Seafco Public Company Limited and its Subsidiaries

Seafco Public Company Limited

and its Subsidiaries

Interim financial statements

for the three-month period ended

31 March 2021

and

Independent auditor’s report

on review of interim financial information

Independent Auditor’s Report on Review of Interim Financial Information

To the Board of Directors of Seafco Public Company Limited

I have reviewed the accompanying consolidated and separate statements of financial position of

Seafco Public Company Limited and its subsidiaries, and of Seafco Public Company Limited,

respectively, as at 31 March 2021, and the consolidated and separate statements of comprehensive

income, changes in equity and cash flows for the three-month period ended 31 March 2021; 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 the Thai Standard on Review Engagements 2410, “Review

of Interim Financial Information 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 interim financial information is not prepared, in all material respects, in accordance

with Thai Accounting Standard 34, Interim Financial Reporting.

Other matters

The consolidated and separate statements of financial position of Seafco Public Company Limited and

its subsidiaries, and of Seafco Public Company Limited, respectively, as at 31 December 2020, which

are included as comparative information, were audited by another auditor who expressed an

unqualified opinion on those financial statements in his report dated 1 March 2021. The consolidated

and separate statements of comprehensive income, changes in equity and cash flows for the three-

month period ended 31 March 2020 of Seafco Public Company Limited and its subsidiaries, and of

Seafco Public Company Limited, respectively, which are included as a comparative information, were

reviewed by another auditor whose report dated 13 May 2020, providing unqualified conclusions and

the emphasis of matters in relation to the Coronavirus disease 2019 pandemic may bring uncertainties

2

and the impact on the environment in which the Group operates, and applying Thai Financial

Reporting Standards relating to financial instruments and Thai Financial Reporting Standard No 16:

Leases.

(Narong Luktharn)

Certified Public Accountant

Registration Number 4700 NPS Siam Audit Limited

Bangkok

13 May 2021

Seafco Public Company Limited and its Subsidiaries

Statements of financial position

As at 31 March 2021

Assets Note 31 March 31 December 31 March 31 December

2021 2020 2021 2020

(Unaudited) (Unaudited)

Current assets

Cash and cash equivalents 91,734 110,503 45,354 59,819

Trade accounts receivables 7 386,450 408,970 385,881 408,970

Other current receivables 6, 8 53,563 50,209 57,042 53,864

Current contract assets 9 391,240 298,958 375,063 283,227

Short-term loans to related parties 6 - - 500 -

Inventories 10 78,031 81,573 74,415 77,891

Advance payment for wages and goods acquisition 892 4 892 4

Withholding income tax 34,093 24,389 34,093 24,389

Total current assets 1,036,003 974,606 973,240 908,164

Non-current assets

Other non-current financial assets 11 16,996 13,780 12,800 9,600

Investment in subsidiaries 12 - - 9,800 9,800

Non-current contract assets 9 265,994 250,458 245,968 231,299

Investment properties 13 59,507 59,920 59,507 59,920

Property, plant and equipment 14 1,249,784 1,285,867 1,193,381 1,225,390

Right-of-use assets 15 362,561 374,941 360,962 373,015

Intangible assets 16 4,848 4,272 4,848 4,272

Deferred tax assets 17 43,842 48,085 43,842 48,085

Other non-current financial assets

pledged as collateal 59,000 59,000 59,000 59,000

Other non-current assets 5,404 6,758 4,741 6,083

Total non-current assets 2,067,936 2,103,081 1,994,849 2,026,464

Total assets 3,103,939 3,077,687 2,968,089 2,934,628

financial statements

(in thousand Baht)

Consolidated Separate


The accompanying notes are an integral part of these financial statements.3



As at 31 March 2021

Liabilities and equity Note 31 March 31 December 31 March 31 December

2021 2020 2021 2020


Current liabilities

Trade accounts payables 18 625,544 572,699 578,298 528,183

Other current payables 6,19 46,162 20,254 44,847 19,083

Current contract liabilities 9 25,171 41,474 7,184 23,752

Current portion of long-term loans 21 156,809 158,380 147,364 147,820

Current portion of leases liabilities 6, 21 93,530 97,537 92,352 96,487

Retention payables 20,255 22,165 4,898 6,807

Corporate income tax payable 6,644 7,801 - -

Other current provisions 22 88,097 82,919 74,398 68,822

Total current liabilities 1,062,212 1,003,229 949,341 890,954

Non-current liabilities

Long-term loans 20 158,724 196,783 155,575 192,257

Lease liabilities 6, 21 158,563 179,376 158,134 178,623

Non-current provisions for employee benefits 23 87,829 86,214 87,829 86,214

Total non-current liabilities 405,116 462,373 401,538 457,094

Total liabilities 1,467,328 1,465,602 1,350,879 1,348,048




(in thousand Baht)




As at 31 March 2021

Liabilities and equity Note 31 March 31 December 31 March 31 December

2021 2020 2021 2020


Equity

Share capital 24

Authorized share capital 369,854 369,854 369,854 369,854

Issued and paid-up share capital 369,854 369,854 369,854 369,854

Share premium 164,000 164,000 164,000 164,000

Retained earnings

Appropriated

Legal reserve 36,985 36,985 36,985 36,985

Unappropriated 1,063,337 1,039,410 1,043,811 1,015,741

Other components of equity (1,450) (4,823) 2,560 -

Equity attributable to owners of the Company 1,632,726 1,605,426 1,617,210 1,586,580

Non-controlling interests 3,885 6,659 - -

Total equity 1,636,611 1,612,085 1,617,210 1,586,580

Total liabilities and equity 3,103,939 3,077,687 2,968,089 2,934,628

(in thousand Baht)


financial statements financial statements



Statements of comprehensive income (unaudited)

Note 2021 2020 2021 2020

Revenues

Revenues from construction services 25 589,007 868,483 588,284 820,267

Revenues form sale of construction materials 25 80 517 80 654

Other income 8,395 4,397 8,303 12,630

Total revenues 597,482 873,397 596,667 833,551

Expenses

Cost of construction services and sales of

of construction materials 531,865 711,487 527,856 672,945

Administrative expenses 28,724 37,734 25,678 34,278

Total expenses 560,589 749,221 553,534 707,223

Profit from operating activities 36,893 124,176 43,133 126,328

Finance costs 5,219 6,501 5,101 6,210

Expected credit loss of receivables (reversal) 26 (5,977) (28) (5,977)

Profit before income tax expenses 31,648 123,652 38,060 126,095

Tax expense 17 8,983 28,267 9,990 26,697

Profit for the period 22,665 95,385 28,070 99,398

Other comprehensive income

Items that will be reclassified subsequently

to profit or loss:-

Exchange differences on translating financial statements (699) (2,655) - -

Total items that will be reclassified subsequently

to profit or loss (699) (2,655) - -

ended 31 March ended 31 March

(in thousand Baht)



Three-month period Three-month period



Statements of comprehensive income (unaudited)

Note 2021 2020 2021 2020

Items that will not be reclassified subsequently

to profit or loss:-

Gain on remeasuring investment in equity security 11 3,200 - 3,200 -

Loss on remeasurements of defined benefit plans - (11,624) - (11,624)

Income tax of items that will not be reclassified

subsequently to profit or loss (640) 2,325 (640) 2,325

Total items that will not be reclassified subsequently

to profit (loss) - net of tax 2,560 (9,299) 2,560 (9,299)

Other comprehensive income (loss) for the period

- net of tax 1,861 (11,954) 2,560 (9,299)

Total comprehensive income for the period 24,526 83,431 30,630 90,099

Profit attributable to:-

Owners of the parent 23,927 94,405 28,070 99,398

Non - controlling interests (1,262) 980 - -


Total comprehensive income attributable to :-

Owners of the parent 27,300 82,451 30,630 90,099

Non - controlling interests (2,774) 980 - -

Total comprehensive income for the period 24,526 83,431 30,630 90,099

Earnings per share (Baht)

Basic 27 0.03 0.13 0.04 0.13



Three-month period

(in thousand Baht)

Three-month period




Stataments of changes in equity (unaudited)

Exchange Equity

Issued and differences on Gain on attributable

paid-up Share Legal translating financial remeasuring to owner of Non-controlling Total

Note share capital premium reserve Unappropriated statements Actuarial loss investments Total parent interests equity

For the three-month period ended

31 March 2020

Balance at 1 January 2020 369,854 164,000 36,985 1,048,832 (3,481) - - (3,481) 1,616,190 13,410 1,629,600

Comprehensive income for the period

Profit - - - 95,385 - - - - 95,385 980 96,365

Other comprehensive loss - - - - (2,655) (9,299) - (11,954) (11,954) - (11,954)

Total comprehensive income for the period - - - 95,385 (2,655) (9,299) - (11,954) 83,431 980 84,411

Transfer to retained earnings - - - (9,299) - 9,299 - 9,299 - - -

Balance at 31 March 2020 369,854 164,000 36,985 1,134,918 (6,136) - - (6,136) 1,699,621 14,390 1,714,011


31 March 2021

Balance at 1 January 2021 369,854 164,000 36,985 1,039,410 (4,823) - - (4,823) 1,605,426 6,659 1,612,085


Profit - - - 23,927 - - - - 23,927 (1,262) 22,665

Other comprehensive income (loss) - - - - 813 2,560 3,373 3,373 (1,512) 1,861

Total comprehensive income for the period - - - 23,927 813 - 2,560 3,373 27,300 (2,774) 24,526

Balance at 31 March 2021 369,854 164,000 36,985 1,063,337 (4,010) - 2,560 (1,450) 1,632,726 3,885 1,636,611

(in thousand Baht)

Consolidated financial statements

Other components of equity

Retained earnings

The accompanying notes are an integral part of these financial statements. 8


Stataments of changes in equity (unaudited)

Issued and Gain on

paid-up Share Legal remeasuring Total

Note share capital premium reserve Unappropriated Actuarial loss investments Total equity


31 March 2020

Balance at 1 January 2020 369,854 164,000 36,985 1,025,540 - - - 1,596,379


Profit - - - 99,398 - - - 99,398

Other comprehensive loss - - - - (9,299) - (9,299) (9,299)

Total comprehensive income for the period - - - 99,398 (9,299) - (9,299) 90,099

Transfer to retained earnings - - - (9,299) 9,299 - 9,299 -

Balance at 31 March 2020 369,854 164,000 36,985 1,115,639 - - - 1,686,478


31 March 2021

Balance at 1 January 2021 369,854 164,000 36,985 1,015,741 - - - 1,586,580


Profit - - - 28,070 - - - 28,070

Other comprehensive income - - - - - 2,560 2,560 2,560

Total comprehensive income for the period - - - 28,070 - 2,560 2,560 30,630

Balance at 31 March 2021 369,854 164,000 36,985 1,043,811 - 2,560 2,560 1,617,210

Separate financial statements

Retained earnings

(in thousand Baht)

Other components of equity

The accompanying notes are an integral part of these financial statements. 9


Statements of cash flows (unaudited)

Note

2021 2020 2021 2020

Cash flows from operating activities


Adjustments to reconcile profit to

cash receipts (payments)

Finance costs 5,219 6,501 5,101 6,210

Depreciation and amortization 52,107 50,973 49,089 50,562

Expected credit loss (reversal) 26 (5,977) (28) (5,977)

Loss on devaluation of inventory 1,311 - 1,311 -

Unrealised losses (gains) on exchange 25 (19) 25 (19)

Gain on disposal of investments - (154) - (154)

Gain on disposal of equipment (4,539) (8,958) (4,539) (8,958)

Loss on write-off of equipment 280 71 280 71

Loss on write-off of other assets - 7,157 - 3,863

Provision 18,904 18,317 18,904 8,629

Provisions for employee benefits 1,710 1,374 1,710 1,374

Income tax expense 8,983 28,267 9,990 26,697

106,691 192,937 109,913 181,696

Changes in operating assets and liabilities

Trade accounts receivables 58,905 (54,435) 58,960 (75,110)

Other current receivables 601 (11,699) 117 (15,607)

Short-term loan - - (500) 1,300

Current contract assets (92,513) (187,072) (92,067) (183,531)

Inventories 2,231 (16,335) 2,164 (3,113)

Advance payments for wages and acquisition of goods (887) 97 (887) 97

Non current contract assets (19,156) 37,276 (18,288) 37,514

Other non-current assets 1,353 (6,072) 1,342 (489)





(in thousand Baht)




Note

2021 2020 2021 2020

Trade accounts payables 50,922 257,947 47,285 222,649

Other current payables (8,957) (20,849) (6,964) 2,278

Current contract liabilities (16,303) 32,697 (16,568) 43,170

Retention payables (1,910) 959 (1,910) 959

Payment of other current provision (13,726) - (13,328) -

Payment of provision for employee benefits (95) - (95) -

Net cash generated from operating activities 67,156 225,451 69,174 211,813

Withholding income tax paid (16,239) (17,280) (16,091) (17,743)

Net cash from operating activities 50,917 208,171 53,083 194,070

Cash flows from investing activities

Other non-current financial assets (16) 133,261 - 133,296

Proceeds from sales of equipment 4,568 35,303 4,568 35,303

Purchases of equipment (4,535) (92,624) (4,519) (87,351)

Purchases of intangible assets (756) (75) (756) (75)

Net cash from (used in) investing activities (739) 75,865 (707) 81,173

Cash flows from financing activities

Interest paid (5,198) (6,800) (5,080) (6,504)

Bank overdrafts and short-term loan

from financial institutions - (168,287) - (168,287)

Proceeds from long-term loans - 39,561 - 39,561

Payment of long-term loans (39,630) (24,033) (37,138) (26,474)

Finance lease payment (24,820) (34,005) (24,623) (34,005)

Net cash used in financing activities (69,648) (193,564) (66,841) (195,709)


(in thousand Baht)


SeparateConsolidated





Note

2021 2020 2021 2020

Net increased (decrease) in cash and cash

equivalents before effects of exchange rates (19,470) 90,472 (14,465) 79,534

Effects of exchange rates changes on cash

and cash equivalents 701 2,655 - -

Net increased (decrease) in cash and cash equivalents (18,769) 93,127 (14,465) 79,534

Cash and cash equivalents at 1 January 110,503 62,568 59,819 12,579

Cash and cash equivalents at 31 March 91,734 155,695 45,354 92,113

Non-cash transactions

Increase in equipment from other payables 752 16,891 752 11,424

Transfer of right-of-use assets to equipment 973 - 973 -

Increase in equipment from leases - 100,616 - 100,616

Transfer of equipment to right-of-use assets - 263,574 - 263,574



(in thousand Baht)





Notes to the interim financial statements For the three-month period ended 31 March 2021 (Unaudited)

13

Note Contents

1 General information

2 Basis of preparation of interim financial statements

3 Corona virus disease 2019 pandemic (“COVID-19”)

4 Significant accounting policiess

5 Seasonal operations

6 Related parties

7 Trade accounts receivables

8 Other current receivables

9 Contract assets/contract liabilities

10 Inventories

11 Other financial assets

12 Investments in subsidiaries

13 Investment properties

14 Property, plant and equipment

15 Right-of-use assets

16 Intangible assets

17 Deferred tax

18 Trade accounts payables

19 Other current payables

20 Long-term loans

21 Lease liabilities

22 Other current provisions

23 Non-current provisions for employee benefit

24 Share capital

25 Segment information

26 Income tax

27 Earnings per share

28 Financial instruments

29 Commitments with non-related parties

30 Events after the reporting period

31 Reclassification of accounts



14

These notes form an integral part of the interim financial statements.

The interim financial statements were authorized for issue by the Board of Directors on 13 May

2021.

1 General information

Seafco Public Company Limited (“the Company”) is incorporated in Thailand and has its registered

head office at 144 Prayasuren Road, Bangchan, Khlong Sam Wah, Bangkok.

The Company was listed on the Stock Exchange of Thailand on 18 March 2004.

The major shareholder during the period is Thasnanipan family group who hold 26.61%.of total

paid-up share capital.

The principal activities of the Group are construction of foundation and general public works.

Details of the Company’s subsidiaries were as follows

Ownership interest

(%)

Country of 31 March 31 December

Name of entity Type of business incorporation 2021 2020

Direct subsidiaries

1. Seafco Construction Co., Ltd. Construction

contractual work Thailand 50 50

2. Seafco Intertrade Co., Ltd. Construction

contractual work Thailand 98 98

Indirect subsidiary

3. Seafco (Myanmar) Co., Ltd. Construction

contractual work

Myanmar 78 78

2 Basis of preparation of interim financial statements

2.1 Statement of compliance

The interim financial statements are prepared on a condensed basis in accordance with Thai

Accounting Standard (TAS) No. 34 Interim Financial Reporting; guidelines promulgated by the

Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai

Securities and Exchange Commission except the financial statements of Seafco (Myanmar) Co., Ltd.

(Subsidiary) which are prepared in accordance with Myanmar Financial Reporting Standards.

In preparation of the consolidated financial statements, they are adjusted to be under the same

accounting policies as the parent company.

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

year ended 31 December 2020. The financial statements do not include all of the financial

information required for full annual financial statements but focus on new activities, events and

circumstances to avoid repetition of information previously reported. Accordingly, these interim

financial statements should be read in conjunction with the financial statements of the Company and

its subsidiaries for the year ended 31 December 2020.

The interim financial statements are prepared by using the same accounting policies and methods of

computation as were used for the financial statements for the year ended 31 December 2020.



15

2.2 New financial reporting standards

The Group/Company has applied new and revised TFRS that are effective for annual periods

beginning on or after 1 January 2021. The above application has no material effect on the financial

statements.

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

are not effective for the current period in preparing these financial statements. The Group/Company

has assessed the potential initial impact on the financial statements of these new and revised TFRS

and expects that there will be no any material effect on the financial statements in the period of

application.

2.3 Functional and presentation currency

The interim financial statements are presented in Thai Baht, which is the Group’s/Company’s

functional currency. All financial information presented in Thai Baht has been rounded in the notes

to the financial statement to the nearest thousand / million unless otherwise stated.

2.4 Use of estimates and judgments

The preparation of interim financial statements in conformity with TFRS requires management to

make judgments, estimates and assumptions that affect the application of accounting policies and the

reported amounts of assets, liabilities, income and expenses. Actual results may differ from these

estimates.

In preparing these interim financial statements, the significant judgments made by management in

applying the Group/Company accounting policies and the key sources of estimation uncertainty were

the same as those that applied to the financial statements of the Company and its subsidiaries for the

year ended 31 December 2020.

2.5 Measurement of fair values

Measuring the fair value of an asset or a liability, the Group/Company uses market observable data

as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on

the inputs used in the valuation techniques as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 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 of an asset or liability might be categorized in different

levels of the fair value hierarchy, then the fair value measurement is categorized in its entirely in the

same level of the fair value hierarchy as the lowest level input that is significant to the entire

measurement.

The Group/Company recognizes transfers between levels of the fair value hierarchy at the end of the

reporting period during which the change has occurred.



16

Further information about the assumptions made in measuring fair values is included in the following

notes:

Note 28 Financial Instruments

3 Coronavirus disease 2019 Pandemic (“COVID-19”)

The Coronavirus disease 2019 pandemic is impacting most businesses and industries, resulting in an

economic slowdown. This situation may bring uncertainties and has an impact on the environment of

the Group’s/ Company’s operation. The Group’s/Company’s management continuously monitored

the ongoing development and assessed the financial impact in respect of the valuation of assets,

provisions and contingent liabilities.

4 Significant accounting policies

The Group/Company has significant accounting policies and methods of computation applied in

these interim financial statements are consistent with those applied in the financial statements for the

year ended 31 December 2020.

5 Seasonal operations

Revenue of the Group/Company is subject to seasonal and economic environment except as

described in note 3 to the interim financial statements.

6 Related parties Relationships with subsidiaries and related parties that the Group / the Company had significant

transactions with during the period were as follows:

Name of related parties

Country of

incorporation/

nationality

Nature of relationships

Subsidiaries

1. Seafco Construction Co., Ltd. Thailand Direct subsidiary

2. Seafco Intertrade Co., Ltd. Thailand Direct subsidiary

3. Seafco (Myanmar) Co.,Ltd. Myanmar Indirect subsidiary

Related companies

4. S.T.P. Assets Co., Ltd. Thailand Common shareholder and close relative of

director is a director of such company

5. E. D. E. Co., Ltd. Thailand Shareholder of this company is close relative of

the Company’s shareholders.

6. Altemtech Co., Ltd. Thailand Subsidiary’s shareholder and director

7. New Technology Engineering

Construction Co., Ltd.

Thailand Subsidiary’s shareholder and director

Related person

8. Miss Pawana Thasnanipan Thailand Shareholders and spouse of a director

9. Key management personnel Thailand Persons having authority and responsibility for

Planning, directing and controlling the

activities of the entity, directly or indirectly,

including any director of the Group/Company

(whether executive of otherwise)



17

The pricing policies for particular types of transactions are explained further below:

Transactions Pricing policies

Revenue from contracting or providing Estimated cost or actual cost

services

Revenue from sales of materials Market price

Interest income 5% per annum

Other income As agreed

Cost of utilities expenses Actual cost

Machinery rental Contract price

Test of foundation pile Market price

Field site expenses and others Market price

Contracted wages As agreed

Other expenses Actual cost

Right-of -use asset Contract price

Director’s remunerations represent meeting The amounts approved by the Company’s directors

allowance, salary, bonus and other and shareholders

Significant transactions during the three-month periods ended 31 March with related parties and key

management personnel were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Revenue

Subsidiaries

Interest income - - 1 -

Other income - - 90 112

Other related parties

Other income 32 - 32 -

Expenses


Cost of utilities expenses 341 1,913 341 1,913

Machinery rental 2,045 5,650 2,045 5,650

Test of foundation pile 184 101 184 101

Field site expenses and others 45 26 45 26

Contracted wages 5,134 - 5,134 -

Administrative expenses 23 645 23 645

Related persons

Directors and key management personnel

compensation

Short-term employee benefits 10,009 14,660 10,009 14,660

Post-employment benefits 259 67 259 67

Total directors and key management

personnel compensation 10,268 14,727 10,268 14,727



18

Balances with related parties as at 31 March 2021 and 31 December 2020 were as follows:

Other receivables - related parties

Consolidated


Separate


31 March 31 December 31 March 31 December

2021 2020 2021 2020

(in thousand Baht)

Subsidiaries

Seafco Intertrade Co., Ltd. - - 1 -

Seafco (Myanmar) Co.,Ltd. - - 9,795 9,795


New Technology Engineering

Construction Co., Ltd. 28,360 28,360 - -

Total 28,360 28,360 9,796 9,795

Less allowance for expected

credit loss (28,360) (28,360) - -

Net - - 9,796 9,795

Short - term loans to related parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Subsidiaries

Seafco Intertrade Co., Ltd. - - 500 -

As at 31 March 2021, the Company had short-term loans to a subsidiary of Baht 0.50 million,

represented short-term loans under 2 promissory notes with interest rate 5% per annum, due within 1

September 2021 and 21 September 2021.

Movements of short - term loans to related parties during the three-month periods ended 31 March

were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

At 1 January - - - 1,300

Increase - - 500 1,200

Decrease - - - (2,500)

At 31 March - - 500 -

Investments in subsidiaries were as details in note 12 to the financial statements.



19

Trade accounts payables - related parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties

S.T.P. Assets Co., Ltd. 3,714 1,547 3,714 1,547

E. D. E. Co., Ltd. 565 490 565 490



Altemtech Co., Ltd. 5,134 3,509 5,134 3,509

Total 19,507 14,980 9,413 5,546

Other current payables - related parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties

S.T.P. Assets Co., Ltd. 315 - 315 -

Retention payables – related parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties

Altemtech Co., Ltd. 1,798 1,798 - -



Total 15,358 15,358 - -

Finance lease liabilities - related parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Current


S.T.P. Assets Co., Ltd. 9,542 9,447 9,542 9,447

E. D. E. Co., Ltd. 2,489 2,465 2,489 2,465

Related persons

Shareholder and spouse of

a director 112 111 112 111

12,143 12,023 12,143 12,023



20

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Non - current


S.T.P. Assets Co., Ltd. 7,411 9,832 7,411 9,832

E. D. E. Co., Ltd. 2,241 2,873 2,241 2,873

Related persons

Shareholder and spouse of

a director 146 174 146 174

9,798 12,879 9,798 12,879

Total 21,941 24,902 21,941 24,902

Directors’ remunerations

The Ordinary General Meeting of Shareholders held on 23 April 2020 approved and determined the

remuneration of the Company’s directors for the year 2020 was monthly remuneration at the rate of

Baht 50,000 - 65,000 per month, meeting allowance at the rate of Baht 7,500 per person and bonus of

Baht 150,000 - 195,000 per year.

Please also see note 30 to the financial statements.

Significant agreements with related parties

Subsidiaries

On 28 December 2020, the Company entered into an office lease agreement with Seafco Intertrade

Co., Ltd. (a subsidiary) for a period of 1 year from 1 January 2021 to 31 December 2021, at monthly

rental rates including water and electricity expenses of Baht 30,000.


The Company entered into 8 of car rental agreements with two related companies for rent of 15 cars.

Each of the rental period for 1 year with monthly rental rate as the agreement.

The Company entered into a land and building lease agreement with a related company for storing of

equipment, machinery and assets of the Company. The rental period for 1 year with monthly rental

rate as the agreement.

Related person

The Company entered into a land lease agreement with a related person for construct an office

building. The rental period for 3 years with monthly rental rate as the agreement.

Commitment with related parties

As at 31 March 2021, the Company guarantees a loan of an overseas subsidiary of US Dollar 2

million.



21

7 Trade accounts receivable

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Other parties 415,352 466,417 405,326 457,015


credit loss (28,902) (57,447) (19,445) (48,045)

Net 386,450 408,970 385,881 408,970

Aging analyses for trade accounts receivable were as follows:

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Within credit term 209,731 152,778 209,731 152,778

Overdue :-

Less than 3 months 123,731 169,933 123,731 169,933

Over 3 months to 6 months 17,928 4,458 17,928 4,458

Over 6 months to 12 months 2,871 53,426 2,871 53,426

Over 12 months 61,091 85,822 51,065 76,420

Total overdue 205,621 313,639 195,595 304,237

Total 415,352 466,417 405,326 457,015


credit loss (28,902) (57,447) (19,445) (48,045)

Net 386,450 408,970 385,881 408,970

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

For three-month period

ended 31 March

Expected credit loss (reversal) (3,825) 3,399 (3,879) 3,399

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

8 Other current receivables

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties 28,360 28,360 9,796 9,795

Other parties 75,552 72,197 69,479 66,301

103,912 100,557 79,275 76,096


credit loss (50,349) (50,348) (22,233) (22,232)

Net 53,563 50,209 57,042 53,864



22

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)


ended 31 March

Expected credit loss (reversal) 1 20 1 20

Other current receivables – other parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Other receivables 61,085 56,579 57,324 55,846

Accrued income 22 571 18 548

Prepaid expenses 10,059 9,634 9,919 9,446

Advance payment 980 377 953 336

Others 3,406 5,036 1,265 125

Total 75,552 72,197 69,479 66,301

9 Contract assets / contract liabilities

Contract assets

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Current

Unbilled receivables 392,153 299,639 375,976 283,908


credit loss (913) (681) (913) (681)

Net 391,240 298,958 375,063 283,227

Non - current

Retention receivables 297,533 279,365 264,692 247,391


credit loss (31,539) (28,907) (18,724) (16,092)

Net 265,994 250,458 245,968 231,299

Total 657,234 549,416 621,031 514,526

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)


ended 31 March

Expected credit loss (reversal) 3,850 (2,001) 3,850 (2,001)



23

Contract liabilities

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Construction revenue

received in advance 8,121 8,267 - -

Advance received from

employers 17,050 33,207 7,184 23,752

Total 25,171 41,474 7,184 23,752

10 Inventories

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Construction materials 40,278 38,948 40,278 38,948

Spare parts and supplies 59,809 63,370 56,193 59,688

Total 100,087 102,318 96,471 98,636

Less allowance for devaluation

of inventories (22,056) (20,745) (22,056) (20,745)

Net 78,031 81,573 74,415 77,891

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)


ended 31 March

Loss on devaluation of

inventories 1,311 - 1,311 -

11 Other financial assets

Other current financial assets

Open-end fixed income fund

Movements of open-end fixed income fund for the period ended 31 March were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

At 1 January - - - 133,141

Disposal - - - (133,141)

At 31 March - - - -



24

Other non - current financial assets

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Other non –current financial

assets at amortized cost

Deposit at banks

Fixed deposits 12 months 4,196 4,180 - -

Equity investment

Oriental Residence Bangkok

Co., Ltd. 5,000 5,000 5,000 5,000

Less allowance for devaluation

of investment (5,000) (5,000) (5,000) (5,000)

Net - - - -

Total 4,196 4,180 - -

Other non –current financial

assets at FVOCI

Equity investment

Right Tunnelling PCL 9,600 9,600 9,600 9,600

Add adjust valuation 3,200 - 3,200 -

Total 12,800 9,600 12,800 9,600

Total other non-current

financial assets 16,996 13,780 12,800 9,600

12 Investment in subsidiaries

Movements during the three-month period ended 31 March were as follows:

Separate


2021 2020

(in thousand Baht)

Cost:-

At 1 January 22,800 22,800

No change during the period - -

22,800 22,800

Less allowance for devaluation of investment (13,000) (10,250)

At 31 March 9,800 12,550



25

Investments in subsidiaries as at 31 March 2021 and 31 December 2020 were as follows:


Allowance for devaluation of

Ownership interest Paid-up capital Cost investments At cost, net

Company name

31 March

2021

31 December

2020

31 March

2021

31 December

2020

31 March

2021

31 December

2020

31 March

2021

31 December

2020

31 March

2021

31 December

2020

(%) (in thousand Baht)

Direct subsidiaries

Seafco Construction Co., Ltd. 50 50 26,000 26,000 13,000 13,000 (13,000) (13,000) - -

Seafco Intertrade Co., Ltd. 98 98 10,000 10,000 9,800 9,800 - - 9,800 9,800

Total 22,800 22,800 (13,000) (13,000) 9,800 9,800

For the three-month periods ended 31 March 2021, the Company had no dividend receiving from subsidiaries.



26

13 Investment properties

Acquisitions, disposals and transfers of investment properties during the three-month periods ended

31 March were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Net book value at 1 January 59,920 26,076 59,920 26,076

Depreciation for the period (413) (184) (413) (184)

Net book value at 31 March 59,507 25,892 59,507 25,892

As at 31 March 2021, the Group/Company had investment properties amounting to Baht 59.51

million in the consolidated and separate financial statements (at fair value of Baht 70.43 million).

Such investment properties were freehold land and condominium resulting from receiving payment

for construction from debtors.

Pledge

The Company mortgaged the partial of the investment property, of which a net book value as at 31

March 2021 of Baht 7.27 million as collateral for credit facilities from financial institutions.

14 Property, plant and equipment Acquisitions, disposals and transfers of property, plant and equipment during the three-month

periods ended 31 March were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Net book value at 1 January 1,285,867 1,613,024 1,225,390 1,558,198

Acquisition and transfer in

- at cost 6,260 99,300 6,244 95,369

Disposal - net book value (309) (26,416) (309) (26,416)

Transfer out - at cost (528) (263,574) (528) (263,574)

Depreciation for the period (40,142) (43,285) (37,416) (40,512)

Currency translation difference (1,364) - - -

Net book value at 31 March 1,249,784 1,379,049 1,193,381 1,323,065

Pledge

The Company has mortgaged certain plots of its land with constructions thereon with their book

values as at 31 March 2021 amounting to Baht 144.97 million as collateral for credit facilities from

financial institutions.



27

15 Right-of-use assets

Movements of the right-of-use assets during the three-month period ended 31 March were

summarized as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Net book value at 1 January 374,941 308,107 373,015 304,492

Acquisition and transfer in

- at cost - 100,616 - 100,616

Transfer out - at net book value (973) - (973) -

Depreciation for the period (11,372) (10,069) (11,080) (9,728)

Currency translation difference (35) - - -

Net book value at 31 March 362,561 398,654 360,962 395,380

16 Intangible assets

Movements of the intangible assets during the three-month period ended 31 March were

summarized as follows:

Consolidated and separate


2021 2020

(in thousand Baht)

Net book value at 1 January 4,272 3,722

Acquisition and transfer in - at cost 756 75

Amotization for the period (180) (137)

Net book value at 31 March 4,848 3,660

17 Deferred tax



31 March 31 December

2021 2020

(in thousand Baht)

Deferred tax assets 69,314 74,165

Deferred tax liabilities (25,472) (26,080)

Net 43,842 48,085



28

Movements of deferred tax assets and liabilities during the three-month periods ended 31 March

were as follows:

Consolidated and separate financial statements

(Charged) / Credited to

At

1 January

2021

Profit

(loss)

Other

comprehensive

income (loss)

At

31 March

2021

(in thousand Baht)

Deferred tax assets

Trade account receivables 6,395 (3,696) - 2,699

Other receivables 4,379 - - 4,379

Inventories 4,149 262 - 4,411

Retention receivables 2,605 (197) - 2,408

Investment in subsidiaries 2,600 - - 2,600

Investment in other company 1,000 - - 1,000

Current provisions 13,764 1,116 - 14,880

Non-current provisions for

employee benefits 17,243 323 - 17,566

Lease liabilities 22,030 (2,659) - 19,371

Total 74,165 (4,851) - 69,314

Deferred tax liabilities

Investment in equity security - - (640) (640)

Lease liabilities (26,080) 1,248 - (24,832)

Total (26,080) 1,248 (640) (25,472)

Net 48,085 (3,603) (640) 43,842

18 Trade accounts payable

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties 19,507 14,980 9,413 5,546

Other parties 606,037 557,719 568,885 522,637

Total 625,544 572,699 578,298 528,183

19 Other current payables

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Related parties 315 - 315 -

Other parties 45,847 20,254 44,532 19,083

Total 46,162 20,254 44,847 19,083



29

Other current payables - other parties

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Purchase of assets payable 753 4,430 753 4,430

Accrued expenses 5,670 2,821 5,129 1,884

Undue sale tax 28,622 - 28,052 -

Accrued withholding ax 6,384 4,776 6,382 4,772

Other 4,418 8,227 4,216 7,997

Total 45,847 20,254 44,532 19,083

20 Long-term loans

Consolidated


Separate



2021 2020 2021 2020

(in thousand Baht)

Loans from financial

institutions 315,533 355,163 302,939 340,077

Less current portion of long-

term loans (156,809) (158,380) (147,364) (147,820)

Net 158,724 196,783 155,575 192,257

Movement of long-term loans for the three-month period ended 31 March were as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

At 1 January 355,163 347,882 340,077 321,285

Additions - 39,561 - 39,561

Deductions (39,630) (24,033) (37,138) (26,473)

At 31 March 315,533 363,410 302,939 334,373

21 Lease liabilities

Consolidated financial statements

31 March 2021 31 December 2020

Future value

of the

minimum

lease payment

Interest

Present value

of the

minimum

lease payment

Future value

of the

minimum

lease

payment

Interest

Present

value of the

minimum

lease

payment

(in thousand Baht)

Within one year 101,794 (8,264) 93,530 106,794 (9,257) 97,537

After one year but

within five years 166,367 (7,804) 158,563 188,904 (9,528) 179,376

Total 268,161 (16,068) 252,093 295,698 (18,785) 276,913



30


31 March 2021 31 December 2020

Future value

of the

minimum

lease payment

Interest

Present value

of the

minimum

lease payment

Future value

of the

minimum

lease

payment

Interest

Present

value of the

minimum

lease

payment

(in thousand Baht)

Within one year 100,567 (8,215) 92,352 105,683 (9,196) 96,487

After one year but

within five years 165,932 (7,798) 158,134 188,138 (9,515) 178,623

Total 266,499 (16,013) 250,486 293,821 (18,711) 275,110

22 Other current provisions

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Provision for loss of construction

At 1 January 82,919 46,398 68,822 38,936

Additions 18,904 18,317 18,904 8,629

Payment (13,726) - (13,328) -

At 31 March 88,097 64,715 74,398 47,565

23 Non-current provisions for employee benefits

Movement in present value of the defined benefit obligations for the three-month periods ended 31

March were as follows:



2021 2020

(in thousand Baht)

Non – current provisions for employee benefit at 1 January 86,214 69,139

Current service costs 1,344 1,320

Interest on obligation 366 54 Benefits paid (95) -

Actuarial loss - 11,624

Non - current provisions for employee benefit at 31 March 87,829 82,137

The actuarial loss recognized in other comprehensive income for the three-month periods ended 31

March arising from:



2021 2020

(in thousand Baht)

Financial assumptions - 6,916

Experience adjustment - 4,708

Total - 11,624



31

Principal actuarial assumptions at the reporting date


2021 2020

(%)

Discount rate 1.71 1.71

Salary increase rate 6.00 6.00

Staff turnover rate 3.82 – 45.84* 3.82 – 45.84*

Mortality rate TMO2017** TMO2017**

Disability rate 5% of TMO2017** 5% of TMO2017**

*upon the length of service

**Based on TMO 2017: Male and Female Thai Mortality Ordinary Tables of 2017

24 Share capital


Par 31 March 2021 31 December 2020

value Number Amount Number Amount

(in Baht) (in thousand share/in thousand Baht)

Authorized share capital

At the beginning of period

-Ordinary shares 0.50 739,708 369,854 739,708 369,854

At the end of period

-Ordinary shares 0.50 739,708 369,854 739,708 369,854

Issued and paid-up share capital

At the beginning of period

- Ordinary shares 0.50 739,708 369,854 739,708 369,854

At the ended of period

-Ordinary shares 0.50 739,708 369,854 739,708 369,854

25 Segment information

Operating segment information is reported in a manner consistent with the internal reports of the

Group that are regularly reviewed by the chief operating decision maker in order to make

decision about the allocation of resources to the segment and assessing its performance. The chief

operating decision maker of Group has been identified as the President of executive directors.

The Group involve virtually in construction businesses in both domestic and overseas geographical

segment but the overseas segment is less than 10% of total revenues, therefore, the financial

information by geographical segment was not presented.

Revenues separated by type of businesses for the three-month periods ended 31 March are as

follows:

Consolidated


2021 2020

(in thousand Baht)

Foundation and wall works 589,007 868,483

General public works 80 517



32

26 Income tax

Income tax expenses for the three-month periods ended 31 March were summarized as follows:

Income tax recognized in profit or loss

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht)

Current income tax expense

The interim income tax expenses 5,380 20,338 6,387 18,768

Deferred tax

Deferred tax expense concern

deductible temporary difference with

initial recognized and reversed 3,603 7,929 3,603 7,929

Total income tax 8,983 28,267 9,990 26,697

27 Earnings per share

Basic earnings per share for the three – month periods ended 31 March is calculated by dividing the

profit for the period attributable to ordinary shareholders of the Company by the weight average

number of shares issuing during the period as follows:

Consolidated


Separate


2021 2020 2021 2020

(in thousand Baht / in thousand share)

Profit for the period

attributable to shareholders of

the Company (basic) 23,927 94,405 28,070 99,398

Weighted average number of 739,708 739,708 739,708 739,708

ordinary shares outstanding

Basic earnings per share

(Baht) 0.03 0.13 0.04 0.13

28 Financial instruments

Foreign currency risk

As at 31 March 2021, the balances of financial assets and liabilities denominated in foreign

currencies and had not been hedged against foreign exchange rate risk, were summarized as

follows:

Consolidated


Separate financial

statements

(in thousand)

Financial assets

US Dollar 1,441 -

Financial liabilities

US Dollar 1,934 3

EURO 2 2

SG Dollar 39 39



33

Carrying amount and fair values

The following table shows the carrying amounts and fair values of financial assets and financial

liabilities, including their levels in the fair value hierarchy. It does not include fair value

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

amount is a reasonable approximation of fair value.

Consolidate and separate financial statement

Carrying Fair value

amount Level 1 Level 2 Level 3 Total

(in thousand Baht)

31 March 2021

Assets

Equity investment

Equity investment –FVOCI 12,800 12,800 - - 12,800

Total assets 12,800 12,800 - - 12,800

During the current periods, there was no transfer within the fair value hierarchy.

Valuation techniques

The fair value of equity investments which is listed on the Stock Exchange of Thailand, is

determined by using current bid price from the Stock Exchange of Thailand.

29 Commitments with non - related parties

As at 31 March 2021, the Group/Company had commitments as follows:

Consolidated

financial

statements

Separate

financial

statements

Project construction cost

commitments

USD Dollar (thousand USD Dollar) 2,226 -

Baht (thousand Baht) 67,677 67,677

Non-cancellable operating

lease commitments

Within one year


Other commitments

Letter of Credit

USD Dollar (thousand USD Dollar) 2,000 2,000

Bank guarantees


Fleet Card

Baht (thousand Baht) 97 97

As at 31 March 2021, the Group/Company had unused Credit line amounting to Baht 3,133 million.



34

30 Events after the reporting period

The Ordinary General Meeting of Shareholders of the Company held on 22 April 2021 resolved the

following matters:

• To pay a dividend from the results of operation in 2020 at a rate of Baht 0.10 per share, totaling

Baht 73.97 million, which the Board of Directors approved to pay an interim dividend for 3

times at the rate of Baht 0.10 per share, totaling Baht 73.97 million.

• To determine the directors' remunerations for the year 2021 consisting of monthly

remunerations at the rate of Baht 50,000 - 65,000 and meeting allowances at the rate of Baht

1,000 – 7,500 per person.

31 Reclassification of accounts

Certain accounts in the statements of financial position as at 31 December 2020, the statements of

comprehensive income and the statement of cash flows for the three-month period ended 31 March

2020 have been reclassified to conform with the presentation in the interim financial statements for

the three-month period ended 31 March 2021. The Company has selected to present the statement

of comprehensive income within profit or loss by function (in one statement) as follows:

31 December 2020

Consolidated financial statements Separate financial statements

Before

reclassify

Reclassify After

reclassify

Before

reclassify

Reclassify After

reclassify

(in thousand Baht)

Statement of financial position Current assets

Trade and other receivables 459,179 (459,179) - 462,834 (462,834) -

Trade account receivables - 408,970 408,970 - 408,970 408,970

Other current receivables - 50,209 50,209 - 53,864 53,864

459,179 - 459,179 462,834 - 462,834

Non - current assets

Other non-current financial

assets 72,780 (59,000) 13,780 68,600 (59,000) 9,600

Other non – current financial

assets pledged as collateral - 59,000 59,000 - 59,000 59,000

72,780 - 72,780 68,600 - 68,600

Current liabilities

Trade and other payables 592,953 (592,953) - 547,266 (547,266) -

Trade account payables - 572,699 572,699 - 528,183 528,183

Other current payables - 20,254 20,254 - 19,083 19,083

592,953 - 592,953 547,266 - 547,266



35

For the three – month period ended 31 March 2020

Consolidated financial statements Separate financial statements

Before

reclassify

Reclassify After

reclassify

Before

reclassify

Reclassify After

reclassify

(in thousand Baht)

Statement of comprehensive

income

Administrative expenses 31,757 5,977 37,734 28,301 5,977 34,278

Reversal of expected credit

loss - (5,977) (5,977) - (5,977) (5,977)

31,757 - 31,757 28,301 - 28,301

Statement of cash flows

Cash flows from operating

activities

Interest paid 6,800 (6,800) - 6,504 (6,504) -

Cash flows from financing

activities

Interest paid - 6,800 6,800 - 6,504 6,504

6,800 - 6,800 6,504 - 6,504

Seafco Public Company Limited and its Subsidiaries

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