energy earth public company limited and its...

ENERGY EARTH PUBLIC COMPANY LIMITED AND ITS SUBSIDIRIES

Notes to Interim Financial Statements

For the three-month period ended March 31, 2013 (Reviewed)

10

These notes form an integral part of the financial statements.

The interim financial statements were authorized for issue by the board of directors on May 14, 2013.

1. GENERAL INFORMATION

Energy Earth Public Company Limited is listed on the Market for Alternative Investment of Thailand (MAI).The principal business operations principally engaged in the manufacture and distribution of coal.

The office is located on 889, 12th Floor Thai CC Tower, Room 125-128, South Sathorn Road, Yannawa, Bangkok.

On January 29, 2013, The Frankfurt Stock Exchange - Open Market has approved the Company’s common shares to list in the Frankfurt Stock Exchange - Open Market in form of Secondary listing. The Company has used existing 1,276,692,885 common shares (49% of the paid-up share capital) without increasing share capital to trade.

2. BASIS FOR INTERIM FINANCIAL STATEMENT PREPARATION

The interim financial statements issued for Thai reporting purposes are prepared in the Thai language. This English translation of the interim financial statements has been prepared for the convenience of readers not conversant with the Thai language.

The interim financial statements are prepared on a condensed basis in accordance with Thai Accounting Standard No. 34 (revised 2009) Interim Financial Reporting; guidelines promulgated by the Federation of Accounting Professions (FAP); applicable rules and regulations of the Thai Securities and Exchange Commission.

These interim financial statements are presented in Thai Baht which is different from the functional currency of the Company, which is US Dollar. The presentation is in Thai Baht in accordance with the regulatory requirements in Thailand.

The USD functional currency interim financial statements are translated into the Thai Baht presentation currency financial statements at the rate of exchange prevailing at the end of reporting period in respect of assets and liabilities, and at a rate that approximates the actual rate at the date of the transaction in respect of revenues and expenses, differences being recorded as “Exchange differences on translation of financial statements” in other comprehensive income, other component of shareholders' equity.

The interim financial statements are prepared to provide an update on the financial statements for the year ended December 31, 2012. They do not include all of the financial information required for full annual financial statements but focus on new activities, events and circumstances to avoid repetition of information previously reported. Accordingly, these interim financial statements should be read in conjunction with the financial statements for the year ended December 31, 2012.

The consolidated financial statements as at March 31, 2013 and December 31, 2012, include the accounts of The Company and its subsidiaries which the Company has controlling power or directly on this subsidiaries as follows:

Percentage of holdings

Name of Companies Country of registration

March 31, 2013

December 31, 2012 Type of business

Energy Perfect Co., Ltd. Thailand 100.00 100.00 Manufacture and distribution of coal.

PT. Tri Tunggal Pitriati Indonesia 99.90 99.90 Mining of coal.

ENERGY EARTH PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

Notes to Interim Financial Statements (Continued)


11

All significant intercompany transactions between the Company and its subsidiaries included in the consolidated financial statements have been eliminated.

3. SIGNIFICANT ACCOUNTING POLICIES

The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended December 31, 2012, except for the change in the accounting policies due to the adoption of TAS 12 “Income Taxes” and TAS 21 “The Effects of Changes in Foreign Exchange Rates” which are effective, as follow:

3.1 Income Tax

Income tax expense represents the sum of corporate income tax currently payable and deferred tax.

Current tax

Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation.

Deferred tax

Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while they recognise deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised.

At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

The Company and its subsidiaries record deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

3.2 The Effects of Changes in Foreign Exchange Rates

The Group operates in a USD environment, with purchases and sales predominantly quoted and settled in USD. Accordingly, the management determines that USD is the functional currency of Group’s vessel operating entities whilst Thai Baht is the presentation currency of the Group.

TAS 21 requires all transactions to be initially recorded in the functional currency, USD. All transactions that are not denominated in USD are foreign currency transactions; exchange differences arising on translation generally are recognised in profit or loss. Exchange differences arising from translation of functional currency to presentation currency are recognised in other comprehensive income, other components of shareholders' equity.




12

The adoption of this standard is considered to be a change in accounting policy under TAS 8 (Revised 2009) Accounting Policies, Changes in Accounting Estimates and Errors whereby the effects of changes in accounting policy have been applied retrospectively as though the financial statements had originally been prepared using USD functional currency.

4. APPLICATION OF NEW ACCOUNTING STANDARDS

The Federation of Accounting Professions issued the accounting standards, financial reporting standard, accounting standard interpretations and accounting treatment guidance that are effective as follows: a) Effective for the period beginning on or after January 1, 2013

Accounting standards:

TAS 12 Income Tax

TAS 20 (Revised 2009) Accounting for Government Grants and Disclosure of Government

Assistance TAS 21 (Revised 2009) The Effects of Changes in Foreign Exchange Rates

Financial Reporting Standard:

TFRS 8 Operating Segments

Accounting Standard Interpretations:

SIC 10 Government Assistance-No Specific Relation to Operating Activities

SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets

SIC 25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders

Accounting Treatment Guidance for Transfers of Financial Assets

The Company and its subsidiaries made the change described in Note 3 to the interim financial statements to its significant accounting policies, as a result of the adoption of TAS 12 “Income Taxes” and TAS 21 (Revised 2009) “The Effects of Changes in Foreign Exchange Rates”. The cumulative effect of the change in the accounting policies has the effect to the consolidated financial statements which has been separately presented in the statements of changes in shareholders’ equity.

A summary of how these adjustments arising from TAS 12 and TAS 21 (Revised 2009) have affected the financial statements are set out in the Note 5 to the financial statements. b) New accounting standards issued not yet effective During the period, the Federation of Accounting Professions has issued notifications, already published in the Royal Gazette, mandating the use of financial reporting standard, accounting standard interpretation and financial reporting standard interpretations as follows:




13

Effective date

Financial Reporting Standard

TFRS 4 Insurance Contracts January 1, 2016

Accounting Standard Interpretation:

SIC 29 Service Concession Arrangements: Disclosures January 1, 2014

Financial Reporting Standard Interpretations:

TFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities

January 1, 2014

TFRIC 4 Determining whether an Arrangement contains a Lease January 1, 2014

TFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

January 1, 2014

TFRIC 7 Applying the Restatement Approach under TAS 29 January 1, 2014

TFRIC 10 Interim Financial Reporting and Impairment January 1, 2014

TFRIC 12 Service Concession Arrangements January 1, 2014

TFRIC 13 Customer Loyalty Programmes January 1, 2014

The management of the Company and its subsidiaries has assessed the effect of the above financial reporting standard, accounting standard interpretation and financial reporting standard interpretations and believes that these accounting standards will not have any significant impact on the financial statements for the year when they are initially applied.

5. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING POLICY AND CORRECTION OF ERROR

In the 1st quarter in year 2013, the Company has correction of error in the record of goodwill that occurred from reverse acquisition in the consolidated financial statements for the year 2010, because the discrepancy between the fair value of net acquisition assets with the fair value of non-controlling interests in subsidiary at the acquisition date should be recognized as expense in the consolidated financial statements for the year 2010. Thus, the Company has restated the consolidated financial statements as at December 31, 2012 and January 1, 2012 to comparative purpose. As a result, the Company has no goodwill in the consolidated financial statements as at December 31, 2012 and January 1, 2012 and retained earnings in the consolidated financial statements as at December 31, 2012 and January 1, 2012 is decreased by amount of Baht 36.48 million.

The amounts of adjustments affecting the statements of financial position and the statements of comprehensive income are summarized below:

(1) Thai Accounting Standard No. 12 “Income Tax” (Note 3.1)

(2) Thai Accounting Standard No. 21(Revised 2009) “The Effects of Changes in Foreign Exchange Rates” (Note 3.2)

(3) Adjusted Transaction from Correction of Error




14

Statement of financial position as at December 31, 2012 after the new accounting policy was applied.

In Thousand Baht Consolidated

Before Change in accounting

policies Correction of

Error After Restatement (1) (2) (3) Restatement

ASSETS

CURRENT ASSETS

Cash and cash equivalents 147,879 - 673 - 148,552

Trade account and other receivables 4,334,678 - (1,158) - 4,333,520

Inventories 583,496 - (12,700) - 570,796

Advance payment from purchase of goods 1,909,496 - 54,645 - 1,964,141

Other current assets 21,363 - 248 - 21,611

Total current assets 6,996,912 - 41,708 - 7,038,620

NON-CURRENT ASSETS Deposits from financial institutions pledged as collateral 525,304 - - - 525,304

Property, plant and equipment 246,110 - (4,073) - 242,037

Assets not used operations 173,466 - (10,364) - 163,102

Mining property rights 833,901 - (8,535) - 825,366

Goodwill 36,478 - - (36,478) -

Deferred tax assets - 12,814 - - 12,814

Other non-current assets 1,047 - 1 - 1,048

Total non-current assets 1,816,306 12,814 (22,971) (36,478) 1,769,671

TOTAL ASSETS 8,813,218 12,814 18,737 (36,478) 8,808,291




15

In Thousand Baht

Consolidated


policies Correction

of Error After

Restatement (1) (2) (3) Restatement LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES

Bank overdrafts and short-term loans from financial institutions 5,142,089 - - - 5,142,089

Trade accounts and other payables 233,473 - (174) - 233,299 Current portion of long - term loans from financial institutions 14,194 - - - 14,194 Current portion of liabilities under hire-purchase agreements 2,201 - - - 2,201

Income tax payable 304,977 - (174) - 304,803

Other current liabilities 3,880 - (90) - 3,790

Total current liabilities 5,700,814 - (438) - 5,700,376 NON-CURRENT LIABILITIES Long-term loans from financial institutions – net of current portion 30,618 - - - 30,618 Liabilities under hire-purchase agreements – net of current portion 3,619 - - - 3,619

Employee benefit obligations 1,927 - - - 1,927

Deferred tax liabilities - 214,883 - - 214,883

Total non-current liabilities 36,164 214,883 - - 251,047

TOTAL LIABILITIES 5,736,978 214,883 (438) - 5,951,423




16

In Thousand Baht

Consolidated


policies Correction

of Error After

Restatement (1) (2) (3) Restatement

SHAREHOLDERS' EQUITY

Common shares

Authorized shares - Baht 1 par value

3,027,615,570 common shares 3,027,616 - - - 3,027,616

Issued and paid-up common shares

2,605,495,683 common shares

as at December 31, 2012 and 2,554,170,445

common shares as at December 31, 2011 2,605,496 - - - 2,605,496

Share premium 796,214 - - - 796,214

Share discount (1,800,000) - - - (1,800,000) Adjustment of equity interests under reverse acquisition (186,617) - - - (186,617)

Total 1,415,093 - - - 1,415,093

Appropriated - legal reserve 95,200 - - - 95,200

Retained earnings (deficit) 1,619,328 (202,069) (10,065) (36,478) 1,370,716

Other components of shareholders' equity (54,235) - 28,977 - (25,258)

Equity attribuable to owners of Company 3,075,386 (202,069) 18,912 (36,478) 2,855,751

Non-controlling interests 854 - 263 - 1,117

TOTAL SHAREHOLDERS' EQUITY 3,076,240 (202,069) 19,175 (36,478) 2,856,868 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,813,218 12,814 18,737 (36,478) 8,808,291




17

In Thousand Baht The Company only


policies Correction

of Error After Restatement (1) (2) (3) Restatement

ASSETS

CURRENT ASSETS

Cash and cash equivalents 123,315 - - - 123,315

Trade accounts and other receivables 1,441,886 - - - 1,441,886

Inventories 583,496 - (12,700) - 570,796 Loans and accrued interest income to related companies 2,445,844 - - - 2,445,844

Advance payment from purchase of goods 883,347 - (1) - 883,346

Other current assets 17,656 - - - 17,656

Total current assets 5,495,544 - (12,701) - 5,482,843


Investments in subsidiaries 1,302,651 - (14,141) - 1,288,510

Property, plant and equipment 3,747 - (26) - 3,721


Other non-current assets 305 - 1 - 306

Total non-current assets 1,642,336 6,434 (14,166) - 1,634,604

TOTAL ASSETS 7,137,880 6,434 (26,867) - 7,117,447




18

In Thousand Baht

The Company only


policies Correction

of Error After


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions 3,278,679 - - - 3,278,679

Trade accounts and other payables 624,789 - - - 624,789

Short-term loans and accrued interest expenses 1,016 - - - 1,016 Current portion of liabilities under hire-purchase agreements 330 - - - 330

Income tax payable 124,442 - - - 124,442

Other current liabilities 1,792 - (2) - 1,790

Total current liabilities 4,031,048 - (2) - 4,031,046

NON-CURRENT LIABILITIES Liabilities under hire-purchase agreements – net of current portion 620 - - - 620


Deferred tax liabilities - 290 - - 290

Total non-current liabilities 1,881 290 - 2,171

TOTAL LIABILITIES 4,032,929 290 (2) - 4,033,217


Share Capital



Issued and paid-up shares 3,027,616 - - - 3,027,616

2,605,495,683 common shares, Baht 1 par value

as at December 31, 2012 and 2,554,170,445

common shares as at December 31, 2011 2,605,496 - - - 2,605,496

Premium on shares capital 796,214 - - - 796,214

Discount on shares capital (1,800,000) - - - (1,800,000)

Total 1,601,710 - - - 1,601,710

Retained earnings


Unappropriated 1,428,041 6,144 43,827 - 1,478,012

Other components of shareholders' equity - - (70,692) - (70,692)

TOTAL SHAREHOLDERS' EQUITY 3,104,951 6,144 (26,865) - 3,084,230 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,137,880 6,434 (26,867) - 7,117,447




19

Statement of financial position as at January, 2012 after the new accounting policy was applied.

In Thousand Baht Consolidated


policies Correction


ASSETS

CURRENT ASSETS

Cash and cash equivalents 174,142 - 465 - 174,607

Trade accounts and other receivables 1,309,987 - 3,498 - 1,313,485

Inventories 195,181 - 3,077 - 198,258

Advance payment from purchase of goods 389,909 - 279 - 390,188

Other current assets 19,323 - 181 - 19,504

Total current assets 2,088,542 - 7,500 - 2,096,042

NON-CURRENT ASSETS Deposits from financial institutions pledged as collateral 426,079 - 1 - 426,080

Property, plant and equipment 266,420 - 22,252 - 288,672

Assets not used operations 179,831 - (6,477) - 173,354

Mining property rights 1,104,109 - 22,752 - 1,126,861

Goodwill 36,478 - - (36,478) -


Other non-current assets 1,047 - 15 - 1,062

Total non-current assets 2,013,964 9,609 38,543 (36,478) 2,025,638

TOTAL ASSETS 4,102,506 9,609 46,043 (36,478) 4,121,680




20

In Thousand Baht

Consolidated


policies Correction

of Error After

Restatement (1) (2) (3) Restatement LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions 1,896,567 - - - 1,896,567

Trade accounts and other payable 180,064 - (20) - 180,044 Current portion of long-term loans from financial institutions 14,129 - 1 - 14,130 Current portion of liabilities under hire-purchase agreements 3,288 - - - 3,288

Income tax payable 113,650 - (2) - 113,648

Other current liabilities 3,154 - 4 - 3,158

Total current liabilities 2,210,852 - (17) - 2,210,835

NON-CURRENT LIABILITIES

Long-term loans from financial institutions 44,813 - - - 44,813

Liabilities under hire-purchase agreements 6,325 - - - 6,325


Deferred tax liabilities - 303,149 - - 303,149


TOTAL LIABILITIES 2,263,537 303,149 (17) - 2,566,669




21

In Thousand Baht

Consolidated


policies Correction

of Error After



Common shares


3,027,615,570 common shares 3,027,616 - - - 3,027,616

Issued and paid-up shares


as at January 1, 2011 2,554,170 - - - 2,554,170


Discount on shares capital (1,800,000) - - - (1,800,000) Adjustment of equity interests under reverse acquisition (186,617) - - - (186,617)

Total shares capital 1,339,850 - - - 1,339,850

Retained earnings


Unappropriated 431,144 (293,540) 37,442 (36,478) 138,568

Other components of shareholders' equity 63,921 - 8,619 - 72,540

Equity attribuable to owners of Company 1,837,865 (293,540) 46,061 (36,478) 1,553,908

Non-controlling interests 1,104 - (1) - 1,103

TOTAL SHAREHOLDERS' EQUITY 1,838,969 (293,540) 46,060 (36,478) 1,555,011 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,102,506 9,609 46,043 (36,478) 4,121,680




22

In Thousand Baht

The Company only


policies Correction


ASSETS

CURRENT ASSETS

Cash and cash equivalents 9,974 - - - 9,974.

Trade accounts and other receivables 99,381 - - - 99,381

Advance payment from purchase of goods 108,280 - (272) - 108,008

Other current assets 387 - - - 387

Total current assets 218,022 - (272) - 217,750


Investments in subsidiaries 1,302,651 - 30,864 - 1,333,515

Property, plant and equipment 1,936 - 111 - 2,047


Other non-current assets 267 - 11 - 278

Total non-current assets 1,375,644 4,604 30,986 - 1,411,234

TOTAL ASSETS 1,593,666 4,604 30,714 - 1,628,984

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions 247,106 - - - 247,106

Trade and other accounts payables 10,044 - - - 10,044 Current portion of liabilities under hire-purchase agreements 278 - - - 278

Other current liabilities 299 - - - 299

Total current liabilities 257,727 - - - 257,727 NON-CURRENT LIABILITIES Liabilities under hire-purchase agreements – net of current portion 951 - - - 951


Other non- current liabilities - 7,362 - - 7,362


TOTAL LIABILITIES 259,712 7,362 - - 267,074




23

In Thousand Baht

The Company only


policies Correction

of Error After



Common shares


3,027,615,570 common shares 3,027,616 - - - 3,027,616

Issued and paid-up


as at January 1, 2011 2,554,170 - - - 2,554,170


Discount on shares capital (1,800,000) - - - (1,800,000)

Total shares capital 1,526,467 - - - 1,526,467

Retained earnings (deficit) (192,513) (2,758) 7,124 - (188,147)

Other components of shareholders' equity - - 23,590 - 23,590

TOTAL SHAREHOLDERS' EQUITY 1,333,954 (2,758) 30,714 - 1,361,910 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,593,666 4,604 30,714 - 1,628,984




24

Statement of comprehensive income for the three-month period ended March 31, 2012 after the new accounting policy was applied.

In Thousand Baht

Consolidated


policies Correction


Incomes

Sales 1,879,798 - 11,999 - 1,891,797

Profit on foreign exchange rate 37,501 - (37,501) - -

Other incomes 1,665 - 511 - 2,176

Total incomes 1,918,964 - (24,991) - 1,893,973

Expenses

Cost of sales 1,488,176 - (18,883) - 1,469,293

Selling expenses 27,460 - 1 - 27,461

Administrative expenses 28,492 - (4,814) - 23,678

Managements' remuneration - - 4,800 - 4,800

Loss on exchange rate - - 14,360 - 14,360

Other expenses (1,140) - 1,140 - -

Finance costs 29,879 - - - 29,879

Total expenses 1,572,867 - (3,396) - 1,569,471

Profit before income tax 346,097 - (21,595) - 324,502

Income tax expense (83,412) (308) 5,611 - (78,109)

PROFIT FOR THE PERIOD 262,685 (308) (15,984) - 246,393

Translation adjustments (28,948) - (9,988) - (38,936)

Total comprehensive income 233,737 (308) (25,972) - 207,457

Profit for the period attributable to:

Owner of the Company 262,681 (308) (16,024) - 246,349

Non-controlling interests 4 - 40 - 44

262,685 (308) (15,984) - 246,393

Profit and comprehensive income for the period:

Owner of the Company 233,736 (308) (26,015) - 207,413

Non-controlling interests 1 - 43 - 44

233,737 (308) (25,972) - 207,457

Earnings per share Basic earnings - Equity holders of the parent company 0.10 0.10 Diluted earnings - Equity holders of the parent company 0.09 0.09




25

Statement of comprehensive income for the three-month period ended March 31, 2012 after the new accounting policy was applied.

In Thousand Baht The Company Only


policies Correction


Incomes Sales 236,014 - - - 236,014 Dividend income 340,000 - - - 340,000 Profit on foreign exchange rate 2,078 - 3,944 - 6,022 Other incomes 1,064 - - - 1,064

Total incomes 579,156 - 3,944 - 583,100 Expenses Cost of sales 206,154 - (1,326) - 204,828 Selling expenses 3,372 - - - 3,372 Administrative expenses 26,389 - (4,800) - 21,589 Managements' remuneration - - 4,800 4,800 Other expenses 1,109 - 1 - 1,110 Finance costs 9,099 - - - 9,099

Total expenses 246,123 - (1,325) - 244,798 Profit before income tax 333,033 - 5,269 - 338,302 Income tax income - 116 126 - 242 PROFIT FOR THE PERIOD 333,033 - 5,395 - 338,544 Translation adjustments - - (35,081) - (35,081) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 333,033 116 (29,686) - 303,463

Earnings per share Basic earnings - Equity holders of the parent company 0.13 0.13 Diluted earnings - Equity holders of the parent company 0.12 0.12

6. RELATED PARTIES TRANSACTIONS

A portion of the Company’s assets, liabilities, revenues, costs and expenses arose from transactions with related companies. Related parties are those parties controlled by the Company, directly or indirectly or significant influence, to govern the financial and operating policies of the Company. The relationships with related parties are as follows:

The Company’s name Type of business Type of relationship

Subsidiaries

Energy Perfect Co., Ltd. Manufacture and distribution of coal

Direct shareholding, shareholders and directorship

PT.Tri Tunggal Pitriati Mining of coal Direct shareholding, shareholders and directorship

Related Company

WTEC Co., Ltd. Distribution of computer equipment and computer programs

Directorship




26

Pricing policies for each transaction are described as follows:

Significant revenues and expenses derived from transactions with related parties for the three - month periods ended March 31, 2013 and 2012 are summarized as follows:

In Thousand Baht

Consolidated The Company Only

2013 2012 2013 2012

Income from management fee Energy Perfect Co., Ltd. - - 12,494 -

PT.Tri Tunggal Pitriati - - 89,059 -

Total - - 101,553 -

Interest income Energy Perfect Co., Ltd. - - 21,420 453


Total - - 52,128 453

Purchase of goods Energy Perfect Co., Ltd. - - - 217,848

PT.Tri Tunggal Pitriati - - 1,246,745 -

Total - - 1,246,745 217,848

Coal processing service expense

Energy Perfect Co., Ltd. - - 3,796 5,796

Factory rental

Energy Perfect Co., Ltd. - - 600 -

Vehicle rental

Energy Perfect Co., Ltd. - - 561 510

Interest expenses

Energy Perfect Co., Ltd. - - 19 296

Type of transactions Pricing policies

Income from management fee 1% from International sales of subsidiary Interest income Interest at the rate of 7.7% per annum

Purchase of goods

- Local 15% discount from selling price that Subsidiary sold to others

- Abroad Cost plus margin

Factory rental Baht 200,000 per month

Coal processing service expense Baht 160 per ton (Less than 50,000 tons) Baht 140 per ton (More than 50,000 tons)

Rental expenses Baht 12,000 - 29,000 per month Interest expense Interest at the rate of 7.7% per annum

Purchase of equipment Mutually agreed price




27

In Thousand Baht


2013 2012 2013 2012

Purchase of equipment and vehicle

WTEC Co., Ltd. - 19 - 19

Significant outstanding balances with its related companies as at March 31, 2013 and December 31, 2012 are summarized as follows: In Thousand Baht


March 31, 2013

December 31, 2012

March

31, 2013

December 31, 2012

Other account receivable



Total - - 628,535 638,774

Accrued interest income and short-term loan to subsidiaries

Short-term loan to subsidiaries

Energy Perfect Co., Ltd. - - 1,205,784 1,084,685

PT.Tri Tunggal Pitriati - - 1,330,148 1,332,867

Total - - 2,535,932 2,417,552

Accrued interest income


PT.Tri Tunggal Pitriati - - 48,667 28,292

Total - - 70,087 37,815Total accrued interest income and short-term loan to subsidiaries

- - 2,606,019 2,445,844

Trade account payables

Energy Perfect Co., Ltd. - - - 24,414

PT.Tri Tunggal Pitriati - - 404,432 422,697

Total - - 404,432 447,111

Short-term loan from subsidiary Energy Perfect Co., Ltd. - - 1,000 1,000Accrued interest expenses

Energy Perfect Co., Ltd. - - 19 16Total accrued interest expenses and short-term loan from subsidiary

- - 1,019 1,016

Accrued expenses


Payable from acquisition of assets

WTEC Co., Ltd. - 108 - -

Other payable

Energy Perfect Co., Ltd. - - - 196




28

Movement of short-term loan and accrued interest to subsidiaries during the three-month period ended March 31, 2013 are as follows:

In Thousand Baht

The Company Only

December 31, 2012 Increase Decrease

Translation adjustment

March 31, 2013

Short-term loan to subsidiaries

Energy Perfect Co., Ltd. 1,084,685 711,292 (597,376) 7,183 1,205,784

PT.Tri Tunggal Pitriati 1,332,867 1,326,071 (1,257,824) (70,966) 1,330,148

Total 2,417,552 2,037,363 (1,855,200) (63,783) 2,535,932

Accrued interest

Energy Perfect Co., Ltd. 9,523 20,949 (9,313) 262 21,421

PT.Tri Tunggal Pitriati 18,769 31,398 - (1,501) 48,666

Total 28,292 52,347 (9,313) (1,239) 70,087Total short-term loan to subsidiaries and accrued interest 2,445,844 2,089,710 (1,864,513) (65,022) 2,606,019

Movement of short-term loan and accrued interest from related parties during the three-month period ended March 31, 2013 are as follows:

In Thousand Baht

The Company Only

December 31, 2012 Increase Decrease

Translation adjustment

March 31, 2013

Short-term loan from subsidiary

Energy Perfect Co., Ltd. 1,000 - - - 1,000

Accrued interest

Energy Perfect Co., Ltd. 16 19 (16) - 19Total short-term loan from subsidiary and accrued interest 1,016 19 (16) - 1,019




29

7. CURRENT INVESTMENTS

In Thousand Baht

Consolidated and the Company Only

March 31, 2013 December 31, 2012

Cost Fair

value

Unrealized gain (loss) on exchange rate Cost

Fair

value

Unrealized gain (loss) on exchange rate

Current investments Trading securities-

equity securities 80,000 80,000 - - - -

8. TRADE ACCOUNT AND OTHER RECEIVABLES

In Thousand Baht Consolidated The Company Only March

31, 2013 December 31, 2012

March 31, 2013

December 31, 2012

Trade account receivables

In due

3,194,771 3,876,687 741,321 506,301

Over due

Up to 3 Months

1,402,598 354,459 334,006 226,107

Over 3 - 6 Months

3,403 15,953 3,403 15,953

Over 6 - 12 Months

6,804 161 6,804 161

Over 12 Months 3,894 4,374 - -

Total

4,611,470 4,251,634 1,085,534 748,522

Less Allowance for doubtful accounts (3,894) (4,224) - -

Net 4,607,576 4,247,410 1,085,534 748,522

Other receivable

Other receivables - related companies

- - 628,535 638,774

Other receivables - others companies

152,358 54,827 115,274 24,972

Prepaid expenses 17,914 31,283 15,248 29,618

Total other receivables 170,272 86,110 759,057 693,364

Total trade account and other receivables

4,777,848 4,333,520 1,844,591 1,441,886

As at March 31, 2013 and December 31, 2012 the Company has trade accounts receivable to make factoring with financial institution amounting to Baht 281.29 million and Baht 219.59 million, respectively.




30

9. INVENTORIES

In Thousand Baht


March 31, 2013

December 31, 2012

March 31, 2013

December 31, 2012

Raw Materials 1,367,343 519,028 525,176 519,028

Gasoline 608 892 608 892

Finished goods 118,431 - 118,431 -

Goods in transit - 51,978 - 51,978

Total 1,486,382 571,898 644,215 571,898Less Allowance for obsolescence inventories (1,054) (1,102) (1,054) (1,102)

Net 1,485,328 570,796 643,161 570,796

10. DEPOSITS FROM FINANCIAL INSTITUTION PLEDGED AS COLLATERAL As at March 31, 2013, The consolidated and The Company Only, the Group and the Company held deposits with financial institutions amounting to Baht 526.96 million and Baht 335.99 million respectively, (As at December 31, 2012: Baht 525.30 million and Baht 335.63 million, respectively) which were pledged as collateral for credit facilities from financial institutions (Note 17) and collateral for the usage of electricity.

ENERGY EARTH PUBLIC COMPANY LIMITED AND ITS SUBSIDIRIES

Notes to Interim Financial Statements


31

11. INVESTMENTS IN SUBSIDIARIES

The Company Only

In Thousand Baht

Paid-up capital (Million) % of Holdings Cost Method Dividend income for the

three-month periods ended

March

31,2013

December

31,2012

March

31,2013

December

31,2012

March

31,2013

December

31,2012

March

31,2013

March

31,2012

Currency “Restated”

Energy Perfect Co., Ltd.

(Import coal and trading coal) Baht 200 200 100 100 193,503 202,236 - 340,000

PT.TRI TUNGGAL PITRIATI

(Mining of coal) Rupiah 8,521 8,521 99.9 99.9 1,039,368 1,086,274 - -

Total 1,232,871 1,288,510 - 340,000

ENERGY EARTH PUBLIC COMPANY LIMITED AND ITS SUBSIDIRIES Notes to Interim Financial Statements


32

12. PROPERTY, PLANT AND EQUIPMENT Change in property, plant and equipment for the three – month period ended March 31, 2013 are as follows:

In Thousand Baht


For the three-month period ended March 31, 2013

Net book value as at January 1, 2013 242,037 3,721

Purchase during the period – at cost 207 177

Reversal of allowance for impairment of fixed assets 459 -

Depreciation for the period (5,823) (227)

Translation adjustment (10,451) (160)

Net book value as at March 31, 2013 226,429 3,511

Leased assets included above, where the Group is a lessee under hire purchase agreements, are as follows:

In Thousand Baht


March 31, 2013

December 31, 2012

“Restated”

March 31, 2013

December 31, 2012

“Restated”

Cost 12,190 13,256 1,596 1,668

Less Accumulated depreciation (5,873) (5,913) (530) (472)

Net book value 6,317 7,343 1,066 1,196 As at March 31, 2013 the Subsidiary has fully depreciated of fixed assets which are still in use, the cost of such assets has amounted to Baht 2.70 million (As at December 31, 2012: Baht 2.68 million). As at March 31, 2013 and December, 31, 2012, Property, plant and machineries of the Group in the consolidated financial statements amounting net book value of Baht 163.96 million and Baht 179.29 million, respectively is mortgaged as collateral for short-term loans and long-term loans from financial institutions (Notes 15 and 17). The subsidiary’s land and land not use in operation were revalued on December 19 and 21, 2012 by independent appraiser. Valuations were made on the basis of Market Approach. The book values of the land were adjusted to the revalued amounts and the surplus on revaluation of land decreased in amounting of Baht 4.87 million. The subsidiary recorded surplus on revaluation of land in shareholders’ equity.

ENERGY EARTH PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES Notes to Interim Financial Statements (Continued)


33

13. ASSETS NOT USED IN OPERATIONS In Thousand Baht Consolidated March

31, 2013 December

31, 2012 “Restated”

Land 59,483 62,167

Land improvement 96,576 100,935

Total 156,059 163,102

As at March 31, 2013 and December 31, 2012 , The Subsidiary has land not use in operations amounting of Baht 156.06 million and Baht 163.10 million, respectively is mortgaged as collateral for short-term loans and long-term loans from financial institutions (Notes 15 and 17).

14. MINING PROPERTY RIGHTS

Movements of mining property rights for the three-month period ended March 31, 2013 are as follows:

15. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS

In Thousand Baht Interest rates (%) of per

annum Consolidated The Company Only March

31, 2013 December 31, 2012

March 31, 2013

December 31, 2012

March 31, 2013

December 31, 2012

Overdrafts 7.375 - 8.000 6.875 - 8.000 60,443 52,992 30,053 28,585

Promissory notes 3.250 - 7.375 3.750 - 7.625 762,638 899,467

620,638 849,467

Trust receipts 3.200 - 7.000 3.200 - 7.000 3,029,358 2,204,259

1,607,970 1,932,048

Accounts payable factoring 7.125 7.625 - 8.125 253,158 197,629

253,158 198

Packing Credit 3.250 - 3.650 3.250 - 3.650 1,629,796 1,787,742

867,156 270,950

Total 5,735,393 5,142,089 3,378,975 3,081,248 As at March 31, 2013, The Group has overdrafts facilities, packing credits and the short-term loans from financial institutions amounting to Baht 11,021 million. (As at December 31, 2012: amounting to Baht 6,582 million.) The loans charged interest at the rate of floating interest rate.

In Thousand Baht


Net book value as at January 1, 2013 825,366 -

Less Amortization of mining property rights (109,415) -

Translation adjustment (29,361) -

Net book value at as March 31, 2013 686,590 -



34

The overdrafts facilities and the short-term loans from financial institutions facilities are secured over deposits from financial institutions (Note 10), property, plant and machineries (Note 12), assets not use in operations (Note 13) guaranteed by the Company and subsidiary, partial of directors’ shares and directors. Under the terms of the loan agreement, the Group must comply with the terms and conditions of certain loan agreements such as secured over current ratio etc.

16. TRADE ACCOUNT AND OTHER PAYABLES

In Thousand Baht


March 31, 2013

December 31, 2012

March 31, 2013

December 31, 2012

Trade account payables - related company - - 404,432 447,112

Trade account payables - other companies 288,085 72,034 348 26,099

Accrued expenses 113,655 160,981 110,991 151,294Other account payables 194 284 194 284Total trade account and other account Payables 401,934 233,299 515,965 624,789

17. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS

In Thousand Baht

Consolidated

The Company Only

March 31, 2013

December 31, 2012

March 31, 2013

December 31, 2012

Long-term loans from financial institutions 41,271 44,812 - - Less Current portion (14,205) (14,194) - - Net 27,066 30,618 - -

The first line Loan amounted to Baht 3.81 million, which is monthly repayable within 60 equal installment dues of Baht 0.07 million each. The first payment was paid in December 2009. This loan bears interest at the rate of MLR% per annum.

The second line Loan amounted to Baht 80.00 million, which is monthly repayable within 72 equal installment dues of Baht 1.12 million each. The first payment was paid in May 2010. This loan bears interest at the rate of MLR% per annum.

The movements of long-term loans for the three-month period ended March 31, 2013 are as follows:

In Thousand Baht

Beginning balance as at January 1, 2013 44,812

Less Repayment of loan (3,456)

Translation adjustment (85)

Ending balance as at March 31, 2013 41,271

Such credit facilities are guaranteed by property, plant and machineries (Note 12), assets not used in operations (Note 13) thereon and directors of company.



35

Under the loan agreement terms, the Subsidiary must comply with the condition of loan covenants such as maintain the current ratio, debt to equity ratio and debt service coverage etc.

18. LIABILITIES UNDER HIRE - PURCHASE AGREEMENT In Thousand Baht


March

31, 2013 December 31, 2012

March 31, 2013

December 31, 2012

Liabilities under finance lease agreements 5,626 6,306 937 1,071Less : Deferred interest expense (397) (486) (99) (121)

5,229 5,820 838 950

Less : Portion due within one year (2,109) (2,201) (309) (330)

Net 3,120 3,619 529 620

19. INCOME TAX

The Company and its subsidiaries income tax expenses for the three-month periods ended March 31, 2013 and 2012 as follows:

In Thousand Baht


2013 2012 2013 2012 “Restated" “Restated"

Current income tax expenses:

Current income tax expenses for periods (116,128) (83,309) (72,105) -

Deferred tax: Relating to origination and reversal of temporary differences 26,171 (284) - 242

Tax income relating to the imposition of new tax rate (391) - 3 -

(90,348) (83,593) (72,102) 242

Effect of differences in the translation of the tax base 9,234 5,484 - - Income tax income (expense) reported in the statement of comprehensive income (81,114) (78,109) (72,102) 242



36

Reconciliation between income tax expenses and the product of accounting profit multiplied by the applicable tax rates for the three-month periods ended March 31, 2013 and 2012 as follows:

In Thousand Baht Consolidated The Company Only 2013 2012 2013 2012 “Restated" “Restated"

Accounting profit before tax 449,446 324,503 439,892 338,302

Applicable tax rate 20% 23% 20% 23%

Accounting profit before tax multiplied by

applicable tax rate (130,572) (159,550) (87,978) (77,809)

Effects of deferred tax 24,685 75,830 (58) 77,925

Effect of income exempt from tax and

non-deductible expenses for tax purposes (397) - (3) -

Income tax expense reported in the statement

of comprehensive income (106,284) (84,720) (88,039) 116

Effect of differences in the translation

of the Tax base 25,170 5,611 15,937 126 Income tax expenses reported in the statement of comprehensive income 81,114 (78,109) (72,102) 242

The components of deferred tax assets and liabilities as at March 31, 2013 and December 31, 2012 are as follows:

In Thousand Baht Consolidated The Company Only

March

31, 2013 December 31, 2012

March 31, 2013

December 31, 2012

“Restated" “Restated" Deferred tax assets

Allowance for doubtful accounts 779 971 - - Allowance for diminution in value of inventories 222 255 222 255

Allowance for impairment of fixed assets 1,807 2,203 - -

Unrealized profit in inventories 9,230 - - -

Translation adjustments 24,879 9,494 18,581 6,179

36,917 12,923 18,803 6,434

Effect of differences in the translation of the Tax base (104) (109) (11) -

Total 36,813 12,814 18,792 6,434



37

In Thousand Baht Consolidated The Company Only

March

31, 2013 December 31, 2012

March 31, 2013

December 31, 2012

“Restated" “Restated"

Deferred tax liabilities

Employee benefit obligations 385 443 252 290

Amortization of mining property rights 166,359 201,078 - -

Surplus on revaluation of land 11,736 13,497 - -

178,480 215,018 252 290

Effect of differences in the translation of the Tax base (473) (8) (17) -

Total 178,007 215,010 235 290

20. SHARE CAPITAL

On October 17, 2011, 444,519,122 share warrants of the Company were approved to be traded in on the Market for Alternative Investment of Thailand (MAI) and can be exercised on March 15, and September 15, of each years. The first and last exercise dates will be on March 15, 2012 and September 15, 2016, respectively.

Unit

Share warrants (EARTH-W3) as at December 31, 2012 394,347,822

Warrants exercised

As at March 15, 2013 (335,867,477)

Warrants had not been exercised 58,480,345

On at March 15, 2013, The Company recorded cash receipt from warrants exercise of Baht 503,706,492. The Company registered the increase in paid-up share capital from such exercise with the Department of Business Development on March 20, 2013 for 343,592,408 common shares. The increase share capital was approved to be traded in on the Market for Alternative Investment of Thailand (MAI) on March 25, 2013. 21. LEGAL RESERVE

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a legal reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The legal reserve is not available for dividend distribution.



38

22. SEGMENT FINANCIAL INFORMATION

Segment information is presented in respect of the Company and its subsidiaries’ business segments.

Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance.

Segment results and operating assets include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise interest and income tax expenses and corporate common assets and liabilities.

Business segments The Company and its subsidiaries, the principal business operations principally engaged in the coal business.

Geographic segments

The Company and its subsidiaries comprise 2 main geographic segments as follows: Segment 1 : Thailand Segment 2 : International

The segment information of the Company and its subsidiaries for the three-month periods ended March 31,

2013 and 2012 as follows: In millions Baht For the three - month periods ended March 31 Thailand International Total 2013 2012 2013 2012 2013 2012

“Restated" “Restated" “Restated"Revenue from sales 661 236 2,359 1,656 3,020 1,892

Cost of sales (504) (268) (1,901) (1,201) (2,405) (1,469)

Gross profit (loss) 157 (32) 458 455 615 423

Unallocated income and expenses:

Loss on exchanges (27) (14)Other income 3 2Selling expenses (50) (28)Administrative expenses (32) (24)Managements' benefits expenses (5) (5)Finance costs (55) (30)Income tax expenses (81) (78)Profit for the period 368 246



39

In millions Baht

March

31, 2013 December 31, 2012

Property, plant and equipment 226 242Other assets 10,181 8,566Total assets 10,407 8,808 Liabilities segment 6,790 5,951

23. EARNINGS PER SHARE

Consolidated For the three-month periods ended March 31

Net earnings

(Thousand of Baht)

Weighted average number Earnings

per share (Baht) of common shares

(Thousand of shares)

2013 2012 2013 2012 2013 2012


Basic earnings per share

Profit for the period 368,199 246,349 2,651,308 2,554,186 0.14 0.10

Effect of dilutive potential

common shares

Warrants - - 48,759 310,306

Diluted earnings per share

Profit attributable to common

shareholders (assuming

conversion of potential common share) 368,199 246,349 2,700,067 2,864,492 0.14 0.09

The Company Only For the three-month periods ended March 31

Net earnings

(Thousand of Baht)

Weighted average number Earnings

per share (Baht) of common shares

(Thousand of shares)

2013 2012 2013 2012 2013 2012


Basic earnings per share

Profit for the period 367,790 338,544 2,651,308 2,554,186 0.14 0.13

Effect of dilutive potential common

shares

Warrants - - 48,759 310,306

Diluted earnings per share

Profit attributable to common

shareholders (assuming

conversion of potential common share) 367,790 338,544 2,700,067 2,864,492 0.14 0.12



40

24. REGISTERED PROVIDENT FUND

The Company established a contributory registered provident fund in accordance with the Provident Fund Act.B.E. 2530. Under the plan, the Company and employees contribute to the fund at certain percentage of the employee’s basic salary. The Company appointed a fund manager to manage the fund in accordance with the terms and conditions prescribed in the Ministerial Regulation No.2 (B.E. 2532) issued under the Provident Fund Act B.E.2530.

Provident fund contribution expenses for the three-month periods ended March 31, 2013 and 2012 were of Baht 0.36 million and Baht 0.27 million respectively.

25. COMMITMENTS AND CONTINGENT LIABILITIES As at March 31, 2013 and December 31, 2012 The Group commitments and contingent liabilities is as follows:

Commitment

The Company has commitment to pay rental expense agreement amounting of Baht 6.34 million.(December 31,2012 : Baht 5.89 million)

The Company has commitment to pay rental machinery and equipment amounting of Baht 5.16 million. (December 31,2012 : Baht 6.96 million)

The Group and the Company has significant agreement for sale of steam coal with many foreign companies to sell steam coal in the quantity of 11.25 million metric tons and 8.87 million metric tons respectively.

(December 31,2012 : 10.94 million metric tons and 8.58 million metric tons respectively)

Contingent liabilities

The Subsidiary has contingent liabilities for letters of guarantee issued by bank for the electricity usage and sale and purchase contract of steam coal amounting of Baht 0.41 million and USD 0.05 million respectively.

The Company has contingent liabilities for letters of guarantee issued by bank for purchase of shares in PT. Hary Niaga amounting of USD 3.00 million (December 31,2012 : None)

The Company and the subsidiary have contingent liability from guarantee credit facilities from financial institutions amounting of Baht 8,080 million (December 31, 2012 : Baht 5,640 million).

26. EVENTS AFTER THE REPORTING PERIOD

On April 30, 2013, the Ordinary Shareholders’ Meeting resolved the resolution to pay dividends at Baht 0.10 per share for 2,605,495,683shares, totaling of Baht 260,549,568.30. The dividends will be paid within May 20, 2013.

27. FUNCTIONAL CURRENCY FINANCIAL STATEMENTS

The USD functional currency the statements of financial position as at March 31, 2013 and December 31, 2012 and the statements of comprehensive income for the three-month periods ended March 31, 2013 and 2012 are as follows :



41

The USD functional currency the statements of financial position as at March 31, 2013 and December 31,

2012 are as follows

In Thousand USD


March

31, 2013

December

31, 2012

March

31, 2013

December

31, 2012

CURRENT ASSETS

Cash and cash equivalents 15,775 4,873 11,217 4,045

Current investments 2,743 142,149 2,743 -

Trade accounts and other receivable 159,986 - 59,426 47,297

Inventories 50,921 18,723 22,049 18,723Loans and accrued interest income to related companies - - 89,341 80,229

Advance payment from purchase of goods 69,936 64,428 30,867 28,976

Other current assets 1,418 709 1,150 579

Total current assets 300,779 230,882 216,793 179,849

NON-CURRENT ASSETS Deposits from financial institutions pledged as collateral 18,066 17,231 11,519 11,010

Investments in subsidiaries - - 42,266 42,266

Property, plant and equipment 7,763 7,939 120 122

Assets not used operations 5,350 5,350 - -

Mining property rights 23,538 27,074 - -

Deferred tax assets 409 109 7 8

Other non-current assets 35 35 9 10

Total non-current assets 55,161 57,738 53,921 53,416

TOTAL ASSETS 355,940 288,620 270,714 233,265



42

In Thousand USD


March

31, 2013

December

31, 2012

March

31, 2013

December

31, 2012 CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions

194,766

167,073 114,745 106,528

Trade accounts and other payable 13,649 7,580 17,521 20,300Short-term loans and accrued interest expenses from related company - - 35 33Current portion of long-term loans from financial institutions

482

461 - -

Current portion of liabilities under hire-purchase agreements

72

72 10 11

Income tax payable 14,156 9,904 6,568 4,043

Other current liabilities 325 121 69 58

Total current liabilities 223,450 185,211 138,948 130,973

NON-CURRENT LIABILITIES Long-term loans from financial institutions 919 995 - - Liabilities under hire-purchase agreements 106 118 18 20

Deferred tax liabilitties 6,045 6,982 8 9

Employee benefit obligations 65 63 43 41

Total non-current liabilities 7,135 8,158 69 70

TOTAL LIABILITIES 230,585 193,369 139,017 131,043



43

In Thousand USD


March

31, 2013

December

31, 2012

March

31, 2013

December

31, 2012 SHAREHOLDERS' EQUITY

Common shares



Issued and paid-up 2,605,495,683 common shares as at March 31, 2013 and 2,554,170,445 common shares as at December 31, 2012, Baht 1 par value 95,778 84,084 95,778 84,084

Premium on shares 31,176 25,727 31,176 25,727

Discount on shares (59,704) (59,704) (59,704) (59,704)

Cost of business combination (4,948) (4,948) - -

Total 62,302 45,159 67,250 50,107

Appropriated - legal reserve 3,097 3,097 2,443 2,443

Retained earnings 58,334 45,428 62,004 49,672

Other components of shareholders' equity 1,531 1,480 - -

Equity attributable to owners of Company 125,264 95,164 131,697 102,222

Non-controlling interests 91 87 - -

Total shareholders’ equity 125,355 95,251 131,697 102,222TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 355,940 288,620 270,714 233,265



44

The USD functional currency the statements of comprehensive income for the three-month periods ended March 31, 2013 and 2012 are as follows:

In Thousand USD


2013 2012 2013 2012

Sales Sales 101,343 61,024 60,405 7,613

Dividend income - - - 11,085

Gain on exchanges - - 2,147 194

Income from management fee 3 - - -

Other incomes 102 70 5,181 34

Total Revenues 101,448 61,094 67,733 18,926

Expenses

Cost of sales 80,688 47,395 49,026 6,650

Selling expenses 1,668 886 1,668 109

Administrative expenses 1,083 764 923 696

Management benefit expenses 171 155 170 155

Loss on exchanges 916 463 - -

Other expenses - - - 36

Finance costs 1,842 964 1,187 294

Total Expenses 86,368 50,627 52,974 7,940

Profit before income tax 15,080 10,468 14,759 10,986

Income tax expense (2,722) (2,520) (2,427) 8

Profit for the periods 12,358 7,947 12,332 10,994

Other comprehensive income - - - - Total comprehensive income for the period 12,358 7,947 12,332 10,994

Income for the period attributable to

Equity holders of the parent company 12,354 7,946 12,332 10,994

Non - controlling interests 4 1 - -

12,358 7,947 12,332 10,994

Comprehensive income for the period attributable to 12,354 7,946 12,332 10,994

Equity holders of the parent company 4 1 - -

Non - controlling interests 12,358 7,947 12,332 10,994



45

In Thousand USD


2013 2012 2013 2012

Earnings per share Basic earnings - Equity holders of the parent company 0.0047 0.0031 0.0047 0.0043Diluted earnings - Equity holders of the parent company 0.0046 0.0028 0.0046 0.0038

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