tfd: annual report 2011
DESCRIPTION
annual reportTRANSCRIPT
����������� ������ ����������������������� �Thai Factory Development Public Company Limited
Annual Report 2 0 1 1���� ������� �!""#
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SINCE 1977
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������Contents
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��� ����������������Financial Highlights
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������Lists
25542011
25532010
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�N�OP� ��"������089?9C8?1�Q?@?�(
�2� �� RSN��""���� ��TU��"��� V9C;W6�X=;W�G?16L�?9E�G6=78C6
1,132.12 1,093.87 926.42
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1,143.69 1,100.55 979.76
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146.52 129.50 25.82
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2,433.46 2,515.01 2,980.44
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1,430.65 1,658.72 1,993.90
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1,002.81 856.29 986.54
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12.81% 11.77% 2.64%
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14.61% 15.12% 2.62%
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6.02% 5.15% 0.87%
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1.43 1.94 2.02
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Annual Report 2011 119
Principles on the Good Corporate Governance
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Thai Factory Development Public Company Limited132
Policy on internal control
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Annual Report 2011 133
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Thai Factory Development Public Company Limited134
Report of the Audit Committee
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Annual Report 2011 135
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED
AND SUBSIDIARIES
AUDITOR'S REPORT AND FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2011 AND 2010
Thai Factory Development Public Company Limited136
AUDITOR’S REPORT
To The Shareholders of
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED
I have audited the consolidated statements of financial position of THAI FACTORY
DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and the separate statements
of financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at
December 31, 2011 and 2010, the related consolidated statements of comprehensive income and
separate statements of comprehensive income, consolidated statements of changes in shareholders’
equity and separate statements of changes in shareholders’ equity, and consolidated statements of cash
flows and separate statements of cash flows for the years then ended. These financial statements are the
responsibility of the Company's management as to their correctness and completeness of the
presentation. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audits in accordance with generally accepted auditing standards. Those
standards require that I plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statements presentation. I believe that my audit provides a reasonable
basis for my opinion.
In my opinion, the consolidated financial statements and separate financial statements referred
to above present fairly, in all material respects, the consolidated financial position of THAI FACTORY
DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and separate financial
position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31,
2011 and 2010 the results of their and its operations and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Annual Report 2011 137
As stated in note 3, 5 and 35 to the financial statements for the year ended December 31, 2011,
the Company and subsidiaries adopted the new and revised financial reporting standards issued by the
Federation of Accounting Professions and according to the notification of the Department of Business
Development, regarding the condensed form which should be included in the financial statements B.E.
2554, that the adoption is effective for the financial statements beginning on or after January 1, 2011 for
preparation and presentation these financial statements. Accordingly the comparative consolidated and
separate financial statements for the year ended December 31, 2010 have been presented by the new
format and retroactive adjustment for the first using financial reporting standards in accordance with the
consolidated financial statements and separate financial statements for the year ended December 31,
2011.
D I A International Audit Co., Ltd.
(Mrs. Vilairat Rojnuckarin)
C.P.A. (Thailand)
Registration No. 3104
February 29, 2012
Thai Factory Development Public Company Limited138
(Unit : Baht)
���� 2011 2010 2011 2010
(Restated) (Restated)
ASSETS
Current assets
Cash and cash equivalents 12,977,831 18,301,718 1,023,714 244,834
Trade accounts and other receivable � 264,098,841 57,889,411 249,438,001 46,306,997
Properties for sale � 828,473,037 1,110,812,619 828,473,037 1,110,812,619
Other current assets 151,685 246,220 62,332 17,557
Total current assets 1,105,701,394 1,187,249,968 1,078,997,084 1,157,382,007
Non-current assets
Deposits at financial institutions
with restrictions � 15,365,297 4,687,093 15,365,297 4,687,093
Loan to related party and interest
receivable - subsidiary - - 224,856,333 225,563,905
Investments in subsidiaries �� - - 101,576,482 101,576,482
Leasehold rights �� 543,634,424 589,898,004 49,496,845 48,895,159
Investment properties � 708,460,271 676,672,838 204,773,577 143,923,541
Equipment � 18,102,092 8,800,767 16,612,700 6,576,940
Other non-current assets
Income tax refundable 18,198,869 24,552,856 - 9,337,576
Collateral for letter of guarantee -
related parties 15,000,000 15,000,000 15,000,000 15,000,000
Others 8,995,614 8,149,087 3,168,927 2,282,586
Total non-current assets 1,327,756,567 1,327,760,645 630,850,161 557,843,282
Total assets 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289
Notes to financial statements are parts of these financial statements.
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION
Consolidated financial statements Separate financial statements
AS AT DECEMBER 31, 2011 AND 2010
Annual Report 2011 139
(Unit : Baht)
���� 2011 2010 2011 2010
(Restated) (Restated)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank overdrafts �� 51,131,777 16,710,760 46,470,413 13,625,130
Trade accounts and other payable �� 256,249,567 352,191,904 236,360,451 332,017,287
Current portion of financial lease payable � 3,265,846 1,089,393 3,038,948 779,025
Current portion of long-term loans from
financial institutions �� 152,462,205 391,996,462 129,624,923 368,504,523
Current portion of debt restructuring payable �� 41,473,657 40,937,509 - -
Current portion of long-term loans from
related parties ��� 11,736,861 11,579,103 - -
Short - term loan from related parties and
interest payable - subsidiary - - 43,950,023 18,138,588
Deposit from sale of project ��� - - 129,500,000 129,500,000
Accrued income tax 28,268,546 - 28,268,546 -
Other current liabilities 2,456,272 2,886,089 1,382,755 1,627,529
Total current liabilities 547,044,731 817,391,220 618,596,059 864,192,082
Non-current liabilities
Financial lease payable � 7,419,375 1,469,682 7,376,516 1,303,613
Long-term loans from financial
institutions �� 335,534,712 273,222,162 132,162,190 47,970,694
Debt restructuring payable �� 111,227,074 151,437,349 - -
Long-term loans from related parties
and interest payable ��� 330,730,661 332,327,097 - -
Rental deposit received 86,088,130 74,498,846 16,919,200 6,310,725
Employee benefit obligations � 2,986,385 - 2,642,380 -
Estimated long-term liabilities � 9,620,627 8,377,188 3,897,710 2,654,272
Total non-current liabilities 883,606,964 841,332,324 162,997,996 58,239,304
Total liabilities 1,430,651,695 1,658,723,544 781,594,055 922,431,386
Notes to financial statements are parts of these financial statements.
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION (Continued)
Consolidated financial statements Separate financial statements
AS AT DECEMBER 31, 2011 AND 2010
Thai Factory Development Public Company Limited140
(Unit : Baht)
���� 2011 2010 2011 2010
(Restated) (Restated)
LIABILITIES AND SHAREHOLDERS' EQUITY (Continued)
Shareholders' equity
Share capital
Registered
836,000,000 ordinary shares of Baht 1 each 836,000,000 836,000,000 836,000,000 836,000,000
Issued and paid - up share capital
701,357,785 ordinary shares of Baht 1 each 701,357,785 701,357,785 701,357,785 701,357,785
Premium on ordinary shares 147,196,958 147,196,958 147,196,958 147,196,958
Retained earnings (Deficit)
Appropriated - statutory reserve 15,602,230 12,228,741 15,602,230 12,228,741
Unappropriated 104,705,343 (39,647,575) 64,096,217 (67,989,581)
Difference from changing investment proportion
in subsidiaries (45,699,839) (45,699,839) - -
Total owners of the Company 923,162,477 775,436,070 928,253,190 792,793,903
Non-controlling interest 79,643,789 80,850,999 - -
Total shareholders' equity 1,002,806,266 856,287,069 928,253,190 792,793,903
Total liabilities and shareholders' equity 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289
Notes to financial statements are parts of these financial statements.
Consolidated financial statements Separate financial statements
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF FINANCIAL POSITION (Continued)
AS AT DECEMBER 31, 2011 AND 2010
Annual Report 2011 141
(Unit : Baht)
���� 2011 2010 2011 2010
(Restated) (Restated)
Revenues from sales and services
Sale income - land 662,945,325 - 662,945,325 -
Sale income - condominium 184,901,042 833,307,082 184,901,042 833,307,082
Revenues from rental and services 284,275,993 260,564,881 26,830,102 17,923,870
Total revenues from sales and services 1,132,122,360 1,093,871,963 874,676,469 851,230,952
Cost of sales and services
Cost of sale - land (426,084,544) - (426,084,544) -
Cost of sale - condominium (132,512,134) (560,183,478) (132,512,134) (560,183,478)
Cost of rental and services (141,282,622) (149,263,930) (5,507,538) (6,030,265)
Total cost of sales and services (699,879,300) (709,447,408) (564,104,216) (566,213,743)
Gross profit 432,243,060 384,424,555 310,572,253 285,017,209
Other income
Interest income 510,469 179,115 24,030,426 25,243,425
Others 11,057,390 6,497,299 11,123,652 7,193,494
Total other income 11,567,859 6,676,414 35,154,078 32,436,919
Selling expenses (34,685,645) (49,331,513) (33,855,598) (46,795,384)
Administrative expenses (146,419,173) (117,859,315) (124,828,467) (96,904,628)
Directors' remuneration (6,718,780) (6,045,000) (4,830,000) (4,440,000)
Financial cost (71,273,344) (88,357,960) (8,558,199) (19,831,427)
Profit (Loss) before income tax 184,713,977 129,507,181 173,654,067 149,482,689
Income tax (38,194,780) - (38,194,780) -
Profit (Loss) for the year 146,519,197 129,507,181 135,459,287 149,482,689
Other comprehensive income - - - -
Total comprehensive income for the year 146,519,197 129,507,181 135,459,287 149,482,689
Net profit (loss) attributable to :
Owners of the Company 147,726,407 140,544,161 135,459,287 149,482,689
Non-controlling interests (1,207,210) (11,036,980) - -
146,519,197 129,507,181 135,459,287 149,482,689
EARNINGS PER SHARE � Basic earnings (loss) per share 0.2106 0.2004 0.1931 0.2131
Weighted average number of ordinary shares (shares) 701,357,785 701,357,785 701,357,785 701,357,785
Diluted earnings (loss) per share 0.2061 0.2004 0.1889 0.2131
Weighted average number of ordinary shares (shares) 716,929,718 701,357,785 716,929,718 701,357,785
OPQRS!QP!TUVWVXUWY!SQWQRZRVQS!W[R!\W[QS!PT!Q]RSR!TUVWVXUWY!SQWQRZRVQSK
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF COMPREHENSIVE INCOME
Consolidated financial statements Separate financial statements
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
Thai Factory Development Public Company Limited142
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Thai Factory Development Public Company Limited144
(Unit : Baht)
2011 2010 2011 2010
(Restated) (Restated)
Cash flows from operating activities
Profit (Loss) before income tax 184,713,977 129,507,181 173,654,067 149,482,689
Adjustment net profit (loss) to cash receipt (disbursement)
from operating activities
Doubtful account - 1,315,550 - -
Employee benefit obligations 2,986,385 - 2,642,380 -
Depreciation and amortisation 82,985,673 81,184,753 12,847,157 5,617,925
Gain on sales of assets (873,982) (1,677,639) (873,982) (227,640)
Interest expenses 74,148,139 88,357,960 8,558,198 20,651,518
Profit from operation before changes of operating
assets and liabilities 343,960,192 298,687,805 196,827,820 175,524,492
(Increase) Decrease in changes of operating assets
Trade accounts and other receivable (206,209,430) 4,291,766 (203,131,004) 3,719,645
Properties for sale 242,510,183 469,164,806 245,397,192 469,164,805
Other current assets 94,535 (33,054) (44,775) 96,114
Other non-current assets (846,527) (12,044,915) 8,451,235 (13,979,606)
(Increase) Decrease in changes of operating assets 35,548,761 461,378,603 50,672,648 459,000,958
Increase (Decrease) in changes of operating liabilities
Trade accounts and other payable (96,857,970) (89,241,455) (96,572,472) (75,493,875)
Other current liabilities (429,818) (1,028,056) (244,773) (1,106,271)
Rental deposit received 11,589,284 4,972,243 10,608,475 1,513,925
Increase (Decrease) in changes of operating liabilities (85,698,504) (85,297,268) (86,208,770) (75,086,221)
Cash provided by (used in) operating activities 293,810,449 674,769,140 161,291,698 559,439,229
Interest paid (73,833,680) (76,729,937) (39,205,910) (41,552,800)
Income tax received 17,364,414 7,813,757 - -
Income tax paid (20,936,660) (23,835,201) (9,926,234) (12,991,463)
Net cash from (used in) operating activities 216,404,523 582,017,759 112,159,554 504,894,966
Notes to financial statements are parts of these financial statements.
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS
Consolidated financial statements Separate financial statements
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
Annual Report 2011 145
(Unit : Baht)
2011 2010 2011 2010
(Restated) (Restated)
Cash flows from investing activities
(Increase) Decrease in deposits at financial
institutions with restrictions (10,678,204) (3,223,480) (10,678,204) (3,223,480)
Increase in loan to related parties and interest receivable - (6,055,775) (23,638,103) (33,057,194)
Decrease in loan to related parties and interest receivable - 6,055,775 24,345,675 16,565,585
Purchase of properties awaiting development or sale - (26,205,254) - (26,205,254)
Cash received from amendment of lease agreement 9,356,912 - - -
Improvement of leasehold right (2,126,852) - - -
Purchase of investment properties (307,029) (157,187) - -
Purchase of equipment (4,285,905) (622,549) (3,972,173) (215,030)
Cash received from sales of equipment 1,336,451 1,677,640 1,336,448 227,640
Cash paid for purchase investment in subsidiary - (24,500,000) - (24,500,000)
Net cash from (used in) investing activities (6,704,627) (53,030,830) (12,606,357) (70,407,733)
Cash flows from financing activities
Increase (Decrease) in bank overdrafts 34,421,017 4,849,937 32,845,283 1,968,483
Advance received from related party - - 6,000,000 16,037,590
Repayment of advance received from related party - - (6,000,000) (16,037,590)
Draw down of short-term loan from other person - 17,000,000 - 17,000,000
Repayment of short-term loan from other person (17,000,000) - (17,000,000)
Draw down of short-term loan from related party - - 132,300,000 88,000,000
Repayment of short-term loan from related party - - (108,200,000) (70,000,000)
Repayment of liabilities under financial lease (1,323,690) (1,026,603) (1,031,496) (754,353)
Draw down of long-term loans from financial institutions 60,103,787 188,367,164 150,103,787 188,367,164
Repayment of long-term loans from financial institutions (237,325,494) (625,167,730) (304,791,891) (603,267,302)
Repayment of debt restructuring payable (39,674,127) (39,327,204) - -
Repayment of long-term loan from other person - (30,000,000) - (30,000,000)
Repayment of long-term loan from related party (31,225,276) (23,122,427) - -
Dividend payment - (9,563,986) - (9,563,986)
Net cash from (used in) financing activities (215,023,783) (534,990,849) (98,774,317) (435,249,994)
Net increase (decrease) in cash and cash equivalents (5,323,887) (6,003,920) 778,880 (762,761)
Cash and cash equivalents at beginning of period 18,301,718 24,305,638 244,834 1,007,595
Cash and cash equivalents at ending of period 12,977,831 18,301,718 1,023,714 244,834
Notes to financial statements are parts of these financial statements.
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
Consolidated financial statements Separate financial statements
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS (Continued)
Thai Factory Development Public Company Limited146
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED
AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2011 AND 2010
1.� GENERAL INFORMATION�
THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED (“the Company”) is a public company
incorporated in year 1991 and domiciled in Thailand. Its registered address is No. 26 JC Kevin Tower, 10th Floor,
Narathiwat-Ratchanakarin Road, Yannawa, Sathorn, Bangkok.
The Company is principally engaged in the property development business
2. PREPARATION OF INTERIM FINANCIAL STATEMENTS BASIS
2.1 The financial statements have been prepared in conformity with generally accepted accounting principles enunciated under the Accounting Professions Act B.E. 2547 and also presented in accordance with the notification of the Department of Business Development, the Ministry of Commerce dated September 28, 2011, regarding the condensed form which should be included in the financial statements B.E. 2554 and regulation of the Securities and Exchange Commission regarding to preparation and presentation of financial report under the Securities and Exchange Act B.E. 2535.
The financial statements have been prepared under the historical cost convention, except as transaction disclosed in related accounting policy.
2.2 Basis of consolidation
2.2.1 The consolidated financial statements include the financial statements of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and the subsidiaries which THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED holds share capital or has the significant power to control such subsidiaries. The subsidiaries’ operations were included since the purchase date and they will not be included when the control power is finished. The mentioned subsidiaries are as follows:
2.2.2 Material balances and transactions between the Company and subsidiaries have been eliminated
from the consolidated financial statements.
Proportion of
Name Nature of business shareholding Relationship
2011 2010
(%) (%)
Total Industrial Services Company Limited Factory rental 100.00 100.00 Shareholder/common director
SG Land Company Limited Office condominium rental 49.91 49.91 Shareholder/common director
Annual Report 2011 147
2.2.3 The consolidated financial statements have been prepared in conformity with the same
accounting policy for the accounts and accounting events of the Company and subsidiaries.
2.2.4 These consolidated financial statements were prepared with the only objective to show
consolidated financial position and operational result of THAI FACTORY DEVELOPMENT
PUBLIC COMPANY LIMITED and subsidiaries. Therefore, the use of these consolidated
financial data for any other purpose would be limited value due to the different nature of
business of the subsidiaries whose financial statements were consolidated.
3. NEW ACCOUNTING STANDARDS ISSUANCE
3.1 In 2010 and 2011, The Federation of Accounting Professions issued various new and revised financial reporting
standards which certain standards are relevant to the operations of the Company and subsidiaries, effective for the
accounting period beginning on or after January 1, 2011. The Company applied those standards as below:
Financial reporting standards Contents
TAS 1 (Revised 2009) Presentation of Financial Statements
TAS 2 (Revised 2009) Inventories
TAS 7 (Revised 2009) Statements of Cash Flows
TAS 8 (Revised 2009) Accounting Policies, Changes in Accounting
Estimates and Errors
TAS 10 (Revised 2009) Events After the Reporting Period
TAS 16 (Revised 2009) Property, Plant and Equipment
TAS 17 (Revised 2009) Leases
TAS 18 (Revised 2009) Revenue
TAS 19 Employee Benefits
TAS 23 (Revised 2009) Borrowing Costs
TAS 24 (Revised 2009) Related Party Disclosures
TAS 27 (Revised 2009) Consolidated and Separated Financial Statements
TAS 33 (Revised 2009) Earnings per Share
TAS 34 (Revised 2009) Interim Financial Reporting
TAS 36 (Revised 2009) Impairment of Assets
TAS 37 (Revised 2009) Provisions, Contingent Liabilities and Contingent
Assets
TAS 38 (Revised 2009) Intangible Assets
TAS 40 (Revised 2009) Investment Property
TFRS 3 (Revised 2009) Business Combination
The adoption to the new and revised accounting standards results the change in accounting policies of the Company
and subsidiaries which are disclosed in note 5.
Thai Factory Development Public Company Limited148
3.2 In addition the above new issued and revised accounting standards and financial reporting standards, the other
standards are expected to be effective for the financial statements beginning on or after January 1, 2013 and have
not been adopted in the preparation of these interim financial statements as following:
Financial reporting standards Contents
TAS 12 Income Taxes
TAS 20 (Revised 2009) Accounting for Government Grants and
Disclosure of Government Assistance
TAS 21 (Revised 2009) The Effects of Changes in Foreign Exchange Rate
TSIC 10 Government Assistance-No Specific Relation
to Operating Activities
TSIC 21 Income Taxes- Recovery of Revalued Non-
Depreciable Assets
TSIC 25 Income Taxes- Changes in the Tax Status of an
Enterprises or its Shareholders
At present, the Company is evaluating the effects of those standards on the financial statements in the year in which
they are initial applied.
4. SIGNIFICANT ACCOUNTING POLICIES
4.1 Revenue recognition
4.1.1 Revenues from sales
Revenues from sales of land, factory and condominium�are recognised as income when the
significant risk and rewards of�ownership have been transferred�to the buyer that the Company
retains neither�continuing managerial involvement nor effective control over the land, factory
and condominium sold. The recognized amount and cost incurred in respect of the transaction
can be measured reliably.
4.1.2 Rental income and related service income
Rental income is recognised as income over the periods of the leases. Service income is
recognised when services have been rendered taking into account the stage of completion.
4.1.3 Other revenues and expenses
Other revenues and expenses are recognised on accrual basis.
4.1.4 Cost of land, factory and condominium sold are recognized as cost of sales based on proportion
of land, factory and condominium sold.
Annual Report 2011 149
4.2 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments with
an original maturity of three months or less and not subject to withdrawal restrictions.
4.3 Trade accounts and other receivable/Allowance for doubtful accounts
Trade accounts and other receivable are stated at the net realizable value. Allowance for doubtful
accounts is provided for the estimated losses that may be incurred in collection of receivables. The
allowance is generally based on collection experiences and analysis of debtor aging.
4.4 Properties for sale
Properties for sale are valued at the lower of cost and net realizable value.
4.5 Investments
Investments in subsidiaries are accounted for in the separate financial statements using the cost method
less allowance for loss on diminution in value (if any).
4.6 Investment properties/Depreciation
Investment properties are properties which are held to earn rental income, for capital appreciation or for
both, but not for sale in the ordinary course of business, use in the production or supply of goods or
services or for administrative purposes.
Investment properties are stated at cost less accumulated depreciation and allowance for loss on
impairment of assets (if any).
Depreciation of Investment properties is calculated by reference to its cost on the straight-line basis
over the following estimated useful lives:
Building and factory � 30 years�
Office condominium 28 years�
Improvement of leasehold building� 29 - 30 years
Improvement of office condominium 5 years
Infrastructure system 20 years
Improvement of leasehold land 8, 29 years
4.7 Equipment /Depreciation
Equipment is stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any).
Depreciation of equipment is calculated by reference to its cost on the straight-line basis over the following estimated useful lives:
Improvement of leasehold office building� 4 years�
Furniture and equipment� 5, a years�
Motor vehicles� 4 years�
Thai Factory Development Public Company Limited150
4.8 Leasehold rights and amortization
Leasehold rights are stated at cost less accumulated amortization. Amortization is calculated by reference to cost on a straight-line basis over the following lease period:
Leasehold rights - land� 30, 40 years�
Leasehold rights - factory 15 years�
4.9 Capitalization of interest costs on borrowings
Interest costs on borrowings incurred during the development/construction periods is capitalised as part
of the cost of related projects. Capitalization ceases when the projects are completed and ready for their
intended use or sale or when the projects are suspended until active development resumes.
4.10 Impairment of assets
The Company assesses at each reporting date whether there is an indication that an asset may be
impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable
amount. Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount. Impairment losses are recognised in the income
statement. (The recoverable amount means the net selling price or its utilization value whichever is higher.)
4.11�Related party transactions
Related parties comprise enterprises and individuals that control, or are controlled by, the Company,
whether directly or indirectly, or which are under common control with the Company.
They also include associated companies and individuals which directly or indirectly own a voting
interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Company’s
operations.
4.12 Finance leases
Leases of equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the
present value of the minimum lease payments. The outstanding rental obligations, net of finance
charges, are included in other long-term payables, while the interest element is charged to the income
statements over the lease period. The equipment acquired under finance leases is depreciated over the
useful life of the asset.
Annual Report 2011 151
1B.-� Operating Lease agreement�-�the Company and subsidiaries are the lease�� � �
The Company and subsidiaries recorded long-term lease agreement of land made before 1999 as expense according to the rate and term stipulated in the agreement. In 2011, the Company and subsidiaries recorded long-term lease agreement of land made since 1999 in which substantially all the risks and rewards of ownership of assets remain with the lessor classified as an operating lease agreement. Rentals applicable to such operating leases are charged to the statement of comprehensive income by using the straight-line method over the lease term, commencing from the subsidiaries can take benefit from such leased land
1B.1 Operating lease agreement - the Company and subsidiaries are the lessor� � �
� Assets leased out under operating leases are included in investment property in the statement of financial position. They are depreciated over their expected useful lives on a basis consistent with other similar fixed assets. Rental income (net of any incentives) is recognised on a straight-line basis over the lease term.
4.15 '()*+),-./*+�.*�0/(1.2*�,3((1*,.1+ The Company and subsidiaries record the transactions in foreign currencies converting into Thai Baht
by using the exchange rates ruling on the transaction dates. The outstanding balances of accounts in foreign currencies as at the balance sheets date are converted into Thai Baht by using the exchange rates ruling on the same day.
Gain or loss on exchange is taken into income or expense as incurred.
4.16 Employee benefits and provident fund
4.16.1� Employee benefits�
The Company and subsidiaries provide for post employment benefits, payable to employees under the Thai Labor Law. The present value of employee benefit liabilities recognized in the statements of financial position is estimated on an actuarial basis using Projected Unit Credit Method. The calculation was made by utilizing various assumptions about future events. The Company is responsible for the selection of appropriate assumptions. The assumptions used in determining the net period cost for employee benefits include the discount rate, the rate of salary increment, and employee turnover. Any changes in these assumptions will impact the net periodic cost recorded for employee benefits. On an annual basis, the Company and subsidiaries determine the appropriate discount rate, which represents the interest rate that should be used to determine the present value of future cash�flows currently expected to be required to settle the employee benefits. In determining the appropriate discount rate, the Company and subsidiaries consider the market yield based on Thai government bonds with currency and term similar to the estimated term of benefit obligation.
� The principal actuarial assumptions used were as follows; Discount rate� 5%�Employee turnover� Age-related scale and kind of employees�Mortality� According to Thailand TMO N^�male
and female tables �
Thai Factory Development Public Company Limited152
4.16.2 Provident fund
The Company and subsidiaries establish provident fund under the defined contribution plan.
The fund’s assets are separated entitles which are administered by the external fund manager.
The Company, the subsidiaries and employees made contribution into such provident fund.
The Company’s and subsidiaries’ contribution payments to the provident fund were recorded
as expenses in the statements of comprehensive income in the incurred period.
4.17 Income tax
Income tax is provided for in the accounts based on the taxable profits determined in accordance with
the Revenue Code. .
4.18 Financial instruments
Financial assets shown in balance sheets consist of cash and cash equivalent and accounts receivable.
Financial liabilities shown in balance sheets consist of overdraft and short-term loans from financial
institutions, liabilities under financial lease and long - term loans. Accounting policies regarding to
recognition and measurement have been disclosed for each related transaction.
4.19 Use of accounting estimates
Preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions in certain circumstances, affecting amounts
reported in these financial statements and related notes. Actual results could differ from these estimates.
4.20 Provisions
Provisions are recognised when the Company and subsidiaries have a present obligation as a result of a
past event. It is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation, and a reliable estimate can be made of the amount of the obligation. If some or all
the expenditure is required to settle a provision, is expected to be reimbursed when it is virtually certain
that reimbursement will be received if the Company and subsidiaries settle the obligation. The amount
recognized should not exceed the amount of the provision.
4.21 Earnings per share
4.21.1 Basic earnings per share is calculated by dividing the comprehensive income for the year by the
weighted average number of ordinary shares issued during the year.
4.21.2 Diluted earnings per share is calculated by dividing the comprehensive income for the period by
the weighted average number of ordinary shares issued during the period plus the weighted
average number of ordinary shares which would need to be issued to convert all dilutive
potential ordinary shares (warrants) into ordinary shares.
Annual Report 2011 153
5. EFFECT OF FIRST TIME ADOPTION OF THAI FINANCIAL REPORTING STANDARDS
5.1 Presentation of financial statements
The Company and subsidiaries adopted TAS 1 (Revised 2009) regarding the presentation of financial
statements including revised titles for the financial statements. The financial statements consist of
- Statements of financial position
- Statements of comprehensive income
- Statements of changes in shareholders' equity
- Statements of cash flows
- Notes to financial statements
5.2 Property, plant and equipment
TAS 16 (Revised 2009) stated that the Company and subsidiaries have to include initial estimated cost of asset
dismantlement, removal and restoration as asset costs and subject to depreciation. The depreciation charge has
to be determined separately for each significant part of an asset. Furthermore, useful life, the residual value and
depreciation method have to be reviewed at least at each financial year-end.
From January 1, 2011, the Company and subsidiaries estimated cost of asset dismantlement and scrap, and
changed the estimated useful lives of factory building for rent by changing from 20 years and 25 years to 30
years.
The Company and subsidiaries made retroactively adjusted the estimate of cost of asset dismantlement and
scrap�on the 2010 financial statements, presented for comparative purpose. The Company and subsidiaries
change the estimated useful lives by using prospective method in accordance with the transitional provisions of
the revised TAS.
The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive
income for the year ended December 31, 2010 are as follows:
� (Unit: Baht)
Consolidated financial statements
Separate Financial statements
Statement of financial position as at December 31, 2010�
Increase in property, plant and equipment� a,3bb,3a5 3,b53,aM0
(Increase) in estimated long-term liabilities�� %a,/^^,0aa& %3,b45,3^3&
�����Increase in deficit� 00M,NM5� 00,5^0
Thai Factory Development Public Company Limited154
� (Unit: Baht)
Consolidated financial statements
Separate Financial statements
Statement of comprehensive income for the year ended December 31,2010
���(Decrease) in cost of rental and services� %3^,0a/& %4M,b/^&
���(Decrease) in loss for the year %3^,0a/& %4M,b/^&
5.3 Investment properties
Under the revised TAS, investment property, defined as property owned to earn rentals; capital
appreciation; or both, is disclosed in the financial statements separately from other property, plant and
equipment.
The Company and subsidiaries have selected the cost model for accounting for investment properties
under the revised TAS. The change in accounting policy has been applied to reclassify the comparative
financial statements. From January 1, 2011,�the estimate of cost of asset dismantlement and scrap, the
depreciable amount and useful life of the investment property have been reassessed in accordance with
the requirements of TAS 16 (Revised 2009) as stated in note 4.2.
The effects on the statement of financial position as at December 31, 2010�are as follows:
� � (Unit: Baht)
Consolidated financial statements�
Before
reclassification � Reclassification�
After
reclassification�
Statement of financial position
as at December 31, 2010
���Investment properties� ¦ 676,672,838 676,672,838
���Property, plant and equipment for rent � 676,672,838 (676,672,838) ¦
� � �
� � %Unit : Baht&
Separate financial statements�
Before
reclassification � Reclassification�
After
reclassification�
Statement of financial position
as at December 31, 2010
���Investment properties� ¦ 05/FN3/F450 05/FN3/F450
���Property, plant and equipment for rent � 05/FN3/F450 %05/FN3/F450& ���������������¦
�
Annual Report 2011 155
4.4 Revenues
From January 1, 2011, the Company and subsidiaries have changed the accounting policy relating to
recognition of revenues from sales of real estate - condominium project from recognize income based on the
percentage of completion work to be based on the significant risk and rewards of ownership have been
transferred to the buyer in accordance with TAS 18 (Revised 2009) Revenues, effective on January 1, 2011.
The Company and subsidiaries changed the accounting policy by using retroactive method in accordance with
the transitional provisions of TAS 18.
The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive
income for the year ended December 31, 2010 are as follows:
(Unit: Baht)�
Consolidated financial statements�
Before
Restatement Adjustment
After
Restatement
Statements of financial position
as at December 31, 2010
�
���Trade accounts receivable -Unrelated parties� 11,608,709 (1,396,880) 10,211,829
���Unbilled income� 131,851,772 (131,851,772)� -
���Properties for sale� 989,598,374� 121,214,245� 1,110,812,619�
���Other current assets� 8,691,878� 3,660,619� 12,352,497�
���Advance received from customers (221,505,637)� (48,128,138)� (269,633,775)
���Unrecognized income (9,942,370)� 9,942,370� -�
���Accrued expenses� (37,412,240) 7,692,802� (29,719,438)
�� Deficit� (669,916) (38,866,754) (39,536,670)
�
(Unit: Baht)�
Consolidated financial statements�
Before
Restatement Adjustment
After
Restatement
Statement of comprehensive income for
the year ended December 31, 2010�
�
���Sale income-condominium� 0M/,177,646 730,129,436 833,307,082
���Cost of sale-condominium� (72,439,784)� (487,743,694)� (560,183,478)
���Selling expenses� (24,061,360)� (25,270,153)� (49,331,513)
���Administrative expenses� (82,324,132)� (11,910,995)� (94,235,127)�
���Reversal estimated specific business tax and
transfer fee� 18,513,905� (18,513,905)� -�
���Profit (Loss) for the year� (57,210,690)� 181,690,689� 129,479,999
���Basic earnings per shares (Baht)� (0.0658) 0.2662 0.2003
�
Thai Factory Development Public Company Limited156
(Unit: Baht)�
Separate financial statement�
Before
Restatement Adjustment
After
Restatement
Statements of financial position
as at December 31, 2010
� �
���Trade accounts receivable –Unrelated parties� /,940,762 (1,396,880) 3,543,882
���Unbilled income� 131,851,772 (131,851,772)� -
���Properties for sale� 989,598,374� 121,214,245� 1,110,812,619�
���Other current assets� 5,552,154� 3,660,619� 9,212,773�
���Advance received from customers (221,094,001) (48,128,138)� (269,222,139)�
���Unrecognized income (9,942,370) 9,942,370� -�
���Accrued expenses� (25,987,585)� 7,692,802� (18,294,783)�
�� Deficit� (29,111,356)� (38,866,754) (67,978,110)�
(Unit: Baht)�
Separate financial statement�
Before
Restatement Adjustment
After
Restatement
Statement of comprehensive income for
the year ended December 31, 2010�
�
���Sale income-condominium� 103,177,646 730,129,436 833,307,082
���Cost of sale-condominium� (72,439,784)� (487,743,694)� (560,183,478)
���Selling expenses� (21,525,231)� (25,270,153)� (46,795,384)�
���Administrative expenses� (62,391,821)� (11,910,995)� (74,302,816)�
���Reversal estimated specific business tax and
transfer fee� 18,513,905� (18,513,905)� -�
���Profit (Loss) for the year� (32,258,637)� 181,690,689� 149,432,052�
���Basic earnings per shares (Baht)� (0.0531) 0.2662 0.2131
Annual Report 2011 157
5.5 Employee benefits�
From January 1, 2011, the Company and subsidiaries have applied TAS 19 Employee Benefits.
Under the new policy, the obligation of the Company and subsidiaries in respect of post-employment
benefits is retirement benefit recognized in the financial statements based on calculations performed
annually by a qualified actuary using the projected unit credit method. Previously, this obligation was
recognised as and when payments were made.
The Company and subsidiaries have chosen to record such liability as expense on a straight-line method
within 5 years since January 1, 2011, in accordance with the transitional provisions of TAS 19
The effects on the statement of financial position as at December 31, 2011 and the statement of
comprehensive income for the year ended December 31, 2011 are as follows:�
� (Unit: Baht)
� Consolidated financial statements
Separate financial statements
Statements of financial position as at December 31, 2011
���Increase in employee benefit obligations 2,986,385 2,642,380
Statement of comprehensive income
for the year ended December 31, 2011�
���Increase in employee benefit resulting in:
������Increase in administrative expense 3,536,935 2,792,930
Decrease in profit 3,536,935 2,792,930
Decrease in profit per share
���Basic earnings per share (Baht) 0.0050 0.0040
� �
Thai Factory Development Public Company Limited158
6. ADDITIONAL DISCLOSURE OF CASH FLOWS INFORMATION
6.1 Cash and cash equivalents comprise of :
(Unit: Baht)
Consolidated
financial statements
Separate
financial statements
2011 2010� 2011 2010�
Cash� 425,000 255,000 380,000 210,000
Current accounts 218,073� 62,497 138,220 34,834
Savings accounts� 12,334,758 17,984,221 505,494 -
Total� 12,977,831 18,301,718 1,023,714 244,834
6.2 Non-Cash Transaction
For the year ended December 31, 2011 and 2010 :
(1) In 2011, the Company has loan from a new financial institution to pay long-term loan from the former
financial institution in amount of Baht 269 million.
(2) In 2011, the Company transferred assets for sale to investment properties in amount of Baht 62.7 million
(2010 amount of Baht 42.0 million).
Annual Report 2011 159
7. TRADE ACCOUNTS AND OTHER RECEIVABLE � � (Unit: Baht)� Consolidated�
financial statements�Separate
financial statements�
2011 2010� 2011 2010�
(Restated) (Restated) Trade accounts receivable� ����Accounts receivable - rental and related�services business� 0^,5N5,bb^ 13,283,100 /,3a4,334 3,45/,aa3 ����Less: Allowance for doubtful accounts� %/,a53,M3b& (3,071,271) ¦ -
Total� 0/,b43,b50 0M,300,a3N /,3a4,334 3,45/,aa3 ���Account receivable -�related parties�� ¦ ¦ /NM,44M /3a,0bN
Total trade accounts receivable� 0/,b43,b50 0M,300,a3N /,b^4,^^4 3,a^3,M40
Other receivable� ����Advance to purchase land� 3/b,/40,MMM 30,MMM,MMM 3/b,/40,MMM 30,MMM,MMM ����Prepaid expenses� N,b^N,5a/ 0^,N^b,4N3 b,4M5,a^5 05,a/b,aba ����Accounts receivable - sale of investment� ¦ b,/50,bNM ¦ b,/50,bNM ����Others� 5,504,^0^ 3,/4N,/MM 3,NMb,/43 0,34b,/aa
Total other receivable� 34M,55b,3MM 5^,b^^,4a3 354,^b3,33b 5/,5/5,N5b
Total trade accounts and other receivable 3b5,MNa,a50 4^,aaN,500 35N,5/a,MM0 5b,/Mb,NN^
The outstanding balances of accounts receivable as at December 31, 2011 and 2010 are aged, based on due
date, as follows: � (Unit: Baht)�
Consolidated� financial statements�
Separate financial statements�
2011 2010� 2011 2010� (Restated) (Restated) Unrelated parties�� Within due 0,^05,/0N 1,985,646 ¦ - Overdue�� Less than 3 months� 5,5MN,0a3 6,071,959 0,3a/,3/M 1,158,315 3 months to 6 months N5/,0/4 738,975 30^,N55 66,980 Over 6 months to 1 year�� /,/NM,054 670,004 ^,4^/ 443,436 Over 1 year onwards ^,M/^,aab 3,816,516 0,^^b,5^a 875,151
Total� 0^,5N5,bb^ 13,283,100 /,3a4,334 2,543,882 Less: Allowance for doubtful accounts� %/,a53,M3b& (3,071,271) ¦ -
Net� 0/,b43,b50 10,211,829 /,3a4,334 2,543,882 Related parties�� Overdue � � Less than 3 months ¦ - /NM,44M 328,169
Total� ¦ - /NM,44M 328,169 Grand total�� 0/,b43,b50 10,211,829 /,b^4,^^4 2,872,051
Thai Factory Development Public Company Limited160
8. PROPERTIES FOR SALE
���� (Unit: Baht) � Consolidated financial statements
and Separate financial statements
� 2011 2010�
� � (Restated& Land and land improvement�� 937,348,792 750,701,876 Building and building improvement 40,398,041 40,398,041 Construction expense� 869,457,061 774,595,446 Other expense in project� 142,179,192 117,985,053 Interest expense� 142,881,362 109,590,614
Total 2,132,264,448 1,793,271,030
Less: Transferred to accumulated cost of sales - condominium
%692,695,612&� (560,183,479)
Less: Transferred to accumulated cost of sales - land� %426,084,544& - Less: Transferred to investment properties� %175,402,799& (112,666,476)
Total 838,081,493 1,120,421,075 Less: Allowance for diminution in value of properties for sale� %9,608,456& (9,608,456)
Net 828,473,037 1,110,812,619
The Company capitalized financial cost for the year ended December 31, 2011 and 2010 amount of Baht 33.3 million and Baht 23.8 million, respectively, as a part of the cost of the properties for sale.
The Company has mortgaged its properties for sale with a total net book value as at December 31, 2011 and 2010 of Baht 721.3 million and Baht 1,018.1 million, respectively, as collateral for overdrafts and long-term loans from financial institutions.
Properties for sale amount of Baht 207.0 million represented residential condominium (HuaHin) project. As at December 31, 2010, the project was pending but as at December 31, 2011, the Company start the project development.
Additional information of condominium project: �
� Consolidated financial statements and Separate
financial statements � 2011 2010�
Percentage of total sale amount of the project� 97.16% 90.92% Project value which is operating 1,130,603,457 1,149,473,649 Project value which has to buy and to sell agreements � 1,098,603,457 1,045,120,851 Project value which has to buy and to sell agreements - already ���transferred� 1,018,208,124 833,307,082�Project value which has to buy and to sell agreements - not ���transferred yet� 80,395,333 211,813,769
Annual Report 2011 161
I. DEPOSITS AT FINANCIAL INSTITUTIONS WITH RESTRICTIONS��
These represent fixed deposits pledged with banks to secure long-term loan from financial institutions and letters of
guarantee issued by the banks on behalf of the Company.
.L. INVESTMENTS IN SUBSIDIARIES�
(Unit: Baht)�
Separate financial statements
Company’ name
Issued and
paid-up share capital Percentage of�shareholding
Investment at cost�
2011 2010� 2011 2010� 2011 2010�
(%) (%)
Total Industrial Services
Company Limited� 100,000,000 100,000,000 100.00 100.00 N^F44MFMMM N^F44MFMMM
SG Land Company Limited 100,450,000 100,450,000 49.91 49.N0 45,523,850 45,523,850
Total 143,073,850� 143,073,850�
Less : Allowance for diminution in value of
investments in subsidiaries (41,497,368) (41,497,368)
Net� 0M0F4^bF5a3 0M0F4^bF5a3
The subsidiary has not payment dividend in 2011 and 2010
The Company used the share certificates of SG Land Company Limited as collateral with a bank to guarantee
credit line of long-term loans from financial institutions.
Total Industrial Services Company Limited
According to the Board of Directors Meeting No. 8/2010 held on September 16, 2010, the Company passed
a resolution to acquire investment in ordinary shares of Total Industrial Services Company Limited from
minor shareholders for 2,450,000 shares at Baht 10 per share, totaling Baht 24.5 million (24.5%). Therefore,
the Company has shareholding proportion in such subsidiary 100% (from 75.5%). The Company has
acquired such investment on September 17, 2010. The Company recorded the difference between
acquisition cost and book value as “difference from changing investment proportion in subsidiaries” under
shareholders’ equity.
Thai Factory Development Public Company Limited162
Book value of assets and liabilities of Total Industrial Services Company at investment date are consist
of :
(Unit : Baht)
Consolidated�
financial statements
2010
ASSETS Cash and cash equivalents 72,882 Accounts receivable - net������������������������������������������������� 2,500,657 Other current assets� 6,304,569 Leasehold right on building and equipment for lease - net���������������������������������������������������������������������� 283,252,868 Leasehold improvement and equipment - net 1,330,616
Other non-current assets � 9,506,490�
Total assets� 302,968,082�
LIABILITIES Bank overdrafts� %4,545,531&� Accounts payable %1,060,659&� Accounts payable – construction %9,255,500&� Other current liabilities� %1,031,937&� Financial lease payable� %567,187&� Long-term loan from financial institution� %256,252,941&�
Other non- current liabilities� %27,037,067&�
Total liabilities� %299,750,822&�
Net assets 3,217,260�Net assets as purchase proportion (24.5%) 788,229�Cash paid for additional investment (24,500,000)�
Difference from changing investment proportion in subsidiaries %23,711,771&�
Annual Report 2011 163
11.
LE
ASE
HO
LD
RIG
HT
S�
��
��
(Uni
t: B
aht)�
Con
solid
ated
fina
ncia
l sta
tem
ents
�
Sepa
rate
fina
ncia
l
stat
emen
ts�
N
ote
Prep
aid
rent
al -
land
�
Prep
aid
rent
al
- bui
ldin
g�
Leas
ehol
d
right
s - la
nd
Leas
ehol
d
right
- fa
ctor
y To
tal
Leas
ehol
d
right
s - la
nd�
Cos
t:
��
��
��
�
Dec
embe
r 31,
201
0�
130,
155,
616�
475,
927,
507�
75,8
35,1
59�
18,4
52,5
78�
700,
370,
860�
48,8
95,1
59
Impr
ovem
ent o
f lea
seho
ld ri
ght
-
2,12
6,85
2 -
- 2,
126,
852
-
Tran
sfer
from
pro
perti
es fo
r sal
e
- -
7,48
0,84
8 -
7,48
0,84
8 7,
480,
848
Tran
sfer
from
equ
ipm
ent�
-
310,
451
- -
310,
451
-
Res
tate
men
t�
2,10
8,59
9 (2
,108
,599
) -
- -
-
Dec
reas
e fr
om a
men
dmen
t of a
gree
men
t�11
.2
- -
- %9
,356
,912
&�%9
,356
,912
& -
Dec
embe
r 31,
201
1�
132,
264,
215
476,
256,
211�
83,3
16,0
07
9,09
5,66
6�70
0,93
2,09
9�56
,376
,007
Acc
umul
ated
am
ortiz
atio
n:
��
��
��
�
Dec
embe
r 31,
201
0�
20,4
04,4
03�
81,5
33,7
67�
4,36
6,25
6�4,
168,
430�
110,
472,
856�
-
Am
ortiz
atio
n fo
r the
yea
r
7,63
4,96
2 30
,762
,780
7,
776,
506
616,
635
46,7
89,8
83
6,87
9,16
1
Tran
sfer
from
equ
ipm
ent�
-
34,9
36
- -
34,9
36
-
Dec
embe
r 31,
201
1�
28,0
39,3
65�
112,
331,
483�
12,1
42,7
62�
4,78
4,06
5�15
7,29
7,67
5�6,
879,
161
Net
boo
k va
lue:
�
��
��
��
Dec
embe
r 31,
201
0�
109,
751,
213
394,
393,
740�
71,4
68,9
02
05F3
a5F0
5a�
589,
898,
004
42,9
05,3
98
Dec
embe
r 31,
201
1�
104,
224,
850
363,
924,
728�
71,1
73,2
45
4,31
1,60
1�54
3,63
4,42
4 41
,713
,582
Am
ortiz
atio
n fo
r th
e ye
ar:
��
��
��
�
200M
��
��
�
39,6
84,9
05
-
2010
��
��
�
46,7
89,8
83�
6,87
9,16
1
Thai Factory Development Public Company Limited164
19
11.1� Separate financial statement
The Company has leasehold rights to land which it leases from the Privy Purse Bureau to construct a
residential building�(Mahadlekluang project). The residential building is belonged to the Privy Purse
Bureau and the Company has to comply with conditions stipulated in the agreement as stated in note
32.2.1.
In 2008, the Company entered into an agreement with an overseas investor holding shares of a subsidiary (SG
Land Company Limited) that the leasehold right and others will be sold to the subsidiary in amount of Baht
280 million which equivalently belong to the Company and the overseas investor (Baht 140 million each).
The Company partly received payment from the subsidiary in amount of Baht 129.5 million. The agreement
of leasehold right transfer is in the process. As at December 31, 2011, the Company recorded such amount as
deposit from sale of project (liabilities in the statement of financial position).
As at December 31, 2011 and 2010, the Company has placed the land leasehold right received from the Privy
Purse with a total net book value of Baht 49.5 million and Baht 48.9 million, respectively as collateral for
long-term loans from financial institutions as stated in note 17.
11.2 Subsidiary
(1) The subsidiary has leasehold rights to land which it leases since 1993 from the Privy Purse Bureau
which was recorded as repaid rental - land. The subsidiary constructed an office building�on the
leased land and the office building is belonged to the lessor since the construction date. The
subsidiary has the right to use such office building as long as the leased term of land. The
subsidiary recorded office building for rent as prepaid rental – building.
(2) The subsidiary has leasehold rights to land�from a company to construct office building for rent and
leasehold rights to land�from individuals to construction factory for lease as stated in note 12.
(3) The subsidiary has leasehold rights to factory�from�the Industrial Estate Authority of ThailandL
In the second quarter of 2011, the subsidiary has amended the agreement made with the Industrial Estate
Authority of Thailand since 2004 by changing lease term of a factory from 30 years to 15 years, resulting the
remaining lease term is approximately 7 years. The subsidiary has received rental returned from such
agreement amendment in amount of Baht 9.4 million.
The subsidiary has placed factory leasehold rights under agreements with the Industrial Estate Authority of
Thailand, and land leasehold rights under agreements with individuals, the Privy Purse Bureau and a
company with a total net book value as at December 31, 2010 and 2010 amount of Baht 543.6 million and
Baht 589.9 million, respectively as collateral for bank overdraft facilities, long-term loans from financial
institutions and debt restructuring payable
Annual Report 2011 165
13.
INV
ESTM
ENT
PR
OPE
RTI
ES
(Uni
t: B
aht)
C
onso
lidat
ed fi
nanc
ial s
tate
men
ts�
A
sset
s of l
ease
d la
nd�
Ass
ets o
f the
Com
pany
’s la
nd
Gra
nd to
tal
Im
prov
emen
t
of le
aseh
old
land
�
Bui
ldin
g an
d
impr
ovem
ent
Infra
stru
ctur
e
syst
em
Tota
l La
nd
Bui
ldin
g an
d
fact
ory
Tota
l
Cos
t :
Dec
embe
r 31,
201
0 12
,426
,164
�b/
5,05
8,27
4 16
,224
,123
�bb
3,70
8,56
1 4a
,324
,267
91
,002
,765
05
N,/3
^,M/
3 81
2,03
5,59
3
Add
ition
s�¦
307,
030
¦ 30
7,03
0�¦
¦ ¦
/M^F
M/M
Impr
ovem
ent�
¦ -
- ¦
¦ 1,
243,
438
1,24
3,43
8 0F
35/F
5/a
Tran
sfer
from
pro
perti
es fo
r sal
e�¦
¦ ¦
¦ 04
,546
,593
47
,189
,730
b3
F^/b
F/3/
b2
F^/b
F/3/
Dec
embe
r 31,
201
1 12
,426
,164
�63
4,36
5,30
4 16
,224
,123
�66
3,01
5,59
1 ^/
,a^M
,abM
0/
N,5/
4,N/
2 30
/,/M
b,^N
2 87
6,32
2,38
4
Acc
umul
ated
am
ortiz
atio
n:
Dec
embe
r 31,
201
0 1,
620,
765
125,
353,
707
2,98
4,79
4 12
9,95
9,26
5 ¦
4,5M
/,5N
M 4,
5M/,
5NM
135,
362,
755
Am
ortiz
atio
n fo
r the
yea
r 44
3,15
7 28
,115
,269
81
1,20
6 29
,369
,632
¦
3,12
9,72
5 3,
129,
725
32,4
99,3
57
Dec
embe
r 31,
201
1 2,
063,
920
153,
468,
976
3,79
6,00
0 15
9,32
8,89
7 ¦
8,53
3,21
5 8,
533,
215
167,
862,
112
Net
boo
k va
lue:
Dec
embe
r 31,
201
0�10
,805
,400
50
8,70
4,56
7 13
,239
,329
53
2,74
9,29
6 4a
,324
,267
a4
,599
,275
05
/FN3
/F45
3 67
6,67
2,83
a
Dec
embe
r 31,
201
1�10
,362
,24/
48
0,89
6,32
8 12
,428
,123
50
3,68
6,69
4 73
,870
,860
13
0,90
2,71
7 20
4,77
3,57
7 70
8,46
0,27
1
Am
ortiz
atio
n fo
r th
e ye
ar:
�
200M
�
�
34,9
33,3
50
2,97
6,16
8 37
,909
,518
2011
29,3
69,6
32
3,12
9,72
5 32
,499
,357
Thai Factory Development Public Company Limited166
(Unit: Baht) Separate financial statements�
Land
Building and factory Total
Cost : December 31, 2010 4a,324,267 91,002,764 05N,/3^,M/0 Improvement ¦ 1,243,439� 1,243,439�Transfer from properties for sale� 04,546,593 47,189,730 b/,736,323
December 31, 2011 ^/,a^M,abM 0/N,5/4,N// 30/,/Mb,^N/
Accumulated amortization: December 31, 2010 ¦ 4,5M/,5NM 4,5M/,5NM Amortization for the year� ¦ 3,129,726 3,129,726
December 31, 2011 ¦ 8,533,216 8,533,216 Net book value: December 31, 2010� 4a,324,267 N4F3b^FbMM 05/FN3/F450
December 31, 2011� 73,870,860 130,902,717 204,773,577
Amortization for the year: �200M� 2,976,0ba
2010� 3,129,726
Since January 1, 2011, the Company and subsidiaries have applied TAS 40 (Revised 2009) Investment Property.
Therefore, the Company made reclassification from property, plant and equipment held for lease to be investment
properties.
The subsidiary operates its factory rental business on land leased from the Industrial Estate Authority of Thailand
as stated note 32L3L3�and 32.2.3 and from individuals as stated in note 32.2.4. The subsidiary provided office for
rent on the land leased from a company as stated in note 32.2.6.
The Company and subsidiary have mortgaged investment properties with a total net book value as at December 31,
2011 and 2010 of Baht 708.5 million and Baht 676.7 million, respectively (the Company only : Baht 204.8 million
and Baht 143.9 million, respectively) and assigned the rights to benefits under the insurance policies covering its
building held for lease to its lenders, as collateral for banks overdraft facilities, long-term loans from financial
institutions and debt restructuring payable.
Annual Report 2011 167
Investments properties as at December 31, 2011 are as follows: � �� �� � (Unit : Baht)
Items Locations�
Net book value
of investment
properties Fair value Apprisal method
1. Land and factory building� Navanakorn Real Estate 32,662,497 48,100,000 Cost replacement
2. Land and factory building� TFD Real Estate 172,111,080 142,108,850 Cost replacement
3. Leasehold on land and factory right building Lamchabang Real Estate 116,385,264 319FMMMFMMM Discounted cash flow
4. Leasehold on land and factory right building King Kaew 119,776,012 35MFMMMFMMM Discounted cash flow
5. Leasehold on land and office right building Ratchdamri 267,525,417 456FMMMFMMM Discounted cash flow
Total 708,460,270 1,287,208,850
1. The fair value was appraisal value of 2011 by an independent appraiser. 2. The fair value of land and building according to 4 and 5 was included leasehold right which had net book value of Baht
130.2 million as stated in note 11 3.�Investment properties according to no.2 at net book value amount of Baht 63.5 million are being appraised the fair value,
thus, fair value of such assets was not included. For comparison purposes �
13. EQUIPMENT
(Unit: Baht)
Consolidated financial statements
Improvement of �
leasehold office Motor Furniture and
building vehicles equipment Total
Cost:
December 31, 200M 4,173,628 21,829,538 13,998,588 41,001,754
Additions 253,102 12,546,885 935,754 13,735,741
Transfer to investment properties (310,451) - -� (310,451)
Disposals -� (3,718,070) (90,843) (3,808,913)
December 31, 2000 5,116,279 30,658,353 14,843,499 50,618,131
Accumulated depreciation:
December 31, 200M 4,673,164 16,994,647 10,569,176 32,200,987
Transfer to investment properties (34,936) ¦ ¦ (34,936)
Depreciation for the year 79,303 2,491,156 1,125,974 3,696,433
Depreciation on disposals ¦ %3,255,603) (90,842) %3,346,445)
December 31, 2000 4,681,531 16,230,200 11,604,308 32,516,039
Net book value:
December 31, 200M 536,464 4,834,891 3,429,412 8,800,767
December 31, 2000 434,748 14,428,153 3,239,191 18,102,092
Depreciation for the yearS
200M 3,590,329
2010 3,696,433
Thai Factory Development Public Company Limited168
(Unit: Baht) Separate financial statements
Improvement of � leasehold office Motor Furniture and building vehicles equipment Total
Cost : December 31, 200M 5F43MF4a4 0aF5N5F4/b 00F05bFN/4 /5F0b3FM4b Additions� - 12,546,886 789,609 13,336,495 Disposals� - %3,718,070&� - %3,718,070&
December 31, 2000 5F43MF4a4 27,323,352 11,936,544 43,780,481
Accumulated depreciation:� December 31, 200M 5F43MF4b3 05F4a^FM4^ aF5^^F5N^ 3^F4a4F00b Depreciation for the year - 3,040,/4b bab,N03 3,a/a,3ba Depreciation on disposals - %/,344,bM/& - %/,344,bM/&
December 31, 2000 5F43MF4b3 0/,5a3,a0M N,0b5,5MN 3^,0b^,^a0
Net book value: December 31, 200M 3/ /FNM^F5^N 3FbbNF5/a bF4^bFN5M
December 31, 2000 3/ 0/,a5M,453 3,^^3,0/4 0b,b03,^MM
Depreciation for the yearS� 2010 3Fb50F^4b
2011 3,a/a,3ba
As at December 31, 2011, certain equipment items have been fully depreciated but are still in use. The
original cost of those assets amounted to approximately Baht 40.4 million (2010 : Baht 37.3 million) [the
Company only: Baht 21.1 million (2010 : Baht 19.0 million)].
Annual Report 2011 169
.4B BANK OVERDRAFTS �
As at December 31, 2011 and, 2010, the Company and subsidiaries have bank overdraft facility in total Baht 45 million (the Company only : Baht 40 million) guaranteed by part of properties for sale of the Company.
The subsidiary mortgaged most of its building held for lease, assigned the rights to benefits under the insurance policies covering its building held for lease, and assigned the rights under land and building lease agreements with the Industrial Estate Authority of Thailand to its lenders, to secure bank overdrafts and long-term loans from financial institutions.
15. TRADE ACCOUNTS AND OTHER PAYABLE� � (Unit : Baht) Consolidated
financial statements Separate
financial statements
2011 2010� 2011 2010�
Trade accounts payable� ����Trade accounts payable� 35,a30,b43 11,956,554 3/,^a3,0bN 8,307,236 ����Accounts payable - construction� 30,^55,aNN 0N,54^,Nba 30,^55,aNN 0N,54^,Nba ����Accounts payable - land� 3b,^N3,34M ¦ 3b,^N3,34M ¦
Total trade accounts payable� ^/,/4a,aM0 31,414,522 ^3,/0N,/0a 27,765,204
Other payable� ����Advance received from customers� N^,4a4,50a 269,633,775 N^,4a4,50a 269,222,139 ����Retention for constructors� 3M,050,/0N 15,708,461 0N,Nba,0/M 04,^Ma,5b0 ����Accrued expenses� 4/,MN0,aaa 29,719,438 /a,4/^,MNM 18,294,783 ����Other� 03,M^3,050 5,715,708 ^,N4M,5N4 0,026,700
Total other payable� 0a3,aNM,^bb 320,777,382 0b5,M50,0// 304,252,083
Total trade accounts and other payable 34b,35N,4b^ /43,0N0,NM5 3/b,/bM,540 //3,M0^,3a^
16B� FINANCIAL LEASE PAYABLE
Long-term financial lease are due as follows:
(Unit: Baht)�
Consolidated�
�financial statements�
Separate
financial statements
2011 2010� 2011 2010�
Within 1 year 3,755,913 1,173,708 3,495,449 ab/F/5M
Over 1 year but not over than 5 years 8,073,550 1,668,243 8,027,404 0F5/4F5b^
Total 11,829,463 2,841,95M 11,522,853 3F3NaFaM^
Less : Deferred interest (1,144,242)� (282,875)� (1,107,389) (216,169)
Present value of minimum amount
must be paid 10,685,221 2,559,074 10,415,464 3FMa3,638
Less : Current portion (3,265,846)� (1,089,393&� (3,038,948) (779,025)
Net 7,419,375� 1,469,683� 7,376,516 1,303,613
Thai Factory Development Public Company Limited170
17B� LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS�
(Unit: Baht)
Credit line��Million��Consolidated��
financial statements Separate
financial statements
Credit No.
Amount
December 31, 2011
Remaining amount 2011 2010� 2011
2010�
1 434� - - 275,294,750 - 275,294,750 2 500 ¦ 25,330,798 40,000,000 25,330,798 40,000,000 3� 90 - 42,679,690 53,904,965 42,679,690 53,904,965 4 30 ¦ 5,784,288 22,626,081 5,784,288 22,626,081 5 275 - 226,209,804 248,743,407 - - 6 120 ¦ - 24,649,421 - 24,649,421 7 1,796 1,467 97,992,337 - 97,992,337 - 8 100 10 90,000,000 - 90,000,000 -
Total� 3,345 1,477 487,996,917 665,218,624 261,787,113 416,475,217
Less: current portion 1 - %275,294,750) - %275,294,750) 2 %13,599,495& %5M,MMM,MMM) %13,599,495& %5M,MMM,MMM) 3� %12,248,803& (11,643,098) %12,248,803& (11,643,098) 4 %4,784,288&� (16,917,254) %4,784,288& (16,917,254) 5 %22,837,282&� (23,491,939) - - 6 - (24,649,421) - (24,649,421) 7 %97,992,337& - %97,992,337& -
8 - - - -
Total current portion %152,462,205&� (391,996,462) %129,624,923&� (368,504,523)
Net 335,534,712 273,222,162 48,030,918 47,970,694
Movement of the account for year ended December 31, 2011 are as follows :
(Unit: Baht) Consolidated�
financial statements� Separate
financial statements Balance as at December 31, 2010 665,218,624 416,475,217 Received loan increase� 419,108,537 50N,108,537 Repayment loan %596,330,245&� %573,796,641&�Balance as at December 31, 2011 5a^,996,916 261,787,113
Annual Report 2011 171
Credit line (1) Baht loan from a local bank, with total facility of Baht 434 million of which Baht 284.6 million has
been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the
loan agreement are to be made when the land/land with factory buildings in the related project are
sold, and the loan is otherwise repayable in monthly installments, commencing from June 2009. It
is to be repaid in full within June 2014.
Such loan is secured by the mortgage of most of the Company’s properties for sale and the
assignment of the beneficiary rights under the insurance policies covering these assets to the lender.
In the second quarter of 2011, the Company has loan credit line (7) to pay all remaining loan and
redeem all collateral.
Credit line (2) Baht loan from a local bank, with total facility of Baht 500 million of which Baht 40 million has been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the loan agreement are to be made when condominium units are sold, and the loan is otherwise repayable in monthly installments, commencing from March 2010. It is to be repaid in full within March 2011.
Such loan is secured by the following:
(1) Assignment of the Company’s leasehold rights to land which is leased from the Privy Purse Bureau
(2) Pledge of the Company’s rights to make bank account withdrawals and to administer the bank account.
The Company did not withdraw the remaining amount of Baht 460 million within due date of loan withdrawal on December 1, 2009 (According to loan agreement, the loan line will be cancelled if the Company does not withdraw the money within the specified period).
As at December 31, 2010, such loan in amount of Baht 40 million was defaulted since March 2010. The Company recorded interest as defaulted rate and paid the interest since the defaulted date. The defaulted loan was included in current portion of long-term loan presented in the statement of financial position and the Company is under the negotiation to compromise the repayment term, to increase facility and to extend the withdrawal period.
On February 25, 2011, the Company made memorandum with the bank to amend the repayment condition as follows:
(1) Loan Baht 40 million and accrued interest under the agreement Baht 4.9 million. As at the memorandum date, the Company paid principal Baht 5.0 million and interest Baht 0.2 million. The remaining principal was extended to be paid through 30 installments, commencing from the memorandum date by making monthly payment for principal and interest at least Baht 1.3 million each with interest rate at MLR, commencing from March 2011. However, the loan must be repaid in full within August 2013.
%2&� Fee of facility cancellation Baht 9.2 million and defaulted interest Baht 0.2 million. The bank will release the debt in (2) including defaulted interest Baht 4.7 million if the Company can completely comply with the condition in (1).�
Thai Factory Development Public Company Limited172
Credit line (3) On April 30, 2008, the Company has facility of loan from a local bank Baht 90 million. The facility will be used together with an investor in total amount Baht 180 million which has been drawn down in full amount, at interest rate MLR – 1% per annum. The principal is required to be monthly repaid together with interest at Baht 1.2 million each, commencing from May 2008. However, it must be fully repaid within May 2017.
Such loan is guaranteed by pledging 10,022,950 ordinary shares of a subsidiary which were held by the Company at par value Baht 5 each and by such subsidiary as the co-receivable.
Credit line (4) On August 20, 2009, the Company has loan from a local bank with total facility of Baht 30 million of which has been draw down in full amount, at interest rate MLR + 0.5 % per annum. The interest is required to be monthly paid and the principal is grace for 1 year since the first drawn down. However, it must be repaid in full within March 2011.
In October 2010, the Company and the lender made MOU to amend the principal and interest repayment to be monthly payment of principal and interest at least Baht 1.5 million, commencing in November 2010. However, it must be repaid in full within April 2012.
Such loan is secured by the mortgage of a part of the Company’s land and factory for lease and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender.
Credit line (5) On November 12, 2009, the subsidiary has loan from local bank with total facility of Baht 275 million which has been draw down in full amount, at the interest rate SPRL + risk at 0.5% per annum. The principal and interest are required to be monthly paid at least Baht 3.4 million per month, commencing on November 2009. However, it must be repaid in full within November 2019.
Such loan is secured by the following: (1) The mortgage of the subsidiary’s factory buildings for lease and the assignment of the
beneficiary rights under the insurance policies covering these assets to the lender. (2) Assignment of the subsidiary’s rights of land lease and building lease from individual
and Industrial Estate Authority of Thailand. (3) Letter of guarantee by the Company in the amount of half of the debt. (4) Letter of guarantee in full amount by the advisor of the Board of Directors.
Credit line (6) On September 10, 2010, the Company has loan from local bank with total facility of Baht 120.2 million which has been drawn down in full amount, at interest rate MLR + 1% per annum. The interest is required to be monthly paid and the principal will be paid by release mortgaging of condominium according to the condition. However, it must be repaid in full with in February 2012.
Such loan is secured by the mortgage of part of the Company’s properties for sale (Condominium) and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender.
In the second quarter of 2011, the Company fully repaid loan according to the agreement.
Annual Report 2011 173
Credit line (7) On June 9, 2011, the Company has loan from local bank with total facility of Baht 1,796 million which has been draw down in amount of Baht 329.1 million, at the interest rate MLR per annum to repay credit line (1) and to develop TFD Industrial Estate project. The interest is required to be monthly paid and the principal will be paid by release mortgaging of real estate according to the condition. However, it must be repaid in full within June 2017.
Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights
under the insurance policies covering these assets to the lender. (2) Pledge of the Company’s right on the fixed deposit to the bank.
Credit line (a) On June 9, 2011, the Company has loan from local bank with total facility of Baht 0MM million which has been draw down in amount of Baht NM million, at the interest rate MLR per annum. The interest is required to be monthly paid and the loan must be repaid in full within November 2012.
Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights
under the insurance policies covering these assets to the lender. (2) Pledge of the Company’s right on the promissory note to the financial institutions. (3) Letter of guarantee by the advisor of the Board of Directors.
18. DEBT RESTRUCTURING PAYABLE
(Unit: Baht)
Consolidated financial statements
2011 2010� Debt restructuring payable 152,700,731 192,374,858
Less: Current portion (41,473,657) (40,937,509)
Net 111,227,074� 151,437,349�
A subsidiary has made a debt restructuring agreement with a financial institution at interest rate MLR - 1 % per annum by making monthly principal and interest payment of Baht 4.2 million each and it must be fully paid within April 2017. Such loan was guaranteed by mortgaging leasehold right and office condominium leasehold of the subsidiary including the assignment of the beneficiary rights under the insurance policies covering these assets to the lender.
Thai Factory Development Public Company Limited174
19. LONG-TERM LOAN FROM RELATED PARTY AND INTEREST PAYABLE
(Unit: Baht)
Consolidated financial statements
2011 2010�
Long-term loan from related party 223,208,760 345F5/5FM/b
Interest payable 119,258,762 aNF5^3F0b5
Total 342,467,522 343,906,200
Less: Current portion %11,736,861&� (11,579,103)
Net 330,730,661 332,327,097
On April 30, 2008, a subsidiary has entered into a loan agreement with an overseas company (related party) with details as follows:
Credit line (1) The subsidiary has loan from the related party Baht 90 million which has been drawn down in full amount with interest rate 15 percent per annum and the principal is required to be monthly repaid together with interest at compromise rate in amount not lower than Baht 1.2 million per month.
As stipulated in the agreement, such loan must be fully repaid within 9 years since the date of drawn down or the loan closing date whichever is earlier.
Credit line (2) The subsidiary has loan from the related party Baht 135 million which has been drawn down in full amount with interest rate 15 % per annum and the interest is required to be monthly paid with interest at compromise rate.
The principal is required to be firstly repaid in the month of closing loan and fully repaid within 3 years since the loan closing date.
Credit line (3) The subsidiary has loan from the related party Baht 140 million of which Baht 120 million has been drawn down with interest rate 15 % per annum. Interest is required to make monthly payment.
As stipulated in the agreement, the payment condition is as same as the credit line (2).
Remark: “the loan closing date” means the date that liabilities under debt restructuring agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD. with Siam Commercial Bank Plc.) have been fully repaid.
Annual Report 2011 175
20. EMPLOYEE BENEFIT OBLIGATIONS
The Company and subsidiaries have employee benefit obligations as at January 1, 2011. The Company and
subsidiaries have chosen to record such liability as expense on a straight-line method within 5 years as
stated in note 5.5. Movement of employee benefit obligations during the transitional provisions as follows:
� (Unit: Baht)
� Consolidated
financial
statements
Separate
financial
statements
Unrecognized obligation as at January 1, 2011 8,970,127 7,536,687
���Recognised in statements of comprehensive income � %1,794,025&� %1,507,337&�
Unrecognized obligation as at December 31, 2011 7,176,102 6,029,350
�
Employee benefit obligations comprise of : �
���Recognised employee benefit � 1,794,025 1,507,337
���Present employee benefit � 0,742,910 1,285,593�
���Less Employee benefit payment� �������%550,550&� %150,550&�
Remaining employee benefit obligations as at December 31, 2011 2,986,385 2,642,380
21.� ESTIMATED LONG-TERM LIABILITIES
� (Unit: Baht)
Consolidated�financial
statements�
Separate financial
statements�
3M00 3M0M� 3M00 3M0M�
� � %Restated&� � %Restated&�
Building dismantlement� N,620,627 8,377,188 3,897,710� 2,654,272�
Total N,620,627 8,377,188 3,897,710� 2,654,272�
�
Thai Factory Development Public Company Limited176
22. RELATED PARTY TRANSACTIONS
During the period, the Company and subsidiaries had significant business transactions with related persons
or parties, which have been concluded on commercial terms and bases agreed upon in the ordinary course of
business between the Company and those companies. Be low is a summary of those transactions.
(Unit : Million Baht)
For the year ended December 31, Consolidated
financial statements
Separate financial
statements Pricing Policy 2011 2010 2011 2010 Transactions with related persons and parties Interest income -� 1.0� - -� Interest rate 5.85% per annum Interest expense 27.6 40.0 ¦ ¦ Interest rate 15% per annum Consulting fee and other benefit expenses 17.3 14.0� 15.2 11.9� Contract price ��Commission� ¦� 9.2� ¦� 9.2 At the rate 2-3% of the land
prices� � � Transactions with subsidiaries (eliminated from the consolidated financial statements) Interest income ¦ ¦� 3/Lb 34L3 Interest rate at 6.625% and 15%
per annum Interest expense ¦ ¦ 3L3� ML0� Interest rate at 7.25% per annum Building management income ¦ ¦ /LN� 3.7 Contract price Advance from - Increase during the period ¦� ¦ bLM 15.5 No interest is charged Advance from - Decrease during the period ¦� ¦ 6.0� 15.5� Advance to - Increase during the period ¦� ¦ NL3� -� No interest is charged Advance to - Decrease during the period ¦ ¦� 9.2 - �
The relationship between the Company and related parties is summarised as follows:
The related parties’ name Relationship
SCHUBERT HOLDINGS PTE. LTD. Shareholding in subsidiary
Vibhavadi Hospital Plc. A former director of the Company is a
director and a shareholder in related
company
JC Asset Company Limited Shareholding in the Company
V.C.A.L. Business Group Company Limited Shareholding in the Company
VSSL Enterprise Company Limited Shareholding in the Company
Mr. Gurdist Chansrichawla Shareholding in subsidiary
Mr. Apichai Taechaubol Advisor of board of directors, director and
shareholder in related company
Annual Report 2011 177
Details of the outstanding balances between the Company and related parties as at December 31, 2011 and
2010 are as follows:
(Unit: Baht)
Consolidated
financial statements
Separate
financial statements
Note 2011 2010 2011 2010
Trade accounts receivable
Subsidiary
SG Land Company Limited - - 390,550 328,169
Total - - 390,550 328,169
Loans to related parties and interest receivable
Subsidiaries
Total Industrial Services Company Limited 22.1.1 ¦ ¦� ¦� �����^FN0/F4b3
SG Land Company Limited 22.1.2 ¦ ¦� 224,856,333 30^Fb4MF/5/
Total - - 224,856,333� 225,563,905
Receivable – sale of investment
Related party
Vibhavadi Hospital Plc. ¦ b,341,690 ¦ b,341,690
Total ¦ b,341,690 ¦ b,341,690
Other receivable and advance to
Related party
SCHUBERT HOLDINGS PTE. LTD. 22.2 1,301,349 874,640 - -
Total 1,301,349 874,640 - -
Collateral for letter of guarantee
Related party
VSSL Enterprise Co., Ltd. 22.4 15,000,000 15,000,000 15,000,000 15,000,000
Total 15,000,000 15,000,000 15,000,000 15,000,000
Short – term loan from related party and interest
payable
Subsidiary
Total Industrial Services Company Limited -� - 4,103,953 -
SG Land Company Limited 22.3 -� -� 39,846,070 18,138,588�
Total - - 43,950,023 18,138,588
Thai Factory Development Public Company Limited178
(Unit: Baht)
Consolidated
financial statements
Separate
financial statements
Note 2011 2010 2011 2010
Long – term loan from related party and interest
payable
Related party
SCHUBERT HOLDINGS PTE. LTD. 19 342,467,522� 343,906,200� - -�
Total 342,467,522 343,906,200 - -
Deposit from sale of project
Subsidiary
SG Land Company Limited 11 - - 129,500,000 129,500,000
Total - - 129,500,000 129,500,000
For the year ended December 31, 2011 and 2010, movements of loans to related parties and loan from related
parties were as follow :-
(Unit: Baht)
During the period
Balance as at Balance as at
December 31, December 31,
Note 2010 Increase Decrease 2011
1. Loans to related parties
Subsidiary
Total Industrial Services Company Limited 22.1.1
Loan 7,889,750 - (7,889,750) -
Interest receivable 23,812 174,041 (197,853) -
Total 7,913,562 174,041 (8,087,603) -
SG Land Company Limited 22.1.2 �
Loan 161,830,143 - %11,225,275&� 150,604,868
Interest receivable 55,820,200 23,464,061 %5,032,796&� 74,251,465
Total 217,650,343 23,464,061 %16,258,071&� 224,856,333
Grand Total 225,563,905 23,638,102 %24,345,674&� 224,856,333
�
�
�
�
Annual Report 2011 179
(Unit: Baht)
During the period
Balance as at Balance as at
December 31, December 31,
Note 2010 Increase Decrease 2011
�
2. Short -term loan from related parties �
Subsidiary 22.3
Total Industrial Services Company Limited
Loan � - 7,300,000 %3,200,000& 4,100,000
Interest payable - 12,216 %8,263& 3,953
Total - 7,312,216 %3,208,263& 4,103,953
SG Land Company Limited
Loan � 18,000,000� 025,000,000 %105,000,000&� 38,000,000�
Interest payable 138,588 2,201,889� %494,407&� 1,846,070
Total 18,138,588 127,201,889 %105,494,407& 39,846,070
Grand total 18,138,588 134,514,105 %108,702,670& 43,950,023
3. Long -term loan from related party
SCHUBERT HOLDINGS PTE. LTD. 19
Loan 254,434,036 ¦� %/0,225,276& 223,208,760
Interest payable 89,472,164 36,290,262 %6,503,664& 119,258,762
Total 343,906,200� 36,290,262� %/^,728,940&� 342,467,522�
22.1 Loans to related parties
22.1.1 Loan to subsidiary – promissory notes with interest rate 6.625% per annum, due at call.
22.1.2 The Company entered into loan agreements with a subsidiary with details as follows:
Credit line (1) Baht 90 million of which full amount has been draw down, with interest rate 15
percent per annum and the principal is required to be monthly repaid together with interest at
compromise rate in amount not lower than Baht 1.2 million per month.
Credit line (1) The subsidiary must be fully repaid to the Company within 9 years since the
date of drawn down or the loan closing date whichever is earlier.
Thai Factory Development Public Company Limited180
Credit line (2) Baht 135 million which has been drawn down in full amount with interest rate
15 percent per annum and the interest is required to be monthly paid with interest at
compromise rate.
Credit line (2) As stipulated in the agreement, the principal is required to be firstly repaid in
the month of closing loan and fully repaid within 3 years since the loan closing date.
Credit line (3) Baht 140 million which has not been drawn down with interest rate 15 percent
per annum. The subsidiary entered into this loan in order to pay for purchase of leasehold right
of Mahadlekluang project (the Company project).
Credit line (3) As stipulated in the agreement, the payment condition is as same as the credit
line (2).
Remark: “the loan closing date” means the dated that liabilities under debt restructuring
agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY
DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD.
with Siam Commercial Bank Plc.) have been fully repaid.
22.2 Advance paid to
Advance paid to related parties for operation purpose has no interest charge.
22.3 Short - term loan from subsidiary
A short - term loan from subsidiary with interest rate 7.25 percent per annum and due at call,
documented by a promissory note. Such loan has no collateral.
22.4 Collateral for letter of guarantee
The Company paid collateral to a related company because the Company used letter of guarantee in
amount of Baht 21.5 million of the related company by bank issuance letter of guarantee to be placed
at the Privy Purse Bureau as stated in note 32.2.1 (6). The Company will earn remuneration at 2% per
annum for the collateral in amount of Baht 15 million.
22.5 Guarantee obligations with subsidiary
The Company has guarantee obligations with related parties, as described in note 32.4.1
23. SHARE CAPITAL
According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to
increase share capital from Baht 760 million to Baht 836 million, divided into 76,000,000 ordinary shares at
Baht 1 per share, totaling Baht 76 million. The new shares were issued to serve share dividend and the
adjustment of exercise right ratio for purchasing ordinary share of warrant holders.
The Company registered to increase the shares capital with the Ministry of Commerce on May 10, 2010.
Annual Report 2011 181
24. WARRANTS TO PURCHASE ORDINARY SHARES
The Stock Exchange of Thailand approved the listing of 30,980,393 warrants to purchase the Company’s
ordinary shares as registered securities on the Stock Exchange of Thailand, commencing from April 18,
2003. The warrants (approved by the Company’s Extraordinary General Meeting of the Shareholders No.
1/2002 held on July 16, 2002) have a life of 10 years and are exercisable every three months with the first
exercise date being on June 30, 2003 and the final exercise date on March 31, 2013. The warrants are
exercisable in a ratio of 1 warrant to 1 ordinary share at an exercise price of Baht 5 per share.
The 2004 Annual General Meeting of the Company’s Shareholders held on April 29, 2004 passed a
resolution approving a stock split to change the par value of the Company’s shares, from Baht 5 per share to
Baht 1 per share, changing the number and exercise price of the Company’s remaining warrants from
24,480,393 warrants at an exercise price of Baht 5 per warrant to 122,401,965 warrants at an exercise price
of Baht 1 per warrant, to be consistent with the change in the par value of the Company’s shares.
According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to
pay dividend by common shares, therefore, the Company adjusted the exercise right ratio for purchasing
ordinary shares. Formerly, the Company had declared share dividend at a ratio of exercise right of 1 warrant
to purchase 1 ordinary shares at the exercise price of Baht 1 per share. The new ratio of exercise right is 1
warrant to purchase 1.1 ordinary shares at the exercise price of Baht 1 per share. The warrant have a life of
10 years and are exercisable every three months with the first exercise date being on June 30, 2003 and the
final exercise date on March 31, 2013.
During this period, no warrants were exercised to purchase ordinary shares.
As at December 31, 2011 and 2010, 122,401,965 warrants to purchase ordinary shares have not yet been
exercised.
25. STATUTORY RESERVE
Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set
aside to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought
forward (if any) until the reserve reaches 10 percent of the registered capital. The statutory reserve is not
available for dividend distribution.
Thai Factory Development Public Company Limited182
26. DIRECTORS’ REMUNERATION AND MANAGEMENT BENEFIT EXPENSES
26.1 DIRECTORS’ REMUNERATION
Director remuneration is the benefits paid to the Company and subsidiaries of directors excluding salaries and related benefits which were paid to executive directors according to Section 90 of the Public Company Limited Act.�
26.2 MANAGEMENT BENEFIT EXPENSES
Management benefit expense focuses expense relating to salaries, remunerations and other benefits to their directors and management, in accordance with the definitions of the Office of the Securities and Exchange Commission. Management under definition includes a chief executive officer, the next four executive levels immediately below that chief executive officer and all persons in positions comparable to these fourth executive levels. In 2011, management benefit expense including board consulting consist of the consulting fee amount of approximately Baht 8.7 million and other benefit expenses amount of Baht 8.6 million (2010: consulting fee Baht 8.7 million and other benefit expenses Baht 5.3 million) [for the Company only : consulting fee Baht 6.6 million and other benefit expenses Baht 8.6 million (2010: consulting fee Baht 6.6 million and other benefit expenses Baht 5.2 million)].
27. PROVIDENT FUND
The Company and subsidiaries and their employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. The Company and subsidiaries and their employees contributed to the fund monthly at rates of 3-10 percent of basic salary. The fund, which is managed by MFC Asset Management Public Company Limited, will be paid to the employees upon termination in accordance with the fund rules. During the year 2011, the Company and subsidiaries contributed Baht 2.5 million (2010: Baht 2.4 million) [for the Company only: Baht 2.1 million (2010: Baht 2.0 million)] to the fund.
28. EXPENSES ANALYSED BY NATURE OF EXPENSE
28.1 Significant expenses analysed by nature of expense for the year ended December 31, 2011 and 2010 are as
follows :
(Unit: Baht)�
Consolidated
financial statements
Separate
financial statements
2011 2010 2011 2010
� %Restated&� %Restated&
Change in properties for sale 219,603,260 264,969,439 219,603,260 264,969,439
Purchase land, work in progress and project
development expenses 338,993,417 136,702,868 338,993,417 136,702,868
Staff expense 48,621,877 39,208,062 35,958,250 28,482,621
Directors’ remuneration� 6,718,780 6,045,000 4,830,000 4,440,000
Management benefit expenses 3N,0^4,M4/ 39,522,170 26,765,541 27,041,812
Depreciation and amortisation 82,985,673 81,184,753 12,847,157 5,617,925
Annual Report 2011 183
28.2 Depreciation and amortisation are summarised below.
(Unit: Baht)���
Consolidated
financial statements
Separate
financial statements
2011 2010 2011 2010
Depreciation and amortisation which is cost of
rental and�related services� 72,410,079 77,594,423 3,129,726 2,976,168
Depreciation and amortisation which is selling
and administrative expenses 10,575,594 3,590,330 9,717,431 2,641,757
Total 82,985,673� 81,184,753 12,847,157 5,617,925
29. BASIC EARNINGS PER SHARE / RECONCILATION OF DILUTED EARNINGS PER SHARE
There is no disclosure of the reconciliation of diluted earnings per share in the financial statements for the three
months and year ended December 31, 2010 as the exercise price of the warrant to purchase ordinary shares is
higher than the average market price of the ordinary shares for the period.
The reconciliation of basic earnings per share with diluted earnings per share�for the year ended December 31, 2011
is presented as follows:
For the year ended December 31, 2011�
Consolidated
financial statements�
Separate
financial statements�
Net profit
Weighted
average
number of
ordinary
shares
Profit
per
share Net profit
Weighted
average
number of
ordinary
shares
Profit
per
share
(Baht) (Share) (Baht) (Baht) (Share) (Baht)
Basic earnings per share �
Net profit (loss) - owners of the Company� 147,726,407 701,357,785 0.2106 135,459,287 701,357,785 0.1931
Effect of diluted ordinary shares
��033F5M0FNb4 warrants issued to �
� �existing shareholders� - 15F571F933 - 15F571F933
Diluted earnings (loss) per share
��Profit of ordinary shareholders as if
�� warrants were exercised 147,726,407 716,929,718 0.2061 135,459,287 716,929,718 0.1889
�
�
Thai Factory Development Public Company Limited184
30. DIVIDEND PAYMENT
According to the 2010 Annual General Meeting held on April 29, 2010, the Company passed resolutions
approving to pay dividend of the 2009 operation and retained earnings at Baht 0.115 per share, totaling Baht
73.3 million to the Company’s shareholders in details as follows:
(1) By dividend share for 63,759,803 ordinary shares at the ratio 10 ordinary shares: 1 dividend share
at Baht 1 each which equal to Baht 0.10 per ordinary share, totaling Baht 63.7 million.
In case the remaining ordinary shares are not reach 1 dividend share, they will be paid by cash at
Baht 0.10 per ordinary share.
(2) By cash at Baht 0.015 per ordinary share, totaling Baht 9.6 million.
The dividend is fixed to be paid on May 27, 2010.
31. SEGMENT INFORMATION
Business operations of the Company and subsidiaries involve two principal segments: business of property
development for sale and property for lease, and hotel business. These operations are mainly carried on in
Thailand.
Below is for the year December 31, 2011 and 2010 (after restatement) of the Company and subsidiaries by
segment.
(Unit: Million Baht)
Properties for sale
business�
Properties for lease
business
Consolidated financial
statements
2011 2010 2011 2010 2011 2010� Revenues from external customers 847.8 833.3 284.3 260.6 1,132.1 1,093.9
Total revenues 847.8 833.3 284.3 260.6 1,132.1 1,093.9
Segment income (loss) 244.4� 211.2
Interest income ML4 ML3�
Other income 00L0 bL4�
Profit (Loss) before financial cost and
income tax 256.0 217.9�
Financial cost %71.3& %88.4&
Profit (Loss) before income tax 184.7� 129.5�
Income tax (38.2)� ¦�
Comprehensive income� 146.5 129.5
Annual Report 2011 185
32. COMMITMENTS AND CONTINGENT LIABILITIES
32.1 Capital Commitments as at December 31, 2011
32.1.1 The Company had commitments of approximately Baht 121.9 million in respect of agreements to
design, improve and construct residential condominium and management and control construction
agreement (2010: Baht 85.9 million).
32.1.2 The Company had commitments under the following agreements in respect of TFD Industrial Estate
project:
- Agreement to construction standard factory building and utilities system of approximately Baht
5.2 million.
¦ Agreement to buy land for project development approximately Baht 906.6 million (2010: Baht
146.8 million) and the commission for land acquisition Baht 14.7 million.
32.2 Operating Lease Commitments
32.2.1 The Company has leasehold rights to land which it leases from the Privy Purse Bureau and on which
it has the right to construct a residential building. In January 2007, a permit to construct the
residential building was received from the relevant government agency.
In June 2007 and February 2008, the Company entered into an agreement with Privy Purse Bureau to
construct the building and lease the land with completed building in a period of 30 years,
commencing from January 1, 2010.
On September 21, 2010, the Company received the letter of the Privy Purse Bureau to approve
changing pattern and size of the project requested by the Company and to have new conditions. As at
December 31, 2011, the Company had the following commitments in respect of this agreement:
(1) The permit to construct the residential building is to be in the name of the Privy Purse Bureau
and ownership of the building and other constructions on this land is to be transferred to the
Privy Purse Bureau, while the Company is to pay all expenses related to the construction of the
building until completion.
(2) The construction period is 5 years since the date of the permit to construct the new building
from the relevant government agency.
(3) The lease period is 30 years commencing from the end of the construction period as per (2).
However, if the construction is completed before the end of construction period, the lease
period commences from the completion date by making monthly rental payment. The
Company is obliged to pay rental at a rate of Baht 500,000 per month in the first year, and such
rental rate is to be increased by five percent every year until the end of lease period.
Thai Factory Development Public Company Limited186
(4) During the construction period, the Company is obliged to make payment of compensation for
loss of benefit at a rate of Baht 500,000 per month over the construction, commencing in
September 2010 and the entrance usage at Baht 4,700 per month.
(5) The Company has to make extra payment to the Privy Purse Bureau in amount of Baht 30
million within December 20, 2010.
(6) The Company has to rendered letter of guarantee in credit line of Baht 50 million within
December 20, 2010 and it was partially rendered Baht 21.5 million by using the credit line for
bank issuance letter of guarantee to VSSL Enterprise Company Limited (related party) to the
Privy Purse Bureau for the period of three years, commencing from May 27, 2010.
Refer to (5) and (6), the Company required to extend the period of payment special remuneration and
render letter of guarantee and on December 14, 2010, the Company received letter from the Privy
Purse Bureau approve to extend to 30 days after pass the environment valuation approved by the
related agent.
32.2.2 In April 2003, the subsidiary entered into an agreement with the Industrial Estate Authority of
Thailand to lease land for use in the subsidiary’s operation of its factory rental business for a period
of 30 years ending on June 23, 2033. Under this agreement, the subsidiary is committed to pay an
annual rental of approximately Baht 4.8 million, and such rental rate may be increased by ten percent
on the contemporaneous rental rate every five years. As at December 31, 2011, the subsidiary has the
committed to pay rental under these lease approximately:
Within Million Baht
1 Year 5.3
2 Years to�5 Years� 21.3
After�5 Years� 82.3
Total 108.9
32.2.3 In March 2004, the subsidiary entered into agreements with the Industrial Estate Authority of
Thailand to lease land for use in the subsidiary’s operation of its factory rental business for a period
of 15 years ending on December 31, 2018. Under these agreements, the subsidiary is committed to
pay annual rental of approximately Baht 1.7 million, and such rental rates may be increased by ten
percent on the contemporaneous rental rates every five years. As at December 31, 2011, the
subsidiary has committed to pay rental under theses leases approximately:
Within Million Baht
1 Year 1.9
2 Years to�5 Years� 7.5
After�5 Years� 3.7
Total 13.1
Annual Report 2011 187
32.2.4 In February 2006, the subsidiary entered into agreements with individuals in order to lease land for
use in the subsidiary’s operation of its factory rental business, for a period of 30 years, ending on
February 19, 2036. As at December 31, 2011, the subsidiary has committed to pay rental under these
leases approximately:
Within Million Baht
1 Year 1.6
2 Years to�5 Years� 6.4
After�5 Years� 34.1
Total 42.1
In addition, the subsidiary entered into agreements to lease the land for a further 30 years, from
February 20, 2036 to February 19, 2066. The subsidiary is committed to pay key money of Baht 15
million and monthly rental totaling Baht 68.4 million during the years 2036 - 2066. At the end of the
rental period, the subsidiary may extend the lease for a further period of not less than 20 years and
must comply with conditions stipulated in the agreements.
32.2.5 The subsidiary has leasehold right to land from the Privy Purse Bureau and has the right to construct
a condominium for lease on such land with the lease term of 30 years, commencing from November
1993 until October 2023. The condominium is belonged to the Privy Purse Bureau. As at December
31, 2011, the subsidiary has commitment to pay remaining rental approximately:
Within Million Baht
1 Year 2.9
2 Years to�5 Years� 16.9
After�5 Years� 25.7
Total 45.5
Moreover, the subsidiary has commitment to pay for entrance usage in amount of Baht 50,000 per
month.
32.2.6 The subsidiary has leasehold right on land (sublease) from a company and has the right to construct
an office building on such land with the lease term of 30 years, commencing from December 1995
until November 2025. The office building is belonged to the sub-leasers at the end of the contract.
32.3 Long-term service commitments
32.3.1 As at December 31, 2011, the Company had the following commitments in respect of an agreement
with the Industrial Estate Authority of Thailand to collaborate in the development of TFD Industrial
Estate project.
(1) A fee for supervision of services within the Industrial Estate. The Company is committed to pay an annual fee of approximately Baht 1.2 million, commencing in 2009. Such fee rate may be increased by 10 percent on the contemporaneous fee rate every three years.
(2) Sales promotion expenses of approximately Baht 1.8 million
Thai Factory Development Public Company Limited188
(3) Contribution of approximately Baht 11.3 million to the fund for maintenance and replacement
of infrastructure system and other facilities when the land users receive permission of land
utilisation from the Industrial Estate Authority of Thailand
32.3.2 As at December 31, 2011, a subsidiary has commitment under service agreement amount of Baht 14.5
million (2010: Baht 8.1 million).
32.4 Guarantees
32.4.1 As at December 31, 2011, the Company has guaranteed bank credit facilities of a subsidiary
amounting to Baht 140 million (2010: Baht 140 million).
32.4.2 As at December 31, 2011, there were outstanding bank guarantees of Baht 38.2 million (2010 : Baht
16.7 million) [the Company only: Baht 34.7 million (2010: Baht 13.2 million)], issued by banks on
behalf of the Company and subsidiary in respect of certain performance bonds as required in the
normal course of business. These included the following letters of guarantee:
Bank guarantees on behalf of the Company
- As at December 31, 2011, letters of guarantee amounting to Baht 32.1 million to guarantee
performance under the agreement with the Industrial Estate Authority of Thailand to collaborate in
the development of TFD Industrial Estate project (2010: Baht 10.8 million).
- As at December 31, 2011, letters of guarantee amounting to Baht 2.6 million to guarantee
electricity use, among others (2010: Baht 2.4 million).
Bank guarantees on behalf of the subsidiary
- As at December 31, 2011, letters of guarantee amounting to Baht 3.5 million to guarantee
electricity use, among others (2010: Baht 3.5 million).
32.5 Lawsuit
In 2006, SG Land Company Limited, a subsidiary, was sued by a company for breaching the building lease
agreement and claimed for damage Baht 5 million per month since the date which was sued unit the subsidiary
moves out of the building. The Civil Court dismissed the case. In October 2007, the plaintiff appealed the
judge. In February 2011, the Appeal Court affirmed the judge. As December 31, 2011, the case is finalized
because the plaintiff did not submit the case to the Supreme Court within 1 month after the Appeal Court’s
judge.
32.6 Other
The Company entered into agreement to buy and to sell with a company at agreement value of Baht 275.3 million, the company has gradually transferred the ownership under agreement to buy and to sell amount of Baht 260.3 million which was recorded as income in the statement of comprehensive income, the remaining ownership is expected to transfer within 2012
Annual Report 2011 189
33. FINANCIAL INSTRUMENTS
33.1 Financial risk management
The Company’s financial instruments, as defined under Thai Accounting Standard No. 48 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, trade accounts receivable, loans to, investments, advances, trade accounts payable, accounts payable - purchases of land, accounts payable - construction, and short-term and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below.
!"#$%&�"%'(�The Company is exposed to credit risk primarily with respect to trade accounts receivable and loans. The Company manages the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company does not have a high concentration of credit risk since it has a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of receivables and loans as stated in the statement of financial position.�
)*&#"#'&�"+&#�"%'(�The Company’s exposure to interest rate risk relates primarily to its cash at banks, loans to, bank overdrafts, short-term and long-term borrowings. However, since most of the Company’s financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal.
Significant financial assets and liabilities as at December 31, 2011 classified by type of interest rates are summarized in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date or the reprising date if this occurs before the maturity date.
� Consolidated�financial statements
� Fixed interest� Floating� �
rates - within � interest Non-interest� Interest
1 year� rate bearing Total rate
� (Thousand Baht) (% p.a.)
Financial assets
Cash and cash equivalent ¦� 03,335 643 12,978 ML^4
Trade accounts receivable� ¦� ¦ 03,652 13,652
Deposits at financial institutions � � � � �
with restrictions� 04,355 10 - 15,365 3LMM�¦�3L0M
Total� 04,355� 12,345 14,295 41,995
Financial liabilities�
Bank overdrafts� - 51,132 -� 51,132 7.55 ¦ 8.10
Trade accounts payable -� -� 73,358 73,358
Long-term loans from financial� � � � �
institutions � -� 487,997 - 487,997 6.25 ¦ 8.25
Debt restructuring payable� -� 152,701 - 152,701 6.25
Long – term loans from related parties 330,731 -� - 330,731
Total� 330,731 691,830 73,358 1,095,919
Thai Factory Development Public Company Limited190
�Separate�financial statements
� Fixed interest� Floating� �
rates - within � interest Non-interest� Interest
1 year� rate bearing Total rate
� (Thousand Baht) (% p.a.)
Financial assets
Cash and cash equivalent -� 505� 518 1,023� 0.75
Trade accounts receivable� -� -� 3,676 3,676 -
Loans to related parties and
interest receivable
224,856
-�
-�
224,856
15.00
Deposit at financial institutions with restrictions�
15,355
10
-
15,365
2.00 ¦ 2.10�
Total� 240,211� 515 4,194 244,920
Financial liabilities�
Bank overdrafts� -� 46,470 -� 46,470 7.55 ¦ 7.75
Trade accounts payable� -� � 72,319 72,319 -�
Short-term loans from related � � � �
parties and interest payable 43,950 -� -� 43,950 7.25�
Long-term loans from financial institutions� - 261,787 - 261,787 6.25 ¦ 8.25
Total� 43,950 308,257 72,319 424,526
,-"#%.*�/0""#*/1�"%'(�The exposure of the Company and its subsidiaries to foreign currency risk is limited since the majority of business transactions are denominated in Thai Baht.
33.2 Fair values of financial instruments
As the majority of the Company’s financial assets and liabilities are short-term in nature and the loans carry interest at rates close to current market rates, their fair value is not expected to be materially different from the amounts presented in the statement of financial positionL�A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. Methodology of fair value measurement depends upon characteristics of the financial instruments. The fair value is determined by reference to the latest quoted market price or by using an appropriate valuation technique.
34. CAPITAL MANAGEMENT
The objective of financial management of the Company and subsidiaries is to maintain the continuity of operation capability and appropriate capital structure.
As at December 31, 2011 and 2010, the Company and subsidiaries have Debt to Equity ratio as follows:
� Consolidated
�financial statements�Separate
financial statements�
� 2011 2010� 2011 2010�� � � � �
Debt to Equity ratio� 1.43� 1.94� 0.84� 1.16�
Annual Report 2011 191
35. RECLASSIFICATION
� Some transactions of the 2010 financial statements were reclassified in conformity with the presentation of
the 2011 financial statements. This transaction is in accordance with the changes in the accounting policy as a
result of the adoption of the new and revised TFRS as mentioned in the notes to the financial statements no 5.
The significant reclassification is as follows:
� � �Unit : Baht� Consolidated�financial statements�
Before reclassify� Reclassify�
After reclassify�
Statements of financial position
as at December 31, 2010�
ASSETS� ���Trade accounts receivable and other accounts receivable�
-
57,889,411�
57,889,411
���Trade accounts receivable� ������Trade accounts receivable - Unrelated parties� 10,211,829 %10,211,829&� - Advances to contractors� 4,624,095 %4,624,095&� - ���Other current assets Prepaid expenses 12,352,497 %12,352,497&� - Accounts receivable - sale of investment 6,341,690 %6,341,690&� -
Other 2,605,520 %2,359,300& 246,220 ���Advance to purchase land� 21,000,000 %21,000,000&� - Land, building and equipment held for lease� 394,393,740 (394,393,740)� ¦ ���Leasehold rights� 195,504,264 394,393,740 589,898,004 LIABILITIES� ���Trade accounts payable and other accounts payable�
-
352,191,904
352,191,904
���Trade accounts payable 11,956,554 %11,956,554&� - ���Accounts payable - construction 19,457,968 %19,457,968&� - ���Other current liabilities ������ Advance received from customers 3bN,633,775 %269,633,775&� - Retention for constructors 15,708,461 %15,708,461& - Accrued expenses� 3N,719,438 %3N,719,438& -
Other� a,601,797 %5,715,708& 2,886,089
Total 997,121,867� ¦� 997,121,867
� � � �
Thai Factory Development Public Company Limited192
� �Unit : Baht�� Separate�financial statements�
Before reclassify� Reclassify�
After reclassify�
Statements of financial position
as at December 31, 2010�
ASSETS� ���Trade accounts receivable and other accounts receivable� ¦ 5b,306,997 5b,306,997 ���Trade accounts receivable� ������Trade accounts receivable - Unrelated parties� 2,543,882 %2,543,882&� ¦ ������Trade accounts receivable - Related parties� 328,169 %328,169& ¦ ���Advances to contractors� 5,624,095 %5,624,095& ¦ ���Other current assets Prepaid expenses 9,212,773 %9,212,773& ¦ Accounts receivable - sale of investment 6,341,690 %6,341,690& ¦ Other 1,273,945 %1,256,388& 17,557 ���Advance to purchase land� 21,000,000 %21,000,000& ¦ LIABILITIES� ���Trade accounts payable and other accounts payable� ¦ //3,017,287 //3,017,287 ���Trade accounts payable aGDEHG:D9! %FGDEHG:D9&! 4!���Accounts payable - construction 8IGB;HGI9F! %8IGB;HGI9F&! ¦!���Other current liabilities ! ! !�������Advance received from customers :9IG:::G8DI! %:9IG:::G8DI&! 4! Retention for constructors 8;GHEFGB98! %8;GHEFGB98&! ¦! Accrued expenses� 8FG:IBGHFD! %8FG:IBGHFD&� 4! Other� :G9;BG::I! %8GE:9GHEE&! 8G9:HG;:I!
Total DHIGI9IGDHE! 4! DHIGI9IGDHE!�
36. APPROVAL OF INTERIM FINANCIAL STATEMENTS �
These financial statements were authorized for issue by the Company's Board of Directors on February 29,
2012.
Annual Report 2011 193
Nature of Business
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Thai Factory Development Public Company Limited194
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Annual Report 2011 195
Status of Industry and Competition
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Thai Factory Development Public Company Limited196
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Annual Report 2011 199
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Annual Report 2011 203
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Thai Factory Development Public Company Limited204
Explanation and Analysis of Operating Results and Financial Status
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Annual Report 2011 205
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1. Income statements
Thai Factory Development Public Company Limited206
2011 2010 2009
ASSETS
Current assets
Cash and cash equivalents 12,977,831 18,301,718 24,305,638
Trade accounts and other receivable 264,098,841 57,889,411 13,776,960
Unbilled income 626,322,848
Properties for sale 828,473,037 1,110,812,619 935,902,175
Advances to contractors 4,277,830
Other current assets 151,685 246,220 18,460,221
Total current assets 1,105,701,394 1,187,249,968 1,623,045,672
Non-current assets
Deposits at financial institutions
with restrictions 15,365,297 4,687,093 1,463,613
Loan to related party and interest
receivable - subsidiary - - -
Investments in subsidiaries - - -
Leasehold rights 543,634,424 589,898,004 155,756,105
Investment properties 708,460,271 676,672,838 1,165,112,703
Equipment 18,102,092 8,800,767 11,768,548
Other non-current assets
Income tax refundable 18,198,869 24,552,856 14,200,224
Collateral for letter of guarantee -
related parties 15,000,000 15,000,000 -
Rental deposits - others - - 7,017,757
Others 8,995,614 8,149,087 20,825,490
Total non-current assets 1,327,756,567 1,327,760,645 1,376,144,440
Total assets 2,433,457,961 2,515,010,613 2,999,190,112
STATEMENTS OF FINANCIAL POSITION
2. Balance Sheet as December 31
- -
- -
Annual Report 2011 207
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank overdrafts
Trade accounts and other payable 2
Current portion of financial lease payable
Current portion of long-term loans from
financial institutions
Current portion of debt restructuring payable
Current portion of long-term loans from
related parties
Current portion of long-term loans from
other persons
Short - term loan from related parties and
interest payable - subsidiary
Deposit from sale of project
Accrued income tax
Other current liabilities
Total current liabilities 5
Non-current liabilities
Financial lease payable
Long-term loans from financial
institutions 3
Debt restructuring payable
Long-term loans from related parties
and interest payable 3
Rental deposit received
Employee benefit obligations
Estimated long-term liabilities
Total non-current liabilities 8
Total liabilities 1,4
STATEMENTS OF FINANCIAL POSITION (Continued)
2011
51,131,777
256,249,567
3,265,846
152,462,205
41,473,657
11,736,861
-
-
-
28,268,546
2,456,272
547,044,731
7,419,375
335,534,712
111,227,074
330,730,661
86,088,130
2,986,385
9,620,627
883,606,964
1,430,651,695
2010
16,710,760
352,191,904
1,089,393
391,996,462
40,937,509
11,579,103
-
-
-
-
2,886,089
817,391,220
1,469,682
273,222,162
151,437,349
332,327,097
74,498,846
-
8,377,188
841,332,324
1,658,723,544
2009
11,860,823
197,878,053
1,064,721
672,145,840
38,620,494
10,923,998
30,000,000
-
-
3,653,887
9,318,749
975,466,565
2,520,957
429,873,350
193,081,568
323,427,664
69,526,604
-
-
1,018,430,143
1,993,896,708
Thai Factory Development Public Company Limited208
2011
LIABILITIES AND SHAREHOLDERS' EQUITY (Continued)
Shareholders' equity
Share capital
Registered
836,000,000 ordinary shares of Baht 1 each 836,000
760,000,000 ordinary shares of Baht 1 each
Issued and paid - up share capital
701,357,785 ordinary shares of Baht 1 each 701,357
637,598,035 ordinary shares of Baht 1 each
Premium on ordinary shares 147,196
Retained earnings (Deficit)
Appropriated - statutory reserve 15,602
Unappropriated 104,705
Difference from changing investment proportion
in subsidiaries (45,699
Total owners of the Company 923,162
Non-controlling interest 79,643
Total shareholders' equity 1,002,806
Total liabilities and shareholders' equity 2,433,457
STATEMENTS OF FINANCIAL POSITION (Continued)
2011 2010 2009
836,000,000
701,357,785
147,196,958
15,602,230
104,705,343
(45,699,839)
923,162,477
79,643,789
1,002,806,266
2,433,457,961
836,000,000
701,357,785
147,196,958
12,228,741
(39,647,575)
(45,699,839)
775,436,070
80,850,999
856,287,069
2,515,010,613
760,000,000
637,598,035
147,196,958
12,228,741
118,827,530
(21,988,068)
893,863,196
92,676,208
986,539,404
2,980,436,112
Annual Report 2011 209
3. Statements of Cash Flows
2011 2010 2009
Cash flows from operating activities
Profit (Loss) before income tax 184,713,977 129,507,181 45,146,666
Adjustment net profit (loss) to cash receipt (disbursement)
from operating activities
Doubtful account - 1,315,550 -
Employee benefit obligations 2,986,385 - -
Depreciation and amortisation 82,985,673 81,184,753 86,284,898
Provision compensation for factory rental and related services - - (3,813,500)
Loss on devaluation of asset available for sale - - 4,842,206
Gain on sales of assets (873,982) (1,677,639) (22,635)
Gain on sales of investment in subsidiary - - (36,497,659)
Interest expenses 74,148,139 88,357,960 80,660,424
Profit from operation before changes of operating
assets and liabilities 343,960,192 298,687,805 176,600,400
(Increase) Decrease in changes of operating assets
Trade accounts and other receivable (206,209,430) 4,291,766 (1,806,731)
Unbilled income - - (466,457,637)
Properties for sale 242,510,183 469,164,806 102,174,118
Advances to contractors - - 10,603,713
Other current assets 94,535 (33,054) 18,554,592
Advances to purchase land - - 12,240,297
Other non-current assets (846,527) (12,044,915) 7,499,867
(Increase) Decrease in changes of operating assets 35,548,761 461,378,603 (317,191,781)
Increase (Decrease) in changes of operating liabilities
Trade accounts and other payable (96,857,970) (89,241,455) (152,253,530)
Other current liabilities (429,818) (1,028,056) 51,714,933
Rental deposit received 11,589,284 4,972,243 5,414,514
Increase (Decrease) in changes of operating liabilities (85,698,504) (85,297,268) (95,124,083)
Cash provided by (used in) operating activities 293,810,449 674,769,140 (235,715,464)
Interest paid (73,833,680) (76,729,937) (78,707,407)
Income tax received 17,364,414 7,813,757 -
Income tax paid (20,936,660) (23,835,201) (30,065,971)
Net cash from (used in) operating activities 216,404,523 582,017,759 (344,488,842)
STATEMENTS OF CASH FLOWS
Thai Factory Development Public Company Limited210
2011 2010 2009
Cash flows from investing activities
(Increase) Decrease in deposits at financial
institutions with restrictions (10,678,204) (3,223,480) 1,925,585
Increase in loan to related parties and interest receivable - (6,055,775) -
Decrease in loan to related parties and interest receivable - 6,055,775 -
Purchase of properties awaiting development or sale - (26,205,254) (1,631,535)
Cash received from amendment of lease agreement 9,356,912 - -
Improvement of leasehold right (2,126,852) - -
Purchase of investment properties (307,029) (157,187) -
Purchase of equipment (4,285,905) (622,549) (6,074,165)
Cash received from sales of equipment 1,336,451 1,677,640 267,358
Cash paid for increase share capital in subsidiary - - 104,993,117
Cash paid for purchase investment in subsidiary - (24,500,000) (22,062,150)
Net cash from (used in) investing activities (6,704,627) (53,030,830) 77,418,210
Cash flows from financing activities
Increase (Decrease) in bank overdrafts 34,421,017 4,849,937 (16,796,575)
Advance received from related party - - -
Repayment of advance received from related party - - -
Draw down of short-term loan from other person - 17,000,000 30,000,000
Repayment of short-term loan from other person (17,000,000) (30,000,000)
Draw down of short-term loan from related party - - -
Repayment of short-term loan from related party - - -
Repayment of liabilities under financial lease (1,323,690) (1,026,603) 2,111,272
Draw down of long-term loans from financial institutions 60,103,787 188,367,164 395,596,212
Repayment of long-term loans from financial institutions (237,325,494) (625,167,730) (37,866,234)
Repayment of debt restructuring payable (39,674,127) (39,327,204) (37,017,910)
Repayment of long-term loan from other person - (30,000,000) -
Repayment of long-term loan from related party (31,225,276) (23,122,427) (25,866,177)
Dividend payment - (9,563,986) (12,751,944)
Net cash from (used in) financing activities (215,023,783) (534,990,849) 267,408,644
Net increase (decrease) in cash and cash equivalents (5,323,887) (6,003,920) 338,012
Cash and cash equivalents at beginning of period 18,301,718 24,305,638 23,967,626
Cash and cash equivalents at ending of period 12,977,831 18,301,718 24,305,638
STATEMENTS OF CASH FLOWS (Continued)
Annual Report 2011 211
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Annual Report 2011 215
Shareholders and Management
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Major Shareholders as at December 30, 2011
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General Information
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Annual Report 2011 219
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