Panjawattana Plastic Public Company Limited

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- 45 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 201123. REMUNERATION FOR EXECUTIVERemuneration for Executive is the benefits paid to executives and directors of the Company. Itcomprises of the remuneration that paid in cash, such as salary, related benefits and remuneration for thecommittee including benefits in any other forms. As such, the Company's executive refers to the personrequired by law with the Securities and Stock Exchange.Remuneration for executive for the years ended December 31, 2012 and 2011, are as follow:-BahtConsolidated financial statements Separate financial statements2012 2011 2012 2011Short-term benefit 38,284,416.78 37,465,278.81 38,146,987.71 36,969,428.43Benefit after leaving the Company 613,441.89 603,727.13 606,880.65 600,446.51Other long-term benefit - - - -Total 38,897,858.67 38,069,005.94 38,753,868.36 37,569,874.9424. INCOME TAXCorporate income tax for the year 2011 is calculated by multiplying from tax profits by the rate of30% of net profits. Corporate income tax is calculated by multiplying earnings represents net profit beforeincome tax for the period, after adding back certain expenses which are non-deductible for income taxcomputation purposes, and less certain transactions which are exemption or allowable from income tax.According to the Royal Decree 530 (B.E. 2554) dated December 14, 2011 issued under theRevenue Code, regarding the reduction of income tax rates, corporate income tax for the year 2012 iscalculated by multiplying from tax profits by the rate of 23% of net profits, and for the year 2013-2014 bythe rate of 20% of net profits.25. EXPENSE BY NATUREExpense by nature has significant transaction for the years ended December 31, 2012 and 2011 areas follows:BahtConsolidated financial statementsSeparate financial statements2012 2011 2012 2011Changes in finished goods and workin progress (12,378,708.41) (30,560,183.57) (15,714,836.89) (15,465,020.27)Purchases of finished goods 90,992,010.26 71,651,530.62 197,675,683.97 71,651,530.62Used raw material and wasteful supply 843,450,652.98 857,147,161.54 708,176,001.27 782,805,435.60Expenses for employees 264,334,620.89 217,468,312.69 238,037,546.97 207,398,350.34Depreciation and amortization 76,982,352.00 54,600,315.71 67,979,975.79 50,148,976.98118
- 46 -PANJAWATTANA PLASTIC PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESNOTES TO FINANCIAL STATEMENTS (CONT.)DECEMBER 31, 2012 AND 201126. EARNINGS PER SHAREBasic earnings per share is calculated by dividing profit for the year by weighted average numberof ordinary shares that issued and paid during the year.Consolidated financial statementsSeparate financial statements2012 2011 2012 2011Profit for the year of ordinary share’s shareholders (Baht) 202,713,452.22 145,236,252.67 184,761,025.91 145,586,250.28Weighted average number of ordinary share (Share) 535,781,420.77 395,221,917.81 535,781,420.77 395,221,917.81Basic earnings per share (Baht per share) 0.38 0.37 0.34 0.3727. PROPOSAL OF FINANCIAL INFORMATION CLASSIFIED BY SEGMENTThe Company and its subsidiaries run the main business in manufacturing and selling the artificialplastic in packaging of engine oil, foods and plastic parts used in automotive industry and other relatedbusiness that has financial data classified by geographical segments in two (2) countries. Financial dataclassified by geographical in the consolidated financial statement for years ended December 31, 2012 and2011 are as follows:BahtConsolidated financial statementsThailand China Total2012 2011 2012 2011 2012 2011Income 1,899,759,597.38 1,585,718,722.77 110,273,421.35 54,455,310.95 2,010,033,018.73 1,640,174,033.72Gross profit 415,249,689.63 349,268,107.49 6,160,199.13 4,938,552.36 421,409,888.76 354,206,659.8528. LONG-TERM LEASE AGREEMENTAs at December 31, 2012 and 2011, the Company has long-term lease agreements as follows:28.1 A subsidiary in the foreign country has entered into the lease for factory buildings with acompany in foreign country for three years, staring from February 1, 2011 with the rental feeBaht 637,691.49 per month in 2012 and Baht 652,789.39 per month in 2011 (equal to Yuan129,707, referred to exchange rate, as at December 31, 2012, Yuan is equal to 4.9164 and asat December 31, 2011, 1 Yuan is equal to 5.0328 Baht).119
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ANNUAL REPORT 2012CONTENTS01 Messag
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VISION :“Panjawattana Plastic as
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