10 August 2011
Re:
Difference of financial statement standard between Thailand principle (Thai GAAP)
and Singapore Financial Reporting Standard (SFRS)
To:
President, The Stock Exchange of Thailand
Secretary, Securities and Exchange Commission
The Company would like to clarify the key differences of financial statement standard
between Thailand principle (Thai GAAP) and Singapore Financial Reporting Standard
(SFRS) per below;
1.
Deferred income tax
Under SFRS the Group accounts for deferred income tax in accordance with SFRS 12. Under
Thai GAAP there is no requirement to recognise the effects of future taxes payable and
recoverable, and in its Thai GAAP financial statements the Group only recognises its current
tax liabilities, and does not account for income taxes recoverable in future periods in respect
of deductible temporary differences, and for income taxes payable in future periods in respect
of taxable temporary differences.
2.
Derivative financial instruments
Under SFRS, derivative financial instruments are measured at fair value through profit or
loss. Under Thai GAAP, derivatives were not recognised.
All details will be provided as per below and investors can download Singapore Financial
Reporting Standard (SFRS) at our website, www.sritranggroup.com
Please be informed accordingly.
Yours sincerely,
(Mr. Kitichai Sincharoenkul)
Director
Sri Trang Agro-Industry Public Company Limited
Consolidated statement of financial position
Thai GAAP
30 June 2011
(Unaudited)
Baht
IFRS
30 June 2011
(Unaudited)
Baht
Difference
Baht
Remarks
Assets
Current assets
2,047,985,781
-
2,047,985,781
132,121,495
10,322,266,811
283,509,089
10,322,266,811
283,509,089
68,127,485
20,375,529
19,402,520,317
712,491,425
32,857,276,437
68,127,485
20,375,529
19,402,520,317
712,491,425
32,989,397,932
Fixed deposits pledged as collateral
Investments in associates
165,158,158
2,950,111,368
165,158,158
2,962,021,989
Investment in a joint venture
Available-for-sale financial assets
Property, plant and equipment
Intangible assets
Investment properties
Withholding tax deducted at source
Deferred income tax assets
Other non-current assets
Total non-current assets
380,560,412
45,505,765
6,328,910,683
22,484,636
96,026,756
143,109,674
39,425,517
10,171,292,969
380,560,412
45,505,765
6,328,910,683
22,484,636
96,026,756
143,109,674
244,901,945
39,425,517
10,428,105,535
Total assets
43,028,569,406
43,417,503,467
1,737,954,571
378,778,703
17,718,270,768
681,250,000
12,178,249
496,445,512
282,975,642
316,020,383
21,623,873,828
1,737,954,571
378,778,703
17,718,270,768
681,250,000
12,178,249
516,758,141
496,445,512
282,975,642
316,020,383
22,140,631,969
2,218,610,000
18,406,988
97,132,908
2,334,149,896
2,218,610,000
18,406,988
273,200,805
97,132,908
2,607,350,701
23,958,023,724
24,747,982,670
1,280,000,000
1,280,000,000
-
1,280,000,000
8,550,989,821
1,280,000,000
8,550,989,821
-
Cash and cash equivalents
Derivative financial instruments
Trade receivables
- other companies - net
- related companies
Amounts due from futures rubber brokers
- other companies
- an associate
Inventories - net
Other current assets
Total current assets
132,121,495 The difference is a result of SFRS accounting for derivative financial instruments
-
Non-current assets
11,910,621 The difference is a result of SFRS accounting for derivative financial instruments and
deferred income tax
244,901,945 The difference is a result of SFRS accounting for deferred income tax
The difference is a result of SFRS accounting for investment properties
Liabilities and equity
Current liabilities
Trade payables
- other companies
- related companies
Short-term loans from financial institutions
Current portion of long-term loans
Current portion of finance lease liabilities
Derivative financial instruments
Current income tax liabilities
Accrued expenses
Other current liabilities
Total current liabilities
516,758,141 The difference is a result of SFRS accounting for derivative financial instruments
-
Non-current liabilities
Long-term loans
Finance lease liabilities
Deferred income tax liabilities
Provision for post employment benefit obligations
Total non-current liabilities
Total liabilities
273,200,805 The difference is a result of SFRS accounting for deferred income tax
-
Equity
Share capital - ordinary shares
- Authorised share capital
- Issued and paid-up share capital
Premium on share capital
Difference between book values of acquired
subsidiaries lower than costs
Revaluation surplus
Unrealised loss on:
- available-for-sale financial assets
Cumulative translation adjustments
Retained earnings
- Appropriated - legal reserve
- Unappropriated
(173,134,488)
1,002,614,043
(173,134,488)
761,143,924
(241,470,119) The difference is a result of SFRS accounting for deferred income tax
2,576,487
(106,998,890)
2,013,837
(238,503,241)
(562,650) The difference is a result of SFRS accounting for deferred income tax
(131,504,352) The difference is a result of SFRS accounting for derivative financial instruments and
deferred income tax
128,000,000
8,283,403,596
128,000,000
8,255,915,831
18,967,450,569
18,566,425,684
103,095,113
103,095,113
Total equity
19,070,545,682
18,669,520,797
Total liabilities and equity
43,028,569,406
-
43,417,503,467
-
Non-controlling interests
(27,487,765) The difference is a result of SFRS accounting for derivative financial instruments and
deferred income tax
-
Sri Trang Agro-Industry Public Company Limited
Consolidated statement of comprehensive income
For the six-month period ended 30 June 2011 and 2010
Thai GAAP
30 June 2011
(Unaudited)
Baht
IFRS
30 June 2011
(Unaudited)
Baht
71,931,672,491
(67,629,686,348)
4,301,986,143
71,931,672,491
(67,629,686,348)
4,301,986,143
(1,540,806,022)
(509,843,734)
326,477,614
83,109,572
247,547,025
2,908,470,598
(1,540,806,022)
(509,843,734)
(1,576,543)
83,109,572
226,315,619
2,559,185,035
Finance income
Finance costs
5,876,259
(324,801,463)
5,876,259
(324,801,463)
Finance costs - net
Share of profit of associates and a joint venture
(318,925,204)
422,070,465
(318,925,204)
415,075,450
3,011,615,859
(699,387,005)
2,312,228,854
2,655,335,281
(604,730,494)
2,050,604,787
Other comprehensive income:
Revaluation surplus
Unrealised gain on available-for-sale financial assets, net
Currency translation differences arising from consolidation
44,445,740
(761,758)
167,146,508
44,445,740
(1,009,150)
51,154,641
Other comprehensive income for the year, net of tax
210,830,490
94,591,231
2,523,059,344
2,145,196,018
2,282,823,232
29,405,622
2,312,228,854
2,021,199,165
29,405,622
2,050,604,787
2,487,808,024
35,251,320
2,523,059,344
2,109,975,307
35,220,711
2,145,196,018
Sales of goods and services
Costs of sales and services
Gross profit
Selling expenses
Administrative expenses
Gain on exchange rate
Other income
Other gain/(loss) - net
Operating profit
Profit before income tax
Income tax expenses
Profit for the year
Total comprehensive income for the year
Profit attributable to:
Equity holders of the Company
Non-controlling intesrests
Total comprehensive income attributable to:
Equity holders of the Company
Non-controlling intesrests
Difference
Baht
Remarks
-
(328,054,157) The difference is a result of SFRS accounting for derivative financial instruments
(21,231,406) The difference is a result of SFRS accounting for derivative financial instruments
(6,995,015) The difference is a result of SFRS accounting for derivative financial
instruments and deferred income tax
94,656,511 The difference is a result of SFRS accounting for deferred income tax
(247,392) The difference is a result of SFRS accounting for deferred income tax
(115,991,867) The difference is a result of SFRS accounting for derivative financial
instruments and deferred income tax
Sri Trang Agro-Industry Public Company Limited
Consolidated statement of comprehensive income
For the three-month period ended 30 June 2011 and 2010
Thai GAAP
30 June 2011
(Unaudited)
Baht
IFRS
30 June 2011
(Unaudited)
Baht
35,231,732,420
(33,750,897,387)
1,480,835,033
35,231,732,420
(33,750,897,387)
1,480,835,033
Selling expenses
Administrative expenses
Gain on exchange rate
Other income
Other gain/(loss) - net
Operating profit
(747,470,963)
(197,197,757)
239,966,589
54,026,169
39,443,568
869,602,639
(747,470,963)
(197,197,757)
7,480,341
54,026,169
(230,740,284)
366,932,539
Finance income
Finance costs
4,798,901
(177,922,050)
4,798,901
(177,922,050)
Finance costs - net
Share of profit of associates and a joint venture
(173,123,149)
266,169,237
(173,123,149)
256,709,122
Profit before income tax
Income tax expenses
Profit for the year
962,648,727
(236,828,143)
725,820,584
450,518,512
(182,775,715)
267,742,797
Other comprehensive income:
Revaluation surplus
Unrealised gain on available-for-sale financial assets, net
Currency translation differences arising from consolidation
8,100,000
(544,429)
111,709,742
8,100,000
(468,976)
112,165,805
Other comprehensive income for the year, net of tax
119,265,313
119,796,829
Total comprehensive income for the year
845,085,897
387,539,626
716,458,017
9,362,567
725,820,584
258,380,230
9,362,567
267,742,797
832,148,066
12,937,831
845,085,897
374,601,795
12,937,831
387,539,626
Sales of goods and services
Costs of sales and services
Gross profit
Profit attributable to:
Equity holders of the Company
Non-controlling intesrests
Total comprehensive income attributable to:
Equity holders of the Company
Non-controlling intesrests
Difference
Baht
Remarks
-
(232,486,248) The difference is a result of SFRS accounting for derivative financial instruments
(270,183,852) The difference is a result of SFRS accounting for derivative financial instruments
(9,460,115) The difference is a result of SFRS accounting for derivative financial
instruments and deferred income tax
54,052,428 The difference is a result of SFRS accounting for deferred income tax
75,453 The difference is a result of SFRS accounting for deferred income tax
456,063 The difference is a result of SFRS accounting for derivative financial
instruments and deferred income tax