Page 463 - 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
Reconciliation of effective tax rate Separate financial statements
which was incorporated and mainly operates in Vietnam. 2021 2020
Rate (in million Rate (in million
All joint ventures were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and

(%)

Baht)

Baht)
(%)
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.
Profit before income tax expense 483 3,774

Income tax using the Thai corporation tax rate 20 97 20 755
None of the Group’s and the Company’s associates and joint ventures are publicly listed and consequently they
Income not subject to tax (73) (661)

do not have published price quotations.
Expenses not deductible for tax purposes - 1

Expenses with additional deduction for tax purposes (1) Consolidated
(597)

-
Recognition of previously unrecognised tax losses (22) financial statements
Material movements
Current year losses for which no deferred tax 2021 2020

for the year ended 31 December

501
asset was recognised - (in million Baht)

Total Joint ventures - 1 - (1)

Acquisition share capital in Porto Worldwide Limited 4,452 -
Consolidated financial statements

Increase in share capital in MUJI Retail (Thailand) Co., Ltd. 70 20
Deferred tax Assets Liabilities

At 31 December 2021 2020 2021 2020
Investments in joint ventures
(in million Baht)

Total Acquisition 5,409 3,877 (3,636 ) (3,16 4)

Set off of tax (594) (495) 594 495

Net deferred tax assets (liabilities) 4,815 3,382 (3,042 ) (2,66 9)

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
Separate financial statements

party, which became a joint venture between the Group and Central Pattana Public Company Limited
Deferred tax Assets Liabilities
(CPN). The purpose of this joint venture is to invest 40% shareholding in Grabtaxi Holdings (Thailand)
At 31 December 2021 2020 2021 2020
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved

(in million Baht)
by the Board of Directors’ meeting of the Company on 10 December 2019 and the Shareholders’
(2)
(2)
17
15
Total meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limited has
Set off of tax (2) (2) 2 2
the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the Class
Net deferred tax assets (liabilities) 13 15 - -
A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated price

within the specified period.

Increase in share capital

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 million.

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.

Annual Report 2021 (Form 56-1 One-Report) 463
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