synnex (thailand) public company limited and its …...the accompanying notes from an integral part...

Synnex (Thailand) Public Company Limitedand its Subsidiary

Condensed interim furancial statements

for the three-month and six-month periods ended

30 June 2019and

Independent auditor's review report

KPMG Phoomchai Audit Ltd.

50'h Floor, Empire Tower1 South Sathorn Boad, Yannawa

Sathorn, Bangkok 10120, ThailandTel +662677 2000Fax +66 2677 2222Website kpmg.com/th

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Independent Auditor's Report on Review of Interim Financial Information

To the Board of Directors of Synnex (Thailand) Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of Synnex(Thailand) Public Company Limited and its subsidiary, and of Synnex (Thailand) Public Company Limited,respectively, as at 30 June 2019; the consolidated and separate statements of comprehensive income for thethree-month and six-month periods ended 30 June 2019, changes in equity and cash flows for the six-monthperiod ended 30 June 2019; and condensed notes ("interim financial information"). Management is responsible

for the preparation and presentation of this interim financial information in accordance with Thai Accounting

Standard 34, "Interim Financial Reporting'. My responsibility is to express a conclusion on this interim financial

information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements2410, "Review of Interim

Financial lnformation Performed by the Independent Auditor of the Entity'. A review of interim financial

information 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 interimfinancial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34,

"Interim Financial Reporting".

\*r,'?"(Marisa Tharathornbunpakul)Certified Pub lic AccountantRegistration No. 5752

KPMG Phoomchai Audit Ltd.Bangkok6 August 2019

KPN,4G Phoomchai Audil Ltd., a Thaimenrbe. firms affiliared with KPMG

ited iiabiiity company and a mentber lirm of the KPMG network ol independenternational Cooperative ('KPMG lnternational'), a Swiss entrty.

Synnex (Thailand) Public Company Limited and its Subsidiary

Statement of financial position

Consolidated

financial statements

30 June 31 December

2019 2018

(Unaudited)

Separate

litrancial statements

30 June 3l December

2019 2018

(Unaudited)

Assets

Cufient assets

Cash and cash equivalents

Trade accounts receivable

C)ther receivables

Short-term loans

Inventories

Rebate receivables

Prepalnnant for goods

Other current assets

Total current assets

Non-cufienl ossels

lnvestment in subsidiary

Investments in joint ventures

Other long-term investments


Other receivables

Long-term loans

Property, plant and equiPment

Intangible assets

Deferred tax assets

Total non-current assets

Total assets

3,4

J

3,5

6

(in thousand Baht)

t6t,626

5,336,294

362,370

129,500

3,33r,412

525,937

\) L7<

r90

2s6,851

5,901,487

352,69s

126,500

3,498,36s

546,',17 4

62,445

193

141,055

5,345,612

354,672

170,500

3,325,176

525,921

52,37 |

190

243,868

5,880,8s4

348,408

167,500

3,495,7 57

546,392

62,341

193

9,899,804 10,745110 9,927,497 10,745313

7

8 502,178

37,927

92,645

4,847

64,500

370,267

11,485

66,890

366,1 l6

38,721

q'l q11

5,77 5

377,9t9

9,094

63,837

9,400

458,7 48

37,927

92,645

4,7 48

64,500

369,418

11,485

64,950

9,400

336,248

38,121

q1 ql]

5,67 5

376,173

9,094

62 217

I

5

9

1,1s0,739 955,395 1,113,821 931,461

11,050,543 11,700,705 11,035J18 11,676,77 4

The accompanying notes &om an integral part ofthe interim financial statements.

2

Synnex (fhailand) Public Company Limited and its Subsidiary

Statement of financial position

Liabilities and equitY

Carrcnt liabilities

Bank overdrafts and short-term loans

fr om fi nancial institutions

Trade accounts payable

Other payables

Current portion of long-term loans

from financial institution

Cunent tax payable

Accrued expenses

Total current liabilities

No n- cun e nt li a b i I iti es

Long-term loans from financial institution

Other payables

Non-curent provisions for employee benefits

Other non-current liabilities

Total non-current liabilities

Total liabilities

Equity

Share capital:

Authorised share capital

Issued and paid-up share capital

Share premium:

Share premium on ordinary shares

Share premium on treasury shares

Retained eamings

Appropriated

Legal reserve

Unappropriated

Other components of equity

Total equity

Total liabilities and equity

Consolidated

financial statemetrts

30 June 31 December

2019 2018

(Unaudited)

Separate

litratrcial st teme[ts

30 June 31 December

2019 2018

(Unaudited)

Note

10

3

3

10

3

10

11

2l1,080

30,547

3t8,792

2l1,080

7 ?qq

346,227

(in thousqnd Baht)

4,585,196

2,17 |,595

48',7,363

4,291,656

3,036,825

4E6,593

4,585,196

) 11) )ql

487,438

2l1,080

30,547

315,504

4,291,656

3,0t8,97 4

485,531

211,080

7lqg

340,528

7,804,573 8,379,7E0 1,802,059 EJ55,r68

55,640

30,489

34,134

412

l6l ,180

45,598

28,727

508

55,640

30,489

33,125

406

161,180

45,598

28,582

502

12, 15 880,000

236,013 119,660 235,862

7,925,248 8,615,793 1,921,719 8,591,030

800,000 880,000 800,000

170,329 847,361 770,329847,36'l

3s0,872

52,836

88,000

1,764,571

21,655

3s0,872

s2,836

80,000

1,808,5 85

22,290

350,872

52,836

88,000

1,7 s2,87 5

21.655

350,872

52,836

80,000

I,809,417

22,290

3,125295 3,084,912 3,113,599 3,085,744

1r,050,543 11,700,705 11,03s,318 11,676,774

The accompanying notes from an integml part ofthe interim financial statements.

3

120,615


Statement of comprehensive income pnaudited)

Consolidated


Three-month period ended

30 June

Separate



30 June

Note 2019 2018 2019

(in thousand Baht)

7,855,923

25,346

9,s50,080

23,261

7,849,208

23,890

2018

9,528,2ss

14,735

lncome from operations

Revenues from sales ofgoods

Revenues from services

Total income

Operating cost

Costs ofsales ofgoods

Costs of rendering of services

Total cost

Gross prolit

Gain on exchange rate

Other income

Prolit before expenses

Distribution costs

Administrative expenses

Finance costs

Total expenses

Share ofprofit (loss) ofjoint ventures

Profit before income tax exPense

Tax expense

Profit for the period

3

3

t3 7,981,269 9,573,341 7,873,098 9,542,990

3,6

3

8

114,331

96,684

21,270

1 10,092

91,095

21,270

rr5,234

88,455

12,644

7,535,76r

8,377

9,167,229

14,352

7,538,972

8,653

9,r47,502

I 1,840

7,544,138 9,181,581

391,760

17,220

16,801

7,547,625 9,159,342

3

337,131

1t,270

25,537

325,473

1r,270

25,761

383,648

17,220

t7,445

373,938 425,781 362,504 418,313

3

3

119,273

91,420

12,644

232,285 223,337 222,457 216,333

5,884 (1,272)

13

Other comprehensive income

Items thol will be reclassiJied subsequently to proftt or loss

Lo sses on remeasuring available-for-sale investments

Income tax relating to items that will be reclassified

Other comprehensive income for the period, net oftax

40,071)

118,794 16l,194 lll,322 161,909

147,537

(28,743)

201,172

(39,978)

140,047

(28,725)

201,980

(8,141)

1,628

(6,513)

Total comprehensive income for the period

The accompanying notes from an integral part ofthe interim financial statements.

4

(2,542) (6,513) (2,542)

ll2,28l 158,652 104,809 159,367

(3,177)

635

(8,141)

1,628

(3,177)

635


Statement of comprehensive income (Unaudited)

Consolidated



30 June

Separate



30 June

Note 2019 2018 2019

(in thousand Baht)

2018

Profit attributable to:

Owners of the parent

Non-controlling interests


Total comprehensive income attributable to:

Owners ofthe parent



118,794 16r,194 111,322 161,909

llE,794 16l,194 lll,322 161,909

112,281 158,652 104,809 1s9,367

112,281 158,652 104,809 159,367

0.21 0.14 0.21Basic earnings per share (in Baht) I4


5

0.15



Consolidated

linancial statements

Six-month period ended

30 June

Separate



30 June

Note 2019 2018 20t9

(in thousand Baht)

17,388,799

46,251

18,438,41 I

45,332

17,3 81,489

43,911

17,425,420

2018

19,436,466

28,177

Income from operations

Revenues from sales ofgoods

Revenues from services

Total income

Operating cost

Costs ofsales ofgoods

Costs of rendering of services

Total cost

Gross profit

Gain on exchange rate

Other income

Profit before expenses

Distribution costs

Administrative expenses

Finance costs

Total expenses

Share ofprofit ofjoint ventures

Profit before income tax expense

Tax expense


l3 17,435,050 18,483,743

j

3

19,464,643

3,6 16,678,895 16,682,864

19,945

16,702,809

17,641,314

16,0603 l9 177

16,698,628 17,660,028 17,657,374

3

736,422

52,424

42,105

823,715

50,094

33,432

722,611

52,424

42,932

807,269

50,094

34,874

907,241 817,967 892,237

j

j239,117

t91,452

240,60s

186,696

25,895

453,196

235,770

180,462

232,949

I 80,832

25,895

13

Other comprehensive income

Items thal will be reclassifted subsequently to proJit or loss

Gains (Losses) on remeasuring available-for-sale investments

Income tax relating to items that will be reclassified

Other comprehensive income for the period, net oftax

37 684

468,253 453,916 439,676

13,562 6,485

376,260

(73,330)

460,530

302,930 371,046 290,402 362,982

8

364,051

(73,649)

452,561

(8e,57e)

(7e4)

159

794

059)

(7e4)

159

794

(1 5e)

(63s) 635 (63s) 635

302,295 371,681 289,767Total comprehensive income for the period

The accompanying notes from an integral part of the interim hnancial statements.

6

17,639,158

20,870

830,951

37,684

(8e,484)

363,617



Consolidated



30 June

Separate



30 June

Profit attributable to:

Owners ofthe parent



Total comprehensive income attributable to:

Owners ofthe parent



2018 2019

(in thousand Baht)

2018

302,930 371,046 290,402 362,982

302,930 371,046 290,402 362,982

302,295 371,681 289,767 363,617

302,295 371,681 289,767 363,617

0.48 0.47

Note 2019

Basic earnings per share (in Bahl) 0.38


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Statement of cash flows (Unaudited)

Consolidated



30 June

Separate



30 June

Cash tlows from operating aclivities


Adjustments to reconcile profit to cash receipts (payments)

Tax expense

Finance costs

Depreciation and amortisation

Non-current provisions for employee benefit

Unrealised losses on exchange

Share ofprofit ofjoint ventures

Bad and doubtful debts expenses

Losses on inventories devaluation

Cost ofdonated goods

Gains on disposal of interest in joint venture

Gains on disposal of plant and equipment

Interest income

Dividend income

Changes in operating assets and liabilities


Other receivables

Inventories

Rebate receivables

Prepayment for goods

Other current assets

Trade accounts payable

Other payables

Accrued expenses

Non-current provisions for employee benefit

Net cash generated from operating

Taxes paid

Net cash from operating activities

2019 2018 2019

(in thousand Baht)

2018

302,930 371,046 290,402 362,982

73,330

37,684

21,815

5,599

5,128

(13,562)

2,822

5,440

1,752

89,484

25,895

21,272

2,378

18,610

(6,485)

4,455

5,146

3,163

(147)

(82)

(340)

(1,787)

73,649

37,684

20,952

5,404

5,128

89,579

25,895

20,260

2,234

18,610

4,012

5,260

3,163

(147)

(63)

(6e0)

(1,787)

(166)

(5,977)

(2,184)

2,890

5,438

1,752

(1 66)

(6,394)

(2,184)

434,6t1 532,608 434,455 529,308

562,981

(8,463)

159,761

20,837

9,970

J

(843,535)

(39,548)

(28,284)

(te2)

(743,627)

(79,843)

(1,368,332)

(71,3t2)

71,087

(r)

1,828,770

141,723

(24,657)

(1,450)

532,962

(5,053)

163,391

20,471

9,970

(824,985)

(38,410)

(25,873)

(86r)

(737,975)

(77,t97)

(1,364,745)

(71,31l)

71,083

(3)

1,826,038

138,521

(24,128)

(1,450)

268,141

(53,075)

284,964

(84,659)

288,141

(84,659)

215,066 200J05 212,995 203,482

The accompanying notes from an integral part of the interim financial statements.

t2

266,070

(53,075)


Statement of cash flows (Unaudited)

Consolidated



30 June

20t9

Separate

Iinancial statements


30 June

201 82018 2019

(in thousand Baht)

Cash flows from investing activities

Proceeds from sale of interest in joint venture

Acquisition of interest in joints venture

Proceeds from sale ofplant and equipment

Acquisition of plant and equipment

Acquisition of intangible assets

Proceeds from loans receivable

Increase in loans receivable

Dividends received

Interest received

Net cash used in investing activities

C as h flows fr om Jinancing activities

Proceeds from borrowings

Repal.rnent of bonowings

Dividends paid to o\l'ners of the Company

Interest paid

Net cash used in financing activities

Net increase (decrease) in cash and cash equivalents,

before effect of exchange rates

Effect ofexchange rate changes on cash

and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at I January

Cash and cash equivalents at 30 June

Non-cash transaction

Gains (Losses) on remeasuring available-for-sale investments

98,511) (95,909) (198,028) (9s,17es)

(122,500)

173

(12,587)

(3,974)

107,500

(175,000)

2,194

5,693

22,500

(81,394)

1,082

(10,218)

(46)

2,000

(3 1,960)

1,787

340

(122,500)

173

(12,521)

(3,974)

107,500

(175,000)

2,194

6,1 l0

22,500

(81,394)

760

(10,132)

(46)

2,000

(3 1,960)

1,787

690

(r

13,419,1I I

(13,182,462)

(269,615)

15,358,155

(1 5, I 70, I 55)

(261,912)

(36,835)

13,417,784

(13,182,462)

(269,615)

(27,643)(27,022)

(59,988) (110,7 47) (61 ,936)

(94,192) 44,408 (95,780) 45,751

(1,033) 763 (1,033) 763

(95,225)

256,851

45,171

204,607

(96,813)

243,868

46,514

190,800

161,626 249,778 147,055 237,314

(7e4) 794 (7e4) 794

The accompanying notes from an integral part of the interim financial statements.

l3

1 5,358,155

(l 5, I 70,1 55)

(261,912)

(36,835)

(110,747)

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim financial statementsFor the three-month and six-month periods ended 30 June 2019 (Unaudited)

Note Contents

i2

3

4

5

6

7

8

9

10

1l

t213

14

15

16

11

18

t9

General information

Basis of preparation ofthe interim financial statements

Related parties


Loans receivable

lnventories

Investrnent in subsidiary

Investments in joint ventures

Property, plant and equipment

Changes in liabilities arising from financing activities

Non-current provisions for employee benefits

Share capital

Segment information and disaggregation of revenue

Basic eamings per share

Dividends

Financial instuments

Commitments with non-related parties

Events after the reporting period

Thai Financial Reporting Standards (TFRS) not yet adopted

14

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim financial statements

For the three-month and six-month periods ended 30 June 2019 (Unaudited)

These notes form an integral part ofthe interim financial statements.

The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai

language. These English language financial statements have been prepared from the Thai language

financial statements, and were approved and authorised for issue by the Board ofDirectors on 6 August 2019.

I General information

Synnex (Thailand) Public company Limited, the "company", is incorporated in Thailand and has its

registered ofEce at 433 Sukontasawat Road, Lardprao, Lardprao, Bangko( Thailand'

The Company was listed on the Stock Exchange ofThailand on 16 June 2008.

The Company's major shareholders during the financial period were T.K.S. Technologies Public

Company Limited (38.51% shareholding) and King's Eye lnvestments Ltd. (34.99% shareholding).

Both companies are incorporated in Thailand and British Virgin Islands, respectively.

The principal activities of the Company are engaged in the distribution of computers, IT system, and

communication devices. Details ofthe Company's subsidiary andjoint ventures as at 30 June 2019 and

31 December 2018 are given in notes 7 and 8, respectively.

Basis of preparation of the interim financial statements

(r) Statement of compliance

The condensed interim primary financial statements are presented in the same format as the annual

frnancial statements and prepared its notes to the interim financial statements on a condensed basis

("interim financial statements") in accordance with Thai Accormting Standard (TAS) No. 34 Interim

Financial Reporting guidelines promulgated by the Federation ofAccounting Professions and applicable

rules and regulations ofthe Thai Securities and Exchange Commission.

The interim financial statements are prepared to provide an update on the financial statements for the

year ended 31 December 2018. They do not include all ofthe financial information requied for fullannual financial statements but focus on new activities, events and circumstances to avoid repetition ofinformation previously reported. Accordingly, these hterim financial statements should be read in

conjunction with the financial statements of the Company and its subsidiary for the year ended

31 December 2018.

@ Fntctional and presentation cwrency

The interim financial statements are prepared and presented in Thai Baht, which is the Company's

functional currency. All financial infomration presented in Thai Baht has been rounded to the nearest

thousand unless otherwise stated.

)

15

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim Iinancial statements

F'or the three-month and six-month periods ended 30 June 2019 (Unaudited)

@ {Ise ofjudgements, estimates and accontting policies

ln preparing these interim financial statements, judgements and estimates are made by management in

applying the Group's accounting policies. Actual results may differ from these estimates. The

accounting policies, methods of computation and the key sources of estimation uncertainty were the

same as those that applied to the financial statements for the year ended 3l December 2018, except forrevenue recognition which requires additional judgement in determining the timing ofthe transfer ofcontrol - at a point in time or over time - according to the requirements of TFRS 15 Revenue fromContracts with Customers ('TTRS 15) which the Group has initially adopted to replace TAS 18

Revenue ("T AS 18), TAS 17 Construction Contacts ("TA511") and related interpretations.

Under TFRS 15, the Group recognises revenue when a customer obtains control ofthe goods or services

in an amount that reflects the consideration to which the Group expects to be entitled to. In addition,

judgement is required in determining the timing ofthe transfer of control for revenue recognition - at a

point in time or over time. Whereas, under TAS 18, the Group recognises revenue from sale of goods

when the significant risks and rewards of orvnership of the goods have been transferred to the buyer,

and recognises revenue from rendering of services by reference to the stage of completion of the

transaction at the end of tlie reporting period. No revenue is recognised if there is continuing

management involvement with the goods or there are significant uncertainties regarding recovery ofthe

consiJeration due. Such changes in accounting policies have no material impacts on the financial

statements.

In addition, the Group has not early adopted a number of new and revised TFRS which are not yet

effective for current period in preparing these interim financial statements. Those new and revised TFRS

that are relevant to the Group's operations are disclosed in note 19.

Me as ur ement o/ fair val ue s

The Group has an established control framework with respect to the measurement of fair values.

This includes a valuation team that has overall responsibility for overseeing all significant fair value

measurements, including Level 3 fair values, and reports directly to the chieffnancial officer.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third parfy information, such as broker quotes or pricing services, is used to measure fair values

then the valuation team assesses the evidence obtained from the third parties to support the conclusion

that these valuations meet the requirements of TFRS, including the level in the fair value hierarchy in

which the valuations should be classified.

Significant valuation issues are reported to the Group's Audit Committee.

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting

period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in note 16 -

financial instruments.

1.6

3 Related parties

Relationships with subsidiary andjoint ventures is described in notes 7 and 8, respectively. Other related

parties which have material relationships and that the Group had significant transactions during the

period with were as follows:

Name of entities Country of Nature of relationshipsincorporation/

nationality

Major shareholder, 38.5 l% shareholding

Major shareho lder, 34.99% shareholding

Mutual shareholding and directors

Thailand

British VirginIslands

Thailand

T.K.S. Technologies Public ComparyLimited

King's Eye Investments Ltd.

T.K.S. Siam Press ManagementCo., Ltd.

TBSP Public Company Limited(Formerly "Thai British SecurityPrinting Public CompanY Limited")

Gofive Co., Ltd.

Synnex Global Ltd.

S),r:nex Technology ItrtemationalCorporation

Key management personnel

Thailand Mutual shareholding and dtectors

Thailand Mutual shareholding and directors

British VirginIslands

Taiwan

Thailand,Taiwan

Indirect shareholding via King's EyeInvestrnents Ltd.

Indirect shareholding via King's EyeInvestments Ltd.

Persons having authority and responsibilityfor planning, directing and controlling theactivities of the entity, directly orindirectiy, including any director (whetherexecutive or otherwise) ofthe Group.

t7

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim frnancial statementsFor the three-month and six-motrth periods ended 30 June 2019 (Unaudited)



Significant transactions for the tkee-month and six-month periods ended 3 0 June with related parties were

as follows:

Three-month period endetl 30 June

Consolidated Separatefinancialstatements financialstatements2019 2018 2019 2018

(in thousand Baht)

Key management personnelShort-term benefit 3,954 5,578 3,954 5,578

28,188

Joint venturesSales ofgoods or rendering of services

Purchases of goods or receiving of services

Other income

Other related partiesSale ofgoods or rendering of services


Sales of plant and equipmentPrinting servicesWarehouse management expense

Technical assistance and other service expenses

Other income

1,053

850165

JSt378105

2 /5850

165

JJL378105

31,1412,226

7536

3,62650,704

242,8831,424

3,88350,704

242,8831,424

418

20379

432

.14 n

51,5786,156

51,578

2,3131,405

4739

,1111,405

404 39

l8

No material changes in pricing policies during the six-month period ended 30 June 2019.

SubsidiarySale of goods or rendering of services

Purchases ofgoods or receiving of services

lnterest incomeTechnical assistance and other service expenses

Other income


Six-month period ended 30 June

SubsidiarySale ofgoods or rendering ofservicesPurchases ofgoods or receiving ofservicesInterest incomeTechnical assistance and other service expenses

Other income

Key management personnelShort-term benefit

Joint venturesSales of goods or rendering of services

Purchases ofgoods or receiving ofservicesOther income

Other related partiesSale of goods or rendering of services


Sales of plant and equipment

Printing services

Warehouse management expense

Technical assistance and other service expenses

Other income

Trade accounts receivable - related parties

SubsidiaryPrism Solutions Co., Ltd.

Joint venturesNext Capital Co., Ltd.

(Formerly "BAI (Thailand) Co., Ltd.")PT Automation (Thailand) Limited

Other related partiesT.K.S. Siam Press Management Co., Ltd.TBSP Public Company Limited

(Formerly "Thai British Security PrintingPublic Company Limited")

T.K.S. Technologies Public Company LimitedGofive Co., Ltd.Total

Consolidated Separatefinancial statements financial statements2019 2018 2019 2018

(in thousand Baht)

1t,378 17,436 11,378 77,436

61,7362,976

440107467

407

1,217330

94,86325040s161

990

4,0021,347

2t0

1,891

112,936

4,r07) q'7\

69

184

t6,9611,347

2t0

13,1591t2,943

4,1072,975

4769

1,868

10

1,185

1,217

330

Balances as at 30 June 2019 and 31 December 2018 with related parties were as follows

8,731119,236

24

4,7603,421

452

r,236302

292236

___2i60

8,0051 18,036

244,7603,421

434

1,236

302

75

206

Consolidated Separatefinancial statements financial statements

30 31 30 31

June December June December

2019 20i8 2019 2018(in thousand Baht)

32,949 3,963

30 351 30 351

64

l0

t9

, ,roLt-Z t 34,798 4,509

Synnex (Thailand) Public company Limited and its subsidiaryNotes to the condensed interim financial statements


Movements during the six-month period ended 30 June 20i9 of short-term loans to related parties were

as follows:

Short-term loans torelated party


Total

Interest rate31 30

December June

2018 20t9(% per annum)

t.9 -2.25 1.9 -2.25 41,000

18,980

6,326

__26Jr8_

Separate financial statements31 30

December June

2018 lncrease Decrease 2019(in thousand Baht)

41 000

Trade accounts payable - related parties


Joint venturePT Automation (Thailand) Limited

Other related partiesT.K.S. Technologies Public Company LimitedT.K.S. Siam Press Management Co., Ltd.

Total

4 4t


30 31 30 31


20t9 2018 2019 2018(in thousand Baht)

788

8t2 87 812 87

2r,76821,7687,930

__29J8,s-

18,9806,326 7, 930

Other payables - related Parties


Joint venturePT Automation (Thailand) Limited

Other related partiesT.K.S. Siam Press Management Co., Ltd.Synnex Technology lnternational CorporationTotal


30 31 30 31


2019 2018 2019 2018(in thousand Baht)

1,015 55

43 43

26,906 __2eJ8s_

3,231 5,33958

3,231

---32s1-

5,33958

20

5,440 4?46 5,495



Accrued expense - related parties Consolidated Separatefinancial statements financial statements

30 31 30 31

June December June December2019 2018 20t9 2018

(in thousand Baht)

SubsidiaryPrism Solutions Co., Ltd. 762

543 1,012 543 1 l2543 1,012 1"305 1,012

New significant agreements with related parties

Technical service agreement

ln January 2019, the Company entered into the memorandum of agreement for technical service with

Prism Solution Co., Ltd. for the period 1 year commencing from 1 January 20i9 until 31 December

2019. The company has to monthly pay the service fees calculated at the rates of 0.03% of sales

amount. The agreement can be early terminated if either parly gives notice or intention for at least 30

days.

4 Trade accounts receivable

Other related partyT.K.S. Siam Press Management Co., Ltd.

Total

Note

Related parties 3

Other partiesTotal

Iess allowance for doubtful accounts

Net

CurrentNon-currentTotal

Bad and doubtful debts expense for thethree-month period ended 30 June

six-month period ended 30 June



20t9 2018 2019 2018(in thousand Baht)

2,160 2,229 34,798 4,5085,670,683 6,23 4,273 5,639,990 6,203,9205,672,843(243,904\

j&p_6,2361502 5,674,788

(236,531)6,208,428(233,641)(24 1,082)

5,438,257 5,974,787

5,336,29492,645

5,901,48793,933

5,345,67292,645

5,880,85493,933

5,995,420 5,438,257 5,974,787

20t9

567

2,822

2018 2019(in thousand Baht)

201 8

___JJ8s_ 7tt 2,452

2t

4,455 2,890 4,012

Aging analyses for trade accounts receivable were as follows:

Consolidated Separat€financial statements financial statements30 31 30 3l


2019 2018 2019 2018(in thousand Baht)

Related partiesWithin credit termsOverdue:

Less than 2 months

Other partiesWithin credit termsOverdue:

Less than 2 months2 - 3 months3 - 4 months4 - 6 months6 - 9 months9 - 12 monthsOver 12 months

1,505

65s

2,130

99

34,413 4,409

38s2,140 2,229 34,,798 4.s08

3,s43,t14 3,76t,388 3,529,789 3,740,108

99

1,564,2r8231,313

20,76754,05224,4873,261

229,4715,670,683(243,904)

1,976,524242,78025,153

3,6622,6501,286

211,7576?03,,920(233,641)

1,978,103242,780

25,1533,662s no,6,336

2r1,759

i,554,568231,314

20,70253,987

24,2713,261

4?,0e86,234,273(241.082)

5,639,990(236,s31)Zess allowance for doubtful accounts

5,426,779 5,993,191 5,403,459 5,970,279

Net 5,995,420

The normal credit term granted by the Group ranges from 30 days to 60 days.

The Group provided allowance for doubtful accounts to reflect the collectible amount offade accounts

receivable related to provision for loss from uncollectible customers. The management usedjudgnents

in estimation of allowance for doubtful accounts by analysing the aging of trade accounts receivable

presented in the above table and reference to analysis of payment histories and future expectations ofcustomer payments.

22

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim frnancial statementsFor the three-month and six-month periods ended 30 June 2019 (Unaudited)

5,128,939 j,4382s7 _j21llu


5 Loans receivable

Interestrate

30 31

June December2A19 2018

(% per annum)1.9 -2.25 r.9 -2.253.5 - 6.0 3.5 - 5.8

Related partyOtherparty

Total

CurrentNon-currentTotal

At 1 JanuaryIncreaseDecreaseAt 30 June

Note

Consolidated Separatefinancialstatements financialstatements

30 31 30 31

June December June December2019 2018 20t9 2018

(in thousand Baht)41,000 41,000

i94,000 126,500 194,000 126,500

-l2flqq -rzqfqq 2rrpgL -]!zfgq-

3

129,50064,500

126,500 170,500 167,500

126,500 235,000 167,500194,000

Movements during the six-month period ended 30 June of loans receivable were as follows:

Consolidated Separatefinancial statements financial statements20t9 2018 20t9 2018

(in thorcmd Baht)126,500 - 167,500 41,000175,000 2,000 175,000 2,000

(1qfJlq) (2,000)235,000 41,000

As at 30 June 2019, the Company had a long-term loan to other company, amounting to Baht 82.5

million (3 t December 2018: Nri) which bears intere st at 5 .25% per annum (3 I December 2018: Nil) "

The term of the loan is five years.

(107,500)194,000

Z5


6 Inventories



2019 2018 2019 2018(in thousand Baht)

3,345,087 3,426,635 3,338,331 3,423,57069,004 148,969 69,005 148,969

Finished goods

Goods in transitTotalIess allowance for decline in value

Net

lnventories recognised as an expense in

'costs of sale of goods' for- the three-month period ended 30 June

- Cost- @eversal) write-down to net

realisable value

Total

- the six-month period ended 30 June

- Cost- Write-down to net realisable

value

3,4l4ro9l(82,679)

31331,,412

3,575,604(77,239)

3,407,336(82,160)

3,572,479

a5t22\_1fl5fr1

Consolidated SeParate

financial statements financial statements2019 2018 2019 2018

(in thousand Baht)

7,539,5627,536,350

(s8e)

9,155,749

11,480 (se0)

9,136,084

11,418

7E5J_61_ 9,167 ,229 7,538,972 9,147 ,502

16,673,455

5.440

17,634,012 16,677,426 17,636,054

5,260146 5,438

Total _ryzq{2!_ _r7_@,rs8_ _r6,69fit 17,641,314

The Group provided allowance for decline in value of inventories to reflect the net realisable value ofinventories. The management used judgments in estimation of allowance for decline in value of

inventories by analysing the aging of inventoriestogether with analysis of obsolete inventory and future

expectations of sales.

7 Investrnent in subsidiary

Six-month period ended 30 lune

Separatefinancial statements

20t9 2018(in thousand Baht)

At I January and 30 June 9,400 9,400

During the six-month period ended 30 June 2019 and 2018, there were no acquisitions and disposals ofinvestment in subsidiary,

5

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8 Investments in joint ventures

Six-month period ended 30 lune

Joint venturesAt 1 JanuaryShare ofnet profit ofjoint ventures

AcquisitionsDisposals

At 30 June

Consolidated Separatefinancial statements financial statements20t9 2018 2019 2018

(in thousand Baht)

366,r7613,562

122,500

292,758 336,2486,485

81,394 122,500

277,207

87,394(22,353)(22,353)

502,178 358,284 458,748 __n5448-

Acquisttions

On26 March 2019,the Company made an additional investment in l2.5Yo of the issued and paid up

capital of Next Capital Co., Ltd. (formerly "BAF (Thailand) Co., Ltd.") a joint venture of the Group,

for a consideration of Baht 1225 million, bringing the Group's total interest in such joint venture to

40%.

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9



Property, plant and equiPment

During the six-month period ended 30 June 2019, the Group acquired plant and equipment ofBahtt2.59 million as shown in the consolidated frnancial statements (30 Jme 2018: Baht 10.22 million) and

Baht 12.52 million as shown in the separate fmancial statements (30 June 2018: Baht 10.1i million). The

Group had no significant disposals of properfy, plant and equipment during the six-month period ended

30 June 2019 and 2018.

Security

At30June2019,theGroup'spropertieswithanetbookvalueofBaht260million (31December20lS: Baht

271 miltion) were subject to secure long-term loans from financial institution (see note 10).

10 Changes in liabilities arising from financing activities

Balance at I January 2019

Changes from financing cash flowsBalance at 30 June 2019

Consolidated financial statementsBank

overdraftsused for cash

managementpurposes Other loans Total

(in thousand Baht)- 4,663,916 4,663,916

t4,t26 173184 188 000

Separate financial statementsBank

overdraftsused for cash

managementpurposes Other loans

(in thousand Baht)4,663,976

Total

Balance at 1 January 2019

Changes from financing cash flows

Balance at 30 June 2019

14,216 r73 784

As at 30 June 2019, the Group and the Company had unutilised credit facilities totalling Baht 4,9i3

million (jI December 2018: Baht 4,777 million).

The short-term loans from financial institutions were trust receipts payable and promissory notes with

maturity periods rangmg from 1 - 3 months, bearing interestrates rangng from 1.54% '1.97% per aillum.

(31 December 2018: 1.50%' 1.97%per annum).

In June 2016, the Company entered into a long-term loan agreement with a local financial institution

for Baht 500 million bearing interest at the rate of 2.65% per annum. The loan is monthly repayable ofBaht9.26 million for each installment, commencing in July 2016 covering 54 months since the first

drawdown date.

___JlJ2!_ 4,937,700 4,951,916

4,663,916188,000

14216 4,937 1700 4,85 1,916

29

synnu fillillflflfl) rllilir t0lllury lillllftfl rnfl lfi lllh$ifliflryNotes to the condensed interim financial statements


In May 2017, the Company entered into a long-term borrowing agreement with a local financialinstitution for Baht 300 million, bearing interest at the rate of 2.86% per annum. The borrowing is

monthly repayable in the same amount for each instalment, commencing in June 2017 covering 3 years

since the first drawdown date. ln this regard, the Company has mortgaged some land, including structures

thereon with the financial institution to secure its long-term borrowing from the financial institution.

Loans from financial institution were long-term loan secured by land including structures there on

of the Company. ln addition, the transfer of beneficial right of insurance claim on securities and parts

of goods to the lenders at Baht 5 83 million of secured amount.

ln addition, the Group shall comply with conditions in the loan agreements including:

- Maintain the debt to equity ratio to not more than 3 to 1 time and DSCR ratio not less than 1.20 time

until the loan is completely repaid.

Synnex Technology International Corporation or King's Eye lnvestments Ltd. and T.K.S

Technologies Public Co., Ltd. shall remain as the shareholders, either directly or indirectly, at alltime and each company must hold the shares not less than 30o/o of the issued and fully paid-up

registered share capital.

11 Non-current provisions for employee benefits

On 5 April 2019,thelabor Protection Act was amended to include a requirement that an employee who

is terminated after having been employed by the same employer for an unintemrpted period of twenty

years or more, receives severance payment of 400 days of wages at the most recent rate. The Group has

therefore amended its retirement plan in accordance with the changes in the Labor Protection Act in 2019.

As a result of this change, the provision for retirement benefits as at 30 June 2019 as well as past service

cost recognised during the three-month and six-month periods then ended in the consolidated and

separate financial statements increased by an amount of Baht 3.46 million and Baht 3.61 million,

respectively.

12 Share capital

Par valueper share

(in Baht)

2019 2018

Number Amount Number Amount(thousand shares / thousand Baht)

Issaed and paid-upAt I January- ordinary shares

Issue ofnew shares

At 30 June / 31 December- ordinary shares

1

1

1

800,000(29,67t)109 71

900,000(29,671)109,671

800,000 800,000

1

1

1 __Q!9,09q _ 880,000 _!9q{90 __q9qp99_

770,329 770,32977,032

770,329 770,32977 032

1 847,361

30

847,361 770,329 _JJ!,32e_

AuthorisedAt l January- ordinary shares

Reduction of shares

Increase ofnew shares

At 30 June / 31 December- ordinary shares

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim linancial statementsFor the three-month and six-month periods ended 30 June 2019 (Unaudited)

Issue of ordinary shares

At the Annual General Meeting of the shareholders of the Company held on 25 April 2019, the

shareholders approved the following resolution:

l) Decreased ofthe authorised share capital fiom Baht 800 million to Baht 770.33 million by way

of eliminating the non-issuance of 29.67 million shares, totalling Baht 29.67 million The

registration of the decrease authorised share capital with the Ministry of Commerce was

completed on 3 May 2019.

2) lncrease of the authorised share capital from Baht 770.33 million to Bath 880 million by

increasing 109.67 million new ordinary shares with the par value ofBaht 1 per share, totallingBaht 109.67 million, for appropriation as stock dividends to existing shareholders and reserve

as working capital. The registration of the increase authorised share capital with the Ministryof Commerce was completed on 8 May 2019.

3) Appropriation of dMdends from the net pmfit for the year 201 8 as follows:- Cash dividends at the rate of Baht 0.34 per share, amounting to Baht 261.91 million.- Stock dividends at the rate of 10 existing ordinary shares per 1 stock dividend at Baht lpar

value. If the number of shares is indivisible, the remainder will be paid by cash at the rate ofBaht 0.10 per share.

13 Segment information and disaggregation of revenue

The Group has reportable segments, as described below, which are the Group's strategic divisions. The

strategic divisions ofler different products and services are managed separately because they require

differint technology and marketing strategies. For each of the strategic divisions, the chief operating

decision maker (CODM) reviews internal managemenl reports on at least a quarterly basis. The

following summary describes the operations in each ofthe Group's reportable segments'

. Segment 1 Trading computer components, communication devices ald rendering ofservices.

. Segment 2 Providing computers service and training.

lnformation regarding the results of each reportable segnent is included below. Performance ts

measured based on segment profit before tax, as included in the internal management reports that are

reviewed by the Group's CODM. Segnent profit before tax is used to measure performance as

.-ug"a"nt believes that such information is the most relevant in evaluating the results of certain

segrnents relative to other entities that operate within these industries'

31

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14 Basic earnings per share

The calculations ofbasic earnings per share for the period ended 30 June 2019 and 2018 were based onthe profit for the period attributable to ordinary shareholders of the Company and the number of ordinaryshares outstanding during the period as follows:

Three-month period ended 30 June

Consolidated Separatefinancial statements financial statements20t9 2018 2019 2018

(in thousand Baht / thousand shares)Profit attributable to ordinary

shareholders of the Company (basic) 118,794 t6t,t94 ttt322 t61,g0g

Number of ordinary shares outstandingat 1 January

Effect of shares issued on 8 May

IVeighted average number of ordinary sharesOutstanding (basic)

Earnings per share (basic) (in Baht)

Sk-month period ended 30 June

Profit attributable to ordinaryshareholders of the Company (basic)

Number of ordinary shares outstandingat 1 January

Effect of shares issued on 8 May

Weighted average number of ordinary sharesOutstanding (basic)

Earnings per share (basic) (in Baht)

770,329

816,040 770,329 916,040

0.15 0.21 0.14 0.21

Consolidated Separatefinancial statements linancial statements2019 2018 2019 2018

(in thousand Baht / thousand shares)

302,930 371,046 290,402 362,982

770,32945,7I1

770,329 770,32945,711

770,32922,982

770,329 770,32922,992

770,329

793311 770,329 7D3lt 770,329

0.38 0.48 0.37 0.47

JI

_J19,32e _



15 Dividends

The dividends paid by the Group to the shareholders are as follows:

2019Annual dividendStock dividend

(Existing share : Stock dividends)Dividends (After allocation)Dividends

2018Annual dividend

16 Financialinstruments

Carrying amounts andfair values

Approval date

Paymentschedule

25 Apr1l20l9 May 2019

10:10.10

0.34

20 April2018 May 2018 0.35

Fair value

Dividend/Stockdividend rate

per share(Baht)

Amount(inmillion Baht)

261.9t

269.92

The following table shows the carrying amounts and fair values of financial assets, including their levels

in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value

information for furancial assets and financial liabilities not measured at fair value if the carrying amount

is a reasonable approximation of fair value.

Consolidated financial statementsCarryingamount

Level 1 Level? Level3 Total(in thousand Baht)

30 June 2019Financial assets mcasured atfair valueNon-currentEquity securities available for sale 37,927 37,927 37,927

31 December 2018Finaneial assets meosured atfdr volaeNon-currentEqurty securities available for sale 38,721 38,727 38,721

38

Carryingamount

30 June 2019Financial assets measured at fab volueNon-cufienlEquity securities available for sale 37,927

31 December 2018Financial assels measwed at fair valueNon-currentEquity securities available for sale 38,721

TypeInvestments in marketable unit trusts classified

as available-for-sale investments

Separate fi nancial statements

Fair value

Level 1 Level2(in thorcand Bafu)

Level 3 Total

11 q)'t

38,721

?? or7

38,721

Measurement of fair values

When measuring the fair value ofan asset or a liability, the Group uses observable market data as far as

possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs

used in the valuation techniques as follows:

o kvel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.. Leyel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or

liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

. Level 3: inputs for the asset or liability that are not based on observable market data (unobservable

inputs).

If the inputs used to measure the fair value ofan asset or liability might be categorised in different levels

ofthe fair value hierarchy, then the fair value measurement is categorised in its entirety in the same levelofthe fair value hierarchy as the lowest level input that is significant to the entire measurement.

Financial instuments measured atfair value

Fair values offinoncial instraments not measuted al fair value

Cash and cash equivalents, receivables, Ioans to, payables, short-term loans and currenl portion oflong-term loans have the carrying values approximate their fair values due to the relative short-term maturityof these financial instruments.

Long-term loans have the carrying values approximate to fair values due to interest rate approximate tomarket rate.

Fair values of forward contract and option contract approximate to the disclosure values due to thoserates approximate to quotes announced by the financial institution.

39

Synnex (Thailand) Public Company Limited and its SubsidiaryNotes to the condensed interim financial statementsFor the three-month and six-morth periods ended 30 June 2019 (Unaudited)

Valuation techniqueThe net asset value as of the reporting date.


17 Commitments with non-related parties


June December June December20t9 2018 2019 2018

(in thousand Baht)

Non-cancellable operating lease

commitmentsWithin one year

After one year but within five years

Total

Other commitmentsForward Contract and Option Contract

(in thousand U.S. Dollar)Bank guarantees (in thousand Baht)

16,998 22,842 16,998 22,822

10,770

6,22814,1578,691

10,770

6,228l4,l3l9,691

47,4r5477,008

59,684477,831

47,415477,680

59,684477,008

18 Events after the reporting period

(a) In July 2019, the Company had a loan to related company, amounting to Baht 35 million which

bears interest at 4.10%o per annum for the working capital.

(b) At the Board of Directors' meeting of the Company held on 6 August 2019,the Board of Directors

approved the interim dividend payment at Baht 0.15 per share, amounting to Baht 127.10 million.The dividend will pay to the shareholders on 2 September 2019.

19 Thai Financial Reporting Standards (TFRS) not yet adopted

A number of new and revised TFRS which are relevant to the Group's operations are expected to have

significant impact on the consolidated and separate financial statements on the date of initial application.Those TFRS which become effective for annual financial reporting periods beginning on or after1 January 2020 are as follows:

TFRSTFRS 7*TFRS 9*TFRS 16

TAS 32*TFRIC 16*TFRIC 19*

TopicFinancial Instruments: DisclosuresFinancial InstrumentsLeases

Financial lnstruments: PresentationHedges of a Net Investment in a Foreign OperationExtinguishing Financial Liabilities with Equity Instruments

* TFRS - Financial instruments standards

(a) TFRS - Financial instruments standards

These TFRSs establish requirements related to definition, recognition, measurement, impairmentand derecognition of financial assets and financial liabilities, including accounting for derivativesand hedge accounting. When these TFRSs are effective, some accounting standards, interpretationsand guidance which are currently effective will be cancelled.

40


(b) TFRS 16 Leases

TFRS 16 introduces a single lessee accounting model for lessees. A lessee recognises a right-of-useasset aad a lease liability. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard, i.e. lessors conthue toclassif leases as fmance or operating leases. \Vhen this TTRS is effective, some accountingstandards and interpretations which are currently effective will be cancelled

Management is presently considering the potential impact of adopting and initially applying those

TIRSs on the financial statements.

41

synnex (thailand) public company limited and its …...the accompanying notes from an integral part...

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