Page 425 - 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

6 Acquisitions of subsidiaries and non-controlling interests

(a) Acquisitions of subsidiaries

In 2021

COL Public Company Limited and its Subsidiaries

On 5 February 2021, the Group obtained control of COL Public Company Limited and its Subsidiaries,
a distributor of stationery supplies, books, office equipment by receiving sales order through call center,
website and retail store, distribution of e-book and provision of warehouse rental service through its
subsidiary, PBHD Limited, by acquiring 99.74% of the shares and voting interests in the company,
partially purchased from related parties. The consideration consisted of a cash payment of Baht 12,128
million. The Group incurred acquisition-related costs of Baht 3 million which have been included in
administrative expenses.

Management believes that such business acquisitions will help expand the Group's business and better
meet the target customer’s group expectation.

During the year from acquisition date to 31 December 2021, COL Public Company Limited and its
Subsidiaries contributed revenue of Baht 9,090 million and profit of Baht 735 million to the Group’s
results. If the acquisition had occurred on 1 January 2021, management estimates that consolidated
revenue would have increased by Baht 1,016 million and consolidated profit for the year ended 31
December 2021 would have increased by Baht 69 million. In determining these amounts, management
has assumed that the fair value adjustments, determined provisionally, that arose on the date of
acquisition would have been the same if the acquisition had occurred on 1 January 2021.

Identifiable assets acquired and liabilities assumed Fair value
Note (in million Baht)
Cash and cash equivalents 1,350
Trade receivables 392
Other current receivables 446
Short-term loans 1
Inventories 1,567
Property, plant and equipment 15 1,894
Right-of-use assets 16 1,230
Intangible assets 20 1,931
Deferred tax assets 31 170
Other non-current assets 193
Trade payables (1,805)
Other current payables (555)
Current portion of lease liabilities (276)
Current income tax payable (45)
Lease liabilities (809)
Deferred tax liabilities 31 (444)
Non-current provisions for employee benefits 23 (123)
Other non-current liabilities (17)
Total identifiable net assets 5,100
Less Non-controlling interests (0.26%) (13)
Total identifiable net assets received 5,087
Goodwill arising from the acquisition 19 7,041
Purchase consideration transferred 12,128

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Annual Report 2021 (Form 56-1 One-Report) 425