EMPLOYEE BENEFIT OBLIGATIONS. The amount of payments, bonuses, benefits or other obligations arising under any Transferred Company Plans or any other plans, programs, agreements or arrangements to which any Company or Subsidiary contributes or is obligated to contribute, which amount is to be paid, funded or otherwise satisfied following the Closing Date with respect to, including or covering any period prior to the Closing Date.
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the six-month period ended June 30, 2017 is shown as follows : In Thousand Baht Consolidated Financial Statements Separate Financial Statements Employee benefit obligations, at the beginning of the period 39,885 38,740 Plus Current service costs and interest cost 2,596 2,495 Less Actual paid of employee benefit obligations - - Employee benefit obligations, at the end of the period 42,481 41,235 The statements of comprehensive income In Thousand Baht Consolidated Financial Statements Separate Financial Statements ended June 30, ended June 30, Recognized in profit or loss 0000 0000 0000 0000 Current service costs 1,001 914 960 870 Interest on obligation 000 000 000 255 Total 1,298 1,175 1,248 1,125 Current service costs Cost of service 30 35 - - Selling expenses 310 276 310 276 Administrative expenses 363 274 352 265 Management benefit expenses 298 329 298 329 Finance costs 000 000 000 255 Total 1,298 1,175 1,248 1,125 Recognized in other comprehensive income Loss estimation over actuarial principles - - - - Total - - - - Total 1,298 1,175 1,248 1,125 In Thousand Baht Consolidated Financial Statements Separate Financial Statements ended June 30, ended June 30, 0000 0000 0000 0000 Current service costs 2,003 1,827 1,920 1,738 Interest on obligation 593 523 575 509 Total 2,596 2,350 2,495 2,247 Current service costs Cost of service 61 71 - - Selling expenses 620 566 620 566 Administrative expenses 000 000 000 618 Management benefit expenses 596 554 596 554 Finance costs 593 523 575 509 Total 2,596 2,350 2,495 2,247 Recognized in other comprehensive income Loss estimation over actuarial principles - 331 - 325 Total - 331 - 325 Total 2,596 2,681 2,495 2,572
EMPLOYEE BENEFIT OBLIGATIONS. As at September 30, 2020 and December 31, 2019, the Company has defined benefit obligations as follows: As at September Employee benefit obligations at beginning of the period 18,330,893.03 10,916,987.03 Actuarial loss on defined employee benefit plan - In profit or loss - - - In other comprehensive income - 2,410,283.00 Past service costs and interest - Change a considered a post employment plan amendment - 3,245,433.00 Current service cost and interest cost during the period 1,812,738.77 2,073,390.00 Benefit paid by the plan during the plan (201,500.00) (315,200.00) Employee benefit obligations at ending of the period 19,942,131.80 18,330,893.03 Consolidated financial statements/ Separate financial statements For the three-month period ended September 30, For the nine-month period ended September 30, 2020 2019 2020 2019 Past service costs and interest - - - 3,245,433.00 Current service cost Cost of sales 259,690.75 211,897.00 779,072.25 635,691.00 Selling expenses 41,806.25 33,760.25 125,418.75 101,280.75 Administrative expense 288,580.25 272,690.28 908,247.77 818,070.84 590,077.25 518,347.53 1,812,738.77 4,800,475.59 23. APPROPRIATION OF RETAINED EARNINGS According to the Board of Directors’ Meeting No. 2/2020 held on April 17, 2020, the Board approved to pay interim dividend from the operating results for the year ended December 31, 2019 to the shareholders of 280,000,000 shares at Baht 0.20 per share in the amount of Baht 56 million. The dividend was paid on May 15, 2020. According to the 2019 Annual General Meeting of Shareholders on April 9, 2019, the shareholders approved the payment of dividends from the operating results for the year ended December 31, 2018 to the shareholders of 1,000,000 shares at Baht 20 per share in the amount of Baht 20 million. The Company paid the dividend on April 25, 2019. According to the Board of Directors’ Meeting No. 3/2019 held on June 13, 2019, the Board approved to pay interim dividend from the operating results for the year ended December 31, 2018 to the shareholders of 1,000,000 shares at Baht 25 per share in the amount of Baht 25 million. The dividend was paid on July 5, 2019.
EMPLOYEE BENEFIT OBLIGATIONS. Employee benefit obligations consists of : Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Defined benefit obligations, beginning of the years 55,789,238.00 38,008,941.00 54,111,667.00 36,904,041.00 Plus Current service costs and interest 5,868,892.00 17,780,297.00 5,612,100.00 17,207,626.00 Less Employee benefit obligations paid during the year - - - - Defined benefit obligations, ending of the years 64,929,973.73 55,789,238.00 63,221,676.64 54,111,667.00 In Baht Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Recognized in profit (loss) Current service costs 4,583,040.00 16,622,645.00 4,367,528.00 16,085,882.00 Interest on obligation 1,285,852.00 1,157,652.00 1,244,572.00 1,121,744.00 Total 5,868,892.00 17,780,297.00 5,612,100.00 17,207,626.00 Current service costs Cost of service 100,085.00 268,362.00 - - Selling expenses 1,547,573.00 3,788,591.00 1,547,573.00 3,788,591.00 Administrative expenses 1,605,307.00 8,888,628.00 1,489,880.00 8,620,227.00 Management benefit expenses 1,330,075.00 3,677,064.00 1,330,075.00 3,677,064.00 Finance costs 1,285,852.00 1,157,652.00 1,244,572.00 1,121,744.00 Total 5,868,892.00 17,780,297.00 5,612,100.00 17,207,626.00 Total 3,271,843.73 - 3,497,909.64 - Total 9,140,735.73 17,780,297.00 9,110,009.64 17,207,626.00 Gain and loss from the estimate based on actuarial principles recognized in the statement of comprehensive income for the year ended December 31, 2019 arise from Recognize in other comprehensive income Improvement from experience (4,047,273.00) (3,500,548.00) Population assumption (759,782.00) (853,500.00) Financial assumption 8,078,898.73 7,851,957.64 Total 3,271,843.73 3,497,909.64 The main assumptions in the estimates the financial assumptions for the Group of Company based on actuarial principles. For the years ended December 31, 2019 and 2018. Percentage Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Discount rate 2.06 – 2.30 2.30 - 2.46 2.06 2.30 Salary increase rate 5.00 4.00 5.00 4.00 Employee turnover rate 0 - 34 0 - 35 0 - 25 0 - 25 The results of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligations as at December 31, 2019 and 2018 are summarized below:
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the six-month period ended June 30, 2016 is shown as follows :- In Thousand Baht Consolidated Financial Statements Separate Financial Statements Employee benefit obligations, at the beginning of the period 34,773 33,842 Current service costs 1,827 1,738 Interest cost 523 509 Loss estimation over actuarial principles 412 406 Employee benefit obligations, at the end of the period 37,535 36,495 Recognized in profit or loss Consolidated Financial Statements Separate Financial Statements Current service costs 914 846 870 788 Interest on obligation 261 257 255 248 Total 1,175 1,103 1,125 1,036 Current service costs Cost of service 35 49 - - Selling expenses 276 275 276 275 Administrative expenses 274 296 265 288 Management benefit expenses 329 226 329 225 Finance costs 261 257 255 248 Total 1,175 1,103 1,125 1,036 Recognized in other comprehensive income Loss estimation over actuarial principles - - - - Total - - - - Total 1,175 1,103 1,125 1,036 Consolidated Financial Statements Separate Financial Statements Current service costs 1,827 1,693 1,738 1,576 Interest on obligation 523 514 509 496 Total 2,350 2,207 2,247 2,072 Current service costs Cost of service 71 98 - - Selling expenses 566 549 566 549 Administrative expenses 636 593 618 577 Management benefit expenses 554 453 554 450 Finance costs 523 514 509 496 Total 2,350 2,207 2,247 2,072 Recognized in other comprehensive income Loss estimation over actuarial principles 331 - 325 - Total 331 - 325 - Total 2,681 2,207 2,572 2,072 The main assumptions in the estimates of the financial assumptions for the Group of Company are based on the actuarial principles. For the periods ended June 30, 2016 and December 31, 2015. Consolidated Financial Statements Separate Financial Statements 2016 2015 2016 2015 Discount rate 2.97 - 3.17 3.6474 - 4.5822 2.97 3.6474 Salary increase rate 6.00 5.00 - 6.00 6.00 6.00 Employee turnover rate 0 - 39 0 - 43 0 - 24 0 - 23 Mortality rate (based on the table of death B.E. 2551) 100.00 100.00 100.00 100.00 Disability rate 5.00 of the 5.00 of the 5.00 of the 5.00 of the mortality rate mortality rate mortality rate mortality rate 18. LIABILITIIES FROM PURCHASING THE REAL ESTATE PROJECT The Company had an obligation under the contract to buy and sell land of a real estate project with a company under the buy and sale agreement dated December 16, 2004, and its subsidiary had an obligation under the contract to buy and sell land of a real estate ...
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the years ended December 31, 2013 and 2012 shown as follow :- The statements of financial position Defined benefit obligations, beginning of the years 23,916,152.00 20,907,539.00 23,578,978.00 20,677,463.00 Current service costs and interest 4,062,802.00 3,301,413.00 3,868,458.00 3,194,315.00 Employee benefit obligations paid during the year - (292,800.00) - (292,800.00) Loss estimation under actuarial principles 881,358.00 - 718,996.00 - Defined benefit obligations, ending of the years 28,860,312.00 23,916,152.00 28,166,432.00 23,578,978.00 Expense recognized in the statements of comprehensive income In Baht Consolidated Financial Statements Separate Financial Statements 2013 2012 2013 2012 Current service costs 3,157,298.00 2,465,111.00 2,982,222.00 2,367,216.00 Interest on obligation 905,504.00 836,302.00 886,236.00 827,099.00 Total 4,062,802.00 3,301,413.00 3,868,458.00 3,194,315.00 Current service costs Cost of service 151,674.00 67,340.00 - - Selling expenses 910,357.00 711,326.00 910,357.00 711,326.00 Administrative expenses 910,345.00 529,415.00 892,449.00 522,630.00 Management benefit expenses 1,184,922.00 1,157,030.00 1,179,416.00 1,133,260.00 Finance costs 905,504.00 836,302.00 886,236.00 827,099.00 Total 4,062,802.00 3,301,413.00 3,868,458.00 3,194,315.00 The main assumptions in the estimates the financial assumptions for the Group of Company based on actuarial principles. For the years ended December 31, 2013 and 2012. Discount rate 3.6474 - 4.5822 4.00 3.6474 4.00 Salary increase rate 5.00 - 6.00 5.67 6.00 5.67 Employee turnover rate 0 - 43 0 - 39 0 - 23 0 - 22 Mortality rate (based on the table of death B.E. 2551) 100.00 100.00 100.00 100.00 Disability rate 5.00 of the 5.00 of the 5.00 of the 5.00 of the mortality rate mortality rate mortality rate mortality rate 22. LIABILITIES FROM PURCHASING THE REAL ESTATE PROJECT The Company had an obligation under the contract to buy and sell land of a real estate project with a company under the buy and sale agreement dated December 16, 2004. The contract to buy and to sell land requires the Company has to pay for the land, including the debt burden owing to the existing customers of the project. Movements in the liabilities from purchasing the real estate project account during the years ended December 31, 2013 and 2012 are summarized below. Consolidated Financial Statements/ Beginning balance 104,449,450.00 115,771,450.00 Increase - - Total 104,449,450.00...
EMPLOYEE BENEFIT OBLIGATIONS. The statements of financial position Consolidated financial statements Separate financial statements Expenses recognized in the statement of comprehensive income Baht Consolidated financial statements ended September 30, Baht Separate financial statements
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the three-month period ended March 31, 2014 shown as follow :- In Thousand Baht Consolidated Financial Statements Separate Financial Statements Employee benefit obligations, beginning of the period 28,860 28,166 Current service costs 757 711 Interest cost 221 215 Employee benefit obligations, ending of the period 29,838 29,092 Consolidated Financial Statements Separate Financial Statements Current service costs 757 783 711 739 Interest on obligation 221 226 215 222 Loss estimation under actuarial principles - 882 - 718 Total 978 1,891 926 1,679 Current service costs Cost of service 38 38 - - Selling expenses 246 226 246 226 Administrative expenses 264 1,105 258 936 Management benefit expenses 209 296 207 295 Finance costs 221 226 215 222 Total 978 1,891 926 1,679
EMPLOYEE BENEFIT OBLIGATIONS. As at December 31, 2019 and 2018, the Company has defined benefit obligations as follows: The statement of financial position Baht Employee benefit obligations at beginning of the year 10,916,987.03 5,923,693.03 Actuarial loss on defined employee benefit plan - In profit or loss - 552,243.00 - In other comprehensive income 2,410,283.00 3,650,059.00 Past service costs and interest - Change a considered a post employment plan amendment 3,245,433.00 - Current service cost and interest cost during the year 2,073,390.00 851,592.00 Benefit paid by the plan during the plan (315,200.00) (60,600.00) Employee benefit obligations at ending of the year 18,330,893.03 10,916,987.03 Past service costs 3,245,433.00 - Current service cost Cost of sales 847,588.00 301,362.00 Administrative expense 135,041.00 88,670.00 Management and directors’ benefit expenses 1,090,761.00 461,560.00 2,073,390.00 851,592.00 5,318,823.00 851,592.00 Discount rate 1.90 3.1 Salary increase rate 11.0 11.0 Employee turnover rate 0 - 15 0 - 15 Disability rate 100% of Thai’s Mortality Rate 2017 100% of Thai’s Mortality Rate 2017 The results of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligations as at December 31, 2019 and 2018 were summarized below: Baht 2019 2018 Discount rate - increase 1% (2,153,626) (1,203,856) Discount rate - decrease 1% 2,582,473 1,426,418 Salary increase rate - increase 1% 2,329,353 1,272,018 Salary increase rate - decrease 1% (2,007,695) (1,103,316) On April 5, 2019, the Labour Protection Act has been enacted in the Royal Gazette. The Labour Protection Act includes a requirement that an employee who is terminated after having been employed by the same employer for an uninterrupted period of 20 years or more, receives severance payment of 400 days of wages at the most recent rate, which is increased from the current maximum rate of 300 days. This Act shall come into force after the expiration of thirty days from the enacted date in the Royal Gazette onwards. This change is considered a post-employment benefits plan amendment. The effect of the change was recognized past service costs as expenses in the profit or loss.
EMPLOYEE BENEFIT OBLIGATIONS. As at December 31, 2021 and 2020, the Company has defined benefit obligations as follows: The statement of financial position Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Employee benefit obligations at the beginning of the year 20,532,209.03 18,330,893.03 20,532,209.03 18,330,893.03 Actuarial (gain) loss on defined employee benefit plan - In profit or loss 708,257.30 - 708,257.30 - - In other comprehensive income (679,256.65) - (679,256.65) - Current service cost and interest increase 2,886,787.86 2,402,816.00 2,663,359.01 2,402,816.00 Benefit paid by the plan during the year (186,150.00) (201,500.00) (186,150.00) (201,500.00) Employee benefit obligations at the end of the year 23,261,847.54 20,532,209.03 23,038,418.69 20,532,209.03 Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Current service cost Cost of sales 1,022,029.20 1,038,763.00 959,118.30 1,038,763.00 Selling expenses 227,110.33 167,225.00 227,110.33 167,225.00 Administrative expense 1,637,648.33 1,196,828.00 1,477,130.38 1,196,828.00 Total 2,886,787.86 2,402,816.00 2,663,359.01 2,402,816.00 Discount rate 1.81 1.90 Salary increase rate 8.0 11.0 Employee turnover rate 3.34 - 17.19 0 - 15 Mortality rate 105% of Thai’s Mortality Rate 2017 100% of Thai’s Mortality Rate 2017 The effects of change in significant assumptions that affect the present value of the long- term employee benefit obligations as at December 31, 2021 and 2020 were summarized below: Discount rate - increase 1% (2,428,105.86) (2,403,548.00) Discount rate - decrease 1% 2,917,900.37 2,882,161.00 Salary increase rate - increase 1% 2,924,705.20 2,599,667.00 Salary increase rate - decrease 1% (2,490,205.78) (2,240,682.00) 23. CAPITAL MANAGEMENT The primary objective of capital management of the Company is to ensure that it has an appropriate financial structure and preserves the ability to continue its business as a going concern. According to the statement of financial position as at December 31, 2021 and 2020, the Group debt-to-equity ratio 0.90 : 1 and 0.62 : 1, respectively (separate 0.89 : 1 and 0.63 : 1, respectively)
