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Tycoons Worldwide Group (Thailand) Plc.

4.7 Related party transactions

Related parties comprise individuals and enterprises 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 rates are included in determining income.

4.9 Impairment of non-financial assets

At the end of reporting period, the Group performs impairment reviews in respect of the
property, plant and equipment, investment properties and other assets whenever events or
changes in circumstances indicate that an asset may be impaired. An impairment loss is
recognised when the recoverable amount of an asset, which is the higher of the asset’s fair

value less costs to sell and its value in use, is less than the carrying amount. In determining
value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. In determining fair value less costs to sell, an appropriate
valuation model is used. These calculations are corroborated by a valuation model that, based
on information available, reflects the amount that the Group could obtain from the disposal of

the asset in an arm’ s length transaction between knowledgeable, willing parties, after
deducting the costs of disposal.

An impairment loss is recognised in profit or loss.

In the assessment of asset impairment, if there is any indication that previously recognised
impairment losses may no longer exist or may have decreased, the Group estimates the
asset’s recoverable amount. A previously recognised impairment loss is reversed only if there
has been a change in the assumptions used to determine the asset’s recoverable amount
since the last impairment loss was recognised. The increased carrying amount of the asset

attributable to a reversal of an impairment loss shall not exceed the carrying amount that
would have been determined had no impairment loss been recognised for the asset in prior
years. Such reversal is recognised in profit or loss.
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