Dynasty Ceramic Public Company Limited
Financial Statement Yearly 2005
Balance Sheets
-
Assets
|
Note |
In Baht |
Consolidated |
The Company Only |
As at December 31, 2005 |
As at December 31, 2004 |
As at December 31, 2005 |
As at December 31, 2004 |
| CURRENT ASSETS |
| Cash and cash equivalents |
4 |
38,378,788 |
19,792,281 |
7,690,612 |
17,426,615 |
| Current investment - net |
5 |
- |
- |
- |
- |
| Trade accounts receivable |
6 |
267,767,978 |
675,287,988 |
264,177,273 |
674,414,613 |
| Less Allowance for doubtful accounts |
|
(2,462,416) |
(2,309,104) |
(1,435,729) |
(1,435,729) |
| Trade accounts receivable - net |
|
265,305,562 |
672,978,884 |
262,741,544 |
672,978,884 |
| Receivables from subsidiaries |
21 |
- |
- |
713,954,952 |
30,000 |
| Short-term loan to subsidiaries |
7, 21 |
- |
- |
145,000,000 |
103,000,000 |
| Inventories - net |
8 |
1,132,389,730 |
562,181,317 |
549,359,880 |
412,135,864 |
| Other current assets |
21 |
55,950,758 |
20,297,307 |
15,557,639 |
8,935,599 |
| Total current assets |
1,492,024,838 |
1,275,249,789 |
1,694,304,627 |
1,214,506,962 |
| NON-CURRENT ASSETS |
| Investment in subsidiaries |
2, 9 |
- |
- |
645,563,865 |
584,491,648 |
| Other investment - net |
|
999,500 |
- |
- |
- |
| Property, plant and equipment - net |
10, 13 |
2,545,077,512 |
2,172,676,056 |
1,081,381,344 |
769,328,037 |
| Other non-current assets - net |
11 |
44,963,455 |
7,162,909 |
4,110,189 |
5,340,192 |
| Goodwill - net |
12 |
61,020,914 |
(152,492,236) |
- |
- |
| Total non-current assets |
2,652,061,381 |
2,027,346,729 |
1,731,055,398 |
1,359,159,877 |
| TOTAL ASSETS |
4,144,086,219 |
3,302,596,518 |
3,425,360,025 |
2,573,666,839 |
Balance Sheets - Liabilities
|
Note |
In Baht |
Consolidated |
The Company Only |
As at December 31, 2005 |
As at December 31, 2004 |
As at December 31, 2005 |
As at December 31, 2004 |
| CURRENT LIABILITIES |
| Bank overdrafts and short-term loans from financial institutions |
| 13 |
1,548,737,463 |
962,007,939 |
986,912,103 |
602,559,457 |
| Trade accounts and notes payable |
14 |
453,740,150 |
354,380,814 |
212,214,556 |
136,109,088 |
| Payable to subsidiaries |
21 |
- |
- |
36,732,769 |
305,987 |
| Short-term loan from subsidiaries |
15 |
- |
- |
145,000,000 |
- |
| Current portion of hire-purchase contract payable |
| 16 |
- |
622,150 |
- |
- |
| Accrued income tax |
|
131,560,801 |
188,083,071 |
123,709,886 |
112,816,778 |
| Other current liabilities |
21 |
95,970,023 |
86,872,852 |
73,077,626 |
76,198,146 |
| Total current liabilities |
2,230,008,437 |
1,591,966,826 |
1,577,646,940 |
927,989,456 |
| NON-CURRENT LIABILITIES |
| Hire-purchase contract payable - net |
16 |
- |
- |
- |
- |
| Provident fund |
17 |
42,979,038 |
40,825,088 |
- |
- |
| Total non-current liabilities |
42,979,038 |
40,825,088 |
- |
- |
| TOTAL LIABILITIES |
2,272,987,475 |
1,632,791,914 |
1,577,646,940 |
927,989,456 |
Balance Sheets - Shareholders' Equity
|
Note |
In Baht |
Consolidated |
The Company Only |
As at December 31, 2005 |
As at December 31, 2004 |
As at December 31, 2005 |
As at December 31, 2004 |
| SHAREHOLDERS' EQUITY |
| Share capital |
| Authorized share capital 408,000,000 ordinary sharesof Baht 1.00 each |
|
408,000,000 |
408,000,000 |
408,000,000 |
408,000,000 |
| Issued and paid-up share capital 408,000,000 ordinary sharesof Baht 1.00 each |
|
408,000,000 |
408,000,000 |
408,000,000 |
408,000,000 |
| Paid-in capital |
| Premium on share capital |
|
506,000,000 |
506,000,000 |
506,000,000 |
506,000,000 |
| Retained earnings |
| Appropriated - legal reserve |
18 |
40,800,000 |
40,800,000 |
40,800,000 |
40,800,000 |
| Unappropriated |
|
892,913,085 |
690,877,383 |
892,913,085 |
690,877,383 |
| Total shareholder's equity of parent company |
|
1,847,713,085 |
1,645,677,383 |
1,847,713,085 |
1,645,677,383 |
| Minority interest in subsidiaries |
|
23,385,659 |
24,127,221 |
- |
- |
| Total shareholder's equity |
|
1,871,098,744 |
1,669,804,604 |
1,847,713,085 |
1,645,677,383 |
| TOTAL LIABILITIES ANDSHAREHOLDERS' EQUITY |
|
4,144,086,219 |
3,302,596,518 |
3,425,360,025 |
2,573,666,839 |
Statements of Income
|
Note |
In Baht |
Consolidated |
The Company Only |
2005 |
2004 |
2005 |
2004 |
| REVENUES |
| Sales |
21 |
4,254,513,255 |
3,739,358,353 |
4,245,284,348 |
3,739,358,353 |
| Other income |
| Amortization of negative goodwill |
12 |
34,526,543 |
34,526,545 |
- |
- |
| Reversal of provision for bad debt |
|
- |
345,080 |
- |
- |
| Gain on sale of fixed assets |
|
- |
2,547,080 |
297,267 |
1,554,481 |
| Interest income |
21 |
32,904 |
7,060 |
4,885,901 |
7,635,232 |
| Others |
21 |
11,894,621 |
8,258,892 |
7,836,217 |
7,169,510 |
| Share of gain (loss) in subsidiaries |
|
- |
- |
42,697,960 |
144,443,418 |
| Total Revenues |
|
4,300,967,323 |
3,785,043,010 |
4,301,001,693 |
3,900,160,994 |
| EXPENSES |
| Cost of sales |
21 |
2,709,555,727 |
2,401,971,453 |
2,826,742,615 |
2,626,191,612 |
| Selling and administrative expenses |
21 |
474,862,121 |
391,071,887 |
417,522,614 |
371,931,450 |
| Amortization of goodwill |
12 |
9,420,348 |
- |
- |
- |
| Loss on sale of fixed assets |
|
2,835,317 |
- |
- |
- |
| Directors' remuneration |
|
7,030,000 |
5,890,000 |
5,550,000 |
4,410,000 |
| Total Expenses |
|
3,203,703,513 |
2,798,933,340 |
3,249,815,229 |
3,002,533,062 |
| Income before interest and income tax |
|
1,097,263,810 |
986,109,670 |
1,051,186,464 |
897,627,932 |
| Interest expense |
21 |
30,029,525 |
18,174,426 |
19,758,488 |
13,452,066 |
| Income tax |
|
318,009,515 |
288,983,151 |
282,672,274 |
208,822,208 |
| Income before minority interest |
|
749,224,770 |
678,952,093 |
748,755,702 |
675,353,658 |
| Net loss (income) of minority interest |
|
(469,068) |
(3,598,435) |
- |
- |
| Net income |
|
748,755,702 |
675,353,658 |
748,755,702 |
675,353,658 |
| EARNINGS PER SHARE - Baht |
19 |
|
|
|
|
| Net income (loss) from ordinary activities |
|
1.84 |
1.66 |
1.84 |
1.66 |
Statements of Changes in Shareholders' Equity
|
Note |
In Baht |
Share capital issued and paid-up |
Premium on ordinary shares |
Legal reserve |
Retained earnings |
Minority interest |
Total |
| Consolidated |
| Beginning balance, 2004 |
|
408,000,000 |
506,000,000 |
40,800,000 |
472,483,725 |
20,528,786 |
1,447,812,511 |
| Net income for the year 2004 |
|
- |
- |
- |
675,353,658 |
- |
675,353,658 |
| Dividend |
20 |
- |
- |
- |
(456,960,000) |
- |
(456,960,000) |
| Legal reserve |
|
- |
- |
- |
- |
- |
- |
| Net income of minority interest |
|
- |
- |
- |
- |
3,598,435 |
3,598,435 |
| Ending balance 2004 |
|
408,000,000 |
506,000,000 |
40,800,000 |
690,877,383 |
24,127,221 |
1,669,804,604 |
| Net income for the year 2005 |
|
- |
- |
- |
748,755,702 |
- |
748,755,702 |
| Dividend |
20 |
- |
- |
- |
(546,720,000) |
- |
(546,720,000) |
| Net income of ninority interest |
|
- |
- |
- |
- |
(741,562) |
(741,562) |
| Ending balance 2005 |
|
408,000,000 |
506,000,000 |
40,800,000 |
892,913,085 |
23,385,659 |
1,871,098,744 |
| The Company Only |
| Beginning balance 2004 |
|
408,000,000 |
506,000,000 |
40,800,000 |
472,483,725 |
- |
1,427,283,725 |
| Net income for the year 2004 |
|
- |
- |
- |
675,353,658 |
- |
675,353,658 |
| Dividend |
20 |
- |
- |
- |
(456,960,000) |
- |
(456,960,000) |
| Ending balance 2004 |
|
408,000,000 |
506,000,000 |
40,800,000 |
690,877,383 |
- |
1,645,677,383 |
| Net income for the year 2005 |
|
- |
- |
- |
748,755,702 |
- |
748,755,702 |
| Dividend |
20 |
- |
- |
- |
(546,720,000) |
- |
(546,720,000) |
| Ending balance 2005 |
|
408,000,000 |
506,000,000 |
40,800,000 |
892,913,085 |
- |
1,847,713,085 |
Statements of Cash Flows
|
In Baht |
Consolidated |
The Company Only |
2005 |
2004 |
2005 |
2004 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
| Net income |
748,755,702 |
675,353,658 |
748,755,702 |
675,353,658 |
| Add (less) Adjustments to reconcile net profit to net cash flows : |
| Depreciation and amortization |
324,285,089 |
299,630,796 |
115,579,095 |
103,685,438 |
| Provision for bad debt (reversal) |
- |
(345,080) |
- |
- |
| Loss (gain) on sale of fixed assets |
2,842,005 |
(2,547,079) |
(297,267) |
(1,554,480) |
| Unrealized loss (gain) on exchange rate |
(707,657) |
1,643,963 |
(351,685) |
285,247 |
| Share of loss (gain) in subsidiaries |
- |
- |
(42,697,960) |
(144,443,418) |
| Minority interest in net income of subsidiaries |
469,068 |
3,598,435 |
- |
- |
| Amortization of goodwill |
9,420,348 |
- |
- |
- |
| Amortization of negative goodwill |
(34,526,543) |
(34,526,545) |
- |
- |
| Income from operations before change in operating assets and liabilities |
1,050,538,012 |
942,808,148 |
820,987,885 |
633,326,445 |
| Operating assets (increase) decrease |
| Trade accounts and notes receivable |
466,883,805 |
(102,395,694) |
410,238,252 |
(101,382,058) |
| Short-term loan to subsidiaries |
- |
- |
(42,000,000) |
291,898,726 |
| Inventories |
(233,079,006) |
(80,231,712) |
(137,224,015) |
(137,334,277) |
| Receivable from subsidiaries |
- |
- |
(713,924,952) |
1,892 |
| Advance to subsidiaries |
- |
- |
- |
331,351,402 |
| Other current assets |
(1,350,789) |
11,603,528 |
(6,622,041) |
8,895,134 |
| Other non-current assets |
418,694 |
988,973 |
1,230,002 |
(962,586) |
| Other investment |
94,900 |
- |
- |
- |
| Operating liabilities increase (decrease) |
| Trade accounts and notes payable |
(571,846,647) |
(24,853,860) |
76,444,560 |
(904,042) |
| Payable to subsidiaries |
- |
- |
36,426,782 |
(69,538,172) |
| Short-term loan from subsidiaries |
- |
- |
145,000,000 |
- |
| Accrued income tax |
(59,985,464) |
57,554,809 |
10,893,109 |
(17,711,484) |
| Other current liabilities |
(7,922,256) |
19,752,230 |
(3,120,519) |
20,013,394 |
| Provident fund |
2,153,950 |
377,103 |
- |
- |
| Net cash provided by (used in) operating activities |
645,905,199 |
825,603,525 |
598,329,063 |
957,654,374 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
| Increase in property, plant and equipment |
(510,820,060) |
(214,819,170) |
(431,939,235) |
(158,940,102) |
| Proceeds from sale of fixed assets |
8,220,046 |
1,864,486 |
4,604,100 |
1,864,486 |
| Proceeds from purchase of subsidiaries, net |
9,556,080 |
- |
- |
- |
| Cash paid for purchase of subsidiaries |
- |
- |
(18,374,257) |
- |
| Net cash provided by (used in) investing activities |
(493,043,934) |
(212,954,684) |
(445,709,392) |
(157,075,616) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
| Increase (decrease) in bank overdrafts and short-term loans from financial institutions |
413,067,392 |
(145,027,182) |
384,364,326 |
(332,563,491) |
| Cash paid for dividend |
(546,720,000) |
(456,960,000) |
(546,720,000) |
(456,960,000) |
| Payment of hire-purchase contract payable |
(622,150) |
(622,150) |
- |
- |
| Net cash provided by (used in) financing activities |
(134,274,758) |
(602,609,332) |
(162,355,674) |
(789,523,491) |
| Net increase (decrease) in cash and cash equivalents |
18,586,507 |
10,039,509 |
(9,736,003) |
11,055,267 |
| Cash and cash equivalents, beginning of year |
19,792,281 |
9,752,772 |
17,426,615 |
6,371,348 |
| Cash and cash equivalents, end of year |
38,378,788 |
19,792,281 |
7,690,612 |
17,426,615 |
| Supplemental disclosures of cash flows information |
| 1. Cash paid during the year for : |
| Interest expense |
36,752,151 |
19,529,258 |
18,289,611 |
13,800,884 |
| Income tax |
379,917,733 |
231,428,342 |
271,779,166 |
226,533,692 |
| 2. In 2005, a subsidiary transferred land an factory building - net of Baht 21.04 million, to be a part of other non-current asstes - net |
| 3. On October 3, 2005, the Company acquired the ordinary shares of Pick and Pay Co.,Ltd. Muangthong Ceramic Co., Ltd. and World Wide Ceramic Co.,Ltd. As a result, the said companies are subsidiaries by direct own. The details of net assets of the said subsidiaries at the date of acquisition are as follow :- |
| Fixed assets |
89,766,301 |
95,471,533 |
32,731,417 |
217,969,251 |
| Other assets |
190,713,968 |
243,268,279 |
42,862,655 |
476,844,902 |
| Total Liabilities |
(339,092,656) |
(431,381,762) |
(95,583,062) |
(866,057,480) |
| Minority interest |
1,178,109 |
18,528 |
13,992 |
1,210,629 |
| Faif value at the date of acquistion |
(57,434,278) |
(92,623,422) |
(19,974,998) |
(170,032,698) |
| Negative Goodwill |
69,954,264 |
97,413,756 |
21,038,935 |
188,406,955 |
| Purchased price |
12,519,986 |
4,790,334 |
1,063,937 |
18,374,257 |
| Less Cash in hand and at banks of subsidiary at the date of acquistion |
(17,662,366) |
(8,439,727) |
(1,828,244) |
(27,930,337) |
| Purchased price-net |
(5,142,380) |
(3,649,393) |
(764,307) |
(9,556,080) |
 |
