Loxley Public Company Limited
and its Subsidiaries
Annual financial statements
and
Audit Report of Certified Public Accountant
For the years ended
31 December 2011 and 2010
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Audit Report of Certified Public Accountant
To the Shareholders of Loxley Public Company Limited
I have audited the accompanying consolidated and separate statements of financial position as at 31 December 2011 and 2010, and the related statements of income,comprehensive income, changes in equity and cash flows for the years then ended of Loxley Public Company Limited and its subsidiaries, and of Loxley Public Company Limited, respectively. The Company’s management is responsible for the correctness and completeness of the information presented in these financial statements. My responsibility is to express an opinion on these financial statements based on my audits. I did not audit the financial statements of three associates. The carrying value of the investments in these associates in the consolidated financial statements as at 31 December 2011and 2010 wasBaht 291 million and Baht 277 million, respectively and, theshare of their net profitfor the yearsthen ended was Baht 19 million and Baht 39 million, respectively. The carrying value of these investments in the separate financial statements as at 31 December 2011 and 2010 was Baht 189 million. The financial statements of these associates were audited by other auditors whose reports have been furnished to me and my report, insofar as it relates to the amounts included for these associates, is based solely on the reports of the other auditors.
Except as discussed in the third paragraph, I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my auditsand the reports of the other auditors referred to in the first paragraph provide a reasonable basis for my opinion.
As described in note 14 to the financial statements, the consolidated and separate financial statements as at 31 December 2011 and 2010 of Loxley Public Company Limited and its subsidiaries, and of Loxley Public Company Limited, respectively, included investments in two associates which have an accounting period ended 30 June. Investments in those associates were recorded by including the financial statements of those associates for the six-month periods ended 31 December 2011 and 2010, which had been reviewed, but not audited by auditors. The carrying value of those investments in the consolidated financial statements as at 31 December 2011 and 2010was Baht 1,873 million and Baht1,849 million, respectively and the share of their net profit for the six-month periods ended 31 December 2011 and 2010was Baht 53 million and Baht 25 million, respectively. The carrying value of those investments in the separate financial statements as at 31 December 2011 and 2010was Baht 950 million.
In my opinion, based on my audits and the reports of the other auditors, and except for the effects of such adjustments, if any, as might have been disclosed had I audited the financial statements of two associates as described in the third paragraph, the consolidated and separate financial statements referred to above present fairly, in all material respects, the financial positions as at 31 December 2011 and 2010 and the results of operations and cash flows for the years then ended of Loxley Public Company Limited and its subsidiaries, and of Loxley Public Company Limited, respectively, in accordance with Financial Reporting Standards.
As explained in notes 2 and 3 to the financial statements, with effect from 1 January 2011 the Company has adopted certain new and revised financial reporting standards. The consolidated and separate financial statements for the year ended 31 December 2010 have been restated accordingly.
(Siripen Sukcharoenyingyong)
Certified Public Accountant
Registration No. 3636
KPMG Phoomchai Audit Ltd.
Bangkok
28 February 2012
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