|
|
ˇ@ |
BALANCE
SHEETS
As at 31 December 2010 and 2009
|
UnitˇGBaht
|
| ˇ@ |
Consolidated
financial statements
|
Separate financial statements
|
|
Assets |
2010
|
2009
|
2010 |
2009 |
|
Cash
and cash equivalents |
276,226,988 |
208,914,966 |
149,602,929 |
171,164,600 |
|
Long-term deposits at financial institutions |
106,198,027 |
131,067,536 |
|
|
|
Investments in debt and equity securities |
|
|
|
|
|
Short - term investments, net |
|
|
|
|
|
Long - term investments, net |
663,362,009 |
758,870,213 |
20,749,963 |
20,749,963 |
|
Net investments in debt and equity securities |
|
|
5,630,800,956 |
4,687,456,371 |
|
Investments in subsidiaries |
-
|
-
|
2,624,489,605 |
2,623,233,160 |
|
Receivables from Clearing House |
889,743,697 |
362,811,134 |
889,743,697 |
362,811,134 |
|
Securities and derivatives business receivables
- net |
3,262,948,404
|
1,536,251,941
|
3,262,948,404
|
1,536,251,941
|
|
Other
derivatives assets |
6,462,086
|
8,560
|
6,462,086
|
8,560
|
|
Land,
premises and equipment - net |
143,790,852
|
178,300,335
|
135,632,523
|
171,705,781
|
|
Intangible
assets - net |
25,392,959
|
27,125,023
|
20,886,712
|
23,090,613
|
|
Goodwill |
26,713,599
|
26,713,599
|
-
|
-
|
|
Property foreclosed - net |
51,843,155
|
63,799,155
|
51,843,155
|
63,799,155
|
|
Other assets |
101,180,688 |
95,773,443 |
74,646,122 |
69,689,825 |
|
Total assets |
11,171,913,457
|
8,059,342,343
|
12,847,058,202
|
9,712,203,140
|
The
accompanying notes are an integral part of the financial statements.
ˇ@
BALANCE SHEETS (Continued)
As at 31 December 2010 and 2009
|
UnitˇGBaht
|
| ˇ@ |
Consolidated
financial statements
|
Separate financial statements
|
|
Liabilities and shareholders' equity |
2010
|
2009
|
2010
|
2009
|
|
Borrowings |
407,701,795
|
340,000,000
|
407,701,795 |
340,000,000 |
|
Securities sold under repurchased agreements |
2,382,963,871
|
1,590,005,046
|
2,382,963,871
|
1,590,005,046
|
|
Payables to Clearing House |
-
|
245,919,197
|
-
|
245,919,197
|
|
Securities and derivatives business payables |
2,356,956,767
|
1,024,017,718
|
2,356,956,767
|
1,024,017,718
|
|
Subordinated loans from a subsidiary company |
-
|
-
|
1,600,000,000
|
1,700,000,000
|
|
Accrued
expenses |
309,554,775
|
161,269,084
|
288,506,054
|
139,372,708
|
|
Corporate income tax payable |
220,109,627
|
44,009,880
|
215,699,627
|
36,964,677
|
|
Other
derivatives liabilities |
432,215,480
|
82,101,156
|
432,215,480
|
82,101,156
|
|
Estimated liabilities |
18,002,250
|
18,002,250
|
18,002,250
|
18,002,250
|
|
Other
liabilities |
39,532,454
|
37,665,818
|
40,342,276
|
36,614,160
|
|
Total liabilities |
6,167,037,019
|
3,542,990,149
|
7,742,388,120
|
5,212,996,912
|
|
Shareholders' equity |
|
|
|
|
|
Share capital |
|
|
|
|
|
Registered |
|
|
|
|
|
1,991,763,130 ordinary shares of Baht 1.00 each |
1,991,763,130
|
1,991,763,130
|
1,991,763,130
|
1,991,763,130
|
|
Issued
and fully paid-up |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
1,991,763,130 ordinary
shares of Baht 1.00 each |
1,991,763,130 |
1,991,763,130 |
1,991,763,130 |
1,991,763,130 |
|
Share premium |
982,166,480
|
982,166,480
|
982,166,480
|
982,166,480
|
|
Surplus from unexercised warrants |
101,922,580
|
101,922,580
|
101,922,580
|
101,922,580
|
|
Translation adjustment |
(41,097,968)
|
22,345,104
|
-
|
-
|
|
Retained earnings |
|
|
|
|
|
Appropriated - statutory reserve |
161,030,000
|
120,800,000
|
161,030,000
|
120,800,000
|
|
Unappropriated |
1,805,159,610
|
1,292,019,052
|
1,867,787,892
|
1,302,554,038
|
|
Equity attributable to company's shareholders |
5,000,943,832
|
4,511,016,346
|
5,104,607,082
|
4,499,206,228
|
|
Minority interest - Equity attributable to minority |
|
|
|
|
|
shareholders of subsidiary |
5,335,848
|
5,335,848
|
-
|
-
|
|
Total shareholders' equity |
4,516,352,194
|
4,516,352,194
|
4,499,206,228
|
4,499,206,228
|
|
Total liabilities and
shareholders' equity |
8,059,342,343
|
8,059,342,343
|
9,712,203,140
|
9,712,203,140
|
The
accompanying notes are an integral part of the financial statements.
ˇ@
INCOME STATEMENTS
For the years ended 31 December 2010
and 2009
|
UnitˇGBaht
|
| ˇ@ |
Consolidated financial statements
|
Separate financial statements
|
|
Income |
2010
|
2009
|
2010 |
2009 |
|
Brokerage fee |
|
|
|
|
|
Brokerage fee from securities business |
838,475,998
|
570,991,459
|
838,475,998
|
570,991,459
|
|
Brokerage fee from derivatives business |
55,776,389
|
80,227,889
|
55,776,389
|
80,227,889
|
|
Fee and service income |
220,616,018
|
200,707,183
|
30,885,859
|
20,180,538
|
|
Gain (loss)
on trading in securities |
848,830,678
|
-331,147,935
|
834,319,153
|
-331,147,935
|
|
Gain on trading derivatives |
99,131,262
|
627,624,040
|
99,131,262
|
627,624,040
|
|
Interest and dividends |
171,347,581
|
104,752,477
|
211,488,780
|
133,046,261
|
|
Interest on margin loans |
39,646,240
|
28,089,902
|
39,646,240
|
28,089,902
|
|
Other income |
19,471,113
|
9,008,117
|
18,301,085
|
9,016,649
|
|
Total income |
2,293,295,279
|
1,290,253,132
|
2,128,024,766
|
1,138,028,803
|
|
Expenses |
|
|
|
|
|
Expenses on borrowings |
62,329,305
|
32,934,645
|
62,329,305
|
32,934,645
|
|
Fee and service expenses |
117,587,566
|
122,177,736
|
94,130,842
|
102,530,222
|
|
Bad debt and doubtful accounts
(reversal) |
3,449,126
|
(981,495)
|
3,449,126
|
(981,495)
|
|
Operating expenses |
|
|
|
|
|
Personnel expenses |
537,112,372
|
414,273,807
|
478,081,031
|
357,854,432
|
|
Premises and equipment expenses |
155,585,569
|
160,336,609
|
138,372,361
|
143,248,837
|
|
Taxes and duties |
5,475,653
|
2,371,418
|
5,372,703
|
2,263,539
|
|
Directors' and management's remuneration |
188,255,849
|
113,271,457
|
165,196,350
|
92,052,205
|
|
Other expenses |
189,433,360
|
117,175,795
|
112,204,485
|
90,855,720
|
|
Total operating expenses |
1,075,862,803
|
807,429,086
|
899,226,930
|
686,274,733
|
|
Total
expenses |
1,259,228,800
|
961,559,972
|
1,059,136,203
|
820,758,105
|
|
Income before corporate income tax |
1,034,066,479
|
328,693,160
|
1,068,888,563
|
317,270,698
|
|
Corporate income tax |
(280,652,078)
|
(85,268,153)
|
(264,324,579)
|
(70,360,384)
|
|
Net
income for the year |
753,414,401
|
243,425,007
|
804,563,984
|
246,910,314
|
| ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
Net income attributable to |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
Equity holders of the parent |
752,470,688
|
242,343,059
|
804,563,984
|
246,910,314
|
|
Minority interests of the subsidiaries |
943,713
|
1,081,948
|
ˇ@ |
ˇ@ |
|
ˇ@ |
753,414,401 |
243,425,007 |
ˇ@ |
ˇ@ |
|
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
Basic earnings per share |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
Net income attributable to equity holders of the parent |
0.38
|
0.12
|
0.40
|
0.12
|
The
accompanying notes are an integral part of the financial statements.
ˇ@
CASH FLOWS STATEMENTS
For the years ended 31 December 2010
and 2009
|
UnitˇGBaht
|
| ˇ@ |
Consolidated financial statements
|
Separate financial statements
|
|
|
2010
|
2009
|
2010
|
2009
|
|
Cash
flows from operating activities |
|
|
|
|
|
Net
income before corporate income tax |
1,034,066,479
|
328,693,160
|
1,068,888,563
|
317,270,698
|
|
Adjustments to reconcile net income before corporate income tax to
net cash provided by (paid from) operating activities: |
|
|
|
|
|
Bad debt and doubtful accounts |
8,910,987
|
7,593,386
|
8,910,987
|
7,593,386
|
|
Depreciation and amortisation |
61,299,551
|
64,272,309
|
56,212,421
|
59,105,263
|
|
Unrealised
gain on revaluation of investments and derivatives |
(92,025,348)
|
(18,391,581)
|
(99,344,337)
|
(18,391,581)
|
Discount on investment in debt securities of a subsidiary
company |
(24,393)
|
(24,393)
|
-
|
-
|
|
Gain on sales of other investments |
(22,202,629)
|
-
|
-
|
-
|
|
Gain
on sales and write-off equipments |
(3,412,992)
|
(1,314,117)
|
(2,237,378)
|
(1,321,050)
|
|
Gain on sales of property foreclosed |
(4,094,000) |
-
|
(4,094,000) |
-
|
|
Interest income from deposits and investments |
(93,817,614)
|
(76,716,658)
|
(90,942,171)
|
(73,496,084)
|
|
Dividend
income |
(68,991,116)
|
(11,805,968)
|
(112,010,607)
|
(43,321,254)
|
|
Interest expenses |
62,405,536 |
33,170,401 |
62,329,304 |
32,934,644 |
|
Income from operating activities before changes in operating assets
and liabilities |
882,114,425
|
325,476,539
|
887,712,782
|
280,374,022
|
|
Decrease (increase) in operating assets |
|
|
|
|
|
Long - term deposits at financial institutions |
24,869,509
|
(102,253,483)
|
(13)
|
(2,000)
|
|
Short-term investments |
(976,938,163)
|
(2,677,430,959)
|
(976,938,163)
|
(2,677,430,959)
|
|
Receivable from Clearing House |
(523,549,763)
|
(307,267,829)
|
(523,549,763)
|
(307,267,829)
|
|
Securities and derivatives business receivable |
(1,732,607,451)
|
(113,258,745)
|
(1,732,607,451)
|
(113,258,475)
|
|
Other derivatives assets |
(6,452,966)
|
(2,800)
|
(6,452,966)
|
(2,800)
|
|
Other assets |
(7,420,632)
|
4,191,479
|
(6,701,053)
|
1,570,783
|
|
Increase (decrease) in operating liabilities |
|
|
|
|
|
Securities sold under repurchased agreement |
792,958,825
|
460,812,947
|
792,958,825
|
460,812,947
|
|
Payables to Clearing House |
(245,919,197)
|
234,166,742
|
(245,919,197)
|
234,166,742
|
|
Securities and derivatives business payable |
1,332,381,455
|
245,041,933
|
1,332,381,455
|
245,041,933
|
|
Accrued expenses |
145,137,713
|
35,554,316
|
145,985,368
|
40,442,950
|
|
Other derivatives liabilities |
480,226,475
|
87,670,246
|
480,226,475
|
87,670,246
|
|
Other liabilities |
3,663,866
|
(1,371,433)
|
4,619,588
|
195,400
|
|
Cash
flows from (used in) operating activities |
168,464,096 |
(1,808,671,047) |
151,715,887 |
(1,747,687,310) |
|
Cash
received from interest on deposits and investment |
95,890,554 |
82,072,995 |
92,746,478 |
78,779,528 |
|
Cash
received from sales of property foreclosed |
16,050,000 |
-
|
16,050,000 |
-
|
|
Cash
paid for interest expenses |
(57,592,081) |
(33,608,337) |
(57,515,850) |
(33,372,580) |
|
Cash
paid for corporate income tax |
(104,552,331) |
(55,985,312) |
(85,589,629) |
(41,388,595) |
|
Net cash flows from (used in) operating activities |
118,260,238
|
(1,816,191,701)
|
117,406,886
|
(1,743,668,957)
|
The
accompanying notes are an integral part of the financial statements.
CASH FLOWS STATEMENTS (Continued)
For the years ended 31 December 2010 and 2009
|
UnitˇGBaht
|
| ˇ@ |
Consolidated financial statements
|
Separate financial statements
|
|
|
2010
|
2009
|
2010
|
2009
|
|
Cash flows from investing activities |
|
|
|
|
|
Cash paid for purchase of investment in
a subsidiary company |
(1,266,444)
|
(478,580)
|
(1,266,444)
|
(478,580)
|
|
Cash
paid for purchase of long-term investments |
-
|
(7,780,000) |
-
|
(7,780,000) |
|
Cash
received from sales of other investment |
38,067,439 |
-
|
-
|
-
|
|
Dividend received on investment |
68,931,564 |
11,775,980 |
68,931,567 |
11,775,980 |
|
Dividend received from a subsidiary company |
-
|
-
|
43,019,491
|
31,515,286
|
|
Cash
paid for purchase of equipment and computer software |
(27,247,671) |
(86,514,033) |
(19,428,580)
|
(84,383,736)
|
|
Proceed
from sales of premises and equipment |
4,711,186 |
1,849,743 |
2,839,223 |
1,838,968 |
|
Net
cash flows used in investing activities |
83,196,074 |
(81,146,890) |
94,095,254 |
(47,512,082) |
|
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
ˇ@ |
|
Cash flows from financing activities |
|
|
|
|
|
Cash received from borrowing |
406,036,319 |
340,000,000 |
406,036,319
|
340,000,000
|
|
Repayment of borrowings |
(340,000,000) |
- |
(340,000,000) |
- |
|
Repayment of subordinated loans from a subsidiary company |
ˇ@ |
ˇ@ |
(100,000,000) |
ˇ@ |
|
Dividend paid |
(199,100,130)
|
(149,324,679)
|
(199,100,130)
|
(149,324,679)
|
|
Dividend paid to minority interest |
(1,080,509)
|
(1,034,714)
|
- |
- |
|
Net
cash flows (used in) financing activities |
|
|
(233,063,811)
|
190,675,321
|
|
Net
increase (decrease) in cash and cash equivalents |
67,311,992
|
(1,707,697,984)
|
(21,561,671)
|
(1,600,505,718)
|
|
Cash and cash equivalents as at
beginning of year |
208,914,996
|
1,916,612,980
|
171,164,600
|
1,771,670,318
|
|
Cash
and cash equivalents at end of year |
276,226,988
|
208,914,996
|
149,602,929
|
171,164,600
|
The
accompanying notes are an integral part of the financial statements.
ˇ@ |
|
 |
