Page 117 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

4.3 Inventories
Finished goods and work in process are valued at the lower of cost (under the weighted

average method) and net realisable value. The cost of inventories includes all production
costs and attributable factory overheads.

Raw materials, spare parts and factory supplies are valued at the lower of average cost
and net realisable value and are charged to production costs whenever consumed.

4.4 Investments in subsidiary and associate

Investment in associate is accounted for in the consolidated financial statements is applied
using the equity method.

Investments in subsidiary and associate are accounted for in the separate financial
statements using the cost method less accumulated impairment (if any).

4.5 Investment property

Investment properties are measured initially at cost, including transaction costs.
Subsequent to initial recognition, investment properties are stated at cost less
accumulated depreciation and allowance for loss on impairment (if any).

Depreciation of investment properties - buildings is calculated by reference to their costs

on the straight-line basis over estimated useful lives of 20 years. Depreciation of the
investment properties is included in determining income.

On disposal of investment properties, the difference between the net disposal proceeds
and the carrying amount of the asset is recognised in profit or loss in the period when the
asset is derecognised.

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 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

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