LEASE LIABILITIES. At the commencement date of the lease, lease liabilities are stated at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable (if any) and amount expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and its subsidiaries and payments of penalties for terminating the lease, if the lease term reflects the Company and its subsidiaries exercising the option to terminate. In calculating the present value of lease payments, the Company and its subsidiaries use its incremental borrowing rate, which is determined by referring to the government bond yield adjusted with risk premium depending on the lease term, at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of the interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Company and its subsidiaries apply the short-term lease recognition exemption to its short- term leases those leases that have a lease term of 12 months or less from the commencement date and not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term and leases of low-value assets are recognized as expense in profit and loss on a straight-line basis over the lease term.
LEASE LIABILITIES. At the commencement date of the lease, lease liabilities are measured at the present value of the lease payments to be made over the lease term, discounted by the interest rate implicit in the lease or the incremental borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification or reassessment. Short-term leases and leases of low-value assets Leased that have a lease term of 12 months or less from the commencement date and not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases that are considered of low value. Lease payments on short-term and leases of low-value assets are recognized as expense in profit and loss on a straight-line basis over the lease term.
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the six-month periods ended June 30, 2020 are presented below. Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December 31, 2019 3,873 2,108 Effects of the adoption of TFRS16 25,814 12,275 As at January 1, 2020 29,687 14,383 Addition 4,367 3,613 Accretion of interest 637 393 Payments (5,476) (2,341) As at June 30, 2020 29,215 16,048 Less : current portion (13,205) (7,576) Lease liabilities - net of current portion 16,010 8,472 The following are the amounts recognized in profit or loss : Thousand Baht Consolidated Financial Statements Separate Financial Statements Depreciation of right-of-use assets 4,078 2,622 Interest expense on lease liabilities 637 393 Expense relating to short-term lease 4,719 3,701 Leases of low - value assets 4,026 3,795 Total 13,460 10,511
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the nine-month period ended September 30, 2021, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December 31, 2020 24,074 13,037 Add Addition - - Add Accretion of interest 712 515 Less Payments (5,074) (3,072) Less Decrease from rental reduction (55) (1) As at September 30, 2021 19,657 10,479 Less current portion (6,755) (3,648) Lease liabilities net of current portion 12,902 6,831 The following are the amounts recognized in profit or loss: In Thousand Baht For the three-month period ended September 30, 2021 Consolidated Financial Statements Separate Financial Statements Depreciation of right-of-use assets 1,565 775 Interest expense on lease liabilities 211 157 Expense relating to short-term lease 2,004 1,948 Leases of low-value assets 551 527 Total 4,331 3,407 In Thousand Baht For the nine-month period ended September 30, 2021 Consolidated Separate Financial Financial Statements Statements Depreciation of right-of-use assets 4,287 2,327 Interest expense on lease liabilities 712 515 Expense relating to short-term lease 4,392 4,168 Leases of low-value assets 881 842 Total 10,272 7,852 22. PROVISION FOR EMPLOYEE BENEFIT OBLIGATIONS Movement of employee benefit obligations for the nine-month period ended September 30, 2021, is shown as follows : The statements of financial position In Thousand Baht Consolidated Separate Financial Financial Statements Statements Employee benefit obligations, at the beginning of the period 60,002 57,894 Plus Current service costs and interest cost 3,015 2,873 Less Actual paid of employee benefit obligations - - Less (Gain) loss from the estimate based on actuarial principles recognized (2,549) (2,372) Employee benefit obligations, at the end of the period 60,468 58,395 The statements of comprehensive income In Thousand Baht Consolidated Financial Statements For the three-month periods ended September 30, For the nine-month periods ended September 30, 2021 2020 2021 2020 Record in income or loss Cost of service 11 15 34 38 Distribution expenses 267 266 755 799 Administrative expenses 564 573 1,627 1,716 Finance costs 209 212 599 631 Total 1,051 1,066 3,015 3,184 (Gain) loss from the estimate based on actuarial principles recognized (2,549) (2,457) (2,549) (2,457) Total (2,549) (2,457) (2,549) (2,457) Total (1,498) (1,391) 466 727 In Thousand Baht Separate Financial Statements For the three-month periods ended...
LEASE LIABILITIES. The net book value of lease liabilities and movement are summarized below. In Thousand Baht Consolidated financial statements Separate financial statements (For the nine- month period) (For the year) (For the nine- month period) (For the year) Beginning balance 42,919 45,721 37,541 38,223 Arise from the business acquisition 7,797 2,859 - - Addition 17,702 13,342 11,926 10,262 Decrease from lease termination (29,003) (6,717) (26,487) - Accretion of interest 1,509 2,440 1,151 2,062 Payments (14,901) (14,726) (8,514) (13,006) Ending balance 26,023 42,919 15,617 37,541 Less: Current portion (8,183) (13,175) (5,765) (12,236) Lease liabilities net of current portion 17,840 29,744 9,852 25,305 The expenses relating to leases following are the amounts recognized in profit or loss for the nine- month period ended September 30, 2022 are summarized below. In Thousand Baht Consolidated financial statements Separate financial statements Depreciation of right-of-use assets 13,234 7,704 Interest expense on lease liabilities 1,509 1,151 Leases of low - value assets 7,847 2,933 Total 22,590 11,788 21. CONVERTIBLE DEBENTURES On January 24, 2020, the Company has issued the convertible debentures (Private Placement) to the North Haven Thai Private Equity (“NHTPE”). Key terms and conditions of the convertible debentures are as the following: Type of debentures Unsecured and unsubordinated convertible debentures Maturity 5 years, commencing from the issue date Issue size Baht 1,200 million Currency Thai Baht Maturity date January 24, 2025 Put option At any time after October 24, 2023, for the amount in excess of Baht 500 million the Company shall have the option to extend the Bondholder’s put option until at any time after October 24, 2024. Coupon 3% per annum, the interest will be paid on a quarterly basis. Conversion period 1 year after the issue date up to date falling 10 close of business days before maturity date. Conversion price As at September 30, 2022: Baht 6.6026 per share, subject to the event that the Company will adjust the conversion price in order to ensure that the benefits of the holders of the convertible debentures upon exercise of the conversion rights shall not be less favorable (December 31, 2021: Baht 6.7430 per share) which the conversion price of the convertible debenture is not lower than 90% of the market price which is calculated based on weighted average price of the Company’s shares trading on the Stock Exchange of Thailand for the past 15 consecut...
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the nine-month periods ended September 30, 2020 are presented below. Thousand Baht Consolidated financial statements Separate financial statements Balance as at December 31, 2019 492 492 Effects of the adoption of TFRS16 51,081 - Balance as at January 1, 2020 51,573 492 Addition - - Accretion of interest 1,859 13 Payments (2,412) (127) Decrease from contract cancellation - - Balance as at September 30, 2020 51,020 378 Less: current portion (2,085) (158) Lease liabilities - net of current portion 48,935 220 The following are the amounts recognized in profit or loss: Thousand Baht Consolidated financial statements Separate financial statements Depreciation of right-of-use assets 1,116 126 Interest expense on lease liabilities 1,859 13 Total 2,975 139 20. PRESENTATION OF FINANCIAL INFORMATION BY SEGMENT Operating segment information is reported in a manner consistent with the internal reports of the Company and its subsidiaries that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The chief operating decision maker of the Company and its subsidiaries have been identified as the Company's Board of directors. The Company and its subsidiaries have core revenues from three type of business of which the information by business segment for the three-month and nine-month periods ended September 30, 2020 and 2019, are as follows: Million Baht Consolidated financial statements For the three-month period ended September 30, Real estate Rental and related services Energy generating from solar-cell Tota l 0000 0000 2020 2019 2020 2019 2020 2019 Revenues from sales and services 2.28 4.25 2.97 5.87 31.18 20.91 36.43 31.03 Less cost of sales and services (2.01) (3.04) (2.27) (2.56) (19.22) (10.01) (23.50) (15.61) Gross profit 0.27 1.21 0.70 3.31 11.96 10.90 12.93 15.42 Interest revenue 1.75 3.48 Other income 1.41 1.30 Distribution costs (0.75) (1.27) Administrative expenses (8.19) (12.56) Finance costs (2.73) (2.73) Income (expense) income tax - - Profit (loss) Net 4.42 3.64 Million Baht Consolidated financial statements For the nine-month period ended September 30, Real estate Rental and related services Energy generating from solar-cell Tota l 0000 0000 2020 2019 2020 2019 2020 2019 Revenues from sales and services 5.21 10.03 7.92 11.79 77.41 67.00 90.54 88.82 Less cost of sales and services (4.5...
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the three-month period ended March 31, 2023, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at January 1, 2023 314,282 6,613 Add Increase during for the period 5,300 - Accretion of interest 329 63 Less Payments (2,873) (1,607) Decrease from lease agreement termination - - As at March 31, 2023 317,038 5,069 Less Current portion (6,491) (1,850) Lease liabilities net of current portion 310,547 3,219 15.8 Debentures Movements in the debentures account during the three-month period ended March 31, 2023 are summarized below. In Thousand Baht Consolidated / Separate Financial Statements Balance as at 1 January 2023 6,460,066 Add: Debenture issued during the period 1,898,100 Less: Deferred debenture issuing costs (37,606) Add: Amortisation of debentures issuing costs 13,639 Less: Repayment during the period (1,753,368) Balance as at March 31, 2023 6,580,831 Less: Portion due within one year (3,132,188) Debenture, net of current portion 3,448,643 On January 11, 2023, the Company had issued the bond No. 1/2023 in type of bearer bond, unsubordinated, secured bond and holder, interest is payable quarterly, with the face value of Baht 1,000 per unit, in the amount of Baht 1,898.10 million bond as follows; • Series 1, amounted Baht 306.40 million, interest rate 6.85% per annum, with 2 year period, maturity date is January 11,2025, or early redemption. • Series 2, amounted Baht 1,045.00 million, interest rate 7.25% per annum, with 3 year period, maturity date is January 11, 2026, or early redemption. • Series 3, amounted Baht 546.70 million, interest rate in years 1 - 4 at 7.25% - 8.00% per annum, with 4 year period, maturity date is January 11, 2027, or early redemption. As at March 31, 2023 and December 31, 2022, the Group had guaranteed the saving deposits in the amount of Baht 326.90 million and Baht 432.05 million, respectively (the Company only : Baht 326.90 million and Baht 432.05 million, respectively) to secure for the letter of guarantee from bank and security for debenture that was in accordance with the terms and conditions regarding the rights and duties of debenture issuers and debenture holders. The Group, as the guaranteed debenture issuer, had mortgaged the land and buildings and some parts of the Company’s empty land as the guarantee agreement for the issuance of debenture. It was under the condition that the Company can redeem or rel...
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the six-month period ended June 30, 2020, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December 31, 2019 22,946 19,974 Transfer from long-term lease agreement obligation 112,923 112,924 Effects of the adoption of TFRS16 379,653 372,918 As at January 1, 2020 515,522 505,816 Add Accretion of interest 1,447 1,263 Less Payments (11,728) (10,640) Difference from rental reduction (364) (29) As at June 30, 2020 504,877 496,410 Less current portion (21,498) (18,854) Lease liabilities net of current portion 483,379 477,556 The following are the amounts recognized in profit or loss: In Thousand Baht For the three-month period ended June 30, 2020 For the six-month period ended June 30, 2020 Consolidated Financial Statements Separate Financial Statements Consolidated Financial Statements Separate Financial Statements Depreciation of right-of-use assets 7,011 6,824 12,318 11,570 Interest expense on lease liabilities 646 590 1,447 1,263 Expense relating to short-term lease 226 226 808 808 Leases of low-value assets - - 126 126 Total 7,883 7,640 14,699 13,767
LEASE LIABILITIES. The Company leases certain of its office premises for daily operations. These leases have remaining lease terms ranging from 3 to 4 years. At December 31, 2021, the total future minimum lease payments and their present values were as follows: Minimum lease payments As at December 31, Present value of minimum lease payments As at December 31, 0000 0000 0000 2020 Amounts payable: Within one year $ 379 $ 272 $ 296 $ 202 In the second year 379 174 326 112 In the third to fifth year, inclusive 284 418 259 312 Total minimum lease payments $ 1,042 $ 864 $ 881 $ 626 Future finance charges (161) (238) Total net lease payables $ 881 $ 626 Portion classified as current liabilities (296) (202) Non-current portion $ 585 $ 424 15. CONVERTIBLE DEBENTURE On November 19, 2009, the Company issued a convertible debenture to a wholly owned subsidiary of CIC for $500,000. The convertible debenture is presented as a liability since it contains no equity components. The convertible debenture is a hybrid instrument, containing a debt host component and three embedded derivatives – the investor’s conversion option, the issuer’s conversion option and the equity based interest payment provision (the 1.6% share interest payment) (the “embedded derivatives”). The debt host component is classified as other financial liabilities and is measured at amortized cost using the effective interest rate method and the embedded derivatives are classified as fair value through profit or loss and all changes in fair value are recorded in profit or loss. The difference between the debt host component and the principal amount of the loan outstanding is accreted to profit or loss over the expected life of the convertible debenture. The embedded derivatives were valued upon initial measurement and subsequent periods using a Monte Carlo simulation valuation model. A Monte Carlo simulation model is a valuation model that relies on random sampling and is often used when modeling systems with a large number of inputs and where there is significant uncertainty in the future value of inputs and where the movement of the inputs can be independent of each other. Some of the key inputs used by the Company in its Monte Carlo simulation include: the floor and ceiling conversion prices, the Company’s common share price, the risk-free rate of return, expected volatility of the Company’s common share price, forward foreign exchange rate curves (between the CAD$ and U.S. dollar) and spot foreign exchange rates.
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the nine-month period ended September 30, 2020, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December 31, 2019 22,946 19,974 Transfer from long-term lease agreement obligation 112,923 112,924 Effects of the adoption of TFRS16 379,653 372,918 As at January 1, 2020 515,522 505,816 Add Accretion of interest 2,142 1,847 Less Payments (18,351) (16,521) Difference from rental reduction (374) (39) Transfer out to property project under development (83) (83) As at September 30, 2020 498,856 491,020 Less current portion (20,391) (17,679) Lease liabilities net of current portion 478,465 473,341 The following are the amounts recognized in profit or loss: In Thousand Baht For the three-month period ended September 30, 2020 For the nine-month period ended September 30, 2020 Consolidated Financial Statements Separate Financial Statements Consolidated Financial Statements Separate Financial Statements Depreciation of right-of-use assets 6,626 6,064 18,944 17,634 Interest expense on lease liabilities 695 584 2,142 1,847 Expense relating to short-term lease - - 808 808 Leases of low-value assets - - 126 126 Total 7,321 6,648 22,020 20,415
