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Statements of financial position As at 31 December 2016


(Unit: Thousand Baht)
Consolidated financial statements
2016 2015
Assets
Current assets
Cash and cash equivalents 1,757,650,491 3,056,039,364
Current investments 346,483,563 338,029,949
Trade and other receivables 365,120,003 269,320,779
Short-term loans to subsidiaries - -
Real estate development costs 7,642,074,323 7,555,176,619
Other current assets 106,840,693 126,920,728
Total current assets 10,218,169,073 11,345,487,439
Non-current assets    
Investments in subsidiaries - -
Investments in associates 2,572,807,416 2,290,395,929
Investment properties 4,104,098,991 3,740,680,711
Property, plant and equipment 1,022,401,446 1,054,627,312
Deposits for purchase of land 107,145,053 124,193,858
Prepayment for land-use rights 3,219,309,056 1,695,077,915
Land awaiting for future development 5,169,019,545 5,031,521,736
Deferred tax assets 9,720,077 19,476,064
Other non-current assets 173,030,903 149,941,200
Total non-current assets 16,377,532,487 14,105,914,725
Total assets 26,595,701,560 25,451,402,164
Liabilities and shareholders' equity
Current liabilities
Bank overdrafts and short-term loans from banks 1,880,806,950 1,987,634,767
Trade and other payables 446,165,258 458,116,512
Short-term loans from related parties 100,000,000 -
Current portion of long-term loans 2,124,182,675 1,869,431,075
Deposits and advances received from customers 820,274,570 555,210,361
Income tax payable 121,916,705 195,785,194
Land rental payable 334,634,271 5,894,260
Other current liabilities  34,642,324 23,529,392
Total current liabilities 5,862,622,753 5,095,601,561
Non-current liabilities
Long-term loans, net of current portion 2,645,347,516 2,885,552,046
Long-term deposits and advances received from customers 195,663,423 174,047,586
Land rental received in advance 3,152,926,645 3,270,878,547
Deferred tax liabilities 315,603,301 242,824,078
Other non-current liabilities 183,382,031 281,978,308
Total non-current liabilities 6,492,922,916 6,855,280,565
Total liabilities 12,355,545,669 11,950,882,126
Shareholders' equity
Share capital
Registered
1,067,000,000 ordinary shares of Baht 1 each 1,067,000 1,067,000
Issued and fully paid
1,067,000,000 ordinary shares of Baht 1 each 1,067,000 1,067,000
Premium on ordinary shares 173,600 173,600
Retained earnings
Appropriated - statutory reserve 106,700,000 106,700,000
Unappropriated 9,940,279,146 9,158,125,169
Other components of shareholders' equity 660,054,579 664,643,650
Equity attributable to owners of the Company 11,947,633,725 11,170,068,819
Non-controlling interests of the subsidiaries 2,292,522,166 2,330,451,219
Total shareholders' equity 14,240,155,891 13,500,520,038
Total liabilities and shareholders' equity 26,595,701,560 25,451,402,164


Income statements
For the year ended 31 December 2016

(Unit: Thousand Baht, except basic earnings per share expressed in Baht)
Consolidated financial statements
2016 2015
Revenues
Revenue from real estate sales 2,186,896,161 3,068,979,832
Revenue from utility services 1,706,515,314 1,431,141,602
Revenue from rental 533,103,710 615,297,092
Revenue from rights of way 57,517,200 54,925,034
Dividend income - -
Interest income 27,742,437 45,907,065
Gain on sales of investment property - 856,788,296
Other income 220,915,315 164,675,713
Total revenues 4,732,690,137 6,237,714,634
Expenses
Cost of real estate sales 704,371,104 1,510,530,239
Cost of utility services 1,187,156,484 1,141,655,196
Cost of rental 178,202,766 172,187,371
Selling expenses 193,296,470 248,022,605
Administrative expenses 626,825,489 723,977,505
Loss from adjusting present value of land rental payable 239,960,121 -
Total expenses 3,129,812,434 3,796,372,916
Profit before share of profit from investments in associates, finance cost and income tax 1,602,877,703 2,441,341,718
Share of profit from investments in associates 325,298,033 153,330,143
Profit before finance cost and income tax 1,928,175,736 2,594,671,861
Finance cost (266,476,370) (305,911,493)
Profit before income tax 1,661,699,366 2,288,760,368
Income tax (304,052,654) (396,118,560)
Profit for the year 1,357,646,712 1,892,641,808
Profit attributable to:
Equity holders of the Company 1,198,272,568 1,216,022,108
Non-controlling interests of the subsidiaries 159,374,144 676,619,700
1,357,646,712 1,892,641,808
Basic earnings per share
Profit attributable to equity holders of the Company 1.12 1.14


Independent Auditor’s Report

To the Shareholders of Amata Corporation Public Company Limited

Opinion
I have audited the accompanying consolidated financial statements of Amata Corporation Public Company Limited and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2016, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and have also audited the separate financial statements of Amata Corporation Public Company Limited for the same period.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Amata Corporation Public Company Limited and its subsidiaries and of Amata Corporation Public Company Limited as at 31 December 2016, their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards.

Basis for Opinion
I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants as issued by the Federation of Accounting Professions under the Royal Patronage of His Majesty the King as relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Emphasis of Matter
I draw attention to Note 30.3 of the consolidated financial statements regarding contingent liabilities from additional charges for land rental payables of a subsidiary in overseas. My opinion is not modified in respect of this matter.

Key Audit Matters
Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.

I have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

Key audit matters and how audit procedures respond for each matter are described below.

Revenue recognition
Revenue from sales of real estate and revenue from utility services are the Group’s significant accounts because the amounts of revenue recorded would directly affect the Group’s profit or loss for the year. For this reason, I have paid particular attention to the Group’s recognition of revenue from sales of real estate and revenue from utility services in order to ensure that the revenue is recorded correctly and in accordance with the relevant accounting standards.

I have examined the Group’s revenue recognition by gaining an understanding and evaluating the effectiveness of the Group’s internal controls with respect to revenue cycle. On a sampling basis, I also examined supporting documents for sales transactions occurring during the year and near the end of the accounting period. In addition, I reviewed credit notes issued by the Group to its customers after the period-end and performed analytical review procedures on the sales account to identify possible irregularities in sales transactions throughout the period.

Prepayment for land use rights
As described in Note 15 to the financial statements, the subsidiary has prepayment for land-use rights amounting to Baht 3,219 million. Most expenses are advance payments to obtain the land-use rights of the subsidiary in Vietnam for industrial statute development which is in process of transferring the land-use rights to the subsidiary. In addition, management had to exercise significant judgement with respect to cost which directly relates to project development. Thus, I have focused on related cost to ensure that the transactions are recognised in accordance with the relevant accounting standards.

I have collaborated with the overseas subsidiary’s auditor by gaining an understanding and evaluating the effectiveness of the subsidiary’s internal controls with respect to payments to obtain the land-use rights and for project developments. On a sampling basis, I also examined supporting documents for payments, payment approval and reviewed related minutes and contracts. Besides, I reviewed the proper classification and disclosure made in the notes to the financial statements related to the prepayment.

Other Information
Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor’s report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor’s report.

My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.

When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.


Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
  • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
  • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Miss Supannee Triyanantakul.

Supannee Triyanantakul
Certified Public Accountant (Thailand) No. 4498

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