Page 455 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

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Central Retail Corporation Public Company Limited and its Subsidiaries ries
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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
Consolidated

Separate
which was incorporated and mainly operates in Vietnam. financial statements
financial statements
2021 2020 2021 2020
All joint ventures were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and
Present value of the defined benefit Note (in million Baht)
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.
obligations

At 1 January 2,228 2,467 113 109

None of the Group’s and the Company’s associates and joint ventures are publicly listed and consequently they
Recognised in profit or loss:
do not have published price quotations.
Current service costs and interest on

obligation 30 214 254 12 13

Consolidated
Recognised in other comprehensive financial statements
Material movements

income: 2021 2020

for the year ended 31 December
Actuarial (gain) loss
(in million Baht)
- Demographic assumptions - 125 - 1

Joint ventures
- Financial assumptions (157) (450) 4,452 - (16)

(6)
Acquisition share capital in Porto Worldwide Limited

- Experience adjustment - 339 70 - 20
14
Increase in share capital in MUJI Retail (Thailand) Co., Ltd.

Effect of movements in exchange rates 9 30 - -

Acquired through business combination 6(a) 123 - - -
Investments in joint ventures
Benefit paid (208) (537) (17) (8)

Transfer 4 - - -
Acquisition
At 31 December 2,213 2,228 102 113

In December 2021, the Group acquired 133,545,740 shares, equivalent to 67% of share capital of Porto
Consolidated
Separate

Worldwide Limited incorporated in Hong Kong for a consideration of Baht 4,452 million from a related
Principal actuarial assumptions financial statements financial statements
party, which became a joint venture between the Group and Central Pattana Public Company Limited
2021

2020

2021
2020
(CPN). The purpose of this joint venture is to invest 40% shareholding in Grabtaxi Holdings (Thailand)

(%)
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved
2.56
0.65-2.98 0.65-1.99

1.71
Discount rate Board of Directors’ meeting of the Company on 10 December 2019 and the Shareholders’
by the
Future salary growth 4.0-5.0 4.0-5.0 4.0 4.0
meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limited has
the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the Class
Assumptions regarding future mortality have been based on published statistics and mortality tables.
A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated price
within the specified period.
At 31 December 2021, the weighted-average duration of the defined benefit obligation was 15 years
(2020:15 years).
Increase in share capital

During 2021, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
Sensitivity analysis
share capital of 700,000 shares, amounting to Baht 70 million.
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding

other assumptions constant, would have affected the defined benefit obligation by the amounts shown
During 2020, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
below.
share capital of 200,000 shares, amounting to Baht 20 million.
Consolidated financial statements

Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption
At 31 December 2021 2020 2021 2020
(in million Baht)
Discount rate (194) (169) 228 198

Future salary growth 239 190 (207) (165)

Separate financial statements
Effect to the defined benefit obligation 1% increase in assumption 1% decrease in assumption
At 31 December 2021 2020 2021 2020
(in million Baht)
Discount rate (6) (6) 7 7
Future salary growth 8 7 (7) (6)

Annual Report 2021 (Form 56-1 One-Report) 455
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