Page 474 - 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
which was incorporated and mainly operates in Vietnam.
Separate financial statements
2021 2020

Exposure to foreign were incorporated and mainly operate in Thailand, except for Morningbliss SDN. BHD and
All joint ventures
currency at 31 December USD EUR Total USD EUR Total
Porto Worldwide Limited which were incorporated and mainly operates in Malaysia and Hong Kong, respectively.
(in million Baht)
Financial assets 54 pany’s associates and joint ventures are publicly listed and consequently they
4

59
47
5
51
None of the Group’s and the Com
Financial liabilities (2,882) - (2,882) - - -
do not have published price quotations.
Net exposure (2,828) 5 (2,823) 47 4 51

Consolidated
Material movem
(b.3.2) Interest rate risk ents financial statements
2020
for the year ended 31 December
2021

Interest rate risk is the risk that future movements in market interest rates will affect the results
of the Group’s operations and its cash flows. The Group mitigates this risk by ensuring that the
(in million Baht)

Joint ventures
majority of borrowings are at fixed interest rates and uses derivatives, principally interest rate
Acquisition share capital in Porto Worldwide Limited 4,452 -
swaps, to manage exposure to fluctuations in interest rates on specific borrowings.
Increase in share capital in MUJI Retail (Thailand) Co., Ltd. 70 20
Consolidated Separate
Investments in joint ventures
Exposure to interest rate risk financial statements financial statements

at 31 December 2021 2020 2021 2020
Acquisition (in million Baht)

Financial instruments with variable interest rates
In December 2021, the Group acquired 133,545,740 shares, equivalent to 67% of share capital of Porto
Financial assets 288 215 46 -
Worldwide Limited incorporated in Hong Kong for a consideration of Baht 4,452 million from a related
Financial liabilities (30,072) (34,856) (22,384) (28,861)

party, which became a joint venture between the Group and Central Pattana Public Company Limited
Net statement of financial position exposure (29,784) (34,641) (22,338) (28,861)

(CPN). The purpose of this joint venture is to invest 40% shareholding in Grabtaxi Holdings (Thailand)
Interest rate swaps 10,205 1,659 5,000 -
Co., Ltd. The acquisition is in accordance with the obligations stipulated in the SPA which was approved

Net exposure (19,579) (32,982) (17,338) (28,861)
by the Board of Directors’ meeting of the Company on 10 December 2019 and the Shareholders’
meeting of the Company on 19 December 2019. Additional, in the future, Porto Worldwide Limited has
Interest rate swap contract
the right to swap its shares, in part or entirety, in GrabTaxi Holdings (Thailand) Co., Ltd. with the Class
During 2021, the Group entered into an interest rate swap agreement for a long-term loan
A ordinary shares of Grab Holdings Limited which listed on the NASDAQ with the designated price
amounted of Baht 3,500 million swapping a floating interest rate of 6M THBFIX plus spread per
within the specified period.
annum, to a fixed interest rate of 1.98% per annum, with maturity aligned to the loan granted.

Increase in share capital
During 2021, the Company entered into an interest rate swap agreement for a long-term loan
amounted of Baht 5,000 million swapping a floating interest rate of 6M THBFIX plus spread per
During 2021, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
annum, to a fixed interest rate of 1.95% per annum, with maturity aligned to the loan granted.
share capital of 700,000 shares, amounting to Baht 70 million.

During 2020, the Group entered into an interest rate swap agreement for a long-term loan
During 2020, the Group made additional investments in MUJI Retail (Thailand) Co., Ltd. to increase
amounted of EUR 45 million swapping a floating interest rate of 3M Euribor plus spread per
share capital of 200,000 shares, amounting to Baht 20 million.
annum, to a fixed interest rate of 0.24% per annum, with maturity aligned to the loan granted.

474 Annual Report 2021 (Form 56-1 One-Report)
84 48