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. 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. 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 three-month period ended March 31, 2020 are presented below. financial statements financial statements Balance as at December 31, 2019 13,245,019 11,819,123 The impacts of the adoption of TFRS16 332,520,444 21,061,449 Balance as at January 1, 2020 345,765,463 32,880,572 Accretion of interest 2,850,768 343,623 Payments (8,344,139) (2,076,953) Balance as at March 31, 2020 340,272,092 31,147,242 Less current portion (23,759,998) (6,579,845) Lease liabilities - net of current portion 316,512,094 24,567,397 The following are the amounts recognized in profit or loss: financial statements financial statements Depreciation of right-of-use assets 7,231,417 1,902,907 Interest expense on lease liabilities 2,850,768 343,623 Expense relating to short-term lease 82,618 82,618 Total 10,164,803 2,329,148
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 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 three-month period ended March 31, 2022, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at January 1, 2022 472,816 469,094 Add Increase during for the period 4,161 - Accretion of interest 370 269 Less Payments (3,841) (3,076) Decrease from lease agreement termination (755) (755) As at March 31, 2022 472,751 465,532 Lease liabilities net of current portion 463,443 458,423 Movements in the debentures account during the three-month period ended March 31, 2022 are summarized below. In Thousand Baht Consolidated / Separate Financial Statements Balance as at 1 January 2022 5,957,538 Add: Debenture issued during the period 2,000,000 Less: Deferred debenture issuing costs (41,888) Add: Amortisation of debentures issuing costs 16,458 Less: Repayment during the period (1,728,934) Balance as at March 31, 2022 6,203,174 Less: Portion due within one year (2,218,156) Debenture, net of current portion 3,985,018 As at January 19, 2022, the Company had issued the bond No. 1/2022 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 2,000 million bond as follows; • Series 1, amounted Baht 971.20 million, interest rate 6.35% per annum, with 1 year period, maturity date is January 19, 2023, or early redemption. • Series 2, amounted Baht 433.60 million, with 2 year period, interest rate 6.85% per annum, with 2 year period, maturity date is January 19, 2024, or early redemption. • Series 3, amounted Baht 595.20 million, interest rate 6.85% - 9.00% per annum, with 1 - 5 year period, maturity date is January 19, 2027, or early redemption. Such debenture had been guaranteed by the Company as the debenture issuer had mortgaged the land and buildings and some parts of the Company’s empty land. In addition, the Company had the right to sell the land and buildings and the empty land that was a mortgage property under the guarantee agreement and be able to redeem or release the mortgage of such land and buildings and the empty land. If the value of the property that was insured under the guarantee agreement was lower than specified, the debenture issuer had to change the guarantee or seek for replacement assets to guarantee the repayment of additional debentures within the specified period. Under the debenture conditions, the Company has to maintain the net...
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the year, December 31, 2021 and 2020, are presented below. In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at Deccember 31, 2020 24,074 13,037 Add Addition 940 940 Add Accretion of interest 1,102 650 Less Payments (7,504) (4,048) As at December 31, 2021 11,850 9,546 Lease liabilities net of current portion 6,229 6,004 In Thousand Baht Consolidated Financial Statements Separate Financial Statements As at December 31, 2019 Effects of the adoption of TFRS16 13,424 13,424 As at January 1, 2020 13,424 13,424 Add Addition 15,249 2,620 Add Accretion of interest 1,061 767 Less Payments (5,660) (3,774) As at December 31, 2020 24,074 13,037 Lease liabilities net of current portion 17,559 9,525
26.1 Movement of employee benefit obligations for the years ended December 31, 2021 and 2020, is shown as follows : Consolidated Financial Statements Separate Financial Statements 2021 2020 2021 2020 The statements of financial position Defined benefit obligations, beginning of the years 60,002 64,930 57,894 63,222 Plus Current service costs and interest 3,997 4,233 3,707 4,048 Less Employee benefit obligations paid during the year (10,885) (6,705) (10,885) (6,706) Defined benefit obligations, ending of the years 53,874 60,002 51,512 57,894
26.2 Recognized in other comprehensive income for the years ended December 31, 2021 and 2020, is shown as follows : Consolidated Financial Statements Separate Financial Statements 2021 2020 2021 2020 Recognized in profit (loss) Construction costs 37 - - Cost of service 83 49 - - Selling expenses 976 1,066 976 1,066 Administrative expenses 2,122 2,279 1,988 2,176 Finance costs 779 839 743 806 Total 3,997 4,233 3,707 4,048 Total 760 (2,456) 796 (2,670) Total 4,757 1,777 4,503 1,378
26.3 Gain and loss from the estimate based on actuarial principles recognized in the statement of comprehensive income for the years ended December 31, 2021 and 2020, arise from : Consolidated Financial Statements Separate Financial Statements 2021 2020 2021 2020 Improvement from experience 1,144 2,617 1,008 2,535 Population assumption 2,378 (4,309) 2,378 (4,579) Financial assumption (2,762) (764) (2,590) (626) Total 760 (2,456) 796 (2,670) The main assumptions in the estimates the financial assumptions for the Group of Company based on actuarial principles. For the years ended December 31, 2021 and 2020 ; Percentage Discount rate 2.22 – 3.12 1.50 - 2.10 2.22 1.50 Sal...
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 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. All liabilities and obligations of ----------------- CTI under the Irving Lease for time periods after the Closing Date and any liability or obligation of CTI under the Irving Lease for time periods prior to the Closing Date if and to the extent reflected on the Closing Date Balance Sheet, provided, however, that Buyer shall not assume or be responsible for any ----------------- such liabilities or obligations which arise from defaults thereunder or breaches thereof by CTI prior to the Closing Date or for any Environmental Matters (as defined in Section 2.2) related in any way to the Irving Lease or the leased ----------- facility;
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the nine-month period ended September 30, 2020 are presented below. Baht Consolidated financial statements Separate financial statements As at December 31, 2019 - - Effects of the adoption of TFRS16 3,789,965.85 3,468,190.01 As at January 1, 2020 3,789,965.85 3,468,190.01 Payments (500,936.99) (354,013.38) As at September 30, 2020 3,289,028.86 3,114,176.63 Less: current portion (684,135.36) (509,283.13) Lease liabilities - net of current portion 2,604,893.50 2,604,893.50 The following are the amounts recognized in profit or loss for the three-month and nine-month period ended September 30, 2020 are presented below. Baht Consolidated financial statements Separate financial statements For the three- month period For the nine- month period For the three- month period For the nine- month period Depreciation of right-of-use assets 199,443.42 598,330.26 148,636.71 445,910.13 Interest expense on lease liabilities 74,016.18 232,942.99 69,485.82 216,156.60 Expense relating to short-term lease 40,000.00 160,000.00 - - Total 313,459.60 991,273.25 218,122.53 662,066.73 17. APPROPRIATION OF RETAINED EARNINGS According to the Annual General Shareholders’ Meeting 2020 held on April 1, 2020, it had the resolution to pay the dividend from the net profit for the year 2019 after deducting legal reserve to the shareholders at Baht 0.185 per share totaling Baht 38.11 million and to appropriate the profit as legal reserve for Baht 2.10 million. The Company sets the name list of shareholders who are entitled to receive the dividend as appeared on the shareholders’ registration book as at April 9, 2020 and is scheduled to pay the dividend within 30 days from the resolution of the Annual General Shareholders’ Meeting. The Company paid the dividends on April 27, 2020.
LEASE LIABILITIES. The carrying amounts of lease liabilities and the movement for the six-month period ended June 30, 2022 are presented below. Balance as at December 31, 2021 289,717,853 20,165,662 Increase 4,558,536 - Accretion of interest 3,675,582 428,618 Payments (11,328,337) (3,264,800) Balance as at June 30, 2022 33,894,922 17,329,480 Decrease (252,728,712) - Consolidated financial statements Baht Separate financial statements Depreciation of right-of-use assets 9,970,849 3,038,387 Interest expenses 3,675,582 428,618 Expense relating to short-term leases 93,520 - Leases of low - value assets 414,835 384,835 Total 14,154,786 3,851,840 Lease liabilities - net of current portion 24,776,978 11,459,218 The following are the amounts recognized in profit or loss: During the year 2022, the subsidiary received a lease termination notice letter resulting in the subsidiary to be unable to use the right-of-use assets and liabilities obligation in the lease agreement. The subsidiary has reversed such amount Baht 229.93 million and Baht 252.72 million, respectively, to recognize profit from the lease agreement termination of Baht 22.79 million, damages arising from lease agreement termination Baht 12.14 million from the lease agreement requirements related to the leased assets return that did not meet the requirement.
