Independent Auditor s Report on Review of Interim Financial Information To the Shareholders of AAPICO Hitech Public Company Limited

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1 AAPICO Hitech Public Company Limited and its subsidiaries Review report and consolidated interim financial For the three-month and six-month periods ended 30 June 2012 and 2011

2 Independent Auditor s Report on Review of Interim Financial Information To the Shareholders of AAPICO Hitech Public Company Limited I have reviewed the accompanying consolidated statement of financial position of AAPICO Hitech Public Company Limited and its subsidiaries as at 30 June 2012, the consolidated of income and comprehensive income for the three-month and six-month periods ended 30 June 2012 and 2011, changes in shareholders equity, and cash flows for the sixmonth periods ended 30 June 2012 and 2011, as well as the condensed notes to the consolidated financial, and have also reviewed the separate financial information of AAPICO Hitech Public Company Limited for the same periods. 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 reviews. Scope of review I conducted my reviews in accordance with 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 reviews, 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.

3 Statements of financial position as at 31 December 2011 for comparative purposes I have previously audited the consolidated financial of AAPICO Hitech Public Company Limited and its subsidiaries and the separate financial of AAPICO Hitech Public Company Limited for the year ended 31 December 2011 in accordance with Thai Standards on Auditing, and expressed an unqualified opinion on those under my report dated 29 February The consolidated and separate of financial position as at 31 December 2011, as presented herein for comparative purposes, formed an integral part of those financial. I have not performed any other audit procedures subsequent to the date of the above report. Vissuta Jariyathanakorn Certified Public Accountant (Thailand) No Ernst & Young Office Limited Bangkok: 14 August

4 AAPICO Hitech Public Company Limited and its subsidiaries Statements of financial position Consolidated financial Separate financial 30 June 31 December 30 June 31 December Note (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 3 177, ,957 16,364 18,109 Current investments 44,492 64, Trade and other receivables 2, 4 2,738,722 1,202, , ,948 Short-term loans to related parties , , ,000 Inventories 5 1,342, , , ,421 Other current assets 397, ,476 65,434 31,753 Total current assets 4,700,929 2,694,111 1,415, ,324 Non-current assets Restricted bank deposits Long-term loans to related parties ,053,986 3,226,315 Investments in associates 6 760, , , ,097 Investments in subsidiaries ,661,337 3,661,337 Other long-term investments 8 160,770 82,350 3,000 - Property, plant and equipment 9 6,789,419 6,578,408 1,502,035 1,410,813 Leasehold right , , Deposit for purchase of assets - unrelated parties 6,127 14, ,978 Deposit for purchase of assets - related party 16, Goodwill 11 1,086,862 1,086, Other intangible assets 77,169 87,104 24,270 25,849 Non-operating assets 45,000 45, Other non-current assets 25,494 16,719 4,682 4,695 Total non-current assets 9,151,666 8,827,095 8,588,627 8,684,084 Total assets 13,852,595 11,521,206 10,004,619 9,516,408 The accompanying notes are an integral part of the financial.

5 AAPICO Hitech Public Company Limited and its subsidiaries Statements of financial position (continued) Consolidated financial Separate financial 30 June 31 December 30 June 31 December Note (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Bank overdrafts and short-term loans from banks 13 1,096, , , ,444 Trade and other payables 12 3,335,895 1,896,988 1,198, ,301 Current portion of long-term loans 13 1,238, , , ,600 Current portion of liabilities under finance lease agreements 47,027 41,519 8,063 6,165 Short-term loans from related parties 2 16,829 17, , ,887 Provisions for product warranty 15,971 17, Deposit received in advance from related parties - 9,418-16,364 Other current liabilities 218, ,371 63,521 67,198 Total current liabilities 5,969,657 4,012,044 2,987,225 2,248,959 Non-current liabilities Long-term loans - net of current portion 13 3,073,122 3,172,027 2,559,992 2,923,550 Liabilities under finance lease agreements - net of current portion 52,902 69,032 10,990 9,891 Provision for long-term employee benefits 77,996 73,434 24,917 24,019 Other non-current liabilities 123,822 89, Total non-current liabilities 3,327,842 3,404,178 2,595,899 2,957,460 Total liabilities 9,297,499 7,416,222 5,583,124 5,206,419 The accompanying notes are an integral part of the financial.

6 AAPICO Hitech Public Company Limited and its subsidiaries Statements of financial position (continued) Consolidated financial Separate financial 30 June 31 December 30 June 31 December (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Shareholders' equity Share capital Registered 42,360,000 non-cumulative preferred shares of Baht 1 each 42,360 42,360 42,360 42, ,337,900 ordinary shares of Baht 1 each 229, , , ,338 Issued and fully paid up 42,360,000 non-cumulative preferred shares of Baht 1 each 42,360 42,360 42,360 42, ,514,300 ordinary shares of Baht 1 each 226, , , ,514 Premium on preferred shares 1,415,248 1,415,248 1,415,248 1,415,248 Premium on ordinary shares 749, , , ,107 Retained earnings Appropriated Statutory reserve - the Company 59,541 59,541 59,541 59,541 - subsidiaries 119, , Unappropriated 1,813,492 1,438,511 1,928,725 1,817,219 Other components of shareholders' equity 11,681 (61,154) - - Equity attributable to owners of the Company 4,437,313 3,989,497 4,421,495 4,309,989 Non-controlling interests of the subsidiaries 117, , Total shareholders' equity 4,555,096 4,104,984 4,421,495 4,309,989 Total liabilities and shareholders' equity 13,852,595 11,521,206 10,004,619 9,516, The accompanying notes are an integral part of the financial. Directors

7 AAPICO Hitech Public Company Limited and its subsidiaries Income For the three-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Note Revenues Sales and service income 3,935,151 2,601, , ,018 Dividend income - - 7, ,373 Other income 210, , ,112 66,593 Total revenues 4,145,551 2,702, , ,984 Expenses Cost of sales and services 3,687,468 2,450, , ,302 Selling expenses 69,480 49,701 17,431 8,659 Administrative expenses 117, ,526 27,175 29,744 Loss on impairment of assets Total expenses 3,874,537 2,643, , ,705 Profit before share of income from investments in associates, finance cost and corporate income tax 271,014 59, , ,279 Share of income from investments in associates 91,765 76, Profit before finance cost and corporate income tax 362, , , ,279 Finance cost (73,844) (57,789) (65,086) (50,776) Profit before corporate income tax 288,935 77,547 40, ,503 Corporate income tax (12,974) (27,571) (2,490) - Profit for the period 275,961 49,976 37, ,503 Profit attributable to: Equity holders of the Company 279,875 50,330 37, ,503 Non-controlling interests of the subsidiaries (3,914) (354) 275,961 49,976 (Unit: Baht) Earnings per share 14 Basic earnings per share Profit attributable to equity holders of the Company The accompanying notes are an integral part of the financial.

8 AAPICO Hitech Public Company Limited and its subsidiaries Statements of comprehensive income For the three-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Profit for the period 275,961 49,976 37, ,503 Other comprehensive income: Exchange differences on translation of financial in foreign currency 12,858 15, Gain (loss) on change in value of available-for-sale investments 37,209-10, Other comprehensive income for the period 50,067 5, Total comprehensive income for the period 326,028 55,020 37, ,503 Total comprehensive income attributable to: Equity holders of the Company 330,642 54,273 37, ,503 Non-controlling interests of the subsidiaries -4, ,028 55,020 The accompanying notes are an integral part of the financial.

9 AAPICO Hitech Public Company Limited and its subsidiaries Income For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Note Revenues Sales and service income 6,937,719 5,433,228 1,202, ,430 Dividend income , ,373 Other income 285, , , ,509 Total revenues 7,222,850 5,659,764 1,506,192 1,376,312 Expenses Cost of sales and services 6,459,759 5,064,327 1,160, ,380 Selling expenses 115, ,043 26,946 19,286 Administrative expenses 280, ,118 78,059 62,088 Loss on impairment of assets - 32, Total expenses 6,855,208 5,496,128 1,265, ,754 Profit before share of income from investments in associates, finance cost and corporate income tax 367, , , ,558 Share of income from investments in associates 169, , Profit before finance cost and corporate income tax 537, , , ,558 Finance cost (142,786) (113,318) (127,000) (99,655) Profit before corporate income tax 394, , , ,903 Corporate income tax (16,902) (59,047) (2,490) - Profit for the period 377, , , ,903 Profit attributable to: Equity holders of the Company 374, , , ,903 Non-controlling interests of the subsidiaries 2,428 4, , ,442 (Unit: Baht) Earnings per share 14 Basic earnings per share Profit attributable to equity holders of the Company The accompanying notes are an integral part of the financial.

10 AAPICO Hitech Public Company Limited and its subsidiaries Statements of comprehensive income For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Profit for the period 377, , , ,903 Other comprehensive income: Exchange differences on translation of financial in foreign currency , Gain on change in value of available-for-sale investments 72,111 5, Other comprehensive income for the period 72,703 28, Total comprehensive income for the period 450, , , ,903 Total comprehensive income attributable to: Equity holders of the Company 447, , , ,903 Non-controlling interests of the subsidiaries 2,296 7, , ,706 The accompanying notes are an integral part of the financial.

11 AAPICO Hitech Public Company Limited and its subsidiaries Cash flow For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Cash flows from operating activities Profit before tax 394, , , ,903 Adjustments to reconcile profit before tax to net cash provided by (paid from) operating activities: - Depreciation and amortisation 311, ,693 59,819 31,579 Gain on disposal of property, plant and equipment (516) (2,936) - (364) Loss from write-off of equipment 12,520-5,315 - Share of income from investments in associates (169,455) (151,171) - - Gain from current investment - investment unit in open-end funds (36) (102) (1) (1) Loss on impairment of assets - 27, Write-off of assets 2,940 1,107 2,792 - Decrease of inventory to net realisable value 25,504 10,700 24,745 6,550 Dividend income from subsidiary and associate - - (129,934) (499,373) Allowance for doubtful accounts (reversal) (5,805) 43,333-15,700 Provision for long-term employee benefits 4,755 4,517 1,091 1,104 Interest expenses 140, , ,484 98,463 Profit from operating activities before changes in operating assets and liabilities 716, , ,307 96,561 Operating assets (increase) decrease Current investment 4, , Trade and other receivables (1,526,638) (5,968) (395,615) (42,150) Inventories (487,505) (196,084) (150,206) (73,541) Other current assets (130,214) (24,284) (33,681) (13,288) Other non-current assets (8,775) (11,211) Operating liabilities increase (decrease) Trade and other payables 1,404,517 (205,228) 568,230 (24,831) Other current liabilities (34,654) 57,921 (20,489) (8,431) Other non-current liabilities 33,944 47,643 (193) - Cash flows from (used in) operating activities (28,624) 399, ,366 (64,791) Cash paid for income tax (21,319) (94,504) (2,042) (1,194) Net cash flows from (used in) operating activities (49,943) 304, ,324 (65,985) The accompanying notes are an integral part of the financial.

12 AAPICO Hitech Public Company Limited and its subsidiaries Cash flow (continued) For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Cash flows from investing activities Increase in restricted bank deposits Acquisition of government bond - -16, Cash received from redemption of government bond 16, Decrease (increase) in loans to related parties 24,380 81, ,329 (107,220) Acquisition of investments in subsidiaries and associates - (82,440) - (180,000) Dividend received from subsidiary and associate 126, , ,000 Decrease in share subscription receivable - related party Proceeds from sales of property, plant and equipment 25,924 14, Acquisitions of plant, equipment, leasehold right and software (490,398) (530,761) (102,940) (123,536) Increase (decrease) in non-controlling interests of the subsidiaries (132) 4, Net cash flows from (used in) investing activities (297,739) (529,313) 165,876 60,239 Cash flows from financing activities Increase (decrease) in bank overdrafts and short-term loans from banks 158,116 (75,021) 189,856 - Decrease in loans from related parties (1,111) (1,299) (47,437) (138,000) Repayment of long-term loans (499,637) (390,865) (494,328) (372,625) Increase in long-term loans 798, , , ,000 Increase (decrease) in of liabilities under financial lease agreements (21,112) 112,343 (4,001) 18,979 Dividend paid - (56,464) - (56,464) Interest paid (146,928) (107,005) (122,035) (160,992) Net cash flows from (used in) financing activities 287, ,652 (332,945) 49,898 Exchange differences on translation of financial in foreign currency (2,114) Net increase (decrease) in cash and cash equivalents (61,846) 62,041 (1,745) 44,152 Cash and cash equivalents at beginning of period 238, ,597 18,109 14,203 Cash and cash equivalents at end of period 177, ,638 16,364 58,355 - The accompanying notes are an integral part of the financial.

13 AAPICO Hitech Public Company Limited and its subsidiaries Cash flow (continued) For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Separate financial Supplemental cash flows information: - Non-cash items consist of Increase (decrease) in accounts payable - purchases and construction of assets 37,707 (14,410) 35,146 5,725 Purchase of equipments under financial lease agreements 10, ,640 6,998 21,073 Increase (decrease) in share subscription payable - related parties (4,500) 4,500 (4,500) 4,500 Increase (decease) in deposit for purchase of assets 8,487 (235,618) (8,258) (19,464) Transfer investment in associate to other investment 3,471-3,000 - Transfer interest expense to work under construction 7, ,435 - Surplus on changes in value of available-for-sale investments 72,111 5, Transfer inventories to machinery and equipment 9,177 18, Transfer equipment to software The accompanying notes are an integral part of the financial.

14 AAPICO Hitech Public Company Limited and its subsidiaries Statements of changes in shareholders' equity For the six-month periods ended 30 June 2012 and 2011 Consolidated financial Equity attributable to the parent's shareholders Other components of equity - other comprehensive income Exchange Retained earnings differences on Surplus (deficit) Total equity Equity attributable Appropriated translation of on changes in value attributable to to non-controlling Total Issued and paid-up share capital Premium on statutory reserve financial of available-for shareholders of interests of shareholders' Preferred shares Ordinary shares Preferred shares Ordinary shares The Company Subsidiaries Unappropriated in foreign currency-sale investments Total the Company the subsidiaries equity Balance as at 31 December , ,514 1,415, ,107 59, ,170 1,930,939 (30,203) (86,269) (116,472) 4,423, ,609 4,537,016 Total comprehensive income for the period ,122 20,122 5,263 25, ,507 7, ,706 Dividend paid (Note 16) (56,464) (56,464) - (56,464) Increase in non-controlling interests of the subsidiary ,540 2,540 Balance as at 30 June , ,514 1,415, ,107 59, ,170 2,012,597 (10,081) (81,006) (91,087) 4,530, ,348 4,653,798 Balance as at 31 December , ,514 1,415, ,107 59, ,370 1,438,511 20,084 (81,238) (61,154) 3,989, ,487 4,104,984 Total comprehensive income for the period , ,111 72, ,816 2, ,112 Balance as at 30 June , ,514 1,415, ,107 59, ,370 1,813,492 20,808 (9,127) 11,681 4,437, ,783 4,555,096 The accompanying notes are an integral part of the financial.

15 AAPICO Hitech Public Company Limited and its subsidiaries Statements of changes in shareholders' equity For the six-month periods ended 30 June 2012 and 2011 Separate financial Retained earnings Total Issued and paid-up share capital Premium on Appropriated shareholders' Preferred shares Ordinary shares Preferred shares Ordinary shares statutory reserve Unappropriated equity Balance as at 31 December , ,514 1,415, ,107 59,541 1,585,201 4,077,971 Dividend paid (Note 16) (56,464) (56,464) Total comprehensive income for the period , ,903 Balance as at 30 June , ,514 1,415, ,107 59,541 1,971,640 4,464,410 Balance as at 31 December , ,514 1,415, ,107 59,541 1,817,219 4,309,989 Total comprehensive income for the period , ,506 Balance as at 30 June , ,514 1,415, ,107 59,541 1,928,725 4,421,495 The accompanying notes are an integral part of the financial.

16 AAPICO Hitech Public Company Limited and its subsidiaries Notes to consolidated interim financial For the three-month and six-month periods ended 30 June 2012 and General information 1.1 Basis for the preparation of interim financial These interim financial are prepared in accordance with Thai Accounting Standard No. 34 (revised 2009) "Interim Financial Reporting", with the Company choosing to present condensed interim financial. However, the Company has presented the of financial position, income statement, comprehensive income, changes in shareholders' equity, and cash flows in the same format as that used for the annual financial. The interim financial are intended to provide information additional to that included in the latest annual financial. Accordingly, they focus on new activities, events, and circumstances so as not to duplicate information previously reported. These interim financial should therefore be read in conjunction with the latest annual financial. The interim financial in Thai language are the official statutory financial of the Company. The interim financial in English language have been translated from the Thai language financial. 1.2 Basis of consolidation These consolidated financial include the financial of AAPICO Hitech Public Company Limited and its subsidiaries ( the Group ) and have been prepared on the same basis as that applied for the consolidated financial for the year ended 31 December During the current period, there was no change in the structure of the Group. 1.3 New accounting standard issued during the year not yet effective During the current period, the Federation of Accounting Professions issued Thai financial reporting standard No 8: Operating Segments, which is effective for fiscal years beginning on or after 1 January

17 The Company's management believes that this financial reporting standard will not have any significant impact on the financial when it is initially applied. 1.4 Significant accounting policies The interim financial are prepared using the same accounting policies and methods of computation as were used for the financial for the year ended 31 December Related party transactions During the three-month and six-month periods ended 30 June 2012 and 2011, the Group had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Group and those related parties. (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial Separate financial Transfer Pricing Policy Transactions with subsidiary companies (eliminated from the consolidated financial ) Sales of goods and services Cost plus margin, averaging around 5% - 20% Interest income % - 4.9% p.a. (2011: 4.3% - 4.8% p.a.) Interest expense % and 2.3% p.a. Purchases of goods and services Cost plus margin, averaging around 10% - 20% Purchases of equipment Cost plus margin of 3% and 70% Sales of equipment Cost Rental income Close to rental rates for other building in the vicinity Management fee income Approximate cost Dividend income As declared Other income Approximate cost Transactions with associated companies Sales of goods and services Cost plus margin, averaging around 10% - 30% and cost minus around 25% - 35% Purchases of goods and services Cost plus margin, averaging around 2% - 3% and 40% - 50% Rental income Baht 258 per square metre Dividend income As declared 2

18 (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial Separate financial Transfer Pricing Policy Transactions with related parties Purchases of goods and services Cost plus margin of 3% - 20% Management fee expense Approximate cost (Unit: Million Baht) For the six-month periods ended 30 June Consolidated financial Separate financial Transfer Pricing Policy Transactions with subsidiary companies (eliminated from the consolidated financial ) Sales of goods and services Cost plus margin, averaging around 1% - 20% Interest income % - 5.1% p.a. (2011: 4% - 4.8% p.a.) Interest expense % and 2.3% p.a. Purchases of goods and services Cost plus margin, averaging around 10% - 20% Purchases of equipment Cost plus margin of 3% and 50% Sales of equipment Cost Rental income Close to rental rates for other building in the vicinity Management fee income Approximate cost Dividend income As declared Other income Approximate cost Other expense Approximate cost Transactions with associated companies Sales of goods and services Cost plus margin, averaging around 3% - 35% and cost minus around 25% - 35% Purchases of goods and services Cost plus margin, averaging around 2% - 3% and 40% - 50% Rental income Baht 258 per square metre Dividend income As declared Interest income % and 6.9% p.a. Transactions with related parties Sales of goods and services Cost plus margin of 11% Purchases of goods and services Cost plus margin of 3% - 20% Management fee expense Approximate cost 3

19 As at 30 June 2012 and 31 December 2011, the balances of the accounts between the Company and those related parties are as follows: Consolidated financial Separate financial 30 June 31 December 30 June 31 December Trade and other receivables - related parties (Note 4) Subsidiaries , ,533 Associates 44,540 30,436 19,069 15,683 Related companies (common shareholder/director) ,866 30, , ,333 Trade and other payables - related parties (Note 12) Subsidiaries ,545 67,513 Associates 18,839 3,880 13,545 7,875 Related companies (common shareholder/director) 207, ,041 4,200 2, , , ,290 77,788 Loans to related parties and loan from related parties As at 30 June 2012 and 31 December 2011, the balance of loans between the Company and those related parties and the movement are as follows: Consolidated financial Balance as at Unrealised Balance as at 31 December Increase during Decrease during gain (loss) on 30 June Related by 2011 the period the period exchange 2012 Short-term loans to MINTH AAPICO (Thailand) Company Associate 25,000 - (25,000) - - Limited Protech Link Technology Incorporation Common director 28,141 - (28,141) - - Limited Dee Mak SDN. BHD. Common director - 3,221 (2,601) Total 53,141 3,221 (55,742) Less: Allowance for doubtful account (28,141) - 28, Total short-term loans to related parties, net 25,000 3,221 (27,601) Long-term loans to Yamakawa Dies Manufacturing R&D Common director 11,178 - (11,178) - - Company Limited Less: Allowance for doubtful account (11,178) - 11, Total long-term loans to related party, net

20 Consolidated financial Balance as at Unrealised Balance as at 31 December Increase during Decrease during gain (loss) on 30 June Related by 2011 the period the period exchange 2012 Short-term loans from Metal One (Thailand) Company Limited Common director 2,149 - (2,149) - - Directors of the Group 15,791 1,187 - (149) 16,829 Total 17,940 1,187 (2,149) (149) 16,829 Short-term loans from director carried interest at 5% per annum and due at call. Separate financial Balance as at Unrealised Balance as at 31 December Increase during Decrease during gain (loss) on 30 June Related by 2011 the period the period exchange 2012 Short-term loans to New Era Sales Company Limited Subsidiary 12, ,000 Able Motors Company Limited Subsidiary 6,000 73,000 (73,000) - 6,000 Kunshan Chaitai-Xincheng Precision Subsidiary 6, ,000 Forging Company Limited AAPICO Hitech Parts Company Limited Subsidiary 120, ,030 (297,030) - 120,000 AAPICO Hitech Tooling Company Subsidiary - 91,175 (36,175) - 55,000 Limited AAPICO Forging Public Company Subsidiary 24, ,000 (403,000) - 24,000 Limited MINTH AAPICO (Thailand) Company Associate 25,000 - (25,000) - - Limited Total 193, ,205 (834,205) - 223,000 Long-term loans to AAPICO Mitsuike (Thailand) Company Subsidiary - 1,000 (1,000) - - Limited New Era Sales Company Limited Subsidiary 214, ,000 Able Motors Company Limited Subsidiary 73,000 72, ,000 AAPICO Forging Public Company Limited Subsidiary 1,663, , ,890,799 AAPICO Hitech Parts Company Limited Subsidiary 520, , ,160 AAPICO Hitech Tooling Company Limited Subsidiary - 20, ,745 Kunshan Chaitai-Xincheng Precision Subsidiary 53, ,572 Forging Company Limited Katsuya (Thailand) Company Limited Subsidiary 3, (700) - 3,710 AAPICO Structural Products Company Subsidiary 699, ,000 (1,351,000) - - Limited Yamakawa Dies Manufacturing R&D Common director 11,178 - (11,178) - - Company Limited Total 3,237,493 1,180,114 (1,363,878) 257 3,053,986 Less: Allowance for doubtful account (11,178) - 11, Total long-term loans to related parties, net 3,226,315 1,180,114 (1,352,700) 257 3,053,986 Short-term loans from AAPICO Engineering Company Limited Subsidiary 10, ,000 AAPICO Amata Company Limited Subsidiary 110, ,000 (270,550) - 105,450 AAPICO Hitech Tooling Company Limited Subsidiary 47,887 - (47,887) - - AAPICO Mitsuike (Thailand) Company Subsidiary - 3, ,000 Limited AAPICO Structural Products Company Subsidiary - 2, ,000 Limited Total 167, ,000 (318,437) - 120,450 5

21 Directors and management s benefits During the three-month and six-month periods ended 30 June 2012 and 2011, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below. (Unit: Million Baht) For the three-month periods ended 30 June Consolidated financial Separate financial Short-term employee benefits Post-employment benefits Total (Unit: Million Baht) For the six-month periods ended 30 June Consolidated financial Separate financial Short-term employee benefits Post-employment benefits Total Guarantee obligations with related parties The Company has outstanding guarantee obligations with its related parties, as described in Note

22 3. Cash and cash equivalents Consolidated financial Separate financial 30 June 31 December 30 June 31 December Cash 4,697 20, Bank deposits 172, ,331 16,116 17,877 Total 177, ,957 16,364 18, Trade and other receivables Consolidated financial Separate financial 30 June 31 December 30 June 31 December Trade receivables - related parties Aged on the basis of due dates Not yet due and past due not over 3 months 25,400 14,992 31,144 52,352 Past due 3-12 months Past due more than 12 months ,391 Total trade receivables - related parties 25,400 14,992 31,496 53,900 Trade receivables - unrelated parties Aged on the basis of due dates Not yet due and past due not over 3 months 2,447, , ,539 84,942 Past due 3-12 months 123,418 12,197 18,546 5,548 Past due more than 12 months 16,195 38,579 2,215 24,937 Total 2,587, , , ,427 Less: Allowance for doubtful accounts (16,660) (14,401) (2,651) (3,027) Total trade receivables - unrelated parties, net 2,570, , , ,400 Total trade receivables - net 2,596, , , ,300 7

23 Consolidated financial Separate financial 30 June 31 December 30 June 31 December Other receivables - net Receivables and advances - related parties ,951 22,339 Interest receivable - related parties , ,408 Dividend receivable from related party 18,133 14,686 18,133 14,686 Advances 4,024 10, Accrued income 9,259 9,788 5,627 5,887 Others 109, ,097 2,193 1,328 Total other receivables 142, , , ,648 Total trade and other receivables - net 2,738,722 1,202, , , Inventories As at 30 June 2012, certain subsidiaries have pledged finished goods of approximately Baht 123 million (31 December 2011: Baht 43 million) to secure short-term loans from banks. 6. Investments in associates Details of associates: Consolidated financial Country of Shareholding Carrying amounts based Company s name Nature of business incorporation percentage Cost on equity method 30 June 31 December 30 June 31 December 30 June 31 December (%) (%) Able Sanoh Industries (1996) Company Manufacture and distribution of Thailand ,700 30, , ,586 Limited autoparts Sanoh Industries (Thailand) Company Manufacture and distribution of Thailand ,250 29,250 41,642 47,470 Limited autoparts MINTH AAPICO (Thailand) Company Manufacture and distribution of Thailand , , , ,419 Limited autoparts Thai Takagi Seiko Company Limited Distribution of dies Thailand ,229 13,229 14,966 10,445 PAPAGO (Thailand) Company Limited Development of software Thailand ,500-8,085 Hyundai Motor (Thailand) Company Manufacture and distribution Thailand , , , ,539 Limited of autoparts Total 344, , , ,544 8

24 Separate financial Company s name Shareholding percentage Cost 30 June 31 December 30 June 31 December (%) (%) Able Sanoh Industries (1996) Company Limited ,700 30,700 Sanoh Industries (Thailand) Company Limited ,250 29,250 MINTH AAPICO (Thailand) Company Limited , ,400 Thai Takagi Seiko Company Limited ,229 13,229 PAPAGO (Thailand) Company Limited ,500 Hyundai Motor (Thailand) Company Limited , ,000 Total 344, ,079 Less: Allowance for impairment (5,982) (5,982) Net 338, ,097 During the three-month and six-month periods ended 30 June 2012 and 2011, the Company has recognised its share of profit/loss from investments in associates in the consolidated financial and dividend income in the separate financial as follows: For the three-month periods ended 30 June Consolidated financial Separate financial Company s name Share of profit (loss) from investments in associates Dividend income Able Sanoh Industries (1996) Company Limited 22,587 11, Sanoh Industries (Thailand) Company Limited ,864 - MINTH AAPICO (Thailand) Company Limited 1,571 3, Thai Takagi Seiko Company Limited 2,339 (11) - - PAPAGO (Thailand) Company Limited Hyundai Motor (Thailand) Company Limited 64,705 60, Total 91,765 76,185 7,864-9

25 For the six-month periods ended 30 June Consolidated financial Separate financial Company s name Share of profit (loss) from investments in associates Dividend income Able Sanoh Industries (1996) Company Limited 19,769 38, Sanoh Industries (Thailand) Company Limited 2,035 4,282 7,864 - MINTH AAPICO (Thailand) Company Limited 19,624 (1,153) - - Thai Takagi Seiko Company Limited 4,521 1, PAPAGO (Thailand) Company Limited (114) Hyundai Motor (Thailand) Company Limited 123, , ,070 - Total 169, , ,934 - The shareholding of the Company in PAPAGO (Thailand) Company Limited has fallen from 30 percent to 12 percent because that company increased its share capital, with the Company making no additional investment. Therefore, the Company transferred the investment to other investment. 7. Investments in subsidiaries Details of investments in subsidiaries as presented in separate financial are as follows: Company s name Paid-up capital Shareholding percentage Cost 30 June 31 December 30 June 31 December 30 June 31 December (%) (%) New Era Sales Co., Ltd. Baht 20 million Baht 20 million ,000 20,000 AAPICO Amata Co., Ltd. Baht 800 million Baht 800 million ,164,139 1,164,139 Able Motors Co., Ltd. Baht 20 million Baht 20 million ,999 19,999 AAPICO Engineering Co., Ltd. Baht 10 million Baht 10 million ,000 10,000 Tenaga Setia Resources SDN. BHD. RM 6 million RM 6 million ,393 31,393 Kunshan Chaitai-Xincheng Precision USD 6.1 million USD 6.1 million , ,744 Forging Co., Ltd. AAPICO ITS Co., Ltd. Baht 100 million Baht 100 million ,175 62,175 AAPICO Hitech Parts Co., Ltd. Baht 120 million Baht 120 million , ,000 AAPICO Hitech Tooling Co., Ltd. Baht 65 million Baht 65 million ,000 65,000 10

26 Company s name Paid-up capital Shareholding percentage Cost 30 June 31 December 30 June 31 December 30 June 31 December (%) (%) AAPICO Shanghai Co., Ltd. USD 2 million USD 2 million ,682 80,682 AAPICO Investment Pte. Ltd. SGD 6.97 million SGD 6.97 million , ,950 AAPICO Mitsuike (Thailand) Co., Ltd. Baht 8.25 million Baht 8.25 million ,208 4,208 AAPICO Forging Public Co., Ltd. Baht 500 million Baht 500 million ,823,907 1,823,907 AAPICO Structural Products Co., Ltd. Baht 200 million Baht 200 million , ,000 A Maction Co., Ltd. Baht 10 million Baht 10 million ,100 5,100 New Era Sales (M) SDN. BHD. RM 1.5 million RM 1.5 million ,263 8,263 AAPICO Technology Co., Ltd. Baht 0.25 million Baht 0.25 million AERP Co., Ltd. Baht 1.25 million Baht 1.25 million ,100 1,100 Katsuya (Thailand) Co., Ltd. Baht 28.5 million Baht 28.5 million ,675 15,675 Dongfeng Commercial Vehicle Co., Ltd. Baht 25 million Baht 25 million ,250 24,250 Total 4,020,713 4,020,713 Less: Allowance for impairment (359,376) (359,376) Net 3,661,337 3,661,337 The financial for the three-month and six-month periods ended 30 June 2012 and 2011 of certain subsidiary companies which are included in the consolidated financial were reviewed by other auditors. Their aggregate assets and revenues are as follows: - Total revenues (Unit: Million Baht) Total assets as at 30 June For the three-month periods ended 30 June For the six-month periods ended 30 June Tenaga Setia Resources SDN. BHD Kunshan Chaitai-Xincheng Precision Forging Company Limited 1, AAPICO Shanghai Company Limited New Era Sales (M) SDN. BHD Total 1,613 1, ,055 1,333 11

27 8. Other long-term investments Consolidated financial Separate financial 30 June 31 December 30 June 31 December Available-for-sale securities Marketable equity securities 160, , Allowance for change in value (3,367) (78,316) ,299 82, Other investments Equity securities 3,471-3,000 - Total 160,770 82,350 3, Property, plant and equipment Movements of the property, plant and equipment account during the six-month period ended 30 June 2012 are summarised below. Consolidated Separate financial financial Net book value as at 1 January ,578,408 1,410,813 Acquisitions during period - at cost 515, ,422 Transfer during period 28,679 4,901 Capitalised interest 7,431 1,435 Disposals/written off during period - net book value at disposal/written off date (36,569) (5,315) Depreciation for the period (301,395) (57,221) Exchange differences on translation of financial in foreign currency (2,516) - Net book value as at 30 June ,789,419 1,502,035 Borrowing costs totaling approximately Baht 7 million and Baht 0.8 million were capitalised during the six-month periods ended 30 June 2012 and 2011, respectively. 12

28 As at 30 June 2012, the Group had machinery, motor vehicles and equipment under finance lease agreements with net book values amounting to Baht 136 million (31 December 2011: Baht 113 million). Certain subsidiaries have mortgaged building, certain machinery and factory equipment with a total net book value as at 30 June 2012 of Baht 134 million as collateral for credit facilities granted by banks. 10. Leasehold right Subsidiary has pledged its land leasehold right with a net book value as at 30 June 2012 of Baht 108 million (31 December 2011: Baht 109 million) as collateral for credit facilities granted by banks. 11. Goodwill (Unit: Million Baht) Balance as at 30 June December 2011 Goodwill from purchase of subsidiaries: AAPICO Amata Company Limited AAPICO Forging Public Company Limited 1,152 1,152 Other companies 5 5 Total 1,387 1,387 Less: Allowance for impairment (300) (300) Net 1,087 1,087 As at 30 June 2012, the Company has examined, estimated and adjusted the fair value of the majority of the net assets of AAPICO Forging Public Company Limited, and the Company is in the process of claiming compensation from that subsidiary s former major shareholders under the terms of representation and warranty in the share purchase agreement, in order to recover the adjusted value of the subsidiary s net assets. 13

29 As at 31 December 2011, the Company has set up additional provision for impairment of goodwill of AAPICO Forging Public Company Limited of Baht 200 million. This amount was estimated by the management of the Company based on discounted cash flow projections of the subsidiary prepared under current circumstances. Pre-tax discount rates of 9.3% p.a. and financial parameters provided by third parties, were used, with a growth scenario for the auto industry prepared by the management. However, actual results may differ from these estimates depending on the future economic environment. 12. Trade and other payables Consolidated financial Separate financial 30 June 31 December 30 June 31 December Trade payables - related parties 211, , ,078 22,264 Trade payables - unrelated parties 2,522,261 1,075, , ,874 Payables and advances from related parties ,319 15,729 Share subscription payable - related parties - 4,500 24,378 28,878 Accrued interest expenses - related parties - - 4,174 4,473 Retention payable 13,540 13,793 13,540 13,540 Payables for purchase of machinery - related parties - 4,044-4,044 Payables for purchase of machinery - unrelated parties 343, , , ,659 Accrued expenses - related parties 14,211 4,659 7,341 2,400 Others 229, ,983 32,940 15,440 Total trade and other payables 3,335,895 1,896,988 1,198, ,301 14

30 13. Bank overdrafts/short-term loans and long-term loans from banks During the current period, the Company and its subsidiaries entered into an agreement with a local bank, granting long-term loan facilities amounting to Baht 560 million. The facilities under the agreement carry interest at 4.3% per annum for 2012 and 4.75% per annum for the remainder of the term. The long-term loan principal is repayable in monthly installments within 5 years. As at 30 June 2012, the subsidiary has drawn down the full amount of the long-term loans under the loan agreement. In addition, the Company and its subsidiaries jointly entered into an agreement with a local bank, granting loan facilities amounting to Baht 400 million. The loan under the agreement carries interest at MLR-2.1% per annum and is repayable within 5 year. As at 30 June 2012, the Company has drawn down Baht 145 million of the loan. As at 30 June 2012 and 31 December 2011, bank overdrafts and loans from banks are secured by the pledge of leasehold land and buildings thereon, certain machinery, factory equipment, inventories and deposits of subsidiaries, by guarantees provided by directors of the Group, the Company and the subsidiary companies, and by a negative pledge of assets of the Company. The loan agreements contain covenants relating to various matters specified in the agreements, including restrictions on providing loans other than loans to intercompanies with approval from bank, and the maintenance of certain financial ratios that, among other things, require the Company to maintain a certain debt to equity ratio. 14. Earnings per share Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the period. The convertible preferred shares are excluded from determination of the number of potential ordinary shares since the value of the convertible preferred shares exceeds the fair value of the ordinary shares. 15

31 15. Commitment and contingent liabilities 15.1 Capital commitments a) As at 30 June 2012, the Group had capital commitments of approximately Baht 54 million, RMB 18 million, EUR 0.1 million and USD 0.1 million, totalling Baht 154 million, relating to the construction of factory buildings, and acquisition of machinery. b) As at 30 June 2012, the Company had outstanding commitment of Baht 94 million in respect of uncalled portion of investments in its subsidiaries Operating lease and service commitments The Group has entered into several lease agreements in respect of the lease of land, office building space and equipment and service agreement. The terms of the agreements are generally between 1 and 15 years. As at 30 June 2012, future minimum lease and service payments required under these non-cancellable operating leases and service contracts were as follows. Million Baht Payable within: 1 year 18 1 to 5 years 37 More than 5 years Long-term service commitments Two subsidiaries have entered into the technical assistance agreements with the Japanese company and German company, under which they have to pay fees at a rate as stipulated in the agreements, on sales of certain products. The agreements are effective until 2013 and 2017, respectively. The Company has entered into a cooperation agreement with a German company, under which it has to pay fees at the rate, as stipulated in the agreement, per tank sender sales. The agreement is for oneyear automatically extended annually for a further period of one year. In addition, the Company and a subsidiary have entered into service agreements with the companies, under which they have to pay fees at a certain rate, as stipulated in the agreements, on sales of particular products to the customer of the Company and its subsidiary. These agreements are effective until the Company and its subsidiary finish the projects for the customers. The fees for the six-month period ended 30 June 2012 amounted to approximately Baht 17 million were recognised as expenses. 16

32 15.4 Guarantee a) As at 30 June 2012, the Company had guaranteed credit facilities of its subsidiary companies amounting to Baht 15 million, RMB 48 million and USD 16 million. b) As at 30 June 2012, there were outstanding bank guarantees of approximately Baht 71 million, USD 0.2 million and RM 0.3 million issued by banks on behalf of the Group in respect of certain performance bonds as required in the normal course of business. These included letters of guarantee amounting to Baht 50 million, USD 0.2 million and RM 0.3 million to guarantee contractual performance and Baht 21 million to guarantee electricity use, among others Interest rate swap agreements As at 30 June 2012, the Company has outstanding interest rate swap agreements with the banks as follows: Notional amount Interest Receipt Rate Interest Payment Rate Due date (Million Baht) 75 THBFIX plus 0.65% Fixed rate at 4.77% 28 September FDR plus 3.3% Fixed rate at 5.65% 30 December MLR minus 1.75% Fixed rate at 5.33% 30 December MLR minus 1.75% Fixed rate at 5.98% 30 December 2015 As at 30 June 2012, the Company had unrealised loss from change in the fair value of interest rate swap agreements of approximately Baht 2 million Forward foreign exchange contracts As at 30 June 2012, the Group had outstanding forward foreign exchange contracts as follows: Contractual exchange rate Currency Buying Selling Buying Selling (Million) (Million) USD against Baht EUR against Baht As at 30 June 2012, the Group had unrealised gain from the change in the fair value of forward foreign exchange contracts of approximately Baht 0.4 million. 17

33 15.7 Litigation In late 2011 a subsidiary company which the Company has an equity interest of 60 percent was sued for approximately Baht 450 million for copyright infringement related to map data. The case is currently being heard by the court. 16. Dividend paid (Unit: Baht) Approved by Total dividends Dividend per share Final dividends for 2010 Annual General Meeting of the shareholders on 26 April ,463, Event after the reporting period On 14 August 2012, a meeting of the Company s Board of Directors approved a resolution to pay an interim dividend at a rate of Baht 0.49 per share, or a total of Baht 131 million. This dividend will be paid in September Segment information The Group business operations involve 2 principal segments: the manufacture of automobiles assembly tools and parts, and sales of automobiles and the provision of automobiles repair service. These operations are carried on geographic areas in Thailand, The People s Republic of China and Malaysia. Below is the consolidated financial information for the three-month and six-month periods ended 30 June 2012 and 2011 of the Group by segment. (Unit: Million Baht) Consolidated financial for the three-month periods ended 30 June Manufacture of Sales of automobiles and automobiles assembly the provision of automobiles Elimination of tools and parts segment repair service segment inter-segment revenue Consolidation Revenues from external customers Thailand 2,810 1, ,234 2,005 The People s Republic of China Malaysia Intersegment revenues (432) (251) - - Total revenues 3,460 2, (432) (251) 3,935 2,602 18

34 (Unit: Million Baht) Consolidated financial for the three-month periods ended 30 June Manufacture of Sales of automobiles and automobiles assembly the provision of automobiles Elimination of tools and parts segment repair service segment inter-segment revenue Consolidation Segment income (9) (3) Unallocated income and expenses: Other income Selling expenses (69) (50) Administrative expenses (118) (142) Share of income of associates Finance cost (74) (58) Corporate income tax (13) (27) Profit for the period (Unit: Million Baht) Consolidated financial for the six-month periods ended 30 June Manufacture of Sales of automobiles and automobiles assembly the provision of automobiles Elimination of tools and parts segment repair service segment inter-segment revenue Consolidation Revenues from external customers Thailand 5,089 3, ,894 4,111 The People s Republic of China Malaysia Intersegment revenues (635) (504) - - Total revenues 6,126 4,273 1,447 1,664 (635) (504) 6,938 5,433 Segment income (12) (10) Unallocated income and expenses: Other income Selling expenses (115) (102) Administrative expenses (280) (297) Loss on impairment of assets - (33) Share of income of associates Finance cost (143) (113) Corporate income tax (17) (59) Profit for the period Approval of interim financial These interim financial were authorised for issue by the Board of Directors of the Company on 14 August

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