Page 105 - Annual Report English 2018

Tycoons Worldwide Group (Thailand) Plc.

26. Provident fund

The Company and its employees have jointly established a provident fund in
accordance with the Provident Fund Act B.E. 2530. Both the Company and employees

contributed to the fund monthly at the rate of 5 and 3 percent of basic salary
respectively. The fund, which is managed by Kasikorn Asset Management Co., Ltd.,
will be paid to employees upon termination in accordance with the fund rules. The
contributions for the year 2018 amounting to approximately Baht 4 million (2017: Baht
4 million) were recognised as expenses.

27. Commitments and contingent liabilities

As at 31 December 2018, the Company had the following outstanding commitments
and contingent liabilities.

27.1 Raw material purchase commitments

The Company entered into raw material purchase agreements amounting of USD
11 million (2017: USD 2 million). The materials will be shipped to the Company within
90 - 180 days from the contract dates.

27.2 Guarantees

There were outstanding bank guarantees of approximately Baht 57 million

(2017: Baht 57 million) issued by banks on behalf of the Company in respect of certain
performance bonds to guarantee electricity use among others.

28. Fair value hierarchy

As at 31 December 2018 and 2017, the Company had the assets and liabilities that
were measured at fair value using different levels of inputs as follows:

(Unit: Million Baht)
Financial statements in which equity method is
applied/Separate financial statements
As at 31 December 2018
Level 1 Level 2 Level 3 Total
Financial liabilities measured at fair value
Derivatives
Foreign currency forward contracts - 9.2 - 9.2

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