Dynasty Ceramic Public Company Limited
Financial Statement Quarter 1/2006
Balance Sheets
-
Assets
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2006 |
As at December
31, 2005
|
As at March
31, 2006 |
As at December
31, 2005
|
| CURRENT ASSETS |
| Cash and cash equivalents |
4 |
46,522 |
38,379 |
7,018 |
7,691 |
| Current investment - net |
5 |
- |
- |
- |
- |
| Trade accounts receivable |
6 |
306,099 |
267,768 |
298,178 |
264,177 |
| Less Allowance for doubtful accounts |
|
(2,463) |
(2,463) |
(1,436) |
(1,436) |
| Trade accounts receivable - net |
|
303,636 |
265,305 |
296,742 |
262,741 |
| Receivables from subsidiaries |
21 |
- |
- |
848,820 |
713,955 |
| Short-term loan to subsidiaries |
7, 21 |
- |
- |
110,000 |
145,000 |
| Inventories - net |
8 |
1,138,028 |
1,132,390 |
541,769 |
549,360 |
| Other current assets |
21 |
55,548 |
55,951 |
10,049 |
15,558 |
| Total current assets |
1,543,734 |
1,492,025 |
1,814,398 |
1,694,305 |
| NON-CURRENT ASSETS |
| Investment in subsidiaries |
2, 9 |
- |
- |
644,830 |
645,564 |
| Other investment - net |
|
1,000 |
1,000 |
- |
- |
| Property, plant and equipment - net |
10, 13 |
2,617,253 |
2,545,077 |
1,161,126 |
1,081,381 |
| Other non-current assets - net |
11 |
44,391 |
44,963 |
3,953 |
4,110 |
| Goodwill - net |
12 |
60,233 |
61,021 |
- |
- |
| Total non-current assets |
2,722,877 |
2,652,061 |
1,809,909 |
1,731,055 |
| TOTAL ASSETS |
4,266,611 |
4,144,086 |
3,624,307 |
3,425,360 |
Balance Sheets - Liabilities
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2006 |
As at December
31, 2005 |
As at March
31, 2006 |
As at December
31, 2005 |
| CURRENT LIABILITIES |
| Bank overdrafts and short-term loans from financial institutions |
| 13 |
1,121,047 |
1,548,737 |
647,170 |
986,912 |
| Trade accounts and notes payable |
14 |
497,430 |
453,740 |
238,044 |
212,214 |
| Payable to subsidiaries |
21 |
- |
- |
66,705 |
36,733 |
| Short-term loan from subsidiaries |
15 |
- |
- |
145,000 |
145,000 |
| Current portion of long-term loan |
| 16 |
40,000 |
- |
40,000 |
- |
| Accrued income tax |
|
210,577 |
131,561 |
186,505 |
123,710 |
| Other current liabilities |
21 |
135,607 |
95,970 |
106,350 |
73,078 |
| Total current liabilities |
2,004,661 |
2,230,008 |
1,429,774 |
1,577,647 |
| NON-CURRENT LIABILITIES |
| Long-term loan - net |
16 |
160,000 |
- |
160,000 |
- |
| Provident fund |
17 |
43,558 |
42,979 |
- |
- |
| Total non-current liabilities |
203,558 |
42,979 |
160,000 |
- |
| TOTAL LIABILITIES |
2,208,219 |
2,272,987 |
1,589,774 |
1,577,647 |
Balance Sheets - Shareholders' Equity
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
As at March
31, 2006 |
As at December
31, 2005 |
As at March
31, 2006 |
As at December
31, 2005 |
| 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 |
|
1,079,733 |
892,913 |
1,079,733 |
892,913 |
| Total shareholder's equity of parent company |
|
2,034,533 |
1,847,713 |
2,034,533 |
1,847,713 |
| Minority interest in subsidiaries |
|
23,859 |
23,386 |
- |
- |
| Total shareholder's equity |
|
2,058,392 |
1,871,099 |
2,034,533 |
1,847,713 |
| TOTAL LIABILITIES ANDSHAREHOLDERS' EQUITY |
|
4,266,611 |
4,144,086 |
3,624,307 |
3,425,360 |
Statements of Income
|
Note |
In Thousand Baht |
Consolidated |
The Company Only |
2006 |
2005 |
2006 |
2005 |
| REVENUES |
| Sales |
21 |
1,234,673 |
1,281,161 |
1,215,888 |
1,281,161 |
| Other income |
| Amortization of negative goodwill |
12 |
- |
8,632 |
- |
- |
| Reversal of provision for bad debt |
|
- |
- |
- |
- |
| Gain on sale of fixed assets |
|
- |
952 |
- |
607 |
| Interest income |
21 |
- |
12 |
1,502 |
2,040 |
| Others |
21 |
3,227 |
4,021 |
2,454 |
2,082 |
| Share of gain (loss) in subsidiaries |
|
- |
- |
- |
30,667 |
| Total Revenues |
|
1,237,900 |
1,294,778 |
1,219,844 |
1,316,557 |
| EXPENSES |
| Cost of sales |
21 |
763,285 |
805,729 |
826,623 |
850,142 |
| Selling and administrative expenses |
21 |
190,859 |
121,579 |
131,476 |
117,949 |
| Amortization of goodwill - net |
12 |
788 |
- |
- |
- |
| Loss on written off fixed assets |
|
7 |
- |
- |
- |
| Directors' remuneration |
|
500 |
530 |
380 |
410 |
| Total Expenses |
|
955,439 |
927,838 |
959,213 |
968,501 |
| Income before interest and income tax |
|
282,461 |
366,940 |
260,631 |
348,056 |
| Interest expense |
21 |
16,151 |
4,911 |
11,016 |
4,457 |
| Income tax |
|
79,017 |
96,795 |
62,795 |
79,086 |
| Income before minority interest |
|
182,293 |
265,234 |
186,820 |
264,513 |
| Net loss (income) of minority interest |
|
(473) |
(721) |
- |
- |
| Net income |
|
186,820 |
264,513 |
186,820 |
264,513 |
| EARNINGS PER SHARE - Baht |
19 |
|
|
|
|
| Net income (loss) from ordinary activities |
|
0.46 |
0.65 |
0.46 |
0.65 |
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 |
| Consolidated |
| 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 minority interest |
- |
- |
- |
- |
473 |
473 |
| Ending balance 2006 |
408,000 |
506,000 |
40,800 |
1,079,733 |
23,859 |
2,058,392 |
| Beginning balance, 2005 |
408,000 |
506,000 |
40,800 |
690,877 |
24,127 |
1,669,804 |
| Net income for the period 2005 |
- |
- |
- |
264,513 |
- |
264,513 |
| Net income of ninority interest |
- |
- |
- |
- |
721 |
721 |
| Ending balance 2005 |
408,000 |
506,000 |
40,800 |
955,390 |
24,848 |
1,935,038 |
| The Company Only |
| Beginning balance 2006 |
408,000 |
506,000 |
40,800 |
829,913 |
- |
1,847,713 |
| Net income for the period 2006 |
- |
- |
- |
186,820 |
- |
186,820 |
| Ending balance 2006 |
408,000 |
506,000 |
40,800 |
1,079,733 |
- |
2,034,533 |
| Net income for the period 2005 |
- |
- |
- |
264,513 |
- |
264,513 |
| Ending balance 2005 |
408,000 |
506,000 |
40,800 |
955,390 |
- |
1,910,190 |
Statements of Cash Flows
|
In Baht |
Consolidated |
The Company Only |
2006 |
2005 |
2006 |
2005 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
| Net income |
186,820 |
264,513 |
186,820 |
264,513 |
| Add (less) Adjustments to reconcile net profit to net cash flows : |
| Depreciation and amortization |
85,474 |
78,343 |
31,394 |
29,475 |
| Loss (gain) on sale of fixd assets |
- |
(952) |
- |
(607) |
| Loss (gain) on write off fixed assets |
7 |
- |
- |
- |
| Unrealized loss (gain) on exchange rate |
(60) |
- |
(83) |
(53) |
| Share of loss (gain) in subsidiaries |
- |
- |
734 |
(30,677) |
| Minority interest in net income of subsidiaries |
473 |
721 |
- |
- |
| Amortization of goodwill |
788 |
- |
- |
- |
| Amortization of negative goodwill |
- |
(8,632) |
- |
- |
| Income from operations before change in operating assets and liabilities |
273,502 |
333,993 |
218,865 |
262,661 |
| Operating assets (increase) decrease |
| Trade accounts and notes receivable |
(38,332) |
(145,216) |
(34,001) |
(145,216) |
| Short-term loan to subsidiaries |
- |
- |
35,000 |
(215,000) |
| Inventories |
(5,639) |
119,668 |
7,590 |
120,850 |
| Receivable from subsidiaries |
- |
- |
(134,865) |
(43) |
| Other current assets |
402 |
8,128 |
5,509 |
1,475 |
| Other non-current assets |
175 |
1,439 |
157 |
1,435 |
| Operating liabilities increase (decrease) |
| Trade accounts and notes payable |
43,750 |
41,930 |
25,912 |
16,256 |
| Payable to subsidiaries |
- |
- |
29,972 |
2,020 |
| Accrued income tax |
79,016 |
96,795 |
62,795 |
79,086 |
| Other current liabilities |
39,637 |
29,214 |
33,272 |
31,032 |
| Provident fund |
579 |
300 |
- |
- |
| Net cash provided by (used in) operating activities |
393,090 |
486,251 |
250,206 |
154,556 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
| Increase in property, plant and equipment |
(159,383) |
(28,071) |
(111,139) |
(6,749) |
| Proceeds from sale of fixed assets |
2,125 |
981 |
- |
607 |
| Net cash provided by (used in) investing activities |
(157,258) |
(27,090) |
(111,139) |
(6,142) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
| Increase (decrease) in bank overdrafts and short-term loans from financial institutions |
(427,689) |
(463,437) |
(339,740) |
(154,466) |
| Net increase (decrease) in cash and cash equivalents |
8,143 |
(4,537) |
(673) |
(6,052) |
| Cash and cash equivalents, beginning of period |
38,379 |
19,792 |
7,691 |
17,427 |
| Cash and cash equivalents, end of period |
46,522 |
15,255 |
7,018 |
11,375 |
| Supplemental disclosures of cash flows information |
| 1. Cash paid during period for : |
| Interest expense |
18,563 |
6,538 |
9,598 |
4,457 |
| Income tax |
65 |
- |
15 |
- |
| 2. In the first quarter of 2006, a subsidiary transferred land and factory building - net of Baht 20.64 million, to be a part of other non-current assets - 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 :- |
| |
In Baht |
| 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) |
 |
