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128 Annual Report 2012
As at 31 December 2012, government bonds, Bank of Thailand bonds and debentures which had maturities over one year to nine
years, coupon rates ranging from 3.00% - 5.19% per annum (2011: from 3.00% - 5.00% per annum) and market yields ranging from
3.02% - 4.93% per annum (2011: from 3.09% - 5.08% per annum).
As at 31 December 2012, investments in specific-purpose funds represented investments in 3 open-ended venture capital funds
(2011: 3 open-ended venture capital funds). This investment is carried at cost under generally accepted accounting principles due to
the redemption restriction for the first 5 years. The details are as follows:
1) In 2005, invested in an investment fund established by the government to strengthen and facilitate the recovery of businesses
which suffered from the tsunami. The specific-purpose fund has a policy of investing in securities of businesses involved
in the tourism industry that had been affected by the tsunami in the six southern provinces. The fund has an automatic
redemption from the sixth year (2011) unless approval is obtained from the investment committee for redemption before
the redemption restriction term. The investment portion that was redeemed in 2011 is presented as short-term investments
(Note 8).
2) In 2007, invested in a non-retail fund, which primarily invests directly in energy, alternative and renewable energy firms
and businesses that support the government’s energy policies. The fund is an open-ended fund and has an automatic
redemption from the sixth year (2013) when the fund disposes of its assets, and then no further re-investment.
3) In 2008, invested in a non-retail fund which primarily invests directly in businesses and industries which have potential
growth the majority of which was long-term investment. The fund has an automatic redemption from the fourth year (2012).
The specific-purpose investments in 2) and 3) have a commitment subscription for additional investment until the end of the
contract (Note 30).
Movements of long-term investments for the years ended 31 December 2012 and 2011 were as follows:
(Unit : Baht’000)
Consolidated SET
2012 2011 2012 2011
Opening balance 5,329,372 8,295,915 5,308,512 8,199,677
Purchases 1,769,618 1,975,736 1,728,418 1,975,716
Disposals (1,600,360) (2,883,149) (1,600,360) (1,588,673)
Reclassify to short-term investments (310,017) (1,022,475) (297,007) (947,207)
Adjustment 2,879,147 (677,274) 2,879,736 (1,972,131)
Unrealised gain (loss) on available-for-sale securities 247,720 (359,381) 247,086 (358,870)
Less Allowance for impairment losses (955) - (955) -
Closing balance 8,314,525 5,329,372 8,265,430 5,308,512