DTC Fs Fy2017 en

Dusit Thani Public Company Limited
and its Subsidiaries
Financial statements for the year ended

31 December 2017
and
Independent Auditor’s Report
Independent Auditor’s Report
To the Shareholders of Dusit Thani Public Company Limited
Opinion
I have audited the accompanying consolidated and separate financial statements of Dusit Thani Public
Company Limited and its subsidiaries (the “Group”) and of Dusit Thani Public Company Limited (the
“Company”), respectively, which comprise the consolidated and separate statements of financial position as
at 31 December 2017, the consolidated and separate statements of income and comprehensive income, changes
in equity and cash flows for the year then ended and notes, comprising a summary of significant accounting
policies and other explanatory information.
In my opinion, the accompanying consolidated and separate financial statements present fairly, in all material
respects, the financial position of the Group and the Company, respectively, as at 31 December 2017 and their
financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting
Standards (TFRSs).
Basis for Opinion
I conducted my audit in accordance with Thai Standards on Auditing (TSAs). My responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated and Separate
Financial Statements section of my report. I am independent of the Group and the Company in accordance
with the Code of Ethics for Professional Accountants issued by the Federation of Accounting Professions that
is relevant to my audit of the consolidated and separate financial statements, and I have fulfilled my other
ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained
is sufficient and appropriate to provide a basis for my opinion.
Key Audit Matters
Key audit matters are those matters that, in my professional judgment, were of most significance in my audit
of the consolidated and separate financial statements of the current period. These matters were addressed in
the context of my audit of the consolidated and separate financial statements as a whole, and in forming my
opinion thereon, and I do not provide a separate opinion on these matters.
Impairment of property, plant and equipment and investments in subsidiaries
Refer to the notes 3, 12 and 15 to the consolidated and separate financial statements
The key audit matter How the matter was addressed in our audit
Our audit procedures included
The Group had significant property, plant and My audit procedures included:
equipment and investments in subsidiaries in the
financial statements. Economic benefits of the assets • Understanding and evaluating management’s
depend on future profitable operations which impact process in assessing the impairment indicators
property, plant and equipment of the Group and and determining the recoverable amount of
investments in subsidiaries in the separate financial
property, plant and equipment and investments in
statements. Each subsidiaries business unit is
determined as separate cash generating units. subsidiaries.
Management performed an impairment indicator
assessment over property, plant and equipment and
investments in subsidiaries based upon the • Testing mathematical accuracy of the discounted
performance of each business unit and reviewed future cash flow model used.
recoverable amount by using projection of future
cash flows. The projection of future cash flows requires
significant judgment and is inherently uncertain. As a • Considering the key assumptions underlying the
result, this is a focus area for my audit. estimate of the value from using discounted future
cash flows by taking into account historical data of
the Group, operational plan and industry data.
• Assessing the adequacy of disclosures in

accordance with the related Thai Financial
Reporting Standards.
Emphasis of Matter
I draw attention to notes 2 and 15 to the financial statements describing the effect of change in the estimated
useful lives of plant and equipment of one of the Company’s hotels from 1 May 2017 onward as a result of the
resolution of the annual general shareholders’ meeting of the Company held on 27 April 2017 which approved
the investment to develop a mixed-use property project. Therefore, the estimated useful lives of the related
assets were reviewed by management considering the expected pattern of consumption of the future economic
benefits. My opinion is not modified in respect of this matter.
Other Information
Management is responsible for the other information. The other information comprises the information
included in the annual report, but does not include the consolidated and separate financial statements and my
auditor’s report thereon. The annual report is expected to be made available to me after the date of this auditor’s
report.
My opinion on the consolidated and separate financial statements does not cover the other information and I
will not express any form of assurance conclusion thereon.
In connection with my audit of the consolidated and separate financial statements, my responsibility is to read
the other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated and separate financial statements or my knowledge
obtained in the audit, or otherwise appears to be materially misstated.
2
Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate
Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated and separate financial
statements in accordance with TFRSs, and for such internal control as management determines is necessary
to enable the preparation of consolidated and separate financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated and separate financial statements, management is responsible for assessing the
Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either intends to
liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s and the Company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements
My objectives are to obtain reasonable assurance about whether the consolidated and separate financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with TSAs will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these consolidated and separate financial statements.
As part of an audit in accordance with TSAs, I exercise professional judgment and maintain professional
skepticism throughout the audit. I also:
• Identify and assess the risks of material misstatement of the consolidated and separate financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group’s and the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. If I
conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the
related disclosures in the consolidated and separate financial statements or, if such disclosures are
inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date
of my auditor’s report. However, future events or conditions may cause the Group and the Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated and separate financial
statements, including the disclosures, and whether the consolidated and separate financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
3
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. I am responsible
for the direction, supervision and performance of the group audit. I remain solely responsible for my audit
opinion.
I communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
I identify during my audit.
I also provide those charged with governance with a statement that I have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on my independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, I determine those matters that were of
most significance in the audit of the consolidated and separate financial statements of the current period and
are therefore the key audit matters. I describe these matters in my auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a
matter should not be communicated in my report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
(Vannaporn Jongperadechanon)
Certified Public Accountant
Registration No. 4098
KPMG Phoomchai Audit Ltd.

Bangkok
22 February 2018
4
Dusit Thani Public Company Limited and its Subsidiaries
Statement of financial position
Consolidated Separate
financial statements financial statements
31 December 31 December
Assets Note 2017 2016 2017 2016
(in Baht)
Current assets
Cash and cash equivalents 4 1,020,867,852 870,334,699 90,721,824 160,984,291
Short-term investments 447,647,643 357,726,220 - -
Trade and other receivables 5 536,316,368 462,592,301 220,570,319 197,993,001
Inventories 6 71,467,461 77,035,675 17,747,063 20,170,932
Short-term loans to related parties 28 - - 380,022,600 326,000,000
Current portion of prepaid rental
of land and buildings 16 144,449,623 90,778,652 89,211,939 74,066,640
Other current assets 7 56,151,752 54,475,432 1,729,892 2,350,747
Total current assets 2,276,900,699 1,912,942,979 800,003,637 781,565,611
Non-current assets
Restricted bank deposits 8 2,215,041 2,196,375 - -
Available-for-sale investments 9 475,809,800 364,964,850 42,161,600 40,846,350
Other long-term investments 10 33,803,810 - - -
Investments in associates 11 1,275,970,096 1,370,323,421 1,150,354,700 1,229,202,500
Investments in subsidiaries 12 - - 1,591,658,330 1,037,751,164
Investments in joint ventures 13 44,319,333 54,033,633 21,518,400 20,292,449
Long-term loans to related parties 28 102,183,407 75,416,578 107,160,128 47,110,000
Investment properties 14 177,266,663 232,878,615 149,261,574 164,669,864
Property, plant and equipment 2, 15 4,322,438,662 4,689,585,706 526,518,670 461,171,451
Prepaid rental of land and buildings 16 846,701,863 75,462,571 841,273,821 18,516,660
Other intangible assets 17 62,806,159 60,358,619 47,535,659 45,095,022
Deferred tax assets 18 133,650,533 150,744,644 83,083,395 80,003,577
Deposit for hotel management right 19 100,110,124 25,270,104 100,110,124 25,270,104
Withholding tax deduted 105,100,461 - 80,480,572 -
Other non-current assets 19,038,530 18,798,916 3,776,812 3,076,815
Total non-current assets 7,701,414,482 7,120,034,032 4,744,893,785 3,173,005,956
Total assets 9,978,315,181 9,032,977,011 5,544,897,422 3,954,571,567
The accompanying notes are an integral part of these financial statements.
5
Liabilities and equity Note 2017 2016 2017 2016
(in Baht)
Current liabilities
Bank overdrafts and short-term loans
from financial institutions 20 543,700,000 461,627,400 543,700,000 287,000,000
Short-term loans from related party 28 4,575,326 5,009,795 - -
Trade and other payables 21 882,104,284 972,578,195 226,675,273 235,716,558
Current portion of long-term loans 22 213,143,452 157,251,400 - -
Current portion of finance lease
liabilities 1,328,434 1,236,756 - -
Current portion of deferred rental
revenue 23 25,433,333 25,433,333 76,879,388 -
Income tax payable 57,585,799 8,431,846 - -
Others current liabilities 75,486,449 62,774,674 37,048,297 22,913,343
Total current liabilities 1,803,357,077 1,694,343,399 884,302,958 545,629,901
Non-current liabilities
Long-term loans 22 919,397,671 1,052,574,438 - -
Finance lease liabilities 542,276 1,870,710 - -
Deferred rental revenue 23 558,975,879 584,409,224 1,246,332,927 -
Deferred tax liabilities 18 28,191,125 42,758,211 - -
Provisions for employee benefits 24 199,794,191 221,303,861 100,152,948 121,463,881
Deposit 28 492,380,000 - - -
Liabilities from investment in
joint venture 13 77,701,142 62,249,982 - -
Other non-current liabilities 17,259,110 19,378,324 3,049,818 19,378,333
Total non-current liabilities 2,294,241,394 1,984,544,750 1,349,535,693 140,842,214
Total liabilities 4,097,598,471 3,678,888,149 2,233,838,651 686,472,115
6
Liabilities and equity (Continued) Note 2017 2016 2017 2016
(in Baht)
Equity
Share capital 25
Authorised share capital 850,000,000 850,000,000 850,000,000 850,000,000
Issued and paid-up share capital 850,000,000 850,000,000 850,000,000 850,000,000
Treasury shares 26 (15,740,202) (15,740,202) - -
Additional paid in capital
Premium on ordinary shares 25 1,643,000,000 1,643,000,000 1,643,000,000 1,643,000,000
Surplus on treasury shares 26 18,365,540 18,365,540 16,950,268 16,950,268
Retained earnings
Appropriated 27
Legal reserve 85,000,000 85,000,000 85,000,000 85,000,000
Dusit Thani College funds 462,296,860 414,947,279 - -
Treasury share reserve 26 15,740,202 15,740,202 - -
Unappropriated 1,490,476,644 1,341,997,268 696,379,783 654,472,664
Other components of equity 274,398,127 235,671,044 19,728,720 18,676,520
Equity attributable to owners
of the parent 4,823,537,171 4,588,981,131 3,311,058,771 3,268,099,452
Non-controlling interests 12 1,057,179,539 765,107,731 - -
Total equity 5,880,716,710 5,354,088,862 3,311,058,771 3,268,099,452
Total liabilities and equity 9,978,315,181 9,032,977,011 5,544,897,422 3,954,571,567
7
Statement of income
For the year ended For the year ended
Note 2017 2016 2017 2016
(in Baht)
Revenue from sales and services 28 4,722,927,422 4,974,351,891 1,530,168,802 1,552,728,034
Cost of sales and services
Cost of sales and services 28 (2,801,252,641) (2,915,208,576) (892,636,741) (906,372,800)
Cost of services - depreciation and amortisation (592,047,690) (661,689,152) (217,870,900) (221,410,618)
Total cost of sales and services (3,393,300,331) (3,576,897,728) (1,110,507,641) (1,127,783,418)
Gross profit 1,329,627,091 1,397,454,163 419,661,161 424,944,616
Other income
Management service income 28 159,174,827 147,618,378 63,761,533 63,946,113
Interest income 15,953,954 12,697,349 14,640,094 3,704,588
Dividend income 28 15,489,430 15,764,430 96,918,611 120,768,022
Realised income from deferred rental revenue 23 25,433,333 25,433,333 38,439,693 -
Gain on sales of property, plant and equipment-net 15 323,046,801 932,210 353,631 374,002
Share of profits from investments by
the equity method 11,13 19,720,825 22,079,994 - -
Other income 28 287,919,294 226,253,966 356,724,593 379,309,388
Total other income 846,738,464 450,779,660 570,838,155 568,102,113
Profit before expenses 2,176,365,555 1,848,233,823 990,499,316 993,046,729
Expenses
Selling expenses 28,30 (387,981,029) (404,604,507) (180,321,858) (194,424,906)
Administrative expenses 28,31 (1,281,389,978) (1,186,379,645) (680,217,952) (634,873,552)
Depreciation and amortisation (36,926,736) (43,059,678) (17,379,434) (22,049,883)
Finance costs 34 (58,797,616) (72,826,354) (9,547,893) (8,367,460)
Total expenses (1,765,095,359) (1,706,870,184) (887,467,137) (859,715,801)
Profit before income tax expense 411,270,196 141,363,639 103,032,179 133,330,928

Tax income (expense) 35 (78,900,907) 11,551,319 7,449,282 24,982,748
Profit for the year 332,369,289 152,914,958 110,481,461 158,313,676
Profit attributable to:

Owners of the parent 267,038,293 114,121,274 110,481,461 158,313,676
Non-controlling interests 12 65,330,996 38,793,684 - -
Total 332,369,289 152,914,958 110,481,461 158,313,676
Earnings per share (in Baht) 36

Basic earnings per share 0.316 0.135 0.130 0.186
8
Statement of comprehensive income
Note 2017 2016 2017 2016
(in Baht)
Other comprehensive income
Items that are or may be reclassified to profit or loss
Exchange differences on translating financial statement (142,702,237) (22,138,397) - -
Net change in fair value of available-for-sale investments 9 110,844,950 8,524,000 1,315,250 (112,034,968)
Income tax relating to items will be reclassified 10,519,564 (1,704,800) (263,050) 22,406,993
Total items that will be reclassified subsequently to profit or loss (21,337,723) (15,319,197) 1,052,200 (89,627,975)
Items that will not be reclassified to profit or loss

Gains on remeasurements of defined benefit plans 24 18,480,116 6,176,914 20,532,073 -
Income tax relating to items that will not be reclassified (4,936,001) (1,853,074) (4,106,415) -
Total items that will not be reclassified to profit or loss 13,544,115 4,323,840 16,425,658 -
Other comprehensive income for the year,

net of income tax (7,793,608) (10,995,357) 17,477,858 (89,627,975)
Total comprehensive income for the year 324,575,681 141,919,601 127,959,319 68,685,701
Total comprehensive income attributable to:
Owners of the parent 319,084,717 117,256,491 127,959,319 68,685,701
Non-controlling interests 5,490,964 24,663,110 - -
Total comprehensive income for the year 324,575,681 141,919,601 127,959,319 68,685,701
9
Statement of changes in equity
Consolidated financial statements

Retained earnings Other components of shareholders' equity
Share Total
premium Investments other Equity
Issued and Premium on on Dusit Thani Treasury Translation held as components attributable Non- Total
paid-up Treasury ordinary treasury Legal College shares financial available of shareholders' to owners of controlling shareholders'
Note share capital shares shares shares reserve funds reserve Unappropriated statement for sale equity the parent interests equity
(in Baht)
Year ended 31 December 2016
Balance at 1 January 2016 850,000,000 (15,740,202) 1,643,000,000 18,365,540 85,000,000 366,375,697 15,740,202 1,394,120,463 (9,514,645) 245,855,884 236,341,239 4,593,202,939 811,262,470 5,404,465,409
Transactions with owners, recorded directly in equity
Distributions to owners of the Company
Dividends paid 37 - - - - - - - (101,434,213) - - - (101,434,213) (3,811,585) (105,245,798)
Total distributions to owners of the Company - - - - - - - (101,434,213) - - - (101,434,213) (3,811,585) (105,245,798)
Changes in ownership interests in subsidiary

Additional investment - - - - - - - - - - - - 1,200 1,200
Acquisition of non-controlling interests without
a change in control - - - - - - - (20,044,086) - - - (20,044,086) (67,007,464) (87,051,550)
Total transactions with owners, recorded directly
in equity - - - - - - - (121,478,299) - - - (121,478,299) (70,817,849) (192,296,148)
Transfer excesses of revenues over expenses

to Dusit Thani College funds 27 - - - - - 48,571,582 - (48,571,582) - - - - - -
Comprehensive income for the year

Profit - - - - - - - 114,121,274 - - - 114,121,274 38,793,684 152,914,958
Other comprehensive income - - - - - - - 3,805,412 (7,407,533) 6,737,338 (670,195) 3,135,217 (14,130,574) (10,995,357)
Total comprehensive income for the year - - - - - - - 117,926,686 (7,407,533) 6,737,338 (670,195) 117,256,491 24,663,110 141,919,601
Balance at 31 December 2016 850,000,000 (15,740,202) 1,643,000,000 18,365,540 85,000,000 414,947,279 15,740,202 1,341,997,268 (16,922,178) 252,593,222 235,671,044 4,588,981,131 765,107,731 5,354,088,862

Balance at 1 January 2017 850,000,000 (15,740,202) 1,643,000,000 18,365,540 85,000,000 414,947,279 15,740,202 1,341,997,268 (16,922,178) 252,593,222 235,671,044 4,588,981,131 765,107,731 5,354,088,862
Dividends paid 37 - - - - - - - (84,528,677) - - - (84,528,677) (2,177,906) (86,706,583)
Total distributions to owners of the Company - - - - - - - (84,528,677) - - - (84,528,677) (2,177,906) (86,706,583)
Changes in ownership interests in subsidiary

Acquisition of non-controlling interests without
a change in control - - - - - - - - - - - - 288,758,750 288,758,750
Total transactions with owners, recorded directly
in equity - - - - - - - (84,528,677) - - - (84,528,677) 286,580,844 202,052,167
Transfer excesses of revenues over expenses

to Dusit Thani College funds 27 - - - - - 47,349,581 - (47,349,581) - - - - - -

Profit - - - - - - - 267,038,293 - - - 267,038,293 65,330,996 332,369,289
Other comprehensive income - - - - - - - 13,319,341 (81,300,899) 120,027,982 38,727,083 52,046,424 (59,840,032) (7,793,608)
Total comprehensive income for the year - - - - - - - 280,357,634 (81,300,899) 120,027,982 38,727,083 319,084,717 5,490,964 324,575,681
Balance at 31 December 2017 850,000,000 (15,740,202) 1,643,000,000 18,365,540 85,000,000 462,296,860 15,740,202 1,490,476,644 (98,223,077) 372,621,204 274,398,127 4,823,537,171 1,057,179,539 5,880,716,710
10
Statement of changes in equity
Separate financial statements

Other component of
Retained earnings shareholders' equity
Issued and Investments Total
paid-up Premium on Share premium on held as shareholders'
Note share capital ordinary shares treasury shares Legal reserve Unappropriated available for sale equity
(in Baht)
Balance at 1 January 2016 850,000,000 1,643,000,000 16,950,268 85,000,000 598,158,988 108,304,495 3,301,413,751
Dividends paid 37 - - - - (102,000,000) - (102,000,000)
Total distributions to owners of the Company - - - - (102,000,000) - (102,000,000)
Profit - - - - 158,313,676 - 158,313,676
Other comprehensive income - - - - - (89,627,975) (89,627,975)
Total comprehensive income for the year - - - - 158,313,676 (89,627,975) 68,685,701
Balance at 31 December 2016 850,000,000 1,643,000,000 16,950,268 85,000,000 654,472,664 18,676,520 3,268,099,452

Balance at 1 January 2017 850,000,000 1,643,000,000 16,950,268 85,000,000 654,472,664 18,676,520 3,268,099,452
Dividends paid 37 - - - - (85,000,000) - (85,000,000)
Total distributions to owners of the Company - - - - (85,000,000) - (85,000,000)
Profit - - - - 110,481,461 - 110,481,461
Other comprehensive income - - - - 16,425,658 1,052,200 17,477,858
Total comprehensive income for the year - - - - 126,907,119 1,052,200 127,959,319
Balance at 31 December 2017 850,000,000 1,643,000,000 16,950,268 85,000,000 696,379,783 19,728,720 3,311,058,771
11
Statement of cash flows
Note 2017 2016 2017 2016
(in Baht)
Cash flows from operating activities
Adjustments to reconcile profit (loss) to cash receipts
(payments)
Realised income from deferred rental revenue 23 (25,433,333) (25,433,333) (38,439,693) -
Interest income (15,953,954) (12,697,349) (14,640,094) (3,704,588)
Dividend income (15,489,430) (15,764,430) (96,918,611) (120,768,022)
Bad debts and doubtful accounts (reversal) 5 (587,402) 945,473 (742,708) (1,809,774)
Depreciation of plant and equipment 15 605,851,611 678,116,663 213,563,217 219,946,446
Depreciation of investment properties 14 10,678,785 10,674,037 12,882,512 12,327,794
Amortisation of other intangible assets 17 12,444,036 15,958,130 8,804,598 11,186,261
Loss on written off withholding tax 7,056,262 19,385,704 5,607,986 6,975,674
Amortisation of prepaid rental of land and buildings 16 142,838,400 102,810,457 109,414,280 74,066,640
Provisions for employee benefits 24 31,319,804 48,934,902 14,224,852 24,482,719
Share of profits from investments by the equity method (19,720,825) (22,079,994) - -
Gain on sales of available-for-sale investment - - - (119,561,068)
Loss on impairment of investment 10, 12, 13 99,700 - 11,177,133 63,537,853
Gain on sales of property, plant and equipment-net 15 (323,046,801) (932,300) (353,631) (374,002)
Reversal loss on impairment of plant and equipment 15 (2,816,115) - - -
Impairment of investment properties 14 1,700,000 - - -
Loss on equipment written off 15 4,762,379 12,024,637 1,500,830 1,341,031
Loss on sales of other intangible assets 17 7,126 90 - -
Finance costs 58,797,616 72,826,354 9,547,893 8,367,460
Income tax expense (income) 78,900,907 (11,551,319) (7,449,282) (24,982,748)
883,778,055 1,026,132,680 338,660,743 309,345,352
Changes in operating assets and liabilities
Operating assets (increase) decrease
Trade and other receivables (88,017,803) 6,322,848 (26,037,528) 25,493,068
Inventories 3,424,136 1,334,773 2,423,869 2,171,082
Other current assets (6,025,678) (1,783,663) 620,855 (583,696)
Other non-current assets (364,382) 370,738 (699,998) 323,817
Operating liabilities increase (decrease)
Trade and other payables (56,225,520) 50,979,615 (6,601,828) (10,925,047)
Other current liabilities 14,198,356 (1,624,272) 14,134,954 169,969
Other non-current liabilities (2,119,225) (42,969) (16,328,515) 41,029
Payment for provisions for employee benefits (31,319,804) (26,393,189) (15,003,712) (15,950,660)
Cash generated from operating activities 717,328,135 1,055,296,561 291,168,840 310,084,914
Proceeds from refund of prepaid income tax 12,248,615 11,063,571 10,063,608 9,759,406
Income tax paid (137,088,476) (45,933,287) (86,124,534) (17,352,261)
Net cash from operating activities 592,488,274 1,020,426,845 215,107,914 302,492,059
12
Statement of cash flows
Note 2017 2016 2017 2016
(in Baht)
Cash flows from investing activities
Interest income 12,645,987 10,072,523 8,815,380 2,239,087
Proceeds (payments) for short-term investments (89,921,423) 22,453,884 - -
Payments for short-term loans to related parties 28 - - (65,022,600) (287,500,000)
Repayments for short-term loans to related parties 28 - - 11,000,000 -
Payments for long-term loans to related parties 28 (34,006,017) (35,990,385) (96,831,628) (47,110,000)
Repayments for long-term loans to related parties 28 - - 36,781,500 -
Increase in restricted bank deposits (18,666) (20,013) - -
Dividend received from joint venture 28 30,999,690 27,999,720 30,999,690 27,999,720
Dividend received from associate 28 32,327,960 56,543,200 32,327,960 56,543,200
Dividend received 15,489,430 15,764,430 33,590,961 36,225,102
Payment of additional other long term investment (33,830,633) - - -
Payment of additional associate 11 (63,540,000) - (63,540,000) -
Payment of additional joint venture 13 (1,519,000) - (1,519,000) -
Payment of shares subscription in subsidiaries 12 - (87,051,550) (564,990,650) (398,800)
Received deposit from building lease arrangement 28 492,380,000 - - -
Proceeds from share deduction 11 142,587,200 - 142,587,200 -
Proceeds from sales of available-for-sale investment - - - 208,342,000
Purchase of investment properties - (734,823) - (841,717)
Proceeds from sales of property, plant and equipment 566,685,917 1,047,050 2,691,861 532,240
Purchases of property, plant and equipment (691,489,288) (345,784,508) (294,133,812) (113,615,248)
Purchases of other intangible assets (4,272,937) (2,179,348) (395,235) (548,000)
Payment deposit for hotel management right (74,840,020) - (74,840,020) -
Proceeds from sublease rental of land 28 - - 1,361,652,008 -
Payment for prepaid rental of land and buildings 16 (972,755,339) (6,639,731) (947,316,740) -
Net cash used in investing activities (673,077,139) (344,519,551) (448,143,125) (118,132,416)
Cash flows from financing activities

Acquisition of non-controlling interests 288,758,750 - - -
Proceeds from short-term loans from financial institutions 1,123,260,000 527,013,360 1,089,700,000 418,000,000
Repayments of short-term loans from financial institutions (1,040,602,080) (604,000,000) (833,000,000) (521,000,000)
Repayments of finance lease liabilities (1,236,756) (1,151,484) - -
Proceeds from long-term loans 22 180,723,653 - - -
Repayments of long-term loans 22 (164,445,200) (254,244,175) - -
Interest paid (50,274,188) (72,760,752) (9,227,256) (8,370,473)
Dividend paid (86,406,583) (105,245,798) (84,700,000) (102,000,000)
Net cash provided by (used in) financing activities 249,777,596 (510,388,849) 162,772,744 (213,370,473)
Net increase (decrease) in cash and cash equivalents,

before effect of exchange rates 169,188,731 165,518,445 (70,262,467) (29,010,830)
Effect of exchange rate changes on cash and
cash equivalents (18,655,578) (9,411,274) - -
Net increase (decrease) in cash and cash equivalents 150,533,153 156,107,171 (70,262,467) (29,010,830)
Cash and cash equivalents as at 1 January 870,334,699 714,227,528 160,984,291 189,995,121
Cash and cash equivalents as at 31 December 4 1,020,867,852 870,334,699 90,721,824 160,984,291
Non-cash transaction
Payables from acquisition of assets 13,474,579 29,793,476 7,615,389 10,675,483
13
Notes to the financial statements
For the year ended 31 December 2017
Note Contents
1 General information
2 Basis of preparation of the financial statements
3 Significant accounting policies
4 Cash and cash equivalents
5 Trade and other receivables
6 Inventories
7 Other current assets
8 Restricted bank deposits
9 Available-for-sale investments
10 Other long-term investments
11 Investments in associates
12 Investments in subsidiaries
13 Investments in joint ventures
14 Investment properties
15 Property, plant and equipment
16 Prepaid rental of land and buildings
17 Other intangible assets
18 Deferred tax
19 Deposit for hotel management right
20 Bank overdrafts and short-term loans from financial institutions
21 Trade and other payables
22 Long-term loans
23 Deferred rental revenue
24 Provisions for employee benefits
25 Share capital
26 Treasury shares
27 Reserves
28 Related parties
29 Segment information
30 Selling expenses
31 Administrative expenses
32 Employee benefit expenses
33 Expenses by nature
34 Finance costs
35 Income tax expense
36 Earnings per share
37 Dividends
38 Revenue arising from exchanges of goods or services
39 Financial instruments
40 Commitments
41 Contingent liabilities
42 Others
43 Events after the reporting period
14
These notes form an integral part of the financial statements.
The financial statements issued for Thai statutory reporting purposes are prepared in the Thai language.
These English language financial statements have been prepared from the Thai language statutory
financial statements, and were approved and authorised for issue by the Board of Directors on 22
February 2018.
1 General information
Dusit Thani Public Company Limited, the “Company”, is incorporated in Thailand and has its registered
head office at 946 Dusit Thani Office Building, 5th floor, Rama IV Road, Silom, Bangrak, Bangkok.
The Company was listed on the Stock Exchange of Thailand in April 1975.
The Company’s major shareholders during the financial year were Thanpuying Chanut Piyaoui and
related persons (49.94% shareholding).
The principal activities of the Company and the Group are to operate hotel business, hotel management
and education. Details of the Company’s subsidiaries, associates and joint ventures as at 31 December
2017 and 2016 are given in notes 11, 12 and 13.
2 Basis of preparation of the financial statements
2.1 Statement of compliance
The financial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS);
guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and
regulations of the Thai Securities and Exchange Commission.
The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or
after 1 January 2017. The initial application of these new and revised TFRS has resulted in changes in
certain of the Group’s accounting policies. These changes have no material effect on the financial
statements.
In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised
TFRS which are effective for annual financial periods beginning on or after 1 January 2018 and have
not been adopted in the preparation of these financial statements.
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following items,
Items Measurement bases

Available-for-sale financial assets Fair value
Net defined benefit liabilities Present value of the defined benefit
obligation, as explained in note 24
2.3 Functional and presentation currency
The financial statements are presented in Thai Baht, which is the Company’s functional currency. All
financial information presented in Thai Baht has been rounded in the notes to the financial statements
to Baht unless otherwise stated.
15
2 Basis of preparation of the financial statements (Continued)
2.4 Use of judgements and estimates
The preparation of financial statements in conformity with TFRS requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised prospectively.
Information about assumption and estimation uncertainties that have a significant risk of resulting in a
material adjustments to the amounts recognised in the financial statements is included in the following
notes:
Notes 12, 14 Testing of Impairment about utilisation of key assumption for valuing recoverable
and 15 amount
Note 18 Recognition of deferred tax assets: availability of future taxable profit against which
tax losses carried forward can be used
Note 24 Measurement of defined benefit obligations: key actuarial assumptions and
Note 39 The revaluation of financial instruments
Measurement of fair value
A number of the Group’s accounting policies and disclosures require the measurement of fair values,
for both financial and non-financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values. This
includes a valuation team that has overall responsibility for overseeing all significant fair value
measurements, including Level 3 fair values, and reports directly to the chief financial officer.
The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third
party information, such as broker quotes or pricing services, is used to measure fair values, then the
valuation team assesses the evidence obtained from the third parties to support the conclusion that such
valuations meet the requirements of TFRS, including the level in the fair value hierarchy in which such
valuations should be classified.
Significant valuation issues are reported to the Group Audit Committee.
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as
possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels
of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level
of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
16
2 Basis of preparation of the financial statements (Continued)
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in the following
notes:
Note 12 Subsidiaries
Note 14 Investment properties
Note 39 Financial instruments
Change in accounting estimate
From 1 May 2017, the Company changes the estimated useful lives of plant and equipment of one of
the Company’s hotel as a result of the resolution of the annual general shareholders’ meeting of the
Company held on 27 April 2017 which approved the investment to develop a mixed-use property
project. The operation of one of the Company’s hotels was expected to be ceased in order to develop in
the mid of 2018. However, in December 2017, the Company's management has postponed the ceasing
of hotel operations to early year 2019. Therefore, the estimated useful lives of the related assets were
reviewed by management considering the expected pattern of consumption of the future economic
benefits.
The effect of the change in estimate results in increasing in depreciation for the year ended 31 December
2017 of Baht 18.64 million. Additional depreciation of Baht 6.99 million is expected to have an effect
in future periods.
3 Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these
financial statements.
3.1 Basis of consolidation
The consolidated financial statements relate to the Company and its subsidiaries (together referred to as
the “Group”) and the Group’s interests in associates and joint ventures.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The financial statements of subsidiaries are included in the
consolidated financial statements from the date on which control commences until the date on which
control ceases.
Non-controlling interests
At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in
the identifiable net assets of the acquiree.
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for
as equity transactions
17
3 Significant accounting policies (Continued)
Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the
subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain
or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair
value when control is lost.
Interests in equity-accounted investees
The Group’s interests in equity-accounted investees comprise interests in associates and joint ventures.
Associates are those entities in which the Group has significant influence, but not control or joint control,
over the financial and operating policies. A joint venture is an arrangement in which the Group has joint
control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets
and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are recognised
initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated
financial statements include the Group’s share of the profit or loss and other comprehensive income of
equity-accounted investees, until the date on which significant influence or joint control ceases.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group
transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees
are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised
losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence
of impairment.
3.2 Foreign currencies
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities
at exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional
currency at the exchange rate at the reporting date.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional
currency at the exchange rates at the dates of the transactions.
Foreign operations
The assets and liabilities of foreign operations are translated to Thai Baht at the exchange rates at the
reporting date.
The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the
exchange rates at the dates of the transactions.
18
Foreign exchange differences are recognised in other comprehensive income and accumulated in the
translation reserve in equity until disposal of the investment, except to the extent that the translation
difference is allocated to non-controlling interest.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence
or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation
is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its
interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is
reattributed to non-controlling interests. When the Group disposes of only part of an associate or joint
venture while retaining significant influence or joint control, the relevant proportion of the cumulative
amount is reclassified to profit or loss.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither
planned nor likely in the foreseeable future, exchange gains and losses arising from such a monetary
item are considered to form part of a net investment in a foreign operation and are recognised in other
comprehensive income, and presented in the foreign currency translation reserve in equity until disposal
of the investment.
3.3 Cash and cash equivalents
Cash and cash equivalents in the statements of cash flows comprise cash balances, call deposits and
highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component
of cash and cash equivalents for the purpose of the statement of cash flows.
3.4 Trade and other receivables
Trade and other receivables are stated at their invoice value less allowance for doubtful accounts.
The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future
expectations of customer payments. Bad debts are written off when incurred.
3.5 Inventories
Inventories are measured at the lower of cost and net realisable value.
Cost is calculated using the weighted average cost principle, and comprises all costs of purchase, costs
of conversion and other costs incurred in bringing the inventories to their present location and condition.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated
costs to complete and to make the sale.
3.6 Investments
Investments in associates, subsidiaries and joint ventures
Investments in associates, subsidiaries and joint ventures in the separate financial statements of the
Company are accounted for using the cost method. Investments in associates and joint ventures in the
consolidated financial statements are accounted for using the equity method.
19
Investments in other equity securities
Marketable equity securities held for trading are classified as current assets and are stated at fair value,
with any resultant gain or loss recognised in profit or loss.
Marketable equity securities, other than those securities held for trading or intended to be held to
maturity, are classified as available-for-sale investments. Available-for-sale investments are, subsequent
to initial recognition, stated at fair value, and changes therein, other than impairment losses and foreign
currency differences on monetary items, are recognised directly in equity. Impairment losses and foreign
exchange differences are recognised in profit or loss. When these investments are derecognised, the
cumulative gain or loss previously recognised directly in equity is recognised in profit or loss. Where
these investments are interest-bearing, interest calculated using the effective interest method is
recognised in profit or loss.
Equity securities which are not marketable are stated at cost less any impairment losses.
The fair value of financial instruments classified as held-for-trading and available-for-sale is determined
as the quoted bid price at the reporting date.
Disposal of investments
On disposal of an investment, the difference between net disposal proceeds and the carrying amount
together with the associated cumulative gain or loss that was reported in equity is recognised in profit
or loss.
If the Group disposes of part of its holding of a particular investment, the deemed cost of the part sold
is determined using the weighted average method applied to the carrying value of the total holding of
the investment.
3.7 Investment properties
Investment properties are properties which are held to earn rental income, for capital appreciation or for
both, but not for sale in the ordinary course of business, use in the production or supply of goods or
services or for administrative purposes.
Investment properties are stated at cost less accumulated depreciation and impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the investment property. The
cost of self-constructed investment property includes the cost of materials and direct labour, and other
costs directly attributable to bringing the investment property to a working condition for its intended
use and capitalised borrowing costs.
20
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each
property. The estimated useful lives are as follows:
Building on leased land Lease terms

Interior and renovation on leased land 5 - 30 years
Furniture and equipment on leased land 3 - 20 years
No depreciation is provided on freehold land or assets under construction.
3.8 Property, plant and equipment
Recognition and measurement
Owned assets
Land is stated at cost. Plant and equipment are stated at cost less accumulated depreciation and impairment
losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly attributable
to bringing the assets to a working condition for their intended use, the costs of dismantling and
removing the items and restoring the site on which they are located, and capitalised borrowing costs.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of
that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted
for as separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment, and are
recognised net in profit or loss.
Leased assets
Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are
classified as finance leases. Property, plant and equipment acquired by way of finance leases is
capitalised at the lower of its fair value and the present value of the minimum lease payments at the
inception of the lease, less accumulated depreciation and impairment losses. Lease payments are
apportioned between the finance charges and reduction of the lease liability so as to achieve a constant
rate of interest on the remaining balance of the liability. Finance charges are charged directly to the
profit or loss.
Subsequent costs
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will flow
to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is
derecognised. The costs of the day-to-day servicing of plant and equipment are recognised in profit or
loss as incurred.
21
Depreciation
Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other
amount substituted for cost, less its residual value.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each
component of an item of plant and equipment. The estimated useful lives are as follows:
Land improvement 5-10 years

Buildings on leased land Lease terms
Buildings 20 - 50 years
Interior and renovation on leased land 5 - 20 years
Interior and renovation 5 - 20 years
Furniture and equipment on leased land 3 - 20 years
Furniture and equipment 3 - 20 years
Chinaware, glassware, silverware and linen 1 - 10 years
Vehicles 5 - 10 years
No depreciation is provided on freehold land or assets under construction and installation.
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and
adjusted if appropriate.
3.9 Prepaid rental of land and buildings
Prepaid rental of land and buildings are stated at cost less accumulated amortisation and impairment
losses.
Amortisation
Amortisation of prepaid rental of land and buildings is charged to profit or loss on a straight-line basis
over the terms of lease agreements.
3.10 Other intangible assets
Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost
less accumulated amortisation and impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred.
22
Amortisation
Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value
and recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets
since this most closely reflects the expected pattern of consumption of the future economic benefits
embodied in the asset. The estimated useful lives for the current and comparative periods are as follows:
Computer software 10 years
Amortisation methods, useful lives and residual values are reviewed at each financial year-end and
adjusted if appropriate.
3.11 Impairment
The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are
estimated. Intangible assets that have indefinite useful lives or are not yet available for use, the recoverable
amount is estimated each year at the same time.
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The
impairment loss is recognised in profit or loss.
When a decline in the fair value of an available-for-sale financial asset has been recognised directly in
equity and there is objective evidence that the value of the asset is impaired, the cumulative loss that had
been recognised directly in equity is recognised in profit or loss even though the financial asset has not
been derecognised. The amount of the cumulative loss that is recognised in profit or loss is the difference
between the acquisition cost and current fair value, less any impairment loss on that financial asset
previously recognised in profit or loss.
Calculation of recoverable amount
The recoverable amount of held-to-maturity securities and receivables carried at amortised cost is
calculated as the present value of the estimated future cash flows discounted at the original effective
interest rate.
The recoverable amount of available-for-sale financial assets is calculated by reference to the fair value.
The recoverable amount of a non-financial asset is the greater of the asset’s value in use and fair value
less costs to sell. In assessing 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. For an asset that does not generate cash inflows largely independent
of those from other assets, the recoverable amount is determined for the cash-generating unit to which
the asset belongs.
Reversals of impairment
An impairment loss in respect of a financial asset is reversed if the subsequent increase in recoverable
amount can be related objectively to an event occurring after the impairment loss was recognised in
profit or loss. For financial assets carried at amortised cost and available-for-sale financial assets that
are debt securities, the reversal is recognised in profit or loss. For available-for-sale financial assets that
are equity securities, the reversal is recognised in other comprehensive income.
23
An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods
in respect of other non-financial assets are assessed at each reporting date for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss had been recognised.
3.12 Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges.
Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any
difference between cost and redemption value being recognised in profit or loss over the period of the
borrowings on an effective interest basis.
3.13 Trade and other payables
Trade and other payables are stated at cost.
3.14 Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution plans are expensed in profit or loss as the related
service is provided.
Defined benefit plans
The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by
estimating the amount of future benefit that employees have earned in the current and prior periods,
discounting that amount.
The calculation of defined benefit obligations is performed annually by a qualified actuary using the
projected unit credit method. When the calculation results in a potential asset for the Group, the
recognised asset is limited to the present value of economic benefits available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the present value of
economic benefits, consideration is given to any application minimum funding requirements.
Remeasurements of the net defined benefit liability, actuarial gain or loss are recognised immediately in
other comprehensive income. The Group determines the interest expense on the net defined benefit
liability for the period by applying the discount rate used to measure the defined benefit obligation at
the beginning of the annual period, taking into account any changes in the net defined benefit liability
during the period as a result of contributions and benefit payments. Net interest expense and other
expenses related to defined benefit plans are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that
relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The
Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.
24
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised
for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be estimated reliably.
3.15 Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks
specific to the liability. The unwinding of the discount is recognised as finance cost.
3.16 Treasury shares
When share capital recognised as equity is repurchased, the amount of consideration paid, including
directly attributable costs, is classified as treasury shares and recognised as a deduction from equity. An
equal amount is appropriated from retained earnings and taken to a reserve for treasury shares within
equity.
When treasury shares are sold, the amount received is recognised as an increase in equity by crediting
the cost of the treasury shares sold, calculated using the weighted average method, to the treasury shares
account and transferring the equivalent amount back from reserve for treasury shares to retained
earnings. Surpluses on the sale of treasury shares are taken directly to a separate category within equity,
‘Surplus on treasury shares’. Net deficits on sale or cancellation of treasury shares are debited to retained
earnings after setting off against any remaining balance of surplus on treasury shares.
3.17 Revenue
Revenue excludes value added tax and is arrived at after deduction of trade discounts.
Revenue from hotel business
For hotel business; room, food and beverage and other income are recognised when services and goods
have been rendered or transferred.
Management fees
Management fees are recognised in profit or loss as they accrue.
Tuition and education fees
Tuition and education fees are recognised in profit or loss according to the teaching period.
25
Rental income
Rental income from investment properties is recognised in profit or loss on a straight-line basis over the
term of the lease. Lease incentives granted are recognised as an integral part of the total rental income.
Contingent rentals are recognised as income in the accounting period in which they are earned.
Dividend income
Dividends are recognised in profit or loss on the date the Group’s right to receive payments is established.
Interest income
Interest income is recognised in profit or loss as it accrues.
3.18 Finance costs
Interest expenses and similar costs are charged to profit or loss for the period in which they are incurred,
except to the extent that they are capitalised as being directly attributable to the acquisition, construction
or production of an asset which necessarily takes a substantial period of time to be prepared for its
intended use or sale.
3.19 Lease payment
Payments made under operating leases are recognised in profit or loss on a straight line basis over the
term of the lease.
Contingent lease payments are accounted for by revising the minimum lease payments over the
remaining term of the lease when the lease adjustment is confirmed.
Determining whether an arrangement contains a lease
At inception of an arrangement, the Group determines whether such an arrangement is or contains a

lease. A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use
of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to
the Group the right to control the use of the underlying asset.
At inception or upon reassessment of the arrangement, the Group separates payments and other
consideration required by such an arrangement into those for the lease and those for other elements on
the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable
to separate the payments reliably, an asset and a liability are recognised at an amount equal to the fair
value of the underlying asset. Subsequently the liability is reduced as payments are made and an
imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate.
3.20 Income tax
Income tax expense for the year comprises current and deferred tax. Current and deferred tax are
recognised in profit or loss except to the extent that they relate to a business combination, or items
recognised directly in equity or in other comprehensive income.
26
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using
tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax
is not recognised for the following temporary differences: the initial recognition of goodwill; the initial
recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries and
joint ventures to the extent that it is probable that they will not reverse in the foreseeable future.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which
the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences
when they reverse, using tax rates enacted or substantively enacted at the reporting date.
In determining the amount of current and deferred tax, the Group takes into account the impact of
uncertain tax positions and whether additional taxes and interest may be due. The Group believes that
its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors,
including interpretations of tax law and prior experience. This assessment relies on estimates and
assumptions and may involve a series of judgements about future events. New information may become
available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities;
such changes to tax liabilities will impact tax expense in the period that such a determination is made.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable
entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the temporary differences can be utilised. Deferred tax assets are reviewed at
each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will
be realised.
3.21 Earnings per share
The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares outstanding during the year, adjusted for own shares held.
3.22 Segment reporting
Segment results that are reported to the Group’s chief operating decision maker include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis.
27
4 Cash and cash equivalents
2017 2016 2017 2016
(in Baht)
Cash on hand 19,848,373 20,547,841 9,087,065 9,112,774
Cash at banks 984,280,254 776,737,574 81,634,759 151,871,517
Highly liquid short-term
investments 16,739,225 73,049,284 - -
Cash and cash equivalents in
the statement of financial
position and statement of
cash flow 1,020,867,852 870,334,699 90,721,824 160,984,291
The currency denomination of cash and cash equivalents as at 31 December was as follows:
2017 2016 2017 2016
(in Baht)
Thai Baht (THB) 842,118,442 622,615,460 90,721,824 160,564,886
United States Dollars (USD) 72,399,910 103,473,662 - -
Philippines Peso (PESO) 103,085,294 142,151,271 - -
Others 3,264,206 2,094,306 - 419,405
Total 1,020,867,852 870,334,699 90,721,824 160,984,291
5 Trade and other receivables

Note 2017 2016 2017 2016
(in Baht)
Trade accounts receivable - net 5.1 249,436,585 200,437,252 62,612,179 56,307,767
Other receivables -
Management fee and
other services - net 5.2 52,055,811 46,873,205 55,948,295 42,135,397
Other receivables - others 97,845,519 93,856,319 71,677,026 56,319,173
Less allowance for doubtful
accounts (8,882,509) (8,652,184) (8,882,509) (8,652,184)
88,963,010 85,204,135 62,794,517 47,666,989
Other receivable - World
Intertrade Corporation
Limited (see note 41) 40,879,585 40,879,585 40,879,585 40,879,585
account (40,879,585) (40,879,585) (40,879,585) (40,879,585)
- - - -
Accrued interest receivables 13,386,462 10,078,495 7,782,066 1,957,352

Accrued income 6,025,539 3,463,302 80,506 26,047
Prepaid expenses 72,202,388 54,467,375 13,340,311 14,523,678
Prepaid income tax 19,506,081 29,772,830 10,408,267 20,435,899
Advances 26,250,005 23,535,262 7,604,178 14,939,872
Deposits 8,219,837 8,462,196 - -
Insurance claim 270,650 298,249 - -
Total 536,316,368 462,592,301 220,570,319 197,993,001
28
5 Trade and other receivables (Continued)
5.1 Aging analyses for trade accounts receivable were as follows:
2017 2016 2017 2016
(in Baht)
Related parties
Outstanding amount
Not due and less than 3 months 9,402,449 4,304,783 10,049,335 4,985,066
Net 9,402,449 4,304,783 10,049,335 4,985,066
Other parties
Outstanding amount
3 - 6 months 12,027,267 4,253,086 399,432 885,860
6 - 12 months 133,587 1,894,348 56,885 1,892,559
Over 12 months 6,198,384 6,962,275 432,482 420,183
249,129,038 205,415,450 53,441,405 51,768,503
accounts (9,094,902) (9,282,981) (878,561) (445,802)
Net 240,034,136 196,132,469 52,562,844 51,322,701
Trade accounts receivable - net 249,436,585 200,437,252 62,612,179 56,307,767
Bad and doubtful debts expense

for the year (reversal) (188,079) (1,564,679) 432,759 (1,130,908)
The normal credit term granted by the Group due within 30 days.
29
5 Trade and other receivables (Continued)
5.2 Aging analyses for other receivables - management fee and other services were as follows:
2017 2016 2017 2016
(in Baht)
Related parties
Outstanding amount
3 - 6 months 670,439 352,573 4,565,764 7,434
6 - 12 months - 734,358 3,283,173 -
Over 12 months 3,487,518 2,455,270 129,435 128,444
5,615,608 5,486,584 42,411,708 33,632,406
accounts (4,219,798) (3,731,637) (669,930) (299,821)
Net 1,395,810 1,754,947 41,741,778 33,332,585
Other parties
Outstanding amount
3 - 6 months 3,004,852 748,965 554,280 461,449
6 - 12 months 2,488,028 1,482,482 418,047 -
Over 12 months 4,139,269 5,164,043 2,854,466 5,164,043
56,051,368 51,627,434 17,219,302 13,591,497
accounts (5,391,367) (6,509,176) (3,012,785) (4,788,685)
Net 50,660,001 45,118,258 14,206,517 8,802,812
Other receivables-management
fee and other services - net 52,055,811 46,873,205 55,948,295 42,135,397
Bad and doubtful debts expense

for the year (reversal) (629,648) 3,245,264 (1,405,791) 433,260
The currency denomination of trade and other receivables as at 31 December was as follows:
2017 2016 2017 2016
(in Baht)
Thai Baht (THB) 263,287,629 235,200,471 165,335,299 155,824,882
United States Dollars (USD) 161,268,980 151,789,232 41,994,694 27,156,066
Others 111,759,759 75,602,598 13,240,326 15,012,053
Total 536,316,368 462,592,301 220,570,319 197,993,001
30
6 Inventories
2017 2016 2017 2016
(in Baht)
Food and beverage 35,926,255 46,522,047 10,867,182 12,071,685
Mechanical supplies 5,136,268 3,799,790 260,562 323,698
Other supplies 23,247,055 22,709,161 5,257,477 5,732,192
Retail products 7,157,883 4,004,677 1,361,841 2,043,357
Total 71,467,461 77,035,675 17,747,062 20,170,932
7 Other current assets
2017 2016 2017 2016
(in Baht)
Value added tax receivable 56,151,752 54,475,432 1,729,892 2,350,747
Total 56,151,752 54,475,432 1,729,892 2,350,747
8 Restricted bank deposits
As at 31 December 2017 and 2016, cash at bank of a subsidiary were pledged as collateral to letter of
guarantee issued by the bank (see note 40.3).
9 Available-for-sale-investments
Available-for-sale-investments as at 31 December were as follows:
2017 2016 2017 2016
(in Baht)
Equity securities available-for-sale
At cost 64,991,858 64,991,858 17,500,700 17,500,700
Net changes in fair value of
available-for-sale investments 410,817,942 299,972,992 24,660,900 23,345,650
Total 475,809,800 364,964,850 42,161,600 40,846,350
31
9 Available-for-sale-investments (Continued)
Movements during the years ended 31 December of available-for-sale investments were as follows:
2017 2016 2017 2016
(in Baht)
Available-for-sale investments
At 1 January 364,964,850 356,440,850 40,846,350 241,662,250
Disposal of available-for-sale
investments - - - (88,780,932)
Net changes in fair value of
available-for-sale investments 110,844,950 8,524,000 1,315,250 (112,034,968)
At 31 December 475,809,800 364,964,850 42,161,600 40,846,350
10 Other long-term investments
Other long-term investments as at 31 December were as follows:
2017 2016 2017 2016
(in Baht)
Other non-marketable equity
securities 57,374,360 23,470,850 20,099,700 20,000,000
Less allowance for impairment (23,570,550) (23,470,850) (20,099,700) (20,000,000)
Total 33,803,810 - - -
Other long-term investments of the Group and the Company as at 31 December 2017 and 2016 were
denominated entirely in Thai Baht.
Movements during the years ended 31 December of Other long-term investments were as follows:
2017 2016 2017 2016
(in Baht)
At 1 January - - - -
Reclassified from investment
in subsidiaries 99,700 - 99,700 -
Addition 33,803,810 - - -
Allowance impairment (99,700) - (99,700) -
At 31 December 33,803,810 - - -
32
11 Investments in associates
Investments in associates as at 31 December 2017 and 2016, and dividend income from those investments for the years ended 31 December 2017 and 2016 were
as follows:
Ownership Interest Paid-up capital Equity Cost Dividend income
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
(%) (in Baht)
Associates
Dusit Thani Freehold
and Leasehold
Property Fund (1) - 30.02 - 4,094,000,000 - 1,254,412,642 - 1,229,202,500 32,327,960 56,543,200
Dusit Thani Freehold
and Leasehold Real
Estate Investment
Trust (2) 30.02 - 3,656,050,621 - 1,102,672,212 - 1,086,615,300 - - -
Philippine Hoteliers
International
Center for
Hospitality
Education, Inc.(3) 35.20 35.20 PHP 430,000,000 PHP 430,000,000 109,582,848 115,910,779 - - - -
Suanlum Property
Co., Ltd (4) 37.00 - 172,000,000 - 63,715,036 - 63,639,700 - - -
Phraram 4 Development
Co., Ltd. (5) 10.00 - 1,000,000 - - - 99,700 - - -
Total 1,275,970,096 1,370,323,421 1,150,354,700 1,229,202,500 32,327,960 56,543,200
33
11 Investments in associates (Continued)
On 14 September 2017, the meeting of unitholders passed resolutions approving the conversion of
the Dusit Thani Freehold and Leasehold Property Fund (“the Fund”) into Dusit Thani Freehold and
Leasehold Real Estate Investment Trust (“the Trust”).The de-listing of the Fund from the Stock
Exchange of Thailand was on 15 December 2017 and currently is under liquidation. The Trust was
incorporated on 29 November 2017 and on 8 December 2017, the major assets that are investment
property in 3 hotel properties, liabilities and obligations of the Fund were transferred to the Trust.
(1)
Dusit Thani Freehold and Leasehold Property Fund was listed on Stock Exchange of Thailand. As
at 31 December 2016, the fair value of the Company’s investment in Dusit Thani Freehold and
Leasehold Property Fund was Baht 1,008 million, which fair value has been categorised as Level 2
hierarchy. During 2016, Dusit Thani Freehold and Leasehold Property Fund distributed the return
of invested amount to its unitholders. The Company received the return of invested amount of Baht
142,587,200.
(2)
Dusit Thani Freehold and Leasehold Real Estate Investment Trust is listed on Stock Exchange of
Thailand. As at 31 December 2017, the fair value of the Company’s investment in Dusit Thani
Freehold and Leasehold Real Estate Investment Trust was Baht 737 million, which fair value has
been categorised as Level 2 hierarchy.
(3)
Philippine Hoteliers, Inc. (indirect subsidiary, 88% holding) holds 40% interest in Philippine
Hoteliers International Center for Hospitality Education, Inc. which was incorporated in the
Philippines on 15 July 2015.
(4)
On 26 June 2017, the extraordinary shareholders’ meeting of Suanlum Property Co., Ltd. approved
the increase share capital of Baht 171,900,000 and the Company invested in the increased shares of
Baht 63,540,000. Therefore, the Company’s ownership and controlling interests were changed and
affected the classification of investment from investment in subsidiary to investment in associate
(see note 12).
(5)
On 26 June 2017, the extraordinary shareholders’ meeting of Phraram 4 Development Co., Ltd.
approved the increase additional share capital of Baht 900,000 and the Company waive to subscribe
the increased shares which represent 90% holding interest to another investor. As a result, the
Company’s ownership and controlling interest were changed and the classification of investment
was changed from investment in subsidiary to investment in associate. However, management
believes that the Company has significant influence from the directorship in the Board of Directors
of this company (see note 12).
34
Movements in investments in associates during the years ended 31 December are summarised as follows:
2017 2016 2017 2016
(in Baht)
Associates
At 1 January 1,370,323,421 1,404,715,110 1,229,202,500 1,229,202,500
Reclassification from investment
in subsidiaries 199,400 - 199,400 -
Addition 63,540,000 - 63,540,000 -
Capital decrease in the Fund (142,587,200) - (142,587,200) -
Share of profits from investments
by the equity method 16,822,435 22,151,511 - -
Dividend income (32,327,960) (56,543,200) - -
1,275,970,096 1,370,323,421 1,150,354,700 1,229,202,500
The following table summarises the financial information of the associates as included in their own
financial statements, adjusted for fair value adjustments at acquisition and differences in accounting
policies. The table also reconciles the summarised financial information to the carrying amount of the
Group’s interest in these companies.
Dusit Thani Dusit Thani Freehold and
Freehold and Leasehold Property Fund
Leasehold Real
Estate
Investment
Trust
For the period
from 29
November 2017 For the period
(incorporation from 1 January
date) to 31 2017 to For the year
December 12 December 31 December
2017 2017 2016
(in million Baht)
Revenue 19 192 248
Net investment income 17 133 210

Net loss from investments - (72) (118)
Increase in net assets from operations 17 61 92
Attributable to the Company 5 18 28
35
Dusit Thani Dusit Thani

Freehold and Freehold and
Leasehold Real Leasehold
Estate Property Fund
Investment Trust
2017 2016
(in million Baht)
Current assets 171 89
Non-current assets 4,173 4,150
Current liabilities (82) (59)
Non-current liabilities (589) -
Net assets (100%) 3,673 4,180
Group’s share of net assets (30.02% shareholding) 1,103 1,254
Company’s interest in net assets at beginning - 1,283

Transfer in 1,098 -
Share of net profit from investment 5 28
Dividends received during the year - (57)
Carrying amount of investment in associate
at ending 1,103 1,254
The following is summarised financial information for the Group’s interest in immaterial associate based
on the amounts reported in the Group’s consolidated financial statements:
Immaterial Associate
2017 2016
(in million Baht)
Carrying amount of the Group’s interest in immaterial associate 173 116
Group’s share of
- Loss from continuing operations (6) (6)
- Total comprehensive income (loss) (6) (6)
36
12 Investments in subsidiaries
Investments in subsidiaries as at 31 December 2017 and 2016 and dividend income for the years ended 31 December 2017 and 2016 were as follows:

Ownership interest Paid-up capital Cost Dividend income
2017 2016 2017 2016 2017 2016 2017 2016
(%) (in Baht)
Subsidiaries
Dusit Thani Properties Co., Ltd. 99.99 99.99 800,000,000 800,000,000 799,999,300 799,999,300 19,999,990 19,999,990
Dusit Thai Properties Public Company Limited (1) 84.04 84.04 825,000,000 825,000,000 - - - -
Philippine Hoteliers, Inc.(1) 88.00 88.00 PHP 455,000,000 PHP 364,870,100 - - - -
Landmark Hotel Co., Ltd. 99.88 99.88 10,000,000 10,000,000 9,988,000 9,988,000 - -
Devarana Spa Co., Ltd. 99.99 99.99 8,000,000 8,000,000 7,999,930 7,999,930 - -
Dusit Thai Properties Public Company Limited 2.75 2.75 825,000,000 825,000,000 40,109,974 40,109,974 454,551 795,465
DMS Property Investment Pvt. Ltd.(2) 56.41 56.41 USD 38,500,000 USD 38,500,000 - - - -
Dusit Thani College (2) 86.79 86.79 217,715,882 217,715,882 - - - -
Dusit Worldwide Co., Ltd. 99.99 99.99 50,000,000 50,000,000 49,999,930 49,999,930 9,999,994 4,999,997
Dusit Overseas Co., Ltd. (3) 99.99 99.99 HKD 33,000 HKD 33,000 - - - -
Dusit Management Co., Ltd. 99.99 99.99 4,000,000 4,000,000 3,999,960 3,999,960 2,399,976 -
Dusit USA Management Inc. 100.00 100.00 USD 40,000 USD 40,000 1,243,600 1,243,600 - -
Dusit China Capital Co., Ltd. 99.99 99.99 68,000,000 68,000,000 67,999,970 67,999,970 - -
Dusit Excellence Co., Ltd. (formerly, Dusit Thani
Hotel Studies Co., Ltd. (4) 99.99 99.99 120,000,000 120,000,000 119,999,700 119,999,700 - -
Vimarn Suriya Co., Ltd.(5) 65.00 99.70 825,025,000 100,000 536,265,950 99,700 - -
Suanlum Property Co., Ltd.(6) 36.99 99.70 - 100,000 - 99,700 - -
Phraram 4 Development Co., Ltd.(7) 9.70 99.70 - 100,000 - 99,700 - -
Saladang Property Management Co., Ltd (8) 24.93 99.70 - 100,000 - 99,700 - -
Dusit Thani Properties REIT Co., Ltd .(9) 99.99 - 10,000,000 - 9,999,700 - - -
Asai Holdings Co., Ltd.(10) 99.70 - 18,825,000 - 18,824,700 - - -
Total 1,666,430,714 1,101,739,164 32,854,511 25,795,452
Less allowance for impairment (74,772,384) (63,988,000)
Net 1,591,658,330 1,037,751,164
37
12 Investments in subsidiaries (Continued)

(1)
Dusit Thani Properties Co., Ltd. holds 84.05% shareholding in Dusit Thai Properties Public
Company Limited and 88.01% shareholding in Philippine Hoteliers, Inc. On 28 November 2017,
the Extraordinary General Meeting of Shareholders of Philippine Hoteliers, Inc., an indirect
subsidiary, passed a resolution to approve and appropriate retained earnings as stock dividend
equivalent to 901,299 ordinary shares at Peso 100 par value each, totaling Peso 90,129,900.
Consequently, the authorized capital of this subsidiary, called and paid-up would be 4,550,000
ordinary shares, totaling Peso 455,000,000. Dusit Thani Properties Co., Ltd., as its shareholders
received this stock dividend equivalent to 793,262 ordinary shares.
(2)
During the year ended 31 December 2016, Dusit Thai Properties Public Company Limited
additionally invested in DMS Property Investment Pvt. Ltd., a subsidiary in Republic of Maldives,
for another 5% by acquiring the shares from the existing shareholder totaling 1,925,000 shares of
USD 2,435,000. As of 31 December 2017 and 2016, Dusit Thai Properties Public Company Limited
holds 65.00% in DMS Property Investment Pvt. Ltd. Share certificates of the subsidiary are pledged
as collateral of loan from financial institution of the subsidiary (see notes 20 and 22) and holds
100.00% in Dusit Thani College.
(3)
Dusit Worldwide Co., Ltd. holds 100.00% shareholding in Dusit Overseas Co., Ltd.
(4)
On 20 October 2017, Dusit Thani Hotel Studies Co., Ltd., a subsidiary, registered the change of
name to Dusit Excellence Co., Ltd.
(5)
Vimarn Suriya Co., Ltd. was registered on 23 August 2016. On 26 June 2017, the Extraordinary
General Meeting of Shareholders of Vimarn Suriya Co., Ltd. approved to increase the registered
capital of 10,999,000 shares at Baht 100 per share. The paid-up capital is Baht 824,925,000 and the
Company invested addition Baht 536,201,250. As a result, the Company reduced its investment
proportion to 65%.
(6)
Suanlum Property Co., Ltd. was registered on 23 August 2016. On 26 June 2017, the Extraordinary
Shareholders' Meeting of Suanlum Property Co., Ltd. resolved to increase the additional registered
capital of 1,719,000 shares at Baht 100 per share and the Company invested in amount of Baht
63,540,000. In June 2017, the Company reduced its investment proportion to 37%, resulted the
shareholding and controlling of the Company over Suanlum Property Co., Ltd. was changed.
Consequently, the Company reclassified the investment from investment in subsidiary to investment
in associate (see note 11).
(7)
Phraram 4 Development Co., Ltd. was registered on 5 October 2016. On 26 June 2017, the
Extraordinary General Meeting of Shareholders of Phraram 4 Development Co., Ltd. passed a
resolution to increase registered capital of 9,000 shares at the par value of Baht 100 per share. The
Company waived to invest in additional ordinary shares, therefore the shareholding and controlling
of the Company over Phraram 4 Development Co., Ltd. changed. The Company reclassified the
investment from investment in subsidiary to investment in associate (see note 11).
38

(8)
Saladang Property Management Co., Ltd. was registered on 26 December 2016. On 26 June, 2017,
the Extraordinary General Meeting of Shareholders of Saladang Property Management Co., Ltd.
passed a resolution to increase the additional registered capital of 3,000 shares at the par value of
Baht 100 per share. The Company has waived its right to invest in additional ordinary shares,
therefore the shareholding and controlling of the Company over Saladang Property Management Co.,
Ltd. changed. The Company reclassified the investment from investment in subsidiary to other long-
term investment. Management believes that the Company does not have significant influence over
Saladang Property Management Co., Ltd. due to the Company does not have any representative
director in its Board of Directors (see note 10).
Item No. 5-8 related to the future mix-use property projects as disclosed in Notes 2 and 40.
(9)
Dusit Thani Properties REIT Co., Ltd. registered on 21 August 2017.
(10)
Asai Holdings Co., Ltd. registered on 21 November 2017, with registered capital of 1,000 shares at
Baht 100 per share, 100% paid up. On 14 December 2017, the Extraordinary General Meeting of
Shareholders of Asai Holdings Co., Ltd. has resolved to increase the registered capital of 749,000
shares at Baht 100 per share, by paid-up capital amount of Baht 18,725,000 and the Company
invested in full amount.
Movements in investments in subsidiaries during the years ended 31 December were as follows:
Separate
financial statements
2017 2016
(in Baht)
Subsidiaries
At 1 January 1,037,751,164 1,091,352,364
Additional investment 28,824,400 398,800
Reclassifications to investments in associates and other long-term
investments (299,100) -
Increased from the capital increase 536,166,250 -
Allowance for impairment (1) (10,784,384) (54,000,000)
At 31 December 1,591,658,330 1,037,751,164
(1)
Key assumptions for valuing recoverable amount are such as growth rate, head counts, etc. The values
assigned to the key assumptions by management’s assessment based on future trends in the relevant
industries and on historical data from both external and internal sources.
Separate
2017 2016
(%)
Discount rate 7.0 - 10.0 10.0
Management reviewed and tested impairment of certain investments in subsidiaries which have
impairment indicators by determining recoverable amount from their value in using discounted future
cash flows.
39
Non-controlling interests
The following table summarises the information relating to each of the Group’s subsidiaries that has a
material non-controlling interest, before any intra-group eliminations:
31 December 2017
DMS Other
Property Dusit individually
Investment Thani immaterial Intra-group
Pvt. Ltd. College subsidiaries eliminations Total
(in million Baht)
Non-controlling interest
percentage 43.59 13.21

Non-current assets 1,682 505
Non-current liabilities (296) (14)
Net assets 1,246 1,003
Carrying amount of non-
controlling interest 543 132 382 - 1,057
Revenue 739 379

Profit 74 61
Other comprehensive income - -
Total comprehensive income 74 61
Profit allocated to non-
controlling interest 32 8 25 - 65
allocated to non-controlling
interest - -
Cash flows from operating

activities 285 (8)
Cash flows from investing
activities (73) (131)
Cash flows from financing
activities (1) (205) -
Net increase (decrease) in cash
and cash equivalents 7 (139)
(1)
Dividends to non-controlling interest: nil
40
31 December 2016
DMS Other
Property Dusit individually
Investment Thani immaterial Intra-group
Pvt. Ltd. College subsidiaries eliminations Total
(in million Baht)
Non-controlling interest
percentage 43.59 13.21

Non-current assets 1,983 493
Net assets 1,287 945
Carrying amount of non-
Revenue 738 413

Profit 46 90
Other comprehensive income - -
Profit allocated to non-
allocated to non-controlling
interest - -
Cash flows from operating

activities 185 128
Cash flows from investing
activities (29) 22
Cash flows from financing
activities (1) (201) -
Net increase (decrease) in cash
and cash equivalents (45) 150
(1)
Dividends to non-controlling interest: nil
41
13 Investments in joint ventures
Investments in joint ventures as at 31 December 2017 and 2016 and dividend income for the years ended 31 December 2017 and 2016 were as follows:
Ownership interest Paid-up capital Equity Cost Dividend income
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
(%) (in Baht)
Joint ventures
Le Cordon Bleu Dusit Co., Ltd. 49.99 49.99 40,000,000 40,000,000 42,525,045 53,739,700 19,999,400 19,999,400 30,999,690 27,999,720
Dusit Bird Hotels Pvt. Ltd.(1) 50.00 50.00 INR 28,600,000 INR 28,600,000 290,968 293,933 9,830,902 9,830,902 - -
Dusit Fudu Hotel Management
(Shanghai) Co., Ltd.(2) 44.99 44.99 CNY 30,000,000 CNY 30,000,000 - - - - - -
Dusit Colours Co., Ltd.(3) 49.00 - JPY 10,000,000 - - 1,503,320 - 1,519,000 - - -
Total 44,319,333 54,033,633 31,349,302 29,830,302 30,999,690 27,999,720
Less allowance for impairment (9,830,902) (9,537,853)
Net 21,518,400 20,292,449
(1)
Dusit Bird Hotels Pvt. Ltd. is in the liquidation process according to Indian law.
(2)
Dusit Fudu Hotel Management (Shanghai) Co., Ltd. was held by Dusit China Capital Co., Ltd. which is a subsidiary at 45.00%.
(3)
Dusit Colours Co., Ltd. registered in Japan on 17 April 2017.
42
13 Investments in joint ventures (Continued)
Movements in investments in joint ventures during the year ended 31 December are summarised as
follows:
2017 2016 2017 2016
(in Baht)
Joint ventures
At 1 January 54,033,633 52,517,563 20,292,449 29,830,302
Addition 1,519,000 - 1,519,000 -
Dividend income (30,999,690) (27,999,720) - -
Share of profits from investments
by the equity method 19,768,795 29,532,782 - -
Exchange loss on translation
of foreign operations (2,405) (16,992) - -
Allowance for impairment - - (293,049) (9,537,853)
At 31 December 44,319,333 54,033,633 21,518,400 20,292,449
Liabilities from investments in joint venture are equity loss that the Company recognized from
cumulative loss over cost.
The following table summarises the financial information of the joint ventures as included in their own
financial statements, adjusted for fair value adjustments at acquisition and differences in accounting
policies. The table also reconciles the summarised financial information to the carrying amount of the
Group’s interest in these companies.
Le Cordon Bleu Dusit

Co., Ltd.
2017 2016
(in million Baht)
Revenue 228 254
Profit from continuing operations 40 62a
Other comprehensive income (2) 3
Attributable to the joint venturer 19 32
Attributable to the Company 19 33
Current assets 161 196b

Non-current assets 14 19
Net assets (100%) 90 107
Attributable to the joint venture of net assets (49.99% shareholdings) 45 53
Attributable to the Company of net assets 45 54
Company’s interest in net assets at 1 January 54 53

Total comprehensive income attributable to the Company 19 29
Dividends received during the year (31) (28)
Carrying amount of interest in investee
at 31 December 42 54
43
13 Investments in joint ventures (Continued)

Le Cordon Bleu Dusit
Co., Ltd.
2017 2016
(in million Baht)
Remark:
a. Includes:
- depreciation and amortisation 13 13
b. Includes cash and cash equivalents 63 59
The following is summarised financial information for the Group’s interest in immaterial joint
ventures based on the amounts reported in the Group’s consolidated financial statements:
Immaterial joint ventures
2017 2016
(in million Baht)
Carrying amount of interest in immaterial joint ventures - -
Group’s share of
- Loss from continuing operations (17) (29)
- Other comprehensive income 3 (5)
- Total comprehensive income (14) (34)
14 Investment properties
Movements in investment properties during the years ended 31 December were as follows:

At Reclassification At
1 January Additions to plant and 31 December
2016 (Disposals) equipment 2016
(in Baht)
Cost
Land 214,945,361 - - 214,945,361
Buildings on leased land 4,082,962 739,533 - 4,822,495
Interior and renovation on
leased land 137,601,266 (4,240) (3,471,632) 134,125,394
Furniture and equipment on
leased land 8,406,708 (470) (210,137) 8,196,101
Total 365,036,297 734,823 (3,681,769) 362,089,351
Accumulated depreciation
Buildings on leased land (3,629,753) (77,274) - (3,707,027)
leased land (107,715,433) (10,261,802) - (117,977,235)
leased land (7,191,513) (334,961) - (7,526,474)
Total (118,536,699) (10,674,037) - (129,210,736)
Investment properties - net 246,499,598 (9,939,214) (3,681,769) 232,878,615
Depreciation for the year 10,674,037
44
14 Investment properties (Continued)

1 January Additions to plant and 31 December
2017 (Disposals) equipment 2017
(in Baht)
Cost
Land 214,945,361 (40,139,176) - 174,806,185
Buildings on leased land 4,822,495 (18,621) (82,780) 4,721,094
leased land 134,125,394 (517,939) (2,302,311) 131,305,144
leased land 8,196,101 (31,651) (140,689) 8,023,761
Total 362,089,351 (40,707,387) (2,525,780) 318,856,184
Accumulated depreciation and

allowance for impairment
Buildings on leased land (3,707,027) (137,208) - (3,844,235)
leased land (117,977,235) (10,193,495) - (128,170,730)
leased land (7,526,474) (348,082) - (7,874,556)
Total (129,210,736) (10,678,785) - (139,889,521)
Investment properties 232,878,615 (51,386,172) (2,525,780) 178,966,663
Less allowance for impairment - (1,700,000) - (1,700,000)

1 January to plant and 31 December
2016 Additions equipment 2016
(in Baht)
Cost
Land 144,571,625 - - 144,571,625
Building on leased land 4,562,972 841,717 - 5,404,689
leased land 153,789,268 - (3,471,632) 150,317,636
leased land 9,395,708 - (210,137) 9,185,571
Total 312,319,573 841,717 (3,681,769) 309,479,521
Building on leased land (4,056,772) (97,783) - (4,154,555)
leased land (120,387,538) (11,832,459) - (132,219,997)
leased land (8,037,553) (397,552) - (8,435,105)
Total (132,481,863) (12,327,794) - (144,809,657)
45

1 January to plant and 31 December
2017 Additions equipment 2017
(in Baht)
Cost
Land 144,571,625 - - 144,571,625
Building on leased land 5,404,689 - (82,779) 5,321,910
leased land 150,317,636 - (2,302,311) 148,015,325
leased land
9,185,571 - (140,688) 9,044,883
Total 309,479,521 - (2,525,778) 306,953,743
Building on leased land (4,154,555) (178,906) - (4,333,461)
leased land (132,219,997) (12,262,021) - (144,482,018)
leased land
(8,435,105) (441,585) - (8,876,690)
Total (144,809,657) (12,882,512) - (157,692,169)
Investment properties as at 31 December 2017 and 2016 were valued by a firm of independent
professional valuers and management, at open market values on an existing use basis.
As at 31 December 2017, the fair value of investment properties presented in the consolidated and
separate financial statements were Baht 1,441,584,722 and Baht 1,347,985,471, respectively.
Measurement of fair value
Fair value hierarchy
The fair value of investment property was determined by external, independent property valuers, having
appropriate recognised professional qualifications and recent experience in the location and category of
the property being valued. The independent valuers provide the fair value of the Group’s investment
property portfolio on a regular basis.
The fair value measurement for investment property of Baht 1,441,584,722 has been categorised as a
Level 3 fair value based on the inputs to the valuation technique used.
46
Impairment of assets
Key assumptions for valuing recoverable amount is presented as follows. The values assigned to the
key assumptions by management’s assessment based on future trends in the relevant industries and on
historical data from both external and internal sources.
Consolidated
2017 2016
(%)
Discount rate 7.0 10.0
Management reviewed and tested impairment of certain investment properties which have impairment
indicators by determining recoverable amount from their value in using discounted future cash flows.
47
15 Property, plant and equipment
Property, plant and equipment as at 31 December 2017 and 2016 consisted of the following:
Exchange gain
(loss) on
At translating At
1 January financial 31 December
2016 Additions Disposals Write-offs Transfers statement 2016
(in Baht)
Cost
Land 481,558,176 - - - - - 481,558,176
Land improvement 8,972,971 - - - - (85,474) 8,887,497
Buildings 1,427,362,962 2,080,751 (364) - 21,962,157 - 1,451,405,506
Buildings on leased land 3,567,397,927 22,250,269 - (8,234,763) 312,854,644 (77,210,247) 3,817,057,830
Furniture and equipment 1,223,766,559 25,820,064 (12,383,075) - 91,739,135 (23,259,045) 1,305,683,638
Furniture and equipment
on leased land 1,546,133,050 35,810,805 (28,489,579) (1,731,589) 14,829,571 (2,807,631) 1,563,744,627
Interior and renovation 499,382,262 1,595,466 (495,009) - 4,183,154 - 504,665,873
Interior and renovation
on leased land 1,156,991,327 830,580 (1,800,170) (345,884) 58,226,081 (8,020) 1,213,893,914
Vehicles 76,734,580 2,749,662 (6,718,783) (596,434) - (278,865) 71,890,160
Chinaware, glassware,
silverware and linen 144,525,684 18,710,503 (2,664,036) (17,516,847) 39,861 (319,930) 142,775,235
Construction in process 427,287,204 228,035,216 - - (512,714,297) (13,796,114) 128,812,009
Total 10,560,112,702 337,883,316 (52,551,016) (28,425,517) (8,879,694) (117,765,326) 10,690,374,465
48
15 Property, plant and equipment (Continued)

Exchange gain
(loss) on
At translating At
(in Baht)
and allowance for
impairment
Land improvement (8,229,541) (189,121) - - - 67,629 (8,351,033)
Buildings (853,656,930) (39,469,717) 235 - - - (893,126,412)
Buildings on leased land (1,332,858,475) (176,102,929) - 61,649 - 42,544,989 (1,466,354,766)
Furniture and equipment (594,530,241) (119,289,512) 12,550,495 - - 17,335,128 (683,934,130)
on leased land (1,347,963,107) (162,674,314) 28,532,602 1,164,471 - 497,629 (1,480,442,719)
Interior and renovation (204,913,295) (41,229,329) 386,431 - - - (245,756,193)
on leased land (877,511,463) (107,151,207) 1,663,175 330,332 - 6,247 (982,662,916)
Vehicles (60,401,322) (8,233,471) 6,718,778 506,808 - 135,357 (61,273,850)
silverware and linen (93,530,868) (23,777,063) 2,584,551 14,337,620 - 116,256 (100,269,504)
Total (5,373,595,242) (678,116,663) 52,436,267 16,400,880 - 60,703,235 (5,922,171,523)
Property, plant and
equipment 5,186,517,460 (340,233,347) (114,749) (12,024,637) (8,879,694) (57,062,091) 4,768,202,942
Less allowance for
impairment (78,617,236) - - - - - (78,617,236)
Property, plant and
equipment - net 5,107,900,224 (340,233,347) (114,749) (12,024,637) (8,879,694) (57,062,091) 4,689,585,706
49
Exchange gain
(loss) on
At translating At
(in Baht)
Cost
Land 481,558,176 180,054,500 (67,360,825) - - - 594,251,851
Land improvement 8,887,497 - (1,898,236) - - (132,882) 6,856,379
Buildings 1,451,405,506 743,650 (153,099,440) - 993,153 - 1,300,042,869
Buildings on leased land 3,817,057,830 11,389,207 - (2,528,306) 69,027,937 (301,469,790) 3,593,476,878
Furniture and equipment 1,305,683,638 27,600,512 (131,325,923) (19,273,686) 42,774,186 (40,276,123) 1,185,182,604
on leased land 1,563,744,627 31,711,966 (41,838,023) - 18,562,447 (36,800,848) 1,535,380,169
Interior and renovation 504,665,873 44,000 (42,300,356) - 8,738,934 - 471,148,451
on leased land 1,213,893,914 517,939 (17,457,945) - 78,589,196 - 1,275,543,104
Vehicles 71,890,160 3,659,544 (9,666,253) - - (2,192,698) 63,690,753
silverware and linen 142,775,235 13,598,889 (1,298,300) (20,073,568) 160,313 (4,505,626) 130,656,943
Construction in process 128,812,009 405,850,185 - - (227,170,386) (4,704,367) 302,787,441
Total 10,690,374,465 675,170,392 (466,245,301) (41,875,560) (8,324,220) (390,082,334) 10,459,017,442
50
At Exchange gain At
1 January (loss) on translating 31 December
2017 Additions Disposals Write-offs Transfers financial statement 2017
(in Baht)
Land improvement (8,351,033) (167,386) 1,781,714 - - 107,562 (6,629,143)
Buildings (893,126,412) (40,966,667) 64,729,349 - - - (869,363,730)
Buildings on leased land (1,466,354,766) (155,560,970) 1,792 2,017,902 8,810,386 106,485,119 (1,504,600,537)
Furniture and equipment (683,934,130) (103,306,793) 102,211,330 18,987,435 (8,810,386) 28,843,259 (646,009,285)
on leased land (1,480,442,719) (143,638,091) 41,562,954 3 - 23,349,270 (1,559,168,583)
Interior and renovation (245,756,193) (33,744,215) 26,207,831 - - - (253,292,577)
on leased land (982,662,916) (108,155,631) 17,457,067 - - - (1,073,361,480)
Vehicles (61,273,850) (3,988,055) 7,757,021 - - 1,921,451 (55,583,433)
silverware and linen (100,269,504) (16,323,803) 1,043,440 16,676,052 - 4,320,753 (94,553,062)
Total (5,922,171,523) (605,851,611) 262,752,498 37,681,392 - 165,027,414 (6,062,561,830)
Property, plant and
equipment 4,768,202,942 69,318,781 (203,492,803) (4,194,168) (8,324,220) (225,054,920) 4,396,455,612
Less allowance for
impairment (78,617,236) (7,647,972) 12,248,258 - - - (74,016,950)
Property, plant and
equipment - net 4,689,585,706 61,670,809 (191,244,545) (4,194,168) (8,324,220) (225,054,920) 4,322,438,662
Depreciation for the year (605,851,611)
51

At At
1 January 31 December
2016 Additions Disposals Write-offs Transfers 2016
(in Baht)
Cost
Buildings on leased land 353,408,615 587,868 - - - 353,996,483
on leased land 1,261,374,896 21,669,680 (28,475,669) - 14,829,571 1,269,398,478
on leased land 1,186,186,652 826,339 (1,800,170) - 58,226,081 1,243,438,902
Vehicles 31,241,769 2,370,000 (6,019,783) - - 27,591,986
silverware and linen 52,328,899 7,065,394 (2,664,034) (7,148,419) 39,861 49,621,701
Construction in process 35,324,220 81,955,339 - - (81,975,207) 35,304,352
Total 2,919,865,051 114,474,620 (38,959,656) (7,148,419) (8,879,694) 2,979,351,902
Buildings on leased land (321,999,551) (15,066,116) - - - (337,065,667)
on leased land (1,042,963,382) (91,865,349) 28,533,914 - - (1,106,294,817)
on leased land (913,704,924) (105,174,989) 1,663,175 - - (1,017,216,738)
Vehicles (30,255,965) (952,647) 6,019,779 - - (25,188,833)
silverware and linen (33,918,989) (6,887,345) 2,584,550 5,807,388 - (32,414,396)
Total (2,342,842,811) (219,946,446) 38,801,418 5,807,388 - (2,518,180,451)
Property, plant and
equipment - net 577,022,240 (105,471,826) (158,238) (1,341,031) (8,879,694) 461,171,451
52

At At
1 January 31 December
2017 Additions Disposals Write-offs Transfers 2017
(in Baht)
Cost
Land - 180,054,500 - - - 180,054,500
Buildings on leased land 353,996,483 - - - 82,781 354,079,264
on leased land 1,269,398,478 17,138,005 (40,732,393) - 12,600,312 1,258,404,402
on leased land 1,243,438,902 - (17,457,955) - 78,589,193 1,304,570,140
Vehicles 27,591,986 2,751,956 (6,960,000) - - 23,383,942
silverware and linen 49,621,701 4,379,191 (387,419) (9,474,008) 175,913 44,315,378
Construction in process 35,304,352 86,750,066 - - (99,772,421) 22,281,997
Total 2,979,351,902 291,073,718 (65,537,767) (9,474,008) (8,324,222) 3,187,089,623
Buildings on leased land (337,065,667) (11,474,901) - - - (348,540,568)
on leased land (1,106,294,817) (95,203,026) 40,469,805 - - (1,161,028,038)
on leased land (1,017,216,738) (100,017,605) 17,457,067 - - (1,099,777,276)
Vehicles (25,188,833) (597,802) 5,050,771 - - (20,735,864)
silverware and linen (32,414,396) (6,269,883) 221,894 7,973,178 - (30,489,207)
Total (2,518,180,451) (213,563,217) 63,199,537 7,973,178 - (2,660,570,953)
Property, plant and
equipment - net 461,171,451 77,510,501 (2,338,230) (1,500,830) (8,324,222) 526,518,670
Depreciation for the year (213,563,217)
53
Property, plant and equipment - net included building and building improvement on lease land of Dusit
Thani Hotel, Pattaya at a net book value as at 31 December 2017 and 2016 of Baht 5,010,000 and Baht
16,291,544, respectively. Even though the title to the building of Dusit Thani Hotel, Pattaya has not
been transferred to the Company, the management believes that by the fact and law, the Company has
the right to use the building for its operations, as the building is located on the land which the subsidiary
is the lessee. On 21 January 2002, the Company has registered the leasehold right on land with the
Department of Land, Pattaya. In addition, the Company has peacefully and openly possessed this
property with intention to be its owner for more than 10 years, by virtue of the Civil and Commercial
Code of Thailand, section 1382 (see note 41).
Dusit Thai Properties Public Company Limited, a subsidiary
As at 31 December 2017 and 2016, property, plant and equipment of Dusit Thani Hua Hin under Dusit
Thai Properties Public Company Limited at a net book value of Baht 297,280,128 and Baht 307,965,312,
respectively, are mortgaged as a guarantee condition which is specified in a lease agreement for land and
building with Dusit Thani Freehold and Leasehold Real Estate Investment Trust (2016: Dusit Thani
Freehold and Leasehold Property Fund) of Baht 1,300,000,000.
Sale of Dusit Princess Korat Hotel
On 28 December 2017, Dusit Thai Properties Public Company Limited, a subsidiary sold and
transferred the rights in Dusit Princess Korat’s buildings, including fixtures and equipment and land,
license and related rights which had the carrying value and related fees totalling of Baht 272 million to
third party in the amount of Baht 565 million. The net gain on sales of the Group was Baht 293 million,
presented in the consolidated statement of income.
Philippine Hoteliers, Inc., an indirect subsidiary

As at 31 December 2016 building and equipment in the consolidated financial statement included
interest expense from loan of Philippine Hoteliers, Inc. in the amount of Peso 14,341,675 or Baht
10,663,155. The capitalised interest rate was 4.125% - 4.617%.
54
Fully depreciated plant and equipment
As at 31 December 2017 and 2016, plant and equipment of the Group amounted to Baht 2,514,688,696
and Baht 2,349,943,296, respectively, were fully depreciated but still in use.
As at 31 December 2017 and 2016, plant and equipment of the Company amounted to Baht 1,552,056,956
and Baht 1,154,266,084, respectively, were fully depreciated but still in use.
Impairment of assets
Key assumptions for valuing recoverable amount is presented as follows. The values assigned to the
key assumptions by management’s assessment based on future trends in the relevant industries and on
historical data from both external and internal sources.
Consolidated
2017 2016
(%)
Discount rate 7.0 10.0
Management reviewed and tested impairment of certain property, plant and equipment which have
impairment indicators by determining recoverable amount from their value in using discounted future
cash flows.
55
16 Prepaid rental of land and buildings
Movements in prepaid rental of land and buildings during the years ended 31 December were as follows:
2017 2016 2017 2016
(in Baht)
Net book value
At 1 January 166,241,223 263,349,977 92,583,300 166,649,940
Additional payments 972,755,339 6,639,731 947,316,740 -
Amortisation (142,838,400) (102,810,457) (109,414,280) (74,066,640)
Exchange loss on translating
financial statements (5,006,676) (938,028) - -
At 31 December 991,151,486 166,241,223 930,485,760 92,583,300
Less current portion of prepaid
rental of land and
buildings (144,449,623) (90,778,652) (89,211,939) (74,066,640)
Prepaid rental of land and
buildings 846,701,863 75,462,571 841,273,821 18,516,660
Dusit Thani Public Co., Ltd.
On 28 June 2017, the Company paid the first lease payment at 20% as specified in the lease contract
with The Crown Property Bureau (see note 40). The mentioned prepaid rental is amortized throughout
the lease period.
DMS Property Investment Pvt. Ltd., an indirect subsidiary
DMS Property Investment Pvt. Ltd. an indirect subsidiary, has leasehold right from the Government of
Republic of Maldives, for five-star resort and construction over Mudhdhoo Island in Baa Atoll, Republic
of Maldives for 35 years with prepaid rental of USD 5,000,000 for the first 5 years in the amount of USD
1,000,000 per year, starting from 23 January 2012. The Government of Republic of Maldives passed the
law to extend the leasehold right to a maximum period of 50 years which the subsidiary has to pay
additional rental of USD 100,000 annually from September 2044 onwards. As such, the lease period will
be due in September 2059. Consequently, the Government of Republic of Maldives issued a letter to the
subsidiary to prepay the additional annual rental for the last 15 years. As of 31 December 2017, the
subsidiary prepaid the said total of USD 1,500,000 and amortised for remaining leasehold period.
56
17 Other intangible assets
Movements in other intangible assets during the years ended 31 December were as follows:

Exchange gain
(loss) on
At translating At
2016 Additions Write-offs Transfers statement 2016
(in Baht)
Computer softwares
Cost 152,780,105 2,179,348 (4,316) 12,561,463 (580,590) 166,936,010
Accumulated amortisation (91,014,293) (15,958,130) 4,226 - 390,806 (106,577,391)
Intangible assets - net 61,765,812 (13,778,782) (90) 12,561,463 (189,784) 60,358,619
Amortisation for the year 15,958,130

Exchange gain
(loss) on
At translating At
2017 Additions Write-offs Transfers statement 2017
(in Baht)
Computer softwares
Cost 166,936,010 4,272,937 (2,671,188) 10,850,000 (1,277,897) 178,109,862
Accumulated amortisation (106,577,391) (12,444,036) 2,664,062 - 1,053,662 (115,303,703)
Intangible assets - net 60,358,619 (8,171,099) (7,126) 10,850,000 (224,235) 62,806,159
57
17 Other intangible assets (Continued)

At At
1 January 2016 Additions Transfers 31 December 2016
(in Baht)
Computer softwares
Cost 110,382,139 548,000 12,561,463 123,491,602
Accumulated amortisation (67,210,319) (11,186,261) - (78,396,580)
Intangible assets - net 43,171,820 (10,638,261) 12,561,463 45,095,022

At At
1 January 2017 Additions Transfers 31 December 2017
(in Baht)
Computer softwares
Cost 123,491,602 395,235 10,850,000 134,736,837
Accumulated amortisation (78,396,580) (8,804,598) - (87,201,178)
Intangible assets - net 45,095,022 (8,409,363) 10,850,000 47,535,659
18 Deferred tax
Deferred tax assets and liabilities as at 31 December were as follows:
2017 2016 2017 2016
(in Baht)
Deferred tax assets 147,643,958 162,021,919 88,015,575 84,750,947
Set off of tax (13,993,425) (11,277,275) (4,932,180) (4,747,370)
Net deferred tax assets 133,650,533 150,744,644 83,083,395 80,003,577
Deferred tax liabilities (42,184,550) (54,035,486) (4,932,180) (4,747,370)

Set off of tax 13,993,425 11,277,275 4,932,180 4,747,370
Net deferred tax liabilities (28,191,125) (42,758,211) - -
Net 105,459,408 107,986,433 83,083,395 80,003,577
58
18 Deferred tax (Continued)
Movements in total deferred tax assets and liabilities during the years were as follows:

(Charged) / credited to:
At Other At
1 January Profit or comprehensive 31 December
2017 loss income 2017
(in Baht)
Deferred tax assets
Tax losses carried forward 59,651,504 (4,214,821) - 55,436,683
Employee benefit obligations 36,266,545 5,311,735 (4,936,001) 36,642,279
Others 66,103,870 (10,538,874) - 55,564,996
Total 162,021,919 (9,441,960) (4,936,001) 147,643,958
Deferred tax liabilities

Unrealised gain 11,243,636 - 22,168,989 33,412,625
Others 42,791,850 (1,331,372) (32,688,553) 8,771,925
Total 54,035,486 (1,331,372) (10,519,564) 42,184,550
Net 107,986,433 (8,110,588) 5,583,563 105,459,408

At Other At
(in Baht)
Deferred tax assets
Tax losses carried forward 44,515,658 15,135,846 - 59,651,504
Employee benefit obligations 41,723,616 (3,603,997) (1,853,074) 36,266,545
Others 49,031,481 17,072,389 - 66,103,870
Total 135,270,755 28,604,238 (1,853,074) 162,021,919

Unrealised gain 33,451,049 (23,912,213) 1,704,800 11,243,636
Others 20,922,369 21,869,481 - 42,791,850
Total 54,373,418 (2,042,732) 1,704,800 54,035,486
Net 80,897,337 30,646,970 (3,557,874) 107,986,433
59

At Other At
(in Baht)
Deferred tax assets
Employee benefit obligations 24,292,776 (155,772) (4,106,414) 20,030,590
Others 13,163,467 (615,165) - 12,548,302
Total 84,750,947 7,371,042 (4,106,414) 88,015,575

Unrealised gain 4,669,130 - 263,050 4,932,180
Others 78,240 (78,240) - -
Total 4,747,370 (78,240) 263,050 4,932,180
Net 80,003,577 7,449,282 (4,369,464) 83,083,395

At Other At
(in Baht)
Deferred tax assets
Employee benefit obligations 22,586,365 1,706,411 - 24,292,776
Others 15,383,130 (2,219,663) - 13,163,467
Total 60,557,800 24,193,147 - 84,750,947

Unrealised gain 27,076,124 - (22,406,994) 4,669,130
Others 867,840 (789,600) - 78,240
Total 27,943,964 (789,600) (22,406,994) 4,747,370
Net 32,613,836 24,982,747 22,406,994 80,003,577
Deferred tax assets have not been recognized as at 31 December 2017 in respect of the following items:
2017 2016 2017 2016
(in Baht)
Deductible temporary
differences 20,179,789 17,905,752 19,691,020 17,725,271
Tax losses 3,275,561 11,875,561 - 8,600,000
Net 23,455,350 29,781,313 19,691,020 26,325,271
60
The management consider it probable that future taxable profits would be available against which the
tax losses can be recovered and, therefore, the related deferred tax asset can be realised.
19 Deposit for hotel management right
On 21 August 2014, the Company has entered into a memorandum with Laguna Hotel Holdings Pte.
Ltd., in order to provide the deposit for hotel management right totaling SGD 4,000,000 to Laguna Hotel
Holdings Pte. Ltd. or its affiliate to be assigned by Laguna Hotel Holdings Pte. Ltd. which benefits to
the Company to manage hotels of such company, and also agreed to transfer the advance payment to
Dusit Thani Laguna Singapore Pte. Ltd. of SGD 1,000,400 (or Baht 25,270,104) as partial payment of the
deposit. The remaining amount of SGD 2,999,600 would be paid in two installments according to the
progress of the construction of the hotel. The deposit will be refunded to the Company under conditions
as specified in the memorandum.
During 2017, the Company paid SGD 2,999,600.
20 Bank overdrafts and short-term loans from financial institutions
2017 2016 2017 2016
(in Baht)
Short-term loans from
financial institutions 543,700,000 461,627,400 543,700,000 287,000,000
Total 543,700,000 461,627,400 543,700,000 287,000,000
61
20 Bank overdrafts and short-term loans from financial institutions (Continued)
The Group entered into loan agreements with local financial institutions for working capital as follows:
Short-term loans
Limit 31 December 31 December
Agreement date 2017 2016 Interest rate 2017 2016
(in Baht) (in Baht)
17 December 2007 1,250,000,000 450,000,000 MMR 525,700,000 240,000,000
2 November 2010 150,000,000 150,000,000 MMR - -
As specified
8 December 2010 300,000,000 300,000,000 by bank - -
15 December 2010 800,000,000 800,000,000 MMR - -
1 November 2011 450,000,000 450,000,000 MMR 18,000,000 47,000,000
Total (1) 2,950,000,000 2,150,000,000 543,700,000 287,000,000
Dusit Thai Properties Public Company Limited

24 June 2009 50,000,000 50,000,000 MMR - -
15 October 2012 200,000,000 200,000,000 MMR - 138,000,000
6 November 2012 50,000,000 50,000,000 MMR - -
Total (1) 300,000,000 300,000,000 - 138,000,000
DMS Property Investment Pvt. Ltd.

LIBOR +
3 September 2011 114,383,150 125,244,875 2.925% - 28,627,400
Total (2) 114,383,150 125,244,875 - 28,627,400
Dusit Excellence Co., Ltd.

13 July 2015 14,560,000 14,560,000 MMR - 8,000,000
Total (3) 14,560,000 14,560,000 - 8,000,000
Total 3,378,943,150 2,589,804,875 543,700,000 461,627,400
-MMR : Money Market Rate

(1)
The short-term loans have no collateral.
(2)
The short-term loans have facilities of USD 3,500,000. The loans were pledged by all share
certificates of the subsidiary of 38,500,000 shares (see note 12).Loan facility of USD 3,500,000 was
guaranteed by the Company at 65% and another shareholder of the subsidiary at 35%.
(3)
The short-term loan has drawdown period within 10 years and is guaranteed by the Company in the
amount of Baht 14,560,000. In 2017, Dusit Excellence Co., Ltd. (formerly, Dusit Thani Hotel Studies
Co., Ltd.) paid such loan.
62
20 Bank overdrafts and short-term loans from financial institutions (Continued)
As at 31 December 2017 and 2016, the Group had credit lines for bank overdrafts totaling Baht
85,000,000 with no collateral.
As at 31 December 2017 and 2016, the Company had credit lines for bank overdrafts totaling Baht
40,000,000 with no collateral.
21 Trade and other payables
Trade and other payables as at 31 December consisted of the following:
2017 2016 2017 2016
(in Baht)
Trade accounts payable 166,783,333 141,722,673 45,109,003 40,873,962
Other payables 32,415,210 49,971,821 34,471,718 31,849,934
Payables from acquisition
of assets 13,474,579 29,793,476 7,615,389 10,675,483
Accrued expenses 406,271,621 396,714,168 88,753,253 89,595,205
Deposit received 146,644,699 150,343,925 28,217,229 39,220,657
Unearned revenue of
Dusit Thani College 71,363,846 156,282,784 - -
Others 45,150,996 47,749,348 22,508,681 23,501,317
Total 882,104,284 972,578,195 226,675,273 235,716,558
The currency denomination of trade and other payables as at 31 December was as follows:
2017 2016 2017 2016
(in Baht)
Thai Baht (THB) 629,834,949 729,920,373 224,542,082 234,531,328
US Dollar (USD) 77,651,287 48,714,464 953,473 518,756
Philippines Peso (PESO) 158,363,363 180,189,995 1,179,718 582,371
Others 16,254,685 13,753,363 - 84,103
Total 882,104,284 972,578,195 226,675,273 235,716,558
63
22 Long-term loans
Long-term loans as at 31 December consisted of the following:
Consolidated
Interest rate financial statements
2017 2016 2017 2016
(% per annum) (in Baht)
22.1 Loans from financial institutions
To Philippine Hoteliers, Inc.
- Repayable in semi-annual
installments from December 3.125- 3.1250 -
2016 through 2024 4.7125 4.6167 427,090,825 429,828,000
To DMS Property Investment Pvt. Ltd.
- Repayable every 3 months
from December 2016 4.2857- 3.8055 -
(1)
through 2020 4.3767 4.1565 459,166,645 663,797,838
To Dusit Excellence Co.,Ltd. (formerly,
Dusit Thani Hotel Studies Co., Ltd.)
- Repayable every 3 months
from October 2016 3.7267- 3.7335 -
through 2022 3.7378 3.7465 115,450,000 116,200,000
22.2 Loan from other party

To Vimarn Suriya Co., Ltd. 5.20 - 130,833,653 -
1,132,541,123 1,209,825,838
Less current portion (213,143,452) (157,251,400)
Total 919,397,671 1,052,574,438
(1)
Extend the payment period
Movements in the long-term loans are summarised as follows:
Consolidated
2017 2016
(in Baht)
Net book value
At 1 January 1,209,825,838 1,501,487,570
Additions 180,723,653 -
Repayments (164,396,000) (254,244,175)
Exchange gain on translating financial statements (93,612,368) (37,417,557)
At 31 December 1,132,541,123 1,209,825,838
64
22 Long-term loans (Continued)
Philippine Hoteliers, Inc.
On 3 June 2014, Philipine Hoteliers, Inc., a subsidiary (indirect holding), entered into another loan
agreement with another bank to finance the renovation of its hotel in the limit of Peso 991.68 million
with maturity date of 10 years with a 24-month grace period from the initial borrowing (19 September
2014). The agreement specified the terms and conditions as follows:
(1) The interest payment is on a quarterly basis. Quarterly repricing at 3-months Philippine Dealing
System Treasury - Fixing plus 1.50% spread or BSP* Overnight Borrowing rate plus 0.125% spread,
whichever is higher at the time of interest setting and repricing.
(2) Repayment of principal shall be semi-annually after a 2-year grace period from each drawdown date
and subject to the following conditions:
a) 10% of the principal to be repaid semi-annually in the third year.
b) The remaining 90% of the principal shall be repaid semi-annually within the remaining 7 years,
from the date of borrowing until the maturity date, with the remaining principal to be fully
repaid in last installment.
The loan agreement restricts the declaration of dividends and carries certain restrictive covenants
pertaining to the debt to equity ratio and current ratio of the subsidiary.
* BSP or Bangko Sentral ng Pilipinas
As at 31 December 2017 and 2016, the subsidiary had outstanding long-term loan in the amount of Peso
651,500,000 (or Baht 427,090,825) and Peso 595,000,000 (or Baht 429,828,000), respectively.
DMS Property Investment Pvt. Ltd., a subsidiary (indirect holding) in Republic of Maldives, entered
into a long-term loan agreement with a financial institution in Thailand totaling USD 41,500,000 shares.
The loan was pledged by all share certificates of the subsidiary of 38,500,000 shares (see note 12) and
as at 31 December 2017 and 2016, the loan facility was guaranteed by the Company at 65% and another
shareholder of the subsidiary at 35%.
65
The interest rate refers to the 6 months LIBOR, plus margin as agreed. The repayment of principal is
every 3 months starting from September 2013 and the amount of each repayment are as follows:
- 1st - 8th installment USD 1,250,000 each

- 9th - 19th installments USD 2,250,000 each
- Final repayment USD 6,750,000 or the remaining balance
The loan agreement restricts the declaration of dividends and carries certain restrictive covenants
pertaining to the debt to equity ratio and current ratio of the subsidiary.
On 23 November 2016, such financial institution agreed to revise the subsidiary’s loan conditions of
each repayment principal loan amount from the 14th installment and extend the repayment period started
from December 2016 onwards, as follows:
- 14th installment USD 500,000 each

- 19th - 22nd installments USD 1,250,000 each
- 23rd - 26th installments USD 1,300,000 each
The revising loan condition mentioned above is already signed on 23 February 2017.
As at 31 December 2017 and 2016, the subsidiary has outstanding long-term loan in the amount of USD
14,050,000 (or Baht 459,166,645) and USD 18,550,000 (or Baht 663,797,838), respectively.
On 13 July 2015, Dusit Excellence Co., Ltd. (formerly, Dusit Thani Hotel Studies Co., Ltd.) a subsidiary,
entered into a long-term loan agreement with a bank of Baht 116.20 million for its business support,
building renovation, acquiring new equipment and computer system which guaranteed by the Company.
The loan has a term of 7 years after the first drawdown date (24 August 2015), bears interest rate at 1-
month BIBOR* plus 2.20% per annum and repayable every 3 months. The first repayment is within the
27th month from the first drawdown date. The repayment date is the last working day of the month and
the repayment amounts are as follows:
- 1st - 4th installment Baht 750,000 each

- 5th - 8th installments Baht 4,500,000 each
- 9th - 19th installments Baht 8,250,000 each
- Final repayment Baht 4,450,000 or the remaining balance
* BIBOR (Bangkok Interbank Offered Rate) represents the average borrowing interest rates among banks
in money market in Bangkok.
The loan agreement carries certain restrictive covenants pertaining to the debt service coverage ratio
(DSCR), not less than 1.1 of the subsidiary from 2017 onwards.
As at 31 December 2017 and 2016, the subsidiary has outstanding long-term loan in the amount of Baht
115,450,000 and Baht 116,200,000, respectively.
66
Vimarn Suriya Co., Ltd.
On 23 June 2017, Vimarn Suriya Co., Ltd., a subsidiary, entered into loan agreements with other
company as its various investments in the amount of not exceeding Baht 350 million. The loan
agreement specifies the interest rate based on the average interest rates that banks charge to good
customers minus 1% p.a., or MLR -1% per annum. As at 31 December 2017, this subsidiary had drawn
down long-term loans amounting to Baht 130,833,653.
23 Deferred rental revenue
The Company has entered into several land lease agreements with the Crown Property Bureau and
Vimarn Suriya Co., Ltd., a subsidiary of the Company. ("Sub-lessee"). The sub-lessee is entitled to use
the land for construction of buildings and buildings on the leased land. This sublease has a term of 30
years commencing 1 July 2024, and is renewable for 30 years up to 30 June 2084, with a period of
demolition and 7 years of construction since 1 July 2017. The sub-lessee paid rent in advance for the
amount of Baht 1,361,652,008 and the annual rent is to be paid annually for 60 years (see note 28).
Dusit Thai Properties Public Company Limited
On 24 December 2010, Dusit Thai Properties Public Company Limited, a subsidiary, entered into lease
agreement for land, building and utility systems of Dusit Thani Hua Hin with Dusit Thani Freehold and
Leasehold Property Fund (“the Fund”) for a period of 30 years with rental of Baht 763,000,000 covering
the lease period. This subsidiary has committed to comply with lease conditions as specified in lease
agreement for land and building with the Fund by mortgage of the land and building with the Fund in
the amount of Baht 1,300,000,000 (see note 15).
The Fund was converted to Dusit Thani Freehold and Leasehold Real Estate Investment Trust (“the
Trust”). On 8 December 2017, the assets, liabilities and obligation of the Fund was transferred to the
Trust. On 12 December 2017, the Fund was liquidated after conversion to the Trust, all existing
agreements entered by the Fund with other persons and are still in effect at that time shall be transferred
from the Fund to the Trust.
Deferred rental revenue as at 31 December consisted of the following:
financial statement financial statements
2017 2016 2017 2016
(in Baht)
Deferred rental revenue 763,000,000 763,000,000 1,361,652,008 -
Less realised income from deferred -
rental revenue (178,590,788) (153,157,443) (38,439,693)
584,409,212 609,842,557 1,323,212,315 -
Less current portion of deferred
rental revenue (25,433,333) (25,433,333) (76,879,388) -
Deferred rental revenue 558,975,879 584,409,224 1,246,332,927 -
67
24 Provisions for employee benefits
financial statement financial statements
2017 2016 2017 2016
(in Baht)
Present value of unfunded
obligations 188,342,780 214,430,198 100,152,948 121,463,881
Present value of funded
obligations 43,315,251 43,927,995 - -
Fair value of plan assets (31,863,840) (37,054,332) - -
obligation 199,794,191 221,303,861 100,152,948 121,463,881
For the year ended 31 December

Statement of income
Recognised in profit or loss:
Post-employment benefits 31,319,804 48,934,902 14,224,852 24,482,719
Statement of comprehensive income

Recognised in comprehensive income
Actuarial gains (18,480,116) (6,176,914) (20,532,073) -
Movements in the present value of the defined benefit obligations
2017 2016 2017 2016
(in Baht)
Defined benefit obligations
at 1 January 258,358,193 248,231,090 121,463,881 112,931,822
Benefits paid by the plan (35,391,776) (28,400,791) (15,003,712) (15,950,660)
Current service costs and interest 31,319,804 50,680,649 14,224,852 24,482,719
Actuarial gains in other
comprehensive income (18,480,116) (8,959,102) (20,532,073) -
Exchange gain on translating financial
statement (4,148,074) (3,193,653) - -
Defined benefit obligations at
31 December 231,658,031 258,358,193 100,152,948 121,463,881
68
24 Provisions for employee benefits (Continued)
Movements in the present value of plan assets during the years were as follows:
2017 2016 2017 2016
(in Baht)
At 1 January 37,054,332 42,479,131 - -
Expected return on plan asset 1,595,227 1,745,747 - -
Actuarial losses - (2,782,189) - -
Exchange loss on translating financial
statement (3,386,595) (2,380,755) - -
Actual contributions - 7,690,165 - -
Benefit paid (3,399,124) (9,697,767) - -
At 31 December 31,863,840 37,054,332 - -
Expenses recognised in profit or loss:
2017 2016 2017 2016
(in Baht)
Current service costs 26,548,180 41,183,469 11,536,180 21,386,214
Interest on obligation 4,771,624 7,751,433 2,688,672 3,096,505
Total 31,319,804 48,934,902 14,224,852 24,482,719
Actuarial gains and losses recognised in other comprehensive income arising from:
2017 2016 2017 2016
(in Baht)
Demographic assumptions (6,541,343) - (6,875,430) -
Financial assumptions 7,465,809 - 3,541,956 -
Improve the experience (19,404,582) (6,176,914) (17,198,599) -
Total (18,480,116) (6,176,914) (20,532,073) -
Actuarial gains and losses recognised in other comprehensive income:
2017 2016 2017 2016
(in Baht)
Included in retained earnings:
At 1 January 29,270,304 35,447,218 37,340,561 37,340,561
Recognised during the year (18,480,116) (6,176,914) (20,532,073) -
At 31 December 10,790,188 29,270,304 16,808,488 37,340,561
69
24 Provisions for employee benefits (Continued)
Principal actuarial assumptions at the reporting date (expressed as weighted averages):
2017 2016 2017 2016
%
Discount rate 1.45 - 5.58 2.8 - 4.86 1.45 - 4.02 2.8
Inflation rate 2.5 3.0 2.5 3.0
Future salary increases 5.0 - 8.0 3.0 - 9.0 5.0 - 8.0 4.0 - 9.0
Assumptions regarding future mortality have been based on published statistics and mortality tables.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding
other assumptions constant, would have affected the defined benefit obligation by the amounts shown
below.
financial statement financial statement
(in Baht)
Defined benefit obligation
31 December 2017 Increase Decrease Increase Decrease
Discount rate (1% movement) (13,755,001) 15,480,196 (6,153,717) 6,939,110
Future salary growth (1% movement) 15,086,638 (13,697,371) 6,579,471 (5,962,958)
Turnover rate (20% movement) (10,993,682) 13,688,903 (5,713,358) 7,073,925
Defined benefit obligation

31 December 2016
Discount rate (1% movement) (9,442,611) 10,750,815 (5,828,658) 6,550,745
Future salary growth (1% movement) 11,696,231 (10,471,771) 7,217,269 (6,546,191)
Turnover rate (20% movement) (12,496,960) 15,740,446 (6,501,428) 8,166,356
70
25 Share capital
Par
value 2017 2016
per share Number Amount Number Amount
(in Baht) ( shares/ in Baht)
Authorised
At 1 January
- ordinary shares 10 85,000,000 850,000,000
- ordinary shares 1 850,000,000 850,000,000
At 31 December
- ordinary shares 1 850,000,000 850,000,000 850,000,000 850,000,000
Issued and paid-up

At 1 January
- ordinary shares 10 85,000,000 850,000,000
- ordinary shares 1 850,000,000 850,000,000
At 31 December
- ordinary shares 1 850,000,000 850,000,000 850,000,000 850,000,000
Less treasury shares
by Dusit Thani
Properties Co., Ltd. (4,715,000) (15,740,202) (4,715,000) (15,740,202)
Total 845,285,000 834,259,798 845,285,000 834,259,798

Par
2017 2016
value
per share Number Amount Number Amount
(in Baht) ( shares/ in Baht)
Authorised
At 1 January
- ordinary shares 10 85,000,000 850,000,000
- ordinary shares 1 850,000,000 850,000,000
At 31 December
- ordinary shares 1 850,000,000 850,000,000 850,000,000 850,000,000
Issued and paid-up
At 1 January
- ordinary shares 10 85,000,000 850,000,000
- ordinary shares 1 850,000,000 850,000,000
At 31 December
- ordinary shares 1 850,000,000 850,000,000 850,000,000 850,000,000
On 28 April 2016, the general shareholders’ meeting of the Company passed a resolution to approve the
reduction in par value of the Company from Baht 10 par value each, totalling 85,000,000 shares to Baht
1 par value each, totalling 850,000,000 shares. Therefore, the Company has authorised share capital of
Baht 850,000,000, issued and called up share capital of Baht 850,000,000 and paid-up share capital of
850,000,000 ordinary shares. The Company registered the reduction in par value of the Company with
the Ministry of Commerce on 16 May 2016.
71
25 Share capital (Continued)
Share premium
Section 51 of the Public Companies Act B.E. 2535 requires companies to set aside share subscription
monies received in excess of the par value of the shares issued to a reserve account (“share premium”).
Share premium is not available for dividend distribution.
26 Treasury shares
On 13 November 2003, the Board of Directors of the Company passed a resolution to repurchase
2,779,500 ordinary shares or 3.27% of the Company’s paid-up share capital. The purpose was for
financial management because the Company had excess liquidity. The resale period of such repurchase
share was from 1 July 2004 to 29 December 2006.
2,760,500 shares or 3.25% of the Company’s paid-up capital had been repurchased, totaling Baht
115,818,208.
During 2006, the Company sold 2,760,500 treasury shares and had gain on sales in the amount of Baht
16,950,268 and was presented as surplus on treasury shares.
Dusit Thani Properties Company Limited
Dusit Thani Properties Company Limited, a subsidiary, held 606,300 ordinary shares of the Company
with the acquisition cost of Baht 20,240,264. The shares were presented as treasury shares in the
consolidated statements of financial position.
During 2006, Dusit Thani Properties Company Limited sold 134,800 ordinary shares of the Company
to third parties totalling Baht 5,915,334 and had gain on sale in the amount of Baht 1,415,272 which
was presented as surplus on treasury shares. As at 31 December 2017 and 2016, Dusit Thani Properties
Company Limited held 471,500 ordinary shares of the Company with the carrying value of Baht
15,740,202. The shares were presented as treasury shares in the consolidated statements of financial
position.
During 2016, a change in shares is disclosed in note 25 which the balance of treasury shares are
4,715,0000 ordinary shares in both 2017 and 2016.
The Company has complied with the letter from The Securities and Exchange Commission No. Kor Lor
Tor Chor Sor (Vor) 2/2548 dated 14 February 2005, regarding comment on information disclosure of
appropriation of treasury shares reserve. As at 31 December 2017 and 2016, the Company has
appropriated retained earnings to treasury shares reserve in the amount of Baht 15,740,202 which has
been included in treasury share reserve (see note 27).
72
27 Reserves
Reserves comprise of:
Appropriations of profit and/or retained earnings
Legal reserve
Section 116 of the Public Companies Act B.E. 2535 requires that a public company shall allocate not
less than 5% of its annual net profit, less any accumulated losses brought forward, to a reserve account
(“legal reserve”), until this account reaches an amount not less than 10% of the authorised share capital.
The legal reserve is not available for dividend distribution.
Treasury share reserve
The treasury share reserve represents the amount appropriated from retained earnings equal to the cost
of the Company’s own shares held by the Group. The treasury share reserve is not available for dividend
distribution.
Dusit Thani College funds
Dusit Thani College funds are cumulative fund balances of Dusit Thani College in accordance with
Private Higher Education Institutions Act B.E. 2546 Amendment (No. 2) B.E. 2550.
The Private Higher Education Institutions Act B.E. 2546 Amendment (No.2) B.E. 2550 requires that a
private higher education institution shall firstly allocate its annual excess revenues over expenses in
general fund to compensate other negative balance funds. Then, at least 60% of the remaining excess
revenues over expenses shall be allocated to other funds, not over 30% shall be allocated as benefit to
the licensor and not less than 10% shall be kept as working capital in the general fund.
Other components of equity
Currency translation differences
The currency translation differences account within equity comprises all foreign currency differences
arising from the translation of the financial statements of foreign operations.
Fair value changes
The fair value changes within equity comprises the cumulative net change in the fair value of available-
for-sale investments until the investments are derecognised or impaired.
73
28 Related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the
Group has the ability, directly or indirectly, to control or joint control the party or exercise significant
influence over the party in making financial and operating decisions, or vice versa, or where the Group
and the party are subject to common control or common significant influence. Related parties may be
individuals or other entities.
Relationships with related parties were as follows:
Country of
incorporation/ Type of
Name of entities nationality business Nature of relationships
Key management personnel Thailand - Persons having authority

and responsibility for
planning, directing and
controlling the activities
of the entity, directly or
indirectly, including
any director (whether
executive or otherwise)
of the Group.
Dusit Thani Properties Co., Ltd. Thailand Holding Subsidiary
Dusit Thai Properties Public Thailand Hotel and hotel Subsidiary (indirect holding)
Company Limited management
Philippine Hoteliers, Inc. Philippines Hotel Subsidiary (indirect holding)
Dusit Thani College Thailand Education Subsidiary (indirect holding)
Dusit Excellence Co., Ltd. Thailand Leasing and Subsidiary
(formerly, Dusit sub-leasing
Thani Hotel Studies Co., Ltd.)
Landmark Hotel Co., Ltd. Thailand Hotel Subsidiary
Devarana Spa Co., Ltd. Thailand Spa Subsidiary
DMS Property Investment Pvt. Republic of Hotel Subsidiary (indirect holding)
Ltd. Maldives
Dusit Worldwide Co., Ltd. Thailand Management Subsidiary
Dusit Overseas Co., Ltd. Hong Kong Management Subsidiary (indirect holding)
Dusit Management Co., Ltd. Thailand Hotel Subsidiary
Dusit USA Management Inc. United States of Hotel management Subsidiary
America
Dusit China Capital Co., Ltd. Thailand Holding Subsidiary
Vimarn Suriya Co., Ltd. Thailand Hotel, resorts and Subsidiary
residence
Dusit Thani Properties REIT Thailand REIT manager for Subsidiary
Co., Ltd. real estate
investment trust
Asai Holdings Co., Ltd. Thailand Holding Subsidiary
Suanlum Property Co., Ltd. Thailand Department store, Associate
plaza and cinema
Phraram 4 Development Co., Ltd. Thailand Office construction Associate
Le Cordon Bleu Dusit Co., Ltd. Thailand Cooking school Joint venture
74
28 Related parties (Continued)
Country of
incorporation/ Type of
Name of entities nationality business Nature of relationships
Dusit Bird Hotels Pvt. Ltd. India Hotel management Joint venture
Dusit Fudu Hotel Management People’s Hotel management Joint venture
(Shanghai) Co., Ltd. Republic of
China
Dusit Thani Freehold and Thailand Leasing Associate
Leasehold Property Fund
(“the Fund”)
Dusit Thani Freehold and Thailand Leasing Associate
Leasehold Real Estate
Investment Trust (“the Trust”)
Philippine Hoteliers International Philippines Education Associate
Center for Hospitality
Education, Inc.
Acme Printing Co., Ltd. Thailand Printing house Director holds the shares
MBK Public Company Limited Thailand Property The Group hold the shares
development
Piyasiri Co., Ltd. Thailand Hospital Director holds the shares
The Navakij Insurance Public Thailand Non-life insurance Common director
Company Limited
New Atlantic Co., Ltd. Thailand Department store Director holds the shares
The Siam Cement Public Thailand Cement-building Common director
Company Limited materials
JTB (Thailand) Co., Ltd. Thailand Sale tour package, Director holds the shares
hotel reservation
and air ticket
Siam Makro Public Company Thailand Distributor Common director
Limited
Thainamthip Co., Ltd. Thailand Brewer and Common director
distributor of
beverage
Government Savings Bank Thailand Bank Common director
Kasikorn Bank Public Company Thailand Commercial bank Common director
Limited
75
The pricing policies for transactions with related parties are explained further below:
Transactions Pricing policies
The remuneration received for transferring Based on percentage of total revenue or gross operating
of rights and obligations of the Hotels profit, depending on the condition of each agreement
Management Agreement which is fee or licensing fee charged from each hotel.
Hotel management fees Based on the similar fees charged to other hotels which
were managed by the Company.
Sales and purchase of equipment Based on book value plus margin as agreed.
Other sales and purchase transactions Based on the normal prices transacted with third parties
and discount policies.
Sales of investments Based on fair value.
Interest income
- Loan to related parties - Minimum loan rate of commercial banks plus 0.5% per
annum
- Rate of 7.50% per annum
- Rate of MLR - 1 % per annum
- Rate of MLR - 2.95 % per annum
Other income Based on actual expenses incurred and the contractually
agreed prices.
Interest expense
- Loan from related party - Based on LIBOR plus 2.925% per annum or not less
than those paid to the financial institution.
- Rate of MLR - 1 % per annum
Other expenses Based on the contractually agreed prices.
76
Significant transactions for the years ended 31 December 2017 and 2016 with related parties were as follows:

Revenue Management Cost of
from sales service Dividend Other sales and Selling Administrative
and services income income income services expenses expenses
(in Baht)
Joint ventures 18,350,990 - 30,999,690 6,333,783 - 14,035,823 408,997
Associates 30,000 - 32,327,960 128,109,662 201,204,441 - 9,300
Other related parties 48,545,601 9,088,380 14,752,980 2,489,235 2,011,216 1,845,786 756,521

Joint ventures 17,977,960 - 27,999,720 5,772,390 636,000 272,978 1,334,403
Associates - - 56,543,200 26,224,805 238,219,268 - -
Other related parties 38,163,827 6,465,923 14,752,980 3,246,676 95,771 14,244 1,874,678
77

Revenue Management Cost of
from sales service Dividend Other sales and Selling Administrative
and services income income income services expenses expenses
(in Baht)
Subsidiaries 12,553,205 75,017,113 32,854,511 206,984,895 49,919 63,803,950 39,701,134
Joint ventures 18,350,990 - 30,999,690 351,904 - 1,118,811 336,905
Associates 30,000 - 32,327,960 102,676,327 - - -
Other related parties 48,290,581 7,888,380 - 2,045,600 - 1,845,786 427,914

Subsidiaries 14,038,129 83,440,905 25,795,452 116,842,519 158,240 66,397,881 35,425,692
Joint ventures 17,977,960 - 27,999,720 462,193 636,000 36,310 1,246,213
Associates - - 56,543,200 791,472 - - -
Other related parties 37,732,047 6,465,923 9,418,200 1,751,458 - - 1,481,243
78
2017 2016 2017 2016
(in Baht)
Key management personnel
compensation
Salaries and other short-term
employee benefits 134,568,436 141,034,772 101,793,424 85,854,658
Post-employment benefits 7,286,999 11,565,363 5,982,378 7,384,503
Total key management personnel
compensation 141,855,435 152,600,135 107,775,802 93,239,161
79
Balances as at 31 December 2017 and 2016 with related parties were as follows:

31 December 2017 31 December 2016
Trade Other Account Account Accrued Deferred Refundable Trade Other Account Deferred
accounts receivables payable payable expense revenue deposit accounts receivables payable revenue
receivable trade other receivable other
(in Baht)
Joint ventures 840,898 20,668,115 - 942,379 - - - 325,055 13,603,309 - -

Associates - 1,795,180 24,000 - - 584,409,212 492,380,000 - - - 609,842,557
Other related
parties 8,561,551 3,201,761 315,961 679,635 615,269 - - 3,979,728 2,356,353 1,426,284 -

31 December 2017 31 December 2016
Trade Other Accrued Other Deferred Trade Other Other
accounts receivables expenses payables revenue accounts receivables payables
receivable receivable
(in Baht)
Subsidiaries 754,136 76,954,798 622,960 21,377,889 1,323,212,314 746,794 48,225,660 10,501,738
Joint ventures 840,898 3,877,899 - - - 325,055 3,460,860 -
Associates - 1,795,180 - - - - 70,573 -
Other related
parties 8,454,301 3,159,539 - 179,635 - 3,913,217 2,322,588 1,426,284
80

Interest rate 31 December 31 December 31 December 31 December
2017 2016 2017 2016 2017 2016
Short-term loans
to related parties
Dusit.China.Capital
Co., Ltd. 2.48 - 2.80 2.80 - 3.14 - - 97,400,000 76,000,000
Dusit Thani Properties
Co., Ltd. 2.80 - 2.90 2.90 - - 248,000,000 250,000,000
Dusit Excellence Co.,
Ltd. 2.50 - 2.80 - - - 34,622,600 -
- - 380,022,600 326,000,000
Long-term loans to
related parties
Vimarn Suriya
Co., Ltd. 5.20 5.26 - - 93,122,355 47,110,000
Dusit Fudu Hotel
Management
(Shanghai)
Co., Ltd. 7.50 7.50 88,145,634 75,416,578 - -
Suanlum Property
Co.,Ltd 3.25 - 14,037,773 - 14,037,773 -
Total 102,183,407 75,416,578 107,160,128 47,110,000
Movements in the loans to related parties were summarised as follows:

2017 2016 2017 2016
(in Baht)
Short-term loans to
related parties
At 1 January - - 326,000,000 38,500,000
Addition - - 65,022,600 287,500,000
Repayment - - (11,000,000) -
At 31 December - - 380,022,600 326,000,000
Long-term loans to
related parties
At 1 January 75,416,578 39,553,081 47,110,000 -
Addition 34,006,017 35,990,385 96,831,628 47,110,000
Repayment - - (36,781,500) -
Exchange loss on
translating financial statements (7,239,188) (126,888) - -
At 31 December 102,183,407 75,416,578 107,160,128 47,110,000
81
Dusit China Capital Co., Ltd., a subsidiary, has entered to a shareholder loan agreement with Dusit Fudu
Hotel Management (Shanghai) Co., Ltd., a joint venture in People’s Republic of China in order to lend
to the joint venture totaling Chinese Yuan Renminbi 24,000,000 for its working capital for a period of 5
years. Interest rate shall be floated on the benchmark lending rate (BLR) for 1 - 5 year loan of the People’s
Bank of China. As at 31 December 2017 and 2016, the joint venture had outstanding long-term loan of
Chinese Yuan Renminbi 17,500,000 (or Baht 88,145,634) and Chinese Yuan Renminbi 13,500,000 (or Baht
75,416,578), respectively.
The Company had entered into loan agreement with Vimarn Suriya Co., Ltd., a subsidiary for the purpose
of various investments. This borrowing amount is not exceeding Baht 506 million. The interest rate is
determined based on the average interest rates that banks charge to good customers minus 1% p.a., or
MLR minus 1% p.a.. As at 31 December 2017, this subsidiary already withdrew such long-term loan of
Baht 93,122,355.
The Company had entered into loan agreement with Suanlum Property Co., Ltd., an associate for the
purpose of various investments. This borrowing amount is not exceeding Baht 100 million. The interest
rate is determined based on the average interest rates that banks charge to good customers minus 2.95%
p.a., or MLR minus 2.95% p.a.. As at 31 December 2017, this associate already withdrawn such long-
term loan of Baht 14,037,773.
Interest rate 31 December 31 December 31 December 31 December
2017 2016 2017 2016 2017 2016
Short-term loan
from related party
MBK Hotels and
Resorts Co.,
Ltd.* 4.1565 - 4.3767 3.4600 - 4.1565 4,575,326 5,009,795 - -
• * MBK Hotels and Resorts Co., Ltd. is a subsidiary of MBK Public Company Limited.
Movements in the short-term loan from related party were summarised as follows:
2017 2016 2017 2016
(in Baht)
Short-term loan from related party
At 1 January 5,009,795 5,045,831 - -
Exchange gain on translating
financial statements (434,469) (36,036) - -
At 31 December 4,575,326 5,009,795 - -
82
Land sub-lease agreement
The Company entered into a land sub-lease agreement with Vimarn Suriya Co.,Ltd., a subsidiary (“the
sub-lessee”). The sub-lessee has the right to construct building and structure on the land. The sub-lease
term is for 30 years from 1 July 2024 with the right to renew the lease for another 30 years until 30 June
2084. The 7-year period from 1 July 2017 is for dismantling and new constructions. The sub-lessee
prepaid the rental of Baht 1,361,652,008. The remaining rent will be paid annually for 60 years.
Building lease arrangement agreement
Vimarn Suriya Co., Ltd., a subsidiary entered into a building lease arrangement agreement with Suanlum
Property Co., Ltd., an associate. The associate paid the first deposit of Baht 492,380,000 to Vimarn Suriya
Co., Ltd., in June 2017 and the remaining amount will be paid according to the terms and condition as agreed.
Lease right assignment agreement
The Company entered into lease right assignment agreement to transfer the rights and obligations on a
portion of lease land under the lease land agreement to Phraram 4 Development Co., Ltd. (“Rama 4”)
for a period of 30 years from 1 July 2024 with the right to renew the lease agreement for another 29
years and 6 months. The 7-year period from 1 July 2017 is for the dismantling and new constructions.
Pursuant to the lease right assignment, the Company has already received the lease right assignment fee
of Baht 100,000,000. Management, based upon legal advice, have the opinion that the Company has
transferred significant rights and duties under the said land lease agreement to Rama 4 throughout the
term of the land lease transfer agreement. There is no condition that the Company must return the lease
right assignment fee under the agreement. Rama 4 has entered into a land lease agreement with the
Crown Property Bureau. As a result, the Company recognized the lease right assignment fee in other
income in the consolidated statement of income of Baht 90,000,000 based on shareholding portion and
Baht 100,000,000 in the separate statement of income as at 31 December 2017.
83
29 Segment information
The Group has four reportable segments, as described below, which are the Group’s strategic divisions. The strategic divisions offer different services, and are
managed separately because they require different marketing strategies. For each of the strategic divisions, the Chief Operating Decision Maker (CODM)
reviews internal management reports on at least a quarterly basis.
Information regarding the results of each reportable segment is included below as included in the internal management reports that are reviewed by the Group’s
CODM. Management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within
these industries.
Information about reportable segments
Hotel and hotel

management Education Others Non allocation Elimination Total
2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016
(in million Baht)
Revenue from third party 4,561 4,786 442 473 461 117 106 49 - - 5,570 5,425
Intercompany transactions 29 28 - 1 7 7 42 63 (78) (99) - -
Total revenue 4,590 4,814 442 474 468 124 148 112 (78) (99) 5,570 5,425
Share of profit investment (17) (35) 14 31 23 26 - - - - 20 22

Depreciation and
amortization 536 606 46 53 47 46 - - - - 629 705
Profit (loss) before

income tax 300 243 (1) 54 406 58 (363) (283) 69 69 411 141
Income tax income (expense) (79) 12
Profit for the year 332 153
Segment assets as at 31
December 9,978 9,033
Segment liabilities as at 31
December 4,098 3,679
84
30 Selling expenses
2017 2016 2017 2016
(in Baht)
Marketing expenses 190,522,362 189,044,032 87,901,493 107,858,272
Employee benefit expenses 140,054,901 160,875,335 53,556,722 70,114,162
Others 57,403,766 54,685,140 38,863,643 16,452,472
Total 387,981,029 404,604,507 180,321,858 194,424,906
31 Administrative expenses
2017 2016 2017 2016
(in Baht)
Consulting expenses 116,538,773 117,633,232 128,938,263 86,399,464
Employee benefit expenses 765,231,399 723,845,518 375,818,336 344,634,896
Others 399,619,806 344,900,895 175,461,353 203,839,192
Total 1,281,389,978 1,186,379,645 680,217,952 634,873,552
32 Employee benefit expenses
2017 2016 2017 2016
(in Baht)
Salaries and employee benefits 1,879,012,361 1,695,969,912 679,844,725 668,925,899

Contributions to social
security fund 26,353,533 27,316,845 9,697,553 10,060,598
Contributions to defined
contribution plans 40,564,866 38,295,311 19,828,837 18,364,382
Total 1,945,930,760 1,761,582,068 709,371,115 697,350,879
Defined contribution plans
The defined contribution plans comprise provident funds established by the Group for its employees.
Membership to the funds is on a voluntary basis. Contributions are made monthly by the employees at
the rate of 5-10% of their basic salaries and by the Group at the rate of 5% of the employees’ basic
salaries. The provident funds are registered with the Ministry of Finance as juristic entities and are
managed by licensed fund managers.
85
33 Expenses by nature
The statements of income include an analysis of expenses by function. Expenses by nature disclosed in
accordance with the requirements of various TFRS were as follows:
2017 2016 2017 2016
(in Baht)
Employee benefit expenses 1,945,930,760 1,761,582,068 709,371,115 697,350,879

Land and building rental
expenses 469,601,122 476,168,615 161,988,810 125,400,387
Maintenance expenses 115,920,017 115,120,459 40,696,356 37,817,687
Utilities expenses 260,642,720 275,505,308 94,530,542 89,159,328
34 Finance costs
2017 2016 2017 2016
(in Baht)
Interest expenses
Finance leases 94,630 267,909 - -
Related parties 186,048 84,454 - -
Bank loans and overdrafts 58,516,938 72,473,991 9,547,893 8,367,460
Total 58,797,616 72,826,354 9,547,893 8,367,460
35 Income tax
Income tax recognised in profit or loss
2017 2016 2017 2016
(in Baht)
Current tax expense
Current year 70,790,319 16,741,690 - -
Deferred tax expense
Movements in temporary
differences 8,110,588 (28,293,009) (7,449,282) (24,982,748)
Total income tax (income)
expense 78,900,907 (11,551,319) (7,449,282) (24,982,748)
86
35 Income tax (Continued)
Income tax recognised in other comprehensive income

2017 2016
Before Tax (expense) Net of Before Tax Net of
tax benefit tax tax expense tax
(in Baht)
Translating differences on
financial statements (142,702,237) - (142,702,237) (22,138,397) - (22,138,397)
Net change in fair value of
available-for-sale
investments 110,844,950 10,519,564 121,364,514 8,524,000 (1,704,800) 6,819,200
Defined benefit plan actuarial
gains (losses) 18,480,116 (4,936,001) 13,544,115 6,176,914 (1,853,074) 4,323,840
Total (13,377,171) 5,583,563 (7,793,608) (7,437,483) (3,557,874) (10,995,357)

2017 2016
Before Tax Net of Before Tax Net of
tax expense tax tax benefit tax
(in Baht)
Net change in fair value of
available-for-sale
investments 1,315,250 (263,050) 1,052,200 (112,034,968) 22,406,993 (89,627,975)
Defined benefit plan
actuarial gains (losses) 20,532,073 (4,106,415) 16,425,658 - - -
Total 21,847,323 (4,369,465) 17,477,858 (112,034,968) 22,406,993 (89,627,975)
Reconciliation of effective tax rate
2017 2016 2017 2016
(in Baht)
Profit before income tax
411,270,196 141,363,639 103,032,179 133,330,928
Income tax using tax rates 87,003,679 48,431,057 20,606,436 26,666,185
Income/expenses not subject to tax (13,506,775) (38,747,851) (19,913,739) (26,942,534)
Current year losses for which no
deferred tax asset was recognised 16,874,005 2,926,258 - -
Recognition of previously unrecognized
tax losses (8,141,979) (24,706,399) (8,141,979) (24,706,399)
Translating differences on financial
statements (3,328,023) 545,616 - -
Total 78,900,907 (11,551,319) (7,449,282) (24,982,748)
Income tax reduction
Revenue Code Amendment Act No. 42 B.E. 2559 dated 3 March 2016 grants a reduction of the corporate
income tax rate to 20% of net taxable profit for accounting periods which begin on or after 1 January
2016.
87
36 Earnings per share
The calculations of basic earnings per share for the years ended 31 December 2017 and 2016 were based
on the profit for the years attributable to ordinary shareholders of the Company and the number of
ordinary shares outstanding during the years as follows:
2017 2016 2017 2016
(in Baht / share)
Profit for the year attributable
to ordinary shareholders of
the Company (basic)
Profit excluding Dusit Thani
College 214,209,453 35,979,574 110,481,461 158,313,676
Profit Dusit Thani College 52,828,840 78,141,700 - -
Total 267,038,293 114,121,274 110,481,461 158,313,676
Weighted average number of
ordinary shares
outstanding (basic)
Number of ordinary shares
outstanding
At 1 January 850,000,000 850,000,000 850,000,000 850,000,000
At 31 December 850,000,000 850,000,000 850,000,000 850,000,000
Less treasury shares by Dusit
Thani Properties
Compay Limited (4,715,000) (4,715,000) - -
Weighted average number
of ordinary shares
outstanding (basic) 845,285,000 845,285,000 850,000,000 850,000,000
Earnings per share (basic)
Earnings per share excluding Dusit
Thani College 0.253 0.043 0.130 0.186
Earnings per share Dusit Thani
College 0.063 0.092 - -
Total 0.316 0.135 0.130 0.186
The changes in par value of the Company as disclosed in note 25, resulted the change in weighted
average number of ordinary shares and earnings per share of consolidated and separate financial
statements as at 1 January 2016. The Company retrospectively adjusted the number of shares used in
the calculation as if the change in par value of the shares had been taken place since the beginning of
the year presented.
37 Dividends
On 27 April 2017, the general shareholders’ meeting of the Company passed a resolution to approve
and appropriate retained earnings as dividend payment for the year 2016 for 850,000,000 ordinary shares
at Baht 0.10 per share, totaling Baht 85,000,000 which was paid on 12 May 2017.
On 28 April 2016, the general shareholders’ meeting of the Company passed a resolution to approve
and appropriate retained earnings as dividend payment for the year 2015 for 85,000,000 ordinary shares
at Baht 1.20 per share, totaling Baht 102,000,000 which was paid on 12 May 2016.
88
38 Revenues arising from exchanges of goods or services
The Group has revenues arising from exchange of goods or services with outside parties. The Company
and subsidiaries recognised revenues from such parties when the goods or services are rendered from
the Company and subsidiaries. Such revenues are charged at the arms-length prices that would be
charged to the other customers or at the agreed price to exchange according to each agreement.
For the years ended 31 December 2017 and 2016, revenues arising from exchange of goods or services
included in revenues from sales and services are as follows:
2017 2016 2017 2016
(in Baht)
Revenues arising from exchanges of

goods or services 26,540,208 35,909,668 23,451,640 33,268,809
39 Financial instruments
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a
financial loss to the Group.
Concentrations of the credit risk with respect to trade receivables are limited due to the large number
of customers comprising the customer base, and dispersion across different geographic regions
in Thailand and overseas.
In the case of recognised financial assets, the carrying amount of the assets recorded in the statements
of financial position, net of a portion of allowance for doubtful debts, represents the Group’s
maximum exposure to credit risk.
Foreign currency risk
Foreign exchange risk arises from the change in foreign currency exchange rates to have an adverse
effect on the Group in the current reporting period and in future years. The Group expects that there
may be an effect from changes in exchange rates resulting from investment in foreign currencies which
has not been hedged. The Group expect that the effect from foreign exchange risk on its financial
statements will not be material.
Interest rate risk
Interest rate risk in the statements of financial position arises from the potential for a change in interest
rates to have an adverse effect on the Group in the current reporting period and in future years.
Information regarding interest rates and term of payments of loan are disclosed in notes 20 and 22 to the
financial statements.
89
39 Financial instruments (Continued)
Foreign currency risk
The Group have exposed to foreign currency risk relating to purchases and sales which are denominated
in foreign currencies with maturities of less than one year. The Group does not hedge such financial
assets and liabilities denominated in foreign currencies.
Carrying amount and fair values
The following table shows the carrying amounts and fair values of financial assets and financial
liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair
value. It does not include fair value information for financial assets and financial liabilities not measured
at fair value if the carrying amount is a reasonable approximation of fair value.

Carrying Fair value
amount Level 1 Level 2 Total
31 December 2017 (in Baht)
Financial assets/Financial
liabilities measured at fair value
Available-for-sale investments 475,809,800 12,786,600 463,023,200 475,809,800
Long-term loans from financial
institutions 1,001,707,470 - 1,001,707,470 1,001,707,470
Long-term loans from others 130,833,653 - 130,833,653 130,833,653
31 December 2016
Long-term loans from financial
institutions 1,209,825,838 - 1,209,825,838 1,209,825,838

Carrying Fair value
amount Level 1 Level 2 Total
31 December 2017 (in Baht)
31 December 2016
90
40 Commitments
40.1 Capital commitments
2017 2016 2017 2016
(in Baht)
Contracted but not provided
the services 33,485,901 70,429,352 8,430,028 20,555,559
40.2 Service agreement commitments
Within one year 24,261,690 109,480,903 47,043,161 77,144,805

After one year but within
five years 12,628,402 21,443,142 18,143,300 7,748,776
Total 36,890,092 130,924,045 65,186,461 84,893,581
40.3 Other commitments
Bank guarantee 23,622,208 23,568,500 15,611,800 15,611,800
As at 31 December 2017 and 2016, the above bank guarantee include bank guarantee of a subsidiary of
Baht 2,082,208 and Baht 2,028,500, respectively, which were pledged by cash at bank of the subsidiary.
40.4 Contractual commitments
Dusit Thani College
Dusit Thani College entered into agreements with institutions in order to provide international courses
as follows:
1) Le Cordon Bleu, Switzerland for a period of 10 years, starting June 2006. Dusit Thani College has
to pay royalty fee to Le Cordon Bleu as specified in the agreement. During 2016, Dusit Thani College
renewed the engagement for another 5 years, starting May 2016.
2) Ecole Hotelier de Lausanne, Switzerland for a period of 3 years, starting February 2013. Dusit Thani
College has to pay royalty fee to Ecole Hotelier de Lausanne as specified in the agreement. During
2015, Dusit Thani College renewed the agreement for another 3 years, starting February 2016.
91
40 Commitments (Continued)
Dusit Overseas Co., Ltd.
On 9 October 2014, the Company guaranteed to an overseas hotel owner for technical, management and
other services as specified in the hotel management agreement entered into by Dusit Overseas
Co., Ltd., a subsidiary in Hong Kong. Term and conditions are as specified in the hotel management
agreement.
40.5 Long-term operating leases
2017 2016 2017 2016
(in Baht)
Within one year 109,008,895 108,512,245 51,600,000 48,000,000
After one year but within
five years 440,885,613 450,899,013 211,200,000 208,800,000
After five years 5,801,074,906 2,244,814,742 4,078,466,961 343,200,000
Total 6,350,969,414 2,804,226,000 4,341,266,961 600,000,000
Long-term operating leases were as follows:
The land lease agreement of Dusit Thani Hotel, Bangkok and Dusit Thani Office Building dated 16
March 1966 between The Crown Property Bureau and the Company scheduled to expire on 31 March
2003 which the right on building transferred to the lessor since the date of construction completion.
However, under the condition of the lease, the Company can extend the lease period twice for a period
of 15 years each with related lease payments to be renegotiated by both parties.
On 26 August 2002, the Company signed the first extension of the above land lease agreements for
period from 1 April 2003 to 31 March 2018. The prepaid rental for the period of 15 years is Baht
1,100,000,000.
In December 2016, the Company entered into a land lease agreement to develop a Mixed Use Property
Development Project with the Crown Property Bureau for a period of 30 years from 1 July 2024 with
the right to renew for another 30 years. The construction in grace period is 7 years from 1 July 2017.
The Company will dispose the current leasehold right on the land which will expire in March 2018 and
the right to renew the land lease agreement for another 15 years in order to validate the new land lease
agreement. Total rental fee is Baht 7,334,121,600 of which Baht 1,466,824,320 will be paid in 2017.
The remaining amount will be gradually paid from 2024 onward. The Company has to comply with
conditions as specified in the agreement.
92
On 27 April 2017, the annual general shareholders’ meeting of the Company passed a resolution
the execution of Land Lease Agreement with The Crown Property Bureau, with a term of 30 years
(excluding the Project’s construction period of 7) and at the end of the lease term, the Company
will be entitled to renew the agreement for another 30 years on the same terms and conditions in
order to invest in the mixed-use project. On 28 June 2017, the Company paid the first lease payment
for 20% as specified in the lease contract to The Crown Property Bureau for the Company portion
(see note 16).
On 27 January 2006, the Company entered into a land lease agreement with Siri Pattaya Company
Limited for rental period 22 years started from 1 January 2006 to 31 December 2027. Currently,
Dusit Thani Hotel, Pattaya (formerly, Dusit Resort Pattaya) is now located on the land. Total rent
through the lease agreement is Baht 1,002,000,000. The rental payment may vary in accordance
with fluctuation in the Swiss Franc exchange rate. During the lease period, if the Swiss Franc is
cancelled, the exchange rate between Baht and USD will be used instead. In this case, the rate to
be used is the average exchange rate for USD on the date of the original agreement, which is a
commercial bank’s selling rate announced by The Bank of Thailand, one USD for Baht 39.14.
When the lease agreement is expired, the Company can extend the lease twice for a period of 10
years each with related lease payments to be renegotiated by both parties.
Philippine Hoteliers, Inc.
Philippine Hoteliers, Inc., an indirect subsidiary, has a lease agreement for the land on which the hotel
building is situated with a specified rental payable quarterly at a rate of 5% of the annual gross income.
The term of the lease is up to 31 December 2002 and is renewable for another period of 25 years at the
option of the subsidiary. Upon termination of the lease, the subsidiary shall return and surrender to the
lessor the leased property together with the building constructed thereon, and with all the permanent
fixtures therein.
On 17 May 2001, the term of the lease was renewed for an additional period of 25 years from 1 January
2003 to 31 December 2027, under the same terms and conditions.
Dusit Management Co., Ltd.
On 24 December 2010, Dusit Management Co., Ltd., a subsidiary entered into lease agreements for
operating assets of Dusit Thani Laguna Phuket, dusitD2 ChiangMai and sublease agreement for
operating assets of Dusit Thani Hua Hin from Dusit Thani Freehold and Leasehold Property Fund (“the
Fund”) for a period of 3 years and has rights to renew such lease and sublease agreements for 6 times
with a 3-year period each. The Company guaranteed the minimum lease and/or sublease payment by
these subsidiaries to the Fund (see note 41).
93
The rental amount detailed as follows:
1) Fixed rental of Baht 205,000,000 per year, monthly payment amount was specified in the lease agreement.
Rental amount during 24 December 2010 to 31 December 2010 was calculated by days in proportion of
such rental amount.
2) Variable rental is paid on a quarterly basis which is calculated based on percentage of hotel operating profit
before interest, income tax and depreciation and amortisation (EBITDA). The percentages specified as
follows:
Years 2011 - 2016 90%

Years 2017 - 2022 85%
Years 2023 onwards 80%
Rental amount during 24 December 2010 to 31 December 2010 was calculated by days, using 90%.
On 14 September 2017, the Meeting of Unitholders passed resolutions approving the conversion of the Dusit
Thani Freehold and Leasehold Property Fund (“the Fund”) into Dusit Thani Freehold and Leasehold Real
Estate Investment Trust (“the Trust”), the dissolution and the liquidation of the Fund. The dissolution date
set by the Fund was on 12 December 2017 and transferred its assets, liabilities and obligations to the Trust
which incorporated on 29 November 2017.
The Trust has set rent as follows:
1. Fixed rental will be calculated according to the rental agreement calculated, nevertheless the fixed
rental will not less than Baht 205 million.
2. Variable rental will refer to hotels performance.
DMS Property Investment Pvt. Ltd. have right on leasehold land from the Government of Republic of
Maldives, resort and construction on Mudhdhoo Island, Baa Atoll, Republic of Maldives for 50 years,
due within September 2059 (see note 16).
As at 31 December 2017, the rental for remaining lease periods are as follows:
Due period Amount (USD)

Less than 1 year 1,000,000
After 1 year but less than 5 years 4,000,000
After 5 years 39,182,787
However, DMS Property Investment Pvt. Ltd. can amortise prepaid rental amounting to USD 5,000,000
as rental expense of USD 1,000,000 per year for a period of 5 years from 23 January 2012 and the
prepaid of additional yearly rental of USD 100,000 for last 15 years can partially be yearly rental of
such last 15 years.
94
Dusit Thani College
On 23 June 2010, Dusit Thani College, an indirect subsidiary entered into a sublease agreement for land
where Dusit Thani College (Pattaya Campus) with a school for a period of 21 years starting from 23
June 2010 to 22 June 2031. Total rental through the lease agreement is Baht 129,303,750.
Dusit Thani College has pledged a rental deposit of Baht 12,000,000 which is included in other non-
current assets. Dusit Thani College has rights to renew the lease under new terms and conditions.
On 19 December 2014, Dusit Excellence Co., Ltd. (formerly, Dusit Thani Hotel Studies Co., Ltd.), a
subsidiary has entered into a lease land and building agreement with a third party for 1 year from 1
January 2015 to 31 December 2015 and a sublease land and building agreement from an education
institution to renovate the building for a vocational school for a period of 30 years from 1 January 2016
to 31 December 2045. Total rental through the lease period is Baht 566,547,300. This subsidiary has
sole right to extend the lease agreement for another 10 years from the expiry date of the sublease
agreement.
41 Contingent liabilities
On 26 June 2001, the Company paid Baht 44,246,000 to the Official Receiver on behalf of World
Intertrade Corporation Co., Ltd. The Company thereafter submitted a notice to World Intertrade
Corporation Co., Ltd. requesting for the repayment of debt to the Company. However, the Company
did not receive any repayment from World Intertrade Corporation Co., Ltd. Therefore, on 19 December
2001, the Company filed a claim in the Southern Bangkok Civil Court against World Intertrade
Corporation Co., Ltd. for demanding the repayment of Baht 45,782,488 which the Company has a lawful
right to claim.
On 7 December 2001, World Intertrade Corporation Co., Ltd. filed a claim in the Southern Bangkok
Civil Court against the Company. The claim demanded the return of property (Dusit Thani Hotel,
Pattaya) and damages. The amount claimed for damages is Baht 2,760,000,000. The Company has
already filed an answer to the claim on such issue with the Southern Bangkok Civil Court on 16 January
2002 due to the reason that the Company has peacefully and openly possessed the property with
intention to be its owner for more than 10 years and has obtained the building by operation of law.
On 29 July 2002, the Southern Bangkok Civil Court ordered to tie conjointly the following cases, the
case under which World Intertrade Corporation Co., Ltd. sued the Company calling for its assets (Dusit
Thani Hotel, Pattaya) and claiming for compensation on ground of wrongful act of the Company and
the case under which the Company sued World Intertrade Corporation Co., Ltd.
95
41 Contingent liabilities (Continued)
On 26 March 2004, the Court has declared the case filed by World Intertrade Corporation Co., Ltd. had
been dismissed with the verdict that the Company is the owner of the property (Dusit Thani Hotel,
Pattaya) by virtue of the law found in the Civil and Commercial Code of Thailand, sections 1382 and
1385 without doubt and the Court has given the verdict that World Intertrade Corporation Co., Ltd. must
pay compensation amounting to Baht 45,782,488 with 7.5% interest per annum of the principal amount of
Baht 44,246,000 starting from 20 December 2001 until the entire amount has been fully paid.
On 26 April 2004, World Intertrade Corporation Co., Ltd. appealed to the Appeal Court. On 7 July 2004,
the Company then filed the appeal answer and filed the objection against petition requesting the Court to
delay the execution.
On 31 January 2005, the Company filed a bankruptcy case against World Intertrade Corporation Co.,
Ltd. with the Central Bankruptcy Court. Thereafter, on 11 July 2005, the Central Bankruptcy Court
granted the receivership order. Then, on 9 August 2005, World Intertrade Corporation Co., Ltd. filed
the appeal against the receivership order and the Company then filed the appeal answer against the said
appeal. On 21 October 2008, the Bankruptcy department of the Supreme Court has considered by
sustaining result of the Court of First Instance to the receiving order of World Intertrade Corporation
Co., Ltd.
On 30 January 2006, the Official Receiver of World Intertrade Corporation Co., Ltd. carried out the case
to the Southern Bangkok Civil Court against the Company to claim for returning of the assets (Dusit
Thani Hotel, Pattaya).
On 3 April 2007, the Southern Bangkok Civil Court made an appointment with litigant the result of case
of the Appeal Court of World Intertrade Corporation Co., Ltd. filed the Company to the Southern
Bangkok Civil Court to claim for returning of the assets (Dusit Thani Hotel, Pattaya) by standing the
result of the Court of First Instance to dispose such case of World Intertrade Corporation Co., Ltd. out
of the case list.
On 3 May 2007, World Intertrade Corporation Co., Ltd. made Dika appeal to the Supreme Court with
the Southern Bangkok Civil Court against the decision of the Court of First Instance and Appeal Court.
However, on 26 July 2007, the Company appealed against such Dika appeal.
On 31 July 2013, the Supreme Court confirmed the decision of the Court of First Instance and Appeal
Court. The civil case was absolute. Also, World Intertrade Corporation Co., Ltd., shall be responsible
for lawyer fees in amount of Baht 200,000 on behalf of the Company.
However, World Intertrade Corporation Co., Ltd., was unable to pay such lawyer fees to the Company,
which this was on the ground that World Intertrade Corporation Co., Ltd. was granted the receivership
order by the Bankruptcy Division of the Supreme Court. The official receiver later sent the Company
a notice dated 16 September 2013 to inform that the official receiver could not collect any possessions
of World Intertrade Corporation Co., Ltd. which the same was reported to all of its creditors also. The
case will be closed after all creditors acknowledged such report back to the official receiver. Recently,
a precise period to close this case cannot be predicted.
During 2017, the Company was litigated against for the dismissal of employees approximately Baht
21.8 million. The case is under consideration by the Central Labor Court. However, the Management of
the Company believes that it is not probable that the Company will have to pay the compensation.
Therefore, the Company does not record such provision as at 31 December 2017.
96
41 Contingent liabilities (Continued)
Philippine Hotelier, Inc.
For Philippine Hoteliers, Inc., an indirect subsidiary, as at 31 December 2017 and 2016, there are
pending litigations, unasserted claims, and contingent liabilities that may arise in the normal course of
operations of the subsidiary which are not reflected in the accompanying financial statements such as
pending labor dispute cases filed with the National Labour Relations Commission - National Capital
Region. The subsidiary’s management is of the opinion that expenses, if any, from these contingencies,
are not significant and will not have material adverse effects and no provision has been made on
subsidiary’s financial statements.
Dusit Thani Public Company Limited and DMS Property Investment Pvt. Ltd.
As at 31 December 2017 and 2016, the Company has contingent liabilities from guarantee to DMS
Property Investment Pvt. Ltd., an indirect subsidiary in Republic of Maldives for short-term and long-
term loans not exceeding USD 29,250,000.
Dusit Thani Public Company Limited and Dusit Excellence Co., Ltd.
As at 31 December 2017 and 2016, the Company has contingent liabilities from guarantee to Dusit
Excellence Co., Ltd. (formerly, Dusit Thani Hotel Studies Co., Ltd.) a subsidiary for short-term and
long-term loans not exceeding Baht 131,200,000.
42 Others
42.1 Investment in overseas
On 24 March 2015, the Board of Directors of the Company approved the establishment of a joint venture
in Saudi Arabia, namely Dusit Saudi LLC, which invested by Dusit Overseas Co., Ltd., an indirect
subsidiary, in order to provide hotel management and technical consultancy services with an authorised
share capital of USD 0.13 million (approximately Baht 4.38 million). The subsidiary will invest at 51%. On
2 April 2015, Dusit Overseas Co., Ltd. has signed the joint venture agreement.
As of 31 December 2017, the subsidiary has not called its share subscription.
42.2 Dusit Bird Hotels Pvt. Ltd.
On 9 August 2016, the Board of Directors of the Company approved to close the joint venture in
India, namely Dusit Bird Hotels Pvt. Ltd. which was invested by the Company at 50%, because of the
difference in management strategies. The joint venture will be liquidated later on according to Indian
law.
43 Events after the reporting period
43.1 On 3 January 2018, the Company sold 440 ordinary shares of Saladang Property Management
Co., Ltd. to the third party at the agreed price.
43.2 On 8 February 2018, Vimarn Suriya Co., Ltd. called the additional share subscription from the
existing shareholders at 5%.
97
43 Events after the reporting period (Continued)
43.3 On 9 February 2018, The Company entered into a long-term loan agreement with a financial
institution of Baht 115,450,000 to repayment the existing borrowing of Dusit Excellence Co., Ltd.
(formerly, Dusit Thai Hotel Studies Co., Ltd.) with this financial institution. The withdrawal of
this loan is within February 2018. The terms are the same as mentioned in the said agreement
(see note 22).
43.4 On 22 February 2018, the Board of Directors of the Company considered to propose dividend
payment for the year 2017 to shareholders by appropriation from retained earnings for
850,000,000 ordinary shares at Baht 0.158 per share, totalling Baht 134,300,000. The Board of
Directors will propose such dividend payment to the annual general shareholders’ meeting.
98

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Dusit Thani Public Company Limited

and its Subsidiaries

Financial statements for the year ended

To the Shareholders of Dusit Thani Public Company Limited

Basis for Opinion

Key Audit Matters

• Assessing the adequacy of disclosures in

KPMG Phoomchai Audit Ltd.

Total assets 9,978,315,181 9,032,977,011 5,544,897,422 3,954,571,567

The accompanying notes are an integral part of these financial statements.

Total liabilities 4,097,598,471 3,678,888,149 2,233,838,651 686,472,115

The accompanying notes are an integral part of these financial statements.

Total liabilities and equity 9,978,315,181 9,032,977,011 5,544,897,422 3,954,571,567

The accompanying notes are an integral part of these financial statements.

Profit before expenses 2,176,365,555 1,848,233,823 990,499,316 993,046,729

Profit before income tax expense 411,270,196 141,363,639 103,032,179 133,330,928

Profit attributable to:

Earnings per share (in Baht) 36

The accompanying notes are an integral part of these financial statements.

Items that will not be reclassified to profit or loss

Other comprehensive income for the year,

The accompanying notes are an integral part of these financial statements.

Consolidated financial statements

Changes in ownership interests in subsidiary

Transfer excesses of revenues over expenses

Comprehensive income for the year

Year ended 31 December 2017

Changes in ownership interests in subsidiary

Transfer excesses of revenues over expenses

Comprehensive income for the year

The accompanying notes are an integral part of these financial statements.

Separate financial statements

Year ended 31 December 2017

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents,

The accompanying notes are an integral part of these financial statements.

These notes form an integral part of the financial statements.

2 Basis of preparation of the financial statements

2.1 Statement of compliance

2.2 Basis of measurement

Items Measurement bases

2.3 Functional and presentation currency

2 Basis of preparation of the financial statements (Continued)

2.4 Use of judgements and estimates

Measurement of fair value

Significant valuation issues are reported to the Group Audit Committee.

2 Basis of preparation of the financial statements (Continued)

Change in accounting estimate

3 Significant accounting policies

3.1 Basis of consolidation

3 Significant accounting policies (Continued)

Interests in equity-accounted investees

Transactions eliminated on consolidation

3.2 Foreign currencies

Foreign currency transactions

3 Significant accounting policies (Continued)

3.3 Cash and cash equivalents