Page 412 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

Central Retail Corporation Public Company Limited and its Subsidiaries
Notes to the financial statements
For the year ended 31 December 2021

Name of the entity Type of business Country of 2021 2020
incorporation Ownership interest
(%)
New Plan Real Estate Investment Real estates Vietnam 99.99 99.99
Co., Ltd.
TTS Dong Nai One Member Real estates Vietnam 99.99 99.99
Limited Liability Company
One Member Limited Company Real estates Vietnam 99.99 99.99
Investment Development Nguyen
Kim Tien Giang
Viet Nhat Real Estate Joint Stock Real estates Vietnam 99.99 99.99
Company
Viet Nhat Sai Gon - My Tho Real estates Vietnam 99.99 99.99
Company Limited
Viet Nhat Thai Nguyen Real Estate Real estates Vietnam 99.99 99.99
JSC
Vindemia SAS Investing France 99.99 99.99
Recess Logistics and Retail Co., Ltd. Dormant company Vietnam 99.99 99.99
SFM Holding Company Limited Investing Thailand 99.99 99.99
Textral Textile Co., Ltd. Dormant company Thailand 99.99 99.99
Thai Watts Co., Ltd. Retail Thailand 51.00 51.00
Three Plus Service Co., Ltd. Service Thailand 99.35 99.35

2 Basis of preparation of the financial statements

The financial statements are prepared in accordance with Thai Financial Reporting Standards (“TFRS”),
guidelines promulgated by the Federation of Accounting Professions and applicable rules and
regulations of the Thai Securities and Exchange Commission. The financial statements are presented in
Thai Baht, which is the Company’s functional currency. The accounting policies are described in notes
have been applied consistently to all periods presented in these financial statements.

The consolidated financial statements relate to the Company and its subsidiaries (together referred to as
the “Group”) and the Group’s interests in associates and joint ventures. The preparation of financial
statements in conformity with TFRS requires management to make judgements, estimates and
assumptions that affect the application of the Group’s accounting policies. Actual results may differ
from these estimates. Estimates and underlying assumptions that described in each note are reviewed on
an ongoing basis. Revisions to accounting estimates are recognised prospectively.

3 Change in accounting policy

COVID-19-related rent concessions

From 1 January 2021, the Group has adopted the amendment to TFRS 16 COVID-19-related rent
concessions which provides an option for lessees not to assess whether eligible COVID-19 related rent
concessions are lease modification. The Group has applied the option to all lease contracts however
there is no impact on lease liabilities and retained earnings at 1 January 2021 on the consolidated and
separate financial statements.

In 2021, the Group received COVID-19-related rent concessions resulting in a decrease in lease payment
for the year ended 31 December 2021, amounting to Baht 532 million.

412 Annual Report 2021 (Form 56-1 One-Report)
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