Page 438 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

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

All associates were incorporated and mainly operate in Thailand, except for COL Vietnam Joint Stock Company
All associates were incorporated and mainly operate in Thailand, except for COL Vietnam Joint Stock Company
which was incorporated and mainly operates in Vietnam. nam.
which was incorporated and mainly operates in Viet

All joint ventures were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and
All joint ventures were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.

None of the Group’s and the Company’s associates and joint ventures are publicly listed and consequently they
None of the Group’s and the Company’s associates and joint ventures are publicly listed and consequently they
do not have published price quotations.
do not have published price quotations.

Consolidated
Consolidated
financial statements
Material movements financial statements
Material movements

for the year ended 31 December mber 2021 2021 2020 2020

for the year ended 31 Dece
(in million Baht)
(in million Baht)
Joint ven
Joint ventures tures
4,452
Acquisition share capital in Porto Worldwide Limited 4,452 - -
Acquisition share capital in Porto Worldwide Limited
Increase in share capital in MUJI Retail (Thailand) Co., Ltd. , Ltd. 70 20
20
Increase in share capital in MUJI Retail (Thailand) Co.
70

Investments in joint ventures
Investments in joint ventures

Acquisition
Acquisition

In December 2021, the Group acquired 133,545,740 shares, equivalent to 67% of share capital of Porto
In December 2021, the Group acquired 133,545,740 shares, equivalent to 67% of share capital of Porto
Worldwide Limited incorporated in Hong Kong for a consideration of Baht 4,452 million from a related
Worldwide Limited incorporated in Hong Kong for a consideration of Baht 4,452 million from a related
party, which became a joint venture between the Group and Central Pattana Public Company Limited
party, which became a joint venture between the Group and Central Pattana Public Company Limited
(CPN). The purpose of this joint venture is to invest 40% shareholding in Grabtaxi Holdings (Thailand) land)
(CPN). The purpose of this joint venture is to invest 40% shareholding in Grabtaxi Holdings (Thai
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved
by the Board of Directors’ meeting of the Company on 10 December 2019 and the Sharehol
by the Board of Directors’ meeting of the Company on 10 December 2019 and the Shareholders’ ders’
meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limite
meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limited has d has
the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the Class Class
the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the
A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated
A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated price price
within the specified period.
within the specified period.

Increase in share capital
Increase in share capital

During 2021, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
During 2021, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
share capital of 700,000 shares, amounting to Baht 70 mil
share capital of 700,000 shares, amounting to Baht 70 million. lion.

During 2020, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
During 2020, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
share capital of 200,000 shares, amounting to Baht 20 million. lion.
share capital of 200,000 shares, amounting to Baht 20 mil

438 Annual Report 2021 (Form 56-1 One-Report)
48 48