GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED) 31 MARCH 2018
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1 GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED INTERIM CONSOLIDATED AND SEPARATE FINANCIAL INFORMATION (UNAUDITED) 31 MARCH 2018
2 AUDITOR S REPORT ON THE REVIEW OF THE INTERIM FINANCIAL INFORMATION To the Shareholders and the Board of Directors of Gulf Energy Development Public Company Limited I have reviewed the interim consolidated of Gulf Energy Development Public Company Limited and its subsidiaries, and the interim separate of Gulf Energy Development Public Company Limited. These comprise the consolidated and separate statements of financial position as at 31 March 2018, and the related consolidated and separate statements of comprehensive income, changes in equity, and cash flows for the three-month period then ended, and the condensed notes to the interim. Management is responsible for the preparation and presentation of this interim consolidated and separate in accordance with Thai Accounting Standard No. 34, Interim Financial Reporting. My responsibility is to express a conclusion on this interim consolidated and separate based on my review. Scope of review I conducted my review in accordance with the Thai Standard on Review Engagements 2410, Review of interim performed by the independent auditor of the entity. A review of interim consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim consolidated and separate is not prepared, in all material respects, in accordance with Thai Accounting Standard No. 34, Interim Financial Reporting. PricewaterhouseCoopers ABAS Ltd. Somchai Jinnovart Certified Public Accountant (Thailand) No Bangkok 14 May 2018
3 Statements of Financial Position As at 31 March 2018 Unaudited Audited Unaudited Audited 31 March 31 December 31 March 31 December Notes Assets Current assets Cash and cash equivalents 7 15,144,877,525 20,222,174,961 8,876,273,317 14,747,550,080 Short-term investment 8 4,000,000,000-4,000,000,000 - Deposits at financial institutions used as collateral 9 450,125,590 90,000, Current portion of financial derivative assets 24,197 3,578, Trade accounts receivable ,314,053,955 1,659,512, Trade accounts receivable from related parties 10.2, ,105, ,368,000 Current portion of amount due from related parties ,211, ,500 Other accounts receivable 92, ,963 61, ,776 Prepaid expenses 105,875, ,024,932 6,964,334 7,260,154 Current portion of advance payments under service agreements 125,880,502 98,813, Current portion of advance payments to a related party ,982,065 Current portion of interest receivable from related parties ,806 Spare parts 5,275, , Available-for-sale investments expected to be sold within one year 11 33,866, ,801,728 4,691, ,054,415 Refundable value added tax 1,925,013,847 1,764,390,383-5,701,930 Other current assets 278,548, ,408,745 68,556,186 48,722,545 Total current assets 24,383,635,596 24,943,796,158 13,081,863,989 15,400,008,271 Director Date The condensed notes to the interim on pages 13 to 42 are an integral part of this interim financial information. 2
4 Statements of Financial Position As at 31 March 2018 Unaudited Audited Unaudited Audited 31 March 31 December 31 March 31 December Notes Assets (continued) Non-current assets Deposits at financial institutions used as collateral 9-86,974, Financial derivative assets - 17, Amount due from related parties ,256,067 74,867,010 Prepaid expenses 3,299,698 9,414, Refundable value added tax 12,614,669 9,686, Advance payments to related parties ,006,063 89,005,863 Long-term loans to related parties 12-37,485,000 2,037,797,017 2,075,282,017 Interest receivable from related parties , ,604, ,832,657 Available-for-sale investments 11 1,927,678,783 1,984,969, Investment in subsidiaries, net ,151,714,043 5,891,714,033 Investment in an associate ,735,037,176 20,435,620,951 17,687,559,481 17,687,559,481 Investment in a joint venture ,499,185 2,983, ,527,480 6,002,493 Land deposit, net 4,996,125 4,996, Advance payments for land and power plant construction 1,397,004,338 1,817,779, Advance payments under service agreements 182,073, ,123, Investment property, net 97,595,587 97,595,587 29,704,500 29,704,500 Property, plant and equipment, net 14 55,549,122,304 50,547,133,540 1,827,346 1,928,779 Intangible assets, net 15 22,032,643 22,409, , ,649 Deferred financing fee 111,287, ,286, Deferred tax assets, net 326,165, ,171,819 23,369,873 24,292,755 Other non-current assets 10,170,095 10,967,085 8,866,159 8,619,189 Total non-current assets 81,487,577,310 75,708,145,881 27,271,735,209 26,031,327,426 Total assets 105,871,212, ,651,942,039 40,353,599,198 41,431,335,697 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim financial information. 3
5 Statements of Financial Position As at 31 March 2018 Unaudited Audited Unaudited Audited 31 March 31 December 31 March 31 December Notes Liabilities and equity Current liabilities Current portion of financial derivative liabilities 56,992,769 60,005, Trade accounts payable 849,680, ,913, Other accounts payable 171,431, ,787,437 8,481,947 67,423,039 Amount due to related parties ,037 6,305, ,037 5,345,803 Share subscription payable ,255,450 3,255,450 Accounts payable for power plant construction 2,995,380,869 2,206,722, Interest payable 89,758,178 56,291,919 14,465,756 64,174,479 Short-term loans from financial institutions ,000, ,000, Current portion of long-term loans from financial institutions, net 17 3,517,079,124 2,460,245, Accrued expenses 850,787, ,966, ,262, ,083,861 Corporate income tax payable 854, Other current liabilities 225,410, ,725,487 17,859,834 10,803,941 Total current liabilities 8,915,350,147 7,046,961, ,299, ,086,573 Non-current liabilities Financial derivative liabilities 10,820,123 7,022, Long-term loans from financial institutions, net 17 48,342,258,948 47,914,009, ,323,786 Debenture, net 18 5,941,018,967 5,983,541,521 5,941,018,967 5,983,541,521 Retention 48,068,360 47,997, Provision for decommissioning costs 304,771, ,074, Deferred tax liabilities, net 22, , Employee benefit obligations 105,990, ,973,567 95,536,401 92,254,367 Total non-current liabilities 54,752,951,603 54,256,729,735 6,036,555,368 7,064,119,674 Total liabilities 63,668,301,750 61,303,691,122 6,305,854,549 7,417,206,247 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim financial information. 4
6 Statements of Financial Position As at 31 March 2018 Unaudited Audited Unaudited Audited 31 March 31 December 31 March 31 December Notes Liabilities and equity (continued) Equity Share capital 19 Authorised share capital 2,133,300,000 ordinary shares at a par value of 5 each 10,666,500,000 10,666,500,000 10,666,500,000 10,666,500,000 Issued and paid-up share capital 2,133,300,000 ordinary shares at paid-up of 5 each 10,666,500,000 10,666,500,000 10,666,500,000 10,666,500,000 Share premium 19 20,889,295,058 20,889,295,058 20,889,295,058 20,889,295,058 Surplus from business combination under common control (316,239,277) (316,239,277) - - Appropriated retained earnings - legal reserve 20 88,225,070 86,512,524 88,225,070 86,512,524 Unappropriated retained earnings 3,641,063,514 1,935,038,462 2,403,708,206 2,371,169,838 Changes in proportion of investment/interests in subsidiaries 1,489,752,705 1,432,424, Other components of equity 21 (153,098,557) (128,716,475) 16, ,030 Total equity attributable to owners of the parent 36,305,498,513 34,564,814,519 34,047,744,649 34,014,129,450 Non-controlling interests 5,897,412,643 4,783,436, Total equity 42,202,911,156 39,348,250,917 34,047,744,649 34,014,129,450 Total liabilities and equity 105,871,212, ,651,942,039 40,353,599,198 41,431,335,697 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim financial information. 5
7 Statements of Comprehensive Income Unaudited Notes Revenue from sales 3,360,563,126 1,848, Revenue from management fee 12 75,000,000 42,500, ,608, ,865,400 Cost of sales (2,484,337,770) (1,240,023) - - Cost of management fee (45,666,391) (52,506,496) (82,199,503) (73,297,483) Gross profit (loss) 905,558,965 (9,397,906) 128,409, ,567,917 Other income 6,187,049 6,097,477 15,672,946 9,926,644 Interest income 42,029, ,609 63,766,459 31,889,530 Gain on exchange rate, net 608,499, ,587, ,923 17,308 Administrative expenses (230,174,127) (137,963,732) (111,052,364) (46,947,876) Finance costs (470,326,886) (282,484,322) (62,171,398) (204,639,877) Share of profit from an associate and a joint venture 13.2, ,299,974,920 1,234,204, Profit before corporate income tax benefits (expenses) 2,161,749,657 1,180,917,114 35,332,725 10,813,646 Corporate income tax benefits (expenses) 22 3,754,049 30,034,089 (1,081,811) (2,931,318) Profit for the period 2,165,503,706 1,210,951,203 34,250,914 7,882,328 Other Comprehensive income (expenses), net of corporate income tax Items that will not be reclassified to profit or loss Actuarial losses - (7,642,735) - (7,642,735) Items that will be reclassified to profit or loss Change in value of available-for-sale investments (19,750,807) 8,323, ,428 1,070,422 Reclassification adjustments to profit and loss of available-for-sale investments (5,516,076) (2,585,042) (1,145,143) (507,408) Change in value of cash flow hedges (29,071,664) (61,667,097) - - Reclassification adjustments to property, plant and equipment of cash flow hedges 25,939,744 (969,346) - - Currency translation differences 77,071 29, Share of other comprehensive expenses of an associate accounted for using the equity method 13.2 (567,941) (2,313,168) - - Other comprehensive expenses for the period, net of corporate income tax (28,889,673) (66,824,085) (635,715) (7,079,721) Total comprehensive income for the period 2,136,614,033 1,144,127,118 33,615, ,607 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 6
8 Gulf Energy Development Pubic Company Limited Statements of Comprehensive Income Unaudited Note Profit attributable to: Owners of the parent 1,707,737,598 1,107,414,002 34,250,914 7,882,328 Non-controlling interests 457,766, ,537, ,165,503,706 1,210,951,203 34,250,914 7,882,328 Total comprehensive income attributable to: Owners of the parent 1,683,355,516 1,064,386,210 33,615, ,607 Non-controlling interests 453,258,517 79,740, ,136,614,033 1,144,127,118 33,615, ,607 Earnings per share for the owners of the parent: Basic earnings per share The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 7
9 Statements of Changes in Equity Unaudited Equity attributable to owners of the parent Other components of equity Surplus from Changes in Other comprehensive income (expenses) business proportion Share of other Issued and combination of investment/ Retained earnings (deficits) Currency Available- comprehensive Total other Nonpaid-up Share under interests Appropriated Actuarial translation for-sale Cash flow expenses components Total owners controlling Total Note share capital premium common control in subsidiaries legal reserve Unappropriated losses differences investments hedges of an associate of equity of the parent interests equity Opening balance as at 1 January ,795,000,000 - (316,239,277) 1,479,602,084 - (1,409,182,780) - (21,954) (98,549,586) (119,081,153) (10,470,711) (228,123,404) 2,321,056,623 1,461,332,777 3,782,389,400 Call for additional paid-up 305,000, ,000, ,374, ,374,059 Discount from changes in proportion of investment in subsidiaries (15) (15) Transfer actuarial losses (7,642,735) 7,642, ,642, Total comprehensive income for the period ,107,414,002 (7,642,735) 29,728 5,738,533 (38,840,150) (2,313,168) (43,027,792) 1,064,386,210 79,740,908 1,144,127,118 Closing balance as at 31 March ,100,000,000 - (316,239,277) 1,479,602,084 - (309,411,513) - 7,774 (92,811,053) (157,921,303) (12,783,879) (263,508,461) 3,690,442,833 1,941,447,729 5,631,890,562 Opening balance as at 1 January ,666,500,000 20,889,295,058 (316,239,277) 1,432,424,227 86,512,524 1,935,038,462-81,428 (83,673,425) (42,854,282) (2,270,196) (128,716,475) 34,564,814,519 4,783,436,398 39,348,250,917 Call for additional paid-up ,046, ,046,206 Surplus (discount) from changes in interests in subsidiaries ,328, ,328,478 (57,328,478) - Legal reserve ,712,546 (1,712,546) Total comprehensive income for the period ,707,737,598-77,071 (25,161,898) 1,270,686 (567,941) (24,382,082) 1,683,355, ,258,517 2,136,614,033 Closing balance as at 31 March ,666,500,000 20,889,295,058 (316,239,277) 1,489,752,705 88,225,070 3,641,063, ,499 (108,835,323) (41,583,596) (2,838,137) (153,098,557) 36,305,498,513 5,897,412,643 42,202,911,156 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 8
10 Statements of Changes in Equity Unaudited Other components of equity Other comprehensive income (expenses) Issued and Retained earnings Available- Total other paid-up Share Appropriated Actuarial for-sale components Total Note share capital premium legal reserve Unappropriated losses investments of equity equity Opening balance as at 1 January ,795,000, ,121, , ,176 3,543,997,919 Call for additional paid-up 305,000, ,000,000 Transfer actuarial losses (7,642,735) 7,642,735-7,642,735 - Total comprehensive income for the period ,882,328 (7,642,735) 563,014 (7,079,721) 802,607 Closing balance as at 31 March ,100,000, ,361,336-1,439,190 1,439,190 3,849,800,526 Opening balance as at 1 January ,666,500,000 20,889,295,058 86,512,524 2,371,169, , ,030 34,014,129,450 Legal reserve ,712,546 (1,712,546) Total comprehensive income for the period ,250,914 - (635,715) (635,715) 33,615,199 Closing balance as at 31 March ,666,500,000 20,889,295,058 88,225,070 2,403,708,206-16,315 16,315 34,047,744,649 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 9
11 Statements of Cash Flows Unaudited Notes Cash flows from operating activities Profit before corporate income tax benefits (expenses) 2,161,749,657 1,180,917,114 35,332,725 10,813,646 Adjustment to reconcile profit before corporate income tax for cash generated from (used in) operating activities - Gain on disposal of investments in a subsidiary - (123,762) Gain on sales of available-for-sale investments (5,975,462) (3,231,303) (1,431,428) (634,260) - Interest income (42,029,770) (873,609) (63,766,459) (31,889,530) - Gain on exchange rate, net (548,111,358) (337,128,861) Depreciation and amortisation 14,15 291,197,449 1,304, ,760 87,543 - Employee benefit expenses (reversal) 5,017,226 (2,136,030) 3,282,034 (4,295,310) - Finance costs 470,326, ,484,322 62,171, ,639,877 - Share of profit from an associate and a joint venture 13.2, 13.3 (1,299,974,920) (1,234,204,864) - - Cash flow before changes in working capital 1,032,199,708 (112,992,450) 35,730, ,721,966 Changes in working capital (excluding impact from acquisition and disposal of subsidiaries) - Trade accounts receivable (654,540,994) (638,804) Trade accounts receivable from related parties - 35,000, ,263, ,450,000 - Amounts due from related parties - - 5,611,467 (9,022,295) - Other accounts receivable 143,041 (30,580,190) 124, ,398 - Prepaid expenses 18,264,355 (10,922,351) 238, Advance payments under service agreements (19,017,354) (38,720,890) Spare parts (4,421,780) Refundable value added tax (163,551,165) (273,829,184) 5,701, Other current assets (93,757,873) (24,977,760) 1,655,594 (6,428,057) - Other non-current assets 796,990 (77,298) (246,970) (1,000) - Trade accounts payable 344,767, Other accounts payable (114,355,605) 70,339,446 (57,805,492) 6,493,894 - Amount due to related parties (5,331,040) 3,646,669 (4,371,766) 2,593,821 - Accrued expenses 103,821,628 66,300,930 22,178,296 (904,817) - Other current liabilities 77,685,058 15,414,704 7,055,893 15,248,232 Cash generated from (used in) operating activities 522,702,424 (302,037,178) 157,135, ,334,142 - Corporate income tax paid (11,555,321) (13,751,592) (11,456,417) (13,386,733) Net cash generated from (used in) operating activities 511,147,103 (315,788,770) 145,678, ,947,409 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 10
12 Statements of Cash Flows Unaudited Notes Cash flows from investing activities Payments for a short-term investment 8 (4,000,000,000) - (4,000,000,000) - Deposits at financial institutions used as collateral (273,151,190) Proceeds from interest income 32,734,381 9,212,991 67,931,246 8,727,154 Payments for available-for-sales investments - (1,000,000,000) - (110,000,000) Proceeds from available-for-sales investments 826,687,570 1,355,000, ,000, ,000,000 Payments for investment in a subsidiary (1,260,000,010) (210,000,000) Proceeds from sales of investments in a subsidiary - 127, ,500 Advance payments to subsidiaries - - (2,567,397) (2,595,248) Proceeds from advance payments to subsidiaries ,549,262 - Advance payments to a joint venture - (625,807) - (258,096) Proceeds from loans to an associate - 39,590,000-39,590,000 Payments for loans to subsidiaries (229,500,000) Proceed from loans to a joint venture 12 37,485,000-37,485,000 - Payments for losing control of subsidiaries, net - (780,196) - - Payments for additional paid-up capital and newly issued ordinary share of a joint venture 13.3 (105,524,987) - (105,524,987) - Advance payments for land and power plant construction (225,000,000) (1,183,254,028) - - Purchases of property, plant and equipment (3,470,396,054) (3,884,835,565) (1,159,600) (14,860) Payments for borrowing costs capitalised in property, plant, and equipment (273,189,260) (3,859,030) - - Payments for retention (10,061,240) Purchases of intangible assets 15 (476,467) Net cash used in investing activities (7,460,892,247) (4,669,424,135) (4,874,286,486) (353,923,550) Cash flows from financing activities Proceeds from short-term loans from financial institutions ,000, Payments for short-term loans from financial institutions 16 (819,000,000) Proceeds from long-term loans from financial institutions 17 3,303,596,868 5,073,238, Payments for long-term loans from financial institutions 17 (1,254,685,575) - (1,000,000,000) - Proceeds from loans from a related party - 220,500, Payments for interest expense (368,857,561) (150,429,802) (74,383,563) (188,735,912) Payments for guarantee of debenture (68,285,318) (99,821,006) (68,285,318) (99,821,006) Payments for deferred financing fee (19,270,000) (6,500,000) - (6,500,000) Proceeds from additional paid-up capital 718,046, ,374, ,000,000 Proceeds from issuing of bill of exchange - 5,839,504,680-5,839,504,680 Payments for bill of exchange - (5,500,000,000) - (5,500,000,000) Payments for other finance costs (21,537,663) (82,387,577) - - Net cash generated from (used in) financing activities 1,874,006,957 5,999,478,950 (1,142,668,881) 349,447,762 Net increase (decrease) in cash and cash equivalents (5,075,738,187) 1,014,266,045 (5,871,276,763) 318,471,621 Cash and cash equivalents at the beginning of the period 20,222,174,961 2,765,570,440 14,747,550, ,675,847 Loss adjustment from foreign exchange translation of cash and cash equivalents (1,559,249) (469,097) - - Cash and cash equivalents at the end of the period 15,144,877,525 3,779,367,388 8,876,273, ,147,468 The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 11
13 Statements of Cash Flows Unaudited Non-cash transactions Significant non-cash transactions for the periods ended 31 March comprise: Increase in construction in progress from advance payment for power plant construction 645,774, ,297, Accounts payable for power plant construction 2,995,380,869 1,985,983, Retention 48,068,360 18,032, Increase in assets from provision for decommissioning costs 99,696, Increase in construction in progress from amortisation of deferred financing fees 4,485,652 6,552, The condensed notes to the interim on pages 13 to 42 are an integral part of this interim. 12
14 1 General information Gulf Energy Development Public Company Limited (the Company) is a public company limited. The Company is incorporated and resided in Thailand. The address of its registered office is 87 M Thai Tower 11th Floor, All Seasons Place, Wireless Road, Lumpini, Pathumwan, Bangkok. The Company is listed on the Stock Exchange of Thailand. For reporting purposes, the Company and its subsidiaries are referred to as the Group. The principal business operation of the Group is to generate and sell electricity, steam and cold water, and other related business in domestic and international. This interim consolidated and separate was authorised for issue by the Board of Directors on 14 May This interim consolidated and separate has been reviewed, not audited. 2 Accounting policies 2.1 Basis of preparation The interim has been prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting. The primary which comprises the statement of financial position, statement of comprehensive income, statement of changes in shareholders equity and cash flows is presented in a format consistent with the annual financial statements complying with Thai Accounting Standard 1 Presentation of Financial Statements. The notes to the are prepared in a condensed format. Additional notes are presented as required by the Securities and Exchange Commission under the Securities and Exchange Act. The interim should be read in conjunction with the annual financial statements for the year ended 31 December The accounting policies used in the preparation of the interim are consistent with those used in the annual financial statements for the year ended 31 December Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. An English version of the interim consolidated and separate has been prepared from the interim that is in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language interim shall prevail. 13
15 2 Accounting policies (continued) 2.2 Revised accounting standards, revised financial reporting standards, and related interpretations Revised financial reporting standards are effective for annual periods beginning on or after 1 January 2018 which have significant changes and are relevant to the Group. TAS 7 (revised 2017) TAS 12 (revised 2017) Statement of cash flows Income taxes TAS 7 (revised 2017), the amendments require additional disclosure of changes in liabilities arising from financing activities. This includes changes arising from cash and non-cash transactions. TAS 12 (revised 2017), the amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value is below the asset s tax base. Specifically, the amendments confirm that: - A temporary difference exists whenever the carrying amount of an asset is less than its tax base at the end of the reporting period. - An entity can assume that it will recover an amount higher than the carrying amount of an asset to estimate its future taxable profit. - Where the tax law restricts the source of taxable profits against which particular types of deferred tax assets can be recovered, the recoverability of the deferred tax assets can only be assessed in combination with other deferred tax assets of the same type. - Tax deductions resulting from the reversal of deferred tax assets are excluded from the estimated future taxable profits. The Group s management assessed and considered that the above revised standards do not have significant impact on the Group New financial reporting standard is effective for annual periods beginning on or after 1 January 2019 which is relevant to the Group. The Group has not yet adopted this standard. TFRS 15 Revenue from contracts with customers TFRS 15 provide the requirements for the recognition of revenue. This standard will supersede the following standards: TAS 11 (revised 2017) TAS 18 (revised 2017) TFRIC 13 (revised 2017) TFRIC 15 (revised 2017) TFRIC 18 (revised 2017) TSIC 31 (revised 2017) Construction contracts Revenue Customer loyalty programmes Agreements for the construction of real estate Transfers of assets from customers Revenue - barter transactions involving advertising services The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer - so the notion of control replaces the existing notion of risks and rewards an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation Entities will have a choice to apply this standard retrospectively in accordance with TAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, subject to the expedients or retrospectively with the cumulative effect recognised as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application with additional disclosures. The Group will first apply this standard for annual reporting periods beginning on or after 1 January Management is currently assessing the impact from initial application of this standard in detail. 14
16 3 Estimates The preparation of interim requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this interim, the significant judgements made by management in applying the group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated and separate financial statements for the year ended 31 December Basic earnings per share Basic earnings per share for the owner of the parent is calculated by dividing the profit attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period. For the three-month period ended 31 March Basic earnings per share Profit attributable to the owners of the parent () 1,707,737,598 1,107,414,002 34,250,914 7,882,328 Weighted average number of ordinary shares held by shareholders (Shares) 2,133,300, ,355,556 2,133,300, ,355,556 Basic earnings per share for the owners of the parent ( per share) The weighted average number of ordinary shares in issue as at 31 March 2017 was re-adjusted as if the change of par value of ordinary shares was occurred since the beginning of The Company does not have any potential dilutive ordinary shares in issue during the periods presented, so no diluted earnings per share is presented. 5 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is President and Chief Executive Officer who are responsible for allocating resources and assessing performance of the operating segments. The Group has three segments which comprise of power business, consulting business, particularly to provide advice and consultation on the operation of electricity generation business and other businesses to provide other services which is established during the third quarter of 2017 (for the three-month period ended 31 March 2017, the Group has two segments which comprise of power business and consulting business, particularly to provide advice and consultation on the operation of electricity generation business). As at 31 March 2018, the Group reclassified other businesses segment to be presented as a part of power business segment as services reported in this segment relate to services provided for the power business segment. However, the segment classification does not have an impact on the comparative presentation of the interim for the three-month period ended 31 March 2017, because other businesses segment was firstly disclosed in September Sales between segments are negotiated independently at an arm s length basis. Sales from external customers reported to the Board are measured in the same basis as reported in statements of comprehensive income. 15
17 5 Segment information (continued) Information by business segment are as follows: Power business Consulting business Thailand Thailand Others Total Eliminating Total Revenue from sales 3,465,832, ,465,832,139 (105,269,013) 3,360,563,126 Revenue from management fee - 210,608, ,608,662 (135,608,662) 75,000,000 Cost of sales (2,606,912,437) - - (2,606,912,437) 122,574,667 (2,484,337,770) Cost of management fee - (82,199,503) - (82,199,503) 36,533,112 (45,666,391) Gross profit 858,919, ,409, ,328,861 (81,769,896) 905,558,965 Gross profit margin (%) Interest income 2,693,900 68,099,115-70,793,015 (28,763,245) 42,029,770 Administrative expenses (123,586,294) (116,756,025) (276,867) (240,619,186) 10,445,059 (230,174,127) Profit (loss) from operating before finance costs and corporate income tax benefits 738,027,308 79,752,249 (276,867) 817,502,690 (100,088,082) 717,414,608 Other income 6,187,049 Gain on exchange rate, net 608,499,966 Finance costs (470,326,886) Share of profit from an associate and a joint venture 1,299,974,920 Corporate income tax benefits 3,754,049 Profit for the period 2,165,503,706 Total segmented assets 57,969,763,186 2,061,525-57,971,824,711 (2,422,702,407) 55,549,122,304 Total unallocated assets 50,322,090,602 Total assets 105,871,212,906 16
18 5 Segment information (continued) Information by business segment are as follows: (continued) Power business Consulting business Thailand Thailand Others Total Eliminating Total For the three-month period ended 31 March 2017 Revenue from sales 1,848, ,848,613-1,848,613 Revenue from management fee - 293,865, ,865,400 (251,365,400) 42,500,000 Cost of sales of electricity (1,240,023) - - (1,240,023) - (1,240,023) Cost of management fee - (78,759,744) - (78,759,744) 26,253,248 (52,506,496) Gross profit (loss) 608, ,105, ,714,246 (225,112,152) (9,397,906) Gross profit (loss) margin (%) (21) Interest income 491,801 46,802, ,293,945 (46,420,336) 873,609 Administrative expenses (70,014,049) (46,963,128) (198,209) (117,175,386) (20,788,346) (137,963,732) Profit (loss) from operating before finance costs and corporate income tax benefits (68,913,658) 214,944,628 (198,165) 145,832,805 (292,320,834) (146,488,029) Other income 6,097,477 Gain on exchange rate, net 369,587,124 Finance costs (282,484,322) Share of net profit from an associate and a joint venture 1,234,204,864 Corporate income tax benefits 30,034,089 Profit for the period 1,210,951,203 Total segmented assets 36,999,372,662 1,379,721-37,000,752,383 (2,081,195,490) 34,919,556,893 Total unallocated assets 32,631,868,369 Total assets 67,551,425,262 17
19 5 Segment information (continued), the Company had two major customers which represented the sales and services amounting to 2, million, representing 75.36% of total sales and services (for the three-month period ended 31 March 2017, the Company had one major customer which represented the sales and services amounting to million, representing 95.83% of total sale and services). 6 Financial risk management 6.1 Fair value estimation The different levels of information have been defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs) Financial assets and liabilities that are measured at fair value The following table presents the Group s financial instruments that are measured at fair value, by valuation method as at 31 March 2018 and 31 December As at 31 March 2018 Level 1 Level 2 Level 3 Total Assets Derivatives used for hedging Foreign currency forward contracts - 24,197-24,197 Available-for-sale investments Equity securities Money fund 33,866, ,866,574 Common stock in energy industry 1,927,678, ,927,678,783 Total assets 1,961,545,357 24,197-1,961,569,554 Liabilities Derivatives used for hedging Foreign currency forward contracts - 67,812,892-67,812,892 Total liabilities - 67,812,892-67,812,892 18
20 6 Financial risk management (continued) 6.1 Fair value estimation (continued) Financial assets and liabilities that are measured at fair value (continued) The following table presents the Group s financial instruments that are measured at fair value, by valuation method as at 31 March 2018 and 31 December (continued) As at 31 December 2017 Level 1 Level 2 Level 3 Total Assets Derivatives used for hedging Foreign currency forward contracts - 3,596,783-3,596,783 Available-for-sale investments Equity securities Money fund 822,801, ,801,728 Common stock in energy industry 1,984,969, ,984,969,036 Total assets 2,807,770,764 3,596,783-2,811,367,547 Liabilities Derivatives used for hedging Foreign currency forward contracts - 67,027,814-67,027,814 Total liabilities - 67,027,814-67,027,814 The Group did not have any transfer between levels 1 and 2 during the period. 6.2 Fair value valuation techniques (a) Valuation techniques used to derive financial instruments in level 1 Available-for-sale investments are subsequently measured at fair value. The fair value of investments is based on quoted price at the close of business day from Stock Exchange of Thailand and Stock Exchange of Laos for the common stock in energy industry and on the latest offering price by a financial institution for the money fund. The unrealised gains and losses of available-for-sale investments are recognised in equity. (b) Valuation techniques used to derive financial instruments in level 2 Level 2 hedging derivatives comprise foreign exchange contracts which have been measured at fair value using foreign currency forward exchange rates at the statement of financial position date, with the resulting value discounted back to present value. 6.3 Financial assets and liabilities that are not measured at fair value The financial assets and financial liabilities which the carrying amounts approximate their fair values are cash and cash equivalents, short-term investments, trade accounts receivables and payables, amounts due from and due to related parties, other accounts receivables and payables, interest rate swap contracts, and short-term loans due to the short maturities of these instruments. For the long-term loans from financial institutions, the carrying amounts approximate its fair value due to the float interest rate have been applied. 19
21 7 Cash and cash equivalents 31 March December March December 2017 Cash on hand 695, ,110 40,000 40,000 Deposits held in bank - current accounts 43,784,541 50,431,108 60,733 40,732 - savings accounts 14,100,397,874 14,171,078,743 7,876,172,584 8,747,469,348 - fixed accounts less than 3 months - 5,000,000,000-5,000,000,000 Short-term investment less than 3 months 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 Total 15,144,877,525 20,222,174,961 8,876,273,317 14,747,550,080 As at 31 March 2018, the interest rates on deposits in savings accounts are 0.02% % per annum (31 December 2017: 0.02% % per annum). As at 31 March 2018, the Company has no deposits in fixed accounts less than 3 months (31 December 2017: the interest rates on deposits in fixed accounts are 1.30% % per annum) and due within approximately 90 days. As at 31 March 2018 and 31 December 2017, the interest rate on deposit in short-term investment in structured note is 1.70% per annum and bonus as specified in the agreement and due within approximately 90 days. 8 Short-term investment Short-term investment comprises: 31 March 31 December 31 March 31 December Fixed account 4,000,000,000-4,000,000,000 - The interest rate on fixed deposits with bank that have maturity more than 3 months but within 12 months for the three-month period ended 31 March 2018 is 1.25% per annum. 9 Deposits at financial institutions used as collateral As at 31 March 2018, the Group s deposits at financial institutions used as collateral of million (31 December 2017: million) are used to pledge under short-term and long-term loans from financial institutions (Note 16 and 17). 20
22 10 Trade accounts receivable 10.1 Trade accounts receivable Outstanding trade accounts receivable can be analysed as follows: 31 March 31 December 31 March 31 December Within due 2,314,053,955 1,659,512, Overdue Up to 3 months months months Over 12 months Total 2,314,053,955 1,659,512, Trade accounts receivable from related parties Outstanding trade accounts receivable from related parties can be analysed as follows: 31 March 31 December 31 March 31 December Within due ,105, ,368,000 Overdue Up to 3 months months months Over 12 months Total ,105, ,368, Available-for-sale investments financial information financial information Opening net book amount 2,807,770, ,054,415 Disposal of investments (820,712,108) (368,568,572) Changes in fair value (25,513,299) (794,643) Closing net book amount 1,961,545,357 4,691,200 Less Available-for-sale investments expected to sell within one year (33,866,574) (4,691,200) Available-for-sale investments 1,927,678,783 - As at 31 March 2018 Cost 2,070,326,619 4,670,806 Add Unrealised gain (loss) (108,781,262) 20,394 Fair value 1,961,545,357 4,691,200 21
23 12 Related party transactions Individuals and entities that directly or indirectly control or are controlled by or are under common control with the Company, including investment entities, associates, joint venture and individuals or entities having significant influence over the Company, key management personnel, including directors and officers of the Company and close members of the family of these individuals and entities associated with these individuals also constitute related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. Mr. Sarath Ratanavadi who is the Chief Executive Officer of the Company has the ultimate controlling in the Company. Percentage of shareholding Mr. Sarath Ratanavadi Individual or other companies that are related to the Group and the Company by shareholders or joint shareholders or common directors, including investment in subsidiaries, an associate and a joint venture are disclosed in Note 13. As at 31 March 2018 and 31 December 2017, individual or other related companies are as follows: Relationship Mr. Sarath Ratanavadi Group of Pomodoro Group Company Limited Group of Gulf Electric Public Company Limited Group of Mitsui & Co., Ltd. Group of Hemaraj Land and Development Public Company Limited Nature of transactions Sales goods Services Guarantee by shareholder Other income Loans 35.44% of common shareholder and Chief Executive Officer Pomodoro Group Company Limited is a related company by having indirect common shareholder Gulf Electric Public Company Limited is a related company by having common directors Mitsui & Co., Ltd. holds 30% indirectly in Gulf MP Company Limited via Mit Power Capital (Thailand) Company Limited and 30% directly in Independent Power Development Company Limited Mitsui & Co., Ltd. holds 100% directly in Mit- Power Capital (Thailand) Company Limited Hemaraj Land and Development Public Company Limited holds 70% directly in WHA Utilities and Power Public Company Limited that hold 35% directly in Gulf WHA MT Natural Gas Distribution Company Limited Pricing policy Prices as agreed in the contracts Prices as agreed in the contracts Fee as agreed in the contract Prices as agreed in the contracts Credit facility and interest rate as agreed in the contracts 22
24 12 Related party transactions (continued) The following are material transactions that were carried out with subsidiaries, an associate, a joint venture and related parties in an ordinary course of business and in accordance with specific terms and conditions of the contracts. For the three-month period ended March Revenue from management fee Subsidiaries ,608, ,365,400 An associate 75,000,000 42,500,000 75,000,000 42,500,000 75,000,000 42,500, ,608, ,865,400 Interest income from loans to related parties Subsidiaries ,611,172 27,672,748 An associate - 370, ,953 A joint venture 369, , , ,593 22,980,887 28,043,701 Interest income from advance payments to related parties Subsidiaries - - 1,819,417 3,835,018 A joint venture - 10,811-10,811-10,811 1,819,417 3,845,829 Other income Subsidiaries ,166,445 9,022, ,166,445 9,022,296 Related parties - others - 195, , , ,000 Cost of sales Related parties - others 28,841, ,841,
25 12 Related party transactions (continued) The following are material transactions that were carried out with subsidiaries, an associate, a joint venture and related parties in an ordinary course of business and in accordance with specific terms and conditions of the contracts. (continued) For the three-month period ended March Administrative expenses An associate 500,000 2,792, ,000 2,550,000 Related parties - Common shareholder 932, , , ,346 1,432,186 3,228,969 1,417,465 2,986,346 Related parties - others 3,765,857 2,487, ,765,857 2,487, Interest expenses on loan Related parties - others - 4,863, ,863, Finance cost Related parties - others 4,676,508 4,137, ,676,508 4,137, Key management compensation Short-term employee benefits 15,954,120 12,725,700 15,954,120 12,725,700 Post-employee benefits 683, , , ,257 16,637,658 13,431,957 16,637,658 13,431,957 24
26 12 Related party transactions (continued) The following are material transactions that were carried out with subsidiaries, an associate, a joint venture and related parties in an ordinary course of business and in accordance with specific terms and conditions of the contracts. (continued) 31 March 31 December 31 March 31 December Trade accounts receivable from related parties Subsidiaries ,105, ,368, ,105, ,368,000 Amount due from related parties Subsidiaries - due within one year ,211, ,500 - due more than one year - - 1,256,067 74,867, ,468,043 75,079,510 Related parties - others 5,100 5,100 5,100 5,100 5,100 5,100 5,100 5,100 Advance payments to related parties Subsidiaries - due within one year ,982,065 - due more than one year ,006,063 89,005, ,006, ,987,928 Long term loans to related parties Subsidiaries - - 2,037,797,017 2,037,797,017 A joint venture - 37,485,000-37,485,000-37,485,000 2,037,797,017 2,075,282,017 As at 31 March 2018 and 31 December 2017, the Company had an outstanding long-term loan to Gulf International Investment (Hong Kong) Company Limited, a subsidiary, amounting to 2, million. The interest rate is fixed per annum. As at 31 March 2018, the Group and the Company did not have any outstanding long-term loan to Gulf WHA MT Natural Gas Distribution Company Limited, a joint venture (31 December 2017: amounting to million, the interest rate is fixed per annum). Movements of loan to a joint venture can be analysed as follows: financial information financial information Opening balance 37,485,000 37,485,000 Repayment during the period (37,485,000) (37,485,000) Closing balance
27 12 Related party transactions (continued) The following are material transactions that were carried out with subsidiaries, an associate, a joint venture and related parties in an ordinary course of business and in accordance with specific terms and conditions of the contracts. (continued) 31 March 31 December 31 March 31 December Interest receivable from related parties Subsidiaries - due within one year , ,806 Subsidiaries - due more than one year ,604, ,301,282 A joint venture - due more than one year - 531, , , ,604, ,832,657 Property plant and equipment Related parties - others 27,883, ,714, ,883, ,714, Accounts payable Related parties - others 9,135,050 11,629, ,135,050 11,629, Amount due to related parties An associate 500,000 6,118, ,000 5,160,000 Related parties - Common shareholder 474, , , , ,037 6,305, ,037 5,345,803 Share subscription payable Subsidiaries - - 3,255,450 3,255, ,255,450 3,255,450 Other accounts payable Related parties - others 785,771 1,381, ,771 1,381, Accrued expenses Related parties - others 423,426, ,232, ,426, ,232,
28 13 Investment in subsidiaries, an associate, and a joint venture 13.1 Investment in subsidiaries, net As at 31 March 2018 and 31 December 2017, the Group s subsidiaries comprise as per listed below. All subsidiary undertakings are included in the Group s consolidation. The authorised shares are ordinary and preferred shares. The proportion of the interests in the subsidiary undertakings held directly by the parent company do not differ from the proportion of voting rights, except for the proportion of the interests in Independent Power Development Company Limited, which is 75% but the proportion of voting rights is 70%. Financial Statements Proportion of ordinary shares Proportion of ordinary shares Proportion of shares held by directly held by the parent (%) held by the subsidiaries (%) non-controlling interest (%) Established 31 March 31 December 31 March 31 December 31 March 31 December Name Type of Business in country Independent Power Development Company Limited (IPD) Investing in Electricity generating Thailand Subsidiaries of IPD: - Gulf SRC Company Limited Electricity generating Thailand Gulf PD Company Limited Electricity generating Thailand Gulf MP Company Limited (Gulf MP) Investing in Electricity generating Thailand Subsidiaries of Gulf MP: - Gulf VTP Company Limited Electricity generating Thailand Gulf TS1 Company Limited Electricity generating Thailand Gulf TS2 Company Limited Electricity generating Thailand Gulf TS3 Company Limited Electricity generating Thailand Gulf TS4 Company Limited Electricity generating Thailand Gulf NC Company Limited Electricity generating Thailand Gulf BL Company Limited Electricity generating Thailand Gulf BP Company Limited Electricity generating Thailand Gulf NLL2 Company Limited Electricity generating Thailand Gulf NPM Company Limited Electricity generating Thailand Gulf NRV1 Company Limited Electricity generating Thailand Gulf NRV2 Company Limited Electricity generating Thailand Gulf Solar Company Limited (Gulf Solar) Investing in Electricity generating Thailand Subsidiaries of Gulf Solar Company Limited - Gulf Solar TS1 Company Limited Electricity generating Thailand Gulf Solar TS2 Company Limited Electricity generating Thailand Gulf Solar KKS Company Limited Electricity generating Thailand Gulf Solar BV Company Limited Electricity generating Thailand Kolpos PTE LTD Trading Singapore Gulf Pattani Green Company Limited Electricity generating Thailand Gulf Chana Green Company Limited Electricity generating Thailand SBY Biomass Company Limited Electricity generating Thailand Thepha Clean Energy Company Limited Electricity generating Thailand Gulf International Holding Company Limited Investing in Electricity generating Singapore Gulf International Investment (Hong Kong) Company Limited Investing in Electricity generating Hong Kong
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