Page 108 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

4.6 Property, plant and equipment/Depreciation

Land is stated at cost. Buildings and equipment are stated at cost less accumulated

depreciation and allowance for loss on impairment of assets.

Depreciation of plant and equipment is calculated by reference to their costs on the straight-
line basis over the following estimated useful lives, except for machinery and equipment
for main production, which are depreciated based on estimated units of production:

Land improvement - 30 years straight-line
Building and attached facilities - 5 - 30 years straight-line
Motor vehicles - 5 - 10 years straight-line
Furniture and office equipment - 3 - 10 years straight-line
Minor machinery and equipment for production - 5 - 20 years straight-line
Main machinery and equipment for production - Estimated units of production at
a total of 0.02 - 7.02 million tons

Depreciation is included in determining income.

No depreciation is provided on land and assets under installation and construction.

An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on disposal
of an asset is included in profit or loss when the asset is derecognised.

4.7 Related party transactions

Related parties comprise enterprises and individuals that control, or are controlled by,
the Group, whether directly or indirectly, or which are under common control with the Group.
They also include associates and individuals which directly or indirectly own a voting interest

in the Group that gives them significant influence over the Group, key management personnel,
directors and officers with authority in the planning and direction of the Group’s operations.

4.8 Foreign currencies
The consolidated and separate financial statements are presented in Baht, which is also the
Group’s functional currency.

Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the

date of the transaction. Monetary assets and liabilities denominated in foreign currencies
are translated into Baht at the exchange rate ruling at the end of reporting period.
Gains and losses on exchange are included in determining income.

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