Forth Corporation Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2018 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2012 2017 2018 2017 Profit or loss: Revenues Sales 22 2,967,127,532 2,734,658,645 1,061,659,140 2,783,705,590 Services 4,090,758,166 3,516,024,854 363.583 200 178, 353,175 Revenues from project work 757,074,033 699,642,917 621,740, 247 220,293,901 Other Income 292,330,080 206,487,154 Dividend income Gain (loss) on exchange 2,634 215 721,073 (19,439,892) 262,274,500 (9.405,326) 224,178.340 7,164,999,430 50 352,649 2,390,386,429 59, 115,418 3,428,486,346 8,080,068,556 Others Total revenues Expenses Cost of sales 2,399,334,539 2,127 842,757 2,184,316,501 2.470,518,392 943,946.071 266,503,201 Cost of services 2.990,430,798 117,112,870 654.952,494 865 1 2.599 527,577,574 Cost of project werk Selling and distribution expenses Adninistrative expenses 180,722, 114 35,797.252 108,453 575 139,251 294 39,519,293 853 494 903 928.765 323 345,203,611 428,125,672 10.1 83,764,055 Impairment loss on investment in subsidiaries Impairment lose on equipment (reversal) 23,000,000 (, 132.875) 13 43,040,303 2,837,533 (3,132,875) 11.01) 7,003,533,424 Total expenses 6,429,034,405 2.042,378 935 2.976 202.263 735,985,025 348.009,494 452,284,083 Profit before share of profit from investments in associates, finance cost and income tax expenses Share of profit frorr. investments in associates Profit before finance cost and income tax expenses 112 1,078,535,132 5.580, 106 1,082,115,233 9,191,380 745,155 405 348,039,494 452,284,093 (128,125 B85) 953,988,353 (124,160,073) 620,995,332 (38,343,897) 413,940,186 Finance cost Profit before income tax expenses Income tax expenses Profit for the year (36,652,637) 309,356,857 17.722.761) 301,634,096 21 (134,182,3011 919,806,046 (60,962.868) 560,033,464 (20.340,699) 393,599,487 The accompanying notes are an integral part of the financial stelements. Forth Corporation Public Company Limited and its subsidiaries Statement of financial position As at 31 December 2018 Consolidated financial statements 2018 2017 (Unit: Baht) Separate financial statements 2018 2017 Note Assets Current assets Cash and cash equivalents 696,326,500 998,529,514 232,243,548 449,707,586 6,7 2,651,345,381 1.471.968.763 770,577,114 447.349.680 Trade and other receivables Short-term loans to related parties - Unbilled receivables 6 46,195,000 41,265,552 641,239.992 525,054,812 169 273,038 B5,687,094 8 967,726,277 1,103,822,329 421,376.195 566,012,479 323,912,129 113,622,177 113,648,951 391,215,713 4,490,691,131 5.310,550,279 1,753,249,072 1,703,671,642 9 9.919.000 395,500 10 721,165,080 578,581,580 11 21.247,856 21.247,856 32,464,443 31,151,815 37,083,437 31,151,815 20,000,000 20.000,000 Inventories Other current assets Total current assets Non-current assets Restricted bank deposits Investments in subsidiaries Investments in associates Other long-term investments Investment properties Property, plant and equipment Intangible assets Leasehold rights Deferred tax assets Other non-current assets - Total non-current assets - Total assets 12 493,953,402 397,454 471 104,105,645 2,942,236,818 13 3,151.541,471 749 165,045 680,917,766 14 105,313,909 67,641,401 44,675,266 14,875,362 16.028,179 17,153,088 16,028 179 17, 153,088 21 273,915,607 284,053,545 62,991,268 51,650,684 10,514,047 29 864,578 43,982,656 3,559,818,072 8.870,368,351 69,127,430 3,658,147,687 8,148,838 818 2,139,741,141 1,791,745.365 3,495,417,007 3.892.990,213 The accompanying notes are an integral part of the financial statements. Forth Corporation Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2018 (Unit Baht) Consolidated financial statements Separate financial statements Note 2018 2017 2016 2017 Liabilities and shareholders' equity Current liabilities 15 2.995,067,510 2,251,000,000 1,444,128,92 629,500,000 6, 16 1,347,651,602 976,092,270 269,598,696 480,589,900 17 545,727.848 580,544,041 165.354.732 146.568,715 34,101,173 20.813,356 5.042.232 979,727 843 981.585.225 56 254,354 93.961,322 Bank overdrafts and short-term loans from banks Trade and other payables Current portion of long-term loans Corporate income tax payable Other current liabilities Total current liabilities Non-current liabilities Long-term loans, net of current portion Provision for long-term employee benefits Other non-current liabilities 5,903,275,976 4,810,034,892 1,935,336,708 1,357,662,189 17 374,206,623 557,479,243 169,771,079 178,295,571 18 86,401,193 60,814,765 35,211,088 24,293,406 731,773 Total non-current liabilities 460,607,816 619,025,781 204,962,167 202,588,977 1,560,251,146 Total liabilities 6,363,883,792 5,429,060,673 2,140,318,875 Shareholders' equity Share capital Registered 960,000,000 ordinary shares of Baht 0.5 each 480.000.000 480.000.000 480,000,000 480,000,000 . Issued and fully paid-up 960,000,000 ordinary shares of Baht 0.5 each 480,000,000 480,000,000 480,000,000 480,000,000 362,557,877 362,557,877 362,557,877 362,557,877 Share premium Other surpluses (deficits) (48,400,660) 200,031,283 Retained earnings 19 48,000,000 48,000.000 48,000,000 Appropriated - statutory reserve - Unappropriated Other components of shareholders' equity 48,000,000 848,381,179 810,904 080 862.113.461 1.044.507,984 (6,658.757) (6,970,815) 1,684,879,639 1.894,522,425 1,752,671,338 1,935,165,861 821,604,920 825,255,720 Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity ' 2,719,778,145 1,752,671,338 1,935,165,861 2.506,484,559 8.870,368,351 8.148,838,818 3,892,990.213 3,495,417,007 The accompanying notes are an integral part of the financial statements. Directors calculate these Ratio for 2018 1) Current Ratio (Working Capital Ratio) Current assets Current liabilities Liquid Ratio (Acid test) Cash + Marketable securities+Accounts receivabletshort term notes receivable Current liabilities 3) Accounts Receivable (debtors) Turnover collection period Average Accounts receivable Net sales for the year* x 365 days = debt collection time (in days) A) Accounts Payable (creditors) payment period x 365 days = creditors' payment time Average Accounts payable (creditors) *Net credit purchases for the year 5) Inventory (stock of goods) turnover Rate of inventory turnover Cost of goods sold Average inventory The cash cycle Forth Corporation Public Company Limited and its subsidiaries Statement of comprehensive income For the year ended 31 December 2018 (Unit: Baht) Consolidated financial statements Separate financial statements Note 2012 2017 2018 2017 Profit or loss: Revenues Sales 22 2,967,127,532 2,734,658,645 1,061,659,140 2,783,705,590 Services 4,090,758,166 3,516,024,854 363.583 200 178, 353,175 Revenues from project work 757,074,033 699,642,917 621,740, 247 220,293,901 Other Income 292,330,080 206,487,154 Dividend income Gain (loss) on exchange 2,634 215 721,073 (19,439,892) 262,274,500 (9.405,326) 224,178.340 7,164,999,430 50 352,649 2,390,386,429 59, 115,418 3,428,486,346 8,080,068,556 Others Total revenues Expenses Cost of sales 2,399,334,539 2,127 842,757 2,184,316,501 2.470,518,392 943,946.071 266,503,201 Cost of services 2.990,430,798 117,112,870 654.952,494 865 1 2.599 527,577,574 Cost of project werk Selling and distribution expenses Adninistrative expenses 180,722, 114 35,797.252 108,453 575 139,251 294 39,519,293 853 494 903 928.765 323 345,203,611 428,125,672 10.1 83,764,055 Impairment loss on investment in subsidiaries Impairment lose on equipment (reversal) 23,000,000 (, 132.875) 13 43,040,303 2,837,533 (3,132,875) 11.01) 7,003,533,424 Total expenses 6,429,034,405 2.042,378 935 2.976 202.263 735,985,025 348.009,494 452,284,083 Profit before share of profit from investments in associates, finance cost and income tax expenses Share of profit frorr. investments in associates Profit before finance cost and income tax expenses 112 1,078,535,132 5.580, 106 1,082,115,233 9,191,380 745,155 405 348,039,494 452,284,093 (128,125 B85) 953,988,353 (124,160,073) 620,995,332 (38,343,897) 413,940,186 Finance cost Profit before income tax expenses Income tax expenses Profit for the year (36,652,637) 309,356,857 17.722.761) 301,634,096 21 (134,182,3011 919,806,046 (60,962.868) 560,033,464 (20.340,699) 393,599,487 The accompanying notes are an integral part of the financial stelements. Forth Corporation Public Company Limited and its subsidiaries Statement of financial position As at 31 December 2018 Consolidated financial statements 2018 2017 (Unit: Baht) Separate financial statements 2018 2017 Note Assets Current assets Cash and cash equivalents 696,326,500 998,529,514 232,243,548 449,707,586 6,7 2,651,345,381 1.471.968.763 770,577,114 447.349.680 Trade and other receivables Short-term loans to related parties - Unbilled receivables 6 46,195,000 41,265,552 641,239.992 525,054,812 169 273,038 B5,687,094 8 967,726,277 1,103,822,329 421,376.195 566,012,479 323,912,129 113,622,177 113,648,951 391,215,713 4,490,691,131 5.310,550,279 1,753,249,072 1,703,671,642 9 9.919.000 395,500 10 721,165,080 578,581,580 11 21.247,856 21.247,856 32,464,443 31,151,815 37,083,437 31,151,815 20,000,000 20.000,000 Inventories Other current assets Total current assets Non-current assets Restricted bank deposits Investments in subsidiaries Investments in associates Other long-term investments Investment properties Property, plant and equipment Intangible assets Leasehold rights Deferred tax assets Other non-current assets - Total non-current assets - Total assets 12 493,953,402 397,454 471 104,105,645 2,942,236,818 13 3,151.541,471 749 165,045 680,917,766 14 105,313,909 67,641,401 44,675,266 14,875,362 16.028,179 17,153,088 16,028 179 17, 153,088 21 273,915,607 284,053,545 62,991,268 51,650,684 10,514,047 29 864,578 43,982,656 3,559,818,072 8.870,368,351 69,127,430 3,658,147,687 8,148,838 818 2,139,741,141 1,791,745.365 3,495,417,007 3.892.990,213 The accompanying notes are an integral part of the financial statements. Forth Corporation Public Company Limited and its subsidiaries Statement of financial position (continued) As at 31 December 2018 (Unit Baht) Consolidated financial statements Separate financial statements Note 2018 2017 2016 2017 Liabilities and shareholders' equity Current liabilities 15 2.995,067,510 2,251,000,000 1,444,128,92 629,500,000 6, 16 1,347,651,602 976,092,270 269,598,696 480,589,900 17 545,727.848 580,544,041 165.354.732 146.568,715 34,101,173 20.813,356 5.042.232 979,727 843 981.585.225 56 254,354 93.961,322 Bank overdrafts and short-term loans from banks Trade and other payables Current portion of long-term loans Corporate income tax payable Other current liabilities Total current liabilities Non-current liabilities Long-term loans, net of current portion Provision for long-term employee benefits Other non-current liabilities 5,903,275,976 4,810,034,892 1,935,336,708 1,357,662,189 17 374,206,623 557,479,243 169,771,079 178,295,571 18 86,401,193 60,814,765 35,211,088 24,293,406 731,773 Total non-current liabilities 460,607,816 619,025,781 204,962,167 202,588,977 1,560,251,146 Total liabilities 6,363,883,792 5,429,060,673 2,140,318,875 Shareholders' equity Share capital Registered 960,000,000 ordinary shares of Baht 0.5 each 480.000.000 480.000.000 480,000,000 480,000,000 . Issued and fully paid-up 960,000,000 ordinary shares of Baht 0.5 each 480,000,000 480,000,000 480,000,000 480,000,000 362,557,877 362,557,877 362,557,877 362,557,877 Share premium Other surpluses (deficits) (48,400,660) 200,031,283 Retained earnings 19 48,000,000 48,000.000 48,000,000 Appropriated - statutory reserve - Unappropriated Other components of shareholders' equity 48,000,000 848,381,179 810,904 080 862.113.461 1.044.507,984 (6,658.757) (6,970,815) 1,684,879,639 1.894,522,425 1,752,671,338 1,935,165,861 821,604,920 825,255,720 Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity ' 2,719,778,145 1,752,671,338 1,935,165,861 2.506,484,559 8.870,368,351 8.148,838,818 3,892,990.213 3,495,417,007 The accompanying notes are an integral part of the financial statements. Directors calculate these Ratio for 2018 1) Current Ratio (Working Capital Ratio) Current assets Current liabilities Liquid Ratio (Acid test) Cash + Marketable securities+Accounts receivabletshort term notes receivable Current liabilities 3) Accounts Receivable (debtors) Turnover collection period Average Accounts receivable Net sales for the year* x 365 days = debt collection time (in days) A) Accounts Payable (creditors) payment period x 365 days = creditors' payment time Average Accounts payable (creditors) *Net credit purchases for the year 5) Inventory (stock of goods) turnover Rate of inventory turnover Cost of goods sold Average inventory The cash cycle