionsfor transactions transactions with with with related related related parties parties parties are are areexplained explained explained further further further below: below: below: TopRevenueTopicic from rendering of services PricingAtPricing the rate policypolicy agreed upon by the management

Revenue Revenue Revenue fromfrom from renderingrendering television ofof p srogramsserviceervicess At At thethe raterate agreedagreed uponupon byby thethe managementmanagement TopTopTopic icicic PricingPricingPricing policy policy policy RevenueRevenue fromfrom televisionconcertstelevision and pprogramsrograms plays RevenueRevenueRevenue from from from rendering rendering rendering of ofs ofervice s erviceservices s s At AttheAt the therate rate rate agreed agreed agreed upon upon upon by by theby the themanagement management management RevenueRevenue fromfrom concertseventconcerts marketing andand pplayslays RevenueRevenueRevenue from from from television television television programs p programsrogramsrograms Revenue RevenueRevenue from fromfrom m eventeventanagement mmarketingarketing fee At the agreed rate Revenue Revenue R Revenue Revenueevenue from fromfrom from concerts msmconcerts aleconcertsanagementanagement of andgoods and and plays feepfeeand playslayslays rendering of At At thethe agreedrateagreed agreed raterate upon by the management Revenue R R Revenue Revenueevenueevenueother fromservices fromfrom from event ssevent alealeevent m ofof arketingm goodsgoodsmarketingarketing andand renderingrendering ofof At At thethe raterate agreedagreed uponupon byby thethe managementmanagement RevenueRevenue OtherRevenue otherother fromi ncome services servicesfrom from m anagement m m anagement anagement fee fee fee At AttheAt the theagreed agreed rateagreed rateagreed rate raterate upon by the management RevenueROtherInterestROtherevenueevenue from iincomencome ifrom ncomefrom sale s ales ofale ofgoods of goods goods and and and rendering rendering rendering of of of At AttheAtMLRAt the theratethe rate- rate rate1.5%agreed agreed agreedagreed per upon annumupon uponupon by by the byby the themanagementthe management managementmanagement other InterestDividend Interest other other services services servicesiincomencome income MLRAsMLR declared -- 1.5%1.5% for perper dividend annumannum OtherOtherDividendCostOtherDividend income ofi ncomeincome renderi incomeincome ng services At AttheAsAtAs the theratedeclareddeclared rate rate agreed agreed agreed forfor upon dividenddividend upon upon by by theby the themanagement management management InterestInterestCost InterestCostInterest Cost i ofncomeof ofi renderincomerenderiii ncometelevision ngng sservices ervicesprograms MLRMLRAt MLRAt - thethe 1.5% - - - 1.5%rate rate 1.5% per agreedagreed per perannum annum annum uponupon by by thethe managementmanagement DividendDividendDividend income income income AsAs declaredAs declared declared for for dividendfor dividend dividend CostCost ofof televisionconcertstelevision and pprogramsrograms plays CostCostCost of ofrenderi of renderi rendering ngsngervices s ervicesservices At AttheAt the therate rate rate agreed agreed agreed upon upon upon by by theby the themanagement management management CostCost ofof concertseventconcerts marketing andand pplayslays CostCostCost of oftelevision of television television programs p programsrogramsrograms Cost CostCost of ofof sale eventevent of goodsmmarketingarketing and rendering of other services At the rate agreed upon by the management CostCostCost of ofconcerts of concerts concerts and and and plays p playslayslays Cost L Cost icense ofof salesalefee ofof goodsgoods andand renderingrendering ofof otherother servicesservices AtAt thethe rateagreedrate agreedagreed rate upon upon byby thethe managementmanagement Cost L Other L Cost icenseCosticense of of event eofxpenses feeventfe eventee m arketingm marketingarketing AtActual At thethe agreedagreedpayment raterate and at the rate agreed upon by the CostCostOtherCostOther of ofsale of e esalexpenses xpensessale of ofgoods of goods goods and and and rendering rendering rendering of ofother of other other services services services At AttheActual AtActual managementthe therate rate ratepaymentpaymentagreed agreed agreed upon andand upon upon byatat bythethe theby the rateratethemanagement management managementagreedagreed uponupon byby thethe LicenseLDividendLicenseicenseicense fe efe fefe epaide At Atthe AsAt managementmanagementthe theagreeddeclared agreed agreed rate forrate rate dividend OtherOtherDividendPurchase/OtherDividend expenses e expensesxpenses Salepaidpaid of assets ActualActualAsAtActualAs thedeclareddeclaredpayment payment agreedpayment forforand price and dividenddividendand at theat at the therate rate rate agreed agreed agreed upon upon upon by by theby the the Purchase/Purchase/SaleSale ofof assetsassets management At At management management thethe agreedagreed priceprice DividendDividendSDividendignificant paid paid paid transactions for the years ended 31 DecemberAsAs declaredAs withdeclared declared relat for fored dividendfor partiesdividend dividend were as follows: Purchase/Purchase/Purchase/ SaleSaleSale of ofassets of assets assets At AttheAt the theagreed agreed agreed price price price SS ignificantignificant transactionstransactions forfor thethe yearyearss endedended 3131 DecemberDecember withwith relatrelateded partiesparties werewere asas follows:follows: Consolidated Separate S ignificantignificant transactionstransactions forfor thetheyears ended 31 December with related parties were as follows: SignificantS ignificant transactions transactions for for the the year year s endeds ended 31 31December Decemberfinancial with ConsolidatedConsolidatedwith relat relat statementsed edparties parties were were as asfollows: financialfollows:Separate Separate statements

For the year ended 31 December financialfinancial2018 statementsstatements 2017 financialfinancial2018 statementsstatements 2017 Consolidated Separate For For thethe yearyear endedended 3131 DecemberDecember 2018Consolidated2018ConsolidatedConsolidated 20172017 (in thousand Baht)20182018Separate Separate Separate 20172017 financial statements financial statements Subsidiaries financialfinancialfinancialfinancial statements statements statementsstatements(in(in thousand thousand financial Baht)Baht)financialfinancialfinancial statements statements statementsstatements For the year ended 31 December 2018 2017 2018 2017 ForForSubsidiariesRevenueForSubsidiaries the the theyear year year fromended ended ended management 31 31 December31 December December fee 201820182018 - 201720172017 - 20182018171,7192018 20172017145,9202017 (in thousand Baht) Revenue Revenue fromfrom managementsalemanagement of goods feefeeand -- (in(in thousand(in(in --thousand thousand thousand Baht) Baht) Baht)171,719171,719 145,920145,920 SubsidiariesSubsidiariesRevenue SubsidiariesRevenue rendering from from of saleothersale ofof services goodsgoods and and - - 172,385 199,098 RevenueRevenue DividendRevenue renderingrendering from from fromincome management ofof management othermanagementother servicesservices fee fee fee ------171,719171,719172,385195,810171,719172,385 145,920145,920199,098749,984145,920199,098 RevenueRevenueDividendOtherRevenueDividend fromincome from from fromincomeincome sale sale salesale of ofgoods ofof goods goodsgoods and and and and -- -- 195,810195,81058,147 749,984749,98450,379 rendering OtherCost Other rendering renderingrendering of iincomencome televisionof ofother ofof other other services programs services services ------172,385172,385172,38558,14758,147- 199,098199,098199,09850,37950,3791,950 DividendDividendCostDividendCost ofof income televisionsaletelevision income income of goods programsprograms and rendering of ------195,810195,810195,810 - - 749,984749,984749,984 1,9501,950 OtherOtherCost OtherCost other income ofiof ncomei ncome servisalesale ofcesof goodsgoods andand renderingrendering ofof ------58,14758,14758,147 140 50,37950,37950,379 84 CostCost SellingCost ofotherother oftelevision of television servieservitelevisionxpensescesces programs programs programs ------140-336-140 1,9501,950 1,950 223 8484 CostCostSellingAdministrativeCostSelling of ofsale of sale eesale xpensesofxpenses ofgoods of goods goodse xpenses and and and rendering rendering rendering of of of -- -- 336367336 223223 33 other AdministrativeSale Administrative other other servi of servi assetsservicesces ces e e xpensesxpenses ------140140367140934 367 85,27684 84 338433 SellingSellingSalePurchaseSellingSale e ofofxpenses e assetseassetsxpensesxpenses of assets ------336 336 934336 934 19 22385,27685,276 1,826223 223 AdministrativeAdministrativePurchase AdministrativePurchase ofof eassetsassetsxpenses e expensesxpenses ------367 367 367 1919 331,8261,826 33 33 SaleSale JointSale of ofassets of venturesassets assets ------934 934 934 85,27685,27685,276 PurchasePurchaseJointRevenuePurchaseJoint venturesofventures of assets fromof assets assets management fee - 1,040------60 191,040 19 19 1,8261,826 1,826 60 Revenue Revenue fromfrom managementtelevisionmanagement programs feefee 1,0403,2451,040 5,270 6060 1,0401,040- - 6060 JointJointRevenueJointRevenue ventures ventures ventures fromfrom televisionsaletelevision of goods programsprograms and rendering of 3,2453,245 5,2705,270 -- -- RevenueRevenueRevenue Revenue other from services from fromfrom management management salemanagementsale ofof goodsgoods fee fee feeandand renderingrendering ofof 1,0401,0401,040 50 60 60 605 1,0401,040 1,040- 60 60 605 RevenueRevenue DividendRevenue otherother from services servicesfrom fromfromincome television television televisiontelevision programs programs programsprograms 3,2453,2453,245- 5050 5,2705,270 1,2005,270 55 - - -- - 1,200- -- 55 RevenueRevenueDividendOtherRevenueDividend fromincome from from incomeincome sale sale sale of ofgoods of goods goods and and and rendering rendering rendering of of of 1,093-- 1,2001,200 180 -- 1,2001,200- other OtherSelling Other other other services iiservicesncome ncomeservicesexpenses 501,0931,5001,093 5050 5-180180 55 - - -- 5- - 55 Dividend income - 1,200 - 1,200 DividendDividendSellingAdministrativeDividendSelling income ee xpensesincomexpenses income e xpenses - 1,5001,500- -- 60 1,2001,200 1,200------60 1,2001,200 1,200- - Other income 1,093 180 - - OtherOtherAdministrativeOtherAdministrative income i ncomeincome eexpensesxpenses 1,0931,0931,093 6060 180 180- -180 - - -- 6060 - - -- SellingSellingSelling expenses e expensesxpenses 32 1,5001,5001,500 ------AdministrativeAdministrativeAdministrative expenses e expensesxpenses 3232 60 6060 - - -- 60 60 60 - - - - 32 3232 Annual Report 2018 62 WORKPOINT ENTERTAINMENT PCL WorkpointWorkpointWorkpointWorkpoint Entertainment Entertainment Entertainment Entertainment Public Public Public Public Company Company Company Company Limited Limited Limited Limited and and and andits its itsSubsidiaries itsSubsidiaries Subsidiaries Subsidiaries NotesWorkpoint to the financial Entertainment statements Public Company Limited and its Subsidiaries NotesNotesNotesWorkpointWorkpointNotes to to theto theto the financial the financial financial Entertainment financialEntertainment statements statements statements statements Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries WorkpointForNotes the to year the financial endedEntertainment 31 statementsDecembe Publicr 2018 Company Limited and its Subsidiaries ForForForNotes theNotesFor the the year the toyear toyear the yearendedthe ended financialended financial ended 31 31 Decembe31 Decembe 31 statementsDecembe statements December 2018r r2018 2018r 2018 Notes For the to yearthe financial ended 31 statements December 2018 ForFor the the year year ended ended 31 31 Decembe December r2018 2018 For the year ended 31 December 2018

Consolidated Separate ConsolidatedConsolidatedConsolidatedConsolidated SeparateSeparateSeparateSeparate financialConsolidated statements financialSeparate statements financialfinancialfinancialfinancialConsolidatedConsolidated statements statements statements statements financial financialfinancialfinancial SeparatestatementsSeparate statements statements statements For the year ended 31 December 2018financialConsolidated statements 2017 financial2018 Separate statements 2017 ForForFor the For the theyear theyear year ended year ended ended ended 31 31 December31 December31 December December 20182018financial2018financial 2018 statements statements2017 20172017 2017 2018 2018financial2018financial 2018 statements statements2017 20172017 2017 For the year ended 31 December financial2018 statements 2017(in thousand Baht)financial2018 statements 2017 ForFor the the year year ended ended 31 31 December December 20182018 (in(in 2017thousand(in2017 thousand(in thousand thousand Baht) Baht) Baht) 2018Baht)2018 20172017 ForOther the related year ended parties 31 December 2018 2017(in thousand Baht)2018 2017 OtherOtherOther Other related related related related parties parties parties parties (in(in thousand thousand Baht) Baht) RevenueOther related from televisionparties programs 3,950 11,341(in thousand Baht)- - RevenueRevenueRevenueOtherOtherRevenue from related fromrelated from televisionfrom television televisionparties partiestelevision programs programs programs programs 3,9503,9503,950 3,950 11,34111,34111,341 11,341 ------OtherOtherRevenue irelatedncome from partiestelevision programs 3,950126 11,341 17 -126 - 12 OtherOtherOtherRevenueRevenue Otherincome income income i ncomefrom from television television programs programs 1263,9501263,950126 126 11,341 1711,341 17 17 17 126 126 -126 - 126 12 12- 12- 12 RevenueCostOther of income television from television programs programs 16,1473,950126 11,34119,562 17 -- 126 -- 12 CostCostCostOther OtherofCost oftelevision of itelevision ncome ofitelevisionncome television programs programs programs programs 16,14716,14716,14716,147126 126 19,56219,56219,562 19,562 17 17 - - -126 126- - - - 12- 12 OtherCostCost ofof income eventtelevision marketing programs 16,147126950 19,562- 17 --126 -- 12 CostCostCost CostofCost ofevent of eventof ofeventtelevision television eventmarketing marketing marketing marketing programs programs 95016,14716,147950950 950 -19,562 -19,562 ------CostCostCost ofofof televisionsaleevent of marketing goods programs and rendering of 16,147950 19,562- -- -- CostCostCost CostofCost ofsale of saleof ofsaleevent ofevent sale ofgoods of goods marketing of goodsmarketing goods and and and rendering and rendering rendering rendering of of of of 950950 ------Cost Cost oth oferof serviceseventsale of marketing goods and rendering of 950200 9,870- -- -- oth Costoth Costeroth erothservices erof servicesof er servicessale saleservices of of goods goods and and rendering rendering of of 200200200 200 9,8709,8709,870 9,870 ------CostSelling oth ofer saleeservicesxpenses of goods and rendering of 20015 9,870 69 -- -- SellingSellingSelling oth Selling oth eerxpenses eer xpenseseservices xpensesservices expenses 1515200 15200 15 699,870 9,87069 69 69 ------AdministrativeSelling other servicesexpenses expenses 2004315 9,870146 69 --- -- 97 AdministrativeAdministrativeAdministrativeSellingSellingAdministrative e xpensesexpenses expenses e xpensesexpenses e xpenses 4343 4315 1543 146 146 146 69146 69 - - - -- 97 97- 97- 97 Selling Administrative expenses e xpenses 1543 146 69 -- - 97 AdministrativeAdministrative e xpensesexpenses 43 43 146 146 - - 97 97 AdministrativeRelated persons expenses 43 146 - 97 RelatedRelatedRelated Related persons persons persons persons OtherRelated income persons 435 30 233 30 OtherOtherOtherRelatedRelated Otherincome income income ipersonsncome persons 435435435 435 30 30 30 30 233 233 233 233 30 30 30 30 RelatedCostOther of income television persons programs 14,976435 16,293 30 -233 - 30 CostCostCostOther OtherofCost oftelevision of itelevision ncome ofitelevisionncome television programs programs programs programs 14,97614,97614,97614,976435 435 16,29316,29316,293 16,293 30 30 - - -233 233- - - - 30- 30 OtherCostCost ofof income concertstelevision and programs plays 14,976435250 16,293410 30 -233- -- 30 CostCostCost CostofCost ofconcerts of concertsof ofconcertstelevision television concerts and and and plays programs and playsprograms plays plays 25014,97614,976250250 250 41016,293 16,293410 410 410 ------CostDividendCost ofof televisionconcerts paid and programs plays 206,25914,976250 16,29364,729410 204,099-- 62,457 -- DividendDividendDividendCostCostDividend of paidof concertspaid concertspaid paid and and plays plays 206,259206,259206,259206,259250 250 64,72964,72964,729 64,729 410 410 204,099204,099204,099 204,099 - - 62,45762,45762,457 62,457 - - CostSaleDividend of assetsconcerts paid and plays 206,259-250 64,729 410 47 204,099-- 62,457 -- SaleSaleSaleDividend ofDividendSale ofassets of assets ofassets assets paid paid 206,259- 206,259- - - 64,729 4764,729 47 47 47 204,099- 204,099- - - - 62,457 -62,457 - - DividendPurchaseSale of assets ofpaid assets 206,259- 21 64,729 - 47 204,099-- 62,457 -- PurchasePurchasePurchaseSaleSalePurchase of ofof assets of assets assetsof assets ofassets assets 212- 12- 12 1 - - - 47-47 ------Sale Purchase of assets of assets - 21 - 47 -- -- PurchasePurchase of of assets assets 2 12 1 ------PurchaseKey management of assets personnel 21 - - - KeyKeyKey m Key anagementm management anagementmanagement personnel personnel personnel personnel KeyKey management management personnel personnel compensation KeyKeyKey managementKeyKey management managementm mmanagementanagementanagement personnel personnel personnel personnel personnel personnel compensation compensation compensation compensation KeyShortKey managementm-termanagement employee personnel personnel benefit compensation 104,662 112,651 79,490 89,986 ShortShortShortKeyKey-Shortterm -managementterm -managementterm -employeeterm employee employee employee personnelbenefit personnel benefit benefit benefit compensation compensation 104,662104,662104,662104,662 112,651112,651112,651 112,651 79,49079,49079,490 79,490 8989,98689 ,98689,986 ,986 KeyPostShort management-employment-term employee personnel benefit benefit compensation 104,6621,726 112,6511,640 79,4901,726 891,640,986 PostPostPostShort-ShortemploymentPost-employment-employment-term--employmentterm employee employee benefit benefit benefit benefit benefit benefit 1,726104,6621,726104,6621,726 1,726 1,640112,6511,640112,651 1,640 1,640 1,7261,72679,490 1,72679,490 1,726 1,6401,64089 1,64089 ,986 1,640 ,986 ShortSharePost--employment-termbase demployee payment benefit benefit 104,66212,2031,726 112,65112,0181,640 79,4907,1881,726 899,5491,640,986 ShareShareSharePostPost-Sharebase-baseemployment-baseemploymentd- basepaymentd dpayment paymentd payment benefit benefit 12,20312,20312,2031,72612,2031,726 12,01812,01812,018 1,64012,018 1,640 7,1887,188 7,1881,726 1,726 7,188 9,5499,549 9,5491,640 1,640 9,549 PostTotalShare-employment -based payment benefit 118,59112,2031,726 126,30912,0181,640 88,4041,7267,188 101,1751,6409,549 TotalTotalTotalShareShare Total -base- based dpayment payment 118,591118,591118,59112,203118,59112,203 126,309126,309126,30912,018 126,30912,018 88,40488,40488,404 7,18888,404 7,188 101,175101,175101,175 101,1759,549 9,549 ShareTotal - based payment 118,59112,203 126,30912,018 88,4047,188 101,1759,549 Total Total 118,591118,591 126,309126,309 88,40488,404 101,175101,175 TotalBalances as at 31 December with related parties were118,591 as follows: 126,309 88,404 101,175 BalancesBalancesBalances Balances as asat as at 31 asat 31 Decemberat31 December31 December December with with with related with related related related parties parties parties parties were were were aswere asfollows: as follows: asfollows: follows: Balances as at 31 December with related parties were as follows: Balances Balances as as at at 31 31 December December with with related related parties parties were were as as follows: follows: Balances as at 31 December with related parties were Consolidatedas follows: Separate ConsolidatedConsolidatedConsolidatedConsolidated SeparateSeparateSeparateSeparate financialConsolidated statements financialSeparate statements financialfinancialfinancialfinancialConsolidatedConsolidated sta sta tementssta tementsstatementstements financial financialfinancialfinancial SeparatestatementsSeparate statements statements statements Trade accounts receivable - related parties 2018financialConsolidated sta tements2017 financial2018 Separate statements 2017 TradeTradeTrade Trade accounts accounts accounts accounts receivable receivable receivable receivable - related - -related related - related parties parties parties parties 20182018financial2018financial 2018 sta sta2017 tements2017tements2017 2017 2018 2018financial2018financial 2018 statements statements2017 20172017 2017 Trade accounts receivable - related parties financial2018 sta tements2017(in thousand Baht)financial2018 statements 2017 TradeTrade accounts accounts receivable receivable - -related related parties parties 20182018 (in(in 2017thousand(in2017 thousand(in thousand thousand Baht) Baht) Baht) 2018 Baht)2018 20172017 TradeSubsidiaries accounts receivable - related parties 2018- 2017(in- thousand Baht)147,4592018 169,7422017 SubsidiariesSubsidiariesSubsidiaries Subsidiaries - - - - - (in- -(in thousand- thousand 147,459147,459 Baht)147,459 Baht)147,459 169,742169,742169,742 169,742 JointSubsidiaries ventures 2,457- 1,617(in- thousand Baht)147,459- 169,742 11 JointJointJointSubsidiaries SubsidiariesventuresJoint ventures ventures ventures 2,4572,4572,457- 2,457 - 1,6171,617 1,617- 1,617 - 147,459-147,459 - - - 169,742169,742 11 11 11 11 SubsidiariesOtherJoint ventures related parties 2,457-267 5,1951,617- 147,459-- 169,742 10 11 OtherOtherOtherJointJoint Otherrelated relatedventures relatedventures related parties parties parties parties 2672,4572672,457267 267 5,1955,195 5,1951,6171,617 5,195 - - - -- 10 10 10 11 11 10 Joint Other ventures related parties 2,4572,724267 1,6176,8125,195 147,459-- 169,763 11 10 OtherOther related related parties parties 2,7242,7242,724267 2,724267 6,8126,812 6,8125,1955,195 6,812 147,459147,459147,459147,459 - - 169,763169,763169,763 169,763 10 10 OtherLess allowance related parties for doubtful accounts (1,606)2,724267 (1,606)5,1956,812 147,459-- 169,763- 10 LessLessLess allowanceLess allowance allowance allowance for for fordoubtful doubtfulfor doubtful doubtful accounts accounts accounts accounts (1,606)(1,606)(1,606)2,724(1,606)2,724 (1,606)(1,606)(1,606) 6,812(1,606)6,812 147,459-147,459 - - - 169,763-169,763 - - - NetLess allowance for doubtful accounts (1,606)2,7241,118 (1,606)6,8125,206 147,459147,459- 169,763169,763- NetNetNetLess LessNet allowance allowance for for doubtful doubtful accounts accounts 1,1181,118(1,606)1,118(1,606) 1,118 5,2065,206(1,606)5,206 (1,606) 5,206 147,459147,459147,459147,459 - - 169,763169,763169,763 169,763 - - LessNet allowance for doubtful accounts (1,606)1,118 (1,606)5,206 147,459- 169,763- NetNet 1,1181,118 5,2065,206 147,459147,459 169,763169,763 Net 1,118ConsolidatedConsolidated 5,206 147,459Separate Separate 169,763 ConsolidatedConsolidatedConsolidated SeparateSeparateSeparate financialConsolidated statements financialSeparate statements financialfinancialfinancialfinancialConsolidatedConsolidated statements statements statements statements financial financialfinancialfinancial SeparatestatementsSeparate statements statements statements Other receivables - related parties 2018financialConsolidated statements 2017 financial2018 Separate statements 2017 OtherOtherOther Other receivable receivable receivable receivables -s related s- -relateds related - related parties parties parties parties 20182018financial2018financial 2018 statements statements2017 20172017 2017 2018 2018financial2018financial 2018 statements statements2017 20172017 2017 Other receivables - related parties financial2018 statements 2017(in thousand Bafinancial2018ht) statements 2017 OtherOther receivable receivables s- -related related parties parties 20182018 (in(in 2017thousand(in2017 thousand(in thousand thousand Ba Baht) Baht) 2018 Baht)2018 ht) 20172017 OtherSubsidiaries receivable s - related parties 2018- 2017(in- thousand Ba201863,001ht) 2017 27 SubsidiariesSubsidiariesSubsidiaries Subsidiaries ------(in -(in thousand- thousand 63,001 63,001Ba 63,001Ba ht)63,001ht) 27 27 27 27 OtherSubsidiaries related parties 2,601- (in- 10 thousand Ba63,001ht)- - 27 OtherOtherOtherSubsidiariesSubsidiaries Otherrelated related related related parties parties parties parties 2,6012,6012,601- 2,601 - 10 10- 10- 10 -63,001 63,001------27 - 27 SubsidiariesTotalOther related parties 2,6012,601- - 10 10 63,00163,001- - 27 27 TotalTotalTotalOtherOther Total related related parties parties 2,6012,6012,6012,601 2,601 10 10 10 10 10 63,00163,00163,001 63,001- - 27 27- 27- 27 OtherTotal related parties 2,6012,601 10 10 63,001- - 27 TotalTotal 2,6012,601 10 10 63,00163,001 27 27 Total 2,601 10 63,001 27

33 3333 33 33 33 3333 33 Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 63 WorkpointWorkpoint EntertainmentEntertainment PublicPublic CompanyCompany LimitedLimited andand itsits SubsidiariesSubsidiaries NotesWorkpoint to the financial Entertainment statements Public Company Limited and its Subsidiaries NotesWorkpoint to the financial Entertainment statements Public Company Limited and its Subsidiaries ForForNotes thethe to yearyear the endedfinancialended 3131 statementsDecembeDecemberr 20182018 Notes to the financial statements For the year ended 31 December 2018 For the year ended 31 December 2018

Consolidated Separate

Consolidated Separate Long-term loans to and interest receivable financial statements financial statements Long -term loans to and interest receivable financialConsolidated statements financialSeparate statements from related parties 2018 2017 2018 2017 Long from- termrelated loans part toies and interest receivable 2018financialConsolidated statements2017 2018financial Separate statements 2017 (in thousand Baht) Long from-term related loans part to iesand interest receivable financial2018 statements 2017(in thousand Baht)financial2018 statements 2017 Subsidiaries - - 1,420,506 1,089,418 Subsidiar from relatedies parties 2018- 2017(in- thousand 1,420,506 Baht)2018 1,089,4182017 Related persons 51,695 - - - Related Subsidiar personsies 51,695- (in-- thousand 1,420,506 Baht)- 1,089,418- Total 51,695 - 1,420,506 1,089,418 TotalSubsidiarRelated personsies 51,69551,695- -- 1,420,506- 1,089,418- RelatedTotal persons 51,69551,695 -- 1,420,506- 1,089,418- Total 51,695 - 1,420,506 1,089,418 AsTotal at 31 December 2018, long-term loans to subsidiaries51,695 bear interest- at the rate1,420,506 of MLR -1.5 % per1,089,418 annum As at 31 December 2018, long-term loans to subsidiaries bear interest at the rate of MLR-1.5% per annum (2017: MLR - 1.5% per annum), and long-term loans to related persons bear interest at the rate of 7.5% (As201 at7: 31 MLR December - 1.5% 201per8 annum, long-term), and loans long to-term subsidiaries loans to bearrelated interest persons at the bear rate interest of MLR at -the1.5 %rate per of annum 7.5% per annum (2017: nil). perAs(20 atannum1 731: MLR December (2017 - 1.5%: nil 201 )per. 8, annumlong-term), and loans long to- termsubsidiaries loans to bear related interest persons at the bear rate interest of MLR at-1.5 the% rate per ofannum 7.5%

(per201 annum7: MLR (2017 - 1.5%: nil per). annum), and long-term loans to related persons bear interest at the rate of 7.5% Movements during the years ended 31 December of long-term loans to and interest receivable from Movementsper annum (2017 during: nil the). years ended 31 December of long-term loans to and interest receivable from related parties were as follows: related Movements parties during were asthe follows: years ended 31 December of long-term loans to and interest receivable from

Movementsrelated parties during were theas follows: years ended 31 December of long-term loans to and interest receivable from Consolidated Separate related parties were as follows: Consolidated Separate financial statements financial statements financialConsolidated statements financialSeparate statements For the year ended 31 December 2018 2017 2018 2017 Fo r the year ended 31 December 2018financialC onsolidated statements2017 2018financial Separate statements 2017 (in thousand Baht) For the year ended 31 December financial2018 statements 2017(in thousand Baht)financial2018 statements 2017 Long-term loans LongFo r the-term year loans ended 31 December 2018 2017(in thousand Baht)2018 2017 Subsidiaries Subsidiaries Long-term loans (in thousand Baht) At 1 January - - 1,077,690 983,815 AtLongSubsidiaries 1 January-term loans - - 1,077,690 983,815 Increase - - 447,650 463,310 IncreaseSubsidiariesAt 1 January -- - - 1,077,690447,650 463,983,815310 Decrease - - (125,925) (369,435) DecreaseAtIncrease 1 January -- - - 1,077,690(125,925)447,650 (369,435)983,815463,310 At 31 December - - 1,399,415 1,077,690 AtIncreaseDecrease 31 December -- - - 1,399,415(125,925)447,650 1,077,690(369,435)463,310 Decrease - - (125,925) (369,435) At 31 December - - 1,399,415 1,077,690 Joint ventures JointAt 31 venturesDecember - - 1,399,415 1,077,690 At 1 January - - - - At Joint 1 January ventures - - - - Increase 137,000 3,500 - - IncreaseJointAt 1 Januaryventures 137,000- 3,500 - -- -- Decrease (137,000) (3,500) - - DecreaseAtIncrease 1 January (137,000)137,000- (3,500)3,500- -- -- At 31 December - - - - AtIncreaseDecrease 31 December (137,000)137,000- (3,500)3,500- -- -- Decrease (137,000) (3,500) - - At 31 December - - - - Related persons RelatedAt 31 December persons - - - - At 1 January - 1,500 - 1,500 At Related 1 January pers ons - 1,500 - 1,500 Increase 51,500 - - - IncreaseRelatedAt 1 January pers ons 51,500- 1,500- -- 1,500- Decrease - (1,500) - (1,500) DecreaseAtIncrease 1 January 51,500- (1,500)1,500 - -- (1,500)1,500- At 31 December 51,500 - - - AtIncreaseDecrease 31 December 51,500- (1,500)-- -- (1,500)- Decrease - (1,500) - (1,500) At 31 December 51,500 - - - Total long-term loans TotalAt 31 longDecember-term loans 51,500 - - - At 1 January - 1,500 1,077,690 985,315 At Total 1 January long-term loans - 1,500 1,077,690 985,315 Increase 188,500 3,500 447,650 463,310 IncreaseTotalAt 1 January long -term loans 188,500- 3,5001,500 1,077,690447,650 463,985,315310 Decrease (137,000) (5,000) (125,925) (370,935) DecreaseAtIncrease 1 January (137,000)188,500- (5,000)1,5003,500 1,077,690(125,925)447,650 (370,935)985,315463,310 At 31 December 51,500 - 1,399,415 1,077,690 AtIncreaseDecrease 31 December (137,000)188,50051,500 (5,000)3,500- 1,399,415(125,925)447,650 1,077,690(370,935)463,310 Decrease At 31 December (137,000)51,500 (5,000)- 1,399,415(125,925) 1,077,690(370,935) At 31 December 51,500 - 1,399,415 1,077,690 At 31 December 51,500 - 1,399,415 1,077,690

34 34 34 34 Annual Report 2018 64 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries NotesWorkpoint to the financial Entertainment statements Public Company Limited and its Subsidiaries ForNotes the to year the financialended 31 statements December 2018 For the year ended 31 December 2018

Consolidated Separate financialConsolidated statements financialSeparate statements Fo r the year ended 31 December financial2018 statements 2017 financial2018 statements 2017 For the year ended 31 December 2018 2017(in thousand Baht)2018 2017 Interest receivable from long-term loans (in thousand Baht) SubsidiariesInterest receivable from long-term loans AtSubsidiaries 1 January - - 11,728 7,531 IncreaseAt 1 January - - 58,14711,728 50,3737,531 DecreaseIncrease - - (48,784)58,147 (46,176)50,373 AtDecrease 31 December - - (48,784)21,091 (46,176)11,728 At 31 December - - 21,091 11,728 Joint ventures AtJoint 1 January ventures - - - - IncreaseAt 1 January 1,093- - 35 - - DecreaseIncrease (1,093)1,093 (35) 35 - - AtDecrease 31 December (1,093)- -(35) - - At 31 December - - - - Related persons AtRelated 1 January persons - - - - IncreaseAt 1 January 195- - 30 - - 30 DecreaseIncrease 195- (30) 30 - (30) 30 AtDecrease 31 December 195- -(30) - - (30) At 31 December 195 - - - Total interest receivable from Total long interest-term loans receivable from At long 1 January-term loans - - 11,728 7,531 IncreaseAt 1 January 1,288- - 65 58,14711,728 50,4037,531 DecreaseIncrease (1,093)1,288 (65) 65 (48,784)58,147 (46,206)50,403 AtDecrease 31 December (1,093)195 -(65) (48,784)21,091 (46,206)11,728 At 31 December 195 - 21,091 11,728 D eposits - related parties SubsidiarDeposits -ies related parties - - 5,683 5,683 Subsidiaries - - 5,683 5,683 Trade accounts payable - related parties SubsidiariesTrade accounts payable - related parties - - 68 195 JointSubsidiaries ventures 3,429- - -68 195- OtherJoint ventures related parties 2,0473,429 4,306- - - RelatedOther related persons parties 2,2182,047 3,0754,306 - - 10 TotalRelated persons 7,6942,218 7,3813,075 -68 20510 Total 7,694 7,381 68 205 Other payable - related parties SubsidiariesOther payable - related parties - - - 2 OtherSubsidiaries related parties - - 90 - 90 2 RelatedOther rel personsated parties - 21 3,754 90 - 3,75490 TotalRelated persons 21 3,8443,754 - 3,8463,754 Total 21 3,844 - 3,846

35 35

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 65 WorkpointWorkpoint Entertainment Entertainment Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries WorkpointWorkpointWorkpoint Entertainment EntertainmentEntertainment Public PublicPublic Company CompanyCompany Limited LimitedLimited and andand its itsits Subsidiaries SubsidiariesSubsidiaries NotesNotes to to the the financial financial statements statements NotesNotesNotes to toto the thethe financial financialfinancial statements statementsstatements ForFor the the year year ended ended 31 31 Decembe Decemberr 20182018 ForForFor the thethe year yearyear ended endedended 31 3131 Decembe DecembeDecemberrr 2018 20182018

Significant agreements with related parties SignificantSignificant agreements agreements with with related related parties parties SignificantSignificantSignificant agreements agreementsagreements with withwith related relatedrelated parties partiesparties

1) The Company entered into agreements with subsidiaries to provide office services. The 1)1) TheThe CompanyCompany enteredentered intointo agreementsagreements withwith subsidiariessubsidiaries toto provideprovide officeoffice services.services. TheThe 1)1)1) ThecounterpartyTheThe CompanyCompanyCompany has enteredenteredaentered right to intointo intoterminate agreementsagreementsagreements the agreement withwithwith subsidiariessubsidiaries subsidiariesby giving advance tototo provideprovideprovide written officeofficeoffice notice services. services.services.of 60 days. TheTheThe counterpartycounterparty has has a a right right to to terminate terminate the the agreement agreement by by giving giving advance advance written written notice notice of of 60 60 days. days. counterpartycounterpartycounterparty has hashas a aa right rightright to toto terminate terminateterminate the thethe agreement agreementagreement by byby giving givinggiving advance advanceadvance written writtenwritten notice noticenotice of ofof 60 6060 days. days.days.

2) The Company entered into agreements with subsidiaries to provide supporting services. The 2)2) TheThe CompanyCompany enteredentered intointo agreementsagreements withwith subsidiariessubsidiaries toto provideprovide supporsupportingting servicesservices. . TheThe 2)2)2) ThecounterpartyTheThe CompanyCompanyCompany has enteredentered entereda right tointointointo terminate agreementsagreementsagreements the agreement withwithwith subsidiariessubsidiariessubsidiaries by giving toto toadvance provideprovideprovide written supporsupporsuppor noticetingtingting servicesservicesofservices 7 days... . TheThe The counterpartycounterparty has has a a right right to to terminate terminate the the agreement agreement by by giving giving advance advance written written notice notice of of 7 7 da days.ys. counterpartycounterpartycounterparty has hashas a aa right rightright to toto terminate terminateterminate the thethe agreement agreementagreement by byby giving givinggiving advance advanceadvance written writtenwritten notice noticenotice of ofof 7 77 da dadays.ys.ys.

3) The Company entered into agreements with subsidiaries to provide management services. The 3)3) TheThe CompanyCompany enteredentered intointo agreementsagreements withwith subsidiariessubsidiaries toto provideprovide managementmanagement services.services. TheThe 3)3)3) ThecounterpartyTheThe CompanyCompanyCompany has enteredenteredentered a right intointotointo terminate agreementsagreementsagreements the agreement withwithwith subsidiariessubsidiariessubsidiaries by giving tototo a provideprovide providewritten managementnotice.managementmanagement services.services.services. TheTheThe counterpartycounterparty has has a a right right to to terminate terminate the the agreement agreement by by giving giving a a written written notice. notice. counterpartycounterpartycounterparty has hashas a aa right rightright to toto terminate terminateterminate the thethe agreement agreementagreement by byby giving givinggiving a aa written writtenwritten notice. notice.notice.

5 Cash and cash equivalents 55 CashCash and and cash cash equivalents equivalents 555 Cash CashCash and andand cash cashcash equivalents equivalentsequivalents

Consolidated Separate ConsolidatedConsolidated SeparateSeparate financialConsolidatedConsolidatedConsolidated statements financialSeparateSeparateSeparate statements financialfinancial statements statements finfinancialancial statements statements financialfinancialfinancial2018 statements statementsstatements 2017 finfinfin2018ancialancialancial statements statements statements2017 20182018 20172017 20182018 20172017 201820182018 2017(in20172017 thousand Baht)201820182018 201720172017 (in(in thousand thousand Baht) Baht) Cash on hand 160 (in(in(in thousand thousand184thousand Baht) Baht)Baht) 40 53 CashCash on on hand hand 160160 184184 40 40 53 53 CashCashCash onat onon bank hand handhand - current accounts 160483160160 184382184184 2034040 40 1425353 53 CashCash at at bank bank - -current current accounts accounts 483483 382382 203203 142142 CashCashCash at atat bank bankbank - - - currentsaving currentcurrents accounts accountsaccounts 1,417, 483646483483 1,334,044382382382 604,997203203203 977,571142142142 CashCash at at bank bank - -saving savingss accounts accounts 1,417, 1,417,646646 1,334,0441,334,044 604,997604,997 977,571977,571 CashTotalCashCash at atat bank bankbank - - - saving savingsavingsss accounts accountsaccounts 1,417, 1,417, 1,417,646646646 1,334,0441,334,0441,334,044 604,997604,997604,997 977,571977,571977,571 TotalTotal 1,418,289 1,418,289 1,334,6101,334,610 60605,2405,240 977,766977,766 TotalTotalTotal 1,418,289 1,418,289 1,418,289 1,334,6101,334,6101,334,610 6060605,2405,2405,240 977,766977,766977,766

6 Current investments 66 CurrentCurrent investments investments 666 Current CurrentCurrent investments investmentsinvestments

Consolidated Separate ConsolidatedConsolidated SeparateSeparate financialConsolidatedConsolidatedConsolidated statements financialSeparateSeparateSeparate statements financialfinancial statements statements financialfinancial statements statements financialfinancialfinancial2018 statements statementsstatements 2017 financialfinancialfinancial2018 statements statements statements2017 20182018 20172017 20182018 20172017 201820182018 (in201720172017 thousand Baht)201820182018 201720172017 (in(in thousand thousand Baht) Baht) Short -term deposits at financial institutions 152,664 (in252,638(in(in thousand thousand thousand Baht) 152,664Baht)Baht) 252,638 ShortShort-term-term deposits deposits at at financial financial institutions institutions 152,664152,664 252,638252,638 152,664152,664 252,638252,638 ShortEquityShortShort--term-term termsecurities deposits depositsdeposits he ld at atat for financial financialfinancial trading institutions institutionsinstitutions 152,664411,40152,664152,6647 252,638306,642252,638252,638 152,664411,40152,664152,664 7 252,638306,642252,638252,638 EquityEquity securities securities he heldld for for trading trading 411,40411,4077 306,642306,642 411,40411,40 77 306,642306,642 EquityTotalEquityEquity securities securitiessecurities he heheldldld for forfor trading tradingtrading 411,40564,07411,40411,407177 306,642559,280306,642306,642 411,40564,07411,40411,40 7177 306,642559,280306,642306,642 TotalTotal 564,07564,0711 559,280559,280 564,07564,07 11 559,280559,280 TotalTotalTotal 564,07564,07564,07111 559,280559,280559,280 564,07564,07564,07 111 559,280559,280559,280

Short-term deposits at financial institutions ShortShort--termterm deposits deposits at at financial financial institutions institutions Short ShortShort--term-termterm deposits depositsdeposits at atat financial financialfinancial institutions institutionsinstitutions

As at 31 December 2018, fixed deposits at financial institutions of the Group have interest rates of AsAs atat 3131 DecemberDecember 20120188, , fixedfixed depositsdeposits atat financialfinancial institutionsinstitutions ofof thethe GroupGroup havehave interestinterest ratesrates ofof As1.00AsAs at at%at 31 31to31 December 1.DecemberDecember90% per annum201 201201888,, , fixed fixed(fixed201 7 deposits deposits:deposits 1.00% atto atat 1.financial financialfinancial50% per institutions institutions institutionsannum). of ofof the thethe Group GroupGroup have havehave interest interestinterest rates ratesrates of ofof 1.001.00%% to to 1. 1.9900%% per per annum annum ( (20120177:: 1. 1.0000%% to to 1. 1.5500%% per per annum). annum). 1.00 1.001.00%%% to toto 1. 1.1.999000%%% per perper annum annumannum ( (201(201201777:: : 1. 1.1.000000%%% to toto 1. 1.1.555000%%% per perper annum). annum).annum).

Movements during the years ended 31 December of marketable equity securities were as follows: Movements Movements during during the the year yearss ended ended 31 31 December December of of marketable marketable equity equity securities securities were were as as follows: follows: Movements MovementsMovements during duringduring the thethe year yearyearsss ended endedended 31 3131 December DecemberDecember of ofof marketable marketablemarketable equity equityequity securities securitiessecurities were werewere as asas follows: follows:follows:

Consolidated Separate ConsolidatedConsolidated SeparateSeparate financialConsolidatedConsolidatedConsolidated statements financialSeparateSeparateSeparate statements financialfinancial statements statements financialfinancial statements statements financialfinancialfinancial2018 statements statementsstatements 2017 financialfinancialfinancial2018 statements statementsstatements 2017 20182018 20172017 20182018 20172017 201820182018 2017(in20172017 thousand Baht)201820182018 201720172017 (in(in thousand thousand Baht) Baht) Equity securities held for trading (in(in(in thousand thousandthousand Baht) Baht) Baht) EquityEquity securities securities held held for for trading trading EquityAtEquityEquity 1 January securities securitiessecurities held heldheld for forfor trading tradingtrading 306,642 203,297 306,642 203,297 AtAt 1 1 January January 306,642306,642 203,297203,297 306,642306,642 203,297203,297 AtAcquisitionAtAt 1 11 January JanuaryJanuary of investments 306,642100,000306,642306,642 203,297453,074203,297203,297 306,642100,000306,642306,642 203,297453,074203,297203,297 AcquisitionAcquisition of of investments investments 100,000100,000 453,074453,074 100,000100,000 453,074453,074 AcquisitionDisposalAcquisitionAcquisition of investmentsof ofof investments investmentsinvestments 100,000100,000100,000- (350,071)453,074453,074453,074 100,000100,000100,000 - (350,071)453,074453,074453,074 DisposalDisposal of of investments investments -- (350,071)(350,071) - - (350,071)(350,071) DisposalAdjustmentDisposalDisposal of ofof investments oninvestmentsinvestments fair value measurement 4,76-- - 5 (350,071)(350,071)(350,071)342 4,76- - - 5 (350,071)(350,071)(350,071)342 AdjustmentAdjustment on on fair fair value value measurement measurement 4,764,7655 342 342 4,764,76 55 342 342 AdjustmentAdjustmentAdjustment on onon fair fairfair value valuevalue measurement measurementmeasurement 4,764,764,76555 342342 342 4,764,764,76 555 342342 342 AtAt 31 31 December December 411,40411,4077 306,642306,642 411,40411,40 77 306,642306,642 AtAtAt 31 3131 December DecemberDecember 411,40411,40411,40777 306,642306,642306,642 411,40411,40411,40 777 306,642306,642306,642

3636 363636

Annual Report 2018 66 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

7 Trade accounts receivable

Consolidated Separate financial statements financial statements Note 2018 2017 2018 2017 (in thousand Baht) Related parties: 4 Trade accounts receivable 2,724 6,277 147,459 169,763 Accrued income - 535 - - 2,724 6,812 147,459 169,763 Other parties: Trade accounts receivable 327,214 402,674 73 7 1,502 Accrued income 59,989 123,062 - 167 387,203 525,736 73 7 1,669

Total 389,927 532,548 148,19 6 171,432 Less allowance for doubtful accounts (12,758) (12,950) (562) (932) Net 377,169 519,598 147,63 4 170,500

(Reversal of) bad and doubtful debt expense for the year (192) 5,908 (37 0) 1,727

Aging analyses for trade accounts receivable are as follows:

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Related parties Accrued income - 535 - - Within credit terms 1,118 3,162 52,596 143,389 Overdue: Less than 3 months - 1,509 94,863 26,374 Over 12 months 1,606 1,606 - - 2,724 6,812 147,459 169,763 Less allowance for doubtful accounts (1,606) (1,606) - - 1,118 5,206 147,45 9 169,763

Other parties Accrued income 59,989 123,062 - 167 Within credit terms 224,298 265,260 80 135 Overdue: Less than 3 months 75,915 119,080 14 295 3 - 6 months 10,103 4,417 - - 6 - 12 months 5,950 2,332 81 6 Over 12 months 10,948 11,585 562 1,066 387,203 525,736 73 7 1,669 Less allowance for doubtful accounts (11,152) (11,344) (562) (932) 376,051 514,392 17 5 737 Net 377,169 519,598 147,63 4 170,500

The normal credit term granted by the Group ranges from 7 days to 90 days.

37

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 67 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

8 Inventories

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Television programs and television programs under production 63,698 148,735 94 - Merchandise for sales 61,618 30,273 22,986 25,187 Total 125,316 179,008 23,080 25,187 Less allowance for decline in value of inventories (12,470) (9,488) (8,218) (6,863) Net 112,846 169,520 14,862 18,324

Inventories recognised as an expense in cost of sales of goods - Cost 2,228,187 1,737,820 175,997 125,115 - Write-down to net realisable value 24,958 5,355 20,540 3,619 - Reversal of write-down (21,976) (1,897 ) (19,185) (1,780) Net 2,231,169 1,741,278 177,352 126,954

9 Investments in joint ventures

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) At 1 January 23,315 36,097 900 1,050 Share of loss of investments in joint ventures (41,457) (12,8 39) - - Acquisitions 60,500 7,455 - - Dividend income - (1,200) - - Return of capital (11,400) (965) (450) - Allowance for impairment - (5,233) - (150) At 31 December 30,958 23,315 450 900

38

Annual Report 2018 68 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

During the years ended 31 December 2018 and 2017, there were the following acquisitions and disposals of investments in joint ventures:

Acquisition of investment

Joint Ventures Description Amount (in thousand Baht) For the year ended 31 December 2018 Joint Venture “Funn 1) In June 2018, the Group acquired an investment of 50% Corporation” interest of issued and paid-up capital. 500 2) In September, November and December 2018, the Group additionally acquired an investment, which had no effect on the Group’s ownership interest. 52,500

Joint Venture “Bike In September 2018, the Group acquired an investment of 30% Man” interest of issued and paid-up capital. 7,500

For the year ended 31 December 2017 Joint Venture In January 2017, the Company additionally acquired an “Thailand Only” investment of 33.33% interest of issued and paid-up capital. 7,455

Return of capital

Joint Ventures Description Amount (in thousand Baht) For the year ended 31 December 2018 Joint Venture In December 2018, the Company has received return of “Work Right” capital, which had no effect on the Company’s ownership interest. 450

Joint Venture “MM In November 2018, the Group has received return of capital, & TK2” which had no effect on the Group’s ownership interest. 500

Joint Venture In February and September 2018, the Group has received “Thailand Only” return of capital, which had no effect on the Group’s ownership interest. 6,700

Joint Venture “Bike In December 2018, the Group has received return of capital, Man” which had no effect on the Group’s ownership interest. 3,750

For the year ended 31 December 2017 Joint Venture In February 2017, the Group has received return of capital, Workpoint“YAK” Entertainmentupon Publicthe joint ventureCompany liquidation. Limited and its Subsidiaries 465

NotesJo toint the Venture financial statementsIn November 2017, the Group has received return of capital, For the“TNC” year ended 31 Decembewhichr had2018 no effect on the Group’s ownership interest. 500

Allowance for impairment

During the year ended 31 December 2017, the Group has set up allowance for impairment in FWR Co., Ltd amounting to Baht 5.21 million, Joint Venture “WSS” amounting to Baht 0.02 million in consolidated financial statements. The Company has set up allowance for impairment in Joint Venture “WSS” amounting to Baht 0.15 million in separate financial statements. 39

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 69

40

86 - - - et 863 533 n

3,087 6,446 2017 -

12,300 23,315

86 - -

- et

863 533 n

3,087 6,446

2017 - 1 4 5

12,300 23,315

8 - 519 309 29 52

At equity At 6,638 6,893

2018

15,699 30,958 1 4 5

8 -

519 309 29 52

At equity At 6,638 6,893 2018

15,699 30,958

------

(22)

2017

(5,211) (5,233)

------

(22)

2017

(5,211) (5,233)

------

(22) Impairment

2018

(5,211) (5,233)

------(22)

Impairment

2018 (5,211) (5,233)

22 86

- -

863 533

3,087 6,446

2017

17,511 28,548

22 86

- - 863 533

3,087 6,446 2017

17,511 28,548

4 5 Equity

22 8

519 309 291 52

0,910 6,638 6,893 4 5 Equity 2018

22 8 2 36,191 (in thousand Baht) thousand (in 519 309 291 52

0,910 6,638 6,893 2018

2 36,191 follows: were as (in thousand Baht) thousand (in

-

- - 150 900 866

were as follows: were as

8,550 7,455

2017

27,000 44,921 - - - 150 900 866

8,550 7,455

2017

27,000 44,921

Cost

- 150 450 866 755

Cost

Consolidated financial statements

8,050 3,750

2018 - 27,000 53,000 94,021 150 450 866 755

Consolidated financial statements 8,050 3,750 years then ended, then ended, years 2018

27,000 53,000 94,021

years then ended, then ended, years

- - -

the

450

1,800 1,733 2017 the - - -

17,100 90,000 22,365 450

1,800 1,733

2017

17,100 90,000 22,365

up capitalup

- 41

65 00

-

up capitalup 450 900 2 5

- 41 ,100 ,

Paid 65 00 6 1,733 2, - 2018

450 900 2 5 1 90,000 12 ,100 , 106,000 Paid 6 1,733 2,

2018

1 90,000 12

106,000

- -

2017

33.33 50.00 50.00 50.00 50.00 30.00 33.33 - -

2017

and dividend income for income and dividend 33.33 50.00 50.00 50.00 50.00 30.00 33.33

(%) 7 and dividend income for income and dividend

(%) 7

.00 3.33

2018 .00 3 50.00 50 50.00 50.00 30.00 33.33 50.00 30.00 3.33 Ownership interest 2018 3 50.00 50 50.00 50.00 30.00 33.33 50.00 30.00 and 201

Ownership interest 8 and 201

8

201 201 on

on

ember

ember

Dec

Type of business of Type 31 Dec Type of business of Type 31 production “First love” marketing in domestic and foreign My “Oh production Ghost” productimovie “Teng Nhong Cat A Wabb” amusement park and exhibition production “Thailand Only” concert production Man” “Bike at

“Teng Nhong Cat A production “First love” marketing in domestic and foreign My “Oh production Ghost” productimovie Wabb” amusement park and exhibition production “Thailand Only” concert production Man” “Bike at Jointly investedJointly for movie investedJointly for events liquidationOn process investedJointly for movie investedJointly for InvestedJointly for investedJointly for movie investedJointly for investedJointly for movie r 2018 r

Jointly investedJointly for movie investedJointly for events liquidationOn process investedJointly for movie investedJointly for InvestedJointly for investedJointly for movie investedJointly for investedJointly for movie

r 2018 r as 2

as

2

2 1

2 ” 1

4

” 2 4

” 2 ”

1 2

1 2

joint ventures

joint ventures 3

3

3

3

“Bike Man

“Bike Man

1

1

int Venture int “Thailand Only” Fresh Air” Fresh Corporation” int Venture int “Thailand Only” Fresh Air” Fresh Corporation” Joint ventures Joint Venture “TNC” FWR Co., Ltd. Jo Joint Venture “Funn Joint Venture Total Joint Venture “WSS” Joint Venture “Work Right” Joint Venture “Workpoint Joint Venture “MM TK& Joint ventures Joint Venture “TNC” FWR Co., Ltd. Jo Joint Venture “Funn Joint Venture Total Investments in Investments Joint Venture “WSS” Joint Venture “Work Right” Joint Venture “Workpoint Joint Venture “MM TK& Investments in Investments the year ended 31 Decembe the the year ended 31 Decembe the

Annual Report 2018 Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 70 WORKPOINT ENTERTAINMENT PCL

- - 900 900

2017 net

- - - 900 900

2017 net

-

At cost At - - 450 450

2018

At cost At - - 450 450

2018

- -

(150) (150) 2017

- -

(150) (150) 2017

Impairment

- -

(150) (150) 2018

Impairment

- - (150) (150) 2018

-

150 900 2017

(in thousand Baht) thousand (in 1,050 -

150 900 2017 (in thousand Baht) thousand (in

1,050

ncial statements Cost

ncial statements Cost

-

150 450 600

2018

- 150 450 600 2018

Separate fina

Separate fina -

450

2017 1,800 - 450

2017 1,800

up capitalup

-

up capitalup

-

00

- Paid 450 9

42

2018 00 - Paid 450 9

42 2018

2017 33.33 50.00 50.00

2017 33.33 50.00 50.00

(%)

(%)

3.33

2018 3 50.00 50.00 Ownership interest 3.33 2018 3 50.00 50.00 Ownership interest

.

.

Type of business of Type ntly invested for ntly movie Type of business of Type production “First love” marketing in domestic and foreign

ntly invested for ntly movie

production “First love” marketing in domestic and foreign Joi investedJointly for events liquidationOn process r 2018 r

Joi investedJointly for events liquidationOn process r 2018 r

1

1

gkok Exhibition Co., Ltd Co., Exhibition gkok gkok Exhibition Co., Ltd Co., Exhibition gkok

1

Thai Broadcasting Co., Ltd. Co., Thai Broadcasting 1

Thai Broadcasting Co., Ltd. Co., Thai Broadcasting

1

1 re “Workpoint

re “Workpoint of the Group’s and the Company’s joint ventures are publicly listed and consequently do not have published price quotations. price published have do not and consequently listed are publicly joint ventures Company’s the and the Group’s of

of the Group’s and the Company’s joint ventures are publicly listed and consequently do not have published price quotations. price published have do not and consequently listed are publicly joint ventures Company’s the and the Group’s of

Fresh Air” Fresh Joint invested by the Company by invested Joint Ltd. Co., Pictures Workpoint by invested Joint Ban by invested Joint Joint invested by Fresh Air” Fresh Joint ventures Total Joint Venture “WSS” Joint Venture “Work Right” Joint Ventu Joint invested by the Company by invested Joint Ltd. Co., Pictures Workpoint by invested Joint Ban by invested Joint Joint invested by None Thailand. in incorporated were joint ventures All 1 2 3 4

Joint ventures Total Joint Venture “WSS” Joint Venture “Work Right” Joint Ventu 1 2 3 4 Thailand. in incorporated were joint ventures All None the year ended 31 Decembe the the year ended 31 Decembe the

Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For WORKPOINT ENTERTAINMENT PCL 71 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements Notes to the financial statements For the year ended 31 December 2018

Joint Ventures

The following table summarises the financial information of the joint venture as included in its own financial statements, adjusted for fair value adjustments at acquisition date and differences in accounting policies. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in these companies.

Joint Venture Joint Venture FWR Co., Ltd. Bike Man FWR Co., Ltd. “Funn Corporation” “Bike Man” 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 (in thousand Baht) (in thousand Baht) Statement of comprehensive

income Revenue Revenue 35,437 156,984 37,181 - 67,459 -

Total comprehensive income (100%) 11,330 (38,533) (92,723) - 10,475 - Group’s share of total comprehensive income 3,399 (11,560) (46,362) - 3,142 -

Statement of financial

position Current assets 30,685 42,357 21,955 - 34,436 - Non-current assets 39,607 61,037 926 - 5,521 - Current liabilities (593) (44,805) (9,605) - (16,982) - Non-current liabilities - (22 1) - - - - Net assets (100%) 69,699 58,368 13,276 - 22,975 -

Carrying amount of interest in joint venture 20,910 17,511 6,638 - 6,893 -

Immaterial joint ventures

The following is summarised financial information for the Group’s interest in immaterial joint ventures based on the amounts reported in the Group’s consolidated financial statements.

Immaterial joint venture 2018 2017 (in thousand Baht) Carrying amount of interests in immaterial joint ventures Carrying amount of interests in immaterial joint ventures 1,750 11,037 Group’s share of total comprehensive income Group’s share of total comprehensive income (1,636) (1,267)

43

Annual Report 2018 72 WORKPOINT ENTERTAINMENT PCL WorkpointWorkpoint Entertainment Entertainment Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries Notes to the financial statements NotesNotes to to the the financial financial statements statements For the year ended 31 Decembe r 2018 ForFor the the year year ended ended 31 31 Decembe December r2018 2018

10 Investments in subsidiaries 1010 InvestmentsInvestments in in subsidiaries subsidiaries

Separate SeparateSeparate financial statements financialfinancial statements statements 2018 2017 20182018 20172017 (in thousand Baht) (in(in thousand thousand Baht) Baht) At 1 January 1,369,508 757,466 AtAt 1 1January January 1,369,5081,369,508 757,466757,466 Acquisitions 233,750 604,731 AcquisitionsAcquisitions 233,750233,750 604,731604,731 Share-based payment 34,269 30,957 ShareShare-based-based payment payment 34,26934,269 30,95730,957 Return of capital - (23,068) ReturnReturn of of capital capital - - (23,068)(23,068) Disposals - (602) DisposalsDisposals - - (602)(602) Reversal of allowance for impairment - 28,195 ReversalReversal of of allowance allowance for for impairment impairment - - 28,19528,195 Write-off of investments - (28,171) WriteWrite-off-off of of investments investments - - (28,171)(28,171) At 31 December 1,637,527 1,369,508 AtAt 31 31 December December 1,637,5271,637,527 1,369,5081,369,508

During the year ended 31 December 2018 and 2017, there were the following acquisitions and DuringDuring the the year year ended ended 31 31 December December 2018 2018 and and 2017, 2017, there there were were the the followin following gacquisitions acquisitions and and disposals of investments in subsidiaries: disposalsdisposals of of investments investments in in subsidiaries: subsidiaries:

Acquisition of investment AcquisitionAcquisition of of investment investment

Subsidiaries Description Amount SubsidiariesSubsidiaries DescriptionDescription AmountAmount (in thousand Baht) (in(in thousand thousand Baht) Baht) For the year ended 31 December 2018 ForFor the the year year ended ended 31 31 December December 2018 2018 Thai Broadcasting In January 2018, the Company acquired an investment in ThaiThai Broadcasting Broadcasting InIn January January 2018, 2018, the the Company Company acquired acquired an an inve investmentstment in in Co., Ltd. additional ordinary shares of such subsidiary for Co.,Co., Ltd. Ltd. additionaladditional ordinaryordinary sharesshares ofof suchsuch subsidiarysubsidiary forfor 4,000,000 shares, at a price of Baht 100 per share. The 4,000,0004,000,000 shares, shares, at at a aprice price of of Baht Baht 100 100 per per share. share. The The Company paid for 25% paid-up share capital. This had no CompanyCompany paid paid for for 25% 25% paid paid-up-up share share capital. capital. This This had had no no effect on the Company’s ownership interest. 100,000 effecteffect on on the the Company’s Company’s ownership ownership interest. interest. 100100,000,000

Bangkok Exhibition In January and March 2018, the Company acquired an BangkokBangkok Exhibition Exhibition InIn JanuaryJanuary andand MarchMarch 2018,2018, thethe CompanyCompany acquiredacquired anan Co., Ltd. investment in additional ordinary shares of such subsidiary Co.Co., Ltd., Ltd. investmentinvestment in in additional additional ordinary ordinary shares shares of of such such subsidiary subsidiary for 800,000 shares, at a price of Baht 100 per share. This forfor 800,000 800,000 shares, shares, at at a aprice price of of Baht Baht 100 100 per per share. share. This This had no effect on the Company’s ownership interest. 80,000 hadhad no no effect effect on on the the Company’s Company’s ownership ownership interest. interest. 8080,000,000

Nanonesia Co., Ltd. 1) In March 2018, the Company paid the remaining of paid- NanonesiaNanonesia Co. Co., Ltd., Ltd. 1)1) In In March March 2018, 2018, the the Company Company paid paid the the remaining remaining of of paid paid- - up share capital of such subsidiary. 2,500 upup share share capital capital of of such such subsidiary. subsidiary. 2,2500,500 2) In April 2018, the Company acquired an investment in 2)2) In In April April 2018, 2018, the the Company Company acquired acquired an an investment investment in in additional ordinary shares of such subsidiary for 480,000 additionaladditional ordinary ordinary shares shares of of such such subsidiary subsidiary for for 480,000 480,000 shares, at a price of Baht 100 per share. The Company shares,shares, at at a aprice price of of Baht Baht 100 100 per per sha share.re. The The Company Company paid for 35.42% paid-up share capital. This had no effect paidpaid fo for r35.42% 35.42% paid paid-up-up share share capital. capital. This This had had no no effect effect on the Company’s ownership interest. 17,002 onon the the Company’s Company’s ownership ownership interest. interest. 1717,002,002 3) In August 2018, the Company paid the remaining of paid- 3)3) In In August August 2018, 2018, the the Company Company paid paid the the remaining remaining of of paid paid- - up share capital of such subsidiary. 30,998 upup share share capital capital of of such such subsidiary. subsidiary. 3030,998,998

BNK Production 1) In June 2018, the Company acquired an investment for BNKBNK Production Production 1)1) In In June June 2018, 2018, the the Company Company acquired acquired an an investment investment for for Co., Ltd. 20,000 ordinary shares, at a price of Baht 100 per share. Co.,Co., Ltd. Ltd. 20,00020,000 ordinary ordinary shares, shares, at at a aprice price of of Baht Baht 100 100 per per share. share. The Company paid for 25% paid-up share capital. 500 TheThe Company Company paid paid for for 25% 25% paid paid-up-up share share capital. capital. 500500 2) In August 2018, the Company paid the remaining of paid- 2)2) In In August August 2018, 2018, the the Company Company paid paid the the remaining remaining of of paid paid- - up share capital of such subsidiary. 1,500 upup share share capital capital of of such such subsidiary. subsidiary. 1,1500,500 3) In September 2018, the Company acquired an investment 3)3) In In September September 2018, 2018, the the Company Company acquired acquired an an investment investment in additional ordinary shares of such subsidiary for 50,000 inin additional additional ordinary ordinary shares shares of of such such subsidiary subsidiary for for 50,000 50,000 shares, at a price of Baht 100 per share. The Company shares,shares, at at a aprice price of of Baht Baht 100 100 per per share. share. The The Company Company paid for 25% paid-up share capital. This had no effect on paidpaid for for 25% 25% paid paid-up-up share share capital. capital. This This had had no no effect effect on on the Company’s ownership interest. 1,250 thethe Company’s Company’s owners ownershiphip interest. interest. 1,2501,250 44 4444

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 73 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Subsidiaries Description Amount (in thousand Baht) For the year ended 31 December 2017 Flagship In January 2017, the Company acquired an investment in Entertainment additional ordinary shares of such subsidiary for 9,999 Co., Ltd. shares, at a price of Baht 141.63 per share, increasing its 1,416 ownership interest from 50% to 75%.

Siam Ganesha Co., In January 2017, the Company paid the remaining of paid-up Ltd. share capital of such subsidiary. 156,315

Bangkok Exhibition In June 2017, the Company acquired an investment in Co., Ltd. additional ordinary shares of such subsidiary for 470,000 shares, at a price of Baht 100 per share. 47,000

Thai Broadcasting In June and July 2017, the Company acquired an investment Co., Ltd. in additional ordinary shares of such subsidiary for 4,000,000 shares, at a price of Baht 100 per share. 400,000

Return of capital

Subsidiaries Description Amount (in thousand Baht) For the year ended 31 December 2017 Flagship In February, August and November 2017, the Company Entertainment received cash from the capital reduction, which had no Co., Ltd effect on the Company’s ownership interest. 2,738

Workpoint Pictures In September 2017, the Company received cash from the Co., Ltd. capital reduction, which had no effect on the Company’s ownership interest. 19,000

Freesize In November 2017, the Company received cash from the Broadcasting capital reduction, which had no effect on the Company’s Co., Ltd. ownership interest. 1,330

Disposals of investment

Subsidiaries Description Amount (in thousand Baht) For the year ended 31 December 2017 Flagship In June 2017, the Company sold an investment in ordinary Entertainment shares of such subsidiary for 3,999 shares, at a price of Co., Ltd Baht 150.47 per share, reducing its ownership interest from 75% to 50% whilst retaining control over the subsidiary. 602

45

Annual Report 2018 74 WORKPOINT ENTERTAINMENT PCL

97 97

- - - - 6 6 ------2,950 3,000 2,950 3,000 2017 2017 743,337 743,337 749,984 749,984

------

97 3,240 3,240

- - 6 - - - 2018 2018 Dividend income Dividend income Dividend 195,810 195,810 192,570 192,570 2,950 3,000 2017

743,337 749,984

75 75

- -

------

7,390 7,390 2,034 2,034 2,400 2,400

3,240 11,408 11,408 80,225 80,225 2017 2017 2018 Dividend income Dividend 994,261 994,261 271,715 271,715 net net 195,810

192,570 - - 1,369,508 1,369,508

75

75 75 - At cost At cost At

7,390 2,034 2,400

8,226 8,226 2,636 2,636 3,250 3,250 11,408 80,225 2017 11,408 11,408 52,900 52,900 994,261 271,715 2018 2018 net

160,893 160,893 272,317 272,317 - 1,369,508 1,125,822 1,125,822 1,637,527 1,637,527

were aswere follows:

,

75

At cost At

------8,226 2,636 3,250 11,408 52,900

2018 160,893 272,317 ended 2017 2017 1,125,822 1,637,527

were aswere follows:

,

then then as, were follows: ended then

s s ------

Impairment Impairment ------ended 2017 year year

2018 2018 (in thousand(in Baht) thousand(in Baht)

then then

s r the r the

Impairment ------

fo fo

75 75

year 2018 - - (in thousand(in Baht) 7,390 7,390 2,034 2,034 2,400 2,400 11,408 11,408 80,225 80,225 2017 2017

994,261 994,261 271,715 271,715

r the 1,369,508 1,369,508

fo

75

Separate financial statements financial Separate statements financial Separate

Cost Cost

-

7,390 2,034 2,400

75 75 11,408 80,225 2017 994,261 271,715

8,226 8,226 2,636 2,636 3,250 3,250 1,369,508 11,408 11,408 52,900 52,900 2018 2018

160,893 160,893 272,317 272,317

Separate financial statements financial Separate Cost

1,125,822 1,125,822 1,637,527 1,637,527

75

8,226 2,636 3,250

46 46 11,408 52,900 2018 from those investments investments those from 200 200 from those investments investments those from

160,893 272,317 - - 2,000 2,000 2,500 2,500 1,125,822 1,637,527 12,000 12,000 11,000 11,000 77,000 77,000

2017 2017 950,000 950,000 280,000 280,000

46 from those investments investments those from 200

-

up capital up capital 2,000 2,500 - -

12,000 11,000 77,000

2017 950,000 280,000 200 200 2,000 2,000 6,500 6,500 Paid Paid

12,000 12,000 11,000 11,000 53,000 53,000 2018 2018

157,000 157,000 280,000 280,000

up capital - 1,050,000 1,050,000

200 quently do not have published price quotations. price published have do not quently quently do not have published price quotations. price published have do not quently 2,000 6,500 Paid 12,000 11,000 53,000

2018

157,000 280,000 and dividend income income dividend and 1,050,000

- -

7 2017 2017 quently do not have published price quotations. price published have do not quently 50.00 50.00 99.99 60.00 99.99 60.00 99.99 99.99 50.00 50.00 99.99 99.99 99.99 99.99 96.57 96.57

and dividend income income dividend and

- 7 (%) (%) 2017 50.00 99.99 60.00 99.99 50.00 99.99 99.99 96.57

and 201 and and dividend income income dividend 201 7 and and

8 1 (%) 2018 2018 50.00 50.00 99.99 60.00 99.99 60.00 99.99 99.99 50.00 50.00 99.99 99.99 99.99 99.99 96.57 96.57 50.00 50.00 Ownership interest Ownership interest Ownership

and 201 and

20

20 1 8

8 1

2018 50.00 99.99 60.00 99.99 50.00 99.99 99.99 96.57 50.00 Ownership interest Ownership

20

December

movies movies

31 of services of services of

December

at at 31 December movies

31 of services of

as as ion and production of of production ion and of production ion and Type of business of Type business of Type at ograms ograms programs programs rendering rendering stat television programs stat television programs organising services organising services pr pr as ion and production of of production ion and Type of business of Type Production of Production of television Production of television of Production sound record and Editing of Production and goods of Trading sound record and Editing and goods of Trading process liquidation On television broadcast Digital process liquidation On television broadcast Digital event Entertainment event Entertainment Theater management Production of television Theater management Production of television ograms programs rendering stat television programs organising services pr

Production of Production of television of Production sound record and Editing process liquidation On television broadcast Digital event Entertainment Theater management Production of television Trading of goods and and goods of Trading

Ltd. Ltd. Ltd. Ltd.

the year ended 31 December 2018 year ended 31 December the 2018 year ended 31 December the Ltd. Ltd.

the year ended 31 December 2018 year ended 31 December the Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Co., Co., Co., Co., by held 3.43% (and Television Tohgloam by held 3.43% (and Co., Ltd.) Television Tohgloam Co., Ltd.) Co., Ltd. Co., Ltd. Subsidiaries Television Tohgloam Subsidiaries Television Tohgloam Workpoint Pictures Workpoint Pictures Ltd. Co., Ground Nanonesia Ltd. Co., Ltd. Co., Ground Nanonesia Ltd. Co., Flagship Entertainment Flagship Entertainment Broadcasting Thai Broadcasting Thai ExhibitionBangkok ExhibitionBangkok Co., Ltd. Ganesha Siam Co., Ltd. Ganesha Siam ProductionBNK ProductionBNK Total Total Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes financial to the For statements Notes For in subsidiaries Investments in subsidiaries Investments inThailand. incorporated All were subsidiaries inThailand. incorporated All were subsidiaries and conse listed publicly are subsidiaries the Company’s of None and conse listed publicly are subsidiaries the Company’s of None Co., by held 3.43% (and Television Tohgloam Co., Ltd. Co., Ltd. Co., Ltd. Co., Co., Ltd.) Co., Ltd. Subsidiaries Television Tohgloam Workpoint Pictures Ltd. Co., Ground Nanonesia Ltd. Co., Flagship Entertainment Broadcasting Thai ExhibitionBangkok Co., Ltd. Ganesha Siam ProductionBNK Total Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For in subsidiaries Investments inThailand. incorporated All were subsidiaries and conse listed publicly are subsidiaries the Company’s of None Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 75

- -

- -

7,806

7,806 49,214 (10,729) (54,433) Total 49,214 216,127 223,335 (10,729) (54,433) Total (708,470) (122,470) (823,134) (141,748) (915,668) 216,127 223,335 (708,470) (122,470) (823,134) (141,748) (915,668) 1,717,577 1,922,975 2,091,877 1,717,577 1,922,975 2,091,877

------

------

- 8,255 7,834 2,776

(2,716) 8,255 7,834 2,776 and (2,716) and 108,250 129,638 (105,955) (134,696) 108,250 129,638

(105,955) (134,696) installation

construction Assets under installation construction Assets under

s

s

- -

500

- - 500

2,141 2,141 11,614 11,340 13,706 (76,091) (13,018) (89,109) (12,588) (87,991) 11,614 11,340 13,706 (14,576) 109,729 123,484 120,748 Vehicle (76,091) (13,018) (89,109) (12,588) (87,991) (14,576) 109,729 123,484 120,748 Vehicle

(4)

(4)

7,920 1,163 1,754 7,802 7,920 1,163 1,754 7,802 (1,765) (7,907) (9,585) Office 68,872 12,525 79,628 80,804 (1,765) (7,907) (9,585) Office 68,872 12,525 79,628 80,804 (43,636) (51,467) (10,901) (54,566) (43,636) (51,467) (10,901) (54,566) equipment

equipment

Baht)

Baht)

ls and 4,269 ls and 4,269 (4,411) 53,929 71,328 75,902 67,389 15,580 (4,411) 53,929 71,328 75,902 67,389 15,580 (18,424) (70,623) (86,042)

471,947 592,793 717,660 (18,424) (70,623) (86,042)

471,947 592,793 717,660 (223,882) (290,236) (360,698) Too equipment (223,882) (290,236) (360,698) Too equipment

(in thousand (in

(in thousand (in

,377

,377

7,184 1,374 6,639 8 1,753 4,190 7,184 1,374 6,639 8 1,753 4,190 (1,807) (4,214) (8,323) (9,736) and (1,807) (4,214) (8,323) (9,736) and Consolidated financial statements (83,773) (90,343) (95,889) 105,532 112,283 123,085 Consolidated financial statements (83,773) (90,343) (95,889) fixtures 105,532 112,283 123,085

fixtures Furniture

Furniture

47

47

,

,

30 30 (30)

(30)

utility 5,535 1,801 7,936 utility 5,535 1,801 7,936 (7,936) 21,643 45,473 (7,936) 21,643 45,473 (20,850) (22,259) 822,500 849,648 888,986 (20,850) (22,259) 822,500 849,648 888,986 building systems (279,054) (299,874) (314,197) Building building systems (279,054) (299,874) (314,197) and Building and mprovement mprovement i i

64

64 (71)

935 954 (71)

- - - - - 935 954 (222) - - - - - (222)

2,134 2,198 4,087 2,034)

2,134 2,198 4,087 2,034) ( (2,105) (2,327) ( (2,105) (2,327) Land Land

improvements

improvements

------

------

(1,376) Land 26,499 (1,376) Land 26,499 128,608 155,107 153,731 128,608 155,107 153,731

and and and and

Property, plant and equipment Property, Property, plant and equipment Property,

the year ended 31 December 2018 year ended 31 December the the year ended 31 December 2018 year ended 31 December the 1 January 2018 1 January 2018 1 January 1 January 2018 1 January 2018 1 January

Cost 1 JanuaryAt 2017 Additions Transfers Disposals At 312017 December Additions Transfers Disposals At 312018 December Depreciation and impairment losses 1 JanuaryAt 2017 Depreciation charge for the year Disposals At 312017 December Depreciation charge for the year Disposals At 312018 December Cost 1 JanuaryAt 2017 Additions Transfers Disposals At 312017 December Additions Transfers Disposals At 312018 December Depreciation and impairment losses 1 JanuaryAt 2017 Depreciation charge for the year Disposals At 312017 December Depreciation charge for the year Disposals At 312018 December Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 11 Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 11 Annual Report 2018 76 WORKPOINT ENTERTAINMENT PCL

33,339 29,473 80,637 Total 928,470 ,099,841 1,009,107 1,066,502 1 1,146,736 1,176,209

- - -

8,255 8,255 7,834 7,834 2,776 2,776 and installation construction Assets under

s

757 - -

14,428 19,210 33,638 34,375 34,375 32,757 32, Vehicle

- - -

25,236 25,236 28,161 28,161 26,238 26,238 Office equipment

Baht)

61,427 33,339 29,473 186,638 248,065 269,218 302,557 327,489 356,962

Tools and equipment

(in thousand (in

ure - - -

and 21,759 21,759 21,940 21,940 27,196 27,196 Consolidated financial statements fixtures Furnit

48

,

- - - utility

543,446 543,446 549,774 549,774 574,789 574,789 systems building Building and mprovement i

93 93

100 100

- - - 1,760 1,760

Land

improvements

- - -

Land

128,608 128,608 155,107 155,107 153,731 153,731

and

7

the year ended 31 December 2018 year ended 31 December the 1 January 2018 1 January Net book value 201 1 January At Owned assets Assets under leases finance At 312017 December Owned assets Assets under leases finance At 312018 December Owned assets Assets under leases finance Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 77

) ) )

2 3 3 1 2 2

70 - - ,68

38,00 50 31,426 48,637 47,849 (49,785) (49,12 (44,160) Total (122,391) (499,907) (500,39 (496, 1,309,709 1,2 1,219,64

------

3,244 1,071 2,702

31,290 20,110 and (33,463) (18,479) installation construction Assets under

s 796 367

(8,441) 11,614 11,290 17,929 14,951 86,812 83,209 (28,788) (15,260) (71,286) (10,340) (63,697) (57,187) 103,190 Vehicle

3

943

(943) 4,871 1,113 6,777 (6,816) (7,505) (8,555) Office 49,998 10,167 59,225 58,393 (30,078) (36,640) (38,418) equipment

Baht)

- - - -

(241) 8,597 (5,510) (7,458) 22,947 28,939 14,141 (91,818) (14,350) (44,787) (21,358) 114,765

Tools and equipment

(in thousand (in

424 291 826 (842)

Separate financial statement

2,617 3,806 4,113 tures (4,115) (5,197) (5,211) and 89,348 91,547 91,529 (75,617) (79,988) (81,086) fix Furniture

49

, 3

- -

7,867 5,749 1,337 4,831 utility (7,868) 21,422 (20,499) (21,490) 818,422 845,593 843,89 (276,105) (296,604) (310,227) building systems Building and mprovement i

) ) )

8 7 4 1 5 7 6 7

(

935 954 - - - - - (222)

2,134 2,19 4,08 (2,034) (2,10 (2,32 Land improvements

------

(1,376) Land 128,608 128,608 127,232

and and

the year ended 31 December 2018 year ended 31 December the 1 January 2018 1 January 2018 1 January Cost 1 JanuaryAt 2017 Additions Transfers Disposals At 312017 December Additions Transfers Disposals At 312018 December Depreciation and impairment losses 1 JanuaryAt 2017 Depreciation charge for the year Disposals At 312017 December Depreciation charge for the year Disposals At 312018 December Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 78 WORKPOINT ENTERTAINMENT PCL

9

9

74,780

Total 735,022 809,802 737,609 737,609 722,939 722,93 million million

74,780 : Baht : Baht Total 735,022 809,802 737,609 737,609 722,939 722,93 million million 7

: Baht 201 7 : Baht

378 (

201

378

(

Baht

-

Baht 3,244 3,244 1,071 1,071 2,702 2,702

- and

3,244 3,244 1,071 1,071 2,702 2,702 and installation construction Assets under installation

construction Assets under

amounted to to amounted

s

amounted to to amounted 8

s

8

13,885 18,019 31,904 23,115 23,115 26,022 26,022 Vehicle 13,885 18,019 31,904 23,115 23,115 26,022 26,022

Vehicle

-

term loan from financial institution financial loan from term -

-

19,920 19,920 22,585 22,585 19,975 19,975 term loan from financial institution financial loan from term Office

- 19,920 19,920 22,585 22,585 19,975 19,975 Office equipment long equipment

long

d for

Baht) ent

d for Baht) ent

1,589 1,589 1,139 1,139

13,217 56,761 69,978 1,589 1,589 1,139 1,139 13,217 56,761 69,978 secure Tools and

equipm secure Tools and

equipm

was

(in thousand (in was

(in thousand (in

.

. -

Separate financial statement - Separate financial statement million and 13,731 13,731 11,559 11,559 10,443 10,443

million and 13,731 13,731 11,559 11,559 10,443 10,443

fixtures Furniture

fixtures Furniture

663 50 663

50

,

,

of Baht -

of Baht -

utility utility 542,317 542,317 548,989 548,989 533,666 533,666 542,317 542,317 548,989 548,989 533,666 533,666 systems building million, respectively) million, Building and systems building

Building mprovement and i mprovement i million, respectively) 358 million,

358

93 93

93 93

100 100 -

100 100 carrying amount carrying -

1,760 1,760 carrying amount carrying

1,760 1,760 Land Land improvements improvements

million and Baht and million

8 million and Baht and 67 million 8

67

-

-

Land s properties with with s properties Land 128,608 128,608 128,608 128,60 127,232 127,232 s properties with with s properties 128,608 128,608 128,608 128,60 127,232 127,232 Company’s fully depreciated plant and equipment that was still in use as at 31 December 201 December 31 at as use in still was that equipment and plant depreciated fully Company’s

Company’s fully depreciated plant and equipment that was still in use as at 31 December 201 December 31 at as use in still was that equipment and plant depreciated fully Company’s

: Baht 3 7 (201 7 : Baht 3 (201

Company’ ly Company’ ly Group and Group

Group and Group

the the the the

, and 8 , and

8

7

7

, respective , respective

). ). million

rity rity million million 332 million 332 the year ended 31 December 2018 year ended 31 December the

the year ended 31 December 2018 year ended 31 December the

1 January 2018 1 January 1 January 2018 1 January 76 76 Net book value 201 1 January At Owned assets Assets under leases finance At 312017 December Owned assets At 312018 December Owned assets Net book value 201 1 January At Owned assets Assets under leases finance At 312017 December Owned assets At 312018 December Owned assets The gross amount of the of amount gross The Secu 201 31 December At 6 and The gross amount of the of amount gross The and Secu 201 31 December At 6 Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 79 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

12 Right to use of assets

Consolidated financial statements Leasehold improvement (in thousand Baht) Cost At 1 January 2017 351,795 Additions 933 At 31 December 2017 and 1 January 2018 352,728 Additions 285 At 31 December 2018 353,013

Amortisation At 1 January 2017 (40,165) Amortisation charge for the year (23,899) At 31 December 2017 and 1 January 2018 (64,064) Amortisation charge for the year (23,925) At 31 December 2018 (87,989)

Net book value At 1 January 2017 311,630 At 31 December 2017 and 1 January 2018 288,664 At 31 December 2018 265,024

13 Digital television license

Consolidated financial statements (in thousand Baht) Cost At 1 January 2017 2,073,450 At 31 December 2017 and 1 January 2018 2,073,450 At 31 December 2018 2,073,450

Amortisation At 1 January 2017 (370,949) Amortisation charge for the year (138,230) At 31 December 2017 and 1 January 2018 (509,179) Amortisation charge for the year (138,230) At 31 December 2018 (647,409)

Net book value At 1 January 2017 1,702,501 At 31 December 2017 and 1 January 2018 1,564,271 At 31 December 2018 1,426,041

51

Annual Report 2018 80 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

On 25 April 2014, Thai Broadcasting Co., Ltd., a subsidiary, was granted a license for operating a national commercial digital terrestrial television broadcasting service in a standard definition channel category for a period of 15 years, commencing from 25 April 2014 to 24 April 2029 at a bid price of Baht 2,355 million (exclusive of VAT). The subsidiary was required to make payment to Nation Broadcasting and Telecommunications Commission (“NBTC”).

On 23 May 2018, National Council for Peace and Order (“NCPO”) issued an order No. 9/2561 to retrieve the operators of radio broadcasting and television broadcasting and business of radio broadcasting and television broadcasting, under Section 265 of Constitution of the Kingdom of Thailand together with Section 44 of Constitution of the Kingdom of Thailand (interim), the significant order which related to the Group is to order the National Broadcasting and Telecommunications Commission (“NBTC”) and the office of the NBTC, or the Executive Committee of the Broadcasting and Telecommunications Research and Development Fund for the Public Interest, depending on circumstances, to provide support of rental expense in accordance with a national commercial digital terrestrial television broadcasting network service for fifty percent of the network rental expense to the holders of the license for operating a national commercial digital terrestrial television broadcasting service from the NBTC for twenty four months from the date of this order.

During the year ended 31 December 2018, the subsidiary received the support of rental expense in accordance with a national commercial digital terrestrial television broadcasting network service according to such order of NCPO, and recognised in account “Other income” in the consolidated statement of comprehensive income amounting to Baht 12.25 million (2017: nil).

Digital television license payable as at 31 December were as follows:

2018 2017 Future value Present value Future value Present value of payment Interest of payment of payment Interest of payment (in thousand Baht) Within one year 395,000 (6,208 ) 388,792 395,000 (25,601 ) 369,399 After one year but within five years - - - 395,000 (6,208 ) 388,792 Total 395,000 (6,208 ) 388,792 790,000 (31,809 ) 758 ,191

Movements during the year ended 31 December of digital television license payable were as follows:

Consolidated financial statements 2018 2017 (in thousand Baht) Digital television license payable At 1 January 758,191 1,146,566 Payment (395,000) (433,000) Interest paid 25,601 44,625 At 31 December 388,792 758,191

As at 31 December 2018, the subsidiary had the outstanding balance of letter of guarantee issued by the financial institution placed to NBTC of Baht 422.65 million to secure the remaining of license fee payable to NBTC (2017: Baht 845.30 million).

52

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 81

- - - ,835

958,388 362 929,530 254,425 981,417 359,507 174,768 496,899 605,831 498,597 Total (391,693) (202,538) (461,489) (221,717) (323,699) (333,889) (482,820)

- - - ,835

958,388 362 929,530 254,425 981,417 359,507 174,768 496,899 605,831 498,597

Total (391,693) (202,538) (461,489) (221,717) (323,699) (333,889) (482,820)

------4,217 8,777 4,217 8,777

(8,661) 13,221 12,973 11,498 11,498 (10,252)

installation Assets under Assets

------

4,217 8,777 4,217 8,777

(8,661)

13,221 12,973 11,498 11,498

(10,252)

installation - - - - - Assets under Assets

3,654 8,661 5,662 56,252 68,567 10,252 84,481 43,467 43,948 46,343

(11,834) (13,519) (12,785) (24,619) (38,138)

license

Software

Baht)

- - - - -

3,654 8,661 5,662

56,252 68,567 10,252 84,481 43,467 43,948 46,343

(11,834) (13,519) (12,785) (24,619) (38,138) license Software

Baht)

-

license 1,214 7,377 4,090

(in thousand (in (3,034) (7,377) 14,496 35,237 35,872 24,020 49,481 13,861 22,565 14,275

c (13,861) (10,406) (16,762) (13,307) (30,490) (35,206)

Musi

-

license 1,214 7,377 4,090 Consolidated financial statements Consolidated

(in thousand (in (3,034) (7,377) 14,496 35,237 35,872 24,020 49,481 13,861 22,565 14,275

c

(13,861) (10,406) (16,762) (13,307) (30,490) (35,206)

)

) 1 1

Musi ------230 icense (826) (230)

7,002 7,002 5,831

1,056 1,056 Consolidated financial statements Consolidated

(1,17 (1,056) (1,17

)

) 1 1 53 Book l Book

------230 icense (826) (230)

7,002 7,002 5,831 1,056 1,056

(1,17 (1,056) (1,17

53

Book l Book

-

3,034 (1,214)

882,367 310,723 816,314 204,768 828,955 344,590 167,391 444,895 530,541 420,650

(376,776) (195,161) (437,472) (192,891) (285,773) (288,709) (408,305)

license

programs

Television

-

3,034 (1,214) 882,367 310,723 816,314 204,768 828,955 344,590 167,391 444,895 530,541 420,650 (376,776) (195,161) (437,472) (192,891) (285,773) (288,709) (408,305) license programs Television

8 8

8 8

1 2018 January

and 1 January 201 1 January and 201 1 January and and

7 8 7 8 1 2018 January

off off off off - - - - 7

7 and 1 January 201 1 January and 201 1 January and and

7 8 7 8 01

off off off off - - - - 7

7

s 01

s ransfers Cost 2017 January 1 At Additions Transfers and Disposal write 201 31 December At Additions T and Disposal write 201 31 December At losses impairment and Amortisation 2 January 1 At for charge the year Amortisation and Disposal write 201 31 December At for charge the year Amortisation Transfer and Disposal write 201 31 December At Net book value 201 1 January At 2017 31 December At 2018 31 December At Other intangibleOther assets

the year ended 31 December 2018 year ended 31 December the ransfers Cost 2017 January 1 At Additions Transfers and Disposal write 201 31 December At Additions T and Disposal write 201 31 December At losses impairment and Amortisation 2 January 1 At for charge the year Amortisation and Disposal write 201 31 December At for charge the year Amortisation Transfer and Disposal write 201 31 December At Net book value 201 1 January At 2017 31 December At 2018 31 December At Other intangibleOther assets Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 14 the year ended 31 December 2018 year ended 31 December the

Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 14 Annual Report 2018 82 WORKPOINT ENTERTAINMENT PCL

- -

2,781 3,095 (2,781) (3,095) 55,663 65,021 74,090 42,885 43,398 45,309 12,139 12,164 Total (12,778) (11,626) (21,623) (10,253) (28,781)

------

2,979 8,285 2,979 8,285 (6,000) (8,698) 11,306 11,911 11,498 11,498 Baht)

installation Assets under Assets

financial statements financial

833 - - - - 253

6,000 8,698 (in thousand (in (8,587) (9,461) 45,453 52,286 61,237 36,866 34,238 33,071 (18,048) (10,118) (28,166) licenses Software Seperate

875 740 - - - - (135) (615)

7,231 4,450 1,355 2,781 3,095 3,040 (2,781) (3,095) (4,191) (2,165) (3,575) licenses programs Television

54

8 8 8

1 201 January

and 201 1 January and 201 1 January and

8 7 8 7 8 ff

off o off off - - - - 7

7

write

Cost 2017 January 1 At Additions Transfers and Disposal write 2017 31 December At Additions Transfers and Disposal write 201 31 December At losses impairment and Amortisation 201 January 1 At for charge the year Amortisation and Disposal 201 31 December At for charge the year Amortisation and Disposal write 201 31 December At Net book value 201 1 January At 201 31 December At 201 31 December At the year ended 31 December 2018 year ended 31 December the

Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 83 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Television program license

The Group has television program license from acquisition and have finite useful lives, therefore the Group has measured recoverable amount of this cash generating unit was based on profit, estimated using discounted cash flows. The fair value measurement was categorised as a level 3 fair value based on the inputs in the valuation technique used.

The key assumption used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industries and have been based on historical data from both external and internal source.

Consolidated financial statements 2018 2017 (%) Discount rate 10.63 6.64 Growth rate 2 - 8 4 - 10

These assumptions are based on management’s judgment and past experience as well as the future prediction that is believed to be reasonable in the present situation. Changes in the information or new noticeable information may lead to the change in the assumptions and the discount rate for the estimation of the discounting future cash flows along with sensitivity of key assumptions effect to the recoverable amount.

Base on the impairment test, the recoverable amount was higher than its carrying amount. Therefore, the Group did not recognise impairment loss in the consolidated financial statements.

15 Interest-bearing liabilities

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Current Current portion of long-term loan from financial institution - secured 280,000 204,000 280,000 204,000 Current portion of finance lease liabilities 8,610 17,491 - - Total current interest-bearing liabilities 288,610 221,491 280,000 204,000

Non-current Long-term loan from financial institution - secured 378,940 236,290 378,940 236,290 Finance lease liabilities - 8,610 - - Total non-current interest-bearing liabilities 378,940 244,900 378,940 236,290 Total 667,550 466,391 658,940 440,290

Long-term loans from financial institutions

The Company has long-term loan from a financial institution with the principal amounting to Baht 2,520 million, with monthly repayment, commencing in March 2015. Interest is monthly payable at MLR minus 1.5% per annum. The Company must comply with certain covenants and restrictions as specified in the loan agreement.

55

Annual Report 2018 84 WORKPOINT ENTERTAINMENT PCL WorkpointWorkpointWorkpoint EntertainmentEntertainment Entertainment PublicPublic Public CompanyCompany Company LimitedLimited Limited andand and itsits its SubsidiariesSubsidiaries Subsidiaries NotesNotesNotes toto to thethe the financialfinancial financial statementsstatements statements ForForFor thethe the yearyear year endedended ended 3131 31 DecemberDecember December 20182018 2018

OnOnOn 21 2121 May MayMay 201 201201888,, ,the thethe Company CompanyCompany entered enteredentered into intointo Interest InterestInterest Rate RateRate Swap SwapSwap agreement agreementagreement with withwith a a a local locallocal financial financialfinancial institutioninstitutioninstitution,, ,for forfor a a a period periodperiod of ofof 1 11 year, year,year, to toto hedge hedgehedge interest interestinterest rate raterate risk riskrisk exposure exposureexposure for forfor the thethe loan loanloan from fromfrom financial financialfinancial institutioninstitutioninstitution amountingamountingamounting tototo BahtBahtBaht 422.65422.65422.65 million.million.million. UnderUnderUnder suchsuchsuch agreementagreementagreement,, , thethethe CompanyCompanyCompany hashashas swappedswappedswapped interestinterestinterest raterate rate fromfrom from raterate rate ofof of MLML MLRRR minusminus minus 1.5%1.5% 1.5% toto to THBFIXTHBFIX THBFIX plusplus plus 1.51.5 1.5%%% perper per annumannum annum.. .

SecuredSecuredSecured interestinterest interest bearingbearing bearing liabilitiesliabilities liabilities asas as atat at 3131 31 DecemberDecember December 201201 201888 waswas was securedsecured secured byby by landland land aa ndandnd constructionconstruction construction therethere thereononon withwithwith netnet net bookbook book valuevalue value ofof of BahtBaht Baht 663663 663 millionmillion million (( 201(201201777:: : BahtBaht Baht 676676 676 millionmillion million)).). .

TheTheThe periodsperiodsperiods tototo maturitymaturitymaturity ofofof interestinterestinterest--bearingbearing-bearing liabilities,liabilities,liabilities, excludingexcludingexcluding financefinancefinance leaseleaselease liabilities,liabilities,liabilities, asasas atatat 313131 DecemberDecemberDecember werewere were asas as followfollow follows:s:s:

ConsolidatedConsolidatedConsolidated SeparateSeparateSeparate financialfinancialfinancial statementsstatements statements financialfinancialfinancial statementsstatements statements 201820182018 201720172017 201820182018 201720172017 ((in(inin thousandthousand thousand BahtBaht Baht)) ) WithinWithinWithin oneone one yearyear year 280,000280,000280,000 204,000204,000204,000 280,000280,000280,000 204,000204,000204,000 AfterAfterAfter oneone one yearyear year butbut but withinwithin within fivefive five yearsyears years 378,940378,940378,940 236,290236,290236,290 378,940378,940378,940 236,290236,290236,290 TotalTotalTotal 658,658,658,940940940 440,290440,290440,290 658,940658,940658,940 440,290440,290440,290

AsAsAs at atat 31 3131 December DecemberDecember 201 201201888,, ,the thethe Company CompanyCompany had hadhad unutilised unutilisedunutilised credit creditcredit facilities facilitiesfacilities totaling totalingtotaling to toto Baht BahtBaht 341 341341 million millionmillion (201(201(201777:: : BahtBaht Baht 341341 341 million).million). million).

FinanceFinanceFinance leaselease lease liabilitiesliabilities liabilities

FinanceFinanceFinance leaselease lease liabilitiesliabilities liabilities asas as atat at 3131 31 DecemberDecember December werewere were payablepayable payable asas as followsfollows follows:: :

ConsolidatedConsolidatedConsolidated financialfinancial financial statementsstatements statements 201820182018 201720172017 PresentPresentPresent PresentPresentPresent FutureFutureFuture valuevaluevalue ofof of FutureFutureFuture valuevaluevalue ofof of minimumminimumminimum minimumminimumminimum minimumminimumminimum minimumminimumminimum leaseleaselease leaseleaselease leaseleaselease leaseleaselease paymentspaymentspayments InterestInterest Interest paymentspaymentspayments paymentspaymentspayments InterestInterest Interest paymentspaymentspayments (in(in(in thousandthousand thousand Baht)Baht) Baht) WithinWithinWithin oneone one yearyear year 8,7638,7638,763 ((153(153153 )) ) 8,6108,6108,610 18,59118,59118,591 ((1,100(1,1001,100 )) ) 17,49117,49117,491 AfterAfterAfter oneone one yearyear year butbut but withinwithin within fivefive five yearsyears years ------8,7638,7638,763 ((153(153153 )) ) 8,6108,6108,610 TotalTotalTotal 8,7638,7638,763 ((153(153153 )) ) 8,6108,6108,610 27,35427,35427,354 ((1,253(1,2531,253 )) ) 26,10126,10126,101

161616 TradeTradeTrade accountsaccounts accounts payablepayable payable

ConsolidatedConsolidatedConsolidated SeparateSeparateSeparate financialfinancialfinancial statementsstatements statements financifinancifinancialalal statementsstatements statements NoteNoteNote 201820182018 201720172017 201820182018 201720172017 (in(in(in thousandthousand thousand Baht)Baht) Baht) RelatedRelatedRelated partiesparties parties 444 7,6947,6947,694 7,3817,3817,381 6868 68 205205 205 OtherOtherOther partiesparties parties 185,954185,954185,954 212,947212,947212,947 101101 101 2,4852,4852,485 TotalTotalTotal 193,648193,648193,648 220,328220,328220,328 169169 169 2,6902,6902,690

565656

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 85 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

17 Other account payables

Consolidated Separate financial statements financial statements Note 2018 2017 2018 2017 (in thousand Baht) Accrued expense and other payables 4 177,931 205,024 8,191 16,211 Payables for purchase of assets 32,123 41,563 5,047 3,142 Retention payable 1,919 1,86 2 5,971 5,940 Advance received for share capital 19 - 6,725 - 6,725 Others 327 171 32 7 171 Total 212,300 255,345 19,536 32,189

18 Provisions for employee benefits

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Statement of financial position Provisions for: Post-employment benefits 126,779 115,672 75,874 72,062

Year ended 31 December Statement of comprehensive income: Recognised in profit or loss: Post-employment benefits 11,107 10,124 3,812 3,527

Recognised in other comprehensive income: Cumulative actuarial losses recognised 7,746 7,746 6,626 6,626

Defined benefit plan

The Group operate a defined benefit plan based on the requirement of Thai Labour Protection Act B.E. 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of service.

The defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk.

57

Annual Report 2018 86 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Movement in the present value of the defined benefit obligations

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) At 1 January 115,672 109,026 72,062 68,993 Include in profit or loss: Current service costs 8,796 8,215 2,883 2,701 Interest on obligation 2,311 1,909 929 826 Reversal of employee benefit obligations - (3,478) - (458) At 31 December 126,779 115,672 75,874 72,062

On 13 December 2018, the National Legislative Assembly passed a bill amending the Labor Protection Act to include a requirement that an employee who is terminated after having been employed by the same employer for an uninterrupted period of twenty years or more, receives severance payment of 400 days of wages at the most recent rate. The Group will amend its retirement plan in the period in which the amendment will have become law and is announced in the Royal Gazette. As a result of this change, the provision for retirement benefits as at that future period end as well as past service cost recognised during that period in the consolidated and the separate financial statements is estimated to increase by an amount of approximately Baht 25.83 million and Baht 17.92 million, respectively.

Acturial assumptions

The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages):

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (%) Discount rate 2.9 2.9 2.9 2.9 Future salary increases 8 - 10 8 - 10 8 - 10 8 - 10 Employee turnover rate 0 - 25 0 - 25 0 - 25 0 - 25

Assumptions regarding future mortality are based on published statistics and Thailand Mortality Ordinary Life table.

At 31 December 2018, the weighted-average duration of the defined employee benefit obligations was 13 years (2017: 14 years).

58

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 87 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.

Consolidated Separate financial statements financial statements Increase Decrease Increase Decrease (in thousand Baht) At 31 December 2018 Discount rate (1% movement) (8,429) 9,812 (2,734) 3,183 Future salary increases (1% movement) 11,957 (10,360) 3,878 (3,360) Employee turnover rate (20% movement) (11,414) 14,593 (3,702) 4,734 Future mortality (1% movement) (411) 365 (113) 118

Consolidated Separate financial statements financial statements Increase Decrease Increase Decrease (in thousand Baht) At 31 December 2017 Discount rate (1% movement) (7,813) 9,115 (2,304) 2,688 Future salary increases (1% movement) 10,158 (8,830) 2,995 (2,604) Employee turnover rate (20% movement) (9,681) 12,301 (2,855) 3,627 Future mortality (1% movement) (348) 309 (103) 91

Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumptions shown.

19 Warrants

19.1) Warrants WORK-W1

The significant information of warrants (WORK-W1) are as follows:

Grant date: 1 October 2015 Number of warrants offered: 20,861,107 Units Offered price per unit: Baht 0 (zero Baht) Term of warrants: Not exceeding 4 years from the date of initial offer of the warrants Exercise rate: 1 unit of warrant per 1 ordinary share Exercise price: 38.10 Baht/share Number of reserved shares: 20,861,107 Shares Expired date of warrants 30 September 2019

59

Annual Report 2018 88 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Movements in the number of warrants (WORK-W1) for the years ended 31 December 2018 and 2017 are as follows:

Consolidated / Separate financial statements 2018 2017 (in thousand units) At 1 January 5,046 20,839 Less exercised during the year (1,629) (15,793) At 31 December 3,417 5,046

During the years ended 31 December 2018 and 2017, the Company received share subscription from WORK-W1 as below:

Month of received Share issued Date registered share subscription Number Exercise price (in thousand with Ministry of (share) ( Baht) Baht) Commerce For the year ended 31 December 2018 February 2018 1,588,692 38.1 60,529 5 March 2018 May 2018 40,343 38.1 1,537 5 June 2018 Total 1,629,035 62,066

Month of received Share issued Date registered share subscription Number Exercise price (in thousand with Ministry of (share) ( Baht) Baht) Commerce For the year ended 31 December 2017 February 2017 31 38.1 1 7 March 2017 May 2017 95,524 38.1 3,639 5 June 2017 August 2017 110,175 38.1 4,198 5 September 2017 November 2017 15,587,176 38.1 593,872 4 December 2017 Total 15,792,906 601,710

19.2) Warrants ESOP-2

The significant information of warrants (ESOP-2) are as follows:

Grant date 25 September 2015 Number of warrants offered 14,000,000 Units Offered price per unit Baht 0 (zero Baht) Term of warrants Not exceeding 4 years from the date of initial offer of the warrants Exercise rate 1 unit of warrant per 1 ordinary share Exercise price 38.10 Baht/share Number of reserved shares 14,000,000 Shares

60

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 89 WorkpointWorkpoint Entertainment Entertainment Public Public Company Company Limited Limited and and its its Subsidiaries Subsidiaries NotesNotesWorkpoint to to the the financial financial Entertainment statements statements Public Company Limited and its Subsidiaries ForForNotes the the toyear year the ended financialended 31 31 Decemberstatements December 2018 2018 For the year ended 31 December 2018

MovementsMovements in in the the number number of of warrants warrants for for the the year years sended ended 31 31 December December 201 2018 8and and 201 2017 7were were as as follows: follows: Movements in the number of warrants for the years ended 31 December 2018 and 2017 were as follows: ConsolidatedConsolidated / Separate/ Separate financial financial statement statements s Consolidated20182018 / Separate financial statement20172017 s AverageAverage 2018 AverageAverage 2017 exerciseexerciseAverage price price OptionOption shares shares exerciseexerciseAverage price price OptionOption shares shares exerciseperper share share price (inOption(in thousand thousand shares exerciseperper share share price (inOption(in thousand thousand shares per(Baht(Baht share) ) (inunits thousandunits) ) per(Baht(Baht share) ) (inunits thousandunits) ) AtAt 1 1January January (Baht13.5013.50) units8,1918,191 ) (Baht13.3113.31 ) 14,000units14,000) LessLessAt 1e xerciseJanuaryexercised dduring during the the year year 13.2413.2413.50 (1,073)(1,073)8,191 13.0313.0313.31 (5,809)14,000(5,809) AtAtLess 31 31 Decembere xerciseDecemberd during the year 13.5413.5413.24 7,118(1,073)7,118 13.5013.5013.03 8,191(5,809)8,191 At 31 December 13.54 7,118 13.50 8,191 DuringDuring the the year years sended ended 31 31 December December 201 2018 8and and 2017 2017, the, the Company Company received received share share subscription subscription from from ESOPESOPDuring-2- 2 asthe as below: below:years ended 31 December 2018 and 2017, the Company received share subscription from ESOP -2 as below: MonthMonth of of received received ExerciseExercise ShareShare issued issued Date Date registered registered shareMonthshare subscription subscription of received NumberNumber Exerciseprice price (inShare(in thousand thousand issued with with Date Ministry Ministry registered of of share subscription (shareNumber(share) ) (Baht (priceBaht ) ) (in Baht thousandBaht) ) with CommerceCommerce Ministry of ForFor the the year year ended ended (share ) (Baht ) Baht ) Commerce For31 31 De theDecember cemberyear ended 201 2018 8 DecemberDecember 31 December 2017 2017 201 8 176,500176,500 38.138.1 6,7256,725 4 4January January 201 2018 8 JanuaryJanuaryDecember 2018 2018 2017 336,200336,200176,500 38.138.1 12,80912,8096,725 5 5February4 February January 201 20120188 8 FebruaryFebruaryJanuary 2018 2018 215,800215,800336,200 38.138.1 8,22212,8098,222 5 5FebruaryMarch March 201 201 2018 88 MarchMarchFebruary 2018 2018 2018 115,500115,500215,800 38.138.1 4,4004,4008,222 45 4April MarchApril 201 201 2018 88 AprilAprilMarch 2018 2018 2018 169,000169,000115,500 38.138.1 6,4396,4394,400 74 7May AprilMay 201 2012018 88 MayMayApril 2018 2018 2018 30,000169,00030,000 38.138.1 1,1431,1436,439 5 57June JuneMay 201 2018 8 AugustAugustMay 2018 2018 2018 30,00030,000 38.138.1 1,1431,143 7 7September September5 June 2012018 20188 TotalTotalAugust 2018 1,073,0001,073,00030,000 38.1 40,88140,8811,143 7 September 2018 Total 1,073,000 40,881 MonthMonth of of received received ExerciseExercise ShareShare issued issued Date Date registered registered shareMonthshare subscription subscription of received NumberNumber Exerciseprice price (inShare(in thousand thousand issued wit wit Dateh hMinistry Ministry registered of of share subscription (shareNumber(share) ) (Baht (priceBaht ) ) (in Baht thousandBaht) ) wit CommerceCommerceh Ministry of ForFor the the year year ended ended (share ) (Baht ) Baht ) Commerce For31 31 December theDecember year ended 201 2017 7 DecemberDecember 31 December 2016 2016 201 7 8,0008,000 38.138.1 305305 9 9January January 201 2017 7 JanuaryJanuaryDecember 2017 2017 2016 1,200,3001,200,3008,000 38.138.1 45,73145,731305 3 3February9 February January 2017 20120177 FebruaryFebruaryJanuary 2017 2017 1,200,300720,050720,050 38.138.1 27,43427,43445,731 73 7 MarchFebruary March 2017 2017 2017 MarcMarcFebruaryh h2017 2017 2017 492,600492,600720,050 38.138.1 18,76818,76827,434 57 5April March April 2017 2017 2017 AprilAprilMarc 2017 h2017 2017 434,500434,500492,600 38.138.1 16,55416,55418,768 11115 MayApril May 2017 20172017 MayMayApril 2017 2017 2017 326,150326,150434,500 38.138.1 12,42612,42616,554 511 5June June May 2017 20172017 JuneJuneMay 2017 2017 289,500289,500326,150 38.138.1 11,03011,03012,426 4 54July JuneJuly 2017 20172017 JulyJulyJune 2017 20172017 194,500194,500289,500 38.138.1 7,41011,0307,410 4 4August 4August July 2017 2017 AugustAugustJuly 2017 2017 2017 87,500194,50087,500 38.138.1 3,33437,410,334 5 5September 4September August 20172017 2017 SeptemberSeptemberAugust 2017 2017 2017 10,00087,50010,000 38.138.1 3381,334381 45 4OctoberSeptember October 2017 2017 2017 OctoberOctoberSeptember 2017 2017 2017 1,901,2001,901,20010,000 38.138.1 72,43672,436381 3 3November4 November October 2017 2017 NovemberNovemberOctober 2017 2017 2017 1,901,200145,000145,000 38.138.1 5,52572,4365,525 43 4December NovemberDecember 2017 2017 TotalTotalNovember 2017 5,809,3005,809,300145,000 38.1 221,334221,3345,525 4 December 2017 Total 5,809,300 221,334 OnOn 31 31 December December 2017, 2017, the the Company’s Company’s manageme managementnt and and employees employees had had exercised exercised warrant warrants sin in amount amount ofofOn 176,500 176,500 31 December shares. shares. 2017,The The Company theCompany Company’s received received manageme proceed proceed ntfor forand paid paid employees-up-up share share had capital capital exercised in in amount amount warrant of of sBaht inBaht amount 6.72 6.72 million,ofmillion, 176,500 which which shares. was was recorded Therecorded Company under under other receivedother current current proceed payables payables for paidaccount. account.-up share The The Company capitalCompany in registered amountregistered of additional additionalBaht 6.72 paidmillion,paid-up-up s hare swhichhare capital capital was recordedwith with the the Ministryunder Ministry other of of Commercecurrent Commerce payables in in January January account. 2018 2018 The. . Company registered additional paid-up share capital with the Ministry of Commerce in January 2018.

6161 61

Annual Report 2018 90 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Fair value measurement

The Group measured the value of share-based payment by reference to the fair value of the equity instrument granted at the grant date using binomial model. The major assumptions are as below:

Weighted average fair value at the grant date 12.9125 Baht/share 13.2699 Baht/share 13.6315 Baht/share Share price at the grant date 42.00 Baht/share Exercise price 38.10 Baht/share Expected volatility 45% Expected dividend 2.5% per annum Risk-free interest rate 1.49% - 2.06% per annum depend on period of time

For the year ended 31 December 2018, the Group and the Company recognised share-based payment expense in the consolidated and separate financial statements of Baht 46.81 million and Baht 12.54 million, respectively (2017: Baht 46.11 million and Baht 14.45 million, respectively).

20 Share capital

Par value 2018 2017 per share Number Amount Number Amount (in Baht) (thousand shares / in thousand Baht) Authorised At 1 January - ordinary shares 1 452,094 452,094 452,094 452,094 At 31 December - ordinary shares 1 452,094 452,094 452,094 452,094

Issued and paid-up At 1 January - ordinary shares 1 438,857 438,857 417,255 417,255 Issue of new shares 1 2,702 2,702 21,602 21,602 At 31 December - ordinary shares 1 441,559 441,559 438,857 438,857

Share premium

Section 51 of the Public Companies Act B.E. 2535 requires companies to set aside share subscription monies received in excess of the par value of the shares issued to a reserve account (“Share premium”). Share premium is not available for dividend distribution.

21 Legal reserve

Section 116 of the Public Companies Act B.E. 2535 Section 116 requires that a public company shall allocate not less than 5% of its annual net profit, less any accumulated losses brought forward, to a reserve account (“Legal reserve”), until this account reaches an amount not less than 10% of the registered authorised capital. The legal reserve is not available for dividend distribution.

62

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 91

y

y

5,355 21,987 Total 5,355 21,987 Total

group group

- group group 4,248 - (11,800) 4,248 (11,800) Intra eliminations Intra eliminations

controlling interest, before an interest, before controlling

- controlling interest, before an interest, before controlling

96 - 96 (7) (7) Other Other

immaterial immaterial subsidiaries

individually individually

immaterial immaterial subsidiaries individually individually

195

(488) 195

5,694 5,694 (488) (2,817) 5,694 5,694 10,071 46,203 42,898 (2,817) (48,140) 10,071 46,203 42,898 108,403 279,651 293,720 132,309 (46,194) (48,140) Siam Siam 108,403 279,651 293,720 132,309 (46,194) Siam Siam Ganesha 3.4288% Co., Ltd. Co., Ganesha 3.4288% Co., Ltd. Co.,

(in thousand Baht) thousand (in 31 December 2018 31 December

(in thousand Baht) thousand (in

31 December 2018 31 December

(727) (596) 3,122 5,552 3,888 3,888 1,555 6,798 (727) (596) 40% (1,406) (1,989) (5,405) 3,122 5,552 3,888 3,888 1,555 6,798 12,892 13,881 15,305 40% (1,406) (1,989) (5,405) 12,892 13,881 15,305 Ground Co., Ltd. Co., Ground Co., Ltd. Co.,

)

)

10

10 -

525 263 63 - 525 263 63

4,851 1,494 6,500 3,006

50% (5,820 (5,975) (5,975) (2,987) (3,504) 4,851 1,494 6,500 3,006 16,531 50% BNK (5,820 (5,975) (5,975) (2,987) (3,504) 16,531 BNK Co., Ltd. Co., Co., Ltd. Co., Production Production Production Production

-

(831) - (831) 4,703 4,703 2,351 6,119 5,288 (2,145) (3,237) 4,703 4,703 2,351 6,119 5,288 26,965 14,027 35,610 17,805 42,320 (2,145) (3,237) 50% 26,965 14,027 35,610 17,805 42,320 50%

Co., Ltd. Co., Tohgloam Television Co., Ltd. Co., Tohgloam Television

ng interest ng ng interest ng

controlli

controlli

- -

income

controlling interest controlling

income

controlling interest controlling

- - in cash and cash cash and in

in cash and cash cash and in

(decrease)

(decrease) allocated to non allocated

allocated to non allocated

for the year the for

for the year the for of comprehensive of

of comprehensive of

(loss)

ontrolling interest percentage interest ontrolling (loss)

ontrolling interest percentage interest ontrolling c current assets current liabilities c current assets current liabilities - - - (loss) (loss) controlling interests - - -

(loss) (loss) group eliminations: group tement of cash flows cash of tement controlling interests

- group eliminations: group flows cash of tement - - - Non position financial of Statement Current assets Non liabilities Current Non Net assets non of amount Carrying income Total comprehensive Profit Sta activities operating from flows Cash activities investing from flows Cash Net increase equivalents Non position financial of Statement Current assets Non liabilities Current Non Net assets non of amount Carrying income Total comprehensive Profit Sta activities operating from flows Cash activities investing from flows Cash Net increase equivalents Non non a material has that Group’s ofsubsidiaries the to each relating information the table summarises following The activities financing from flows Cash intra Statement Revenue Profit Non non a material has that Group’s ofsubsidiaries the to each relating information the table summarises following The intra activities financing from flows Cash Statement Revenue Profit the year ended 31 December 2018 year ended 31 December the the year ended 31 December 2018 year ended 31 December the

Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 22 Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For 22 Annual Report 2018 92 WORKPOINT ENTERTAINMENT PCL

4,404 15,542 Total

)

3,839

group group - 15,367 ( Intra eliminations

102 (142)

Other immaterial immaterial subsidiaries individually individually

36 (874) 9,855 1,047 1,047 6,807 (3,212) 83,157

10,893 (in thousand Baht) thousand (in 31 December 2017 31 December (44,170) (63,024) 311,461 287,424 120,777

3.4288% Co., Ltd. Co.,

Siam Ganesha Siam

564 (739) (423) 1,896 5,916 6,071 6,071 2,428 5,987 (1,234) (5,000) 40%

14,868 14,791 15,359 64 Ground Co., Ltd. Co.,

- (948) (3,515) (2,827) (3,515) (1,757) (1,010) 20,399 13,447 30,071 15,036 35,526 21,688 20,678 50%

Co., Ltd. Co., Tohgloam Television

controlling interest controlling

-

income controlling interest controlling

-

in cash and cash equivalents cash and in cash

allocated to non allocated

for the year the for (loss) (loss)

controlling interest percentage interest controlling current assets current liabilities - - - (loss) (loss) tement of cash flows cash of tement Non position financial of Statement Current assets Non liabilities Current Non Net assets non of amount Carrying income Total comprehensive Profit Sta activities operating from flows Cash activities investing from flows Cash Net increase Cash flows from financing activities activities financing from flows Cash Statement of comprehensive of Statement Revenue Profit the year ended 31 December 2018 year ended 31 December the Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 93 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

23 Segment information

The Group has five reportable segments, as described below, which are the Group’s strategic divisions. The strategic divisions offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic divisions, the chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Group’s reportable segments.

Segment 1 Business of television programs Segment 2 Business of movies Segment 3 Business of concerts and plays Segment 4 Business of event marketing Segment 5 Business of sale of goods and rendering of other services

Information regarding the results of each reportable segment is included below. Performance is measured based on segment gross profit, as included in the internal management reports that are reviewed by the Group’s CODM. Segment gross profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

65

Annual Report 2018 94 WORKPOINT ENTERTAINMENT PCL

2017

3,852,502 2,111,224 6,447,772 2,004,348

(1,741,278)

Total

2017

3,852,502 2,111,224 6,447,772 2,004,348

(1,741,278) 362 492 ,

2018

Total

3,594,280 1,363,111 6,216 1,668, (2,231,169)

362 492 ,

2018

)

3,594,280 1,363,111 6,216 1,668,

76 (2,231,169) 32

808 5

2017 ale of of ale 35,513 14,440 51, 28,

(23,2 )

countries.

rendering 76 32

808 5

) 2017 ale of of ale

35,513 14,440 51, 28, and 4

(23,2

other services other countries. 387 rendering

of 1,366 2018 Business of s of Business

34,

99,519

) 170,885 goods

(7 117,05 and 4

other services other

387

of 1,366

2018 Business of s of Business 34, 99,519

170,885 goods (7 117,05

10

2017

12,843 21,827 138,0 111,896

(116,183) 10

2017 12,843 21,827

138,0 111,896

(116,183)

Business of of Business

event marketing event

2018

26,264 21,084

188,351 256,249 Business of of Business

(167,267)

event marketing event

2018 26,264 21,084

188,351 256,249

(167,267)

2017 60,752

(in thousand(in Baht) 59,387

184,330 394,524 (123,578)

2017 and plays 60,752

(in thousand(in Baht) 59,387 184,330 394,524

(123,578)

)

66

and plays

Business of Business 038

)

8,288 66 8,513

49, 2018 6 concerts Business of Business 386,139 038 266,801

(19 8,288 8,513 49, 2018 6

concerts

386,139 266,801 (19

- - - 1,195

2017 16,572

- - - 1,195 2017 16,572

- - -

1,183 Business of of Business movies 2018

23,282

- - - 1,183 Business of of Business movies 2018 23,282

2017

3,478,354 2,000,113 5,889,267 1,916,483 2017 (1,478,241)

3,478,354 2,000,113 5,889,267 1,916,483

(1,478,241)

)

3 0

)

Business of Business 3 0

Business of Business 3,638 television programs television 2018 3,638 television programs television 2018 2,968,243 1,174,22 5,43 1,557,620 (1,794,02 2,968,243 1,174,22 5,43 1,557,620 (1,794,02

is managed and operates principally in Thailand. There are no material revenues derived from, or assets located in, foreign foreign in, located or assets from, derived revenues no material are There Thailand. in principally operates and is managed

is managed and operates principally in Thailand. There are no material revenues derived from, or assets located in, foreign foreign in, located or assets from, derived revenues no material are There Thailand. in principally operates and is managed

December

December

31 31 the year ended 31 December 2018 year ended 31 December the the year ended 31 December 2018 year ended 31 December the For the ended year revenue External Costs profit Gross As at 31 December assets Segment liabilities Segment Information about reportable segments: reportable about Information segments Geographical Group The For the ended year revenue External Costs profit Gross As at 31 December assets Segment liabilities Segment Information about reportable segments: reportable about Information segments Geographical Group The Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Workpoint Entertainment Public Company Limited and its Subsidiaries Limited Company Public Entertainment Workpoint financial to the statements Notes For Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 95 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Certain operating segment information for the year ended 31 December 2017 have been reclassified to conform to the presentation in the financial statements for the year ended 31 December 2018. The reclassification of the operating segment information regarding the results of each reportable segment have been made, because management believes that such information is more appropriate in evaluating the results of the Group’s segments.

24 Employee benefit expenses

Consolidated Separate financial statements financial statements Note 2018 2017 2018 2017 (in thousand Baht) Salaries and bonus 521,007 532,635 155,940 171,374 Share-based payment 19 46,806 46,115 12,537 14,447 Contribution to provident fund 14,769 13,347 5,530 5,698 Defined benefit plans 18 11,107 10,124 3,812 3,527 Others 40,397 27,555 8,577 8,671 Total 634,086 629,776 186,396 203,717

Provident fund

The defined contribution plans comprise provident fund established by the Group for its employees. Membership to the fund is on a voluntary basis. Contributions are made monthly by the employees at rates ranging from 2% to 5% of their basic salaries and by the Group at rates ranging from 2% to 5% of the employees’ basic salaries. The provident fund is registered with the Ministry of Finance as juristic entities and is managed by a licensed Fund Manager.

25 Expenses by nature

The statements of comprehensive income include an analysis of expenses by function. Significant expenses by nature disclosed in accordance with the requirements of various TFRS were as follows:

Consolidated Separate financial statements financial statements Note 2018 2017 2018 2017 (in thousand Baht)

Other.related cost of television program production 936,927 767,93 3 1,374 3,719 Employee benefit expenses 24 634,086 629,776 186,396 203,717 Depreciation and amortisation 637,792 506,316 54,413 60,750 Commission and sales promotion 209,685 194,902 3,398 3,540 Other related cost of organising of the event marketing 156,054 103,619 - - Other related cost of organising of concerts and plays 181,400 94,648 - - License fee 61,957 76,980 - - Other related cost of sale of goods and rendering of other services 59,161 19,055 39,591 44,939 Others 212,900 207,667 67,326 70,666 Total cost of sale and services, selling expenses and administrative expenses 3,089,962 2,600,896 352,498 387,331

67

Annual Report 2018 96 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

26 Finance costs

Consolidated Separate financial statements financial statements Note 2018 2017 2018 2017 (in thousand Baht) Loan from financial institutions 29,000 35,914 29,000 35,275 Interest expense from digital television license payable 13 25,601 44,625 - - Total interest expense 54,601 80,539 29,000 35,275 Other finance costs 5,570 17,055 - 2,089 Total 60,171 97,594 29,000 37,364

27 Income tax expense

Income tax recognised in profit or loss

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Current tax expense Current year 103,864 246,984 15,330 1,666 Under provided in prior years 891 812 738 578 104,755 247,796 16,068 2,24 4

Deferred tax expense Movements in temporary differences (6,642) 9,880 2,550 5,9 78 Total income tax 98,113 257,676 18,618 8,222

Reconciliation of effective tax rate Consolidated financial statements 2018 2017 Rate (in thousand Rate (in thousand (%) Baht) (%) Baht) Profit before income tax expense 448,773 1,166,170 Income tax using the Thai corporation tax rate 20 89,755 20 233,234 Tax incentive (8,566) (12,091) Income not subject to tax (39,313) (151,687) Expenses not deductible for tax purposes 19,971 14,369 Under provided in prior years 891 812 Intra-group eliminations 38,125 172,411 Unrecognised deferred tax (2,750) 628 Total 22 98,113 22 257,676

68

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 97 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Separate financial statements 2018 2017 Rate (in thousand Rate (in thousand (%) Baht) (%) Baht) Profit before income tax expense 282,610 795,267 Income tax using the Thai corporation tax rate 20 56,522 20 159,053 Tax incentive (3,927) (6,642) Income not subject to tax (39,162 ) (150,248) Expenses not deductible for tax purposes 4,447 5,481 Under provided in prior years 738 578 Total 7 18,618 1 8,222

28 Earnings per share

Basic earnings per share

The calculation of basic earnings per share for the years ended 31 December 2018 and 2017 were based on the profit for the years attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding during the years as follows:

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (thousand Baht / thousand shares) Profit attributable to ordinary shareholders of the Company (basic) 345,305 904,089 263,992 787,045 Number of ordinary shares outstanding at 1 January 438,858 417,255 438,858 417,255 Effect of shares options exercised 2,206 5,652 2,206 5,652 Weighted average number of ordinary shares outstanding (basic) 441,064 422,907 441,064 422,907 Basic earnings per share (in Baht) 0.7829 2.1378 0.5985 1.8610

69

Annual Report 2018 98 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Diluted earnings per share

The calculation of diluted earnings per share for the years ended 31 December 2018 and 2017 were based on the profit for the years attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding during the years after adjusting for the effects of all dilutive potential ordinary shares as follows:

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (thousand Baht / thousand shares) Profit attributable to ordinary shareholders of the Company (diluted) 345,305 904,089 263,992 787,045 Weighted average number of ordinary shares outstanding (basic) 441,064 422,907 441,064 422,907 Effect of exercise of share options 2,179 5,163 2,179 5,163 Weighted average number of ordinary shares outstanding (diluted) 443,243 428,070 443,243 428,070 Diluted earnings per share (in Baht) 0.7790 2.1120 0.5956 1.8386

29 Dividends

At the Annual General Meeting of the shareholders of the Company held on 5 April 2018, the shareholders passed a resolution to approve the appropriation of dividends of Baht 0.90 per share, totalling Baht 397.06 million, which were paid to the shareholders in May 2018.

At the Board of Directors Meeting held on 10 August 2017, the Board of Directors approved the payment of interim dividends of Baht 0.488 per share, totalling Baht 205.39 million, which were paid to the shareholders in September 2017.

At the Annual General Meeting of the shareholders of the Company held on 4 April 2017, the shareholders passed a resolution to approve the appropriation of dividends of Baht 0.27 per share, totalling Baht 113.18 million, which were paid to the shareholders in May 2017.

30 Financial instruments

Financial risk management policies

The Group is exposed to normal business risks from changes in market interest rates and currency exchange rates and from non-performance of contractual obligations by counterparties. The Group does not hold or issue derivative financial instruments for speculative or trading purposes.

Risk management is integral to the whole business of the Group. The Group has a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and control is achieved.

70

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 99 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Capital management

The Board of Directors’ policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board monitors the return on capital, which the Group defines as result from operating activities divided by total shareholders’ equity, excluding non-controlling interests and also monitors the level of dividends to ordinary shareholders.

Interest rate risk

Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group’s operations and its cash flows because debt securities and loan interest rates are mainly float rate. The Group is primarily exposed to interest rate risk from its borrowings. The Group mitigates this risk by ensuring that the majority of its borrowings are at fixed interest rates.

The effective interest rates of loans receivable as at 31 December and the periods in which the loans receivable and debt securities mature or re-price were as follows:

Consolidated financial statements Effective interest After 1 year rate Within 1 but within 5 (% per year years After 5 years Total annum) (in thousand Baht) 2018 Non-current Long-term loans to related parties 7.5 5,150 20,600 25,750 51,500 Total 5,150 20,600 25,750 51,500

Separate financial statements Effective interest After 1 year rate Within 1 but within 5 (% per year years After 5 years Total annum) (in thousand Baht) 2018 Non-current Long-term loans to related parties 4.75 - - 1,399,415 1,399,415 Total - - 1,399,415 1,399,415

2017 Non-current Long-term loans to related parties 4.75 - - 1,077,690 1,077,690 Total - - 1,077,690 1,077,690

71

Annual Report 2018 100 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

The effective interest rates of interest-bearing financial liabilities as at 31 December and the periods in which those liabilities mature or re-price were as follows:

Consolidated financial statements Effective After 1 year interest rate Within 1 but within 5 (% per year years Total annum) (in thousand Baht) 2018 Current Long-term loan from financial institution 4.75 280,000 - 280,000 Finance lease liabilities 3.25 8,610 - 8,610 Non-current Long-term loan from financial institution 4.75 - 378,940 378,940 Total 288,610 378,940 667,550

2017 Current Long-term loan from financial institution 4.75 204,000 - 204,000 Finance lease liabilities 2.77 17,491 - 17,491 Non-current Long-term loan from financial institution 4.75 - 236,290 236,290 Finance lease liabilities 2.77 - 8,610 8,610 Total 221,491 244,900 466,391

Separate financial statements Effective After 1 year interest rate Within 1 but within 5 (% per year years Total annum) (in thousand Baht) 2018 Current Long-term loan from financial institution 4.75 280,000 - 280,000 Non-current Long-term loan from financial institution 4.75 - 378,940 378,940 Total 280,000 378,940 658,940

2017 Current Long-term loan from financial institution 4.75 204,000 - 204,000 Non-current Long-term loan from financial institution 4.75 - 236,290 236,290 Total 204,000 236,290 440,290

72

Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 101 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Foreign currency risk

The Group is exposed to foreign currency risk relating to purchase of goods and services which are denominated in foreign currencies. However, the Group did not manage to prevent the foreign currency risk as management believed that exposure to the risk is insignificant.

At 31 December, the Group and the Company were exposed to foreign currency risk in respect of financial assets and liabilities denominated in the following currencies:

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) United States Dollars (USD) Cash and cash equivalents 4,382 4,411 4,382 4,411 Trade accounts receivable 17,327 6,098 80 - Trade accounts payable - (20,221 ) - - Other payables (7,802) (13,293 ) - - 13,907 (23,005) 4,462 4,411

Singapore Dollars (SGD) Trade accounts payable (143) - - - (143) - - -

Korean Won (KRW) Trade accounts payable (58) - - - (58) - - -

Gross financial position exposure 13,706 (23,005) 4,462 4,411

Credit risk

Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Group as and when they fall due.

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the reporting date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. However, due to the large number of parties comprising the Group’s customer base, Management does not anticipate material losses from its debt collection.

Liquidity risk

The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows.

73

Annual Report 2018 102 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries WorkpointNotes to the Entertainment financial statements Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018 For the year ended 31 December 2018

Carrying amounts and fair values Carrying amounts and fair values The following table shows the carrying amounts and fair values of financial assets and financial Theliabilities, following including table shows their levelsthe carrying in the fairamounts value andhierarchy fair values for financial of financial instruments assets measuredand financial at fair liabilities,value. It includingdoes not includetheir levels fair value in the information fair value forhierarchy financial for assets financial and financialinstruments liabilities measured not measuredat fair valueat fair. It valuedoes not if the include carrying fair amount value information is a reasonable for financialapproximation assets ofand fair financial value. liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

Consolidated financial statements Consolidated financial statements Carrying Fair value Carrying Fair value amount Level 1 Level 2 Level 3 Total amount Level 1 (inLevel thousand 2 Baht)Level 3 Total At 31 December 2018 (in thousand Baht) AtFinancial 31 December assets 201 measured8 at fair value Financial assets measured at fair value Trading securities 411,407 411,407 - - 411,407 Trading securities 411,407 411,407 - - 411,407 Financial asset and financial liabilities Financialnot measured asset and at financialfair value l iabilities notLong measured-term loans at fairto related value parties 51,500 - 61,053 - 61,053 LongLong-term-term loans loan to from related financial parties 51,500 - 61,053 - 61,053 Longinstitution-term loan from financial (658,940) - (695,397 ) - (695,397 ) institution (658,940) - (695,397 ) - (695,397 ) Finance lease liabilities (8,610) - (9,246 ) - (9,246 ) Finance lease liabilities (8,610) - (9,246 ) - (9,246 ) At 31 December 2017 AtFinancial 31 December assets 201 measured7 at fair value Financial assets measured at fair value Trading securities 306,642 306,642 - - 306,642 Trading securities 306,642 306,642 - - 306,642

Financial liabilities not measured at Financialfair value liabilities not measured at fairLong value-term loan from financial Longinstitution-term loan from financial (440,290) - (467,011) - (467,011) institution (440,290) - (467,011) - (467,011) Finance lease liabilities (26,101) - (28,055 ) - (28,055 ) Finance lease liabilities (26,101) - (28,055 ) - (28,055 )

Separate financial statements Separate financial statements Carrying Fair value Carrying Fair value amount Level 1 Level 2 Level 3 Total amount Level 1 (inLevel thousand 2 Baht)Level 3 Total At 31 December 2018 (in thousand Baht) AtFinancial 31 December assets 201 measured8 at fair value Financial assets measured at fair value Trading securities 411,407 411,407 - - 411,407 Trading securities 411,407 411,407 - - 411,407

Financial assets and financial Financialliabilities assets not and measured financial at fair value liabilities not measured at fair value Long-term loans to related parties 1,399,415 - 1,503,896 - 1,503,896 Long-term loans to related parties Long-term loan from financial 1,399,415 - 1,503,896 - 1,503,896 Longinstitution-term loan from financial (658,940) - (695,397 ) - (695,397 ) institution (658,940) - (695,397 ) - (695,397 )

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 103 Workpoint Entertainment Public Company Limited and its Subsidiaries NotesWorkpoint to the financial Entertainment statements Public Company Limited and its Subsidiaries ForNotes the year to the ended financial 31 December statements 2018 For the year ended 31 December 2018

Separate financial statements Separate financial statements Carrying Separate financialFair value statements

amountCarrying Level 1 Level 2 Fair Levelvalue 3 Total amount Level(in 1 thousand Level Baht) 2 Level 3 Total At 31 December 2017 (in thousand Baht) FinancialAt 31 December assets measured 2017 at fair value TradingFinancial securities assets measured at fair value306,642 306,642 - - 306,642 Trading securities 306,642 306,642 - - 306,642 Financial assets and financial liabilitiesFinancial not assets measured and f inancialinancialat fair value Long-liabilitiesliabilitiesterm loans not to measuredrelated parties at fair value1,077,690 - 1,209,23 1 - 1,209,231 LongLong-term-termterm loan loansloans from toto financial relatedrelated partiesparties 1,077,690 - 1,209,23 1 - 1,209,231 institutionLong-termterm loanloan from financial (440,290) - (467,011) - (467,011) institutioninstitution (440,290) - (467,011) - (467,011) Financial instruments not measured at fair value Financial instruments not measured at fair value Type Valuation technique LongType-term loans to related parties Discounted Valuation cash technique flows LongLong-term-termterm loan loansloans from toto financial relatedrelated partiespartiesinstitution Discounted Discounted cash cash flows flow s FinanceLong l-easetermterm liabilities loanloan fromfrom ffinancialinancial institutioninstitution Discounted Discounted cash cash flows flows Finance llease liabilities Discounted cash flows 31 Commitments with non-related parties 31 Commitments with non-related parties Consolidated Separate financialConsolidated statements financial Separatestatements 2018financial statements2017 2018financial statements2017 2018 (in2017 thousand Baht)2018 2017 Capita l commitments (in thousand Baht ) ContractedCapitall commitmentsbutcommitments not provided for: Property,Contracted plant andbut notequipment provided for: 70 - 40 - OtherProperty, intangible plant assets and equipment 43,450 70 30,389 - - 40 1,189 - TotalOther intangible assets 43,5243,4500 30,38930,389 40 - 1,189 1,189 Total 43, 520 30,389 40 1,189 Future minimum lease payments under nonFuture-cancellable minimum operating lease payments lease under Within non one-cancellable year operating lease 11,589 11,589 - - AfterWithin one year one butyear within five years 65,18711,589 62,18611,589 - - - - AfterAfter five one years year but within five years 78,22465,187 92,81462,186 - - - - TotalAfter five years 155,00078,224 166,58992,814 - - - - Total 155,000 166,589 - - Television network services agreements commitmeTelevisionnts network services agreements Within commitme one year nts 38,500 56,644 - - AfterWithin one year one butyear within five years 220,47638,500 226,57856,644 - - - - AfterAfter five one years year but within five years 250,180220,476 302,104226,578 - - - - TotalAfter five years 509,156250,180 585,326302,104 - - - - Total 509,156 585,326 - -

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Annual Report 2018 104 WORKPOINT ENTERTAINMENT PCL Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

Consolidated Separate financial statements financial statements 2018 2017 2018 2017 (in thousand Baht) Other commitmentstments Bank guarantees 432,090 854,740 - - Services agreement 70,253 84,977 7,504 9,351 Purchase orders for goods and material accepted by suppllierier - 24,300 - - Network services agreements 16,699 7,323 - - Total 519,042 971,340,340 7,504 9,351

The Group has lease agreement of building space for a period of 15 years which will be expired in 2030, and has commitments under the hired and other service agreements for a period of 1 to 6 years..

The subsidiary has commitment under the leaselease agreementagreement forfor usingusing thethe digitaldigital terrestrialterrestrial televisiontelevision network with the Army Radio and Television for a period of 14 years and 5 months (from 17 January 2014 toto 3131 MayMay 20282028). The subsidiary has obligations to pay the service fee amounting to Baht 3.50 million per month, from 1 June 2018 to 31 May 2020, and amounting to Baht 4.72 million, from 1 June 2020 onwards.

The subsidiary has entered into agreements with 2 companies to employ the service in combining both video and audio television signals, along with other related services, including TV signals compression and transmission of TV signals to a C-band and Ku-band satellite which will be expire on 19 December 2019. The subsidiary agreed to pay a service fee as specified in the agreements. During the year ended 31 December 2018, the subsidiary received support of this service fee from NBTC as recorded in account “Other income” amounting to Baht 9.16 million (2017: Baht 9.74 million) inin consolidatedconsolidated comprehensive income..

The subsidiary has entered into service agreements for rating measurement in television audiences of televisiontelevision channelschannels inin ThailandThailand withwith aa companycompany andand aa locallocal associationassociation forfor aa periodperiod ofof 55 andand 66 years,years, which will be expired in 2020 and 2022, respectively. The subsidiary agreed to pay a service fee at rate specified inin thethe agreements.agreements.

32 Events after the reporting period

Acquisitions of investments

On 20 February 2019,, thethe CompanyCompany acquired an investmentinvestment inin additional ordinary shares inin Bangkok Exhibition Co., Ltd. for 500,000 shares withith parpar valuevalue of Baht 100 per share, totalling Baht 50 million. The Company was called for fully paid-up of share capital.. This has no effect on the Company’s ownership interest.

Dividend payment

At the Meeting of Board of Directors of the Company held on 26 February 2019, the Board of Directors passed a resolution the payment of dividends for the year 2018 to shareholders. Dividend will be paid from operating result for the year ended 31 December 2018 at the rate of Baht 0.45 per share,, totatotalingling notnot exceexceed Baht 200 million..

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 105 Workpoint Entertainment Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2018

33 Thai Financial Reporting Standards (TFRS) not yet adopted

A number of new and revised TFRS which relevant to the Group’s operations are expected to have impact on the Group’s financial statements on the date of initial application. Those TFRS become effective for annual financial reporting periods beginning on or after 1 January of the following years.

TFRS Topic Effective TFRS 7* Financial Instruments: Disclosures 2020 TFRS 9* Financial Instruments 2020 TFRS 15 Revenue from Contracts with Customers 2019 TAS 32* Financial Instruments: Presentation 2020

* TFRS - Financial instruments standards

TFRS 15 Revenue from Contracts with Customers

TFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. Revenue should be recognised when (or as) an entity transfers control over goods or services to a customer, measured at the amount to which the entity expects to be entitled.

The Group has made a preliminary assessment of the potential impact of adopting and initially applying TFRS 15 on the consolidated and separate financial statements and expects that there will be no material impact on the consolidated financial statements in the period of initial application.

TFRS - Financial instruments standards

These TFRS establish requirements related to definition, recognition, measurement, impairment and derecognition of financial assets and financial liabilities, including accounting for derivatives and hedge accounting.

Management is presently considering the potential impact of adopting and initially applying TFRS – Financial instruments standards on the Group’s financial statements.

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Annual Report 2018 106 WORKPOINT ENTERTAINMENT PCL WorkpointWorkpoint Entertainment Entertainment Public Public Company Company Limited Limited and and its Subsidiariesits Subsidiaries NotesNotes to the to thefinancial financial statements statements ForFor the theyear year ended ended 31 December31 December 2018 2018

34 34Reclassification Reclassification of accounts of accounts

CertainCertain accounts accounts in the in 201the 7201 financial7 financial statement statements haves have been been reclas reclassifiedsified to conform to conform to the to presentationthe presentation in thein 201the 8201 financial8 financial statements statements as follows: as follows:

20172017 ConsolidatedConsolidated SeparateSeparate financialfinancial statements statements financialfinancial statements statements Before Before AfterAfter BeforeBefore After After reclassireclassi- - ReclassReclassi- i- reclassreclassi- i- reclassreclassi- i- ReclassReclassi- i- reclassreclassi- i- ficationfication fication fication fication fication fication fication fication fication fication fication (in thousand(in thousand Baht) Baht) StatementStatement of financial of financial positionposition as at as at 31 December31 December 2017 201 7 OtherOther current current assets assets 34,89334 ,893 (29 ,346)(29,346) 5,5475 ,547 8,0498 ,049 (7,965)(7,965) 84 84 OtherOther non- noncurrent-current assets assets 136,468136 ,468 29,34629 ,346 165 ,814165 ,814 32,30032 ,300 7,9657 ,965 40,26540 ,265 TradeTrade accounts accounts payable payable 137,960137,960 82,36982,369 220,329 220,329 ------OtherOther payable payables s 337,714337,714 (82,369) (82,369) 255,345 255,345 ------

StatementStatement of comprehensive of comprehensive incomeincome for the for yearthe year ended ended 31 31 DecemberDecember 2017 2 017 RevenueRevenue from from animation animation and and computer computer graphic graphic 535 535 (535) (535) ------RevenueRevenue from from sale saleof goods of goods and and renderingrendering of other of other services services 51,21351,213 535 535 51,748 51,748 ------CostCost of animation of animation and and computercomputer graphic graphic (37) (37) 37 37 ------CostCost of sale of saleof goods of goods and and renderingrendering of other of other services services (23,239)(23,239) (37) (37) (23,276)(23,276) ------SellingSelling expenses expenses (254,759)(254,759) (2,232 (2,)232 ) (256,991(2 56,991) ) (1,210) (1,210) (2,330) (2,330) (3,540) (3,540) AdministrativeAdministrative expenses expenses (604,859)(604,859) 2,232 2, 232 (602,(602,627 )627 ) (259,167)(259,167) 2,330 2,330 (256,837)(256,837) - - - -

The Thereclassifications reclassifications have have been been made m adebecause, because, in the in opinionthe opinion of management, of management, the newthe new reclassification reclassification is moreis more appropr appropriate iateto the to Groupthe Group’s business.’s business.

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Annual Report 2018 WORKPOINT ENTERTAINMENT PCL 107 General Information

General Information Company Name : Workpoint Entertainment Public Company Limited Nature of Business : The production of television programs for broadcasting and sale of advertising in the Company’s Digital TV channel Head Office : 99 Moo 2 Bangpoon , Muang Pathumthani , Pathumthani 12000 Registration Number : 0107547000125 Registered Capital : Registered capital totaled THB 452,094,295 (as of December 31,2018) , consisting of the Issued and Paid-Up capital of 441,559,477 common shares at par value of THB 1 per share. Website : http://www.workpoint.co.th Telephone : 02-833-2000 Fax : 02-833-2999

Reference

Registrar : Thailand Securities Depository Company Limited Address : The Stock Exchange of Thailand 93 Ratchadaphisek Road , Dindaeng , Dindaeng , Bangkok 10400 Telephone : 02-009-9999 , 02-009-9382 Fax : 02-009-9476

Auditor : KPMG Phoomchai Audit Ltd. Address : Empire Tower 48th Floors 1 South Sathorn Road , Yannawa , Sathorn Bangkok 10120 Telephone : 02-677-2000 Fax : 02-677-2222

Annual Report 2018 108 WORKPOINT ENTERTAINMENT PCL