Dynasty Ceramic Public Company Limited
Financial Statement Quarter 1/2007
Balance Sheets
-
Assets
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2007 |
As at December
31, 2006
|
As at March
31, 2007 |
As at December
31, 2006
|
| CURRENT ASSETS |
| ==>Cash and cash equivalents |
5 |
99,013 |
42,663 |
49,578 |
13,202 |
| ==>Current investment - net |
6 |
- |
- |
- |
- |
| ==>Trade accounts receivable |
7 |
261,416 |
214,482 |
242,016 |
198,522 |
| ==>Less Allowance for doubtful accounts |
|
(2,462) |
(3,727) |
(1,436) |
(1,436) |
| ==>==>Trade accounts receivable - net |
|
258,954 |
210,755 |
240,580 |
197,086 |
| ==>Receivables from subsidiaries |
23 |
- |
- |
869,072 |
848,788 |
| ==>Short-term loan to subsidiaries |
8,23 |
- |
- |
77,500 |
100,000 |
| ==>Inventories - net |
9 |
1,164,425 |
1,391,667 |
525,644 |
745,499 |
| ==>Other current assets |
23 |
42,901 |
40,708 |
14,692 |
10,106 |
| ==>==>Total current assets |
1,565,293 |
1,685,793 |
1,777,066 |
1,914,681 |
| NON-CURRENT ASSETS |
| ==>Investment in subsidiaries |
2,3,10 |
- |
- |
127,854 |
127,854 |
| ==>Other investment - net |
|
500 |
500 |
- |
- |
| ==>Property, plant and equipment - net |
11,14,18 |
2,490,468 |
2,553,021 |
1,106,381 |
1,136,922 |
| ==>Other non-current assets - net |
12 |
53,844 |
52,286 |
9,861 |
10,161 |
| ==>Goodwill - net |
13 |
57,078 |
57,866 |
- |
- |
| ==>==>Total non-current assets |
2,601,890 |
2,663,673 |
1,244,096 |
1,274,937 |
| TOTAL ASSETS |
4,167,183 |
4,349,466 |
3,021,162 |
3,189,618 |
Balance Sheets - Liabilities
|
=Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2007 |
As at December
31, 2006 |
As at March
31, 2007 |
As at December
31, 2006 |
| CURRENT LIABILITIES |
| ==>Bank overdrafts and short-term loans |
|
|
|
|
|
| ==>==>from financial institutions |
14 |
1,290,415 |
1,580,191 |
665,000 |
1,033,777 |
| ==>Trade accounts and notes payable |
15 |
315,745 |
371,710 |
168,640 |
174,795 |
| ==>Payable to subsidiaries |
23 |
- |
- |
80,180 |
84,032 |
| ==>Short-term loan from subsidiaries |
16,23 |
- |
- |
345,000 |
245,000 |
| ==>Current portion of liabilities under |
|
|
|
|
|
| ==>==>financial lease agreements |
17 |
3,328 |
3,328 |
3,328 |
3,328 |
| ==>Current portion of long - term loan |
18 |
- |
80,000 |
- |
80,000 |
| ==>Accrued income tax |
|
178,449 |
97,444 |
116,432 |
59,297 |
| ==>Other current liabilities |
23 |
120,774 |
114,345 |
100,346 |
89,730 |
| ==>==>Total current liabilities |
1,908,711 |
2,247,018 |
1,478,926 |
1,769,959 |
| NON-CURRENT LIABILITIES |
| ==>Liabilities under financial lease |
|
|
|
|
|
| ==>==>agreement - net |
17 |
4,159 |
4,991 |
4,159 |
4,991 |
| ==>Long-term loan - net |
18 |
- |
10,000 |
- |
10,000 |
| ==>Provident fund |
19 |
44,119 |
43,729 |
- |
- |
| ==>==>Total non-current liabilities |
48,278 |
58,720 |
4,159 |
14,991 |
| TOTAL LIABILITIES |
1,956,989 |
2,305,738 |
1,483,085 |
1,784,950 |
Balance Sheets - Shareholders' Equity
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2007 |
As at December
31, 2006 |
As at March
31, 2007 |
As at December
31, 2006 |
| SHAREHOLDERS' EQUITY |
| ==>Share capital |
| ==>==>Authorized share capital |
|
|
|
|
|
| ==>==>408,000,000 ordinary sharesof Baht |
|
|
|
|
|
| ==>==>of Baht 1.00 each |
|
408,000 |
408,000 |
408,000 |
408,000 |
| ==>Issued and paid-up share capital |
|
|
|
|
|
| ==>==>408,000,000 ordinary sharesof Baht |
|
|
|
|
|
| ==>==>of Baht 1.00 each |
|
408,000 |
408,000 |
408,000 |
408,000 |
| Paid-in capital |
| ==>Premium on share capital |
|
506,000,000 |
506,000,000 |
506,000,000 |
506,000,000 |
| Retained earnings |
| ==>Appropriated - legal reserve |
20 |
40,800 |
40,800 |
40,800 |
40,800 |
| ==>Unappropriated |
3 |
1,230,029 |
1,064,081 |
583,277 |
449,868 |
| Total shareholder's equity of parent company |
|
2,184,829 |
2,018,881 |
1,538,077 |
1,404,668 |
| Minority interest in subsidiaries |
|
25,365 |
24,847 |
- |
- |
| ==>==>Total shareholder's equity |
|
2,210,194 |
2,043,728 |
1,538,077 |
1,404,668 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
4,167,183 |
4,349,466 |
3,021,162 |
3,189,618 |
Statements of Income
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
2007 |
2006 |
2007 |
2006 |
| REVENUES |
| ==>Sales |
23 |
1,260,140 |
1,234,673 |
1,153,138 |
1,215,888 |
| ==>==>Other income |
23 |
7,397 |
3,227 |
14,377 |
3,956 |
| ==>==>==>Total Revenues |
|
1,267,537 |
1,237,900 |
1,167,515 |
1,219,844 |
| EXPENSES |
| ==>Cost of sales |
23 |
795,957 |
763,285 |
834,634 |
826,623 |
| ==>Selling and administrative expenses |
23 |
200,478 |
190,859 |
124,907 |
131,476 |
| ==>Amortization of goodwill - net |
13 |
788 |
788 |
- |
- |
| ==>Loss on sales/writen off fixed assets |
|
705 |
7 |
- |
- |
| ==>Directors' remuneration |
|
720 |
500 |
550 |
380 |
| ==>==>==>Total Expenses |
|
998,648 |
955,439 |
960,091 |
958,479 |
| Income before interest and income tax |
|
268,889 |
282,461 |
207,424 |
261,365 |
| Interest expense |
23 |
21,349 |
16,151 |
16,865 |
11,016 |
| Income tax |
|
81,074 |
79,017 |
57,150 |
62,795 |
| Income before minority interest |
|
166,466 |
187,293 |
133,409 |
187,554 |
| Net loss (income) of minority interest |
|
(518) |
(473) |
- |
- |
| Net income |
|
165948 |
186,820 |
133,409 |
187,554 |
| EARNINGS PER SHARE - Baht |
21 |
|
|
|
|
| ==>Net income (loss) from ordinary activities |
|
0.41 |
0.46 |
0.33 |
0.46 |
Statements of Changes in Shareholders' Equity
| |
In Thousand Baht |
Share capital issued and paid-up |
Premium on ordinary shares |
Legal reserve |
Retained earnings |
Minority interest |
Total |
| |
| Beginning balance, 2007 |
408,000 |
506,000 |
40,800 |
1,064,081 |
24,847 |
2,043,728 |
| Net income for the period 2007 |
- |
- |
- |
165,948 |
- |
165,948 |
| Net income of Minority interest |
- |
- |
- |
- |
518 |
518 |
| Ending balance 2007 |
408,000 |
50,6000 |
40,800 |
1,079,733 |
23,859 |
2,058,392 |
| |
|
|
|
|
|
|
| Beginning balance, 2006 |
408,000 |
506,000 |
40,800 |
892,913 |
23,386 |
1,871,099 |
| Net income for the period 2006 |
- |
- |
- |
186,820 |
- |
186,820 |
| Net income of ninority interest |
- |
- |
- |
- |
473 |
473 |
| Ending balance 2006 |
408,000 |
506,000 |
40,800 |
1,079,733 |
23,859 |
2,058,392 |
Statements OF Changes in Shareholders' Equity (Cont.)
| |
In Thousand Baht |
Note |
Share capital issued and paid-up |
Premium on ordinary shares |
Legal reserve |
Retained earnings |
Total |
| |
| Beginning balance, 2007 before restated |
|
408,000 |
506,000 |
40,800 |
106,4081 |
2,018,881 |
| Cumulative effect of accounting changes |
3 |
- |
- |
- |
(614,213) |
(614,213) |
| Balance as restated |
|
408,000 |
506,000 |
40,800 |
449,868 |
1,404,668 |
| Net income for the period 2007 |
|
- |
- |
- |
133,409 |
133,409 |
| Ending balance 2007 |
|
408,000 |
506,000 |
40,800 |
583,277 |
1,538,077 |
| |
|
|
|
|
|
|
| Beginning balance 2006 before restated |
|
408000 |
506000 |
40800 |
473 |
473 |
| Cumulative effect of accounting changes |
3 |
- |
- |
- |
(517,710) |
(517,710) |
| Balance as restated |
|
408,000 |
506,000 |
40,800 |
375,203 |
1,330,003 |
| Net income for the period 2006 (restated) |
3 |
- |
- |
- |
187554 |
187554 |
| Ending balance 2006 |
|
408,000 |
506,000 |
40,800 |
562,757 |
1,517,557 |
Statements of Cash Flows
|
In Baht |
Consolidated |
The Company Only |
2007 |
2006 |
2007 |
2006 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
| ==>Net income |
165,948 |
186,820 |
133,409 |
187,554 |
| ==>Add (less) Adjustments to reconcile net profit to net cash flows : |
| ==>==>Depreciation and amortization |
96,129 |
85,474 |
39,967 |
31,394 |
| ==>==>Allowance for obsolete stock |
1043 |
- |
- |
- |
| ==>==>Loss (gain) on write off fixed assets |
705 |
7 |
- |
- |
| ==>==>Unrealized loss (gain) on exchange rate |
(245) |
(60) |
(178) |
(83) |
| ==>==>Share of loss (gain) in subsidiaries |
- |
- |
734 |
(30,677) |
| ==>==>Minority interest in net income of subsidiaries |
518 |
473 |
- |
- |
| ==>==>Amortization of goodwill - net |
788 |
788 |
- |
- |
| ==>Income from operations before change in |
|
|
|
|
| ==>==>operating assets and liabilities |
264,886 |
273,502 |
173,198 |
218,865 |
| ==>Operating assets (increase) decrease |
| ==>==>Trade accounts and notes receivable |
(48,240) |
(38,332) |
(43,534) |
(34,001) |
| ==>==>Receivable from subsidiaries |
- |
- |
(20,284) |
(134,865) |
| ==>==>Short-term loan to subsidiaries |
- |
- |
22,500 |
35,000 |
| ==>==>Inventories |
226200 |
(5639) |
219,855 |
7,590 |
| ==>==>Other current assets |
(2,194) |
402 |
(4,586) |
5,509 |
| ==>==>Other non-current assets |
(2269) |
175 |
(12) |
157 |
| ==>Operating liabilities increase (decrease) |
| ==>==>Trade accounts and notes payable |
(55,679) |
43,750 |
(5,937) |
25,912 |
| ==>==>Payable to subsidiaries |
- |
- |
(3,852) |
29,972 |
| ==>==>Short -term loan from subsidiaries |
- |
- |
100,000 |
- |
| ==>==>Accrued income tax |
81,005 |
79,016 |
57,135 |
62,795 |
| ==>==>Other current liabilities |
6,429 |
39,637 |
10,616 |
33,272 |
| ==>==>Provident fund |
390 |
579 |
- |
- |
| ==>==>==>Net cash provided by (used in) operating activities |
470,528 |
393,090 |
505,099 |
250,206 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
| ==>Increase in property, plant and equipment |
(33,611) |
(159,383) |
(9,114) |
(111,139) |
| ==>==>Proceeds from sale of fixed assets |
41 |
2,125 |
- |
- |
| ==>==>==>Net cash provided by (used in) investing activities |
(33,570) |
(157,258) |
(9,114) |
(111,139) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
| ==>Increase (decrease) in bank overdrafts and |
|
|
|
|
| ==>==>short-term loans from financial institutions |
(289,776) |
(427,689) |
(368,777) |
(339,740) |
| ==>Receive long - term loans |
- |
200,000 |
- |
200,000 |
| ==>Payment long-term loans |
(90,000) |
- |
(90,000) |
- |
| ==>Payment of liabilities under financial lease agreement |
(832) |
- |
(832) |
- |
| ==>==>Net cash provided by (used in) financing activities |
(380,608) |
(227,689) |
(459,609) |
(139,740) |
| Net increase (decrease) in cash and cash equivalents |
56,350 |
8,143 |
36,376 |
(673) |
| Cash and cash equivalents, beginning of period |
42663 |
38379 |
13202 |
7691 |
| Cash and cash equivalents, end of period |
99,013 |
46,522 |
49,578 |
7,018 |
| Supplemental disclosures of cash flows information |
| ==>1. Cash paid during period for : |
| ==>==>Interest expense |
24688 |
18563 |
14602 |
9598 |
| ==>==>Income tax |
68 |
65 |
15 |
15 |
| ==>2. For the three-month period ended March 31, 2006, the company recorded capitalization of the borrowing cost amounted to |
| ==>==>2.63 million. |
 |
