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. 13.1 Movements of the employee benefit obligations account for the nine-month periods ended September 30, 2019 and 2018 are as follows:- In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at September 30, 2019 (For the nine- month) As at December 31, 2018 (For the year) As at September 30, 2019 (For the nine- month) As at December 31, 2018 (For the year) Employee benefit obligations, beginning 56,769 50,546 24,002 21,081 Gain estimation over actuarial principles (848) - (222) - Past service cost and interest - Change a considered a post employment plan amendment 16,562 - 7,218 - - Amendment in other long-term employee benefit 10,446 - 5,279 - Employee benefit obligations paid 8,524 6,223 3,717 2,921 Employee benefit obligations, ending 91,453 56,769 39,994 24,002
13.2 Revenues and expenses recognized in the statement of comprehensive income for the three-month and nine-month periods ended September 30, 2019 and 2018 are as follows:- In Thousand Baht Consolidated Financial Statements Separate Financial Statements For the three-month periods ended September 30, For the three-month periods ended September 30, The statement of comprehensive income 2019 2018 2019 2018 Cost of sale 000 000 000 108 Selling expenses 228 99 100 57 Administrative expenses 1,982 1,209 937 566 Total 2,842 1,556 1,239 731 In Thousand Baht Consolidated Financial Statements Separate Financial Statements For the nine-month periods ended September 30, For the nine-month periods ended September 30, The statement of comprehensive income 2019 2018 2019 2018 Cost of sale 7,856 744 2,766 323 Selling expenses 3,291 297 1,635 171 Administrative expenses 24,385 3,626 11,813 1,697 Total 35,532 4,667 16,214 2,191 Gain on actuarial gain loss (848) - (222) - Total 34,684 4,667 15,992 2,191
13.3 Gain and loss from the estimate based on actuarial principles recognized in the statement of comprehensive income for the nine-month periods ended September 30, 2019 arise from For the nine-month periods ended September 30, 2019 Recognize in other comprehensive income Consolidated Financial Statements Separate Financial Statements Population assumption 2,445 1,394 Financial assumption (2,932) (2,691) Improvement from experience (361) 1,075 Total (848) (222)
13.4 Actuarial assumptions The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages). (% per annum) Consolidated Financial Statements Separate Financial Statements 2019 2018...
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the six-month period ended June 30, 2014 shown as follow :- In Thousand Baht Consolidated Separate Financial Financial Employee benefit obligations, beginning of the period 28,860 28,166 Current service costs 1,515 1,423 Interest cost 442 428 Employee benefit obligations, ending of the period 30,817 30,017 In Thousand Baht Consolidated Financial Statements Separate Financial Statements 2014 2013 2014 2013 Current service costs 758 795 712 752 Interest on obligation 221 227 213 222 Total 979 1,022 925 974 Current service costs Cost of service 39 38 - - Selling expenses 246 229 246 229 Administrative expenses 000 000 000 228 Management benefit expenses 209 296 208 295 Finance costs 221 227 213 222 Total 979 1,022 925 974 Consolidated Financial Statements Separate Financial Statements 2014 2013 2014 2013 Current service costs 1,515 1,578 1,423 1,491 Interest on obligation 442 453 428 444 Loss estimation under actuarial principles - 882 - 718 Total 1,957 2,913 1,851 2,653 Current service costs Cost of service 77 76 - - Selling expenses 000 000 000 455 Administrative expenses 528 1,337 516 1,164 Management benefit expenses 418 592 415 590 Finance costs 442 453 428 444 Total 1,957 2,913 1,851 2,653 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. 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 three-month periods ended June 30, 2014 and December 31, 2013 are summarized below. Separate Financial Statements As at June As at December Beginning balance 80,719 104,449 Liabilities from purchasing the real estate project 77,299 80,719 As at June 30, 2014, liabilities from purchasing the real estate project which is presented as part of property development cost amount of Baht 12.10 million and land held for development amount of Baht 65.20 million.
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. As at June 30, 2020 and December 31, 2019, the Company has defined benefit obligations as follows: 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 1,222,661.52 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 19,352,054.55 18,330,893.03 Baht For the three-month period ended June 30, For the six-month period ended June 30, 2020 2019 2020 2019 Past service costs and interest - 3,245,433.00 - 3,245,433.00 Current service cost Cost of sales 259,690.75 250,122.50 519,381.50 423,794.00 Selling expenses 41,806.25 39,007.75 83,612.50 67,520.50 Administrative expense 288,580.25 335,567.07 619,667.52 545,380.56 590,077.25 3,870,130.32 1,222,661.52 4,282,128.06 21. 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. 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. 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. Employee benefit obligations consists of : In Baht Consolidated Financial Statements Separate Financial Statements 2018 2017 2018 2017 Defined benefit obligations, beginning of the years 38,008,941.00 39,885,275.00 36,904,041.00 38,739,960.00 Plus Current service costs and interest 17,780,297.00 5,192,008.00 17,207,626.00 4,990,113.00 Less Employee benefit obligations paid during the year - (636,800.00) - (636,800.00) Defined benefit obligations, ending of the years 55,789,238.00 38,008,941.00 54,111,667.00 36,904,041.00 In Baht Consolidated Financial Statements Separate Financial Statements 2018 2017 2018 2017 Recognized in profit (loss) Current service costs 16,622,645.00 4,005,104.00 16,085,882.00 3,839,509.00 Interest on obligation 1,157,652.00 1,186,904.00 1,121,744.00 1,150,604.00 Total 17,780,297.00 5,192,008.00 17,207,626.00 4,990,113.00 Current service costs Cost of service 268,362.00 121,245.00 - - Selling expenses 3,788,591.00 1,238,997.00 3,788,591.00 1,238,997.00 Administrative expenses 8,888,628.00 1,452,757.00 8,620,227.00 1,408,407.00 Management benefit expenses 3,677,064.00 1,192,105.00 3,677,064.00 1,192,105.00 Finance costs 1,157,652.00 1,186,904.00 1,121,744.00 1,150,604.00 Total 17,780,297.00 5,192,008.00 17,207,626.00 4,990,113.00 Total - (6,431,542.00) - (6,189,232.00) Total 17,780,297.00 (1,239,534.00) 17,207,626.00 (1,199,119.00) Gain and loss from the estimate based on actuarial principles recognized in the statement of comprehensive income for the year ended December 31, 2018 arise from Recognize in other comprehensive income Improvement from experience 868,161.00 737,809.00 Population assumption (273,243.00) (191,295.00) Financial assumption 5,836,624.00 5,642,718.00 Total 6,431,542.00 6,189,232.00 The main assumptions in the estimates the financial assumptions for the Group of Company based on actuarial principles. For the years ended December 31, 2018 and 2017. Percentage Consolidated Financial Statements Separate Financial Statements 2018 2017 2018 2017 Discount rate 2.30 - 2.46 2.30 - 2.46 2.30 2.30 Salary increase rate 4.00 4.00 4.00 4.00 Employee turnover rate 0 - 35 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, 2018 and 2017 are summarized below: Consolidate Financial Statements Separate Financial Statements Discount rate (4.08) 4.66 (3.93) 4.48 Salary increase rate 5.11 (4.55) 4.92 (4.39) ...
EMPLOYEE BENEFIT OBLIGATIONS. Movement of employee benefit obligations for the three-month period ended March 31, 2019 is shown as follows : In Thousand Baht Consolidated Separate Financial Financial Employee benefit obligations, at the beginning of the period 55,789 54,112 Plus Current service costs and interest cost 1,400 1,335 Employee benefit obligations, at the end of the period 57,189 55,447 Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Recognized in profit or loss Current service costs 1,109 841 1,055 806 Interest on obligation 291 219 280 212 Total 1,400 1,060 1,335 1,018 Current service costs Cost of service 25 16 - - Selling expenses 351 271 351 271 Administrative expenses 417 310 388 291 Management benefit expenses 316 244 316 244 Finance costs 291 219 280 212 Total 1,400 1,060 1,335 1,018 For the three-month periods ended March 31, For the three-month periods ended March 31, Balance as at December 31, 2018 19,527 Add increase during the period 587 Balance as at March 31, 2019 20,114
EMPLOYEE BENEFIT OBLIGATIONS. Buyer acknowledges that, except as set forth in SCHEDULE 6(B) hereto, the Valley Liabilities shall include all employee benefit-related obligations or liabilities of the Sellers existing at the Closing Date with respect to the current and former employees of the Company Business under the provisions of each Employee Benefit Plan or other employee benefit plan, fund, program or arrangement sponsored or maintained by Sellers as of the Closing Date, including, without limitation, all liabilities and obligations of the Sellers in respect of vacation pay, sick pay, severance pay, insurance and payroll taxes and all accrued contributions, if any, required under the terms of any Employee Benefit Plans, or salary reduction amounts and matching contributions with respect thereto through the Closing Date. Nothing contained in this Agreement shall obligate the Buyer to continue or maintain any Employee Benefit Plan or paid time off policy adopted or sponsored by the Company prior to the Closing Date, or to continue to provide the same level of benefits under any Employee Benefit Plan or paid time off policy adopted or sponsored by the Company prior to the Closing.
