JMART "2016

Jay Mart Public Company Limited and its subsidiaries

Notes to consolidated financial statements

For the year ended 31 December 2016

1.	General information

Jay Mart Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand. The Company is principally engaged in the trading of mobile phone, and related accessories. The registered office of the Company is at 325/7-8, Jaymart Building, Ramkhamhaeng Road, Sapansoong Sub - District, Sapansoong District, Bangkok.

2.	Basis of preparation

2.1	The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 28 September 2011, issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements.

The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

2.2	Basis of consolidation

a)	The consolidated financial statements include the financial statements of                Jay Mart Public Company Limited (“the Company”) and the following subsidiary companies (“the subsidiaries”):

b)	The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns.

c)	Subsidiaries are fully consolidated, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases.

d)	The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company.

e)	Material balances and transactions between the Company and its subsidiary companies have been eliminated from the consolidated financial statements.

f)	Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated profit or loss and within equity in the consolidated statement of financial position.

2.3	The separate financial statements present investments in subsidiaries and associates under the cost method.

3. 	New financial reporting standards

(a)	Financial reporting standards that became effective in the current year

During the year, the Company and its subsidiaries have adopted the revised (revised 2015) and new financial reporting standards and accounting treatment guidance issued by the Federation of Accounting Professions which become effective for fiscal years beginning on or after 1 January 2016. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards, with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards. The adoption of these financial reporting standards does not have any significant impact on the Company’s and its subsidiaries’ financial statements.

(b)	Financial reporting standard that will become effective in the future

During the current year, the Federation of Accounting Professions issued a number of the revised financial reporting standards and interpretations (revised 2016) and new accounting treatment guidance which is effective for fiscal years beginning on or after 1 January 2017. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards revision of wording and terminology, and provision of interpretations and accounting guidance to users of standards.

The management of the Company and its subsidiaries believe that the revised financial reporting standards and interpretations and new accounting treatment guidance will not have any significant impact on the financial statements when they are initially applied. However, one standard involves changes to key principles, which are summarised below.

TAS 27 (revised 2016) Separate Financial Statements

This revised standard stipulates an additional option to account for investments in subsidiaries, joint ventures and associates in separate financial statements under the equity method, as described in TAS 28 (revised 2016) Investments in Associates and Joint Ventures. However, the entity is to apply the same accounting treatment for each category of investment. If an entity elects to account for such investments using the equity method in the separate financial statements, it has to adjust the transaction retrospectively.

At present, the management of the Company and its subsidiaries is evaluating the impact of this standard to the financial statements in the year when it is adopted.

4.  	Significant accounting policies

4.1	Revenue recognition

Sales of goods

Sales of goods are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied after deducting discounts and allowances.

Service income from debts collection and other service

The subsidiaries recognised service income from debts collection and other service when services are rendered to customers is recognised as income on accrual basis, based on the agreed rates.

Revenues from collection of purchased accounts receivable

The subsidiaries recognised revenues from collection of purchased accounts receivable by using the effective interest method (expected return on debts collection) calculated from outstanding loans receivable from purchase of accounts receivable. If actual cash flows from collection exceed calculated revenues, the remaining cash collection will be amortised from the value of loans receivable from purchase of accounts receivable for each period. If loans receivable from purchase of accounts receivable are fully amortised, the subsidiaries will recognise such cash collection as revenues and recognised loss on impairment immediately when there is an indication of significant decrease in estimated cash flows.

Penalty income, follow up fee from hire purchase receivables and loans to customers contracts

The subsidiaries recognised penalty income, follow up fee from hire purchase receivables and loans to customers contracts as revenues upon receipt of payment from customers.

Interest income from hire - purchase

The subsidiaries recognised hire - purchase interest income as income over the period of the agreement, using effective rate method, with income recognised when the installments fall due irrespective of when actual collection is made. The subsidiaries ceased recognising hire - purchase interest income when the contract receivables are overdue for more than 3 installment periods except where there is an indication of receivables’ inability to repay, which income recognition is ceased immediately.

Interest income from loan

The subsidiaries recognised interest income from loan is recognised as income on an accrual basis, based on the effective interest method over the installment period. The subsidiaries ceased recognising interest income from loan when the contract receivables are overdue for more than 3 installment periods except where there is an indication of receivables’ inability to repay, which income recognition is ceased immediately.

Rental and service income

Income from rental and related services are recognised as revenue in profit and loss on a straight-line basis over the lease term. Other service income is recognised when services have been rendered under conditions of the agreement, taking into account the stage of completion.

Sales promotion income and accrued subsidy income on goods purchases

Sales promotion income and accrued subsidy income on goods purchases are recognised on an accrual basis.

Insurance brokerage income

The subsidiary recognised insurance brokerage income on the date the insurance policy comes into effect, net of discount, and services have been completed.

Interest income

Interest income is recognised on an accrual basis based on the effective interest rate.

Dividends

Dividends are recognised when the right to receive the dividends is established.

4.2	Cash and cash equivalents

Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions.

4.3	Trade accounts receivable, hire purchase receivables and loans to customers

Trade accounts receivable

Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experience and analysis of debt aging.

Hire - purchase receivables

Hire - purchase receivables are presented at amount net of unearned interest income and allowance for doubtful accounts. The subsidiaries provided allowances for doubtful accounts based on receivables aging report which is calculated from hire - purchase receivables, after the deduction of unearned interest income and collaterals. The collaterals are calculated from the cash value as at agreement date, at the rate of 15% - 75% by considering the probability of collection from debtors and selling of collaterals. In addition, the subsidiaries will consider the repayment ability of each debtor for overdue amounts.

The subsidiaries used basis for determination of allowance for doubtful accounts are the number of overdue installment periods, less unearned interest income and collaterals as follows:

Should the subsidiaries consider account receivables to be un-collectable, they will write them off from the accounts.

Foreclosed assets

Foreclosed assets are assets seised from hire - purchase receivables and presented at the lower of carrying amount (which mostly comprises the net outstanding balance) or fair value less costs to sell.

Loans to customers

Loan to customers would initially be recognised at an amount equal to the net investment.

The subsidiaries used basis for determination of allowance for doubtful accounts for loan receivables as follows:

4.4	Inventories

Inventories are valued at the lower of cost (under the first-in, first-out method) and net realisable value. The cost of purchase comprises both the purchase price and costs directly attributable to the acquisition of the inventory, such as import duties and transportation charges, less all attribute discounts and allowances. Net realisable value is the estimate of the selling price in the ordinary course of business, less necessary costs to make inventories ready for sales. The Company sets up allowance for obsolete, slow - moving and defective inventories, where necessary, from the consideration of market situation and the aged inventories as follows:

4.5 	Property development costs

Property development costs are stated at the cost less allowance for loss on impairment (if any). Cost comprises the acquisition costs, the cost of design, borrowing cost and related other cost.

4.6	Troubled debt restructuring

In cases where the debt restructuring involves modifications of the terms, the fair value of the receivables after restructuring is based on the net present value of expected future cash flows, discounted by the subsidiary's financial cost rate to be paid for holding receivable with the troubled debt restructuring over the period of the contract. Differences between the fair values of receivables as of the restructuring date and their previous book values is recorded in “Revaluation allowance for debt restructuring”, and recognised as an expense in profit or loss in the statements of comprehensive income in the year in which the restructuring takes place. The subsidiary reviews such revaluation allowance based on the net present value of future cash flows over the remaining period to maturity, recognising adjustments to the allowance against impairment of loan receivable.

4.7 	Loans receivable from purchase of accounts receivable

The loans receivable from purchase of accounts receivable represent the subsidiaries purchased non-performing receivables of financial institutions and credit service companies at discounted values from bidding for debts management and collection. Under the purchase contracts of non - performing receivables, the subsidiaries take all the risks in the collection without recourse. Such loans receivable from purchase of accounts receivable are presented at purchase cost less amortised costs and allowance for impairment (if any). The subsidiaries recognised loss on impairment of loans receivable from purchase of accounts receivable when it anticipates discounted cash flows to the present values of receivables are lower than carrying value.

4.8	Investments

a)	Investments in securities held for trading are stated at fair value. Changes in the fair value of these securities are recorded in profit or loss.

b)	Investments in associates are accounted for in the consolidated financial statements using the equity method.

c)	Investments in subsidiaries and associates are accounted for in the separate financial statements using the cost method.

The fair value of marketable securities is based on the latest bid price of the last working day of the year. The fair value of unit trusts is determined from their net asset value.

The weighted average method is used for computation of the cost of investments.

In the event the Company reclassifies investments from one type to another, such investments will be readjusted to their fair value as at the reclassification date.  The difference between the carrying amount of the investments and the fair value on the date of reclassification are recorded in profit or loss or recorded as other components of shareholders’ equity, depending on the type of investment that is reclassified.

On disposal of an investment, the difference between net disposal proceeds and the carrying amount of the investment is recognised in profit or loss.

4.9 	Investment property

Investment property is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is stated at fair value. Any gains or losses arising from changes in the value of investment property is recognised in profit or loss when incurred.

On disposal of investment property, the difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period when the asset is derecognised.

4.10	Property, building and equipment/Depreciation

Land is stated at revalued amount. Buildings and equipment are stated at cost less accumulated depreciation and allowance for impairment of assets (if any).

Land is initially recorded at cost on the acquisition date, and subsequently revalued by an independent professional appraiser to their fair values. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the end of reporting period.

Differences arising from the revaluation are dealt with in the financial statements as follows:

-	When an asset’s carrying amount is increased as a result of a revaluation of the Company’s assets, the increase is credited directly to the other comprehensive income and the cumulative increase is recognised equity under the heading of “Revaluation surplus”. However, a revaluation increase is recognised as income to the extent that it reverses a revaluation decrease in respect of the same asset previously recognised as an expense.

-	When an asset’s carrying amount is decreased as a result of a revaluation of the Company’s assets, the decrease is recognised in profit or loss. However, the revaluation decrease is charged to the other comprehensive income to the extent that it does not exceed an amount already held in “Revaluation surplus” in respect of the same asset.

Depreciation of buildings and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives:

Depreciation is included in determining income.

No depreciation is provided for land and assets under construction.

An item of property, building and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in profit or loss when the asset is derecognised.

4.11	Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

4.12	Intangible assets

Intangible assets are initially recognised at cost. Following the initial recognition, the intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses (if any).

Intangible assets with finite lives are amortised on a systematic basis over the economic useful life and tested for impairment whenever there is an indication that the intangible assets may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to profit or loss.

A summary of the intangible asset with finite useful lives is as follows:

Useful lives

Trademark	5	years

Computer software	3 - 5	years

4.13	Leasehold rights and amortisation

Leasehold rights are stated at cost less accumulated amortisation and any accumulated impairment losses (if any).

The Company and its subsidiaries amortised leasehold right on a systematic basis over the economic useful life of between 9 and 33 years.

The amortisation expense is changed to profit and loss.

4.14	Deferred financial fees

Financial expenses related to borrowings that are typically incurred on or before signing facility agreements and before actual draw down of the loans are recorded as deferred financial fees. A portion of deferred financial fees proportionate to the amount of the loan facility already drawn is presented as a deduction against the related loan account and amortised using the effective interest rate method over the term of the loans.

The amortisation of deferred financial fees is included in profit or loss.

4.15	Related party transactions

Related parties comprise individuals or enterprises that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company.

They also include associated companies and individuals or enterprises which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors, and officers with authority in the planning and direction of the Company’s operations.

4.16	Long-term leases

Leases of property, building or equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in long-term payables, while the interest element is charged to profit or loss over the lease period. The assets acquired under finance leases is depreciated over the shorter of the useful life of the asset and the lease period.

Leases of property, building or equipment which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognised as an expense in profit or loss on a straight line basis over the lease term.

4.17	Foreign currencies

The consolidated and separate financial statements are presented in Baht, which is also the Company’s and its subsidiaries’ functional currency. Items of each entity included in the consolidated financial statements are measured using the functional currency of that entity.

Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of reporting period.

Gains and losses on exchange are included in determining income.

4.18	Impairment of assets

At the end of each reporting period, the Company and its subsidiaries perform impairment reviews in respect of the property, building and equipment, intangible asset and leasehold rights whenever events or changes in circumstances indicate that an asset may be impaired. The Company and its subsidiaries also carry out annual impairment reviews in respect of intangible asset with indefinite useful lives. An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the asset’s fair value less costs to sell and its value in use, is less than the carrying amount. In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Company and its subsidiaries could obtain from the disposal of the asset in an arm’s length transaction between knowledgeable, willing parties, after deducting the costs of disposal.

An impairment loss is recognised in profit or loss. However in cases where land was previously revalued and the revaluation was taken to equity, a part of such impairment is recognised in equity up to the amount of the previous revaluation.

In the assessment of asset impairment if there is any indication that previously recognised impairment losses may no longer exist or may have decreased, the Company and its subsidiaries estimate the asset’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The increased carrying amount of the asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in profit or loss unless the asset is carried at a revalued amount, in which case the reversal, which exceeds the carrying amount that would have been determined, is treated as a revaluation increase.

4.19	Customer loyalty programmes

The Company offers customer loyalty programmes for members card as a part of sales and services. The member will receive loyalty points that could be redeemed in the future by customers for selected goods, services or discount with no consideration paid based on terms and conditions as specified in the card.

Under TFRIC 13, credits granted to a customer are considered as a separately identifiable component of the sale transaction. The consideration received in respect of the sale transaction is allocated between the initial sale of goods or supply of services, for which the corresponding revenue is recognised immediately in income and credits awarded and redeemable in the future, for which the corresponding revenue is deferred until the customer redeems the awards and the Company fulfils its obligations to supply the awards.

The Company initially records loyalty points to deferred revenue and recognises as income when customer redeems the awards and the Company fulfils its obligation to supply the awards.

4.20	Employee benefits

Short-term employee benefits

Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred.

Post-employment benefits

Defined contribution plans

The Company and its subsidiaries and its employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Company and its subsidiaries. The fund’s assets are held in a separate trust fund and the Company’s and its subsidiaries’ contributions are recognised as expenses when incurred.

Defined benefit plans

The Company and its subsidiaries have obligations in respect of the severance payments it must make to employees upon retirement under labor law. The Company and its subsidiaries treat these severance payment obligations as a defined benefit plan.

The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method.

Actuarial gains and losses arising from post-employment benefits are recognised immediately in other comprehensive income.

4.21	Provisions

Provisions are recognised when the Company and its subsidiaries has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

4.22	Income tax

Income tax expense represents the sum of corporate income tax currently payable and deferred tax.

Current tax

Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation.

Deferred tax

Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period.

The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while they recognise deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised.

At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

The Company and its subsidiaries record deferred tax directly to shareholders' equity if the tax relates to items that are recorded directly to shareholders' equity.

4.23	Derivatives

Interest rate swap contracts

The net amount of interest to be received from or paid to the counterparty under an interest rate swap contract is recognised as income or expenses on an accrual basis.

4.24	Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Company and its subsidiaries apply a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Company and its subsidiaries measure fair value using valuation technique that are appropriate in the circumstances and maximises the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categorise of input to be used in fair value measurement as follows:

Level 1	- 	Use of quoted market prices in an observable active market for such assets or liabilities

Level 2	- 	Use of other observable inputs for such assets or liabilities, whether directly or indirectly

Level 3	- 	Use of unobservable inputs such as estimates of future cash flows

At the end of each reporting period, the Company and its subsidiaries determine whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis.

5.	Significant accounting judgements and estimates

The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures; and actual results could differ from these estimates. Significant judgements and estimates are as follows:

Leases

In determining whether a lease is to be classified as an operating lease or finance lease, the management is required to use judgement regarding whether significant risk and rewards of ownership of the leased asset has been transferred, taking into consideration terms and conditions of the arrangement.

Allowance for doubtful accounts for trade receivables and loans receivable from purchase of accounts receivable

In determining an allowance for doubtful accounts, the management needs to make judgement and estimates based upon, among other things, past collection history, aging profile of outstanding debts and the prevailing economic condition.

Allowance for doubtful accounts for hire purchase receivables and loans to customers

In determining an allowance for doubtful accounts, the management has estimated the percentage of the allowance for doubtful accounts for each age of receivable on the basis of historical statistical data, assessment of the risk associated with the receivable, the nature of the collateral provided, and actual losses arising from such debtors in the past, while emphasising the principal of conservatism.

Fair value of financial instruments

In determining the fair value of financial instruments recognised in the statement of financial position that are not actively traded and for which quoted market prices are not readily available, the management exercise judgement, using a variety of valuation techniques and models. The input to these models is taken from observable markets, and includes consideration of credit risk (bank and counterparty, both) liquidity, correlation and longer-term volatility of financial instruments. Change in assumptions about these factors could affect the fair value recognised in the statement of financial position and disclosures of fair value hierarchy.

Investment property

The subsidiary presents investment property at the fair value estimated by an independent appraiser, and recognises changes in the fair value in profit or loss. The independent appraiser valued the investment property using the income approach, because there is no market price that could be used to apply a comparative approach. The key assumptions used in estimating the fair value are described in Note 20.

Property building and equipment/Depreciation

In determining depreciation of building and equipment, the management is required to make estimates of the useful lives and residual values of the building and equipment and to review estimate useful lives and residual values when there are any changes.

The Company measures land at revalued amounts. Such amounts are determined by the independent valuer using the market approach for land. The valuation involves certain assumptions and estimates.

In addition, the management is required to review property, building and equipment for impairment on a periodical basis and record impairment losses when it is determined that their recoverable amount is lower than the carrying amount. This requires judgements regarding forecast of future revenues and expenses relating to the assets subject to the review.

Intangible assets

The initial recognition and measurement of intangible assets, and subsequent impairment testing, require management to make estimates of cash flows to be generated by the asset or the cash generating units and to choose a suitable discount rate in order to calculate the present value of those cash flows.

Estimated cash in flows from loans receivable from purchase of accounts receivable

The subsidiaries estimate future cash collection from loans receivable from purchase of accounts receivable based on quality, type, aging of receivables and historical information of debt collection. The subsidiaries assess the periods of collection of loans receivable from purchase of accounts receivable for 5 - 10 years.

Deferred tax assets

Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the temporary differences and losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of estimate future taxable profits.

Post-employment benefits under defined benefit plans

The obligation under the defined benefit plan is determined based on actuarial techniques. Such determination is made based on various assumptions, including discount rate, future salary increase rate, mortality rate and staff turnover rate.

Litigation

The subsidiary has contingent liabilities as a result of litigation. The management has used judgement to assess of the results of the litigation and believes that no loss will result. Therefore no contingent liabilities are recorded as at the end of reporting period.

6.	Related party transactions

The relationships between the Company and its related parties are summarised below.

During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties.

As at 31 December 2016 and 2015, the balances of the accounts between the Company and those related companies are as follows:

Loans to related parties

As at 31 December 2016 and 2015, the balance of loans between the Company and those related companies and the movement are as follows:

Short-term loans to subsidiaries carry interest at 2.84% - 2.92% per annum and due at call.

Directors and management’s benefits

During the year ended 31 December 2016 and 2015, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below.

7.	Cash and cash equivalents

As at 31 December 2016, bank deposits in saving accounts carried interests between 0.1% and 0.375% per annum (2015: between 0.1% and 0.50% per annum).

8. 	Current investments

9.	Trade and other receivables

10.	Inventories

Movements in the allowance of diminution in value of inventories account during the year ended 31 December 2016 are summarised below.

11.	Property development costs

(Unit: Thousand Baht)

12.	Accrued income

13.	Other current assets

14.	Restricted bank deposits

These represent fixed deposits pledged with the banks to secure operation in debt collection business and insurance brokerage services of subsidiaries.

15.	Hire purchase receivables

15.1	As at 31 December 2016 and 2015, the subsidiaries had receivables under car hire purchases financing services totalling Baht 49.35 million and Baht 58.92 million, respectively. The terms of the agreements are generally between 3 to 6 years and bears interest at the fixed interest rate as stipulated in the agreement. Hire purchase receivables are stated at outstanding balances net of unearned financial income as follows:

(Unit: Thousand Baht)

15.2	At 31 December 2016 and 2015, aged of hire purchase receivables balances and details of allowance for doubtful accounts are as follows:

(Unit: Thousand Baht)

(Unit: Thousand Baht)

The subsidiaries provide allowances for doubtful accounts in accordance with the guidance of the Thai Hire Purchase Association, whereby the allowances for doubtful accounts are based on receivable aging report which is calculated from under hire purchase receivable agreements deducted by unearned financial income and collaterals (if any). The collaterals are calculated from the cash value as at agreement date, at the rate of 15% - 75% by considering the probability of collection from debtors and selling of collaterals. However, the above basis of allowance policy does not comply with the accounting guideline for the consumer finance business promulgated by of the Federation of Accounting Profession (FAP) with the approval of the Office of the Securities and Exchange Commission. The subsidiaries have a policy to set up allowances based on consideration of the current status, ability to make payments of receivables, statistic, experience and damage information. The management believes that the subsidiaries have set up allowances for doubtful accounts adequately. As at 31 December 2016, the recorded allowance for doubtful accounts are less than the amount computed under FAP guideline of Baht 1.65 million (2015: Baht 5.42 million).

15.3	As at 31 December 2016, the subsidiaries had hire purchase receivables (net of unearned hire purchase interest income) amounting to approximately Baht 42.5 million (2015: Baht 40.79 million), for which revenue recognition has been ceased.

16.	Loans to customers

16.1	As at 31 December 2016 and 2015, the subsidiaries had loans to customers of Baht 2,273.94 million and Baht 632.97 million, respectively. The terms of the agreements are generally between 1 - 10 years and bears interest at the fixed interest rate as stipulated in the agreement. Loans to customers are as follows:

As at 31 December 2016 and 2015, loan to customers comprised the following:

Revolving loans are repayable at any time subject to a minimum monthly payment of 2.5% of the outstanding balances or Baht 200 as a minimum rate, as specified in the loan agreements. The subsidiaries classifies the total balance of revolving loan receivables within current assets.

Term loan receivables are repayable by monthly installments, as specified in the loan agreements. The subsidiaries classifies the balance of term loan receivables within current and non-current assets. As at 31 December 2016, this monthly repayment amount repayable within one year was Baht 698.06 million             (2015: Baht 327.98 million).

16.2 As at 31 December 2016 and 2015, the balances of loan to customers (net of unearned interest income) and allowance for doubtful accounts aged on the basis of due dates, are summarised below.

(Unit: Thousand Baht)

16.3	Troubled debt restructuring

During the year ended 31 December 2016, the subsidiary entered into contracts for troubled debt restructuring, which can be summarised as follows:

(Unit: Thousand Baht)

Supplemental information for the year ended 31 December 2016 relating to the restructured debts is as follows:

(Unit: Thousand Baht)

As at 31 December 2016, the subsidiary has the outstanding balances with troubled debt restructuring debtors, as follows:

The subsidiary applied the financial costs rate to be paid for the holding of restructured loans over the period of the contracts to the discounted cash flow. By considering the form of modification of terms of payments to debtors, and the subsidiary’s financial costs rate calculation, the subsidiary used the weighted average cost of borrowing.

17. 	Loans receivable from purchase of accounts receivable

As at 31 December 2016 and 2015, loans receivable portfolio classified by group of debtors are as follows:

(Unit: Thousand Baht)

The movements on loans receivable from purchase of accounts receivable during the year are as follows:

(Unit: Thousand Baht)

As at 31 December 2016, the subsidiaries expect to collect cash from debtors from the loans receivable of Baht 1,080 million within one year.

18.	Investments in subsidiaries

18.1	Details of investments in subsidiaries as presented in separate financial statements are as follows:

(Unit: Thousand Baht)

18.2	Details of investments in subsidiaries that have material non-controlling interests

18.3	Summarised financial information that based on amounts before inter-company elimination about subsidiaries that have material non-controlling

Summarised information about financial position

Summarised information about comprehensive income

Summarised information about cash flow

JMT Network Services Public Company Limited

On 9 April 2015, the Annual General Shareholders’ Meeting of JMT Network Services Public Company Limited (JMT) approved an increase in its registered share capital from Baht 300 million (300,000,000 ordinary shares at a par value of Baht 1 per share) to Baht 444 million (444,000,000 ordinary shares at a par value of Baht 1 per share) to support the issue of 25,000,000 additional capital shares to the existing shareholders of shares, the issue of 45,000,000 shares by private placement, and the issue of 74,000,000 shares for the exercise of warrants. The Company made payment of Baht 13 per share for 18,749,983 shares, or a total of Baht 243.75 million, to JMT on 22 May 2015.

In May 2015, after the offer of shares by private placement, the Company’s interest in JMT was reduced from 75.00% to 65.88%.

On 11 June 2015, meeting of the Company’s Board of Directors No.4/2015 approved the sale of 37,000,000 ordinary shares of JMT at a price of Baht 14.20 per share, and the Company recognised gain on disposal of investment in JMT of Baht 454.25 million in the separate statements of comprehensive income for the year ended             31 December 2015. After completing the disposal of this investment, the Company’s interest in JMT was reduced to 55.88%. The Company recognised “Surplus from change in proportion of investment in subsidiary” of Baht 594.05 million in the consolidated statement of financial position.

On 30 December 2016, the Company exercised 2,000,000 warrants to purchase ordinary shares of JMT at an exercise price of Baht 18 per share, totaling Baht 36 million. JMT registered the increase of its share capital with the Ministry of Commerce on 5 January 2017. As at 31 December 2016, the Company presented the payment for shares subscription of Baht 36 million in “Advance payment for share subscription” in the separate statement of financial positon.

On 21 July 2016, the Extraordinary General Shareholders' Meeting of Jay Insurance Broker Co., Ltd. No. 1/2016, a subsidiary of JMT, passed a resolution to increase its registered share capital from Baht 2 million (200,000 ordinary shares at a par value of Baht 10 each) to Baht 3 million (300,000 ordinary shares at a par value of Baht 10 each) through the issuance of 100,000 new ordinary shares, par value of Baht 10 each, to JMT at the par value of Baht 10 each. Jay Insurance Broker Co., Ltd. received payment for all of the newly issued shares from JMT, or Baht 1 million, and registered the increase in its registered share capital with the Ministry of Commerce on 29 July 2016.

On 1 September 2016, the Extraordinary General Shareholders' Meeting No. 2/2016 of Jay Insurance Broker Co., Ltd. (a subsidiary of JMT) passed a resolution to increase its registered share capital from Baht 3 million (300,000 ordinary shares at a par value of Baht 10 each) to Baht 5 million (500,000 ordinary shares at a par value of Baht 10 each) through the issuance of 200,000 new ordinary shares, par value of Baht 10 each, to JMT at the par value of Baht 10 each. Jay Insurance Broker           Co., Ltd. received payment for all of the newly issued shares from JMT, or Baht 2 million, and registered the increase in its registered share capital with the Ministry of Commerce on 5 September 2016.

JAS Asset Public Company Limited

On 9 April 2014, the Annual General Shareholders’ Meeting of JAS Asset Public Company Limited (JAS) passed to increase the registered share capital from Baht 50 million (50,000,000 shares at Baht 1 par value) to Baht 370.39 million (370,390,000 shares at Baht 1 par value), for the Initial Public Offering to existing shareholders of the Company and existing shareholders of parent company. On 26 October 2015, the Securities and Exchange Commission approved the public offering of the subsidiary shares of 120,390,000 shares. The subsidiary company received all payment of this share capital increment. As a result of this capital increased, the proportion of the subsidiary company’s shareholding decreased to 67.50 percent as at 31 December 2015. The Company recognised “Surplus from change in proportion of investment in subsidiary” totalling Baht 84.97 million in the consolidated statement of financial position.

J Fintech Co., Ltd.

On 11 August 2016, the meeting of the Company’s Board of Directors No. 3/2016 passed the resolutions to approve a subscription to 110,000,000 of the additional ordinary shares of JMT Plus Co., Ltd. (JMTP), a subsidiary of JMT, with a par value of Baht 10 each, or a total of Baht 1,100 million, and to approve the change of the name of JMTP from “JMT Plus Co., Ltd.” to “J Fintech Co., Ltd.”. On 26 October 2016, the Company made payment for the share subscription of JMTP. As a result, the Company held 90.16% of the registered share capital of JMTP. The Company recognised “Surplus from change in proportion of investment in subsidiary” totalling Baht 46.04 million in the consolidated statement of financial position. JMTP registered the increase of its share capital and the change of its name with the Ministry of Commerce on 27 October 2016.

J Capital Co., Ltd.

On 21 October 2016, the Extraordinary General Shareholders' Meeting No. 1/2016 of Jay Mart Holding Company Limited (JH) (a subsidiary of the Company) passed a resolution to approve the change of the name from “Jay Mart Holding Company Limited” to “J Capital Co., Ltd.”. JH registered the change of its name with the Ministry of Commerce on 4 November 2016.

Jaymart Mobile Co., Ltd.

On 28 September 2016, the meeting of the Company’s Board of Directors No. 4/2016 approved the incorporation of a new subsidiary, Jaymart Mobile Co., Ltd. (J Mobile), with a registered share capital of Baht 1,000,000, comprising 100,000 ordinary shares of Baht 10 each. Its business is trading of mobile phones, mobile accessories and technology products. J Mobile registered the incorporation with the Ministry of Commerce on 29 September 2016 and the Company invested in 99.99% of its registered share capital.

On 16 November 2016, the Extraordinary General Meeting of the Company’s shareholders passed to approve a restructuring in order to achieve strategic targets of the Company, involving a partial business transfer (PBT) to Jaymart Mobile Co., Ltd. (J Mobile). Following completion of the restructuring, the Company will retain its status as a company listed on the Stock Exchange of Thailand, with the nature of its operations changing to those of a holding company. On 14 December 2016, the Company submitted a notification to change the VAT registration with the Revenue Department regarding the PBT to J Mobile which is effective on 1 January 2017.

On 14 December 2016, the Extraordinary General Shareholders' Meeting                 No. 1/2016 of J Mobile passed a resolution to increase its registered share capital from Baht 1 million (100,000 ordinary shares at a par value of Baht 10 each) to Baht 480 million (48,000,000 ordinary shares at a par value of Baht 10 each) through the issuance of 47,900,000 new ordinary shares, to the Company at the par value of Baht 10 each. J Mobile received payment of all newly issued shares from the Company amounting to Baht 479 million, and registered the increase in its registered share capital with the Ministry of Commerce on 22 December 2016.

J Ventures Co., Ltd.

On 22 December 2016, the meeting of the Company’s Board of Directors No. 6/2016 approved the incorporation of a new subsidiary, J Ventures Co., Ltd.                (J Ventures), with a registered share capital of Baht 100,000,000, comprising 10,000,000 ordinary shares of Baht 10 each, in which the Company will hold 80.00% of its registered share capital. Its business is software development and software implement and investment. J Ventures registered the incorporation, with the Ministry of Commerce on 5 January 2017, with a registered share capital of Baht 1,000,000, comprising 100,000 ordinary shares of Baht 10 each.

19.	Investments in associates

19.1	Details of associates:

During the fourth quarter of the year 2015, Jaymart Holding Company Limited (JH), a subsidiary of the Company, additionally purchased 2 million ordinary shares of J & P (Thailand) Company Limited (J&P),	 at a purchase price of Baht 10 per share, a total of Baht 20 million. J&P registered the increase of its registered share capital with the Ministry of Commerce on 12 January 2016. Thus, the investment proportion in J&P increased from 40% to 45.28%.

During the third quarter of the year 2016, JH additionally purchased 437,500 ordinary shares of J&P at a purchase price of Baht 10 per share, a total of Baht 4.38 million. Thus, the investment proportion in J&P increased from 45.28% to 48.58%.

19.2	Share of comprehensive income and dividend received

During the years, the Company has recognised its share of profit (loss) from investments in associate companies in the consolidated financial statements and dividend income in the separate financial statements as follows:

19.3	Fair value investment in listed associate

In respect of investment in associated company that are listed company on the Stock Exchange of Thailand, its fair value is as follow:

(Unit: Thousand Baht)

19.4	Summarised financial information about material associates

Summarised information about financial position

(Unit: Thousand Baht)

Summarised information about comprehensive income

(Unit: Thousand Baht)

20.	Investment property

The investment property represents a community mall held for rent. Its fair value has been determined based on the valuation performed by an independent valuer, using the income approach.

Key assumptions used in the valuation are summarised below:

During the year 2016, the subsidiary recognised rental and service income that are related to investment property of Baht 47 million in profit or loss (2015: Baht 55 million) and recognised direct operations expenses arise from investment property that generated income of Baht 19 million (2015: Baht 24 million).

The subsidiary has pledged the investment property amounting to Baht 507 million (2015: Baht 516 million) as collateral against bank overdrafts and long-term loan, building as described in Note 25 and 28.

21.	Property, building and equipment

Movement of the property, building and equipment during the year ended                   31 December 2016 are summarised below.

The Company arranged for an independent professional valuer to appraise the value of land in 2015 by using the market approach.

Had the land been carried in the financial statements on a historical cost basis, its net book value as of 31 December 2016 and 2015 would has been as follow:

As at 31 December 2016, the subsidiary had vehicles with net book value of Baht        1 million (2015: Baht 2 million) which were acquired under finance lease agreements.

As at 31 December 2016, certain items of building and equipment were fully depreciated but are still in use. The gross carrying amount before deducting accumulated depreciation and allowance for impairment loss of those assets amounted to approximately Baht 110 million (2015: Baht 97 million) (The Company only: Baht 88 million, 2015: Baht 84 million).

The Company has pledged their land and construction as collateral against long-term loans from financial institutions as described in Note 28.

22.	Intangible assets

The net book value of intangible assets as at 31 December 2016 and 2015 is presented below.

A reconciliation of the net book value of intangible assets for the years 2016 and 2015 is presented below.

23.	Leasehold rights and prepaid rent

Movements of the leasehold rights and prepaid rent during the year ended              31 December 2016 are summarised below.

Leasehold rights comprise leasehold rights to land and buildings on leased land under long-term operating leases.

During the year 2016, the subsidiary included borrowing cost of Baht 4 million   (2015: Baht 6 million) as cost of leasehold rights. These were determined by applying a capitalisation rate of 4.40%.

The subsidiary has pledged its leasehold rights with net book value as at                      31 December 2016 of Baht 1,223 million (2015: Baht 487 million) are used as collateral against bank overdrafts and long-term loans, as described in Notes 25 and 28.

24.  Other non-current assets

(Unit: Thousand Baht)

25.	Bank overdrafts and short-term loans from financial institutions/Short-term loans

(Unit: Thousand Baht)

As at 31 December 2016 and 2015, the Company and its subsidiaries had the following unused overdraft lines from banks and other credit facilities:

On 10 August 2016, a meeting of the Board of Directors of the subsidiary passed a resolution approving an increase in facilities of bills of exchange of the subsidiary from the amount not exceeding Baht 100 million to the amount not exceeding Baht 1,000 million.

On 11 August 2016, the meeting of the Company’s Board of Directors passed the resolutions to approve an increase in facilities of bills of exchange of the Company from the amount not exceeding Baht 1,000 million to the amount not exceeding Baht 2,000 million.

The Company and its subsidiaries are subject to certain financial covenants including debt to equity ratio. As at 31 December 2016, the Company and its subsidiaries determined it was in compliance with these covenants.

Bank overdraft of a subsidiary is secured by investment property and leasehold rights of the subsidiary.

26.	Trade and other payables

27.	Liabilities under finance lease agreements

The subsidiary has entered into the finance lease agreements with leasing companies for rental of motor vehicles for use in its operation, whereby it is committed to pay rental on a monthly basis. The terms of the agreements are generally 4 years.

Future minimum lease payments required under the finance lease agreements were as follows:

28.	Long-term loans

Movement in the long-term loans account during the year ended 31 December 2016 are summarised below.

The loans are secured by mortgages of land and construction thereon of the Company and investment property and leasehold rights thereon of the subsidiary.

The loan agreements contain covenants as specified in the agreements that, among other things, require the Company and its subsidiaries to maintain certain debt to equity and debt service coverage ratios according to the agreements. As at                  31 December 2016, the Company and its subsidiaries determined it was in compliance with these covenants.

29.	Debentures

Balances of debentures as at 31 December 2016 and 2015 are as follows:

The above debentures are unsecured, unsubordinated, registered debentures which have terms of payment of interest every 3 months throughout the terms of debentures.

The Company used proceeds from issuance of debentures for business expansion. The subsidiary used proceeds from issuance of debentures for working capital.

Movements in debentures account during the year ended 31 December 2016 are summarised below.

(Unit: Thousand Baht)

Such debentures contain certain covenants and restrictions regarding the maintenance of debt to equity ratio and restriction on dividend payment. As at         31 December 2016, the Company and its subsidiary determined it was in compliance with these covenants.

30.	Provision for long-term employee benefits

Provision for long-term employee benefits, which represents compensation payable to employees after they retire, was as follows:

Line items in profit or loss under which long-term employee benefit expenses are recognised are as follows:

The Company and its subsidiaries expect to pay Baht 0.4 million of long-term employee benefits during the next year (the Company only: Baht 0.2 million) (2015: Baht 2 million, the Company only: Baht 0.2 million).

As at 31 December 2016, the weighted average duration of the liabilities for        long-term employee benefit is 11 - 24 years (the Company only: 11 years)                 (2015: 10 - 24 years, the Company only: 11 years).

Significant actuarial assumptions are summarised below:

(Unit: percent per annum)

The result of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2016 and 2015 are summarised below:

31.	Other non-current liabilities

32.	Share capital

On 14 October 2016, the Extraordinary General Meeting of the Company’s shareholders No. 1/2016 passed the following resolutions.

-	Approved a decrease in the Company’s registered share capital from Baht                   734 million to Baht 524 million by canceling Baht 210 million (209,794,600 ordinary shares of Baht 1 each) of registered shares that had not yet been allocated, and registered the decrease in share capital with the Ministry of Commerce on 17 October 2016.

-	Approved an increase in the Company’s registered share capital from Baht              524 million to Baht 629 million by issuing Baht 105 million of additional ordinary shares (104,892,621 shares of Baht 1 each) to support the distribution of the stock dividend, and registered the increase in share capital with the Ministry of Commerce on 18 October 2016.

-	Approved a resolution to pay an interim dividend from the Company’s net profit for the period as from 1 January 2016 to 30 June 2016 to the Company’s shareholders, comprising a cash dividend and stock dividend totaling Baht 0.2222 per share as detailed below:

a)	A cash dividend of Baht 0.0222 per share

b)	A stock dividend distributed at a rate of 1 dividend share for every 5 existing shares. The dividend shall be converted as dividend payment at Baht 0.2 per share.

The Company made payment for interim dividend on 10 November 2016.

33.	Statutory reserve

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside a statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. At present, the statutory reserve has fully been set aside.

34.	Expenses by nature

Significant expenses classified by nature are as follows:

35.	Income tax

Income tax expenses for the year ended 31 December 2016 and 2015 are made up as follows:

The amounts of income tax relating to each component of other comprehensive income for the years ended 31 December 2016 and 2015 are as follows:

The reconciliation between accounting profit and income tax expense is shown below.

The components of deferred tax assets and deferred tax liabilities are as follows:

As at 31 December 2016, the subsidiaries have deductible temporary differences and unused tax losses totaling Baht 95 million (2015: Baht 10 million), on which deferred tax assets have not been recognised as the subsidiaries believe future taxable profits may not be sufficient to allow utilisation of the temporary differences and unused tax losses.

The unused tax losses amounting to Baht 94 million will expire by year 2020.

36.	Earnings per share

Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year. The number of ordinary shares of the prior period used for the calculation, as presented for comparative purposes, has also been adjusted in proportion to the change in the number of shares as a result of the distribution of the stock dividend of 104.8 million shares on 10 November 2016, as if the shares comprising such stock dividends had been issued at the beginning of the earliest period reported.

37.	Segment information

Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance.

For management purposes, the Company and its subsidiaries are organised into business units based on its products and services and have three reportable segments as follows:

Trading business

Debt collection business

Rental business

No operating segments have been aggregated to form the above reportable operating segments.

The chief operating decision maker monitors the operating results of the business units separately for the purpose of making decisions about resource allocation and assessing performance. Segment performance is measured based on operating profit or loss and on a basis consistent with that used to measure operating profit or loss in the financial statements.

The basis of accounting for any transactions between reportable segments is consistent with that for third party transactions.

The following tables present revenue and profit information regarding the Company’s and its subsidiaries’ operating segments for the year ended 31 December 2016 and 2015, respectively.

(Unit: Thousand Baht)

(Unit: Thousand Baht)

Geographic information

The Company and its subsidiaries operate in Thailand only. As a result, all the revenues and assets as reflected in these financial statements pertain exclusively to this geographical reportable segment.

Major customers

For the year 2016 and 2015, the Company and its subsidiaries have no major customer with revenue of 10 percent or more of an entity’s revenues.

38.	Provident fund

The Company and its subsidiaries and their employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees and the Company and its subsidiaries contribute to the fund monthly at the rate of 3 to 5 percent of basic salary. The fund, which is managed by TISCO Asset Management Co., Ltd., will be paid to employees upon termination in accordance with the fund rules. During the year 2016, the Company and its subsidiaries recognised the contributed approximately Baht 4.3 million (the Company only: Baht 3.0 million) (2015: Baht 3.5 million (the Company only: Baht 2.5 million)).

39.	Dividends

40.	Commitments and contingent liabilities

40.1	Capital commitments

As at 31 December 2016 and 2015, the Company and its subsidiaries had capital commitments under the following agreements:

40.2	Operating lease commitments

The Company and its subsidiaries have entered into several lease agreements in respect of office building space, services, motor vehicles and others. The terms of the agreements are generally between 1 and 30 years.

Future minimum lease payments required under these operating leases contracts were as follows.

As at 31 December 2016, future minimum sublease payments expected to be received under subleases totaled approximately Baht 8 Million (2015: Baht 11 million). During the year 2016, the Company recognised rental expenses of Baht 3 million (2015: Baht 3 million) and subleasing revenue of Baht 11 million (2015: Baht 11 million).

40.3	As at 31 December 2016, the Company and its subsidiaries had outstanding commitments in respect of service agreements which are payable in the future, software license and system maintenance agreement with a foreign software development company totaling approximately Baht 32.38 million and JPY 3,290 million (2015: Baht 3.41 million) (the Company only: Baht 8.46 million, 2015: Baht 3.41 million). These agreements will terminate within January 2017 to December 2025 (2015: June 2016 to November 2016) (the Company only: January 2017 to December 2017, 2015: June 2016 to November 2016).

40.4	As at 31 December 2016, the Company had a commitment under leasehold rights which has to be paid in the future approximately Baht 33.25 million (2015: Baht 72.66 million).

40.5	Guarantees

As at 31 December 2016, there were outstanding bank guarantees of approximately Baht 117.70 million and USD 1 million (2015: Baht 87.53 million) (the Company only: Baht 111.42 million and USD 1 million, 2015: Baht 84.52 million) were issued by banks on behalf of the Company and its subsidiaries in respect of certain performance bonds as required in the normal course of business.

As at 31 December 2016, the Company issued corporate guarantees of Baht 1,152 million and USD 2 million (2015: None) to financial institutions to secure credit facilities of its subsidiary.

As at 31 December 2016, the Company secured credit facilities of its subsidiary of Baht 382.35 million (2015: None) to a financial institution.

As at 31 December 2016, a subsidiary issued corporate guarantees of Baht 760 million (2015: None) to a financial institution to secure credit facilities of the Company.

As at 31 December 2016, the Company had commitments in respect of its guarantee of liabilities of the subsidiary at least amounting to Yen 3,940 million (2015: None) with a foreign financial institution.

40.6	Litigation

During the year 2016, a company sued a subsidiary for compensatory damages from breach of agreement with respect to the operation of a market place totaling Baht 125 million plus interest at a rate of 7.5% per annum, commencing from prosecution until the full amount is paid. The lawsuit is currently in the judicial process. However, the management believes that there will be no material impact to the subsidiary.

41.	Fair value hierarchy

As at 31 December 2016 and 2015, the Company and its subsidiaries had the assets and liabilities that were measured at fair value using different levels of inputs as follows:

42.	Financial instruments

42.1	Financial risk management

The Company’s and its subsidiaries’ financial instruments, as defined under Thai Accounting Standard No.107 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, trade accounts receivable, other receivable, hire purchase receivables, loans to customers, loans receivable from purchase of accounts receivable, loans, investments, restricted bank deposits, bank overdrafts and short-term loans from financial institutions, short-term loans, long-term loans, liabilities under finance lease agreements, and debentures. The financial risks associated with these financial instruments and how they are managed is described below.

Credit risk

The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts receivable, other receivable, hire purchase receivables, loans to customers, loans receivable from purchase of accounts receivable and loans. The Company and its subsidiaries manages the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company and its subsidiaries do not have high concentrations of credit risk since it has a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of trade accounts receivable, other receivable, hire purchase receivables, loans to customers, loans receivable from purchase of accounts receivable and loans as stated in the statement of financial position.

Interest rate risk

The Company’s and its subsidiaries’ exposure to interest rate risk relates primarily to its cash at banks, hire purchase receivables, loans to customers, loans receivable from purchase of accounts receivable, bank overdrafts and short-term loans from financial institutions, debentures and long-term loans and most of the Company’s and its subsidiaries’ financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate.

As at 31 December 2016 and 2015, significant financial assets and liabilities classified by type of interest rate are summarised in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date, or the repricing date if this occurs before the maturity date.

Interest rate swap transaction agreements

The Company has the detail of the interest rate swap agreements outstanding as at 31 December 2016 as follow:

Foreign currency risk

The Company’s exposure to foreign currency risk arises mainly from trading transactions that are denominated in foreign currencies. The Company seeks to reduce this risk by entering into forward exchange contracts when it considers appropriate. Generally, the forward contracts mature within one year.

As at 31 December 2016 and 2015, the balances of financial liabilities denominated in foreign currency are summarised below.

As at 31 December 2015, foreign exchange contracts outstanding are summarised below.

42.2	Fair values of financial instruments

Since the majority of the Company’s and subsidiaries’ financial instruments is carrying interest at rates close to the market interest rates, their fair value except debentures and derivatives are not expected to be materially different from the amounts presented in statement of financial position. The estimated fair value of debentures, in comparison with the related amounts carried in the statement of financial position, is as follows:

The estimated fair value of the derivatives is as follows:

The methods and assumptions used by the Company and its subsidiaries in estimating the fair value of financial instruments are as follows:

For financial assets and liabilities which have short-term maturity, including cash and cash equivalents, trade accounts receivable, other receivable, hire purchase receivables, loans to customers, loans receivable from purchase of accounts receivable, loans, bank overdrafts and short-term loans from financial institutions and short-term loans their carrying amounts in the statement of financial position approximate their fair value.

For equity securities, their fair value is generally derived from quoted market prices, or based on generally accepted pricing models when no market price is available.

For hire purchase receivables and loans to customers, their fair value stated net of unearned interest income and allowance for doubtful accounts.

For fixed rate debentures and long-term loans, their fair value is estimated by discounting expected future cash flow by the current market interest rate of the loans with similar terms and conditions.

For long-term loans carrying interest approximate to the market rate, their carrying amounts in the statement of financial position approximates their fair value.

For derivatives, their fair value has been determined by using a discounted future cash flow model and a valuation model technique. Most of the inputs used for the valuation are observable in the relevant market, such as spot rates of foreign currencies, yield curves of the respective currencies and interest rate yield curves. The Company had considered to counterparty credit risk when determining the fair value of derivatives.

During the current year, there were no transfers within the fair value hierarchy.

43.	Capital management

The primary objective of the Company’s and its subsidiaries’ capital management is to ensure that it has appropriate capital structure in order to support its business and maximise shareholder value. As at 31 December 2016, the Group’s debt-to-equity ratio was 2.26:1 (2015: 1.47:1) and the Company’s was 2.41:1 (2015: 1.42:1).

44.	Events after the reporting period

The Company

On 20 February 2017, the meeting of the Company’s Board of Directors passed the following resolutions to be proposed to the Annual General Meeting of the Company’s shareholders.

-	Approved a decrease in the Company’s registered share capital from Baht 629,355,727 to Baht 629,355,622 by canceling Baht 105 (105 ordinary shares of Baht 1 each) of registered shares that had not yet been allocated.

-	Approved an increase in the Company’s registered share capital from Baht 629,355,622 to Baht 897,414,498 by issuing Baht 268,058,876 of additional ordinary shares (268,058,876 shares of Baht 1 each) to support the distribution of the stock dividend and reserve for the issuance of warrants.

-	Approved a resolution to pay a dividend from operating results of 2016 to the Company’s shareholders, comprising a cash dividend and stock dividend totaling Baht 0.18519 per share, as detailed below:

a)	A cash dividend of Baht 0.01853 per share.

b)	A stock dividend distributed at a rate of 1 dividend share for every 6 existing shares. The dividend shall be converted as dividend payment at Baht 0.16666 per share.

The payment of dividend shall be made on 3 May 2017.

Approved the issuance and allotment of warrants “JMART-W2” with free of charge to existing shareholders totaling 163,166,272 units. 1 unit of warrant is exercisable to purchase 1 ordinary share at Baht 15 each within 2 years.

-	Approved the issuance and offering of up to Baht 1,000 million of debentures with a tenor of not exceeding 20 years from the issue date, to procure fund for future business expansion.

Moreover, a meeting of the Company’s Board of Directors approved an increase in facilities of bills of exchange of the Company from the amount not exceeding Baht 2,000 million to the amount not exceeding Baht 3,000 million.

The subsidiary

On 20 February 2017, the meeting of the Board of Directors of a subsidiary passed the following resolutions:

-	Approved to be proposed to the Annual General Meeting of the subsidiary’s shareholders for approval of dividend payment from operating results of 2016. The dividend will be paid by cash at the rate of Baht 0.66 per share, or a total of Baht 246,846,105. The payment of cash dividend shall be made on 3 May 2017.

-	Approved the investment in a new 100% subsidiary, with registered share capital of KHR 3,379,148,000 (equivalent to Baht 30.6 million) to engage in providing debts collection services and call center. This subsidiary is in the process of establishment.

45.	Approval of financial statements

These financial statements were authorised for issue by the Company’s Board of Directors on 20 February 2017.

| Company’s name | Nature of business | Country of incorporation | Percentage of shareholding | Percentage of shareholding |

|  |  |  | 2016 | 2015 |

|  |  |  | (%) | (%) |

| JMT Network Services Public Company Limited (JMT) | Debts management and collection, providing finance leasing services and consumer lendings | Thailand | 55.88 | 55.88 |



| Company’s name | Nature of business | Country of incorporation | Percentage of shareholding | Percentage of shareholding |

|  |  |  | 2016 | 2015 |

|  |  |  | (%) | (%) |

| JAS Asset Public Company Limited | Property development | Thailand | 67.50 | 67.50 |

| J Fintech Co., Ltd. (Formerly known as “JMT Plus Company Limited”) 	(90.16% held by the Company and 9.84% held by JMT) | Leasing and consumer lendings | Thailand | 95.66 | - |

| J Capital Co., Ltd. (Formerly known as “Jay Mart Holding Company Limited”) | Holding Company | Thailand | 99.99 | 99.99 |

| Smart Item Company Limited | E-Commerce Business | Thailand | 99.99 | 99.99 |

| Jay Mart Mobile Co., Ltd. | Trading of mobile phone, and related accessories | Thailand | 99.99 | - |

| Indirect subsidiaries |  |  |  |  |

| J Fintech Co., Ltd. (Formerly known as “JMT Plus Company Limited”) (99.99% held by JMT) | Leasing and consumer lendings | Thailand | - | 55.87 |

| Jay Insurance Broker    Company Limited | Insurance broker | Thailand | 55.87 | 55.87 |

| (99.99% held by JMT) |  |  |  |  |

| J Asset Management Company Limited | Asset management | Thailand | 55.87 | 55.87 |

| (99.99% held by JMT) |  |  |  |  |



| Overdue period | Allowance percentage |

| Current and overdue 1 period | 1 |

| Overdue 2 - 3 periods | 2 |

| Overdue 4 - 6 periods | 20 |

| Overdue 7 - 12 periods | 50 |

| Overdue more than 12 periods | 100 |



| Overdue period | Allowance percentage |

| Current and overdue 1 period | 1 |

| Overdue 2 - 3 periods | 2 |

| Overdue 4 - 6 periods | 100 |

| Overdue 7 - 12 periods | 100 |

| Overdue more than 12 periods | 100 |



|  | Allowance percentage |

| Inventory aged between 181 - 270 days | 25 |

| Inventory aged between 271 - 365 days | 50 |

| Inventory aged over 1 year | 100 |



| Buildings and building improvements | -	5 - 30	years |

| Office furniture | -	3 - 9	years |

| Office equipment | -	3 - 9	years |

| Motor vehicles | -	5	years |



| Companies |  | Relationship |

|  |  |  |

| JMT Network Services Public Company Limited (JMT) |  | Subsidiary |

| JAS Asset Public Company Limited |  | Subsidiary |

| J Fintech Co., Ltd. (formerly known as “JMT Plus Company Limited”) |  | Subsidiary (subsidiary of JMT until 26 October 2016) |

| J Capital Co., Ltd. (formerly known as “Jay Mart Holding Company Limited”) |  | Subsidiary |

| Smart Item Company Limited |  | Subsidiary |

| Jaymart Mobile Co., Ltd. |  | Subsidiary |

| Jay Insurance Broker Company Limited |  | Subsidiary (Held by subsidiary) |

| J Asset Management Company Limited |  | Subsidiary (Held by subsidiary) |

| Singer Thailand Public Company Limited |  | Associated company |

| J & P (Thailand) Company Limited |  | Associated company (held by subsidiary) |

| J & P (Myanmar) Company Limited |  | Associated company (held by associated company) |

| T.A.S. Assets Company Limited |  | Common shareholders and directors |

| Mr. Pisnu Pong-acha |  | Director |



|  | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate  financial statements | Separate  financial statements | Transfer Pricing Policy |

|  | 2016 | 2015 | 2016 | 2015 |  |

| Transactions with subsidiary companies | Transactions with subsidiary companies |  |  |  |  |

| (eliminated from the consolidated financial statements) | (eliminated from the consolidated financial statements) |  |  |  |  |

| Sales | - | - | 0.9 | 0.6 | Market price |

| Management income | - | - | 4.4 | 3.1 | Contract price |

| Sales promotion income | - | - | 8.4 | 0.8 | Mutually agreed rate |

| Dividend income | - | - | 50.6 | 65.2 | As declared |

| Other income | - | - | 25.7 | 21.9 | Contract price |

| Interest | - | - | 2.3 | - | Mutually agreed rate |

| Sales promotion expenses | - | - | 35.3 | 43.3 | Mutually agreed rate |

| Office and land rental and utilities | - | - | 16.7 | 17.7 | Market price |

| Transactions with associates | Transactions with associates | Transactions with associates |  |  |  |

| Sales | 514.4 | 47.9 | 514.4 | 47.9 | Market price |

| Service income from debts collection | 13.4 | - | - | - | Market price |

| Dividend income | - | - | 20.2 | - | As declared |

| Purchase goods | 0.3 | 1.7 | - | 1.7 | Market price |

| Sales promotion expenses | 4.0 | 1.1 | 3.8 | 1.1 | Mutually agreed rate |

| Transactions with management and director | Transactions with management and director | Transactions with management and director |  |  |  |

| Office and land rental and utilities | 1.2 | 1.2 | 1.2 | 1.2 | Market price |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 | 2015 |

| Trade and other receivables - related parties (Note 9) |  |  |  |  |  |

| Subsidiaries | - | - | 25,493 | 25,493 | 19,340 |

| Associates | 124,683 | - | 120,041 | 120,041 | - |

| Total trade and other receivables - related parties | 124,683 | - | 145,534 | 145,534 | 19,340 |

| Short-term loans to subsidiaries |  |  |  |  |  |

| Subsidiaries | - | - | 1,029,230 | 1,029,230 | - |

|  |  |  |  |  |  |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 | 2015 |

| Accrued income from sale and services - related parties (Note 12) | Accrued income from sale and services - related parties (Note 12) |  |  |  |  |

| Subsidiaries | - | - | 1,282 | 1,282 | 608 |

| Associates | 5,344 | - | - | - | - |

| Total accrued income from sale and services     - related parties | 5,344 | - | 1,282 | 1,282 | 608 |

| Rental deposit receivable - related parties (Note 24) |  |  |  |  |  |

| Subsidiary | - | - | 4,837 | 4,837 | 4,047 |

| Director | 164 | 164 | 164 | 164 | 164 |

| Total rental deposit receivable - related parties | 164 | 164 | 5,001 | 5,001 | 4,211 |

| Trade and other payables - related parties (Note 26) |  |  |  |  |  |

| Subsidiaries | - | - | 14,981 | 14,981 | 8,832 |

| Associates | 2,588 | 3,209 | 2,571 | 2,571 | 3,209 |

| Total trade and other payables - related parties | 2,588 | 3,209 | 17,552 | 17,552 | 12,041 |

| Rental deposit from related parties (Note 31) |  |  |  |  |  |

| Subsidiaries | - | - | 4,923 | 4,923 | 4,374 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  |  | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  |  | Balance as at | Increase | Decrease | Balance as at |

| Loans to related parties | Relationship | 31 December 2015 | during the year | during the year | 31 December 2016 |

| Short-term loans to subsidiaries | Short-term loans to subsidiaries |  |  |  |  |

| Smart Item Company Limited | Subsidiary | - | 1,230 | - | 1,230 |

| J Fintech Co., Ltd. | Subsidiary | - | 1,028,000 | - | 1,028,000 |

|  |  | - | 1,029,230 | - | 1,029,230 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated               financial statements | Consolidated               financial statements | Separate                      financial statements | Separate                      financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Short-term employee benefits | 65,264 | 49,443 | 37,161 | 24,745 |

| Post-employment benefits | 3,166 | 791 | 1,558 | 546 |

| Total | 68,430 | 50,234 | 38,719 | 25,291 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Cash | 47,786 | 35,796 | 43,756 | 35,763 |

| Bank deposits | 796,162 | 133,671 | 62,944 | 62,646 |

| Total | 843,948 | 169,467 | 106,700 | 98,409 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated               financial statements | Consolidated               financial statements |

|  | 2016 | 2015 |

| Investments in trading security |  |  |

| Cost | - | 200,000 |

| Add: Unrealised gain on changes in value of          investments |  |  |

| Fair value | - | 410 |

|  | - | 200,410 |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial  statements | Separate financial  statements | Separate financial  statements | Separate financial  statements |

|  | 2016 | 2015 | 2016 | 2016 | 2015 | 2015 |

| Trade receivables - related parties |  |  |  |  |  |  |

| Aged on the basis of due dates |  |  |  |  |  |  |

| Not yet due | 122,394 | - | 121,047 | 121,047 | 1,552 | 1,552 |

| Past due |  |  |  |  |  |  |

| Up to 3 months | 2,220 | - | 24,418 | 24,418 | 17,788 | 17,788 |

| Total trade receivables - related     parties | 124,614 | - | 145,465 | 145,465 | 19,340 | 19,340 |

| Trade receivables - unrelated parties | Trade receivables - unrelated parties |  |  |  |  |

| Aged on the basis of due dates |  |  |  |  |  |

| Not yet due | 71,033 | 224,755 | 54,070 | 213,179 | 213,179 |

| Past due |  |  |  |  |  |

| Up to 3 months | 62,451 | 48,178 | 42,101 | 38,281 | 38,281 |

| 3 - 6 months | 1,629 | 2,553 | 310 | 151 | 151 |

| 6 - 12 months | 592 | 2,076 | - | 1,666 | 1,666 |

| Over 12 months | 1,835 | 10,256 | 1,645 | 10,192 | 10,192 |

| Total | 137,540 | 287,818 | 98,126 | 263,469 | 263,469 |

| Less: Allowance for doubtful debts | (787) | (7,904) | (311) | (7,843) | (7,843) |

| Total trade receivables - unrelated     parties, net | 136,753 | 279,914 | 97,815 | 255,626 | 255,626 |

| Total trade receivable - net | 261,367 | 279,914 | 243,280 | 274,966 | 274,966 |

| Other receivables | Other receivables |  |  |  |  |

| Other receivable - related party | 69 | - | 69 | - | - |

| Other receivables - unrelated parties | 93,529 | 35,264 | 93,181 | 35,264 | 35,264 |

| Total other receivables | 93,598 | 35,264 | 93,250 | 35,264 | 35,264 |

| Total trade and other receivables - net | 354,965 | 315,178 | 336,530 | 310,230 | 310,230 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated                       financial statements | Consolidated                       financial statements | Separate                  financial statements | Separate                  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Inventories | 1,161,920 | 1,304,401 | 1,161,789 | 1,304,401 |

| Less: Allowance for diminution in value |  |  |  |  |

| of inventories | (13,217) | (19,340) | (13,217) | (19,340) |

| Inventories - net | 1,148,703 | 1,285,061 | 1,148,572 | 1,285,061 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Separate   financial statements |

| Balance as at 1 January 2016 | 19,340 | 19,340 |

| Add: Allowance for diminution in value of inventories made during the year | 8,973 | 8,973 |

| Less: Reversal of allowance for diminution in value of inventories during the year | (15,096) | (15,096) |

| Balance as at 31 December 2016 | 13,217 | 13,217 |



|  |  | Consolidated financial statements |

|  |  | 2016 |

| Land |  | 95,348 |

| Other costs |  | 1,132 |

| Total |  | 96,480 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Accrued income from sale |  |  |  |  |

| and services - related parties | 5,344 | - | 1,282 | 608 |

| Accrued income from sale |  |  |  |  |

| and services - unrelated parties | 21,370 | 45,597 | 1,320 | 27,599 |

| Accrued subsidy income on |  |  |  |  |

| goods purchases | 227,862 | 221,509 | 227,862 | 221,509 |

| Accrued promotion income | 117,935 | 53,058 | 117,935 | 53,058 |

| Others | 35,343 | 2,772 | - | - |

| Total | 407,854 | 322,936 | 348,399 | 302,774 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Cash cards | 2,444 | 27,305 | 2,444 | 27,305 |

| Prepaid expenses | 25,751 | 28,434 | 21,219 | 17,259 |

| Undue input vat | 4,950 | 3,813 | 2,074 | 2,066 |

| Deposit for purchase of land | 15,846 | - | - | - |

| Others | 62,005 | 31,979 | 11,429 | 20,120 |

| Total | 110,996 | 91,531 | 37,166 | 66,750 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | Portion due within one year | Portion due within one year | Portion due over one year but not over five years | Portion due over one year but not over five years | Portion due over five years | Portion due over five years | Total | Total |

|  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Hire purchase and installment receivables | 51,633 | 32,094 | 8,790 | 39,540 | - | 1 | 60,423 | 71,635 |

| Less: Unearned hire purchase and installment income, net | (10,754) | (7,832) | (320) | (4,881) | - | (1) | (11,074) | (12,714) |

| Total | 40,879 | 24,262 | 8,470 | 34,659 | - | - | 49,349 | 58,921 |

| Less: Allowance for doubtful |  |  |  |  |  |  |  |  |

| accounts | (35,083) | (14,848) | (5,799) | (20,728) | - | - | (40,882) | (35,576) |

| Net | 5,796 | 9,414 | 2,671 | 13,931 | - | - | 8,467 | 23,345 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | 31 December 2016 | 31 December 2016 | 31 December 2016 | 31 December 2016 | 31 December 2016 | 31 December 2016 |

| Aging | Number of agreements | Net receivable of unearned financial income | Receivable used for computation of allowance for doubtful accounts | % of allowance for doubtful accounts | Allowance for doubtful accounts | Net |

| Not yet due | 42 | 4,525 | 77 | 1 | 1 | 4,524 |

| Overdue for 1 period | 5 | 407 | 43 | 1 | 1 | 406 |

| Overdue for 2 - 3 periods | 13 | 1,805 | 104 | 2 | 2 | 1,803 |

| Overdue for 4 - 6 periods | 4 | 558 | 66 | 20 | 13 | 545 |

| Overdue for 7 - 12 periods | 15 | 2,232 | 2,225 | 50 | 1,112 | 1,120 |

| Overdue more than 12 periods | 198 | 39,822 | 39,753 | 100 | 39,753 | 69 |

| Total | 277 | 49,349 | 42,268 |  | 40,882 | 8,467 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | 31 December 2015 | 31 December 2015 | 31 December 2015 | 31 December 2015 | 31 December 2015 | 31 December 2015 |

| Aging | Number of agreements | Net receivable of unearned financial income | Receivable used for computation of allowance for doubtful accounts | % of allowance for doubtful accounts | Allowance for doubtful accounts | Net |

| Not yet due | 62 | 9,129 | 626 | 1 | 6 | 9,123 |

| Overdue for 1 period | 13 | 2,090 | 244 | 1 | 2 | 2,088 |

| Overdue for 2 - 3 periods | 36 | 6,909 | 836 | 2 | 17 | 6,892 |

| Overdue for 4 - 6 periods | 16 | 2,658 | 462 | 20 | 93 | 2,565 |

| Overdue for 7 - 12 periods | 25 | 5,228 | 5,208 | 50 | 2,604 | 2,624 |

| Overdue more than 12 periods | 154 | 32,907 | 32,854 | 100 | 32,854 | 53 |

| Total | 306 | 58,921 | 40,230 |  | 35,576 | 23,345 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | Portion due within one year | Portion due within one year | Portion due over one year but not over five years | Portion due over one year but not over five years | Portion due over five years | Portion due over five years | Total | Total |

|  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Loans to customers | 2,017,771 | 405,256 | 402,546 | 341,454 | 508 | 644 | 2,420,825 | 747,354 |

| Less: Unearned interest income | (110,596) | (77,272) | (36,170) | (36,929) | (121) | (185) | (146,887) | (114,386) |

| Total | 1,907,175 | 327,984 | 366,376 | 304,525 | 387 | 459 | 2,273,938 | 632,968 |

| Less: Allowance for doubtful        accounts | (84,784) | (13,616) | (35,402) | (1,572) | (4) | - | (120,190) | (15,188) |

| Net | 1,822,391 | 314,368 | 330,974 | 302,953 | 383 | 459 | 2,153,748 | 617,780 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements |

|  | 2016 | 2015 |

| Revolving loan receivables | 1,209,114 | - |

| Term loan receivables | 1,064,824 | 632,968 |

| Total | 2,273,938 | 632,968 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  |  |  | Percentage of allowance | Percentage of allowance | Allowance for doubtful | Allowance for doubtful | Accounts receivable of | Accounts receivable of |

|  | Loans to customers | Loans to customers | for doubtful account | for doubtful account | accounts | accounts | loans to customers - net | loans to customers - net |

| Aging | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Not yet due | 1,962,558 | 517,575 | 1 and 15 | 1 | 30,104 | 5,176 | 1,932,454 | 512,399 |

| Overdue |  |  |  |  |  |  |  |  |

| 1 period | 105,244 | 53,712 | 1 and 15 | 1 | 3,278 | 537 | 101,966 | 53,175 |

| 2 - 3 periods | 124,884 | 53,272 | 2 and 15 | 2 | 5,556 | 1,066 | 119,328 | 52,206 |

| 4 - 6 periods | 40,109 | 4,351 | 100 | 100 | 40,109 | 4,351 | - | - |

| 7 - 12 periods | 25,284 | 3,803 | 100 | 100 | 25,284 | 3,803 | - | - |

| More than 12 periods | 15,859 | 255 | 100 | 100 | 15,859 | 255 | - | - |

| Total | 2,273,938 | 632,968 |  |  | 120,190 | 15,188 | 2,153,748 | 617,780 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | For the year ended 31 December 2016 | For the year ended 31 December 2016 | For the year ended 31 December 2016 |

|  | Number | Amount | Amount |

|  | of debtors | Before restructuring | After restructuring |

| Type of restructuring |  |  |  |

| Modification of terms of payments | 5,274 | 150,953 | 150,953 |

| Total | 5,274 | 150,953 | 150,953 |

| Term of debt restructuring agreements |  |  |  |

| Not over 5 years | 5,274 | 150,953 | 150,953 |

| Total | 5,274 | 150,953 | 150,953 |



|  | Consolidated financial statements |

|  | For the year ended                 31 December 2016 |

| Cash settlement by debtors | 3,319 |



|  | Consolidated financial statements | Consolidated financial statements |

|  | 31 December 2016 | 31 December 2016 |

|  | Number of debtors | Outstanding balance |

|  | (Number) | (Thousand Baht) |

| Troubled debt restructuring debtors | 4,116 | 115,031 |



|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | 2016 | 2016 | 2015 | 2015 |

|  | Number of |  | Number of |  |

|  | contracts | Amount | contracts | Amount |

| Hire purchase receivables | 847,837 | 1,646,533 | 805,012 | 1,612,103 |

| Personal loan receivables | 2,198,134 | 1,893,670 | 1,725,748 | 1,319,584 |

| Total | 3,045,971 | 3,540,203 | 2,530,760 | 2,931,687 |

| Less: Allowance for doubtful accounts |  | (102,452) |  | (102,133) |

| Net |  | 3,437,751 |  | 2,829,554 |



|  | Consolidated financial statements |

| Balance as at 1 January 2016 | 2,829,554 |

| Add: 	Purchase during the year | 895,233 |

| Less: Portion decrease from cash collection  		  during the year | (284,682) |

| Increase of allowance for doubtful accounts | (319) |

| Reassignment | (2,035) |

| Balance as at 31 December 2016 | 3,437,751 |



|  |  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

| Company’s name | Paid-up capital | Paid-up capital | Shareholding percentage | Shareholding percentage | Cost | Cost |

|  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

|  |  |  | (%) | (%) |  |  |

| JMT Network Services Public Company Limited | 370,000 | 370,000 | 55.88 | 55.88 | 397,596 | 397,596 |

| JAS Asset Public Company Limited | 370,390 | 370,390 | 67.50 | 67.50 | 250,000 | 250,000 |

| J Fintech Co., Ltd. | 1,220,000 | - | 90.16 | - | 1,100,000 | - |

| J Capital Co., Ltd. | 81,000 | 81,000 | 99.99 | 99.99 | 81,000 | 81,000 |

| Smart Item Company Limited | 1,000 | 1,000 | 99.99 | 99.99 | 1,000 | 1,000 |

| Jaymart Mobile Co., Ltd. | 480,000 | - | 99.99 | - | 480,000 | - |

| Total |  |  |  |  | 2,309,596 | 729,596 |



| Company’s name | Dividend received during the year | Dividend received during the year |

|  | 2016 | 2015 |

| Investments in subsidiaries |  |  |

| JMT Network Services Public Company Limited | 33,080 | 42,750 |

| JAS Asset Public Company Limited | 17,500 | 22,500 |

| Total | 50,580 | 65,250 |



|  |  |  |  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

| Company’s name | Proportion of equity interest held by  non-controlling interests | Proportion of equity interest held by  non-controlling interests | Accumulated balance of  non-controlling interests | Accumulated balance of  non-controlling interests | Accumulated balance of  non-controlling interests | Accumulated balance of  non-controlling interests | Profit/loss allocated to non-controlling interests during the year | Profit/loss allocated to non-controlling interests during the year | Dividend paid to non-controlling interests during the year | Dividend paid to non-controlling interests during the year |

|  | 2016 | 2015 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 |

|  | (%) | (%) |  |  |  |  |  |  |  |  |

| JMT Network Services       Public Company Limited | 44.12 | 44.12 | 774,710 | 774,710 | 736,198 | 736,198 | 64,632 | 32,481 | 26,120 | - |

| JAS Asset Public   Company Limited | 32.50 | 32.50 | 235,788 | 235,788 | 242,376 | 242,376 | 1,836 | 4,867 | 8,424 | - |

| J Fintech Co., Ltd. | 4.34 | - | 45,546 | 45,546 | - | - | (492) | - | - | - |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JAS Asset Public Company Limited | JAS Asset Public Company Limited | J Fintech Co., Ltd. | J Fintech Co., Ltd. |

|  | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Current assets | 1,496,340 | 1,677,104 | 1,677,104 | 230,794 | 232,965 | 1,940,355 | - |

| Non-current assets | 3,704,123 | 3,379,314 | 3,379,314 | 2,034,125 | 1,216,611 | 423,690 | - |

| Current liabilities | 2,672,437 | 2,545,088 | 2,545,088 | 629,762 | 130,622 | 1,313,429 | - |

| Non-current liabilities | 562,188 | 716,420 | 716,420 | 909,659 | 573,181 | 1,524 | - |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December |

|  | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JAS Asset Public Company Limited | JAS Asset Public Company Limited | J Fintech Co., Ltd. | J Fintech Co., Ltd. |

|  | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Revenue | 1,081,340 | 701,175 | 701,175 | 545,178 | 505,999 | 69,771 | - |

| Profit (loss) | 151,554 | 87,080 | 87,080 | 5,649 | 58,153 | (11,338) | - |

| Other comprehensive income | - | (1,527) | (1,527) | - | (360) | - | - |

| Total comprehensive income | 151,554 | 85,553 | 85,553 | 5,649 | 57,793 | (11,338) | - |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December |

|  | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JMT Network Services Public Company Limited | JAS Asset Public Company Limited | JAS Asset Public Company Limited | J Fintech Co., Ltd. | J Fintech Co., Ltd. |

|  | 2016 | 2015 | 2015 | 2016 | 2015 | 2016 | 2015 |

| Cash flow from (used in) operating activities | (25,244) | (1,426,004) | (1,426,004) | (21,211) | 96,719 | (1,761,467) | - |

| Cash flow from (used in) investing activities | 1,313 | (44,634) | (44,634) | (592,938) | (575,280) | 1,019,535 | - |

| Cash flow from financing activities | 99,452 | 1,486,934 | 1,486,934 | 676,155 | 466,172 | 796,000 | - |

| Net increase (decrease) in cash and cash equivalents | 75,521 | 16,296 | 16,296 | 62,006 | (12,389) | 54,068 | - |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  |  |  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

| Associates | Nature of business | Country of incorporation | Shareholding percentage | Shareholding percentage | Cost | Cost | Carrying amounts based on equity method | Carrying amounts based on equity method |

|  |  |  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

|  |  |  | (%) | (%) |  |  |  |  |

| J & P (Thailand) Company Limited | Investment in Myanmar | Thai | 48.58 | 40.00 | 64,375 | 40,000 | 32,934 | 39,172 |

| Singer Thailand Public  Company Limited | Sales electrical appliances, commercial products and others | Thai | 24.99 | 24.99 | 946,017 | 946,017 | 966,301 | 957,783 |

| Total |  |  |  |  | 1,010,392 | 986,017 | 999,235 | 996,955 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  |  |  | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

| Associate | Nature of business | Country of incorporation | Shareholding percentage | Shareholding percentage | Cost | Cost |

|  |  |  | 2016 | 2015 | 2016 | 2015 |

|  |  |  | (%) | (%) |  |  |

| Singer Thailand Public  Company Limited | Sales electrical appliances, commercial products and others | Thai | 24.99 | 24.99 | 946,017 | 946,017 |

| Total |  |  |  |  | 946,017 | 946,017 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

| Associates | Share of profit (loss) from investments in associates during the year | Share of profit (loss) from investments in associates during the year | Share of other comprehensive income from investments                  in associates during the year | Share of other comprehensive income from investments                  in associates during the year | Dividend received                      during the year | Dividend received                      during the year |

|  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

| J & P (Thailand) Company Limited | (8,380) | (13,327) | (2,233) | (7,501) | - | - |

| Singer Thailand Public Company Limited | 26,439 | 11,766 | 2,329 | - | 20,250 | - |

| Total | 18,059 | (1,561) | 96 | (7,501) | 20,250 | - |



| Associate | Fair values as at 31 December | Fair values as at 31 December |

|  | 2016 | 2015 |

| Singer Thailand Public Company Limited | 776,249 | 597,374 |

| Total | 776,249 | 597,374 |



|  | J & P (Thailand) Company Limited | J & P (Thailand) Company Limited | Singer Thailand Public Company Limited | Singer Thailand Public Company Limited |

|  | 2016 | 2015 | 2016 | 2015 |

| Current assets | 64,478 | 97,386 | 2,081,580 | 2,095,190 |

| Non-current assets | 6,614 | 8,594 | 1,063,588 | 1,246,403 |

| Current liabilities | (3,264) | (8,050) | (765,213) | (1,308,474) |

| Non-current liabilities | (35) | - | (753,788) | (455,083) |

| Net assets | 67,793 | 97,930 | 1,626,167 | 1,578,036 |

| Shareholding percentage (%) | 48.58% | 40.00% | 24.99% | 24.99% |

| Share of net assets | 32,934 | 39,172 | 406,379 | 394,351 |

| Goodwill | - | - | 498,831 | 498,831 |

| Customer base | - | - | 76,364 | 80,751 |

| Deferred tax | - | - | (15,273) | (16,150) |

| Carrying amounts of associates based on equity method | 32,934 | 39,172 | 966,301 | 957,783 |



|  | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December | For the year ended 31 December |

|  | J & P (Thailand) Company Limited | J & P (Thailand) Company Limited | Singer Thailand Public Company Limited | Singer Thailand Public Company Limited |

|  | 2016 | 2015 | 2016 | 2015 |

| Revenue | 191,960 | 220,679 | 2,545,629 | 3,394,598 |

| Profit (loss) | (17,658) | (20,185) | 119,811 | 143,152 |

| Other comprehensive income | (4,596) | - | 9,320 | - |

| Total comprehensive income | (22,254) | (20,185) | 129,131 | 143,152 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated                  financial statements | Consolidated                  financial statements |

|  | 2016 | 2015 |

| Net book value at beginning of year | 516,000 | 498,200 |

| Addition during the year | 358 | 4,628 |

| Transfers | - | 4,985 |

| Net income (loss) from revaluation to fair value | (9,058) | 8,187 |

| Net book value at end of year | 507,300 | 516,000 |



|  | Consolidated financial statements | Consolidated financial statements | Result to fair value |

|  | As at 31 December | As at 31 December | where as an increase |

|  | 2016 | 2015 | in assumption value |

| Discount rate (%) | 10 | 10 | Decrease in fair value |

| Rental rate per square meter per month (Baht) | 600 | 623 | Increase in fair value |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | Revaluation |  |  |  |  |  |  |

|  | basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis |

|  |  | Buildings and building | Office | Office | Motor | Assets under |  |

|  | Land | improvement | furniture | equipment | vehicles | installation | Total |

| Cost / Revalued amount: |  |  |  |  |  |  |  |

| 1 January 2015 | 114,290 | 282,366 | 362,764 | 274,792 | 47,847 | 5,171 | 1,087,230 |

| Additions | - | - | 55,228 | 46,079 | 12,654 | 15,434 | 129,395 |

| Disposals/write-off | - | - | (37,254) | (13,166) | (9,113) | - | (59,533) |

| Revaluations | 41,560 | - | - | - | - | - | 41,560 |

| Transfer in (out) | - | - | 10,621 | 1,389 | - | (16,958) | (4,948) |

| 31 December 2015 | 155,850 | 282,366 | 391,359 | 309,094 | 51,388 | 3,647 | 1,193,704 |

| Additions | - | 636 | 78,487 | 75,661 | 5,200 | 85,017 | 245,001 |

| Disposals/write-off | - | - | (26,244) | (30,869) | (5,032) | - | (62,145) |

| Transfer in (out) | - | 387 | 30,620 | 1,575 | 1,661 | (34,387) | (144) |

| 31 December 2016 | 155,850 | 283,389 | 474,222 | 355,461 | 53,217 | 54,277 | 1,376,416 |

| Accumulated depreciation: |  |  |  |  |  |  |  |

| 1 January 2015 | - | 30,292 | 111,883 | 141,416 | 33,777 | - | 317,368 |

| Depreciation for the year | - | 14,704 | 68,440 | 51,083 | 5,210 | - | 139,437 |

| Depreciation on disposals/write-off | - | - | (16,513) | (12,564) | (8,907) | - | (37,984) |

| Transfer in (out) | - | - | (51) | (67) | - | - | (118) |

| 31 December 2015 | - | 44,996 | 163,759 | 179,868 | 30,080 | - | 418,703 |

| Depreciation for the year | - | 14,757 | 81,128 | 57,432 | 7,081 | - | 160,398 |

| Depreciation on disposals/write-off | - | - | (16,164) | (27,817) | (4,756) | - | (48,737) |

| 31 December 2016 | - | 59,753 | 228,723 | 209,483 | 32,405 | - | 530,364 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements |

|  | Revaluation |  |  |  |  |  |  |  |  |

|  | basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis |

|  |  | Buildings and building | Office | Office | Motor | Motor | Assets under | Assets under |  |

|  | Land | improvement | furniture | equipment | vehicles | vehicles | installation | installation | Total |

| Allowance for impairment loss: | Allowance for impairment loss: |  |  |  |  |  |  |  |  |

| 1 January 2015 | - | - | 21,000 | - | - | - | - | - | 21,000 |

| Decrease during the year | - | - | (14,600) | - | - | - | - | - | (14,600) |

| 31 December 2015 | - | - | 6,400 | - | - | - | - | - | 6,400 |

| Decrease during the year | - | - | (800) | - | - | - | - | - | (800) |

| 31 December 2016 | - | - | 5,600 | - | - | - | - | - | 5,600 |

| Net book value: |  |  |  |  |  |  |  |  |  |

| 31 December 2015 | 155,850 | 237,370 | 221,200 | 129,226 | 21,308 | 21,308 | 3,647 | 3,647 | 768,601 |

| 31 December 2016 | 155,850 | 223,636 | 239,899 | 145,978 | 20,812 | 20,812 | 54,277 | 54,277 | 840,452 |

| Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year |  |  |  |  |

| 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and | 2015 (Baht 14 million included in cost of services and cost of rental and the balance in selling and |  |  |

| administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) |  | 139,437 |

| 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an | 2016 (Baht 21 million included in cost of services and cost of rental and the balance in selling an |  |  |

| administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) | administrative expenses) |  | 160,398 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  | Revaluation |  |  |  |  |  |  |

|  | basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis |

|  |  | Buildings and building | Office | Office | Motor | Assets under |  |

|  | Land | improvement | furniture | equipment | vehicles | installation | Total |

| Cost / Revalued amount: |  |  |  |  |  |  |  |

| 1 January 2015 | 114,290 | 282,366 | 300,303 | 203,053 | 35,028 | 2,778 | 937,818 |

| Additions | - | - | 32,644 | 15,647 | 11,318 | 14,619 | 74,228 |

| Disposals/write-off | - | - | (36,642) | (8,820) | (7,966) | - | (53,428) |

| Revaluations | 41,560 | - | - | - | - | - | 41,560 |

| Transfer in (out) | - | - | 13,295 | 1,384 | - | (14,679) | - |

| 31 December 2015 | 155,850 | 282,366 | 309,600 | 211,264 | 38,380 | 2,718 | 1,000,178 |

| Additions | - | 636 | 44,323 | 33,488 | 43 | 43,313 | 121,803 |

| Disposals/write-off | - | - | (21,462) | (29,734) | (1,538) | - | (52,734) |

| Transfer in (out) | - | 387 | 18,863 | 2,219 | 1,661 | (23,274) | (144) |

| 31 December 2016 | 155,850 | 283,389 | 351,324 | 217,237 | 38,546 | 22,757 | 1,069,103 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  | Revaluation |  |  |  |  |  |  |  |  |

|  | basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis | Cost basis |

|  |  | Buildings and building | Office | Office | Motor | Motor | Assets under | Assets under |  |

|  | Land | improvement | furniture | equipment | vehicles | vehicles | installation | installation | Total |

| Accumulated depreciation: |  |  |  |  |  |  |  |  |  |

| 1 January 2015 | - | 30,292 | 97,158 | 111,857 | 27,170 | 27,170 | - | - | 266,477 |

| Depreciation for the year | - | 14,703 | 57,830 | 34,143 | 3,111 | 3,111 | - | - | 109,787 |

| Depreciation on disposals/write-off | - | - | (16,055) | (8,487) | (7,949) | (7,949) | - | - | (32,491) |

| 31 December 2015 | - | 44,995 | 138,933 | 137,513 | 22,332 | 22,332 | - | - | 343,773 |

| Depreciation for the year | - | 14,757 | 63,632 | 34,369 | 4,746 | 4,746 | - | - | 117,504 |

| Depreciation on disposals/write-off | - | - | (13,687) | (27,061) | (1,365) | (1,365) | - | - | (42,113) |

| 31 December 2016 | - | 59,752 | 188,878 | 144,821 | 25,713 | 25,713 | - | - | 419,164 |

| Net book value: |  |  |  |  |  |  |  |  |  |

| 31 December 2015 | 155,850 | 237,371 | 170,667 | 73,751 | 16,048 | 16,048 | 2,718 | 2,718 | 656,405 |

| 31 December 2016 | 155,850 | 223,637 | 162,446 | 72,416 | 12,833 | 12,833 | 22,757 | 22,757 | 649,939 |

| Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year | Depreciation for the year |  |  |  |  |

| 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) | 2015 (included in selling and administrative expenses) |  | 109,787 |

| 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) | 2016 (included in selling and administrative expenses) |  | 117,504 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Land | 83,754 | 83,754 | 83,754 | 83,754 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements | Separate financial statements |

|  | Trademark | Computer software | Total | Trademark | Computer software | Total |

| As at 31 December 2016 |  |  |  |  |  |  |

| Cost | 16,480 | 176,452 | 192,932 | 16,480 | 46,755 | 63,235 |

| Less: Accumulated amortisation | (1,316) | (44,092) | (45,408) | (1,316) | (22,135) | (23,451) |

| Net book value | 15,164 | 132,360 | 147,524 | 15,164 | 24,620 | 39,784 |

| As at 31 December 2015 |  |  |  |  |  |  |

| Cost | - | 84,600 | 84,600 | - | 47,612 | 47,612 |

| Less: Accumulated amortisation | - | (38,010) | (38,010) | - | (23,087) | (23,087) |

| Net book value | - | 46,590 | 46,590 | - | 24,525 | 24,525 |



|  |  |  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2015 | 2016 | 2016 | 2015 | 2015 |

| Net book value at beginning of year | 46,590 | 37,423 | 37,423 | 24,525 | 24,525 | 23,894 | 23,894 |

| Acquisition of computer software | 96,765 | 18,401 | 18,401 | 3,984 | 3,984 | 4,948 | 4,948 |

| Acquisition of right to use trademark | 16,480 | - | - | 16,480 | 16,480 | - | - |

| Amortisation | (12,425) | (9,088) | (9,088) | (5,349) | (5,349) | (4,317) | (4,317) |

| Write-off | (30) | - | - | - | - | - | - |

| transfer in (out) | 144 | (146) | (146) | 144 | 144 | - | - |

| Net book value at end of year | 147,524 | 46,590 | 46,590 | 39,784 | 39,784 | 24,525 | 24,525 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Separate       financial statements |

| Cost: |  |  |

| 1 January 2015 | 485,455 | 341,744 |

| Additions | 385,573 | - |

| Transfer out | (4,740) | (4,740) |

| 31 December 2015 | 866,288 | 337,004 |

| Additions | 777,130 | 10,990 |

| Disposals | (1,950) | (1,950) |

| 31 December 2016 | 1,641,468 | 346,044 |

| Accumulated amortisation: |  |  |

| 1 January 2015 | 64,522 | 62,143 |

| Amortisation for the year | 31,472 | 24,580 |

| Transfer out | (2,762) | (2,762) |

| 31 December 2015 | 92,232 | 83,961 |

| Amortisation for the year | 49,961 | 24,722 |

| Disposals | (886) | (886) |

| 31 December 2016 | 142,307 | 107,797 |

| Net book value: |  |  |

| 31 December 2015 | 773,056 | 253,043 |

| 31 December 2016 | 1,499,161 | 238,247 |

| Amortisation for the year |  |  |

| 2015 (Baht 7 million included in cost of services and cost of rental, and the balance in administrative expenses)  (the Company only: Baht 25 million included in administrative expenses) | 31,472 | 24,580 |

| 2016 (Baht 25 million included in cost of services and cost of rental, and the balance in administrative expenses)  (the Company only: Baht 25 million included in administrative expenses) | 49,961 | 24,722 |



|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Rental deposit receivables - related parties | 164 | 164 | 5,001 | 4,211 |

| Prepaid construction costs | 3,274 | 4,301 | - | - |

| Deposits | 302,050 | 273,754 | 163,675 | 156,186 |

| Other | 1,505 | 222 | - | - |

| Total | 306,993 | 278,441 | 168,676 | 160,397 |



|  |  |  | Consolidated | Consolidated | Separate | Separate |

|  | Interest rate | Interest rate | financial statements | financial statements | financial statements | financial statements |

|  | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |

|  | (% p.a.) | (% p.a.) |  |  |  |  |

| Bank overdrafts and short-term loans                     from financial institutions | Bank overdrafts and short-term loans                     from financial institutions |  |  |  |  |  |

| Bank overdrafts | MOR | - | 3,278 | - | - | - |

| Trust receipts | 2.25 - 2.75 | 2.65 - 2.90 | 759,230 | 904,258 | 759,230 | 904,258 |

| Promissory notes | 2.25 - 3.53, | 2.71 - 4.20 | 1,171,128 | 1,545,500 | 1,161,128 | 1,103,000 |

|  | MLR-1 |  |  |  |  |  |

|  |  |  | 1,933,636 | 2,449,758 | 1,920,358 | 2,007,258 |

| Short-term loans |  |  |  |  |  |  |

| Bills of exchange | 2.10 - 4.50 | 3.10 - 3.30 | 2,395,000 | 860,000 | 1,410,000 | 400,000 |

| Less: Prepaid interest |  |  | (10,807) | - | (4,811) | - |

| Net |  |  | 2,384,193 | 860,000 | 1,405,189 | 400,000 |



|  | 2016 | 2015 |

| Currencies | (Million) | (Million) |

| Baht | 1,763 | 1,376 |

| USD | 2 | 2 |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated                     financial statements | Consolidated                     financial statements | Separate                          financial statements | Separate                          financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Trade payables - related party | - | 3,209 | - | 3,209 |

| Trade payables - unrelated parties | 465,153 | 160,204 | 162,009 | 125,540 |

| Accrued interest to unrelated parties | 10,082 | - | 3,786 | - |

| Other payables - related parties | 2 | - | 12,672 | 2,040 |

| Other payables - unrelated parties | 94,964 | 33,248 | 25,908 | 33,193 |

| Construction payable | 11,365 | - | - | - |

| Accrued expenses - related parties | 2,586 | - | 4,880 | 6,792 |

| Accrued expenses - unrelated parties | 133,470 | 97,136 | 52,357 | 36,631 |

| Total | 717,622 | 293,797 | 261,612 | 207,405 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated                    financial statements | Consolidated                    financial statements |

|  | 2016 | 2015 |

| Liabilities under finance lease agreements | 632 | 1,096 |

| Less: Deferred interest expenses | (30) | (82) |

| Total | 602 | 1,014 |

| Less: Portion due within one year | (405) | (412) |

| Liabilities under finance lease agreements - net of current portion | 197 | 602 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 |

|  | Less than 1 year | 1 - 4 years | Total |

| Future minimum lease payments | 432 | 200 | 632 |

| Deferred interest expenses | (27) | (3) | (30) |

| Present value of future minimum lease payments | 405 | 197 | 602 |

| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | As at 31 December 2015 | As at 31 December 2015 | As at 31 December 2015 |

|  | Less than 1 year | 1 - 4 years | Total |

| Future minimum lease payments | 464 | 632 | 1,096 |

| Deferred interest expenses | (52) | (30) | (82) |

| Present value of future minimum lease payments | 412 | 602 | 1,014 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Interest rate |  | Consolidated                                      financial statements | Consolidated                                      financial statements | Separate                                     financial statements | Separate                                     financial statements |

| Loan | (%) | Repayment schedule | 2016 | 2015 | 2016 | 2015 |

| 1 | MLR minus 2.375% | Repayment of principal and interest monthly of Baht 3 million as from March 2012 to March 2021 | 138,783 | 168,108 | 138,783 | 168,108 |

| 2 | MLR minus 2.375% | Repayment of principal and interest monthly of Baht 3.85 million, as from on October 2014 to September 2021 | 175,264 | 213,017 | - | - |

| 3 | MLR minus 1% | Repayment of principal and interest monthly of Baht 2.85 million, as from February 2016 to July 2024 | 258,650 | 290,000 | - | - |

| 4 | 3.40 | Repayment of principal and interest every 3 months for seventh installments. First and second installment repayments are 20% of total withdrawal amount, third to seventh installments repayment are 12% of total withdrawal amount and repay within 24 months starting after first withdrawal | - | 204,782 | - | - |

| 5 | THBFIX plus 1.35% | Repayment of principal and interest every 3 months for seventh installments. First and second installment repayment are 20% of total withdrawal amount, third to seventh installments repayment are 12% of total withdrawal amount and repay within 24 months starting after first withdrawal | 101,280 | 211,000 | - | - |

| 6 | Period 1st - 24th: MLR minus 2%  Period 24th onwards: MLR minus 1.50% | Repayment of principal and interest monthly of Baht 4.83 million, as from January 2018 to June 2026 | 400,000 | - | - | - |

| 7 | 6-month THBFIX plus 1.35% | Repayment of principal for        twelve installments. First to eleventh installment repayment are Baht 41.67 million of total withdrawal amount, and twelfth installment repayment all remaining, as from March 2017 to December 2019 | 500,000 | - | 500,000 | - |

| Total |  |  | 1,573,977 | 1,086,907 | 638,783 | 168,108 |

| Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee | (2,083) | - | (2,083) | - |

| Long-term loans - net of current portion | Long-term loans - net of current portion | Long-term loans - net of current portion | 1,571,894 | 1,086,907 | 636,700 | 168,108 |

| Less: Current portion | Less: Current portion | Less: Current portion | (371,740) | (412,289) | (196,696) | (29,030) |

| Long-term loans - net of current portion | Long-term loans - net of current portion | Long-term loans - net of current portion | 1,200,154 | 674,618 | 440,004 | 139,078 |



|  |  | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Separate                   financial statements |

| Balance as at 1 January 2016 | 1,086,907 | 168,108 |

| Add: Additional borrowing | 900,000 | 500,000 |

| Less: Payment for borrowing | (412,930) | (29,325) |

| Balance as at 31 December 2016 | 1,573,977 | 638,783 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  |  |  |  | Interest | Number of | Consolidated financial statement | Consolidated financial statement |

| Debentures | Terms | Date of issuance | Due date | rate | debentures | 2016 | 2015 |

|  |  |  |  | (% p.a.) | (Thousand units) |  |  |

| 1 | 2 years | 23 July 2015 | 24 July 2017 | 4.40 | 400 | 400,000 | 400,000 |

| 2 | 2 years | 11 September 2015 | 11 September 2017 | 4.35 | 100 | 100,000 | 100,000 |

| 3 | 2 years | 22 October 2015 | 5 November 2017 | 4.30 | 110 | 110,000 | 110,000 |

| 4 | 3 years | 17 June 2016 | 17 June 2019 | 4.00 | 300 | 300,000 | - |

| 5 | 2 years | 26 July 2016 | 30 July 2018 | 3.40 | 100 | 100,000 | - |

| 6 | 3 years | 29 July 2016 | 29 July 2019 | 3.85 | 150 | 150,000 | - |

| 7 | 3 years | 15 November 2016 | 15 November 2019 | 3.85 | 200 | 200,000 | - |

| 8 | 3 years | 18 November 2016 | 18 November 2019 | 3.85 | 150 | 150,000 | - |

| 9 | 3 years | 16 December 2016 | 16 December 2019 | 3.85 | 600 | 600,000 | - |

| Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | 2,110,000 | 610,000 |

| Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee |  | (3,564) | - |

| Total debentures - net | Total debentures - net | Total debentures - net |  |  |  | 2,106,436 | 610,000 |

| Less: Current portion | Less: Current portion | Less: Current portion |  |  |  | (609,398) | - |

| Total debentures - net of current portion | Total debentures - net of current portion | Total debentures - net of current portion |  |  |  | 1,497,038 | 610,000 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  |  |  |  | Interest | Number of | Separate financial statement | Separate financial statement |

| Debentures | Terms | Date of issuance | Due date | rate | debentures | 2016 | 2015 |

|  |  |  |  | (% p.a.) | (Thousand units) |  |  |

| 1 | 3 years | 15 November 2016 | 15 November 2019 | 3.85 | 200 | 200,000 | - |

| 2 | 3 years | 18 November 2016 | 18 November 2019 | 3.85 | 150 | 150,000 | - |

| 3 | 3 years | 16 December 2016 | 16 December 2019 | 3.85 | 600 | 600,000 | - |

| Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | Total debentures - par value | 950,000 | - |

| Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee | Less: Deferred financial fee |  | (1,861) | - |

| Total debentures - net | Total debentures - net | Total debentures - net |  |  |  | 948,139 | - |



|  | Consolidated | Separate |

|  | financial statements | financial statements |

| Balance as at 1 January 2016 | 610,000 | - |

| Add: Issuance of debentures during the year | 1,500,000 | 950,000 |

| Balance as at 31 December 2016 | 2,110,000 | 950,000 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Provision for long-term employee benefits |  |  |  |  |

| at beginning of year | 27,882 | 21,077 | 20,575 | 16,704 |

| Included in profit or loss: |  |  |  |  |

| Current service cost | 3,373 | 770 | 1,879 | 296 |

| Interest cost | 881 | 342 | 609 | 141 |

| Included in other comprehensive income: |  |  |  |  |

| Actuarial (gain) loss arising from |  |  |  |  |

| Demographic assumptions changes | - | (3,337) | - | 912 |

| Financial assumptions changes | - | 8,419 | - | 5,629 |

| Experience adjustments | - | 611 | - | (3,107) |

| Benefits paid during the year | (1,991) | - | (191) | - |

| Provision for long-term employee benefits at     end of year | 30,145 | 27,882 | 22,872 | 20,575 |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Cost of rental and services | 246 | 131 | - | - |

| Selling and administrative expenses | 4,008 | 981 | 2,488 | 437 |

| Total expenses recognised in profit or loss | 4,254 | 1,112 | 2,488 | 437 |



|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Discount rate | 2.57 - 3.81 | 2.57 - 3.81 | 2.71 | 2.71 |

| Salary increase rate | 8.08 - 9.94 | 8.08 - 9.94 | 8.08 | 8.08 |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | 31 December 2016 | 31 December 2016 | 31 December 2016 | 31 December 2016 |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | Increase 0.5% | Decrease 0.5% | Increase 0.5% | Decrease 0.5% |

| Discount rate | (1,060) | 1,122 | (757) | 799 |

| Salary increase rate | 1,158 | (1,103) | 842 | (805) |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | 31 December 2015 | 31 December 2015 | 31 December 2015 | 31 December 2015 |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | Increase 0.5% | Decrease 0.5% | Increase 0.5% | Decrease 0.5% |

| Discount rate | (1,022) | 1,083 | (761) | 804 |

| Salary increase rate | 991 | (947) | 739 | (708) |



| (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Rental deposit - related parties | - | - | 4,923 | 4,374 |

| Rental deposit - unrelated parties | 149,044 | 130,712 | 6,432 | 7,010 |

| Deposit from employees | 10,587 | 2,185 | 1,771 | 1,755 |

| Others | 837 | - | 837 | - |

| Total | 160,468 | 132,897 | 13,963 | 13,139 |



| Reconcile of number of ordinary shares |  |

|  | (Unit: share) |

|  | Consolidated/Separate  financial statements |

| Registered ordinary shares |  |

| Number of ordinary shares as at 1 January 2016 | 734,257,706 |

| Decrease in the Company’s registered share from resolution of the Extraordinary General Meeting of the Company’s shareholders No. 1/2016 | (209,794,600) |

| Increase in the Company’s registered share from resolution of the Extraordinary General Meeting of the Company’s shareholders No. 1/2016 | 104,892,621 |

| Number of ordinary shares as at 31 December 2016 | 629,355,727 |

| Issued and paid-up ordinary shares |  |

| Number of ordinary shares as at 1 January 2016 | 524,463,106 |

| Increase during the year | 104,892,516 |

| Number of ordinary shares as at 31 December 2016 | 629,355,622 |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Salaries and wages and other employee benefits | 692,610 | 545,309 | 335,205 | 293,713 |

| Depreciation | 160,398 | 139,437 | 117,504 | 109,787 |

| Amortisation expenses | 62,386 | 40,560 | 30,071 | 28,897 |

| Assets written-off | 10,277 | 20,893 | 9,546 | 20,882 |

| Allowance for diminution in value of inventories | (6,123) | 1,762 | (6,123) | 1,762 |

| Promotion expense | 286,692 | 168,864 | 192,112 | 199,049 |

| Rental expenses from operating lease agreements | 658,400 | 545,934 | 330,979 | 274,656 |

| Advertising expenses | 3,333 | 1,878 | 200 | 72 |

| Changes in inventories of finished goods | 142,481 | (177,092) | 142,612 | (177,092) |

| Purchases of finished goods | 7,763,731 | 7,528,233 | 7,763,600 | 7,528,233 |



|  |  |  | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Current income tax: |  |  |  |  |

| Interim corporate income tax charge | 135,156 | 102,267 | 82,409 | 139,771 |

| Deferred tax: |  |  |  |  |

| Relating to origination and reversal     of temporary differences | (15,149) | (11,059) | 1,633 | (455) |

| Income tax expense reported in     the statements of comprehensive income | 120,007 | 91,208 | 84,042 | 139,316 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Deferred tax on actuarial gain | - | (1,059) | - | (687) |

| Deferred tax on gain from    revaluation of land | - | 8,312 | - | 8,312 |

|  | - | 7,253 | - | 7,625 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Consolidated  financial statements | Consolidated  financial statements | Separate  financial statements | Separate  financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

|  |  |  |  |  |

| Accounting profit before tax | 624,234 | 451,984 | 511,040 | 766,765 |

|  |  |  |  |  |

| Applicable tax rate | 20% | 20% | 20% | 20% |

| Accounting profit before tax multiplied by income tax rate | 124,847 | 90,397 | 102,208 | 153,353 |

| Temporary differences and unused tax losses which deferred tax asset have not 	been recognised | 29,679 | 4,328 | - | - |

| Effects of: |  |  |  |  |

| Change in value of investment accounted for the equity method | 10,802 | 11,882 | - | - |

| Additional revenues | 45,701 | 63,422 | - | - |

| Exempt income | (13,615) | (13,762) | (13,615) | (13,762) |

| Non-deductible expenses | 1,168 | 854 | 310 | 304 |

| Additional expense deductions allowed | (78,575) | (65,913) | (4,861) | (579) |

| Total | (34,519) | (3,517) | (18,166) | (14,037) |

| Income tax expense reported in the statement of comprehensive income | 120,007 | 91,208 | 84,042 | 139,316 |



|  | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) | (Unit: Thousand Baht) |

|  | Statements of financial position | Statements of financial position | Statements of financial position | Statements of financial position |

|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Deferred tax assets |  |  |  |  |

| Allowance for doubtful accounts | 157 | 1,284 | 62 | 1,271 |

| Allowance for diminution in value of inventories | 1,725 | 2,767 | 1,725 | 2,767 |

| Allowance for doubtful accounts from hire-purchase |  |  |  |  |

| receivable | 1,036 | 918 | - | - |

| Allowance for doubtful accounts from loans to |  |  |  |  |

| customers | 7,753 | 1,873 | - | - |

| Allowance for doubtful accounts from loans |  |  |  |  |

| receivable from purchase of accounts receivable | 20,490 | 20,426 | - | - |

| Allowance for asset impairment | 1,120 | 1,280 | - | - |

| Allowance for doubtful account from loan to |  |  |  |  |

| employees | 133 | 94 | - | - |

| Accrued cost rental under long-term leases | 9,130 | 5,257 | 1,925 | 2,020 |

| Provision for long-term employee benefits | 5,774 | 5,471 | 4,574 | 4,115 |

| Provisions | 254 | - | 254 | - |

| Unused tax loss | 7,732 | - | - | - |

| Total | 55,304 | 39,370 | 8,540 | 10,173 |

| Deferred tax liabilities |  |  |  |  |

| Investment property at fair value | 13,737 | 12,599 | - | - |

| Surplus on revaluation of land | 14,419 | 14,419 | 14,419 | 14,419 |

| Share of profit from investment in associate | - | 3,233 | - | - |

| Cost of issuing debentures | 353 | 321 | - | - |

| Accrued cost rental under long-term lease recorded as asset | 2,848 | - | - | - |

| Total | 31,357 | 30,572 | 14,419 | 14,419 |

| Deferred tax assets (liabilities) - net | 23,947 | 8,798 | (5,879) | (4,246) |

| Transaction in statements of financial position |  |  |  |  |

| Deferred tax assets | 30,124 | 23,914 | - | - |

| Deferred tax liabilities | (6,177) | (15,116) | (5,879) | (4,246) |

| Deferred tax assets (liabilities) - net | 23,947 | 8,798 | (5,879) | (4,246) |



|  | Consolidated            financial statements | Consolidated            financial statements | Separate               financial statements | Separate               financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

|  |  | (Restated) |  | (Restated) |

| Profit attributable to equity holders       of the Company (Thousand Baht) | 438,252 | 322,637 | 426,997 | 627,449 |

| Weighted average number of ordinary shares (Thousand shares) | 629,356 | 629,356 | 629,356 | 629,356 |

| Earnings per share (Baht per share) | 0.70 | 0.51 | 0.68 | 1.00 |



|  | For year ended 31 December 2016 | For year ended 31 December 2016 | For year ended 31 December 2016 | For year ended 31 December 2016 | For year ended 31 December 2016 | For year ended 31 December 2016 |

|  | Trading | Debt collection | Rental | Total reportable |  | Consolidated financial |

|  | business | business | business | segments | Eliminations | statements |

| Revenue |  |  |  |  |  |  |

| External customers | 9,082,327 | 1,093,915 | 524,714 | 10,700,956 | - | 10,700,956 |

| Inter-segment | 870 | 57,195 | 20,464 | 78,529 | (78,529) | - |

| Total revenue | 9,083,197 | 1,151,110 | 545,178 | 10,779,485 | (78,529) | 10,700,956 |

| Results |  |  |  |  |  |  |

| Gross profit | 1,183,108 | 747,570 | 98,217 | 2,028,895 | (57,128) | 1,971,767 |

| Sales promotion income |  |  |  |  |  | 437,961 |

| Other income |  |  |  |  |  | 74,011 |

| Loss on fair value adjustment of |  |  |  |  |  |  |

| investment property | investment property | investment property | investment property |  |  | (9,058) |

| Reversal of allowance for impairment assets | Reversal of allowance for impairment assets | Reversal of allowance for impairment assets | Reversal of allowance for impairment assets |  |  | 800 |

| Selling expenses |  |  |  |  |  | (836,549) |

| Administrative expenses |  |  |  |  |  | (857,109) |

| Finance cost |  |  |  |  |  | (175,649) |

| Share of profit from investment in associates | Share of profit from investment in associates |  |  |  |  | 18,060 |

| Income tax expenses |  |  |  |  |  | (120,007) |

| Profit for the year |  |  |  |  |  | 504,227 |



|  | For the year ended 31 December 2015 | For the year ended 31 December 2015 | For the year ended 31 December 2015 | For the year ended 31 December 2015 | For the year ended 31 December 2015 | For the year ended 31 December 2015 |

|  | Trading | Debt collection | Rental | Total reportable |  | Consolidated financial |

|  | business | business | business | segments | Eliminations | statements |

| Revenue |  |  |  |  |  |  |

| External customers | 8,330,257 | 694,875 | 485,858 | 9,510,990 | - | 9,510,990 |

| Inter-segment | 21,358 | 6,300 | 20,141 | 47,799 | (47,799) | - |

| Total revenue | 8,351,615 | 701,175 | 505,999 | 9,558,789 | (47,799) | 9,510,990 |

| Results |  |  |  |  |  |  |

| Gross profit | 998,712 | 383,421 | 116,886 | 1,499,019 | (44,751) | 1,454,268 |

| Sales promotion income |  |  |  |  |  | 357,878 |

| Other income |  |  |  |  |  | 80,197 |

| Gain on fair value adjustment of investment property | Gain on fair value adjustment of investment property | Gain on fair value adjustment of investment property | Gain on fair value adjustment of investment property |  |  | 8,187 |

| Reversal of allowance for impairment assets | Reversal of allowance for impairment assets | Reversal of allowance for impairment assets | Reversal of allowance for impairment assets |  |  | 14,600 |

| Selling expenses |  |  |  |  |  | (764,739) |

| Administrative expenses |  |  |  |  |  | (561,202) |

| Finance cost |  |  |  |  |  | (135,644) |

| Share of loss from investment in associates | Share of loss from investment in associates |  |  |  |  | (1,561) |

| Income tax expenses |  |  |  |  |  | (91,208) |

| Profit for the year |  |  |  |  |  | 360,776 |



| Dividends | Approved by | Total dividends | Dividend per share |

|  |  | (Million Baht) | (Baht) |

| Final dividends for 2015 | Annual General Meeting of the shareholders on | 246 | 0.4700 |

|  | 8 April 2016 |  |  |

| Interim dividends for the operating results for the period as from 1 January 2016 to 30 June 2016 | Extraordinary General Meeting of the shareholders          No. 1/2016 on | 12 | 0.0222 |

|  | 14 October 2016 |  |  |

| Total dividends payment |  | 258 | 0.4922 |

| Interim stock dividend for          the operating result for the period as from 1 January 2016 to 30 June 2016 | Extraordinary General Meeting of the shareholders                      No. 1/2016 on | 105 | 0.2000 |

|  | 14 October 2016 |  |  |

| Total for 2016 |  | 363 | 0.6922 |

|  |  |  |  |

| Final dividends for 2014 | Annual General Meeting  of the shareholders on  9 April 2015 | 131 | 0.2500 |

| Total for 2015 |  | 131 | 0.2500 |



|  | Consolidated financial statements | Consolidated financial statements | Separate financial statements | Separate financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Construction of projects | Baht 52.60 million | - | - | - |

| Purchase land for development of future project agreements | Baht 93.40 million | - | - | - |

| Installation and development system agreements | Baht 4.48 million | Baht 2.69 million | Baht 4.48 million | Baht 1.51 million |

| Acquisition of computer software | JPY 650 million | - | - | - |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Consolidated                financial statements | Consolidated                financial statements | Separate                 financial statements | Separate                 financial statements |

|  | 2016 | 2015 | 2016 | 2015 |

| Payables: |  |  |  |  |

| In up to 1 year | 548 | 507 | 271 | 240 |

| In over 1 and up to 5 years | 532 | 528 | 266 | 235 |

| In over 5 years | 493 | 149 | 42 | 47 |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 |

|  | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements |

|  | Level 1 | Level 2 | Level 3 | Total |

| Assets measured at fair value |  |  |  |  |

| Land | - | 156 | - | 156 |

| Investment property | - | - | 507 | 507 |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 |

|  | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements |

|  | Level 1 | Level 2 | Level 3 | Total |

| Asset for which fair value is disclosed |  |  |  |  |

| Investment in associate | 776 | - | - | 776 |

| Liabilities for which fair value are disclosed |  |  |  |  |

| Debentures | - | 2,111 | - | 2,111 |

| Derivative |  |  |  |  |

| Interest rate swap agreement | - | 3 | - | 3 |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | As at 31 December 2015 | As at 31 December 2015 | As at 31 December 2015 | As at 31 December 2015 |

|  | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements | Consolidated Financial Statements |

|  | Level 1 | Level 2 | Level 3 | Total |

| Assets measured at fair value |  |  |  |  |

| Investment in unit trust | - | 200 | - | 200 |

| Land | - | 156 | - | 156 |

| Investment property | - | - | 516 | 516 |

| Asset for which fair value is disclosed |  |  |  |  |

| Investment in associate | 597 | - | - | 597 |

| Derivative |  |  |  |  |

| Foreign currency forward contracts | - | 1 | - | 1 |

| Liability for which fair value is disclosed |  |  |  |  |

| Debentures | - | 612 | - | 612 |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 |

|  | Separate Financial Statements | Separate Financial Statements | Separate Financial Statements | Separate Financial Statements |

|  | Level 1 | Level 2 | Level 3 | Total |

| Asset measured at fair value |  |  |  |  |

| Land | - | 156 | - | 156 |

| Asset for which fair value is disclosed |  |  |  |  |

| Investment in associate | 776 | - | - | 776 |

| Liabilities for which fair value are disclosed |  |  |  |  |

| Debentures | - | 949 | - | 949 |

| Derivative |  |  |  |  |

| Interest rate swap agreement | - | 3 | - | 3 |



| (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | As at 31 December 2015 | As at 31 December 2015 | As at 31 December 2015 | As at 31 December 2015 |

|  | Separate Financial Statements | Separate Financial Statements | Separate Financial Statements | Separate Financial Statements |

|  | Level 1 | Level 2 | Level 3 | Total |

| Asset measured at fair value |  |  |  |  |

| Land | - | 156 | - | 156 |

| Assets for which fair value are disclosed |  |  |  |  |

| Investment in associate | 597 | - | - | 597 |

| Derivative |  |  |  |  |

| Foreign currency forward contracts | - | 1 | - | 1 |



|  |  |  |  |  | (Unit: Million Baht) | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Consolidated financial statement as at 31 December 2016 | Consolidated financial statement as at 31 December 2016 | Consolidated financial statement as at 31 December 2016 | Consolidated financial statement as at 31 December 2016 | Consolidated financial statement as at 31 December 2016 | Consolidated financial statement as at 31 December 2016 |  |

|  | Fixed interest rates | Fixed interest rates | Fixed interest rates |  |  |  |  |

|  | Within | 1-5 | Over | Floating | Non-interest |  | Effective |

|  | 1 year | years | 5 years | interest rate | bearing | Total | interest rate |

|  |  |  |  |  |  |  | (% per annum) |

| Financial assets |  |  |  |  |  |  |  |

| Cash and cash equivalent | - | - | - | 647 | 197 | 844 | 0.10 - 0.375 |

| Trade and other receivables | - | - | - | - | 355 | 355 | - |

| Restricted bank deposits | 2 | - | - | - | - | 2 | 2.00 |

| Hire purchase receivables | 6 | 2 | - | - | - | 8 | 4.00 - 14.00 |

| Loans to customers | 1,823 | 331 | - | - | - | 2,154 | 17.28 - 27.86 |

| Loans receivable from purchase of accounts receivable | - | - | - | 3,438 | - | 3,438 | Note 17 |

| Financial liabilities |  |  |  |  |  |  |  |

| Bank overdrafts and short-term loans from financial institutions | 1,921 | - | - | 13 | - | 1,934 | 2.25 - 7.38 |

| Trade and other payables | - | - | - | - | 718 | 718 | - |

| Short-term loans | 2,384 | - | - | - | - | 2,384 | 2.10 - 4.50 |

| Liabilities under finance lease agreements | 1 | - | - | - | - | 1 | 6.89 |

| Long-term loans | - | - | - | 1,572 | - | 1,572 | 2.10 - 5.25 |

| Debentures | 610 | 1,497 | - | - | - | 2,107 | 3.40 - 4.40 |



|  |  |  |  |  | (Million Baht) | (Million Baht) | (Million Baht) |

|  | Consolidated financial statement as at 31 December 2015 | Consolidated financial statement as at 31 December 2015 | Consolidated financial statement as at 31 December 2015 | Consolidated financial statement as at 31 December 2015 | Consolidated financial statement as at 31 December 2015 | Consolidated financial statement as at 31 December 2015 |  |

|  | Fixed interest rates | Fixed interest rates | Fixed interest rates |  |  |  |  |

|  | Within | 1-5 | Over | Floating | Non- interest |  | Effective |

|  | 1 year | years | 5 years | interest rate | bearing | Total | interest rate |

|  |  |  |  |  |  |  | (% per annum) |

| Financial assets |  |  |  |  |  |  |  |

| Cash and cash equivalent | - | - | - | 30 | 139 | 169 | 0.10 - 0.50 |

| Current investments | - | - | - | - | 200 | 200 | - |

| Trade and other receivables | - | - | - | - | 315 | 315 | - |

| Restricted bank deposits | 2 | - | - | - | - | 2 | 0.50 - 2.13 |

| Hire purchase receivables | 9 | 14 | - | - | - | 23 | 4.00 - 14.00 |

| Loans to customers | 314 | 304 | - | - | - | 618 | 17.28 - 27.86 |

| Loans receivable from purchase of accounts receivable | - | - | - | 2,830 | - | 2,830 | Note 17 |

| Financial liabilities |  |  |  |  |  |  |  |

| Bank overdrafts and short-term loans from financial institutions | 2,450 | - | - | - | - | 2,450 | 2.65 - 4.20 |

| Trade and other payables | - | - | - | - | 294 | 294 | - |

| Short-term loans | 860 | - | - | - | - | 860 | 3.10 - 3.30 |

| Liabilities under finance lease agreements | - | 1 | - | - | - | 1 | 6.89 |

| Long-term loans | 205 | - | - | 882 | - | 1,087 | 2.78 - 5.75 |

| Debentures | - | 610 | - | - | - | 610 | 4.30 - 4.40 |



|  |  |  |  |  | (Million Baht) | (Million Baht) | (Million Baht) |

|  | Separate financial statement as at 31 December 2016 | Separate financial statement as at 31 December 2016 | Separate financial statement as at 31 December 2016 | Separate financial statement as at 31 December 2016 | Separate financial statement as at 31 December 2016 | Separate financial statement as at 31 December 2016 |  |

|  | Fixed interest rates | Fixed interest rates | Fixed interest rates |  |  |  |  |

|  | Within | 1-5 | Over | Floating | Non- interest |  | Effective |

|  | 1 year | years | 5 years | interest rate | bearing | Total | interest rate |

|  |  |  |  |  |  |  | (% per annum) |

| Financial assets |  |  |  |  |  |  |  |

| Cash and cash equivalent | - | - | - | 8 | 99 | 107 | 0.10 - 0.375 |

| Trade and other receivables | - | - | - | - | 337 | 337 | - |

| Short-term loans to subsidiaries | 1,029 | - | - | - | - | 1,029 | 2.84 - 2.92 |

| Financial liabilities |  |  |  |  |  |  |  |

| Bank overdrafts and short-term loans from financial institutions | 1,920 | - | - | - | - | 1,920 | 2.25 - 3.53 |

| Trade and other payables | - | - | - | - | 262 | 262 | - |

| Short-term loans | 1,405 | - | - | - | - | 1,405 | 2.10 - 2.30 |

| Long-term loans | - | - | - | 637 | - | 637 | 2.84 - 4.23 |

| Debentures | - | 948 | - | - | - | 948 | 3.85 |



|  |  |  |  |  | (Million Baht) | (Million Baht) | (Million Baht) |

|  | Separate financial statement as at 31 December 2015 | Separate financial statement as at 31 December 2015 | Separate financial statement as at 31 December 2015 | Separate financial statement as at 31 December 2015 | Separate financial statement as at 31 December 2015 | Separate financial statement as at 31 December 2015 |  |

|  | Fixed interest rates | Fixed interest rates | Fixed interest rates |  |  |  |  |

|  | Within | 1-5 | Over | Floating | Non- interest |  | Effective |

|  | 1 year | years | 5 years | interest rate | bearing | Total | interest rate |

|  |  |  |  |  |  |  | (% per annum) |

| Financial assets |  |  |  |  |  |  |  |

| Cash and cash equivalent | - | - | - | 13 | 85 | 98 | 0.10 - 0.50 |

| Trade and other receivables | - | - | - | - | 310 | 310 | - |

| Financial liabilities |  |  |  |  |  |  |  |

| Bank overdrafts and short-term loans from financial institutions | 2,007 | - | - | - | - | 2,007 | 2.65 - 3.00 |

| Trade and other payables | - | - | - | - | 207 | 207 | - |

| Short-term loans | 400 | - | - | - | - | 400 | 3.10 - 3.20 |

| Long-term loans | - | - | - | 168 | - | 168 | 4.48 |



| As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2016 |

|  | Principal amount | Interest Revenue Rate Swap agreement | Interest Expense Rate Swap agreement | Termination date |

| 1 | Baht 500 million | Floating rate 6-month THBFIX plus 1.35% | Fixed rate 3.40% | December 2019 |



| Foreign currency | Financial liabilities | Financial liabilities | Average exchange rate | Average exchange rate |

|  | 2016 | 2015 | 2016 | 2015 |

|  | (Thousand) | (Thousand) | (Baht per 1 foreign currency unit) | (Baht per 1 foreign currency unit) |

| USD | - | 255 | - | 36.25 |



| 31 December 2015 | 31 December 2015 | 31 December 2015 | 31 December 2015 |

|  |  | Contractual exchange rate | Contractual exchange rate |

| Foreign currency | Bought amount | Bought amount | Contractual maturity date |

|  | (Thousand) |  |  |

| USD | 904 | 33.34 - 35.80 Baht against USD | May 2016 - October 2016 |



|  |  |  | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Consolidated financial statement | Consolidated financial statement | Consolidated financial statement | Consolidated financial statement |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2015 | As at 31 December 2015 |

|  | Carrying amount | Fair value | Carrying amount | Fair value |

| Financial liability |  |  |  |  |

| Debentures | 2,106 | 2,111 | 610 | 612 |



|  |  |  | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Separate financial statement | Separate financial statement | Separate financial statement | Separate financial statement |

|  | As at 31 December 2016 | As at 31 December 2016 | As at 31 December 2015 | As at 31 December 2015 |

|  | Carrying amount | Fair value | Carrying amount | Fair value |

| Financial liability |  |  |  |  |

| Debentures | 948 | 949 | - | - |



|  | (Unit: Million Baht) | (Unit: Million Baht) |

|  | Consolidated/Separate financial statement | Consolidated/Separate financial statement |

|  | As at 31 December | As at 31 December |

|  | 2016 | 2015 |

| Derivatives: Gain (loss) |  |  |

| Forward exchange contracts | - | 1 |

| Interest rate swap agreement | (3) | - |