Panjawattana Plastic Public Company Limited

- 41 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 2011During years 2012 and 2011, the Company enter 7 contracts and 9 contracts for vehicles andmachinery’s lease agreement. The total amounts of the contracts value are of Baht 12,065,784.48 and Baht28,601,093.02, respectively.As at December 31, 2012, the Company and its subsidiaries has vehicles and machinery long-termlease agreements in the form of finance lease with local leasing companies, totally 8 places with 24 contracts.The total amounts of the contracts value are of Baht 96,930,987.67 (excluding of VAT). Installments periodare 36-60 months and the total repayments are of Baht 2,411,027.81 (excluding of VAT) per month.Under the terms of the agreement mentioned above, the Company has the right to purchase theproperty or asset as indicated in lease agreements at the end of the lease for all 24 contracts in the total ofBath 17,372,377.39 (excluding VAT). Moreover, the Company and its subsidiaries has to practice byfollowing the conditions and specifications as specified in the agreement.Liability as in Finance Lease for payment due within one year shown in part of current liabilities inthe statement of financial position.17. Employee benefit obligationsThe Company and its subsidiaries adopted TAS 19 Employee Benefits with effective from January1, 2011The statements of financial positionConsolidated financial statementsBahtSeparate financial statements2012 2011 2012 2011Defined benefit obligations Beginning balance 15,044,849.00 12,510,565.00 13,866,880.00 12,510,565.00Current service costs and interest 3,045,149.00 2,662,303.00 2,955,797.00 2,597,478.50Benefits paid by the plan - (128,019.00) - (128,019.00)Defined benefit obligations transferred to a subsidiary - - - (1,113,144.50)Defined benefit obligations at Ending balance 18,089,998.00 15,044,849.00 16,822,677.00 13,866,880.00Less Defined benefit obligations due within one year - (80,101.00) - (80,101.00)Defined benefit obligations - net 18,089,998.00 14,964,748.00 16,822,677.00 13,786,779.00114