Annual Report 2014
156
Movements of short-term investments for the years ended 31 December 2014 and 2013 were as follows:
2014
2014
2013
2013
Consolidated
SET
Investments managed by the SET
As at 31 December 2014, fixed deposit accounts
represented fixed deposit accounts at banks which
had maturities not over 12 months and carried interest
at rates ranging from 2.10% - 3.30% per annum
(2013: from 2.38% - 4.10% per annum).
As at 31 December 2014, investments in money
market funds represent investments in three open-ended
funds (2013: three open-ended fund). The investment
policy emphasises investments in short-term debt
securities.
As at 31 December, 2014, investments in specific-
purpose funds represented investments in three open-
ended venture capital funds (2013: three open-ended
venture capital funds). 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.
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) have a
commitment subscription for additional investment
until the end of the contract (Note 33).
As at 31 December 2014, government bonds, Bank
of Thailand bonds, state enterprise bonds and debentures,
which had coupon rates ranging from 3.95% - 5.19%
per annum (2013: from 3.00% - 4.90% per annum)
and market yields ranging from 2.59% - 2.98% per
annum (2013: from 2.77% - 2.91% per annum).
Investments managed by private funds
As at 31 December 2014 investments in private
funds are managed by three asset management companies
(2013: three asset management companies). The
investment policy for private funds is subject to the
SET’s regulations on deposits at financial institutions and
investment policies as disclosed in Note 3 - Financial
risk management. The Group presented investments
managed by private funds as short-term investments.
For the year ended 31 December, 2014, the return
rates for investments managed by private funds ranged
from 3.82% - 5.13% per annum (2013: from
3.45% - 4.33% per annum).
10,632,814 7,275,683 10,586,614 7,238,663
5,058,083 4,475,664 5,058,083 4,475,664
(6,111,593) (4,476,499) (6,065,393) (4,439,479)
(1,748,011)
3,368,057 (1,748,011)
3,321,857
4,013
5
4,013
5
2,530
(10,096)
2,530
(10,096)
7,837,836 10,632,814 7,837,836 10,586,614
Opening balance
Purchases
Disposals
Classification of investments (Note15)
Unrealised gain (loss) on available-for-sale securities
(Allowance for impairment losses) reversal
Closing balance
(Unit: Baht’000)