Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries
Report and consolidated and separate financial statements 31 December 2024
Independent Auditor's Report
To the Shareholders of Cal-Comp Electronics (Thailand) Public Company Limited
Opinion
- have audited the accompanying consolidated financial statements of Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2024, and the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for the year then ended, which are presented in US Dollar and Baht, and notes to the consolidated financial statements, including material accounting policy information, and have also audited the separate financial statements of Cal-Comp Electronics (Thailand) Public Company Limited for the same period (collectively "the financial statements").
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries and of Cal-Comp Electronics (Thailand) Public Company Limited as at 31 December 2024, their financial performance and cash flows for the year then ended, which are presented in US Dollar and Baht, in accordance with Thai Financial Reporting Standards.
Basis for Opinion
I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of Accounting Professions (Code of Ethics for Professional Accountants) that are relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for
my opinion.
Emphasis of Matter
I draw attention to Note 8 to the financial statements, the Company has substantial product sale and raw material purchase transactions with its subsidiaries and related companies. My opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters.
I have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.
Key audit matters and how audit procedures respond for each matter are described below.
Revenue recognition from sales
The revenue from sales is the most significant amount in the statement of income and is also the key indicator of business performance on which the users of financial statements focus. In addition, the Group has sales with a number of customers and there are a variety of commercial terms. I have therefore considered the revenue recognition from sales as key audit matter and focused on the audit of occurrence and timing of revenue recognition from sales.
The following significant audit procedures were performed to examine recognition of revenue from sales.
- Assessing the Group's internal controls with respect to the revenue cycle by making enquiry of responsible executives, gaining an understanding of the controls and selecting representative samples to test the operation of the designed significant controls.
- Applying a sampling method to select sales documents to assess whether revenue recognition was consistent with the conditions of the sales, and whether it was in compliance with the Group's policy.
- On a sampling basis, examining supporting documents for sales transactions occurring during the year and near the end of the accounting period.
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- Reviewing credit notes issued after the period end.
- Performing analytical procedures on disaggregated data to identify possible irregularities in sales transactions throughout the period.
Allowance for diminution in value of inventories
Estimating the net realisable value of inventories, as disclosed in Note 10 to the financial statements, is an area of significant management judgement, particularly with regard to the estimation of allowance for diminution in value of obsolete inventories. This requires detailed analysis of the product life cycle and the competitive environment. Therefore, there is a risk with respect to the recognition of allowance for diminution in value of inventories will be inadequate.
The following significant audit procedures were performed to examine recognition of allowance for diminution in value of inventories.
- Gaining an understanding of the basis applied by the management in determining the allowance for diminution in value of inventories and reviewing the consistency of the application of that basis.
- Comparing the inventory holding periods and inventory movements to identify product lines with indicators of lower than normal inventory turnover.
- Comparing net proceeds from sales transactions occurring after the date of the financial statements with the cost of inventory for each product line.
Other Information
Management is responsible for the other information. The other information comprise the information included in annual report of the Group, but does not include the financial statements and my auditor's report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor's report.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.
In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated.
When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.
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Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
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- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.
I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards.
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From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
I am responsible for the audit resulting in this independent auditor's report.
Naraya Srisukh
Certified Public Accountant (Thailand) No. 9188
EY Office Limited
Bangkok: 27 February 2025
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Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position
As at 31 December 2024
(Unit: US Dollar)
Consolidated financial statements
(Unit: Baht)
Consolidated financial statements
Note | 2024 | 2023 | 2024 | 2023 | |||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 6 | 171,556,217 | 294,690,846 | 5,830,826,970 | 10,085,293,230 | ||||
Trade and other receivables | 8, 9 | 964,580,146 | 905,334,150 | 32,784,005,315 | 30,983,522,216 | ||||
Inventories | 10 | 458,691,377 | 446,779,927 | 15,589,933,718 | 15,290,283,476 | ||||
Advances payment for raw materials and molds | 10,830,513 | 13,874,700 | 368,105,851 | 474,838,021 | |||||
Other current financial assets | 7 | 1,353,956 | 3,871,768 | 46,018,053 | 132,504,678 | ||||
Other current assets | 11 | 224,388,947 | 214,531,668 | 7,626,497,872 | 7,341,981,526 | ||||
Assets held for sale | 12 | 13,452,983 | - | 457,237,968 | - | ||||
Total current assets | 1,844,854,139 | 1,879,083,059 | 62,702,625,747 | 64,308,423,147 | |||||
Non-current assets | |||||||||
Restricted bank deposits | 118,259 | 303,055 | 4,019,369 | 10,371,542 | |||||
Other non-current financial assets | 13 | 32,563 | 1,482,836 | 1,106,746 | 50,747,541 | ||||
Investments in associates | 14.1 | 66,964,797 | 60,641,680 | 2,275,989,476 | 2,075,358,407 | ||||
Property, plant and equipment | 16 | 484,813,044 | 515,383,230 | 16,477,753,018 | 17,638,114,895 | ||||
Right-of-use assets | 17.1 | 15,336,288 | 17,446,671 | 521,247,456 | 597,082,656 | ||||
Deferred tax assets | 26 | 4,759,629 | 8,220,695 | 161,769,557 | 281,339,311 | ||||
Plan assets for long-term employee benefits | 22 | 4,760,564 | 4,076,262 | 161,801,335 | 139,503,137 | ||||
Other non-current assets | 20,752,373 | 21,530,095 | 705,328,541 | 736,830,900 | |||||
Total non-current assets | 597,537,517 | 629,084,524 | 20,309,015,498 | 21,529,348,389 | |||||
Total assets | 2,442,391,656 | 2,508,167,583 | 83,011,641,245 | 85,837,771,536 | |||||
The accompanying notes are an integral part of the financial statements.
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Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position (continued)
As at 31 December 2024
(Unit: US Dollar)
Consolidated financial statements
(Unit: Baht)
Consolidated financial statements
Note | 2024 | 2023 | 2024 | 2023 | |||||
Liabilities and shareholders' equity | |||||||||
Current liabilities | |||||||||
Short-term loans from financial institutions | 18 | 173,560,079 | 367,190,906 | 5,898,933,931 | 12,566,484,533 | ||||
Trade and other payables | 8, 19 | 1,062,795,055 | 885,150,194 | 36,122,118,905 | 30,292,760,634 | ||||
Current portion of lease liabilities | 17.2 | 2,905,519 | 4,677,309 | 98,752,344 | 160,072,949 | ||||
Income tax payable | 3,492,575 | 1,066,272 | 118,705,115 | 36,491,347 | |||||
Other current financial liabilities | 106,399 | 536,796 | 3,616,273 | 18,370,931 | |||||
Other current liabilities | 20 | 30,169,162 | 38,562,875 | 1,025,385,282 | 1,319,748,840 | ||||
Liabilities held for sale | 12 | 3,057,405 | - | 103,914,623 | - | ||||
Total current liabilities | 1,276,086,194 | 1,297,184,352 | 43,371,426,473 | 44,393,929,234 | |||||
Non-current liabilities | |||||||||
Long-term loans, net of current portion | 21 | 351,408,253 | 419,519,467 | 11,943,610,992 | 14,357,340,575 | ||||
Lease liabilities, net of current portion | 17.2 | 12,014,747 | 12,237,635 | 408,355,419 | 418,812,254 | ||||
Long-term loan from related party | 8 | 19,475,822 | - | 661,941,322 | - | ||||
Provision for long-term employee benefits | 22 | 12,615,635 | 10,650,368 | 428,778,310 | 364,490,739 | ||||
Deferred tax liabilities | 26 | 2,221,448 | 546,438 | 75,502,241 | 18,700,912 | ||||
Other non-current liabilities | 1,415,482 | 1,700,205 | 48,109,190 | 58,186,626 | |||||
Total non-current liabilities | 399,151,387 | 444,654,113 | 13,566,297,474 | 15,217,531,106 | |||||
Total liabilities | 1,675,237,581 | 1,741,838,465 | 56,937,723,947 | 59,611,460,340 | |||||
Shareholders' equity | |||||||||
Share capital | |||||||||
Registered share capital | |||||||||
10,450,002,831 ordinary share of 1 Baht each | 307,334,363 | 307,334,363 | 10,450,002,831 | 10,450,002,831 | |||||
Issued and fully paid-up share capital | |||||||||
10,450,002,831 ordinary share of 1 Baht each | 307,334,363 | 307,334,363 | 10,450,002,831 | 10,450,002,831 | |||||
Share premium | 170,071,563 | 170,071,563 | 5,745,765,441 | 5,745,765,441 | |||||
Capital reserve for share-based payment transactions | 12,590,025 | 10,814,997 | 408,064,023 | 347,703,000 | |||||
Capital surplus from change in shareholding in the subsidiaries | 248,117 | 257,238 | 3,068,995 | 3,378,805 | |||||
Retained earnings | |||||||||
Appropriated - statutory reserve | 23 | 31,100,160 | 31,100,160 | 1,045,000,283 | 1,045,000,283 | ||||
Unappropriated | 353,168,754 | 322,002,366 | 11,601,457,895 | 10,517,118,997 | |||||
Other components of shareholders' equity | (105,845,725) | (81,436,448) | (3,127,870,844) | (2,094,324,981) | |||||
Reserve for assets disposal group classified as held | |||||||||
for sale | 12 | (6,573,208) | - | (223,550,422) | - | ||||
Equity attributable to owners of the Company | 762,094,049 | 760,144,239 | 25,901,938,202 | 26,014,644,376 | |||||
Non-controlling interests of the subsidiaries | 5,060,026 | 6,184,879 | 171,979,096 | 211,666,820 | |||||
Total shareholders' equity | 767,154,075 | 766,329,118 | 26,073,917,298 | 26,226,311,196 | |||||
Total liabilities and shareholders' equity | 2,442,391,656 | 2,508,167,583 | 83,011,641,245 | 85,837,771,536 | |||||
- | - | - | - |
The accompanying notes are an integral part of the financial statements.
Directors
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Cal-Comp Electronics (Thailand) Public Company Limited and its subsidiaries Statements of financial position
As at 31 December 2024
(Unit: US Dollar)
Separate financial statements
(Unit: Baht)
Separate financial statements
Note | 2024 | 2023 | 2024 | 2023 | |||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 6 | 29,526,616 | 121,777,079 | 1,003,546,196 | 4,167,613,508 | ||||
Trade and other receivables | 8, 9 | 740,748,273 | 768,345,962 | 25,176,441,190 | 26,295,334,362 | ||||
Inventories | 10 | 352,992,348 | 308,803,773 | 11,997,450,975 | 10,568,284,165 | ||||
Advances payment for raw materials and molds | 9,913,149 | 13,726,247 | 336,926,621 | 469,757,469 | |||||
Other current assets | 11 | 42,089,029 | 57,532,544 | 1,430,515,604 | 1,968,953,589 | ||||
Assets held for sale | 12 | 35,309 | - | 1,200,077 | - | ||||
Total current assets | 1,175,304,724 | 1,270,185,605 | 39,946,080,663 | 43,469,943,093 | |||||
Non-current assets | |||||||||
Other non-current financial assets | 13 | - | - | - | - | ||||
Investments in associates | 14.1 | 64,337,182 | 57,866,709 | 2,186,682,491 | 1,980,389,742 | ||||
Investments in subsidiaries | 15.1 | 415,641,221 | 459,144,340 | 14,126,751,473 | 15,713,434,476 | ||||
Long-term loan to related party | 8 | - | 7,461,864 | - | 255,369,610 | ||||
Property, plant and equipment | 16 | 355,003,811 | 364,732,499 | 12,065,816,278 | 12,482,349,733 | ||||
Right-of-use assets | 17.1 | 43,298 | 351,934 | 1,471,606 | 12,044,343 | ||||
Deferred tax assets | 26 | 975,827 | 1,056,773 | 33,166,262 | 36,166,259 | ||||
Other non-current assets | 72,957 | 23,060 | 2,479,652 | 789,189 | |||||
Total non-current assets | 836,074,296 | 890,637,179 | 28,416,367,762 | 30,480,543,352 | |||||
Total assets | 2,011,379,020 | 2,160,822,784 | 68,362,448,425 | 73,950,486,445 |
The accompanying notes are an integral part of the financial statements.
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