Page 92 - Annual report eng 2019

Tycoons Worldwide Group (Thailand) Plc.

10. Inventories

(Unit: Thousand Baht)

Financial statement in which equity method is applied/Separate financial statements
Reduce cost to

Cost net realisable value Inventories-net
2019 2018 2019 2018 2019 2018
Raw materials 479,143 316,527 (4,007) (12,309) 475,136 304,218

Work in process 170,890 199,907 (41,806) (3,287) 129,084 196,620
Finished goods 513,374 771,105 (44,353) (45,318) 469,021 725,787

Spare parts, factory
supplies and scrap 296,755 359,320 (800) (1,223) 295,955 358,097
Goods in transit 337,174 476,030 - (2,441) 337,174 473,589

Total 1,797,336 2,122,889 (90,966) (64,578) 1,706,370 2,058,311

During the current year, the Company reduced cost of inventories by Baht 189 million (2018:
Baht 67 million), to reflect the net realisable value. This was included in cost of sales. In addition,

the Company reversed the write-down of cost of inventories by Baht 163 million (2018: Baht 7
million), and reduced the amount of inventories recognised as expenses during the year.

11. Advance payments for goods and services
(Unit: Thousand Baht)
Financial statements in which equity
method is applied/
Separate financial statements

2019 2018
Advance payments for goods and services 9,141 260,381
Less: Allowance for doubtful debts - (242,722)
Advance payments for goods and services - net 9,141 17,659

In 2008, the Company entered into forward raw material purchase contracts with two overseas

companies, and made advance payments to these companies amounting to USD 28 million
(approximately Baht 932 million). The Company received some of the raw materials, leaving

advance payments of USD 17.23 million (approximately Baht 572 million) for raw materials that
had yet to be received. However, due to the impact of the economic crisis, the Company
requested postponement of the delivery of remaining raw materials.

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