Page 462 - 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
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 financial statements
2021
which was incorporated and mainly operates in Vietnam. 2020
Before Tax Net of Before Tax Net of
All joint ventures were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and
Income tax tax expens e tax tax benefit tax
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.
(in million Baht)

Recognised in other
None of the Group’s and the Company’s associates and joint ventures are publicly listed and consequently they
comprehensive income
do not have published price quotations.
Defined benefit plan actuarial gain

(losses) 157 (32) 125 (14) 4 (10)

Consolidated
3
Cash flow hedges reserve 9 (2) 7 (12) financial statements
(9)
Material movements
Financial assets at FVOCI (1) - (1) (86) 2021 (69)
17
for the year ended 31 December
2020

Total 165 (34) 131 (112) (in million Baht)
24
(88)

Joint ventures
Acquisition share capital in Porto Worldwide Limited 4,452 -
Separate financial statements
2021
2020
Increase in share capital in MUJI Retail (Thailand) Co., Ltd. 70 20
Before Tax Net of Before Tax Net of
Income tax tax expens e tax tax expense tax

Investments in joint ventures
(in million Baht)
Recognised in other
Acquisition
comprehensive income

In December 2021, the Group acquired 133,545,740 shares, equivalent to 67% of share capital of Porto
Defined benefit plan actuarial gain 5 (1) 4 1 - 1
Financial assets at FVOCI 2 - 2 6 (1) 5
Worldwide Limited incorporated in Hong Kong for a consideration of Baht 4,452 million from a related
6
(1)

6
(1)

7

7
Total 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)
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved
Reconciliation of effective tax rate Consolidated financial statements
2021

by the Board of Directors’ meeting of the Company on 10 December 2019 and the Shareholders’
2020
meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limited has
(in million
Rate
(in million
Rate

the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the Class

(%)
Baht)
Baht)
(%)

A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated price

Loss before income tax expense (95) (543)
within the specified period.
Income tax using the Thai corporation tax rate 20 (19) 20 (109)

Effect of different tax rates in foreign jurisdictions (25) (192)
Increase in share capital
Difference in effective tax rate of

investments in associates and joint ventures (56) (26)
During 2021, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
Income not subject to tax (209) (247)

share capital of 700,000 shares, amounting to Baht 70 million.
Expenses not deductible for tax purposes 218 153

Recognition of previously unrecognised tax losses (49) (65)
During 2020, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
Current year losses for which no deferred tax
share capital of 200,000 shares, amounting to Baht 20 million.

asset was recognised 470 733

Deferred tax asset in prior year which recognised in

this period (97) (16 8)

Expenses with additional deduction for tax purposes (569) (964)
Under (over) provided in prior years (35) 1
Others (1) -

Total 391.58 (372) 162.80 (884)

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