ROBINSON DEPARTMENT STORE PUBLIC COMPANY LIMITED

Robinson Department Store Public Company Limited and its Subsidiaries

Interim financial statements for the three-month and six-month period ended

30 June 2014 and

Independent auditor’s report on review of interim financial information

Independent Auditor’s Report on Review of Interim Financial Information To the Board of Directors of Robinson Department Store Public Company Limited I have reviewed the accompanying consolidated and separate statements of financial position of Robinson Department Store Public Company Limited and its subsidiaries, and of Robinson Department Store Public Company Limited, respectively, as at 30 June 2014; the consolidated and separate statements of comprehensive income for the three-month and six-month period ended 30 June 2014, changes in equity and cash flows for the six-month period ended 30 June 2014; and condensed notes (“interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of review I conducted my review in accordance with the Thai Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion. Conclusion Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, “Interim Financial Reporting”. (Thanit Osatalert) Certified Public Accountant Registration No. 5155 KPMG Phoomchai Audit Ltd. Bangkok 4 August 2014

Robinson Department Store Public Company Limited and its Subsidiaries Notes to the interim financial statements For the three-month and six-month period ended 30 June 2014 (Unaudited)

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Note Contents 1 General information 2 Basis of preparation of the interim financial statements 3 Change in accounting policy 4 Related parties 5 Trade accounts receivable 6 Other investments 7 Investments in subsidiaries 8 Investments in associates 9 Investment properties 10 Property, plant and equipment 11 Trade accounts payable 12 Segment information 13 Basic earnings per share 14 Dividend 15 Commitments with non-related parties


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These notes form an integral part of the interim financial statements.

The interim financial statements issued for Thai regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Directors on 4 August 2014.

1 General information

Robinson Department Store Public Company Limited, the “Company”, is incorporated in Thailand and has its registered office at 9/9 floor 14-17, Rama 9 Road, Huaikhwang, Huaikhwang, Bangkok, Thailand. The Company was listed on the Stock Exchange of Thailand in January 1992. The Company’s major shareholders during the financial period were Central Retail Corporation Co., Ltd. (27.74% shareholding) and CRG Service Co., Ltd. (26.07% shareholding). Both companies were incorporated in Thailand. The principal businesses of the Company and its subsidiaries are engaged in a chain of department stores under the brand of “Robinson”. The Company has also jointly invested with groups of business partners (indirect subsidiaries) outside Bangkok through a holding company, CR (Thailand) Co., Ltd.. Details of the Company’s direct subsidiaries as at 30 June 2014 and 31 December 2013 are given in notes 7. Details of the Company’s indirect subsidiaries as at 30 June 2014 and 31 December 2013 are as follows: Name of the entities Type of business Country of Ownership interest incorporation (%) 30 June 31 December 2014 2013 Indirect subsidiaries CR Udorn Thani (Thailand) Co., Ltd. Department Store Thailand 76.00 76.00 CR Phuket (Thailand) Co., Ltd. Department Store Thailand 49.99 49.99 CR Nakhon Sri Thammarat (Thailand) Co., Ltd. Department Store Thailand 49.99 49.99 CR Had Yai (Thailand) Co., Ltd. Department Store Thailand 76.00 76.00 CR Chiang Mai (Thailand) Co., Ltd. Department Store Thailand 89.99 89.99 CR Ubon Ratchathani (Thailand) Co., Ltd. Department Store Thailand 74.99 74.99 CR Chantaburi (Thailand) Co., Ltd. Department Store Thailand 64.99 64.99 CR Rajchaburi (Thailand) Co., Ltd. Department Store Thailand 49.99 49.99


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2 Basis of preparation of the interim financial statements (a) Statement of compliance

The interim financial statements are prepared on a condensed basis in accordance with Thai Accounting Standard (TAS) No. 34 (revised 2012) Interim Financial Reporting; guidelines promulgated by the Federation of Accounting Professions (FAP); applicable rules and regulations of the Thai Securities and Exchange Commission. The interim financial statements are prepared to provide an update on the financial statements for the year ended 31 December 2013. They do not include all of the financial information required for full annual financial statements but focus on new activities, events and circumstances to avoid repetition of information previously reported. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Company and its subsidiaries for the year ended 31 December 2013. The accounting policies and methods of computation applied in these interim financial statements are consistent with those applied in the financial statements for the year ended 31 December 2013 except that the Group has adopted all the new and revised TFRS that are effective for annual periods beginning on or after 1 January 2014. The adoption of these new and revised TFRS did not have any material effect on the accounting policies, methods of computation, financial performance or position of the Group.

(b) Presentation currency

The interim financial statements are presented in Thai Baht, which is the Group’s functional currency. All financial information presented in Thai Baht has been rounded to the nearest thousand unless otherwise stated.

(c) Use of estimates and judgments

The preparation of interim financial statements in conformity with TFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing these interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2013.

3 Change in accounting policy Accounting for customer loyalty programmes

From 1 January 2014, the Group has adopted TFRIC 13 – Customer Loyalty Programmes. TFRIC 13 addresses the accounting for an entity’s obligation to provide free or discounted goods or services (‘awards’) in the future under a customer loyalty programme. TFRIC 13 requires that award credits are accounted for as a separately identified component of the sales transactions in which they are granted (the ‘initial sale’). The fair value of the consideration received or receivable in respect of the initial sale is allocated between the award credits and the other components of the sale. The


17

revenue and costs ascribed to the awards are only recognised when the award credits are redeemed or the entity otherwise fulfills its obligations in respect of the awards. The Group’s accounting policy for customer loyalty programmes is as follows: The Group has a customer loyalty programme whereby customers are awarded credits (Points) entitling customers to the right to purchase products from the Group at a discount or qualify for a free gift. The fair value of the consideration received or receivable in respect of the initial sale is allocated between the Points and the other components of the sale. The amount allocated to the Points is estimated by reference to the fair value of the right to purchase products at a discount or fair value of the free gift. The fair value is estimated based on the amount of the discount adjusted to take into account the expected forfeiture rate. Such amount is deferred and revenue is recognised only when the Points are redeemed and the Group has fulfilled its obligations to supply the products. The amount of revenue recognised in those circumstances is based on the number of Points that have been redeemed in exchange for discounted products, relative to the total number of Points that is expected to be redeemed. Deferred revenue is also released to profit or loss when it is no longer considered probable that the Points will be redeemed.

The application on a new accounting policy for transactions, other events or condition was immaterial in the Group’s financial statements.

4 Related parties

For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Relationships with subsidiaries and associates are described in notes 1, 7 and 8. Relationship with key management and other related parties were as follows: Name of entities

Country of incorporation/ nationality

Nature of relationships

Central Retail Corporation Co., Ltd. Thailand Major shareholder, 27.74% shareholding, some common directors

CRG service Co., Ltd. Thailand Major shareholder, 26.07% shareholding, some common directors

CRC Power Retail Co.,Ltd. Thailand Some common directors Office Club (Thai) Co.,Ltd. Thailand Some common directors CRC Property Co.,Ltd. Thailand Some common directors B2S Co., Ltd. Thailand Some common directors Central Food Retail Co., Ltd. Thailand Some common directors Central Department Store Co., Ltd. Thailand Some common directors Central Trading Co., Ltd. Thailand Some common directors Central Garment Factory Co., Ltd. Thailand Some common directors Cetrac International Co., Ltd. Thailand Some common directors RIS Co., Ltd. Thailand Some common directors


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Name of entities

Country of incorporation/ nationality

Nature of relationships

PB Logistic Co., Ltd. Thailand Some common directors Central Pattana Rattanatibeth Co.,Ltd. Thailand Some common directors Central Pattana Chiang Mai Co.,Ltd. Thailand Some common directors Central Pattana Chonburi Co.,Ltd. Thailand Some common directors Central Pattana Khonkean Co.,Ltd. Thailand Some common directors Central World Co., Ltd. Thailand Some common directors Central Pattana Development Co., Ltd. Thailand Some common directors Central Pattana Ninesquare Co.,Ltd. Thailand Some common directors CG Broker Co., Ltd. Thailand Some common directors Key management personnel Thailand Persons having authority and

responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Group.

The pricing policies for particular types of transactions are explained further below: Transactions Pricing policies

Revenue from sale of goods Market prices should not be lower than the cost of goods

Interest income/Interest expense Minimum loan rates or saving rates or fixed deposit rate of certain local financial institutions plus 0% to 2.5% per annum depending on finance cost of each company

Rental and service income Certain percentages of sales with a reference to the related market prices or fixed amount

Sales promotion income Contractually agreed prices Utility income Contractually agreed prices Management fee income Certain percentages of sales or fixed amount Rental and service expenses Contractually agreed prices

Sales promotion expenses Contractually agreed prices

Management fee expense Contractually agreed prices Key management personnel

compensation As defined by the nomination and remuneration committee


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Significant transactions for the three-month and six-month periods ended 30 June 2014 and 2013 with related parties were as follows: Consolidated Separate financial statements financial statements Three-month period ended 30 June 2014 2013 2014 2013 (in thousand Baht) Subsidiaries Revenue from sales of goods - - 54,955 56,213 Rental and service income - - 15 15 Management fee income - - 36,150 41,457 Sales promotion income - - 330 619 Interest income - - 2,932 3,231 Rental and service expenses - - 90 1,840 Sales promotion expenses - - 892 84 Interest expense - - 22,706 11,607 Associates Rental and service income 49,572 45,800 40,197 35,284 Utility income 7,729 6,861 6,315 5,559 Management fee income 2,286 2,094 1,844 1,659 Key management personnel Key management personnel compensation Short-term employee benefit 19,892 18,679 19,712 18,319 Post-employment benefits 3,626 1,071 2,996 1,071 Total key management personnel compensation

23,518

19,750

22,708

19,390

Other related parties Revenue from sales of goods 175 533 175 533 Rental and service income 107,344 91,042 83,338 67,502 Utility income 33,733 30,459 25,089 22,297 Management fee income 2,655 2,222 2,390 1,927 Sales promotion income 6,579 9,668 4,697 7,177 Rental and service expenses 59,711 52,444 40,051 32,432 Utility expenses 19,009 19,525 10,426 9,886 Sales promotion expenses 37,134 26,798 28,032 19,013 Management fee expense 30,982 27,550 29,897 26,739


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Consolidated Separate financial statements financial statements Six-month period ended 30 June 2014 2013 2014 2013 (in thousand Baht) Subsidiaries Revenue from sales of goods - - 124,572 115,835 Rental and service income - - 30 30 Management fee income - - 77,980 88,247 Sales promotion income - - 686 1,070 Interest income - - 6,000 8,104 Rental and service expenses - - 180 7,180 Sales promotion expenses - - 1,484 772 Interest expense - - 44,987 16,571 Associates Rental and service income 94,337 94,202 76,580 73,168 Utility income 15,102 12,981 12,355 10,375 Management fee income 4,584 4,217 3,698 3,341 Key management personnel Key management personnel compensation Short-term employee benefit 36,869 35,342 36,509 34,802 Post-employment benefits 7,252 2,142 5,992 2,142 Total key management personnel compensation

44,121

37,484

42,501

36,944

Other related parties Revenue from sales of goods 3,144 1,067 3,144 1,067 Rental and service income 206,327 185,417 161,680 137,913 Utility income 63,288 59,228 47,616 43,543 Management fee income 5,305 4,362 4,781 3,772 Sales promotion income 11,231 16,956 8,048 12,672 Rental and service expenses 117,375 101,816 80,010 65,038 Utility expenses 38,442 38,414 20,678 19,095 Sales promotion expenses 66,124 57,315 48,564 40,397 Management fee expense 62,212 57,469 60,040 55,846


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Balances as at 30 June 2014 and 31 December 2013 with related parties were as follows:

Trade accounts receivable - related parties

Consolidated

financial statements

Separate

financial statements 30

June 31

December 30

June 31

December 2014 2013 2014 2013 (in thousand Baht) Subsidiaries CR Udorn Thani (Thailand) Co., Ltd. - - 5,749 9,515 CR Phuket (Thailand) Co., Ltd. - - 12,959 27,097 CR Nakorn Sri Thammarat (Thailand) Co., Ltd. - - 8,404 14,681 CR Had Yai (Thailand) Co., Ltd. - - 3,815 10,736 CR Chiang Mai (Thailand) Co., Ltd. - - 5,739 9,890 CR Ubon Ratchathani (Thailand) Co., Ltd. - - 874 1,816 CR Rajchaburi (Thailand) Co., Ltd. - - 3,051 4,873 CR Chantaburi (Thailand) Co., Ltd. - - 4,062 4,619 Associates Power Buy Co., Ltd. 7,383 8,569 6,031 6,992 CRC Sport Co., Ltd. 15,590 15,362 11,551 12,804 Other related parties Central Retail Corporation Co., Ltd. 9,280 21,107 5,747 12,655 B2S Co., Ltd. 7,967 8,083 5,249 6,373 Central Food Retail Co., Ltd. 35,500 41,551 27,822 32,798 Central Department Store Co., Ltd. 15,112 13,105 14,314 12,025 Others 42,974 35,066 38,324 31,327 133,806 142,843 153,691 198,201 Less allowance for doubtful accounts - - - - Net 133,806 142,843 153,691 198,201

Loans to related parties

Consolidated

Separate

Interest rate financial statements financial statements 30

June 31

December 30

June 31 December

30 June

31 December

2014 2013 2014 2013 2014 2013 (% per annum) (in thousand Baht) Short-term loans Subsidiaries Robinson Nakarin Co., Ltd. 3.00 3.40 - - 326,790 320,759 RD Pattana Co., Ltd. 3.00 3.40 - - 9,203 986 - - 335,993 321,745 Less allowance for doubtful accounts - - (326,790) (320,759) Short-term loans to related parties, net - - 9,203 986


22

Movements during the six-month periods ended 30 June 2014 and 2013 of loans to related parties were as follows:

Loans to related companies Consolidated Separate financial statements financial statements 2014 2013 2014 2013 (in thousand Baht) Short - term loans Subsidiaries At 1 January - - 321,745 307,897 Increase - principal - - 15,059 6,584 - interest - - 6,000 8,104 Decrease - principal - - (2,544) (1,803) - interest - - (4,267) (6,348) At 30 June - - 335,993 314,434 Long-term loan Subsidiary At 1 January - - 61,224 61,224 Increase - - - - Decrease - - - - At 30 June - - 61,224 61,224

Loans to related parties Consolidated Separate Interest rate financial statements financial statements

30 June

31 December

30 June

31 December

30 June

31 December

2014 2013 2014 2013 2014 2013 (% per annum) (in thousand Baht) Long-term loan Subsidiary Robinson Nakarin Co., Ltd. 6.00 6.00 - - 61,224 61,224 Summary of loans to related parties Short-term loans - - 335,993 321,745 Long-term loan - - 61,224 61,224 - - 397,217 382,969 Less allowance for doubtful accounts - - (326,790) (320,759) Total loans to related party, net - - 70,427 62,210 2014 2013 2014 2013 (in thousand Baht)

Bad debts and doubtful debts expenses for the three-month periods ended 30 June - - 2,906 - Bad debts and doubtful debts expenses

for the six-month periods ended 30 June - - 6,031

-


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Leasehold rights-related parties Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Other related parties 1,320,879 1,353,465 1,106,983 1,130,278

Trade accounts payable-related parties Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Subsidiaries CR Udorn Thani (Thailand) Co., Ltd. - - 820 1,656 CR Had Yai (Thailand) Co., Ltd. - - 2,057 2,613 CR Chiang Mai (Thailand) Co., Ltd. - - 1,677 2,862 Others - - 3,182 9,139 Associates CRC Sport Co., Ltd. 1,230 1,961 804 1,086 Other related parties Central Trading Co., Ltd. 151,875 219,985 103,398 149,326 Central Garment Factory Co., Ltd. 14,537 21,540 9,369 14,489 Central Department Store Co., Ltd. 2,968 4,205 2,969 4,205 Others 26,739 20,317 4,796 10,990 Total 197,349 268,008 129,072 196,366

Loans from related parties Consolidated Separate Interest rate financial statements financial statements

30 June

31 December

30 June

31 December

30 June

31 December

2014 2013 2014 2013 2014 2013 (% per annum) (in thousand Baht) Short - term loans Subsidiaries Robinson Rachada Co., Ltd. 2.87 3.40 - - 67,770 67,238 Robinson Sukhumvit Co., Ltd. 2.87 3.40 - - 11,956 11,307 R -Trading (L) BHD. - - - - 884,302 882,787 Robinson S.P.V. Co.,Ltd. 2.87 3.40 - - 2,411 2,395 CR Thailand Co., Ltd 2.87 3.40 - - 2,556,944 2,171,971 CR Rajchaburi (Thailand) Co., Ltd

2.87

3.40 -

- 619,931

579,121

Short - term loans from related parties - - 4,143,314 3,714,819


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Movements during the six-month periods ended 30 June 2014 and 2013 of loans to related parties were as follows:

Loans from related companies Consolidated Separate financial statements financial statements 2014 2013 2014 2013 (in thousand Baht) Short - term loans Subsidiaries At 1 January - - 3,714,819 1,646,333 Increase - principal - - 4,410,831 7,297,393 - interest - - 44,987 16,571 Decrease - principal - - (3,983,266) (5,696,229) - interest - - (44,057) (13,830) At 30 June - - 4,143,314 3,250,238 Long-term loan Subsidiary At 1 January - - 113,300 113,300 Increase - - - - Decrease - - - - At 30 June - - 113,300 113,300

Loans from related parties Consolidated Separate Interest rate financial statements financial statements

30 June

31 December

30 June

31 December

30 June

31 December

2014 2013 2014 2013 2014 2013 (% per annum) (in thousand Baht) Long- term loan Subsidiary Robinson Sukhumvit Co., Ltd. 2.00 2.00 - - 113,300 113,300 Summary of loans from related parties Short - term loans - - 4,143,314 3,714,819 Long- term loans - - 113,300 113,300 Total loans from related parties - - 4,256,614 3,828,119


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Other payables Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Advances from related parties Subsidiary CR Phuket (Thailand) Co.,Ltd. - - 181 155 CR Chiang Mai (Thailand) Co.,Ltd. - - - 112 CR Ubon Ratchathani (Thailand) Co.,Ltd. -

- -

20

CR Rajchaburi (Thailand) Co., Ltd. - - 143 11 CR Nakorn Si Thammarat (Thailand) Co., Ltd. -

-

-

70

CR Udornthani (Thailand) Co., Ltd. - - - 36 CR Chantaburi (Thailand) Co., Ltd. - - - 261 Associate Power Buy Co., Ltd. 71 168 71 135 CRC Sport Co., Ltd. 34 - 34 -

Commitments with related parties Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Operating lease commitments Within one year 142,569 169,301 99,835 126,670 After one year but within five years 377,960 389,063 274,863 275,581 After five years 1,449,419 1,492,559 1,308,148 1,340,280 Total 1,969,948 2,050,923 1,682,846 1,742,531

Other related parties Central Retail Corporation Co., Ltd. 49,476 68,745 39,555 51,348 Central Pattana Khonkean Co., Ltd. 3,138 63,562 3,137 63,562 Central Pattana Chonburi Co., Ltd. 1,001 8,229 1,001 8,229 RIS Co., Ltd. 14,234 16,040 11,743 13,504 Central Pattana Rattanatibeth Co., Ltd. 1,455 2,518 1,455 2,518 Central Pattana Development Co., Ltd. 26,998 37,768 26,998 37,768 Central Pattana Chiangmai Co., Ltd. 3,987 5,164 - - Central World Co., Ltd. 33,085 41,876 30,019 37,248 Central Pattana Ninesquare Co.,Ltd. 5,461 7,704 5,461 7,704 Central Pattana Public Co.,Ltd. 43,554 161 41,871 161 Others 5,482 8,664 4,816 7,624 Total 187,976 260,599 166,485 230,466


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Significant agreements with related parties

Rental and service agreements

The Company has entered into rental agreements for retail space and service agreements with related parties. In consideration thereof, these related parties agreed to pay the rental and service fees at percentages of sales and/or size of occupied areas. The agreements have a term of 1 year and are renewable for successive periods by either party giving advance written notice. Service agreements

The Group entered into a service agreement with related party whereby such company will provide services relating to accounting, taxation, financial and other related services. In consideration thereof, the Group agreed to pay service fees at amount specified in the agreement. The agreement has a term of 1 year and is renewable for successive periods by either party giving written notice 30 days in advance.

Computer service agreements

The Group has entered into service agreements with related party whereby the latter will provide services relating to the computer systems of the Company. The Company has to pay service fees at amount specified in the agreements. The agreement has a term of 1 year and is renewable for successive periods.

Warehouse management service agreements The Company has entered into inventory management service agreements with related party for a period of 12 months. The Company has to pay service fees at amount specified in the agreements. Either party may give notice of termination within 90 days prior to expiry date of these agreements, otherwise the agreements are automatically renewed for successive periods of 12 months each.

Member card service agreement The Company has entered into a member card service agreement “The 1 Card” with related party. The said related party will provide services to members of the Company, marketing management, members database management and provide the reward and other benefits for The 1 Card point redemption. In consideration thereof, the Company has to pay service fee at rates specified in the agreement. The agreement will expire on 31 December 2015. Rental and service agreements The Group has entered into the agreements to rent an area and obtain the services from related party. In consideration thereof, the Group has agreed to pay the rental and service fees on a monthly basis. The agreements are for periods of 1 year and 3 years and are renewable for successive periods by either party giving not less than 90 days advance written notice.


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5 Trade accounts receivable Consolidated Separate financial statements financial statements

Note 30 June 31 December 30 June 31 December 2014 2013 2014 2013

(in thousand Baht) Related parties 4 133,806 142,843 153,691 198,201 Other parties 343,262 614,552 245,725 455,376 477,068 757,395 399,416 653,577 Less allowance for doubtful accounts (31,737) (18,532) (26,438) (16,576) Net 445,331 738,863 372,978 637,001

Bad debts and doubtful debts (reversal of) - expenses for the three-month

periods ended 30 June 8,505 (1,145) 5,590 (964) - expenses for the six-month

periods ended 30 June 13,205 616 9,862 468

Aging analyses for trade accounts receivable were as follows:

Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Related parties Within credit terms 120,645 137,433 140,110 156,112 Overdue: Less than 1 month 5,013 453 6,435 36,194 1-3 months 4,839 2,414 3,350 3,270 3-12 months 2,930 1,385 3,499 1,386 Over 12 months 379 1,158 297 1,239 133,806 142,843 153,691 198,201 Less allowance for doubtful accounts - - - - Net 133,806 142,843 153,691 198,201


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Consolidated Separate financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Other parties Within credit terms 235,982 447,349 158,968 327,466 Overdue: Less than 1 month 44,854 129,618 35,076 96,519 1-3 months 25,773 13,656 19,887 9,681 3-12 months 29,708 20,494 25,376 18,596 Over 12 months 6,945 3,435 6,418 3,114 343,262 614,552 245,725 455,376 Less allowance for doubtful accounts (31,737) (18,532) (26,438) (16,576) Net 311,525 596,020 219,287 438,800

Total 445,331 738,863 372,978 637,001 The normal credit term granted by the Group ranges from 30 days to 60 days. 6 Other investments

Consolidated Separate financial statements financial statements

30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) Current investments Equity securities available for sale 81,008 202,235 81,008 202,235 Other debt securities 6,298 16,269 3,030 13,000 87,306 218,504 84,038 215,235 Other long-term investments Other non-marketable equity securities

209,343

196,218

209,340

196,215

Total 296,649 414,722 293,378 411,450

Movements during the six-month periods ended 30 June 2014 and 2013 of marketable equity securities available for sale were as follows:

Consolidated Separate

financial statements financial statements 2014 2013 2014 2013 (in thousand Baht) Current investments Available-for-sale securities At 1 January 202,235 1,039,789 202,235 - Purchases during the period - 1,000,000 - 100,000 Sales during the period (123,000) (1,952,923) (123,000) - Valuation adjustment 1,773 13,153 1,773 19 At 30 June 81,008 100,019 81,008 100,019


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Other non-marketable equity securities recorded by the cost method as at 30 June 2014 and 31 December 2013 were as follows:

Consolidated financial statements Ownership interest Paid-up capital Cost Impairment Cost - net of impairment Dividend 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December For the six-month periods

ended 30 June 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 (%) (in thousand Baht) Siam Retail Development Co., Ltd. 24.00 24.00 500,000 500,000 120,000 120,000 - - 120,000 120,000 - - Square Ritz Plaza Co., Ltd. 24.00 24.00 125,000 125,000 30,000 30,000 (1,000) (1,000) 29,000 29,000 - - Seacon Bangkae Co., Ltd. 0.0014 0.0014 700,000 700,000 117,503 117,503 (117,500) (117,500) 3 3 - - Rangsit Plaza Co., Ltd. 6.56 6.56 538,890 400,000 52,500 39,375 - - 52,500 39,375 884 263 Samakeesan (Dokya) Co., Ltd.

4.15

4.15

170,000

170,000

12,713

12,713

(12,713)

(12,713)

-

-

-

-

Central Family Mart Co., Ltd.

0.71

0.71

575,000

575,000

22,840

22,840

(15,000)

(15,000)

7,840

7,840

-

-

Total 355,556 342,431 (146,213) (146,213) 209,343 196,218 884 263

Separate financial statements Ownership interest Paid-up capital Cost Impairment Cost - net of impairment Dividend 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December For the six-month periods

ended 30 June 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 (%) (in thousand Baht) Siam Retail Development Co., Ltd. 24.00 24.00 500,000 500,000 120,000 120,000 - - 120,000 120,000 - - Square Ritz Plaza Co., Ltd. 24.00 24.00 125,000 125,000 30,000 30,000 (1,000) (1,000) 29,000 29,000 - - Rangsit Plaza Co., Ltd. 6.56 6.56 538,890 400,000 52,500 39,375 - - 52,500 39,375 884 263 Samakeesan (Dokya) Co., Ltd.

4.15

4.15

170,000

170,000

12,713

12,713

(12,713)

(12,713)

-

-

-

-

Central Family Mart Co., Ltd.

0.71

0.71

575,000

575,000

22,840

22,840

(15,000)

(15,000)

7,840

7,840

-

-

Total 238,053 224,928 (28,713) (28,713) 209,340 196,215 884 263 On 7 January 2014, the Company made an additional investment in Rangsit Plaza Co., Ltd. of 455,733 shares amounting to Baht 13.1 million.


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7 Investments in subsidiaries

Separate financial statements Six-month period ended 30 June 2014 2013 (in thousand Baht) At 1 January 3,807,549 3,807,549 Additions 163,050 - At 30 June 3,970,599 3,807,549

During the six month period ended 30 June 2014 there were the following acquisitions of investments in subsidiaries: Acquisitions

On 27 February 2014, the Company made a new investment in 99.99% of the issued and paid up capital of ROBINSON DEPARTMENT STORE (VIETNAM) JOINT STOCK COMPANY for a consideration of Baht 163 million.


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Investments in subsidiaries as at 30 June 2014 and 31 December 2013, were as follows: Separate financial statements Ownership interest Paid-up capital Cost Impairment At cost- net Type of

business 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December 30

June 31

December 2014 2013 2014 2013 2014 2013

2014 2013 2014 2013

(%) (in thousand Baht) Subsidiaries CR (Thailand) Co., Ltd. Investment 99.99 99.99 3,201,000 3,201,000 3,201,000 3,201,000 - - 3,201,000 3,201,000 CR Rajchaburi (Thailand) Co., Ltd.

Department Store

50.00

50.00

645,600

645,600

322,800

322,800

-

-

322,800

322,800

Robinson Nakarin Co.,Ltd.

Dormant Company 99.86 99.86 105,000 105,000

104,850

104,850 - - 104,850 104,850

Robinson Sukhumvit Co., Ltd.

Rental

99.99

99.99

100,000

100,000

100,000

100,000

-

-

100,000

100,000

Robinson Ratchada Co., Ltd. Rental 99.80 99.80 75,000 75,000 74,850 74,850 - - 74,850 74,850 RD Pattana Co., Ltd. Rental 99.98 99.98 3,000 3,000 3,000 3,000 - - 3,000 3,000 Robinson S.P.V. Co., Ltd.

Dormant Company 99.99 99.99 1,000 1,000

999

999 - - 999 999

R-Trading (L) BHD. Investment 99.92 99.92 50 50 50 50 - - 50 50 (in thousand Vietnam Dong) (in thousand Baht)

ROBINSON DEPARTMENT

STORE (VIETNAM) JOINT STOCK COMPANY

Department Store

99.99

-

105,000,000

-

163,050

-

-

-

163,050

-

Total 3,970,599 3,807,549 - - 3,970,599 3,807,549

Apart from R-Trading (L) BHD. which is incorporated in the British Virgin Islands and ROBINSON DEPARTMENT STORE (VIETNAM) JOINT STOCK COMPANY which is incorporated in Vietnam, all subsidiaries are incorporated in Thailand.


32

8 Investments in associates

Consolidated Separate financial statements financial statements Six-month period ended 2014 2013 2014 2013 30 June (in thousand Baht) At 1 January 1,102,433 676,939 377,818 332,000 Acquisition - 45,818 - 45,818 Surplus on purchase of interest in associate

- 21,261

- -

Foreign currency translation differences for foreign operations

122

-

- - Share of net profits of equity -

accounted associates 213,677 154,741 - -

At 30 June 1,316,232 898,759 377,818 377,818

In May 2013, the Board of Directors meeting approved a resolution for the acquisition of 4 million shares of CRC Sport Co., Ltd. for Baht 11.46 per share, totaling Baht 45.8 million, from Power Buy Co.,Ltd.. This resulted in the change of the Company’s direct shareholding invested in CRC Sport Co., Ltd. from 29.19% to 40%, although the Group’s interest has not changed. The proportionate fair value of the equity acquired on the purchase date was Baht 67.1 million. The difference between the agreed share value and the fair value of the equity acquired was Baht 21.3 million which was recorded in the account of “Surplus on purchase of interest in associate” under equity in the consolidated statement of financial position as at 31 December 2013.

During the six-month period ended 30 June 2014 there were no acquisitions and disposals of investment in equity accounted investees.


33

Investments in associates as at 30 June 2014 and 31 December 2013 were as follows:

Consolidated financial statements Type of Country of Ownership interest Paid-up capital Cost Equity Impairment At equity- net business incorporation 30 31 30 31 30 31 30 31 30 31 30 31 June December June December June December June December June December June December

2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 (%) (in thousand Baht) Associates Power Buy Co., Ltd. Retail Thailand 40.00 40.00 560,000 560,000 224,000 224,000 791,155 703,664 - - 791,155 703,664 CRC Sports Co., Ltd. Retail Thailand 40.00 40.00 370,000 370,000 153,818 153,818 525,077 398,769 - - 525,077 398,769 Total 377,818 377,818 1,316,232 1,102,433 - - 1,316,232 1,102,433

Separate financial statements Type of Country of Ownership interest Paid-up capital Cost Impairment At cost - net business incorporation 30 31 30 31 30 31 30 31 30 31 June December June December June December June December June December 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 (%) (in thousand Baht) Associates Power Buy Co., Ltd. Retail Thailand 40.00 40.00 560,000 560,000 224,000 224,000 - - 224,000 224,000 CRC Sports Co., Ltd. Retail Thailand 40.00 40.00 370,000 370,000 153,818 153,818 - - 153,818 153,818 Total 377,818 377,818 - - 377,818 377,818


34

9 Investment properties

Consolidated financial statements

Separate financial statements

Six-month period ended 30 June 2014 2013 2014 2013 (in thousand Baht)

Cost At 1 January 3,668,886 2,301,915 2,930,129 1,579,221 Reclassification from property, plant and equipment 95,484 824,882 89,359 818,500 Disposals (6,132) (111,199) (4,454) (109,892) At 30 June 3,758,238 3,015,598 3,015,034 2,287,829 Depreciation and impairment losses At 1 January 1,288,515 1,204,091 882,778 821,070 Depreciation charge for the period 137,552 77,422 121,824 64,211 Disposals (6,132) (108,439) (4,454) (107,186) At 30 June 1,419,935 1,173,074 1,000,148 778,095 Net book value At 1 January 2,380,371 1,097,824 2,047,351 758,151 At 30 June 2,338,303 1,842,524 2,014,886 1,509,734

Investment properties comprise a number of commercial properties that are leased to third parties and land not used in operation. As at 30 June 2014, fair value computed by the Group’s management was approximately Baht 11,217.4 million (as at 31 December 2013: Baht 11,790 million) for consolidated financial statements and Baht 9,599.5 million (as at 31 December 2013: Baht 10,117 million) for separate financial statements based on the Discounted Cash Flow Analysis method by using key assumptions of discount rates, terminal value growth rates and EBITDA margins in computation of fair value.


35

10 Property, plant and equipment Acquisitions, disposals and transfers of property, plant and equipment during the six-month periods

ended 30 June 2014 and 2013 were as follows:

Consolidated financial statements 2014 2013 Disposals Disposals Acquisitions and Acquisitions and and transfers and Transfers transfers in out-net book transfers in out-net book - at cost value - at cost value (in thousand Baht) Land and improvements 671,101 - 972,351 - Building, structures and improvements 133,775 (580)

1,166,332 (8,638)

Leasehold improvements 4,698 - - - Information system equipment 18,621 (5) 12,935 (18) Building system equipment 96,143 - 588,012 (170) Furniture, fixtures and office equipment 66,259

(10) 121,573

-

Vehicles 30 - 34 - Assets under construction and installation 1,341,790 (36,069)

1,144,871 (1,450,187)

Total 2,332,417 (36,664) 4,006,108 (1,459,013l )

Separate financial statements 2014 2013 Disposals Disposals Acquisitions and Acquisitions and and transfers and transfers transfers in out-net book transfers in out-net book - at cost value - at cost value (in thousand Baht) Land and improvements 671,101 - 972,351 - Building, structures and improvements 123,417 - 1,120,246 (8,048) Building system equipment 8,864 (5) 9,696 (18) Information system equipment 54,233 - 547,947 (170) Furniture, fixtures and office equipment 19,258 (9) 97,262 - Vehicles 30 - 34 - Assets under construction and

installation 1,348,045

(35,311) 1,113,368

(1,368,817) Total 2,224,948 (35,325) 3,860,904 (1,377,053)


36

11 Trade accounts payable Consolidated Separate financial statements financial statements

Note 30 June 31 December 30 June 31 December 2014 2013 2014 2013

(in thousand Baht) Related parties 4 197,349 268,008 129,072 196,366 Other parties 3,036,245 4,139,308 2,158,389 2,891,818 Total 3,233,594 4,407,316 2,287,461 3,088,184

12 Segment information

Management considers that the Group operates in a single line of business, namely operation of department stores, and has, therefore, only one major business segment. As a result, all of revenues, operating profit and assets as reflected in these financial statement pertain to the department store.

13 Basic earnings per share The calculation of basic earnings per share for the three-month and six-month periods ended 30 June 2014 and 2013 was based on the profit for the periods attributable to ordinary shareholders of the Company and the number of ordinary shares outstanding during the period as follows: For the three-month period Consolidated Separate

ended 30 June financial statements financial statements 2014 2013 2014 2013 (in thousand Baht/ thousand shares) Profit attributable to ordinary shareholders of the Company (basic) 440,405 447,170 220,235 213,489 Number of ordinary shares outstanding 1,110,661 1,110,661 1,110,661 1,110,661 Basic earnings per shares (in Baht) 0.40 0.40 0.20 0.19 For the six-month period Consolidated Separate

ended 30 June financial statements financial statements 2014 2013 2014 2013 (in thousand Baht/ thousand shares) Profit attributable to ordinary shareholders of the Company (basic) 979,326 998,786 514,848 514,973 Number of ordinary shares outstanding 1,110,661 1,110,661 1,110,661 1,110,661 Basic earnings per shares (in Baht) 0.88 0.90 0.46 0.46


37

14 Dividends

At the annual general meeting of the shareholders of the Company held on 3 April 2014, the shareholders approved the appropriation of dividend of Baht 0.90 per share, amounting to Baht 999.6 million. The dividend was paid to shareholders on 2014. At the annual general meeting of the shareholders of the Company held on 25 April 2013, the shareholders approved the appropriation of dividend of Baht 0.90 per share, amounting to Baht 999.6 million. The dividend was paid to shareholders on 2013.

15 Commitments with non-related parties

Consolidated

Separate

financial statements financial statements 30 June 31 December 30 June 31 December 2014 2013 2014 2013 (in thousand Baht) (a) Capital commitments Contracted but not provided for leasehold rights 15,000 16,000 - - Building and other structures 1,298,114 610,202 1,297,549 597,484 Total 1,313,114 626,202 1,297,549 597,484

(b) Non-cancellable operating lease commitments Within one year 221,255 219,275 162,038 159,618 After one year but within five years 923,507 914,964 678,110 670,443 After five years 2,264,942 2,389,883 1,476,200 1,563,393 Total 3,409,704 3,524,122 2,316,348 2,393,454 The Group has lease agreements covering rental and service agreements with local certain companies. These agreements are for periods until the year 2042.


Statements of financial position

Assets Note 30 June 31 December 30 June 31 December

2014 2013 2014 2013

(Unaudited) (Unaudited)

Current assets

Cash and cash equivalents 1,014,232 1,881,817 561,432 1,145,086

Current investments 6 87,306 218,504 84,038 215,235

Trade accounts receivable 4, 5 445,331 738,863 372,978 637,001

Other receivables 140,012 126,368 107,275 81,764

Short-term loan to related parties - - 9,203 986

Inventories 1,530,088 1,667,447 1,139,693 1,235,740

Other current assets 178,123 177,466 178,123 177,466

Total current assets 3,395,092 4,810,465 2,452,742 3,493,278

Non-current assets

Investments in subsidiaries 7 - - 3,970,599 3,807,549

Investments in associates 8 1,316,232 1,102,433 377,818 377,818

Other long-term investments 6 209,343 196,218 209,340 196,215

Long-term loan to related party 4 - - 61,224 61,224

Investment properties 9 2,338,303 2,380,371 2,014,886 2,047,351

Property, plant and equipment 10 8,428,004 6,751,882 7,900,852 6,261,550

Leasehold rights 4 2,778,600 2,767,018 1,835,493 1,782,988

Goodwill 45,397 45,397 - -

Deferred tax assets 229,435 231,317 182,694 183,410

Other non-current assets 660,287 545,092 613,678 498,893

Total non-current assets 16,005,601 14,019,728 17,166,584 15,216,998

Total assets 19,400,693 18,830,193 19,619,326 18,710,276


(in thousand Baht)

financial statements financial statements

The accompanying notes are an integral part of these financial statements.

2


Statements of financial position

Liabilities and equity Note 30 June 31 December 30 June 31 December

2014 2013 2014 2013

(Unaudited) (Unaudited)

Current liabilities

Short-term loan from financial institutions 2,120,000 - 2,120,000 -

Trade accounts payable 4, 11 3,233,594 4,407,316 2,287,461 3,088,184

Other payables 4 1,686,193 2,077,159 1,415,484 1,815,663

Short-term loans from related parties 4 - - 4,143,314 3,714,819

Income tax payable 156,206 144,768 73,837 59,669

Total current liabilities 7,195,993 6,629,243 10,040,096 8,678,335

Non-current liabilities

Long-term loan from related party 4 - - 113,300 113,300

Deferred tax liabilities 8,485 6,979 - -

Employee benefit obligations 154,207 146,489 124,788 118,389

Unearned lease income 46,535 23,442 25,442 -

Other non-current liabilities 10,899 11,499 - -

Total non-current liabilities 220,126 188,409 263,530 231,689

Total liabilities 7,416,119 6,817,652 10,303,626 8,910,024

Equity

Share capital

Authorised share capital 3,942,847 3,942,847 3,942,847 3,942,847

Issued and paid-up share capital 3,942,847 3,942,847 3,942,847 3,942,847

Additional paid-in capital

Surplus on treasury shares 125,376 125,376 125,376 125,376

Surplus on purchase of interest in associate 8 21,261 21,261 - -

Retained earnings

Appropriated

Legal reserve 394,285 394,285 394,285 394,285

Unappropriated 6,837,432 6,857,664 4,851,708 5,336,418

Other components of equity (3,944) 1,326 1,484 1,326

Equity attributable to owners of the Company 11,317,257 11,342,759 9,315,700 9,800,252

Non-controlling interests 667,317 669,782 - -

Total equity 11,984,574 12,012,541 9,315,700 9,800,252

Total liabilities and equity 19,400,693 18,830,193 19,619,326 18,710,276

- - - -

financial statementsfinancial statements

(in thousand Baht)



3


Statements of comprehensive income (Unaudited)

Note 2014 2013 2014 2013

Income 4Revenue from sales of goods 5,500,192 5,559,511 3,900,723 3,768,858

Investment income 438,525 311,146 345,883 220,992

Other income 181,040 180,365 180,776 196,065

Total income 6,119,757 6,051,022 4,427,382 4,185,915

Expenses 4Cost of sales of goods 4,154,437 4,173,896 2,948,622 2,825,564

Selling expenses 1,230,582 1,112,691 947,506 855,984

Administrative expenses 261,584 238,223 225,396 225,555

Finance costs 9,158 - 31,864 11,607

Total expenses 5,655,761 5,524,810 4,153,388 3,918,710

Share of profit of associates 121,377 74,723 - -

Profit before income tax expense 585,373 600,935 273,994 267,205

Income tax expense (99,410) (102,421) (53,759) (53,716)

Profit for the period 485,963 498,514 220,235 213,489

Other comprehensive income

Foreign currency translation differences for 122 - - -

foreign operations

Net change in fair value of available-for-sale

investments 370 6,916 492 15

Other comprehensive income for the period 492 6,916 492 15

Total comprehensive income for the period 486,455 505,430 220,727 213,504

30 June

(in thousand Baht)



Three month period ended

30 June

Three month period ended


4



Note 2014 2013 2014 2013

Profit attributable to:

Owners of the Company 440,405 447,170 220,235 213,489


Profit for the period 485,963 498,514 220,235 213,489

Total comprehensive income attributable to:



Total comprehensive income for the period 486,455 505,430 220,727 213,504

Basic earnings per share (in Baht) 13 0.40 0.40 0.20 0.19

30 June 30 June

Three month period ended Three month period ended

(in thousand Baht)




5



Note 2014 2013 2014 2013

Income 4Revenue from sales of goods 11,441,438 11,864,129 7,986,547 8,016,014

Investment income 855,431 613,074 679,441 440,462

Other income 366,358 352,403 380,155 368,783

Total income 12,663,227 12,829,606 9,046,143 8,825,259

Expenses 4Cost of sales of goods 8,601,609 8,985,479 6,002,668 6,082,221

Selling expenses 2,434,468 2,169,650 1,894,518 1,663,311

Administrative expenses 506,565 472,070 450,668 418,559

Finance costs 10,287 - 55,274 16,571

Total expenses 11,552,929 11,627,199 8,403,128 8,180,662

Share of profit of associates 8 213,676 154,741 - -

Profit before income tax expense 1,323,974 1,357,148 643,015 644,597

Income tax expense (229,569) (236,767) (128,167) (129,624)

Profit for the period 1,094,405 1,120,381 514,848 514,973

Other comprehensive income

Foreign currency translation differences for

foreign operations (5,428) - - -

Net change in fair value of available-for-sale

investments 158 (1,923) 158 15

Other comprehensive income for the period (5,270) (1,923) 158 15

Total comprehensive income for the period 1,089,135 1,118,458 515,006 514,988



Six month period ended Six month period ended

30 June 30 June

(in thousand Baht)


6



Note 2014 2013 2014 2013

Profit attributable to:




Total comprehensive income attributable to:



Total comprehensive income for the period 1,089,135 1,118,458 515,006 514,988

Basic earnings per share (in Baht) 13 0.88 0.90 0.46 0.46

(in thousand Baht)



30 June 30 June



7


Statements of changes in equity (Unaudited)

Other component

Fair value Equity

Issued and Surplus on Surplus on changes in attributable to Non-

paid-up treasury purchase of Legal available-for-sale owners of controlling Total

Note share capital shares interest in associate reserve Unappropriated investments the Company interests equity

Six month period ended 30 June 2013

Balance at 1 January 2013 3,942,847 125,376 - 394,285 5,871,508 1,938 10,335,954 519,914 10,855,868

Transactions with owners, recorded directly in equity

Distributions to owners of the Company

Dividends to owners of the Company 14 - - - - (999,552) - (999,552) (90,774) (1,090,326)

Surplus on purchase of interest in associate 8 - - 21,260 - - - 21,260 - 21,260

Total transactions with owners, recorded directly in equity - - 21,260 - (999,552) - (978,292) (90,774) (1,069,066)

Comprehensive income for the period

Profit - - - - 998,786 - 998,786 121,595 1,120,381

Other comprehensive income - - - - - (1,923) (1,923) - (1,923)

Total comprehensive income for the period - - - - 998,786 (1,923) 996,863 121,595 1,118,458

Balance at 30 June 2013 3,942,847 125,376 21,260 394,285 5,870,742 15 10,354,525 550,735 10,905,260


Retained earnings

(in thousand Baht)

of equity

The accompanying notes are an integral part of these financial statements.8



Surplus on Fair value Total Equity

Issued and Surplus on purchase of Currency changes in other attributable to Non-

paid-up treasury interest Legal translation available-for-sale components owners of controlling Total

Note share capital shares in associate reserve Unappropriated differences investments of equity the Company interests equity


Balance at 1 January 2014 3,942,847 125,376 21,261 394,285 6,857,664 - 1,326 1,326 11,342,759 669,782 12,012,541



Dividends to owners of the Company 14 - - - - (999,558) - - - (999,558) (117,544) (1,117,102)

Total transactions with owners,

recorded directly in equity - - - - (999,558) - - - (999,558) (117,544) (1,117,102)


Profit - - - - 979,326 - - - 979,326 115,079 1,094,405

Other comprehensive income - - - - - (5,428) 158 (5,270) (5,270) - (5,270)

Total comprehensive income for the period - - - - 979,326 (5,428) 158 (5,270) 974,056 115,079 1,089,135

Balance at 30 June 2014 3,942,847 125,376 21,261 394,285 6,837,432 (5,428) 1,484 (3,944) 11,317,257 667,317 11,984,574


Retained earnings

(in thousand Baht)

Other component

of equity




Other component

of equity

Issued and Surplus on Fair value

paid-up treasury Legal changes in Total

Note share capital shares reserve Unappropriated available-for-sale equity


Balance at 1 January 2013 3,942,847 125,376 394,285 5,353,352 - 9,815,860



Dividend to owners of the Company 14 - - - (999,552) - (999,552)

Total transactions with owners, recorded directly in equity - - - (999,552) - (999,552)


Profit - - - 514,973 - 514,973

Other comprehensive income - - - - 15 15

Total comprehensive income for the period - - - 514,973 15 514,988

Balance at 30 June 2013 3,942,847 125,376 394,285 4,868,773 15 9,331,296

Retained earnings


(in thousand Baht)




Other component

of equity

Issued and Surplus on Fair value

paid-up treasury Legal changes in Total

Note share capital shares reserve Unappropriated available-for-sale equity


Balance at 1 January 2014 3,942,847 125,376 394,285 5,336,418 1,326 9,800,252



Dividend to owners of the Company 14 - - - (999,558) - (999,558)

Total transactions with owners, recorded directly in equity - - - (999,558) - (999,558)


Profit - - - 514,848 - 514,848

Other comprehensive income - - - - 158 158

Total comprehensive income for the period - - - 514,848 158 515,006

Balance at 30 June 2014 3,942,847 125,376 394,285 4,851,708 1,484 9,315,700


Retained earnings

(in thousand Baht)



Statements of cash flows (Unaudited)

2014 2013 2014 2013

Cash flows from operating activities


Adjustments for

Depreciation 661,699 514,828 582,786 438,121

Amortisation of intangible assets 142,743 118,042 97,507 74,583

Interest income (14,310) (22,831) (14,715) (20,307)

Dividend income (884) (263) (884) (263)

Employee benefits 8,694 17,367 7,375 15,105

Finance costs 10,287 - 55,274 16,571

Bad debts and doubtful debts expenses (reversal) 13,402 (359) 16,052 508

Allowance for obsolete and slow-moving (reversal) (365) (1,627) 1,830 (1,756)

(Gain) loss on disposal of property, plant and equipment (953) 6,162 (963) 6,758

Gain on disposal of current investments (1,577) (15,556) (1,577) -

Recognition of unearned lease income (6,937) (2,516) (4,588) (167)

Share of profit of associates (213,677) (154,741) - -

Unrealised gain on exchange (5,550) - - -

Income tax expense 229,569 236,767 128,167 129,624

1,916,546 1,815,654 1,381,112 1,173,750

Changes in operating assets and liabilities

Trade accounts receivable 280,128 105,342 254,001 70,849

Inventories 137,724 (67,365) 94,217 (38,402)

Other receivables (11,647) (35,806) (23,565) (63,951)

Other non-current assets (147,343) 163,910 (146,252) 160,851

Trade accounts payable (1,173,722) (538,909) (800,723) (266,114)

Other payables (441,299) (258,040) (444,042) (204,500)

Employee benefit obligations paid (976) (578) (976) (578)

Unearned lease income 30,030 - 30,030 -

Other non-current liabilities (600) (600) - -

Cash generated from operating activities 588,841 1,183,608 343,802 831,905

Income tax paid (214,782) (258,867) (113,320) (131,636)

Net cash provided by operating activities 374,059 924,741 230,482 700,269

(in thousand Baht)



Six month period ended

30 June

Six month period ended

30 June


12


Statements of cash flows (Unaudited)

2014 2013 2014 2013

Cash flows from investing activities

Interest received 11,452 21,887 10,172 17,656

Dividend received 884 263 884 263

Purchase of property, plant and equipment (2,252,261) (2,316,761) (2,146,120) (2,253,170)

Sale of property, plant and equipment 1,548 4,291 978 2,779

Increase in leasehold right (122,177) (1,000) (118,545) -

Short-term loans repaid by related parties - - 2,544 1,803

Short-term loans to related parties - - (15,059) (6,584)

Purchase of current investments (103,029) (1,000,000) (103,029) (100,000)

Sales of current investments 236,205 1,952,923 236,205 -

Net cash outflow on acquisition of subsidiary - - (163,050) -

Purchase of investment in associate - (45,818) - (45,818)

Purchase of other long-term investment (13,125) - (13,125) -

Net cash used in investing activities (2,240,503) (1,384,215) (2,308,145) (2,383,071)

Cash flows from financing activities

Finance costs paid (9,939) - (53,996) (13,830)

Increased in short-term loan from financial institutions 2,120,000 - 2,120,000 -

Dividends paid to equity holders of the company (999,558) (999,552) (999,558) (999,552)

Dividends paid to non-controlling interest (111,644) (90,774) - -

Proceeds from short-term loans from related parties - - 4,410,831 7,297,393

Repayment of short-term loans from related parties - - (3,983,266) (5,696,229)

Net cash provided by (used in) financing activities 998,859 (1,090,326) 1,494,011 587,782

Net decrease in cash and cash equivalents (867,585) (1,549,800) (583,652) (1,095,020)

Cash and cash equivalents at 1 January 1,881,817 3,022,778 1,145,086 1,965,503

Cash and cash equivalents at 30 June 1,014,232 1,472,978 561,434 870,483

Non-cash transactions

During the six-month period ended 30 June 2014, the Group acquired property plant and equipment with total costs of Baht 2,296.4

million (2013 : Baht 2,557.5 million) of which Baht 2,252.3 million (2013: Baht 2,316.8 million) was acquired by cash

payments and Baht 44.1 million was outstanding as liabilities as at 30 June 2014 (2013 : Baht 240.7 million) .

Baht 2,189.6 million (2013 : Baht 2,493.4 million) of which Baht 2,146.1 million (2013: Baht 2,253.2 million) was acquired by

cash payments and Baht 43.5 million was outstanding as liabilities as at 30 June 2014 (2013: Baht 240.2 million).


(in thousand Baht)

During the six-month period ended 30 June 2014, the Company acquired property plant and equipment with total costs of



30 June 30 June


13

ROBINSON DEPARTMENT STORE PUBLIC COMPANY LIMITED

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Transcript of ROBINSON DEPARTMENT STORE PUBLIC COMPANY LIMITED