hemraj : annual report 1999

2

MESSAGE FROM THE BOARD OF DIRECTORS

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30 ¡’π“§¡ 2543

3

Hemaraj Land And Development PLC financial and operating results continue to reflect the relatively weak economic conditions prevalent in

Thailand.

For 1999, Hemaraj reported a Net Loss of Baht 1,010.7 million, or a loss of Baht 14.28 per share, on Total Revenue of Baht 799.8 million. The

Net Loss was due in large part to a revaluation to market of certain security and property assets and to the provision of reserves deemed prudent

in addition to interest expenses being high for the level of operating activity.

The Sales and Service Revenue in 1999 of Baht 803.6 million were encouraging in comparison to 1998 Sales and Service Revenue of Baht 343

million.

The overall Thailand industrial property market in 1999 has increased modestly to sales of over 800 rai versus under 500 Rai in 1998, still down

dramatically from the 8,000 rai per annum levels in 1995 and 1996. Outperforming the investment level indicators in Thailand, Hemaraj posted

industrial estate sales of 210 Rai in 1999 and 10 new customers for a 25% market share, up from 90 Rai in 1998. The Sales increase for 1999 have

demonstrated that Hemaraj will benefit from certain sectors of investment in the economy, especially automotive.

Hemaraj affiliate H-Power is well positioned with 840 MW of power generation operating or under development. The Industrial Power co-

generation units of 124 MW have been in operation since 1998. The Independent Power project Bowin Power of 713 MW is scheduled for

commercial operation in April 2002.

The economic conditions prevalent have resulted in constraints in our ability to generate cash in line with the maturity of debt obligations and

the demanding investments required in power projects. Although Hemaraj restructured most of the Baht denominated debt in 1998 and 1999,

more needs to be finalized in this area and with the balance of the U.S. dollar convertible bond.

In the first quarter of 2000, Hemaraj reduced its share in H-Power to 24.999% pending certain government approvals. With partner Tractebel

now in a majority position of 75.001%, the joint venture H-Power is not constrained for capital in order to take advantage of investment opportunities.

The agreement ensures that the equity and financing requirements for Bowin Power can be met.

In order to strengthen the capital base of the company, Hemaraj completed the issuance and listing of 141.5 million warrants in 1999. In the first

quarter of 2000, the Board of Directors have approved a further capital increase, being a net 50 million shares, to be considered for approval at the

Annual Shareholder Meeting on April 28, 2000.

We believe that our consistent strategy of infrastructure development to generate recurring and complementary income from areas like power

generation, utility income, industrial services, and the sale and lease of mini factories while harvesting our market leading industrial estate development

remain the optimal one.

Looking ahead, the challenging economic environment will present opportunities for the company to improve its competitiveness and to

enhance shareholder value. We remain emboldened by the unwavering support of our management, employees, shareholders, customers, creditors,

and business partners.

On behalf of the Board of Directors and Management of Hemaraj Land And Development, I would like to express our sincere appreciation.

Respectfully submitted,

David R. Nardone

President & Chief Executive Officer

March 30, 2000

4

AUDITORS COMMITEE’S REPORT

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«—π∑’Ë 2 °ÿ¡¿“æ—π∏å 2541 ‚¥¬¬—ß‰¡à√«¡§à“¥Õ°‡∫’È¬·≈–§à“„™â®à“¬¥â“π°ÆÀ¡“¬¢Õß™à«ß‡«≈“µàÕ¡“ ∫√‘…—∑œ‡Õß∂÷ß·¡â®–‰¡à ∫“¬„®µàÕ ‘Ëß∑’Ë‡°‘¥¢÷Èπ

·µà¡’§«“¡‡™◊ËÕ«à“®– “¡“√∂™π–§¥’∫πæ◊Èπ∞“π¢Õß¢âÕ‡∑Á®®√‘ß

Õπ÷Ëß§≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕ·π–µàÕ§≥–°√√¡°“√¢Õß∫√‘…—∑œ«à“ KPMG Audit (Thailand) Limited ¡§«√‰¥â√—∫°“√

·µàßµ—Èß‡ªìπºŸâ Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…—∑œ ”À√—∫ªï°“√‡ß‘π ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 µàÕ‡π◊ËÕß®“°ªï°àÕπ „πÕ—µ√“º≈µÕ∫·∑π∑’Ë

‡À¡“– ¡ ÷Ëß®–¡’°“√µ°≈ß°—πµàÕ‰ª ‡√◊ËÕßπ’È®–‰¥â√—∫°“√π”‡ πÕ Ÿà°“√æ‘®“√≥“¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï„π«—π∑’Ë 28

‡¡…“¬π 2543

(π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’)

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

31 ¡’π“§¡ 2543

5

The Audit Committee of Hemaraj Land And Development Public Company Limited, together with its specific charter, was approved by the

Extraordinary General Meeting of Shareholders No. 1/1999 on 15th November 1999, with effects from 30th December 1999 onwards. Its 3-

member composition includes Mr. Sudhipan Charumani (the Committee Chairman), Mr. Peter J. Edmondson and Mr. Jirawit Masrangson; the first 2

being also independent directors of the company.

Due to its recent commencement on 30th December 1999, the committee is unready to review in depth the various aspects of the company's

and group companies' financial statements for the year ended 31st December 1999. Nevertheless, the committee has paid careful attention to the

overall draft contents of the company's 1999 Annual Report, as well as the view-points and observations stated in the external auditor's letters of

February 2000 to the Board of Directors, with an opportunity to seriously discuss matters with the management, the auditors and the principal

legal advisor of the company. The derived impression, based on the committee's current awareness, is that both the company and the management

have well presented their 1999 performances, together with future forecasts, with validity and transparency, and that no connected-party transaction

or conflicting-interest transaction has occurred during the said period. Moreover, no major flaw has been found in the company's internal control

system, with the exception of a prior lack of an internal auditor, who has since been installed, reporting directly to both the committee and the

management.

Notwithstanding the above, there is a subject matter that the committee would like to expound. Seven months prior to its admission into the

SET in July 1992, the company acquired from an outside seller a piece of land bank, of which the purchase price was partly funded by an indirect

utilization of a related company's credit line from a finance and securities company. In reciprocation, the company mortgaged the said land as

collateral, together with providing a guarantee on the particular credit line. The transaction was later paid off in full in September 1993 and the land

freed from mortgage, but the guarantee document was accidentally overlooked, leading to a subsequent court litigation, whereby the now defunct

finance and securities company is claiming against the document as an operative blanket guarantee on its client's overall indebtedness; taking an

unfair advantage of the general wording of the guarantee format. The company is, however, fighting the court case, and has informed the SET of the

event and of a prudent provision of Baht 128.40 Million as at 31st December 1999. This amount represents the finance company's full claim as of

2nd February 1998, exclusive of subsequent interest charges and legal expenses thereon. The company, although unhappy about this incident,

believes that it could win the case on factual grounds.

Lastly the committee has recommended to the Board of Directors that KPMG Audit (Thailand) be re-appointed as the company's external

auditor for the financial year ended 31st December 2000, at an appropriate remuneration to be agreed upon. This issue will be proposed for

shareholders' consideration at the Annual General Meeting on 28th April 2000.

(Sudhipan Charumani)

Chairman of the Audit Committee

31st

March 2000

6

ECONOMIC AND COMPETITIVE CONDITIONS

¿“«–‡»√…∞°‘®∑’Ë àßº≈°√–∑∫Õ¬à“ß√ÿπ·√ßµàÕª√–‡∑»‰∑¬µ—Èß·µà

ª’ 2540 ‰¥âºà“πæâπ®ÿ¥µË” ÿ¥‰ª·≈â« ‚¥¬„πªï 2542 ‡»√…∞°‘®‰∑¬‰¥â

· ¥ß°“√æ◊Èπµ—«Õ¬à“ßµàÕ‡π◊ËÕß„π∫“ß¿“§Õÿµ “À°√√¡

ªï 2542 º≈‘µ¿—≥±å√«¡¿“¬„πª√–‡∑» (GDP) ‡æ‘Ë¡¢÷Èπ√âÕ¬≈–

4.2 ¥—™π’°“√º≈‘µ¿“§Õÿµ “À°√√¡‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 20.6 ‚¥¬¿“æ√«¡

°”≈—ß°“√º≈‘µ∑—Èßª√–‡∑»Õ¬Ÿà√âÕ¬≈– 62 ¥√√™π’ºŸâ∫√‘‚¿§‡æ‘Ë¡¢÷Èπ®“°

ªï 2541 √âÕ¬≈– 6 °“√ àßÕÕ° (¥Õ≈≈à“√å À√—∞) √âÕ¬≈– 17.6 √«¡

∑—Èß°“√π”‡¢â“‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 14 ®“°ªï 2541 Õ—µ√“‡ß‘π‡øÑÕ¬—ß§ß

Õ—µ√“µË”∑’Ë√âÕ¬≈– 0.7 ‡π◊ËÕß®“°°”≈—ß°“√º≈‘µ≈âπµ≈“¥ ¡’°“√

À¥µ—«¢Õß°“√∫√‘‚¿§·≈– ¿“æ§≈àÕß∑“ß°“√‡ß‘π ª√–°Õ∫°—∫

·¡â«à“√“§“πÈ”¡—π®–‡æ‘Ë¡ Ÿß¢÷Èπ à«πÀπ’È∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â ¬—ß§ß

Õ¬Ÿà„π√–¥—∫∑’Ë√âÕ¬≈– 42 π—Èπ ‰¥â √â“ß¿“«–¢âÕ®”°—¥∑“ß°“√‡ß‘π„Àâ·°à

ºŸâª√–°Õ∫°“√‰∑¬‡ªìπ à«π„À≠à

µ—«‡≈¢°“√≈ß∑ÿπ∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“°§≥–°√√¡°“√ àß‡ √‘¡

°“√≈ß∑ÿπ ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ßª√‘¡“≥‡ß‘π≈ß∑ÿπ∑’Ë≈¥≈ßµ“¡≈”¥—∫

®“° 530 æ—π≈â“π∫“∑„πªï 2538 ¡“‡ªÁπ 157 æ—π≈â“π∫“∑„πªï

2542 ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„πªï 2542 ®”π«π 800

‰√à‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬®“°ªï∑’Ë·≈â« (∑’Ë¡“ : CB Richard Ellis) ‡π◊ËÕß

¡“®“°°“√∫√‘‚¿§∑’Ë≈¥≈ß °“√À¥µ—«¢Õß°“√µ≈“¥√–¥—∫¿Ÿ¡‘¿“§·≈–

°“√≈ß∑ÿπ∑’Ë≈¥µË”≈ß

¿“§Õÿµ “À°√√¡¬“π¬πµå∑’Ë¡’¬Õ¥¢“¬≈¥≈ß®“° 590,000 §—π

„πª’ 2539 ‡ªìπ 144,000 §—π „πªï 2541 ·≈–‡æ‘Ë¡¢÷Èπ‡ªÁπ 218,000

§—π àßÕÕ° 120,000 §—π„πªï 2542 „πªï 2543 π—Èπ§“¥«à“®–

¡’¬Õ¥®”Àπà“¬„πª√–‡∑» 280,000 §—π àßÕÕ° 175,000 §—π

®“°ª√‘¡“≥§«“¡µâÕß°“√√∂¬πµå∑’Ë‡æ‘Ë¡¢÷Èπ„π¿Ÿ¡‘¿“§π’È ºŸâ àßÕÕ°

™‘Èπ à«π¬“π¬πµå„πª√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√¢¬“¬

µ≈“¥ ŸàÕÕ ‡µ√‡≈’¬ ¬ÿ‚√ª, ≠’ËªÿÉπ ·≈–ª√–‡∑»Õ◊ËπÊ „π à«π¿Ÿ¡‘¿“§

Õÿµ “À°√√¡°“√‡°…µ√, ™‘Èπ à«πÕ‘‡≈§∑√Õπ‘§ ·≈–Õÿµ “À°√√¡

¬“π¬πµå ¬—ß§ß‡ªÁπÕÿµ “À°√√¡∑’Ë √â“ß√“¬‰¥âÀ≈—°®“°°“√ àßÕÕ°

¢Õßª√–‡∑»ª√–‡∑»‰∑¬¬—ß§ß‡ªìπª√–‡∑»∑’Ë·¢Áß·°√àß∑’ Ë ÿ¥„π

Õÿµ “À°√√¡¬“π¬πµå „π¿Ÿ¡‘¿“§Õ“‡´’¬π Õ—µ√“‡ß‘π‡øÑÕ∑’ËÕ¬Ÿà„π

√–¥—∫µË”·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ëª√—∫µ—«≈¥≈ßæ√âÕ¡∑—Èß¡“µ√“°“√∑“ß

°“√‡ß‘π·≈–°“√§≈—ßµà“ßÊ ¢Õß√—∞∫“≈™à«¬°√–µÿâπ°“√∫√‘‚¿§¿“¬„π

ª√–‡∑» °Õß∑ÿπ‡æ◊ËÕÕ —ßÀ“√‘¡∑√—æ¬å °“√√à«¡∑ÿπ °“√ªØ‘√ŸªÕß§å°√

µ≈“¥µ√“ “√Àπ’ È·≈–°“√º—πµ—«¢Õßµ≈“¥Àÿâπ®–®ÿ¥ª√–°“¬„Àâ

ª√–‡∑»‰∑¬°≈—∫¡“‡ªÁπ·À≈àß¢Õßµ≈“¥∑ÿπÕ’°§√—Èß

‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®µàÕ°“√®—¥°“√

Àπ’È‡ ’¬·≈–°“√‡ª‘¥ª√–¡Ÿ≈∑√—æ¬å ‘π∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥âµ≈Õ¥®π

°ÆÀ¡“¬µà“ßÊ °”≈—ß®–∂Ÿ°ª√—∫ª√ÿß„Àâ‡ªÁπ¡“µ√∞“π “°≈ ‚¥¬

‡©æ“–°ÆÀ¡“¬‡°’Ë¬«°—∫°“√≈â¡≈–≈“¬·≈–°“√ªØ‘√ŸªÕß§å°√ °“√∑’Ë

ª√–‡∑»‰∑¬¡’ ∂“∫—πæ√–¡À“°…—µ√‘¬å ·≈– ¿“«–°“√‡¡◊Õß∑’Ë¡—Ëπ§ß

„Àâ‡ªÁπª—®®—¬ ”§—≠∑’Ë™à«¬∫√√‡∑“º≈°√–∑∫ ¿“«–‡»√…∞°‘®∑’Ëµ°µË”

Õ¬Ÿà„π¢≥–π’È

7

The economic climate, which was both shaken and stirred in

Thailand since 1997, is past the bottom since 1998, and is demonstrating

modest sectoral improvements in 1999.

For 1999, the GDP growth index rose 4.2 percent. Manufacturing

Production growth rose by 20.6 percent year over year basis with the

overall capacity utilization at 62 percent. Private Consumption Index

increased 6 percent from a year earlier. Exports in dollar terms rose by

17.6 percent. Imports also rose by 14 percent from the 1998 level. The

Inflation rate remains low at only 0.7 percent for the year due to excess

capacity, weak consumption, and financial liquidity despite increases in

petroleum costs. The Non Performing Loans remain a problem at 42

percent and have created financing constraints for most Thai enterprises.

The Board of Investment (BOI) Approvals continued to reflect a

lower level of investment activity, with a reduction from Baht 530 billion

in 1995 to Baht 157 billion in 1999 respectively. Sales in Thailand of

Industrial Land (source CB Richard Ellis), being impacted by lower

consumption, the deterioration in regional markets, and lower

investment levels are estimated at a slightly improved 800 rai for 1999.

The automotive market has seen sales drop from 590,000 vehicles

in 1996 to the low of 144,000 vehicles in 1998, increasing to 218,000

vehicles in 1999 with 120,000 exports, and projected at 280,000 vehicles

in 2000, along with 175,000 exports. With a modestly increasing

automotive demand in most of the regional markets, Thailand’s export

base strategy has none the less been successful with access to new

expanded markets in Australia, Europe, Japan, and emerging markets.

The economic prospects for Thailand remain promising with

agriculture, electronics, and automotive generating strong export

earnings. As the ASEAN scheme takes hold, Thailand remains the

strongest positioned in the automotive and other markets. Inflation

has remained low while declining interest rates with government fiscal

and monetary measures have increased modestly consumption.

Property funds, joint investments, reorganizations, local debt markets

and the reemergence of the stock market will bring back capital for

Thailand. The Thai economy has had some success with bad debts

recognized, the sale of non-performing assets, and laws being enacted

to bring foreclosure bankruptcy and reorganization laws closer to

international standards. A revered monarchy and a stable political system

have minimized the disruptions of the economic decline.

∫¡®. Õ“À“√ ¬“¡

Siam Food PLC.

∫¡®. ‡À¡√“™æ—≤π“∑’Ë¥‘π(π‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π))

Hemaraj Land And Development PLC.

∫®. Õ’ ‡∑‘√åπ ’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß)(π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ ’∫Õ√å¥ (√–¬Õß))

Eastern Seaboard Industrial Estate (Rayong) Co.,Ltd.

∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑(π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥))

Eastern Industrial Estate Co.,Ltd.

∫®. ‡Õ™-Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (∫’«’‰Õ)

H-International (BVI) Co., Ltd.

∫®. ‡À¡√“™ Õ‘π‡µÕ√å‡π™—Ëπ·π≈

Hemaraj International Co., Ltd.

∫®. ‡Õ™-‡æ“‡«Õ√å

H-Power Co., Ltd.

∫¡®. »√’√“™“ Œ“√å‡∫Õ√å

Sriracha Harbor PLC.

∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´

Eastern Pipeline Services Co., Ltd.

∫®. Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ

Eastern Fluid Transport Co., Ltd.

∫®. ‡Õ™-Õ‘πø√“

H-Infra Co., Ltd.

∫®. æ≈—ßß“πÕÿµ “À°√√¡

Industrial Power Co., Ltd.

∫®. ‚Õ‡ªÕ√å‡√™—Ëπ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´

Operation Power Services Co., Ltd.

∫®. Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å —ææ≈“¬ ®”°—¥

Industrial Water Supply Co., Ltd.

∫®. æ’‡π‚° ‡´Õ√å«‘ ‡´

Pinago Services Co., Ltd.

∫®. ∫àÕ«‘π‡æ“‡«Õ√å

Bowin Power Co., Ltd.

‚§√ß √â“ß°“√≈ß∑ÿπ·≈–°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ / Investment and Shareholding Structure≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 / As of 31 December 1999

8

ECONOMIC CHARTS

GDP Growth

1999F

3 6 9 12 15

√âÕ¬≈– / Percentage

1998

1996

4.0

(10.4)

(1.8)

5.5

ªï / Year

2000F 4.5

Agriculture

Production Growth

1999F

1996

2.1

(0.3)

(0.5)

4.0

ªï / Year

2000F 1.6

Industrial

Production

Growth1999F

1996

6.8

(11.6)

0.1

8.4

ªï / Year

2000F 7.0

Private Consumption

Growth

1999F

3 6 9 12 15

1996

3.0

(10.6)

(0.8)

6.5

ªï / Year

2000F 3.8

Private Investment

Growth

1996

(0.7)

(27.9)

(20.3)

6.9

ªï / Year

2000F 0.0

Source : 1) Bank of Thailand 2) FTI 3) BOI 4) CB Richard Eliis

Note : F = Forecast

1997

1998

1997

1998

1997

1998

1997

1999F

1998

1997

√âÕ¬≈– / Percentage

9

1999 SUMMARY

1997 1998 1999

√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√

Sales and Service Income 1,304 346 804

√“¬‰¥â√«¡

Total Revenue 1,954 1,793 800

°”‰√ ÿ∑∏‘

Net Income (1,019) 873 (1,010)

‘π∑√—æ¬å√«¡

Total Assets 7,381 7,628 6,843

Àπ’È ‘π√«¡

Total Liabilities 4,916 4,389 4,577

à«π¢ÕßºâŸ∂◊ÕÀÿâπ

Shareholders’ Equity 2,053 2,831 1,831

°”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑)

Earning Per Share (Baht) (14.41) 12.33 (14.28)

1997 1998 1999

Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π

Current Ratio 2.35 1.57 1.16

Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘

µàÕ à«π¢ÕßºâŸ∂◊ÕÀÿâπ

Net Debt to Equity 1.88 1.29 1.97

Õ—µ√“ à«πº≈µÕ∫·∑π

µàÕ∑√—æ¬å ‘π√«¡

Return on Total Assets 5.46% 9.36% (14.25%)

Õ—µ√“ à«πº≈µÕ∫·∑π

µàÕ à«π¢ÕßºâŸ∂◊ÕÀÿâπ

Return on Equity (36.62%) 30.21% (51.37%)

Õ—µ√“ à«π°”‰√ ÿ∑∏‘

µàÕ√“¬‰¥â√«¡

Net Profitability Ratio (52.18%) 48.66% (126.37%)

¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’ (∫“∑)

Book Value Per Share (Baht) 29.01 40.01 25.88

¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘

µàÕÀÿâπ (∫“∑)

Net Asset Value

Per Share (Baht) 54.53 43.02

Õ—µ√“ à«π∑“ß°“√‡ß‘π

Financial Ratios

√“¬‰¥â√«¡

Total Revenue

°”‰√ ÿ∑∏‘

Net Income

1999

500 1,000 1,500 2,000 2,500 3,000

≈â“π∫“∑ / Million Baht

1998

1997

1996

1995

1994

1993

1998

1996

1995

1994

1993

800

1,793

1,954

2,880

2,338

677

1,171

873

(1,019)

601

561

153

360

ªï / Year

ªï / Year

1997

(1,010)1999

10

MANAGEMENT DISCUSSION OF FINANCIAL RESULTS

º≈°“√¥”‡π‘πß“π„πª’ 2542 ‰¥â· ¥ß∂÷ß¬Õ¥¢“¬„π¥â“π∫«°

∑—Èß∑’Ë‡»√…∞°‘®¿“¬„πª√–‡∑»‡æ‘Ëß®–‡√‘Ë¡ø◊Èπµ—«¢÷Èπ¬Õ¥¢“¬∑’Ë¥‘π

„ππ‘§¡Õÿµ “À°√√¡ ·≈–Õ“§“√‚√ßß“π„πªï 2542 ¡’∑—Èß ‘Èπ 210

‰√à (0.336 ≈â“πµ“√“ß‡¡µ√ À√◊Õ 84 ‡Õ‡§Õ√å) ‚¥¬¡’≈Ÿ°§â“„À¡à 10

√“¬‡ªìπ¡Ÿ≈§à“ 577 ≈â“π∫“∑´÷Ëß· ¥ß„Àâ‡ÀÁπ∂÷ß¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ

√âÕ¬≈– 165 ®“°≈Ÿ°§â“ 8 √“¬ ¬Õ¥¢“¬ 89 ‰√à ·≈– 218 ≈â“π∫“∑„π

¬Õ¥¢“¬ªï 2541 √“¬‰¥â§à“∫√‘°“√¢Õß√–∫∫ “∏“√≥Ÿª‚¿§„ππ‘§¡œ

·≈–√“¬‰¥â®“°°“√‡™à“‚√ßß“π ”‡√Á®√Ÿª¢π“¥°≈“ß‡æ‘Ë¡¢÷Èπ‡ªÁπ

®”π«π 226 ≈â“π∫“∑„πª’ 2542 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 128 ≈â“π∫“∑

„πªï 2541 ·≈â«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 76

√“¬‰¥â√«¡¢Õßªï 2542 ®”π«π 800 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫

°—∫ 1,794 ≈â“π∫“∑ „πªï 2541 ·≈â«≈¥≈ß√âÕ¬≈– 55 ‚¥¬√“¬‰¥â

√«¡¢Õßªï 2541 π—Èπ ‰¥â√«¡°”‰√®“°°“√¢“¬À≈—°∑√—æ¬å 556 ≈â“π

∫“∑ πÕ°®“°π’È¬—ß‰¥â√«¡°”‰√®“°∫√‘…—∑„π‡§√◊Õ ´÷Ëß‡°‘¥®“°Õ—µ√“

·≈°‡ª≈’Ë¬π 352 ≈â“π∫“∑ ·≈–°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß

∫√‘…—∑ ‡À¡√“™œ·≈–∫√‘…—∑¬àÕ¬ 432 ≈â“π∫“∑ ”À√—∫¢“¥∑ÿπ®“°

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2000 ‰¥â‡ √Á® ¡∫Ÿ√≥å·≈â«

11

The 1999 consolidated financial results showed some positive sales

signs despite the slow recovery of the Thailand economy.

Industrial land sales and buildings for 1999, representing the sale of

210 rai from 10 new customers were Baht 577 million. This represents

an increase in sales of 165 % compared to 89 rai from 8 new customers

and Baht 218 million in 1998 sales. Service Income from recurring

utilities and Rental Income from Mini Factories increased to Baht 226

million for 1999, or an increase of 76 % compared to Baht 128 million

in 1998.

Total Revenue for 1999 were Baht 800 million versus Baht 1,794

million in 1998, a 55% decrease. However, Total Revenue for 1998

included gains from the sale of securities of Baht 556 million, a profit in

affiliated companies of Baht 352 million due to foreign exchange gains,

and a foreign exchange gain of Baht 432 million for Hemaraj and its

subsidiaries. In 1999, Hemaraj recorded Baht 29 million in foreign

exhange loss.

The Net Income for 1999 was a loss of Baht (1,011) million, as

compared to the 1998 Net Income of Baht 873 million.

In 1999, the company realized the loss on diminution in value of

investment in securities by Baht 57 million. In addition, in marking to

book value or market price, the company appraised all properties and

revalued certain property holdings in 1999 to the lower of cost or net

realizable value, which resulted in a write down of Baht 498 million.

The Company has made a full provision for a contingent legal liability

in its 4th quarter 1999 financial statements, where the company is

proceeding with its legal defense in the court which is presently at trial.

The amount of the claim, Baht 128 million, is approximately 1.9 percent

of the total value of the assets of the Company. Other than this case

referenced, the Company is not aware of any legal proceedings taken

by any person against the Company.

The consolidated Balance Sheet in 1999 reflected the impact of

marking to market the decline in value of property holdings and various

legal and other reserves. In 1998 and 1999, the company completed

the restructuring, revising, or entering of new agreements for debt

obligations being Baht 1,272 million and USD 7.7 million. The

restructuring was accomplished by extending the maturity dates of the

debt and with new terms negotiated related to interest reductions and

other conditions. Under discussions for restructuring are loans with a

nominal value of Baht 340 million, and convertible bonds with a nominal

value of Baht 1,081 million.

Total Assets in 1999 were Baht 6,843 million, a 10% decrease from

Baht 7,630 million in 1998. Total Current Assets in 1999 were Baht

3,030 million compared to Baht 3,691 million in 1998. Cash Investments

and Receivable were Baht 136 million. Deferred revenue at year-end

were Baht 190 million, representing future revenue recognized based

on percent completion of the projects. Land held for Real Estate

developments in 1999 were Baht 2,822 million, reduced from Baht

3,311 million due to the higher level of land sold and land the revaluation.

Other Assets include Investments and Loans of Baht 1,197 million

being primarily Baht 945 million for shares in affiliate H-Power Company

Limited and Baht 228 million for a shareholder loan to Industrial Power.

Land held for commercial purposes not under development were Baht

1,754 million in 1999 versus Baht 2,193 million in 1998 due to the

revaluation of property in 1999.

Total Liabilities in 1999 were Baht 4,577 million, a 4.2 % increase

from Baht 4,391 million in 1998, with no significant changes except the

legal reserve noted.

Shareholders Equity in 1999 was Baht 1,831 million versus Baht

2,831 million in 1998 due mainly to the revaluation and reserves

mentioned.

In April of 1999, the 1999 Annual General Meeting of Shareholders

approved the increase of the registered capital to Baht 2,770 million by

an issuance of 196 million new ordinary shares at the par value of Baht

10 each. In addition, the Meeting approved the issuance of the

141,531,150 right warrants to the existing shareholders at the ratio of

1 share to 2 units of warrant at the offering price of Baht 0.10 per unit.

The company was successful with its preparation for Y2K. The

systems and operations of the company, including the internal networks,

operation systems, and the new Oracle financial systems were

satisfactory. The computer and operation systems passed every Y2K

trigger dates safely which are September 9, 1999, January 1, 2000, and

February 29, 2000. The company expects no further Y2K risks

associated with our systems.

24

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«√√§∑’Ë ’Ë ß∫°“√‡ß‘π¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 º≈°“√¥”‡π‘πß“π√«¡ ·≈–°√–· ‡ß‘π ¥√«¡ ”À√—∫ª’ ‘Èπ ÿ¥

«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ª’ ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ª’ ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√

„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

¢â“æ‡®â“¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ‡°’Ë¬«°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ÷ËßÕ“®

¬—ß§ß‰¥â√—∫º≈°√–∑∫®“°¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡ ’¬·ª ‘ø‘§‚¥¬√«¡ πÕ°®“°π’È¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15 ·≈–

∑’Ë 17 ÷Ëß°≈à“«∂÷ß°“√∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¡à “¡“√∂™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑’Ë§√∫°”Àπ¥™”√–§◊π √«¡∑—Èß¥Õ°‡∫’È¬§â“ß®à“¬∑’Ë‡°’Ë¬«¢âÕß ·≈–°≈à“«∂÷ß°“√∑’Ë

∫√‘…—∑‰¡à “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ„π«—π∑’Ë 9 °—π¬“¬π 2541 ·≈–º‘¥π—¥

™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥™”√– ‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·®âß«à“ ª—®®ÿ∫—π∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà√–À«à“ß‡®√®“ ‡æ◊ËÕ

ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ÷Ëß®π∂÷ß«—π∑’Ë√“¬ß“π¬—ß‰¡à∑√“∫º≈°“√‡®√®“

(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå)

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2316

∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥

°√ÿß‡∑æœ 4 °ÿ¡¿“æ—π∏å 2543

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

25

Auditors’ ReportAS AT DECEMBER 31, 1999 AND 1998

To the Shareholders of Hemaraj Land and Development Public Company Limited:

I have audited the consolidated balance sheets of Hemaraj Land and Development Public Company Limited and subsidiaries as at December

31, 1999 and 1998, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings and cash flows for

each of the years then ended, and the separate financial statements of Hemaraj Land and Development Public Company Limited for the same

years then ended. The Company’s management are responsible for the correctness and completeness of information presented in these

financial statements. My responsibility is to express an opinion on these financial statements based on my audits.

Except as discussed in the following paragraphs, I conducted my audits in accordance with generally accepted auditing standards. Those

standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material

misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An

audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall

financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

As described in Note 7 and Note 9 to the financial statements, as at December 31, 1998, real estate developments and leasehold land and

land held for commercial purposes are stated at cost in the amounts of Baht 2,846.27 million and Baht 1,721.68 million, respectively, in the

consolidated balance sheet, and Baht 1,204.32 million and Baht 1,721.68 million, respectively, in the Company’s balance sheet, and have not

been appraised by an independent appraiser since July 1997. In addition, the real estate business has been affected by the adverse economic

conditions in Thailand and the Asia Pacific Region in general. I cannot determine whether these assets are stated in accordance with generally

accepted accounting standards which require them to be stated at the lower of cost or net realisable value.

As described in Note 1 to the financial statements, the consolidated financial statements and the Company’s financial statements for the

year ended December 31, 1998 include share of net income in the amount of Baht 0.92 million of two associated companies, which were

audited by another firm of auditors, and include losses in the amount of Baht 0.80 million of an overseas associated company based on

information provided by the management that was not audited.

In my opinion, except for the effects of such adjustments on the financial statementsfor the year ended December 31, 1998, if any, as

might have been necessary relating to the matters described in the third and the fourth paragraphs, the financial statements referred to above

present fairly, in all material respects, the consolidated financial position as at December 31, 1999 and 1998, of Hemaraj Land and Development

Public Company Limited and subsidiaries, and the consolidated results of their operations and their cash flows for each of the years then ended,

and the separate financial position as at December 31, 1999 and 1998 and results of its operations and its cash flows of Hemaraj Land and

Development Public Company Limited for the same years then ended, in conformity with generally accepted accounting principles.

I draw attention to Note 1 to the financial statements. The operations of Hemaraj Land and Development Public Company Limited and

subsidiaries may continue to be affected by the economic conditions in Thailand and the Asia Pacific Region in general. I also draw attention to

Note 15 and Note 17 to the financial statements. The Company and a subsidiary have failed to meet repayments in respect of loans and related

interest payable which were due, and the Company has failed to repay the convertible bonds for which the bondholders sought redemption, in

accordance with their rights, on September 9, 1998, and related interest payable which were due. The management have informed us that they

are currently in the process of negotiating for debt restructuring for which the results have not yet been determined.

Nirand Lilamethwat

Certified Public Accountant

Registration Number 2316

KPMG Audit (Thailand) Limited

Bangkok, February 4, 2000

The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in

accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. The standards,

procedures and practices to audit such financial statements are those generally accepted and applied in Thailand.

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

26

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

‘π∑√—æ¬å ∫“∑ ∫“∑

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 2,4,25 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04

‡ß‘π≈ß∑ÿπ√–¬– —Èπ

‡ß‘πΩ“°ª√–®” 2,4,5,25 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ 2,5,25 33,194,562.00 41,476,272.00 33,194,562.00 41,476,272.00

√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 94,940,745.66 137,449,804.81 43,091,263.71 45,291,471.07

≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 2,6 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ÿ∑∏‘ 2 7,007,359.40 5,360,196.79 3,706,112.19 2,222,624.25

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß

·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 3 - 4,032,641.27 43,886,588.55 26,253,933.92

µâπ∑ÿπ‚§√ß°“√

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 2,7,19,25 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

§à“„™â®à“¬≈à«ßÀπâ“ 5,176,732.57 4,138,878.49 2,837,909.08 3,233,556.72

‡ß‘π∑¥√Õß®à“¬ 1,777,464.84 3,693,820.62 1,042,843.07 1,576,407.57

Õ◊ËπÊ 16,610,292.85 11,658,299.03 5,925,083.28 3,707,916.44

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 23,564,490.26 19,490,998.14 9,805,835.43 8,517,880.73

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 3,030,073,530.91 3,689,327,037.60 848,441,405.42 1,296,832,413.88

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 2,3,8,25,26

‡ß‘π≈ß∑ÿπ ÿ∑∏‘ 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44

‡ß‘π„Àâ°ŸÈ¬◊¡ ÿ∑∏‘ 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66

√«¡°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10

°‘®°“√Õ◊Ëπ 2,8 1,000,000.00 1,000,000.00 - -

√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π

‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ÿ∑∏‘ 2,9,19,25 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41

‘π∑√—æ¬å„Àâ‡™à“ ÿ∑∏‘ 2,10 232,426,239.61 107,972,967.77 104,361,768.81 -

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 2,11,28 251,298,731.07 252,943,064.95 59,182,818.10 58,956,237.90

‘π∑√—æ¬åÕ◊Ëπ

‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ 12 147,014,764.92 131,163,566.47 5,104,223.14 33,177,411.14

‡ß‘π∑ÿπ®¡ 13,26 220,787,775.73 193,632,482.50 61,503,567.11 53,799,567.11

§à“§«“¡π‘¬¡ 14 2,653,572.03 4,245,715.16 - -

§à“„™â®à“¬√Õµ—¥∫—≠™’ 2 - 707,111.52 - -

‡ß‘π¡—¥®”·≈–Õ◊ËπÊ 8,036,035.90 2,527,588.13 6,501,469.99 388,400.00

√«¡ ‘π∑√—æ¬åÕ◊Ëπ 378,492,148.58 332,276,463.78 73,109,260.24 87,365,378.25

√«¡ ‘π∑√—æ¬å 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

27

Balance SheetsAS AT DECEMBER 31, 1999 AND 1998

See Notes to Financial Statements

Consolidated The Company

1999 1998 1999 1998

ASSETS Note Baht Baht Baht Baht

CURRENT ASSETS

Cash on hand and at banks 2,4,25 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04

Short-term investments

Time deposits 2,4,5,25 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07

Investments in securities 2,5,25 33,194,562.00 41,476,272.00 33,194,562.00 41,476,272.00

Total Short-Term Investments 94,940,745.66 137,449,804.81 43,091,263.71 45,291,471.07

Accounts receivable, net 2,6 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36

Accounts receivable-related parties, net 2 7,007,359.40 5,360,196.79 3,706,112.19 2,222,624.25

Short-term loans and advance to

related parties 3 - 4,032,641.27 43,886,588.55 26,253,933.92

Cost of real estate developments, net 2,7,19,25 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51

Other current assets

Prepaid expenses 5,176,732.57 4,138,878.49 2,837,909.08 3,233,556.72

Advance payments 1,777,464.84 3,693,820.62 1,042,843.07 1,576,407.57

Others 16,610,292.85 11,658,299.03 5,925,083.28 3,707,916.44

Total Other Current Assets 23,564,490.26 19,490,998.14 9,805,835.43 8,517,880.73

Total Current Assets 3,030,073,530.91 3,689,327,037.60 848,441,405.42 1,296,832,413.88

INVESTMENTS AND LOANS, NET

Related parties 2,3,8,25,26

Investments, net 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44

Loans, net 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66

Total Related Parties 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10

Other Company 2,8 1,000,000.00 1,000,000.00 - -

Total Investments and Loans, net 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10

LEASEHOLD LAND AND LAND HELD

FOR COMMERCIAL PURPOSES, NET 2,9,19,25 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41

LEASE ASSETS, NET 2,10 232,426,239.61 107,972,967.77 104,361,768.81 -

PROPERTY, PLANT AND EQUIPMENT, NET 2,11,28 251,298,731.07 252,943,064.95 59,182,818.10 58,956,237.90

OTHER ASSETS

Advances to Provincial Electricity Authority 12 147,014,764.92 131,163,566.47 5,104,223.14 33,177,411.14

Sinking fund 13,26 220,787,775.73 193,632,482.50 61,503,567.11 53,799,567.11

Goodwill 14 2,653,572.03 4,245,715.16 - -

Deferred charges 2 - 707,111.52 - -

Deposits and others 8,036,035.90 2,527,588.13 6,501,469.99 388,400.00

Total Other Assets 378,492,148.58 332,276,463.78 73,109,260.24 87,365,378.25

Total Assets 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54


28

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

Àπ’È ‘π·≈– à«π¢ÕßºâŸ∂◊ÕÀÿâπ ∫“∑ ∫“∑

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡

®“° ∂“∫—π°“√‡ß‘π 2,4,25 50,042,842.76 24,375,434.22 33,807,908.78 16,483,099.60

‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 15,18,25,27 339,563,071.15 339,563,071.15 302,822,739.72 302,822,739.72

µ—Î« —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“ 9,25 40,000,000.00 - 40,000,000.00 -

‡®â“Àπ’È°“√§â“ 96,088,586.58 84,395,555.18 18,785,862.74 6,691,804.76

‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡

·Ààßª√–‡∑»‰∑¬ 26 363,737,269.46 323,777,978.63 226,198,069.14 209,073,518.33

√“¬‰¥â√—∫≈à«ßÀπâ“ 2,16 173,088,013.46 249,691,378.85 1,117,645.06 -

à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßª’ 18,25 122,042,879.34 51,622,594.00 63,660,000.00 -

Àÿâπ°Ÿâ·ª≈ß ¿“æ 2,17,19,21,23 1,081,393,952.59 1,057,884,765.00 1,081,393,952.59 1,057,884,765.00

‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√ - 14,464,797.46 - 14,464,797.46

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß

®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 3 40,618,009.92 41,072,406.43 320,905,982.94 291,805,594.10

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

¥Õ°‡∫’È¬§â“ß®à“¬ 2,17 245,799,696.35 132,591,739.63 226,309,661.53 116,359,713.19

‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥ 11,774,605.00 11,774,605.00 11,774,605.00 11,774,605.00

Õ◊ËπÊ 44,132,075.00 21,242,106.29 32,638,497.82 11,859,731.45

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 301,706,376.35 165,608,450.92 270,722,764.35 139,994,049.64

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 2,608,281,001.61 2,352,456,431.84 2,359,414,925.32 2,039,220,368.61

‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—π 3,17 1,518,141.40 1,518,141.40 1,164,441,719.90 1,164,441,719.90

Àπ’È ‘π√–¬–¬“« 15,18,25 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00

Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π 17,19,25 586,117,812.31 555,039,225.99 - -

Àπ’È ‘πÕ◊Ëπ

”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬

®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 20 128,399,460.21 - 128,399,460.21 -

‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß 19,873,801.12 41,982,052.02 1,050,128.65 1,024,949.41

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ 2 19,774,615.45 8,502,319.90 - -

”√Õß¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ 2 59,999,300.00 59,999,300.00 - -

Õ◊Ëπ Ê 27,942,360.00 2,123,460.00 21,195,000.00 -

√«¡Àπ’È ‘πÕ◊Ëπ 255,989,536.78 112,607,131.92 150,644,588.86 1,024,949.41

√«¡Àπ’È ‘π 4,576,712,681.84 4,388,975,294.40 4,182,246,517.31 3,859,935,737.92


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

29




1999 1998 1999 1998

LIABILITIES AND SHAREHOLDERS’ EQUITY Note Baht Baht Baht Baht

CURRENT LIABILITES

Bank overdrafts and loans from

financial institutions 2,4,25 50,042,842.76 24,375,434.22 33,807,908.78 16,483,099.60

Liabilities on immediate demand 15,18,25,27 339,563,071.15 339,563,071.15 302,822,739.72 302,822,739.72

Promissory note-ordinary person 9,25 40,000,000.00 - 40,000,000.00 -

Accounts payable 96,088,586.58 84,395,555.18 18,785,862.74 6,691,804.76

Account payable-Industrial Estate

Authority of Thailand 26 363,737,269.46 323,777,978.63 226,198,069.14 209,073,518.33

Income received in advance 2,16 173,088,013.46 249,691,378.85 1,117,645.06 -

Current portion of long-term liabilities 18,25 122,042,879.34 51,622,594.00 63,660,000.00 -

Convertible bonds 2,17,19,21,23 1,081,393,952.59 1,057,884,765.00 1,081,393,952.59 1,057,884,765.00

Loan from director - 14,464,797.46 - 14,464,797.46

Short-term loans and advances from

related parties 3 40,618,009.92 41,072,406.43 320,905,982.94 291,805,594.10

Other current liabilities

Accrued interest expense 2,17 245,799,696.35 132,591,739.63 226,309,661.53 116,359,713.19

Accounts payable-buildings

purchase agreement 11,774,605.00 11,774,605.00 11,774,605.00 11,774,605.00

Others 44,132,075.00 21,242,106.29 32,638,497.82 11,859,731.45

Total Other Current Liabilities 301,706,376.35 165,608,450.92 270,722,764.35 139,994,049.64

Total Current Liabilities 2,608,281,001.61 2,352,456,431.84 2,359,414,925.32 2,039,220,368.61

DUE TO AND LOANS FROM RELATED

PARTIES 3,17 1,518,141.40 1,518,141.40 1,164,441,719.90 1,164,441,719.90

LONG-TERM LIABILITIES 15,18,25 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00

GUARANTEED BONDS 17,19,25 586,117,812.31 555,039,225.99 - -

OTHER LIABILITIES

Reserve for uncertain loss from law suit 20 128,399,460.21 - 128,399,460.21 -

Retention payable 19,873,801.12 41,982,052.02 1,050,128.65 1,024,949.41

Deferred right of use income 2 19,774,615.45 8,502,319.90 - -

Reserve for loss on revaluation of investment

in affiliated company 2 59,999,300.00 59,999,300.00 - -

Others 27,942,360.00 2,123,460.00 21,195,000.00 -

Total Other Liabilities 255,989,536.78 112,607,131.92 150,644,588.86 1,024,949.41

Total Liabilities 4,576,712,681.84 4,388,975,294.40 4,182,246,517.31 3,859,935,737.92


30

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

Àπ’È ‘π·≈– à«π¢ÕßºâŸ∂◊ÕÀÿâπ À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 435,176,017.95 408,028,962.78 - -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ 21

∑ÿπ®¥∑–‡∫’¬π 277,000,000 Àÿâπ

„πªï 2542 ·≈– 100,000,000 Àÿâπ

„πªï 2541 ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ 2,770,000,000.00 1,000,000,000.00 2,770,000,000.00 1,000,000,000.00

∑ÿπ∑’ËÕÕ° 70,765,977 Àÿâπ

„πª’ 2542 ·≈– 70,765,575 Àÿâπ

„πª’ 2541 ™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00

„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 21 14,153,074.80 - 14,153,074.80 -

à«π‡°‘π∑ÿπ

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00

°”‰√(¢“¥∑ÿπ) – ¡

®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

¬—ß‰¡à‰¥â®—¥ √√ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2,5 (5,120,938.00) - (5,120,938.00) -

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 2 (77,164,912.10) (79,114,599.78) - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

31




1999 1998 1999 1998

LIABILITIES AND SHAREHOLDERS’ EQUITY Note Baht Baht Baht Baht

MINORITY INTERESTS 435,176,017.95 408,028,962.78 - -

SHAREHOLDERS’ EQUITY

Share capital 21

Authorised share capital 277,000,000

shares in 1999 and 100,000,000

shares in 1998, Baht 10 par value 2,770,000,000.00 1,000,000,000.00 2,770,000,000.00 1,000,000,000.00

Issued and fully paid-up share capital

70,765,977 shares in 1999

and 70,765,575 shares in 1998 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00

Warrants 21 14,153,074.80 - 14,153,074.80 -

Paid-in capital

Premium on share capital 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00

Retained earnings (deficit)

Appropriated - legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Unappropriated (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

Unrealised loss from changes in carrying

amount of investments 2,5 (5,120,938.00) - (5,120,938.00) -

Adjustment from financial statement

translations 2 (77,164,912.10) (79,114,599.78) - -

Total Shareholders’ Equity 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62

Total Liabilities and Shareholders’ Equity 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54


32

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

√“¬‰¥â 2

√“¬‰¥â®“°°“√¢“¬ 3 577,219,490.44 217,827,264.25 251,436,472.04 103,622.82

√“¬‰¥â§à“∫√‘°“√ 3 226,370,612.87 128,359,406.42 32,090,265.62 31,268,747.38

√“¬‰¥âÕ◊Ëπ

°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - 555,819,766.49 - 55,819,766.49

°”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’Ë¬π 23 (29,437,664.25) 432,004,826.63 (29,437,664.25) 432,004,826.63

à«π·∫àß°”‰√(¢“¥∑ÿπ)

®“°∫√‘…—∑„π‡§√◊Õ 3 (6,962,237.57) 352,207,275.47 10,638,644.69 822,676,746.47

¥Õ°‡∫’È¬√—∫ 3 28,909,540.95 49,342,004.19 18,397,346.75 11,734,006.31

√“¬‰¥â§à“π“¬Àπâ“ 3,26 - - 4,932,131.03 22,207,649.87

Õ◊ËπÊ 3,651,927.10 58,004,299.28 478,674.45 45,023,659.00

√«¡√“¬‰¥âÕ◊Ëπ (3,838,433.77)1,447,378,172.06 5,009,132.67 1,389,466,654.77

√«¡√“¬‰¥â 799,751,669.54 1,793,564,842.73 288,535,870.33 1,420,839,024.97

§à“„™â®à“¬ 2

µâπ∑ÿπ¢“¬ 458,724,974.09 147,152,452.26 328,863,999.83 1,086,121.41

µâπ∑ÿπ∫√‘°“√ 22 161,207,691.71 91,016,920.47 21,972,498.45 24,549,774.02

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,22 177,579,705.30 270,295,825.29 77,120,842.64 106,573,047.11

¥Õ°‡∫’È¬®à“¬ 3,7,19,26 273,459,291.00 238,130,036.02 182,743,739.83 163,032,049.40

§à“µÕ∫·∑π°√√¡°“√ 22 26,700,771.67 26,188,942.55 3,292,219.79 1,767,011.69

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 7,9 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ

„πÀ≈—°∑√—æ¬å 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48

§à“§«“¡π‘¬¡µ—¥∫—≠™’ 14 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12

”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß

°ÆÀ¡“¬ 20 128,399,460.21 - 128,399,460.21 -

√«¡§à“„™â®à“¬ 1,782,897,606.06 1,102,806,291.57 1,299,218,472.83 503,244,453.26

°”‰√(¢“¥∑ÿπ)°àÕπ¿“…’‡ß‘π‰¥â (983,145,936.52) 690,758,551.16 (1,010,682,602.50) 917,594,571.71

¿“…’‡ß‘π‰¥â (389,610.81) - - -

°”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

·≈–°àÕπ√“¬°“√æ‘‡»… (983,535,547.33) 690,758,551.16 (1,010,682,602.50) 917,594,571.71

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15 - -

°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (1,010,682,602.50) 697,040,536.31 (1,010,682,602.50) 917,594,571.71

√“¬°“√æ‘‡»… 23 - 175,630,946.90 - (44,923,088.50)

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 2,24

°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (14.28) 9.85 (14.28) 12.96

√“¬°“√æ‘‡»… - 2.48 - (0.63)

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (14.28) 12.33 (14.28) 12.33

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°”‰√¢“¥∑ÿπ

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

33

Statement of IncomeFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998



1999 1998 1999 1998

Note Baht Baht Baht Baht

REVENUES 2

Sales 3 577,219,490.44 217,827,264.25 251,436,472.04 103,622.82

Service income 3 226,370,612.87 128,359,406.42 32,090,265.62 31,268,747.38

Other incomes

Gain on sales of investments - 555,819,766.49 - 55,819,766.49

Gain (loss) on exchange rate 23 (29,437,664.25) 432,004,826.63 (29,437,664.25) 432,004,826.63

Share of net income (loss) in affiliated

companies 3 (6,962,237.57) 352,207,275.47 10,638,644.69 822,676,746.47

Interest income 3 28,909,540.95 49,342,004.19 18,397,346.75 11,734,006.31

Commission income 3,26 - - 4,932,131.03 22,207,649.87

Others 3,651,927.10 58,004,299.28 478,674.45 45,023,659.00

Total Other Incomes (3,838,433.77) 1,447,378,172.06 5,009,132.67 1,389,466,654.77

Total Revenues 799,751,669.54 1,793,564,842.73 288,535,870.33 1,420,839,024.97

EXPENSES 2

Cost of sales 458,724,974.09 147,152,452.26 328,863,999.83 1,086,121.41

Cost of services 22 161,207,691.71 91,016,920.47 21,972,498.45 24,549,774.02

Selling and administrative expenses 3,22 177,579,705.30 270,295,825.29 77,120,842.64 106,573,047.11

Interest expense 3,7,19,26 273,459,291.00 238,130,036.02 182,743,739.83 163,032,049.40

Directors’ remuneration 22 26,700,771.67 26,188,942.55 3,292,219.79 1,767,011.69

Loss on projects revaluation 7,9 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03

Loss on diminution in value of

investments in securities 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48

Amortisation of goodwill 14 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12

Reserve for uncertain loss from law suit 20 128,399,460.21 - 128,399,460.21 -

Total Expenses 1,782,897,606.06 1,102,806,291.57 1,299,218,472.83 503,244,453.26

INCOME (LOSS) BEFORE INCOME TAX (983,145,936.52) 690,758,551.16 (1,010,682,602.50) 917,594,571.71

INCOME TAX (389,610.81) - - -

INCOME (LOSS) BEFORE MINORITY

INTERESTS AND EXTRAORDINARY ITEM (983,535,547.33) 690,758,551.16 (1,010,682,602.50) 917,594,571.71

MINORITY INTERESTS (27,147,055.17) 6,281,985.15 - -

INCOME (LOSS) BEFORE

EXTRAORDINARY ITEM (1,010,682,602.50) 697,040,536.31 (1,010,682,602.50) 917,594,571.71

EXTRAORDINARY ITEM 23 - 175,630,946.90 - (44,923,088.50)

NET INCOME (LOSS) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

BASIC EARNINGS (LOSS) PER SHARE 2,24

Income (loss) before extraordinary item (14.28) 9.85 (14.28) 12.96

Extraordinary item - 2.48 - (0.63)

Net income (loss) (14.28) 12.33 (14.28) 12.33


34

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

∫“∑ ∫“∑

∑ÿπ‡√◊ÕπÀÿâπ

Àÿâπ “¡—≠

¬Õ¥µâπª’ 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

‡æ‘Ë¡√–À«à“ßª’ 4,020.00 - 4,020.00 -

≈¥√–À«à“ßª’ - - - -

¬Õ¥ª≈“¬ª’ 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00

„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠

¬Õ¥µâπª’ - - - -

‡æ‘Ë¡√–À«à“ßª’ 14,153,115.00 - 14,153,115.00 -

≈¥√–À«à“ßª’ (40.20) - (40.20) -

¬Õ¥ª≈“¬ª’ 14,153,074.80 - 14,153,074.80" -

à«π‡°‘π∑ÿπ

à«π‡°‘π¡Ÿ≈§à“Àÿâπ

¬Õ¥µâπªï 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00

‡æ‘Ë¡√–À«à“ßªï 40.20 - 40.20 -

≈¥√–À«à“ßªï - - - -

¬Õ¥ª≈“¬ªï 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00

°”‰√(¢“¥∑ÿπ) – ¡

®—¥ √√·≈â«

”√Õßµ“¡°ÆÀ¡“¬

¬Õ¥µâπª’ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

‡æ‘Ë¡√–À«à“ßª’ - - - -

≈¥√–À«à“ßª’ - - - -

¬Õ¥ª≈“¬ª’ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

¬—ß‰¡à‰¥â®—¥ √√

¬Õ¥µâπª’ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

‡æ‘Ë¡(≈¥)√–À«à“ßª’-°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

¬Õ¥ª≈“¬ª’ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2

¬Õ¥µâπª’ - - - -

‡æ‘Ë¡√–À«à“ßª’ (5,120,938.00) - (5,120,938.00) -

≈¥√–À«à“ßª’ - - - -

¬Õ¥ª≈“¬ª’ (5,120,938.00) - (5,120,938.00) -

à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ

¬Õ¥µâπª’ - 129,991,333.09 - -

‡æ‘Ë¡√–À«à“ßª’ - - - -

≈¥√–À«à“ßª’ - (129,991,333.09) - -

¬Õ¥ª≈“¬ª’ - - - -

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 2

¬Õ¥µâπª’ (79,114,599.78) (113,812,188.56) - -

‡æ‘Ë¡√–À«à“ßª’ - - - -

≈¥√–À«à“ßª’ 1,949,687.68 34,697,588.78 - -

¬Õ¥ª≈“¬ª’ (77,164,912.10) (79,114,599.78) - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß

„π à«π¢ÕßºâŸ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

35

Statements of Changes inShareholder’ Equity

FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998



1999 1998 1999 1998


SHARE CAPITAL

Ordinary share

Beginning balance 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

Increase during year 4,020.00 - 4,020.00 -

Decrease during year - - - -

Ending balance 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00

WARRANTS

Beginning balance - - - -

Increase during year 14,153,115.00 - 14,153,115.00 -

Decrease during year (40.20) - (40.20) -

Ending balance 14,153,074.80 - 14,153,074.80 -

PAID-IN CAPITAL

Premium on share capital


Increase during year 40.20 - 40.20 -


Ending balance 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00

RETAINED EARNINGS (DEFICIT)

Appropriated

Legal reserve


Increase during year - - - -


Ending balance 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Unappropriated

Beginning balance 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

Increase (decrease) during year-net income (loss) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

Ending balance (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

UNREALISED LOSS FROM CHANGES IN

CARRYING AMOUNT OF INVESTMENTS 2

Beginning balance - - - -

Increase during year (5,120,938.00) - (5,120,938.00) -


Ending balance (5,120,938.00) - (5,120,938.00) -

DISCOUNT ON CONVERTIBLE BONDS

Beginning balance - 129,991,333.09 - -


Decrease during year - (129,991,333.09) - -

Ending balance - - - -

ADJUSTMENTS FROM FINANCIAL

STATEMENT TRANSLATIONS 2

Beginning balance (79,114,599.78) (113,812,188.56) - -


Decrease during year 1,949,687.68 34,697,588.78 - -

Ending balance (77,164,912.10) (79,114,599.78) - -

Total Shareholders’ Equity 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62


36

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

∫“∑ ∫“∑

°”‰√(¢“¥∑ÿπ) – ¡ à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√

¬Õ¥¬°¡“®“°ª’°àÕπ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

À—° ®—¥ √√°”‰√ ÿ∑∏‘ª’°àÕπ

”√Õßµ“¡°ÆÀ¡“¬ - - - -

‡ß‘πª—πº≈ - - - -

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ª’ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

√«¡°”‰√(¢“¥∑ÿπ) – ¡

à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â«

”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

√«¡°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â« 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

√«¡°”‰√ – ¡ 194,596,700.12 1,205,279,302.62 194,596,700.12 1,205,279,302.62


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°”‰√ – ¡

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

37

Statements of RetainedEarnings

FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998



1999 1998 1999 1998


UNAPPROPRIATED RETAINED EARNINGS (DEFICIT)

Beginning balance 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

Less Appropriated income prior year:

Legal reserve - - - -

Dividend - - - -

Net income (loss) for year (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

Total Unappropriated Retained

Earnings (Deficit) (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55

APPROPRIATED RETAINED EARNINGS

Legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Total Appropriated Retained Earnings 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Total Retained Earnings 194,596,700.12 1,205,279,302.62 194,596,700.12 1,205,279,302.62


38

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

∫“∑ ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

√“¬°“√ª√—∫°√–∑∫°”‰√(¢“¥∑ÿπ) ÿ∑∏‘

‡ªÁπ‡ß‘π ¥√—∫(®à“¬)®“°°‘®°√√¡¥”‡π‘πß“π

§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 13,085,102.46 43,986,132.27 7,941,961.45 20,182,893.18

°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - (555,819,766.49) - (55,819,766.49)

°”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’Ë¬π (636,645.11) - 5,928,476.66 (54,512,863.31)

à«π·∫àß(°”‰√)¢“¥∑ÿπ®“°∫√‘…—∑„π‡§√◊Õ 6,962,237.57 (352,207,275.47) (10,638,644.69) (822,676,746.47)

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48

°”‰√®“°°“√®”Àπà“¬Õÿª°√≥å (263,615.77) (202,037.97) (271,931.49) (74,284.01)

§à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ 33,565,366.15 27,289,134.76 11,710,996.84 9,008,562.13

§à“§«“¡π‘¬¡µ—¥∫—≠™’ 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12

”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 23,509,187.59 (442,563,019.35) 23,509,187.59 (442,563,019.35)

”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ 46,057,617.96 - - -

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“µ—¥∫—≠™’ (1,203,951.80) - - -

”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 128,399,460.21 - 128,399,460.21 -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 27,147,055.17 (3,712,511.93) - -

√“¬°“√æ‘‡»… - (175,630,946.90) - 44,923,088.50

°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π

≈Ÿ°Àπ’È°“√§â“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 43,768,012.91 (79,022,581.38) 3,355,564.11 (2,317,407.92)

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ (8,842,988.98) (6,765,210.89) (8,679,314.31) (4,366,123.77)

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 295,510,916.80 8,384,134.52 296,814,357.85 (7,562,375.11)

§à“„™â®à“¬≈à«ßÀπâ“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (1,037,854.08) 760,338.99 395,647.64 (243,528.92)

‡ß‘π∑¥√Õß®à“¬≈¥≈ß 1,916,355.78 1,026,367.73 533,564.50 2,337,697.98

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (4,951,993.82) 4,738,837.46 (2,217,166.84) 1,300,271.20

‡ß‘π¡—¥®”(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (5,508,447.77) 6,059,030.32 (6,113,069.99) 1,000.00

‡®â“Àπ’È°“√§â“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 11,693,031.40 (84,331,879.26) 12,094,057.98 1,832,958.95

‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡æ‘Ë¡¢÷Èπ 39,959,290.83 198,841,480.49 17,124,550.81 122,684,607.93

√“¬‰¥â√—∫≈à«ßÀπâ“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (76,603,365.39) 203,634,405.80 1,117,645.06 -

¥Õ°‡∫’È¬§â“ß®à“¬‡æ‘Ë¡¢÷Èπ 113,207,956.72 76,403,235.07 109,949,948.34 70,733,499.79

‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥≈¥≈ß - (9,500.00) - (9,500.00)

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 22,889,968.71 (32,860,008.50) 20,777,126.78 (16,265,674.52)

‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (22,108,250.90) (30,210,096.93) 25,179.24 (3,260,836.03)

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ 12,476,247.35 - - -

Àπ’È ‘πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 25,818,900.00 4,845,529.90 21,195,000.00 -

‡ß‘π ¥ ÿ∑∏‘®“°(„™â‰ª„π)°‘®°√√¡¥”‡π‘πß“π 270,952,703.57 15,327,390.43 179,095,707.32 (57,759,613.40)


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

39

Statements of Cash FlowsFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998



1999 1998 1999 1998


CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21

Adjustments to reconcile net income (loss) to net

cash provided by (used in) operating activities:

Allowance for doubtful accounts 13,085,102.46 43,986,132.27 7,941,961.45 20,182,893.18

Gain on sales of investments - (555,819,766.49) - (55,819,766.49)

(Gain) loss on exchange rate (636,645.11) - 5,928,476.66 (54,512,863.31)

Share of (income) loss in affiliated companies 6,962,237.57 (352,207,275.47) (10,638,644.69) (822,676,746.47)

Loss on projects revaluation 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03

Loss on diminution in value of investments in securities 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48

Gain on sale of equipment (263,615.77) (202,037.97) (271,931.49) (74,284.01)

Depreciation and amortisation 33,565,366.15 27,289,134.76 11,710,996.84 9,008,562.13

Amortisation of goodwill 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12

Increase (decrease) in provision for

convertible bond redemption 23,509,187.59 (442,563,019.35) 23,509,187.59 (442,563,019.35)

Increase in provision for guaranteed bond redemption 46,057,617.96 - - -

Amortisation of deferred right of use income (1,203,951.80) - - -

Reserve for uncertain loss from law suit 128,399,460.21 - 128,399,460.21 -

Increase (decrease) in minority interests 27,147,055.17 (3,712,511.93) - -

Extraordinary item - (175,630,946.90) - 44,923,088.50

Change in operating assets and liabilities

(Increase) decrease in accounts receivable 43,768,012.91 (79,022,581.38) 3,355,564.1 1 (2,317,407.92)

(Increase) in accounts receivable - related parties (8,842,988.98) (6,765,210.89) (8,679,314.31) (4,366,123.77)

(increase) decrease in cost of real estate developments 295,510,916.80 8,384,134.52 296,814,357.85 (7,562,375.11)

(Increase) decrease in prepaid expenses (1,037,854.08) 760,338.99 395,647.64 (243,528.92)

Decrease in advance payments 1,916,355.78 1,026,367.73 533,564.50 2,337,697.98

(Increase) decrease in other current assets (4,951,993.82) 4,738,837.46 (2,217,166.84) 1,300,271.20

(Increase) decrease in deposits (5,508,447.77) 6,059,030.32 (6,113,069.99) 1,000.00

Increase (decrease) in accounts payable 11,693,031.40 (84,331,879.26) 12,094,057.98 1,832,958.95

Increase in accounts payable-Industrial Estate

Authority of Thailand 39,959,290.83 198,841,480.49 17,124,550.81 122,684,607.93

Increase (decrease) in income received in advance (76,603,365.39) 203,634,405.80 1,117,645.06 -

Increase in accrued interest expense 113,207,956.72 76,403,235.07 109,949,948.34 70,733,499.79

(Decrease) in accounts payable-building

purchase agreement - (9,500.00) - (9,500.00)

Increase (decrease) in other current liabilities 22,889,968.71 (32,860,008.50) 20,777,126.78 (16,265,674.52)

Increase (decrease) in retentions payable (22,108,250.90) (30,210,096.93) 25,179.24 (3,260,836.03)

Increase in deferred right of use income 12,476,247.35 - - -

Increase in Other liabilities 25,818,900.00 4,845,529.90 21,195,000.00 -

Net Cash Provided by (Used in)

Operating Activities 270,952,703.57 15,327,390.43 179,095,707.32 (57,759,613.40)


40

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2542

∫“∑ ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - 593,838,725.00 - 93,838,725.00

‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊ËπÊ≈¥≈ß - 210,920.42 - 210,920.42

µ—Î«‡ß‘π√—∫°√√¡°“√≈¥≈ß - 122,880,000.00 - -

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 4,032,641.27 (4,032,641.27) (17,632,654.63) 55,104,239.33

≈Ÿ°Àπ’È¢“¬≈¥‡™Á§≈¥≈ß - 15,235,802.29 - 10,000,000.00

‡ß‘π≈ß∑ÿπ„π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (197,500,000.00) 24,972.50 (197,500,000.00) 1,524,962.50

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (6,980,724.35) 30,807,767.88 34,607,983.91 (84,552,050.17)

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå‡æ‘Ë¡¢÷Èπ (1,257,577.72) (1,007,783.07) (144,089.48) (1,007,783.07)

‘π∑√—æ¬å„Àâ‡™à“‡æ‘Ë¡¢÷Èπ (544,358.07) - - -

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ (19,827,819.11) (190,126,753.18) (8,555,269.88) (1,797,982.34)

‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (15,851,198.45) (29,585,358.24) 28,073,188.00 33,177,404.00

‡ß‘π∑ÿπ®¡‡æ‘Ë¡¢÷Èπ (27,155,293.23) (107,945,911.52) (7,704,000.00) (53,799,567.11)

‡ß‘π ¥ ÿ∑∏‘®“°(„™â‰ª„π)°‘®°√√¡≈ß∑ÿπ (265,084,329.66) 430,299,740.81 (168,854,842.08) 52,698,868.56

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π≈¥≈ß - (76,177,260.28) - (74,177,260.28)

µ—Î« —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“‡æ‘Ë¡¢÷Èπ 40,000,000.00 - 40,000,000.00 -

‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (14,464,797.46) 14,464,797.46 (14,464,797.46) 14,464,797.46

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (454,396.51) (208,858,321.45) 22,536,906.66 63,376,454.96

‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß - (484,780.00) - -

Àÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß - (568,609,053.10) - -

Àπ’È ‘π√–¬–¬“«≈¥≈ß (172,127,888.17) (38,557,924.75) (83,843,416.77) (12,500,000.00)

Àÿâπ°Ÿâ¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (26,783,928.59) 555,039,225.99 - -

à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ≈¥≈ß - (129,991,333.09) - -

‡ß‘π ¥√—∫®“°°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ 4,020.00 - 4,020.00 -

‡ß‘π ¥√—∫®“°°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘

∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 14,153,115.00 - 14,153,115.00 -

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (159,673,875.73) (453,174,649.22) (21,614,172.57) (8,836,007.86)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 13,754,584.63 34,697,588.78 - -

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏ ‘ (140,050,917.19) 27,150,070.80 (11,373,307.33) (13,896,752.70)


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

41




1999 1998 1999 1998


CASH FLOWS FROM INVESTING ACTIVITIES

Cash received from sales of invesments - 593,838,725.00 - 93,838,725.00

Decrease in short-term investment-others - 210,920.42 - 210,920.42

Decrease in notes receivable-a director - 122,880,000.00 - -

(Increase) decrease in short-term loans and

advances to related parties 4,032,641.27 (4,032,641.27) (17,632,654.63) 55,104,239.33

Decrease in cheques discounted receivable - 15,235,802.29 - 10,000,000.00

(Increase) decrease in investments in related parties (197,500,000.00) 24,972.50 (197,500,000.00) 1,524,962.50

(Increase) decrease in loans to related parties (6,980,724.35) 30,807,767.88 34,607,983.91 (84,552,050.17)

(Increase) in leasehold land and

land held for commercial purposes (1,257,577.72) (1,007,783.07) (144,089.48) (1,007,783.07)

(Increase) in lease assets (544,358.07) - - -

(Increase) in property, plant and equipment (19,827,819.11) (190,126,753.18) (8,555,269.88) (1,797,982.34)

(Increase) decrease in advances to

Provincial Electricity Authority (15,851,198.45) (29,585,358.24) 28,073,188.00 33,177,404.00

(Increase) in sinking fund (27,155,293.23) (107,945,911.52) (7,704,000.00) (53,799,567.11)

Net Cash Provided by (Used in) Investing Activities (265,084,329.66) 430,299,740.81 (168,854,842.08) 52,698,868.56

CASH FLOWS FROM FINANCING ACTIVITIES

(Decrease) in loans from financial institutions - (76,177,260.28) - (74,177,260.28)

Increase in promissory note-ordinary person 40,000,000.00 - 40,000,000.00 -

Increase (decrease) in loan from director (14,464,797.46) 14,464,797.46 (14,464,797.46) 14,464,797.46

Increase (decrease) in short-term loans and

advances from related parties (454,396.51) (208,858,321.45) 22,536,906.66 63,376,454.96

(Decrease) in due to and loans from related parties - (484,780.00) - -

(Decrease) in convertible bonds held by a subsidiary - (568,609,053.10) - -

(Decrease) in long-term liabilities (172,127,888.17) (38,557,924.75) (83,843,416.77) (12,500,000.00)

Increase (decrease) in guaranteed bonds (26,783,928.59) 555,039,225.99 - -

(Decrease) in discount on convertible bonds - (129,991,333.09) - -

Cash received from exercise of warrants 4,020.00 - 4,020.00 -

Cash received from sales of warrants 14,153,115.00 - 14,153,115.00 -

Net Cash Used in Financing Activities (159,673,875.73) (453,174,649.22) (21,614,172.57) (8,836,007.86)

Adjustments from financial statement translations 13,754,584.63 34,697,588.78 - -

Net increase (decrease) in cash and cash equivalents (140,050,917.19) 27,150,070.80 (11,373,307.33) (13,896,752.70)


42

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 2,4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π

≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 2,4 98,840,828.86 133,413,107.60 6,682,495.12 5,495,706.50

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 2,4 (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 2,4 (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ª‘¥‡º¬‡æ‘Ë¡‡µ‘¡

‡ß‘π ¥®à“¬„π√–À«à“ßª’

¥Õ°‡∫’È¬®à“¬ 148,013,063.94 298,372,295.66 68,223,289.14 109,342,680.93

¿“…’‡ß‘π‰¥â 2,767,712.63 - 394,947.56 -


∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

43




1999 1998 1999 1998


Cash and cash equivalents at

January 1, 1999 and 1998 2,4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29),

Cash at banks pledged as collateral at

January 1, 1999 and 1998 2,4 98,840,828.86 133,413,107.60 6,682,495.12 5,495,706.50

Cash at banks pledged as collateral at

December 31, 1999 and 1998 2,4 (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)

Cash and cash equivalents at

December 31, 1999 and 1998 2,4 (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)

148,013,063.94 298,372,295.66 68,223,289.14 109,342,680.93

2,767,712.63 - 394,947.56 -


44

À¡“¬‡Àµÿ 1 - ¿“æ·«¥≈âÕ¡∑“ß‡»√…∞°‘®·≈–‡°≥±å„π°“√π”‡ πÕß∫°“√‡ß‘π

°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈–∫√‘…—∑¬àÕ¬ ∑’Ë®–¥”‡π‘πµàÕ‰ª¢â“ßÀπâ“ Õ“®¬—ß§ß‰¥â√—∫º≈°√–∑∫®“°

¿“«–∑“ß‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§‚¥¬√«¡ ß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ‰¥â∑”¢÷Èπµ“¡∑’Ë°”Àπ¥„π°Æ°√–∑√«ß©∫—∫∑’Ë 7

(æ.». 2539) ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ‚¥¬ –∑âÕπ∂÷ßº≈°√–∑∫®“° ¿“«–∑“ß‡»√…∞°‘®„πªí®®ÿ∫—π ´÷Ëß

ª√–‡¡‘π‚¥¬ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ Õ¬à“ß‰√°Áµ“¡ º≈°√–∑∫∑’Ë®–‡°‘¥¢÷Èπ®√‘ßÕ“®µà“ß®“°∑’Ë‰¥âª√–¡“≥‰«â

ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥(¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ¥—ßπ’È

ª√–‡¿∑∏ÿ√°‘® ∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈–

2542 2541

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 99.99 99.99

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 60.00 60.00

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√„Àâ‡™à“∞“π«“ß 99.99 99.99

∑àÕ¢π∂à“¬«—µ∂ÿ

H-International (BVI) Company Limited Holding Company 100.00 100.00

ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¡‘‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß´÷Ëß∫√‘…—∑∂ ◊ÕÀ ÿ âπ„πÕ —µ√“√ âÕ¬≈– 99.99

‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ‰¥â√«¡ß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ª’¢Õß H-International (BVI)

Company Limited ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»´÷Ëß KPMG British Virgin Islands ‡ πÕ√“¬ß“π°“√ Õ∫∫ —≠™ ’ ‚¥¬‰¡ à¡ ’ ‡ß ◊ ËÕπ‰¢µ“¡√“¬ß“π

≈ß«—π∑’Ë 10 ¡°√“§¡ 2543 ·≈–«—π∑’Ë 8 ¡°√“§¡ 2542 µ“¡≈”¥—∫

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ‰¥â√«¡ à«π ·∫àßº≈°”‰√·≈–¢“¥∑ÿπ®”π«π‡ß‘π

0.38 ≈â“π∫“∑·≈–®”π«π‡ß‘π 0.80 ≈â“π∫“∑µ“¡≈”¥—∫¢Õß Pinago Services Limited ´÷Ëß‡ªÁπ∫√‘…—∑√à«¡„πµà“ßª√–‡∑» ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ë

®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’ πÕ°®“°π’È ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ¬—ß√«¡ à«π·∫àßº≈°”‰√¢Õß∫√‘…—∑ ∫àÕ«‘π

‡æ“‡«Õ√å ®”°—¥·≈–∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ®”π«π‡ß‘π 0.77 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 0.15 ≈â“π∫“∑µ“¡≈”¥—∫ ´÷Ëß‡ªÁπ

∫√‘…—∑√à«¡ ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ëµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ

√“¬°“√∫—≠™’√–À«à“ß°—π∑’Ë‡ªÁπ “√– ”§—≠‰¥âµ—¥ÕÕ°·≈â«„π°“√∑”ß∫°“√‡ß‘π√«¡

À¡“¬‡Àµÿ 2 - √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

°“√√—∫√Ÿâ√“¬‰¥â·≈–µâπ∑ÿπ®“°°“√¢“¬

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‡¡◊ËÕ¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬ ·≈–√—∫‡ß‘π¡—¥®”·≈â«‚¥¬«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® ÷Ëß§”π«≥‚¥¬

‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ°“√æ—≤π“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫µâπ∑ÿπ∑—ÈßÀ¡¥∑’Ëª√–¡“≥«à“®–„™â„π°“√æ—≤π“‚¥¬‰¡à√«¡µâπ∑ÿπ∑’Ë¥‘π à«πµâπ∑ÿπ¢“¬‡ªÁπµâπ∑ÿπ°“√æ—≤π“

∑’Ë‡°‘¥¢÷Èπ·≈â« §”π«≥µ“¡Õ—µ√“ à«π¢Õß√“§“¢“¬µ“¡ —≠≠“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫ª√–¡“≥°“√√“§“¢“¬∑—ÈßÀ¡¥¢Õß‚§√ß°“√

°“√√—∫√Ÿâ√“¬‰¥â§à“∫√‘°“√

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â§à“∫√‘°“√µ“¡‡°≥±å ‘∑∏‘ √“¬‰¥â§à“∫√‘°“√ª√–°Õ∫¥â«¬ √“¬‰¥â§à“∫√‘°“√ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°

√“¬‰¥â®“°°“√¢“¬πÈ”ª√–ª“ √“¬‰¥â®“°°“√∫”∫—¥πÈ”‡ ’¬ √“¬‰¥â®“°°“√°”®—¥¢¬– ·≈–√“¬‰¥â®“°°“√„Àâ‡™à“Õ“§“√§≈—ß ‘π§â“ Õ“§“√‚√ßß“π·≈–

∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ„ππ‘§¡Õÿµ “À°√√¡

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‰¥â·°à ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ÿ∑∏‘®“°‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–®“°‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π

‡ß‘π≈ß∑ÿπ√–¬– —Èπ

ªï 2542 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ · ¥ß„π√“§“¬ÿµ‘∏√√¡ à«πµà“ß√–À«à“ß

√“§“µ“¡∫—≠™’¢Õß‡ß‘π≈ß∑ÿπ°—∫√“§“¬ÿµ‘∏√√¡ · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

45


DECEMBER 31, 1999 AND 1998

NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF FINANCIAL STATEMENT PRESENTATION

The operations of Hemaraj Land and Development Public Company Limited (“the Company”) and its subsidiaries may continue to be influenced for the

foreseeable future by the economic conditions in Thailand and the Asia Pacific Region in general. The consolidated and the Company’s financial statements

have been presented in accordance with the Ministerial Regulation No.7 (B.E.2539), under the Public Company Limited Act B.E. 2535 and reflect the

management’s current assessment of the impact of current economic conditions on the financial position of the Company and its subsidiaries. However,

actual results could differ from the management estimates.

The consolidated financial statements for the year ended December 31, consist of the financial statements of Hemaraj Land and Development Public

Company Limited and subsidiaries as follows:

Type of Business Holding of Interest (%)

1999 1998

Eastern Industrial Estate Company Limited Industrial Estate 99.99 99.99

Eastern Seaboard Industrial Estate (Rayong) Company Limited Industrial Estate 60.00 60.00

Eastern Pipeline Services Company Limited Pipe Rack Rental 99.99 99.99

H-International (BVI) Company Limited Holding Company 100.00 100.00

The results of a subsidiary of which the Company holds 99.99% are not included in the consolidated financial statements for the years ended December

31, 1999 and 1998, since this company had not started commercial operations and the available information was inadequate for purposes of preparing

consolidated financial statements.

The consolidated financial statements for the years ended December 31, 1999 and 1998 include the financial statements of H-International (BVI)

Company Limited, an overseas subsidiary, for each of the years then ended, for which KPMG British Virgin Islands issued unqualified auditor’s report dated

January 10, 2000 and January 8, 1999, respectively.

The consolidated and the Company’s financial statements for the years ended December 31, 1999 and 1998 include portions of net gain and net loss in the

amounts of Baht 0.38 million and Baht 0.80 million, respectively, from Pinago Services Limited, an overseas associated company, based on information from

the financial statements which were provided by management and were not audited. In addition, the financial statements for the year ended December 31,

1998 also include portions of net gain in the amounts of Baht 0.77 million from Bowin Power Co., Ltd. and Baht 0.15 million from Operation Power Co.,

Ltd., other associated companies, based on information from the financial statements audited by another firm of auditors.

Significant intercompany transactions are eliminated from the consolidated financial statements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recognition of Revenues and Cost of Sales

Revenue from sales is recognised upon signing of contract and receiving of deposits by the percentage of completion method, using the ratio of actual

costs incurred to estimated total cost excluding land cost. Cost of sales is the actual development cost using the ratio of realised sale contracts to total

estimated income.

Recognition of Service Income

Service income is recognised on an accrual basis. Service income represents income received from providing public utilities, water, wastewater processing

and garbage collection services and rental services in respect of warehouse, factory and pipe rack to the Industrial Estate.

Cash and Cash Equivalents

Cash and cash equivalents represent cash on hand and at banks net of bank overdrafts and cash at banks pledged as collateral.

Short-Term Investments

In 1999, available-for-sale securities consist of investments in marketable securities, which are stated at fair value. The difference between book value

of investment and fair value is included under shareholders’ equity.

Notes to Financial Statements

46

ª’ 2541 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥ ·≈–‡ß‘π≈ß∑ÿπ„πÀπà«¬≈ß∑ÿπ· ¥ß„π√“§“∑ÿπ√«¡

À√◊Õ√“§“µ≈“¥√«¡∑’ËµË”°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å · ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ

≈Ÿ°Àπ’È°“√§â“

≈Ÿ°Àπ’È°“√§â“ ª√–°Õ∫¥â«¬ ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π„π‚§√ß°“√ · ¥ß¥â«¬®”π«π‡ß‘πµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ ÿ∑∏‘®“°√“¬‰¥â®“°°“√ºàÕπ™”√–·≈–√“¬‰¥â

√Õµ—¥∫—≠™’ ·≈–≈Ÿ°Àπ’È§à“∫√‘°“√ · ¥ß ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°≈Ÿ°Àπ’È§à“∫√‘°“√√“¬‡¥◊Õπ∑’Ë§â“ß™”√–‡°‘π 90 «—π

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ª√–°Õ∫¥â«¬ µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ ¥Õ°‡∫’È¬®à“¬®“°°“√°âŸ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤π“‚§√ß°“√

·≈–‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß ‚¥¬∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‚Õπ‡ªÁπµâπ∑ÿπ¢“¬‡¡◊ËÕ¡’°“√¢“¬À√◊Õ¡’√“¬‰¥â®“°‚§√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡

À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ

°“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬∫—π∑÷°¥Õ°‡∫’È¬®à“¬·≈–§à“∏√√¡‡π’¬¡¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡°‘¥¢÷Èπ‚¥¬µ√ß°—∫°“√æ—≤π“‚§√ß°“√√«¡‡ªÁπ à«πÀπ÷Ëß

¢Õßµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬®–À¬ÿ¥∫—π∑÷°‡¡◊ËÕ°“√æ—≤π“‚§√ß°“√À¬ÿ¥™–ß—°À√◊Õ‡¡◊ËÕ°“√æ—≤π“‚§√ß°“√·≈â«‡ √Á®

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡

‡ß‘π≈ß∑ÿπ

°. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¬°‡«âπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡∑’Ë¬—ß‰¡à‡√‘Ë¡¥”‡π‘πß“π· ¥ß„π√“§“∑ÿπ

¢. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß „πª’ 2542 · ¥ß„π√“§“µ“¡¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ”À√—∫ª’ 2541 · ¥ß„π√“§“¡Ÿ≈§à“ ‘π∑√—æ¬å

ÿ∑∏‘∑’ËµË”°«à“√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‡ß‘π≈ß∑ÿπ· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ

§. ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª· ¥ß„π√“§“∑ÿπ

‡ß‘π„Àâ°ŸÈ¬◊¡

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°®”π«π∑’Ë§“¥«à“®–‡√’¬°‡°Á∫‰¡à‰¥â ‚¥¬«‘‡§√“–Àå®“°∞“π–°“√‡ß‘π·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‡ªÁπ‚§√ß°“√∑’Ë√Õ°“√æ—≤π“·≈–‚§√ß°“√∑’ËÀ¬ÿ¥°“√æ—≤π“™—Ë«§√“« ª√–°Õ∫¥â«¬ ‘∑∏‘°“√‡™à“∑’Ë¥‘π

µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√·≈–¥Õ°‡∫’È¬®à“¬®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤π“‚§√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–

‰¥â√—∫√«¡∑’ËµË”°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ ¬°‡«âπ∫“ß‚§√ß°“√· ¥ß„π√“§“∑’Ëª√–‡¡‘π‚¥¬∫√‘…—∑ºŸâ™”π“≠°“√ª√–‡¡‘π√“§“

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ

‘π∑√—æ¬å„Àâ‡™à“

‘π∑√—æ¬å„Àâ‡™à“¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ª√–¡“≥

15 ª’ ”À√—∫∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ·≈– 20 ª’ ”À√—∫Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬

ª√–¡“≥ 5 ª’ ”À√—∫Õÿª°√≥å ·≈– 20 ª’ ”À√—∫Õ“§“√

√“¬‰¥â√—∫≈à«ßÀπâ“

√“¬‰¥â√—∫≈à«ßÀπâ“ ‡ªÁπ‡ß‘π∑’Ë√—∫™”√–®“° —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π à«π∑’Ë‡°‘π°«à“√“¬‰¥â∑’Ë√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á®

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ ‰¥â·°à §à“ ‘∑∏‘°“√‡™à“√—∫®“°°“√„Àâ‡™à“∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π °”Àπ¥∫—π∑÷°

∫—≠™’‡ªÁπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“

∫—≠™’∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑»

°. ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑‡æ◊ËÕ°“√∑”ß∫°“√‡ß‘π√«¡‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ¥—ßπ’È

°.1 ‘π∑√—æ¬å·≈–Àπ’È ‘π·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π ‘Èπª’

°.2 √“¬‰¥â·≈–§à“„™â®à“¬·ª≈ß§à“‚¥¬„™âÕ—µ√“∂—«‡©≈’Ë¬

°.3 à«π¢ÕßºŸâ∂◊ÕÀÿâπ·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πµà“ßª√–‡∑» · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

¢. Àÿâπ°Ÿâ·ª≈ß ¿“æ·≈–√“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ßπ’È

¢.1 Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“µ“¡∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π

¢.2 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π

¢.3 ¥Õ°‡∫’È¬§â“ß®à“¬Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π ‘Èπª’

47

In 1998, investments in securities consist of investments in marketable securities and investments in unit trusts, which are stated at the lower of

aggregate cost and market value. Loss on diminution in value of investments is included in the statement of income.

Accounts Receivable

Accounts receivable consist of land sale contracts receivable which represent the amount of contract prices net of installments received and deferred

income, and service receivables which are shown net of allowance for doubtful accounts for billings overdue by more than 90 days.

Cost of Real Estate Developments

Cost of real estate developments consists of land costs, development costs and capitalised interest on loans for development project including advances

and deposits for construction costs. These costs are transferred to cost of sales when revenue from sales is recognised.

In 1999, the cost of real estate developments is stated at the lower of aggregate cost and net realisable value. In 1998, the cost of real estate

developments is stated at cost.

Loss on projects revaluation is included in the statement of income.

Capitalisation of Borrowing Costs

Interest expense and fees on long-term loans for development projects are capitalised to cost of real estate developments. The capitalisation will be

suspended or ceased when the development projects are interrupted or completed.

Investments and Loans

Investments

• Investments in subsidiary and associated companies are recorded using the equity method except for investments in subsidiary and associated

companies for which operations have not yet commenced which are accounted for using the cost method.

• In 1999, an investment in a related company is stated at net realisable value. In 1998, the investment is stated at the net assets value which is lower

than cost. Loss on decline in value of investment is included in the statement of income.

• Investments in other securities are stated at cost.

Loans

Allowance for doubtful accounts is an estimate of those amounts which may prove to be uncollectible, based on a review of the current status and the

ability of receivables to repay.

Leasehold Land and Land Held for Commercial Purposes

Leasehold land and land held for commercial purposes consists of land leasehold, land costs, development costs and capitalised interest on loans of

undeveloped projects and projects which were suspended from development.

In 1999, leasehold land and land held for commercial purposes is stated at lower of aggregate cost and net realisable value. In 1998, leasehold land and

land held for commercial purposes is stated at cost except for certain projects which are stated at amounts evaluated by an appraisal firm.

Loss on projects revaluation is included in the statement of income.

Lease Assets

Lease assets are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 15 years for pipe

rack and 20 years for warehouse and minifactory.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of

5 years for equipment and 20 years for building.

Income Received in Advance

Income received in advance represents the amounts received from land sale and purchase contracts over the amount of revenues which are recognised

using the percentage of completion method.

Deferred Right of Use Income

Deferred right of use income represents right of use fee received on rental of pipe rack, warehouse and minifactory and is recognised as revenue over

the period of rental contract.

Accounts in Foreign Currency

• The financial statements of an overseas subsidiary company are translated into Baht for consolidation purposes using rates of exchange as follows:

• Assets and liabilities are translated at the exchange rate ruling at the end of the year.

• Revenues and expenses are translated at average exchange rates.

• Share capital is translated at the exchange rate ruling on the transaction date.

48

º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ

§. √“¬°“√∫—≠™’∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßª’·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π

∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π ‘Èπª’ ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—ππ—Èπ °”‰√·≈–¢“¥∑ÿπ®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ

°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ

ª’ 2542

¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π §”π«≥‚¥¬À“√¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï∑’Ë‡ªìπ¢ÕßÀÿâπ “¡—≠¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈

¿“¬πÕ°„π√–À«à“ßª’

¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ §”π«≥‚¥¬°“√π”¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠À≈—ßª√—∫ª√ÿß¥â«¬º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥·≈â«

À“√¥â«¬®”π«π√«¡¢Õß®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°„π√–À«à“ßª’·≈–Àÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

ªï 2541

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ª’¥â«¬®”π«πÀÿâπ∑’ËÕÕ°®”Àπà“¬·≈â« ≥ «—π ‘Èπªï

∫√‘…—∑‰¡à· ¥ß°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë À“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπÀ√◊Õº≈°“√§”π«≥°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë¡’®”π«π·µ°µà“ß‰¡à‡°‘π√âÕ¬≈– 10

¢Õß°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ´÷Ëß∂◊Õ«à“‰¡à¡’π—¬ ”§—≠

À¡“¬‡Àµÿ 3 - √“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¡’√“¬°“√∫—≠™’∫“ß à«π°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π º≈¢Õß√“¬°“√‡À≈à“π’È‰¥â· ¥ß‰«â„πß∫°“√‡ß‘π µ“¡¡Ÿ≈∞“π∑’Ëµ°≈ß√à«¡°—π

√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π °≈à“«§◊Õ §à“π“¬Àπâ“®“°°“√¢“¬„πÕ—µ√“‰¡à‡°‘π 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ ·≈–Õ—µ√“

¥Õ°‡∫’È¬∑’Ë§‘¥®“°‡ß‘π°Ÿâ¬◊¡√–À«à“ß°—π„πÕ—µ√“ 7% ∂÷ß 12.50% ∑—Èßπ’È°“√°Ÿâ¬◊¡‡ªÁπÀπ’È∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®∑’Ë∑”√à«¡°—π

∫√‘…—∑¡’¬Õ¥§ß‡À≈◊Õ°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫¥ÿ≈‡©æ“–¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¥—ßπ’È

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥

2542 2541 µâπ∑ÿπ√–À«à“ß°—π

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à

°. ∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ 153,197,437.65 212,616,590.78 Õ—µ√“¥Õ°‡∫’È¬ 12.5%

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ 41,520,076.52 - Õ—µ√“¥Õ°‡∫’È¬ 12.5%

µ—Î« —≠≠“„™â‡ß‘π·≈–¥Õ°‡∫’È¬§â“ß√—∫ 61,173,013.69 61,781,232.88 Õ—µ√“¥Õ°‡∫’È¬ MLR

§à“π“¬Àπâ“§â“ß√—∫ 27,153,423.38 22,221,292.65 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“

‡ß‘π∑¥√Õß®à“¬ 16,733,165.17 -

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥

‡ß‘π∑¥√Õß®à“¬ - 1,340,666.73 -

¢. ∫√‘…—∑√à«¡

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ - 12,775,431.03 Õ—µ√“¥Õ°‡∫’È¬ 7%

‡ß‘π∑¥√Õß®à“¬ - 4,032,641.27 -

∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ - 1,347,945.24 Õ—µ√“¥Õ°‡∫’È¬ 12.5%

‡ß‘π°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß®“°

°. ∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

‡ß‘π∑¥√Õß√—∫ - 5,781,123.15 -

H-International (BVI) Company Limited

‡ß‘π°Ÿâ¬◊¡ 320,905,982.94 286,024,470.95 -

(8.51 ≈â“π¥Õ≈≈“√å À√—∞)(7.75 ≈â“π¥Õ≈≈“√å À√—∞)

‡ß‘π°Ÿâ¬◊¡®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ

(30.34 ≈â“π¥Õ≈≈“√å À√—∞) 1,162,923,578.50 1,162,923,578.50 -

¢. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,518,141.40 1,518,141.40 -

49

Adjustments from translation of foreign financial statements are included under shareholders’ equity.

• Convertible bonds and related transactions are translated into Baht using rates of exchange as follows:

• Convertible bonds are translated into Baht at the forward rate of exchange stated in the Bond prospectus.

• The provision for redemption of convertible bonds is converted into Baht at the rates stated in the Bond prospectus.

• Accrued interest expense on convertible bonds is translated into Baht at the rate of exchange at the end of the year.

Adjustments from translation are included in the statement of income.

• Foreign currency transactions during the year are converted into Baht at the rates prevailing on the dates of the transactions. Assets and liabilities

at the end of the year are converted into Baht at the rates ofexchange on that date. Gain or loss on translation is included in the statement of income.

Earnings (Loss) per Share

In 1999

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders for the year by the weighted average number of ordinary

shares outstanding during the year.

Diluted loss per share is computed by dividing net loss attributable to ordinary shareholders for the year, as adjusted for the effect of dilutive potential

ordinary shares, by the weighted average number of ordinary shares outstanding during the year plus the number of potential ordinary shares.

In 1998

Basic earnings per share is computed by dividing net income for the year by the number of shares outstanding at the end of the year.

Fully diluted earnings per share is not shown if it does not differ by more than 10% of basic earnings per share or if the Company has incurred a loss from

operations.

NOTE 3 - TRANSACTIONS WITH RELATED PARTIES

The Company has certain transactions with its affiliated and related companies. The effects of these transactions are reflected in the accompanying

financial statements on the basis determined by the parties concerned. Commission on sales is maximum 5% of contract price. Interest rates on loans

relating to business corporation range from 7.00% - 12.50%.

Balances with affiliated and related companies as at December 31, which are shown in the Company’s balance sheets, are as follows:

(Amounts:Baht)

1999 1998 Intercompany

Baht Baht Terms

Loans and advances to:

• Subsidiary companies

Eastern Industrial Estate Company Limited

Loans and accrued interest income 153,197,437.65 212,616,590.78 Interest rate 12.50%

Eastern Seaboard Industrial Estate (Rayong) Company Limited

Loans and accrued interest income 41,520,076.52 - Interest rate 12.50%

Promissory note and accrued interest income 61,173,013.69 61,781,232.88 Interest rate MLR

Accrued commission income 27,153,423.38 22,221,292.65 5% of contract price

Advance payment 16,733,165.17 -

Eastern Pipeline Services Company Limited

Advance payment - 1,340,666.73 -

• Associated companies

H-Power Company Limited

Loans and accrued interest income - 12,775,431.03 Interest rate 7.00%

Advance payment - 4,032,641.27 -

H-Infra Company Limited

Loans and accrued interest income - 1,347,945.24 Interest rate 12.50%

Loans and advances from:

• Subsidiary companies


Advance received - 5,781,123.15 -


Loan 320,905,982.94 286,024,470.95 -

(US$ 8.51 million) (US$ 7.75 million)

Loan from repurchase of convertible bonds 1,162,923,578.50 1,162,923,578.50 -

(US$ 30.34 million)

• Related company 1,518,141.40 1,518,141.40 -

50

∫√‘…—∑¡’√“¬°“√∫—≠™’°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫°”‰√¢“¥∑ÿπ‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë

31 ∏—π«“§¡ ¥—ßπ’È

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥

2542 2541 µâπ∑ÿπ√–À«à“ß°—π

¥Õ°‡∫’È¬®à“¬ 7,844.31 68,764.70 Õ—µ√“¥Õ°‡∫’È¬ 12.5%

¥Õ°‡∫’È¬√—∫ 18,004,308.05 11,012,767.91 Õ—µ√“¥Õ°‡∫’È¬ 7% - 12.5%

√“¬‰¥â§à“π“¬Àπâ“ 4,932,131.03 22,207,649.87 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“

√“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π 215,339,593.63 -

√“¬‰¥â§à“∫√‘°“√ 6,611,356.64 11,667,048.80

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È

∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ

§«“¡ —¡æ—π∏Ï ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß ÿ∑∏‘ à«π‰¥â‡ ’¬

(∫“∑) (%) (∫“∑) „π à«π‰¥â‡ ’¬ (∫“∑) (∫“∑)

∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 399,999,760.00 37,816,457.17 437,816,217.17

‡Õ ‡µ∑ ®”°—¥ ºŸâ∫√‘À“√√à«¡°—π

∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 214,800,000.00 437,962,029.25 652,762,029.25

‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ∫√‘°“√„Àâ‡™à“∑“ß é 60,000,000.00 99.99 - (22,323,342.00) (22,323,342.00)

‡´Õ√å«‘ ‡´ ®”°—¥ «“ß∑àÕ¢π∂à“¬«—µ∂ÿ

H-International (BVI) Holding Company é 75,000.00 100.00 75,000.00 1,234,425,063.68 1,234,500,063.68

Company Limited

Hemaraj International Holding Company é 25,290.00 99.99 25,290.00 - 25,290.00

Company Limited

∫√‘…—∑√à«¡

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company é 1,205,000,000.00 49.99 602,499,940.00 (56,639,837.92) 545,860,102.08

** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 788,000,000.00 49.99 - 399,323,897.47 399,323,897.47

** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ é 100,000,000.00 49.99 2.50 (194,419.39) (194,416.89)

** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 750,000.00 49.99 - (573,514.99) (573,514.99)

** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π é 250,000.00 49.99 - 468,192.37 468,192.37

‡´Õ√å«‘ ‡´ ®”°—¥

** ∫√‘…—∑Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ é 21,000,000.00 49.99 - 286,406.52 286,406.52

—ææ≈“¬ ®”°—¥

** Pinago Services Limited Holding Company é 42.59 49.99 - (424,152.66) (424,152.66)

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß

∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å

®”°—¥ (¡À“™π) ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ é 1,000,000,000.00 15.00 21,195,000.00 - 21,195,000.00

√«¡ 1,238,594,992.50 2,030,126,779.50 3,268,721,772.00

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡

°. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®)

¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ

®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2542

§. „π√–À«à“ßªï 2542 ‰¡à¡’‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

51

The Company had transactions with its affiliated and related companies which are included in the Company’s statements of income for the years ended

December 31 as follows:

(Amounts:Baht)

1999 1998 Intercompany

Baht Baht Terms

Interest expense 7,844.31 68,764.70 Interest rate 12.5 %

Interest income 18,004,308.05 11,012,767.91 Interest rate 7 % - 12.5 %

Commission income 4,932,131.03 22,207,649.87 5% of contract price

Revenue from land sales 215,339,593.63 -

Service income 6,611,356.64 11,667,048.80

Investments in affiliated and related companies as at December 31, 1999 are as follows:

Paid - up Holding of Investments

Company Type of Business Relationship Capital Interest Cost Net Change in Equity Equity

(Baht) % (Baht) (Baht) (Baht)

Subsidiary Companies

Eastern Industrial Estate Industrial Estate Co.shareholders and 400,000,000.00 99.99 399,999,760.00 37,816,457.17 437,816,217.17

Company Limited Managements

Eastern Seaboard Industrial Estate Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 437,962,029.25 652,762,029.25

(Rayong) Company Limited

Eastern Pipeline Services Pipe Rack Rental ,, 60,000,000.00 99.99 - (22,323,342.00) (22,323,342.00)

Company Limited*

H-International (BVI) Holding Company ,, 75,000.00 100.00 75,000.00 1,234,425,063.68 1,234,500,063.68

Company Limited

Hemaraj International Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00

Company Limited

Associated Companies

H-Power Company Limited Holding Company ,, 1,205,000,000.00 49.99 602,499,940.00 (56,639,837.92) 545,860,102.08

Industrial Power Company Limited** Electricity and Steam ,,

Power Generation 788,000,000.00 49.99 - 399,323,897.47 399,323,897.47

Bowin Power Company Limited** Electricity Manufacturer ,, 100,000,000.00 49.99 2.50 (194,419.39) (194,416.89)

H-Infra Company Limited** Holding Company ,, 750,000.00 49.99 - (573,514.99) (573,514.99)

Operation Power Services Energy Consulting ,, 250,000.00 49.99 - 468,192.37 468,192.37

Company Limited**

Industrial Water Supply Industrial Water Supply ,, 21,000,000.00 49.99 - 286,406.52 286,406.52

Limited**

Pinago Services Limited** Holding Company ,, 42.59 49.99 - (424,152.66) (424,152.66)

Related Company

Sriracha Harbor Public Port Services ,, 1,000,000,000.00 15.00 21,195,000.00 - 21,195,000.00

Company Limited

Total 1,238,594,992.50 2,030,126,779.50 3,268,721,772.00

* Indirect holding by Eastern Industrial Estate Company Limited **Indirect holding by H-Power Company Limited

Additional information

• H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation)

• Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) which had not started commercial

operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December

31, 1999.

• During 1999, no dividend was received from subsidiary, associated and related companies.

52

√“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (µàÕ)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È

∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ

§«“¡ —¡æ—π∏å ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß ÿ∑∏‘ à«π‰¥â‡ ’¬

(∫“∑) (%) (∫“∑) „π à«π‰¥â‡ ’¬ (∫“∑) (∫“∑)

∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42

‡Õ ‡µ∑®”°—¥ ºŸâ∫√‘À“√√à«¡°—π

∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å é

‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24

* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ∫√‘°“√„Àâ‡™à“∑“ß«“ß∑àÕ é 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)

‡´Õ√å«‘ ‡´ ®”°—¥ ¢π∂à“¬«—µ∂ÿ

H-International (BVI) Holding Company é 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81

Company Limited

Hemaraj International Holding Company é 25,290.00 99.99 25,290.00 - 25,290.00

Company Limited

∫√‘…—∑√à«¡

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company é 810,000,000.00 49.99 404,999,940.00 (12,405,255.68) 392,594,684.32

** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 788,000,000.00 49.99 - 361,714,430.78 361,714,430.78

** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ é 2,500,000.00 49.99 2.50 771,445.73 771,448.23

** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 250,000.00 49.99 - (213,721.01) (213,721.01)

** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π é 250,000.00 49.99 - 146,861.56 146,861.56

‡´Õ√å«‘ ‡´ ®”°—¥

** Pinago Services Limited Holding Company é 42.59 49.99 - (804,952.41) (804,952.41)

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß

∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π)∫√‘°“√∑à“‡∑’¬∫‡√◊Õ é 1,000,000,000.00 15.00 75,300,000.00 - 75,300,000.00

√«¡ 1,095,199,992.50 2,021,080,277.94 3,116,280,270.44

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡

°. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®)

¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ

®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541

§. „π√–À«à“ßª’ 2541 ‰¡à¡’‡ß‘πª—πº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

À¡“¬‡Àµÿ 4 - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04

‡ß‘π≈ß∑ÿπ√–¬– —Èπ - ‡ß‘πΩ“°ª√–®” 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07

À—° ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ (50,042,842.76) (24,375,434.22) (33,807,908.78) (16,483,099.60)

À—° ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–ºŸ°æ—π (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ÿ∑∏‘ (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)

53

Transactions with related parties (continued)

Investments in affiliated and related companies as at December 31, 1998 are as follows:

Paid - up Holding of Investments

Company Type of Business Relationship Capital Interest Cost Net Change in Equity Equity

(Baht) % (Baht) (Baht) (Baht)

Subsidiary Companies

Eastern Industrial Estate Industrial Estate Co.shareholders and 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42

Company Limited managements

Eastern Seaboard Industrial Estate Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24


Eastern Pipeline Services Pipe Rack Rental ,, 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)

Company Limited*

H-International (BVI) Holding Company ,, 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81

Company Limited

Hemaraj International Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00

Company Limited

Associated Companies

H-Power Company Limited Holding Company ,, 810,000,000.00 49.99 404,999,940.00 (12,405,255.68) 392,594,684.32

Industrial Power Electricity and Steam

Company Limited** Power Generation ,, 788,000,000.00 49.99 - 361,714,430.78 361,714,430.78

Bowin Power Company Limited** Electricity Manufacturer ,, 2,500,000.00 49.99 2.50 771,445.73 771,448.23

H-Infra Company Limited** Holding Company ,, 250,000.00 49.99 - (213,721.01) (213,721.01)

Operation Power Services Energy Consulting ,, 250,000.00 49.99 - 146,861.56 146,861.56

Company Limited**

Pinago Services Limited** Holding Company ,, 42.59 49.99 – (804,952.41) (804,952.41)

Related Company

Sriracha Harbor Public Port Services ,, 1,000,000,000.00 15.00 75,300,000.00 - 75,300,000.00

Company Limited

Total 1,095,199,992.50 2,021,080,277.94 3,116,280,270.44

* Indirect holding by Eastern Industrial Estate Company Limited **Indirect holding by H-Power Company Limited

Additional information

• H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation)

• Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) and had not started commercial

operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December

31, 1998.

• During 1998, no dividend was received from subsidiary, associated and related companies.

NOTE 4 - CASH AND CASH EQUIVALENTS

Cash and cash equivalents as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998

Cash on hand and at banks 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04

Short-term investments - time deposits 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07

Less Bank overdrafts (50,042,842.76) (24,375,434.22) (33,807,908.78) (16,483,099.60)

Less Cash at banks pledged as collateral (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)

Cash and Cash Equivalents, net (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)

54

À¡“¬‡Àµÿ 5 - ‡ß‘π≈ß∑ÿπ√–¬– —Èπ

‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–

¢Õß∫√‘…—∑

‡ß‘πΩ“°ª√–®” 61,746,183.66 9,896,701.71

‡ß‘π≈ß∑ÿπ™—Ë«§√“«

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬

‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥

∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) 1,820.00 1,820.00

∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) 35,000,000.00 35,000,000.00

∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) 3,053,680.00 3,053,680.00

Àπà«¬≈ß∑ÿπ 260,000.00 260,000.00

38,315,500.00 38,315,500.00

À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å (5,120,938.00) (5,120,938.00)

‡ß‘π≈ß∑ÿπ™—Ë«§√“« ÿ∑∏‘ 33,194,562.00 33,194,562.00

√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 94,940,745.66 43,091,263.71

‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ª√–°Õ∫¥â«¬

‡ß‘πΩ“°ª√–®” 95,973,532.81 3,815,199.07

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å

∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) 712.21 712.21

∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) 82,900,000.00 82,900,000.00

∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) 2,089,360.00 2,089,360.00

‡ß‘π≈ß∑ÿπ„πÀπà«¬≈ß∑ÿπ 300,000.00 300,000.00

85,290,072.21 85,290,072.21

À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å (43,813,800.21) (43,813,800.21)

√«¡‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ 41,476,272.00 41,476,272.00

√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 137,449,804.81 45,291,471.07

À¡“¬‡Àµÿ 6 - ≈Ÿ°Àπ’È°“√§â“

≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π

≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 494,414,612.50 243,358,638.00 - 67,525,750.00

À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (454,765,398.75) (141,164,845.12) - (61,937,875.12)

‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ 39,649,213.75 102,193,792.88 - 5,587,874.88

À—° √“¬‰¥â√Õµ—¥∫—≠™’ (11,206,729.64) (19,103,760.78) - (1,108,584.57)

≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ÿ∑∏‘ 28,442,484.11 83,090,032.10 - 4,479,290.31

≈Ÿ°Àπ’È§à“∫√‘°“√

§à“∫√‘°“√§â“ß√—∫ 18,692,716.60 12,181,863.97 4,697,545.70 3,573,819.50

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (5,889,276.09) (4,368,682.45) (2,820,756.53) (2,074,621.45)

≈Ÿ°Àπ’È§à“∫√‘°“√ ÿ∑∏‘ 12,803,440.51 7,813,181.52 1,876,789.17 1,499,198.05

≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36

55

NOTE 5 - SHORT-TERM INVESTMENTS

Short-term investments as at December 31, 1999 consisted of:

(Amounts:Baht)


Time deposits 61,746,183.66 9,896,701.71

Current investments classified as available-for-sale securities

Investments in marketable securities

- Bangkok Expressway PCL. 1,820.00 1,820.00

- Nakornthai Strip Mill PCL. 35,000,000.00 35,000,000.00

- N.T.S. Steel Group PCL. 3,053,680.00 3,053,680.00

- Unit trusts 260,000.00 260,000.00

38,315,500.00 38,315,500.00

Less loss on diminution in value

of investments in securities (5,120,938.00) (5,120,938.00)

Current Investments, net 33,194,562.00 33,194,562.00

Total Short-term Investments, net 94,940,745.66 43,091,263.71

Short-term investments as at December 31, 1998 consisted of:

Time deposits 95,973,532.81 3,815,199.07

Investments in securities

- Bangkok Expressway PCL. 712.21 712.21

- Nakornthai Strip Mill PCL. 82,900,000.00 82,900,000.00

- N.T.S. Steel Group PCL. 2,089,360.00 2,089,360.00

- Unit trusts 300,000.00 300,000.00

85,290,072.21 85,290,072.21

Less loss on diminution in value

of investments in securities (43,813,800.21) (43,813,800.21)

Total Investments in Securities, net 41,476,272.00 41,476,272.00

Total Short-term Investments, net 137,449,804.81 45,291,471.07

NOTE 6 - ACCOUNTS RECEIVABLE

Accounts receivable as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998

• Land sale contracts receivable

Land sale contracts 494,414,612.50 243,358,638.00 - 67,525,750.00

Less Installments received (454,765,398.75) (141,164,845.12) - (61,937,875.12)

Installments receivable 39,649,213.75 102,193,792.88 - 5,587,874.88

Less Deferred income (11,206,729.64) (19,103,760.78) - (1,108,584.57)

Land sale contracts receivable, net 28,442,484.11 83,090,032.10 - 4,479,290.31

• Service receivables

Accrued service income 18,692,716.60 12,181,863.97 4,697,545.70 3,573,819.50

Less Allowance for doubtful accounts (5,889,276.09) (4,368,682.45) (2,820,756.53) (2,074,621.45)

Service receivables, net 12,803,440.51 7,813,181.52 1,876,789.17 1,499,198.05

Accounts receivable, net 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36

56

‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“·≈–§à“∫√‘°“√§â“ß√—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß™”√–‰¥â¥—ßπ’È

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–

¢Õß∫√‘…—∑

‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“

‰¡à‡°‘π 3 ‡¥◊Õπ - -

¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ - -

¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ - -

¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 4,657,690.80 -

‡ß‘πß«¥®à“¬‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘Ïµ“¡ —≠≠“ 34,991,522.95 -

√«¡‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ 39,649,213.75 -

§à“∫√‘°“√§â“ß√—∫

‰¡à‡°‘π 3 ‡¥◊Õπ 12,911,251.57 1,876,789.17

¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ 584,123.76 200,742.81

¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ 1,440,113.07 389,959.52

¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 3,757,228.20 2,230,054.20

18,692,716.60 4,697,545.70

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (5,889,276.09) (2,820,756.53)

≈Ÿ°Àπ’È§à“∫√‘°“√ ÿ∑∏‘ 12,803,440.51 1,876,789.17

À¡“¬‡Àµÿ 7 - µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

µâπ∑ÿπ∑’Ë¥‘π°”≈—ßæ—≤π“ 2,728,573,820.04 2,726,752,695.35 845,411,518.38 850,743,940.11

µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ 4,181,940,470.48 4,108,394,167.71 1,028,639,934.99 1,081,163,361.49

¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªÁπµâπ∑ÿπ‚§√ß°“√ 1,701,284,877.22 1,679,573,475.47 635,038,950.79 653,786,861.25

‡ß‘π¡—¥®”§à“∑’Ë¥‘π - 4,816,536.00 - -

ß“π‡æ‘Ë¡‡µ‘¡√–∫∫ß“π “∏“√≥Ÿª‚¿§ 10,263,267.60 11,063,870.78 10,263,267.60 11,063,870.78

‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß - 38,174,254.89 - -

8,622,062,435.34 8,568,775,000.20 2,519,353,671.76 2,596,758,033.63

À—° ®”π«π∑’Ë√—∫√Ÿâ‡ªÁπµâπ∑ÿπ¢“¬ – ¡ (5,741,588,502.13) (5,257,758,750.55) (1,719,316,113.58) (1,392,433,973.12)

2,880,473,933.21 3,311,016,249.65 800,037,558.18 1,204,324,060.51

À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (58,076,696.06) - (58,076,696.06) -

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑ Õ’ ‡∑‘√ÏπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑

(√–¬Õß) ®”°—¥

°“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π

ªï 2542

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ‚¥¬„π√–À«à“ßªï 2542

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß ®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬ ∫√‘…—∑ºŸâ‡™’Ë¬«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√

„πß∫°”‰√¢“¥∑ÿπ

ªï 2541

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß)

®”°—¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,641.95 ≈â“π∫“∑ µ“¡≈”¥—∫ √«¡®”π«π‡ß‘π 2,846.27 ≈â“π∫“∑

· ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ß¥â“π°“√‡ß‘π¢Õßª√–‡∑»‰∑¬·≈–

57

As at December 31, 1999 installments receivable and accrued service income are as follows:

(Amounts:Baht)


Installments receivable

Less than 3 months - -

Over 3 months to 6 months - -

Over 6 months to 12 months - -

Over 12 months 4,657,690.80 -

Installments paid on date of transfer title deed 34,991,522.95 -

Total Installments Receivable 39,649,213.75 -

Accrued service income

Less than 3 months 12,911,251.57 1,876,789.17

Over 3 months to 6 months 584,123.76 200,742.81

Over 6 months to 12 months 1,440,113.07 389,959.52

Over 12 months 3,757,228.20 2,230,054.20

18,692,716.60 4,697,545.70

Less Allowance for doubtful accounts (5,889,276.09) (2,820,756.53)

Service receivables, net 12,803,440.51 1,876,789.17

NOTE 7 - COST OF REAL ESTATE DEVELOPMENT

Cost of real estate development as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998

Land cost - under development 2,728,573,820.04 2,726,752,695.35 845,411,518.38 850,743,940.11

Development project costs 4,181,940,470.48 4,108,394,167.71 1,028,639,934.99 1,081,163,361.49

Interest capitalised 1,701,284,877.22 1,679,573,475.47 635,038,950.79 653,786,861.25

Land deposits - 4,816,536.00 - -

Additional utility cost 10,263,267.60 11,063,870.78 10,263,267.60 11,063,870.78

Advance for construction costs - 38,174,254.89 - -

8,622,062,435.34 8,568,775,000.20 2,519,353,671.76 2,596,758,033.63

Less Costs transferred to cost of sales (5,741,588,502.13) (5,257,758,750.55) (1,719,316,113.58) (1,392,433,973.12)

2,880,473,933.21 3,311,016,249.65 800,037,558.18 1,204,324,060.51

Less Loss on projects revaluation (58,076,696.06) - (58,076,696.06) -

Cost of Real Estate Development, net 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51

Hemaraj Land and Development Public Company Limited, Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate


Valuation in the Financial Statements

1999

As at December 31, 1999, the cost of real estate developments of the Company and the two subsidiaries, which has been appraised by an appraisal firm

during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in the statements

of income.

1998

As at December 31, 1998, cost of real estate developments of Hemaraj Land and Development Public Company Limited and Eastern Seaboard Industrial

Estate (Royong) Company Limited in the amounts of Baht 1,204.32 million and Baht 1,641.95 million, respectively, totalling Baht 2,846.27 million, are stated

at cost and have not been appraised by an independent appraiser. In addition, the real estate business has been affected by the adverse economic

conditions in Thailand and the Asia Pacific Region. The net realisable values of these assets may be lower than the values stated in the balance sheets.

58

¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√ Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â„πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡‘‰¥â®—¥„Àâ¡’

°“√ª√–‡¡‘π¡Ÿ≈§à“¢Õß‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬ºŸâª√–‡¡‘πÕ‘ √–

°“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å

ß∫°“√‡ß‘π√«¡

¥Õ°‡∫’È¬®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 40.47 ≈â“π∫“∑

·≈–®”π«π‡ß‘πª√–¡“≥ 99.80 ≈â“π∫“∑ µ“¡≈”¥—∫

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

¥Õ°‡∫’È¬®à“¬ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 9.88 ≈â“π∫“∑

¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542

∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß∂Ÿ°®¥®”πÕß‡æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑»

À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π

¥Õ≈≈“√å À√—∞

À¡“¬‡Àµÿ 8 - ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—πª√–°Õ∫¥â«¬

°. ‡ß‘π≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡

∑’Ë· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ 944,746,513.90 754,208,751.47 3,247,501,482.00 3,040,954,980.44

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

∑’Ë· ¥ßµ“¡«‘∏’√“§“∑ÿπ 25,290.00 25,290.00 25,290.00 25,290.00

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 22,695,026.00 76,800,026.00 21,195,000.00 75,300,000.00

√«¡‡ß‘π≈ß∑ÿπ 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44

¢. ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫

∫√‘…—∑¬àÕ¬ - - 255,890,527.86 275,738,490.39

∫√‘…—∑√à«¡ - 14,123,376.27 - 14,123,376.27

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 260,915,700.48 239,174,954.75 11,488,095.53 11,488,095.53

260,915,700.48 253,298,331.02 267,378,623.39 301,349,962.19

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (32,488,095.53) (32,488,095.53) (11,488,095.53) (11,488,095.53)

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡ 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66

√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10

‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ ª√–°Õ∫¥â«¬

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª„πµ√“ “√∑ÿπ 1,000,000.00 1,000,000.00 - -

√«¡‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ 1,000,000.00 1,000,000.00 - -

√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10

√“¬≈–‡Õ’¬¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 3

59

Capitalisation of Borrowing Costs

Consolidated

Interest expenses for the years ended December 31, 1999 and 1998 are capitalised to the cost of real estate developments in the approximate amounts

of Baht 40.47 million and Baht 99.80 million, respectively.

The Company

Interest expense for the year ended December 31, 1998 is capitalised to the cost of real estate developments in the approximate amounts of Baht 9.88

million.

Obligation of Assets as at December 31, 1999

The majority of land of the Company and the two subsidiaries were mortgaged as collateral for loans from local financial institutions and the other part

was mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million.

NOTE 8 - INVESTMENTS AND LOANS

Investments and loans as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998

Investments and loans - related parties,

consisted of:

- Investments

Investments in subsidiary and associated,

companies using the equity method 944,746,513.90 754,208,751.47 3,247,501,482.00 3,040,954,980.44

Investments in subsidiary company,

using the cost method 25,290.00 25,290.00 25,290.00 25,290.00

General investments in related companies 22,695,026.00 76,800,026.00 21,195,000.00 75,300,000.00

Total Investments 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44

- Loans and accrued interest income

Subsidiary companies - - 255,890,527.86 275,738,490.39

Associated companies - 14,123,376.27 - 14,123,376.27

Related companies 260,915,700.48 239,174,954.75 11,488,095.53 11,488,095.53

260,915,700.48 253,298,331.02 267,378,623.39 301,349,962.19

Less Allowance for doubtful accounts (32,488,095.53) (32,488,095.53) (11,488,095.53) (11,488,095.53)

Total Loans 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66

Total Investments and Loans

- Related Parties 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10

Investments in other company

General investment in security 1,000,000.00 1,000,000.00 - -

Total Investment in Other Company 1,000,000.00 1,000,000.00 - -

Total Investments and Loans 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10

Details of investments in subsidiary, associated and related companies are shown in Note 3 to the financial statements.

60

À¡“¬‡Àµÿ 9 - ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

µâπ∑ÿπ∑’Ë¥‘π√Õ°“√æ—≤π“ 10,201,000.00 10,201,000.00 10,201,000.00 10,201,000.00

µâπ∑ÿπ∑’Ë¥‘π‚§√ß°“√∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« 1,404,456,214.30 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06

µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√

∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« 272,822,177.87 271,586,688.37 269,172,594.32 269,028,504.82

¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªÁπµâπ∑ÿπ‚§√ß°“√ 556,022,820.04 556,022,820.04 556,022,820.04 556,022,820.04

‘∑∏‘°“√‡™à“∑’Ë¥‘π 77,077,105.71 77,077,105.71 77,077,105.71 77,077,105.71

2,320,579,317.92 2,319,321,740.18 2,047,579,580.13 2,047,435,490.63

À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (566,509,375.13) (126,618,274.22) (566,509,375.13) (126,618,274.22)

√«¡ 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

°“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π

ª’ 2542

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ‚¥¬„π√–À«à“ß

ª’ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬∫√‘…—∑ºŸâ‡™’Ë¬«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“

‚§√ß°“√„πß∫°”‰√¢“¥∑ÿπ

ª’ 2541

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫“ß à«π ®”π«π‡ß‘π 1,721.68

≈â“π∫“∑ · ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ß¥â“π°“√‡ß‘π¢Õß

ª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â „πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑¡‘‰¥â®—¥„Àâ¡’°“√

ª√–‡¡‘π¡Ÿ≈§à“‚§√ß°“√‚¥¬ºŸâª√–‡¡‘πÕ‘ √–

¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542

∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∂Ÿ°®¥®”πÕß‡æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑»

À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π

¥Õ≈≈“√å À√—∞ πÕ°®“°π’È ‘∑∏‘°“√‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑„™â‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“

61

NOTE 9 - LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL PURPOSES

Leasehold land and land held for commercial purposes as at December 31, consisted of:

(Amounts:Baht)

Consolidated Company

1999 1998 1999 1998

Land bank 10,201,000.00 10,201,000.00 10,201,000.00 10,201,000.00

Land cost of projects suspended

from development 1,404,456,214.30 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06

Suspended development project costs 272,822,177.87 271,586,688.37 269,172,594.32 269,028,504.82

Interest capitalised 556,022,820.04 556,022,820.04 556,022,820.04 556,022,820.04

Leasehold land 77,077,105.71 77,077,105.71 77,077,105.71 77,077,105.71

2,320,579,317.92 2,319,321,740.18 2,047,579,580.13 2,047,435,490.63

Less loss on projects revaluation (566,509,375.13) (126,618,274.22) (566,509,375.13) (126,618,274.22)

Total 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41

Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited

Valuation in the Financial Statements

1999

As at December 31, 1999, leasehold land and land held for commercial purposes of the Company and the subsidiary, which has been appraised by an

appraisal firm during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in

the statements of income.

1998

As at December 31, 1998, leasehold land and land held for commercial purposes of Hemaraj Land and Development Public Company Limited in the

amount of Baht 1,721.68 million is stated at cost and has not been appraised by an independent appraiser. In addition, the real estate business has been

affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable value of this asset may be lower than the value stated

in the balance sheets.

Obligation of Assets as at December 31, 1999

The majority of land of the Company and the subsidiary were mortgaged as collateral for loans from local financial institutions and the other part was

mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million. In addition, leasehold land

was used as collateral for the loan from ordinary person.

62

À¡“¬‡Àµÿ 10 - ‘π∑√—æ¬å„Àâ‡™à“

‘π∑√—æ¬å„Àâ‡™à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

°“√‡ª≈’Ë¬π·ª≈ß√“§“∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘

¬Õ¥µâπª’ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ªï ¬Õ¥µâπªï ¬Õ¥ª≈“¬ªï

µ—¥∫—≠™’ µ—¥∫—≠™’

ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 13,179,293.93 110,065,526.48 - 123,244,820.41 443,574.28 4,301,244.69 - 4,744,818.97 12,735,719.65 118,500,001.44

∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 102,203,644.55 305,269.27 - 102,508,913.82 6,966,396.43 6,821,241.18 - 13,787,637.61 95,237,248.12 88,721,276.21

‘π∑√—æ¬å „Àâ‡™à“ ÿ∑∏‘ 115,382,938.48 135,575,757.71 - 250,958,696.19 7,409,970.71 11,122,485.87 - 18,532,456.58 107,972,967.77 232,426,239.61

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

∑’Ë¥‘π - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß - 82,267,182.52 - 82,267,182.52 - 3,110,375.67 - 3,110,375.67 - 79,156,806.85

‘π∑√—æ¬Ï„Àâ‡™à“ ÿ∑∏‘ - 107,472,144.48 - 107,472,144.48 - 3,110,375.67 - 3,110,375.67 - 104,361,768.81

ß∫°“√‡ß‘π√«¡

§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 11,122,485.87 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

§à“‡ ◊ËÕ¡√“§“Õ“§“√ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 3,110,375.67 ∫“∑

À¡“¬‡Àµÿ 11 - ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

°“√‡ª≈’Ë¬π·ª≈ß√“§“∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘

¬Õ¥µâπª’ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπª’ ¬Õ¥ª≈“¬ªï

µ—¥∫—≠™’ µ—¥∫—≠™’

ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π 17,277,383.14 - - 17,277,383.14 - - - - 17,277,383.14 17,277,383.14

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 199,350,562.71 2,232,535.66 - 201,583,098.37 12,913,119.52 9,901,778.26 - 22,814,897.78 186,437,443.19 178,768,200.59

à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00

‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 43,912,377.68 10,318,346.10 119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 95,422.58 33,825,846.32 17,010,362.52 20,285,484.74

¬“πæ“Àπ– 22,806,504.37 3,522,640.15 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 2,148,115.93 15,813,096.81 9,416,190.16 7,529,811.71

ß“π√–À«à“ß°àÕ √â“ß 19,291,750.51 4,880,003.18 - 24,171,753.69 - - - - 19,291,750.51 24,171,753.69

∑àÕ àßπÈ”¥‘∫ 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 307,712,099.36 20,953,525.09 3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76 2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

∑’Ë¥‘π 2,935,589.20 - - 2,935,589.20 - - - - 2,935,589.20 2,935,589.20

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 45,348,560.80 - - 45,348,560.80 5,316,217.40 2,191,976.51 - 7,508,193.91 40,032,343.40 37,840,366.89

à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00

‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 28,102,412.17 7,075,420.66 90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 76,075.51 22,965,112.46 9,418,310.84 12,122,617.65

¬“πæ“Àπ– 9,792,793.16 2,581,519.22 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 2,106,524.70 7,157,593.00 2,336,395.25 2,294,483.38

ß“π√–À«à“ß°àÕ √â“ß 723,663.78 - - 723,663.78 - - - - 723,663.78 723,663.78

∑àÕ àßπÈ”¥‘∫ 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 91,976,540.06 9,656,939.88 3,012,338.72 98,621,141.22 33,020,302.16 8,600,621.17 2,182,600.21 39,438,323.12 58,956,237.90 59,182,818.10

ß∫°“√‡ß‘π√«¡

§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπ§à“„™â®à“¬„π°“√∫√‘À“√®”π«π‡ß‘π 21,404,930.22 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 330,838.54 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπ§à“„™â®à“¬„π°“√∫√‘À“√®”π«π‡ß‘π 8,303,174.19 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 297,446.98 ∫“∑

63

NOTE 10 - LEASE ASSETS

Lease assets as at December 31, 1999 and 1998, consisted of:

(Amounts:Baht)

Change in Cost Change in Accumulated Depreciation Net Book Value

Beginning Addition Sale/Written off Ending Beginning Depreciation Sale/Written off Ending Beginning Ending

Consolidated

Land - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96

Building and structure 13,179,293.93 110,065,526.48 - 123,244,820.41 443,574.28 4,301,244.69 - 4,744,818.97 12,735,719.65 118,500,001.44

Pipe rack 102,203,644.55 305,269.27 - 102,508,913.82 6,966,396.43 6,821,241.18 - 13,787,637.61 95,237,248.12 88,721,276.21

Lease Assets, net 115,382,938.48 135,575,757.71 - 250,958,696.19 7,409,970.71 11,122,485.87 - 18,532,456.58 107,972,967.77 232,426,239.61

The Company

Land - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96

Building and structure - 82,267,182.52 - 82,267,182.52 - 3,110,375.67 - 3,110,375.67 - 79,156,806.85

Lease Assets, net - 107,472,144.48 - 107,472,144.48 - 3,110,375.67 - 3,110,375.67 - 104,361,768.81

Consolidated

Depreciation of building and pipe rack for the year ended December 31, 1999 is included in cost of service in the amount of Baht 11,122,485.87.

The Company

Depreciation of building for the year ended December 31, 1999 is included in cost of service in the amount of Baht 3,110,375.67.

NOTE 11 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment as at December 31, 1999 and 1998, consisted of:

(Amounts:Baht)

Change in Cost Change in Accumulated Depreciation Net Book Value

Beginning Addition Sale/Written off Ending Beginning Depreciation Sale/Written off Ending Beginning Ending

Consolidated

Land 17,277,383.14 - - 17,277,383.14 - - - - 17,277,383.14 17,277,383.14

Building and structure 199,350,562.71 2,232,535.66 - 201,583,098.37 12,913,119.52 9,901,778.26 - 22,814,897.78 186,437,443.19 178,768,200.59

Building improvements 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00

Office equipment and furniture

and fixture 43,912,377.68 10,318,346.10 119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 95,422.58 33,825,846.32 17,010,362.52 20,285,484.74

Vehicles 22,806,504.37 3,522,640.15 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 2,148,115.93 15,813,096.81 9,416,190.16 7,529,811.71

Construction in progress 19,291,750.51 4,880,003.18 - 24,171,753.69 - - - - 19,291,750.51 24,171,753.69

Raw water pipe 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20

Property, Plant

and Equipment, net 307,712,099.36 20,953,525.09 3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76 2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07

The Company

Land 2,935,589.20 - - 2,935,589.20 - - - - 2,935,589.20 2,935,589.20

Building and structure 45,348,560.80 - - 45,348,560.80 5,316,217.402,191,976.51 - 7,508,193.91 40,032,343.40 37,840,366.89

Building improvements 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00

Office equipment and furniture

and fixture 28,102,412.17 7,075,420.66 90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 76,075.51 22,965,112.46 9,418,310.84 12,122,617.65

Vehicles 9,792,793.16 2,581,519.22 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 2,106,524.70 7,157,593.00 2,336,395.25 2,294,483.38

Construction in progress 723,663.78 - - 723,663.78 - - - - 723,663.78 723,663.78

Raw water pipe 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20

Property, Plant

and Equipment, net 91,976,540.06 9,656,939.88 3,012,338.72 98,621,141.22 33,020,302.16 8,600,621.17 2,182,600.21 39,438,323.12 58,956,237.90 59,182,818.10

Consolidated

Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the

amount of Baht 21,404,930.22 and Baht 330,838.54, respectively.

The Company

Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the

amount of Baht 8,303,174.19 and Baht 297,446.98, respectively.

64

À¡“¬‡Àµÿ 12 - ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§

‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

2542 2541

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 5,104,223.14 33,177,411.14

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 11,290,857.12 15,526,151.12

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 130,619,684.66 82,460,004.21

√«¡ 147,014,764.92 131,163,566.47

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß 2 ·Ààß ”√Õß®à“¬§à“°àÕ √â“ß “¬ àß‰øøÑ“„ππ‘§¡Õÿµ “À°√√¡¢Õß·µà≈–∫√‘…—∑ „Àâ·°à°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ·≈–¡’‡ß◊ËÕπ‰¢

„π°“√√—∫‡ß‘π¥—ß°≈à“«§◊π‚¥¬°“√ºàÕπ™”√–¿“¬„π√–¬–‡«≈“‰¡àµË”°«à“ 3 ª’ ‚¥¬‰¡à¡’¥Õ°‡∫’È¬ π—∫·µà¡’°“√®à“¬°√–· ‰øøÑ“®“° “¬ àß¥—ß°≈à“« ∑—Èßπ’È„π

Õ—µ√“‰¡à‡°‘π√âÕ¬≈– 30 ¢Õß§à“‰øøÑ“∑’Ë°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§‡√’¬°‡°Á∫®“°ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡

À¡“¬‡Àµÿ 13 - ‡ß‘π∑ÿπ®¡

‡ß‘π∑ÿπ®¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

2542 2541

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 61,503,567.11 53,799,567.11

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 24,892,107.24 20,377,618.60

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 134,392,101.38 119,455,296.79

√«¡ 220,787,775.73 193,632,482.50

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∫—π∑÷°∫—≠™’‡ß‘π∑ÿπ®¡µ“¡·π«∑“ß∑’Ë‰¥âÀ“√◊Õ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕßª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π

µ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 26

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

∫√‘…—∑‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡

¥”‡π‘πß“π ≈ß«—π∑’Ë 4 °—π¬“¬π 2539 ´÷Ëß√–∫ÿ«à“∫√‘…—∑µâÕß‡ª‘¥∫—≠™’‡ß‘πΩ“°ª√–®”°—∫∏π“§“√·ÀàßÀπ÷Ëß·≈–¬°°√√¡ ‘∑∏‘Ï„Àâ°—∫°“√π‘§¡Õÿµ “À°√√¡

·Ààßª√–‡∑»‰∑¬ ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ„™â „π°“√∫”√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§„Àâ°—∫ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡

À¡“¬‡Àµÿ 14 - §à“§«“¡π‘¬¡

§à“§«“¡π‘¬¡ ‰¥â·°à®”π«π ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë‡°‘π¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ≥ «—π´◊ÈÕÀÿâπ ®”π«π15,921,431.39 ∫“∑ ¡’°”Àπ¥µ—¥∫—≠™’

¿“¬„π 10 ª’ π—∫·µà‡¥◊Õπ°—π¬“¬π 2534

À¡“¬‡Àµÿ 15 - ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’

‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ≥ «—π∑’Ë ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–

¢Õß∫√‘…—∑

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 172,000,000.00 172,000,000.00

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 167,563,071.15 130,822,739.72

√«¡‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 339,563,071.15 302,822,739.72

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

µ—Î« —≠≠“„™â‡ß‘π ∂“∫—π°“√‡ß‘π 2 ·Ààß ´÷Ëßª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ®”π«π‡ß‘π 172 ≈â“π∫“∑ §√∫

°”Àπ¥™”√–§◊π„π√–À«à“ßª’ 2541 ·µà∫√‘…—∑¡‘‰¥â™”√–§◊πµ“¡°”Àπ¥ ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑ª√—∫‚§√ß √â“ßÀπ’È‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®”π«π‡ß‘π 130.82 ≈â“π∫“∑ °—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß ´÷ËßµàÕ¡“

‰¥âª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ∫√‘…—∑º‘¥π—¥™”√–¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«„π√–À«à“ßª’ 2542 ¡’º≈„Àâ¡Ÿ≈Àπ’È

∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡‡ß◊ËÕπ‰¢„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

65

NOTE 12 - ADVANCE TO PROVINCIAL ELECTRICITY AUTHORITY

Advance to Provincial Electricity Authority as at December 31, consisted of:

(Amounts:Baht)

1999 1998

Hemaraj Land and Development Public Company Limited 5,104,223.14 33,177,411.14

Eastern Industrial Estate Company Limited 11,290,857.12 15,526,151.12

Eastern Seaboard Industrial Estate (Rayong) Company Limited 130,619,684.66 82,460,004.21

Total 147,014,764.92 131,163,566.47

The Company and the two subsidiaries have advanced to the Provincial Electricity Authority for transmission line construction costs supporting

electricity in their industrial estates under the condition of recovering those costs without interest, by way of receiving installments in the period not less

than 3 years from the date of using the line to transmit electricity to the industrial estates. The installments are being made at the maximum rate of 30%

of electricity fees that the Provincial Electricity Authority charges to entrepreneurs in the industrial estates.

NOTE 13 - SINKING FUND

Sinking fund as at December 31, consisted of:

(Amounts:Baht)

1999 1998


Eastern Industrial Estate Company Limited 24,892,107.24 20,377,618.60


Total 220,787,775.73 193,632,482.50

Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited

The Company and the subsidiary have accounted for sinking fund in accordance with the discussion with IEAT in respect of planning for resolving the

joint operation agreements as described in Note 26 to the financial statements.


The company has entered into a contract dated September 4, 1996 with The Industrial Estate Authority of Thailand (IEAT) to establish Eastern

Seaboard (Rayong) Industrial Estate. The Company was obligated to set aside a fixed deposit at a bank and to transfer withdrawal rights to IEAT to pay for

maintaining and constructing utility systems for entrepreneurs within Eastern Seaboard (Rayong) Industrial Estate.

NOTE 14 - GOODWILL

Goodwill represents the excess of acquisition cost over net assets of investments in subsidiary companies at the date of acquisition in the amount of

Baht 15,921,431.39, and is being amortised over a ten-year period as from September 1991.

NOTE 15 - LIABILITIES ON IMMEDIATE DEMAND

Liabilities on immediate demand as at December 31, 1999, consisted of:

(Amounts:Baht)


Loans from financial institutions on immediate demand 172,000,000.00 172,000,000.00

Long-term liabilities on immediate demand 167,563,071.15 130,822,739.72

Total Liabilities on Immediate Demand 339,563,071.15 302,822,739.72

Hemaraj Land and Development Public Company Limited

The Company failed to meet repayments in respect of promissory notes issued to two financial institutions, which had been closed down in accordance

with a notice of the Ministry of Finance, in the amount of Baht 172 million, which were due in 1998. The Company is currently in the process of negotiating

for financial restructuring.

On March 31, 1999, the Company restructured long-term loan in the amount of Baht 130.82 million with a financial institution, which has subsequently

been closed down in accordance with a notice of the Ministry of Finance. During 1999, the Company failed to meet payments of loan interest payable due.

According to the loan restructuring agreement, the whole amount of loan has been classified as being immediately payable.

66

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π‡ß‘π 36.74 ≈â“π∫“∑ ´÷Ëß°Ÿâ®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß∑’Ëª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß

°“√§≈—ß §√∫°”Àπ¥™”√–§◊π®”π«π‡ß‘π 9.30 ≈â“π∫“∑ ·µà∫√‘…—∑‰¡à “¡“√∂™”√–§◊πµ“¡°”Àπ¥ ¡’º≈„Àâ¡Ÿ≈Àπ’È∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡∑’Ë

√–∫ÿ„π —≠≠“°Ÿâ¬◊¡‡ß‘π ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

À¡“¬‡Àµÿ 16 - √“¬‰¥â√—∫≈à«ßÀπâ“

√“¬‰¥â√—∫≈à«ßÀπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π

≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 6,870,236,507.93 7,766,977,912.83 17,857,500.00 -

À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (6,863,904,226.93) (7,755,977,910.83) (17,857,500.00) -

À—° √“¬‰¥â√Õµ—¥∫—≠™’ (179,420,294.46) (260,691,380.85) (1,117,645.06) -

√“¬‰¥â√—∫≈à«ßÀπâ“ (173,088,013.46) (249,691,378.85) (1,117,645.06) -

À¡“¬‡Àµÿ 17 - Àÿâπ°Ÿâ·ª≈ß ¿“æ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¡Ÿ≈§à“ 60 ≈â“π¥Õ≈≈“√å À√—∞ ‡¡◊ËÕ«—π∑’Ë 9 °—π¬“¬π 2536 ¥Õ°‡∫’È¬Õ—µ√“ 3.5% ÿ∑∏‘®“°¿“…’ À—° ≥ ∑’ Ë® à“¬ °”Àπ¥®à“¬

ªï≈–§√—Èß‡√‘Ë¡µ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2537 ·≈–™”√–§◊π„π«—π∑’Ë 9 °—π¬“¬π 2546

∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 11/2536 ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2536 ¡’¡µ‘„Àâ∫√‘…—∑®—¥ √√‡ß‘π∑’Ë ‰¥â®“°°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ®”π«π‡ß‘π

ª√–¡“≥ 1,512.18 ≈â“π∫“∑ „™â‡æ◊ËÕ°“√æ—≤π“ “∏“√≥Ÿª‚¿§ ”À√—∫∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ·≈–„Àâ∫√ ‘…—∑∫—π∑÷°¥Õ°‡∫’ È¬®à“¬∑’ Ë‡° ‘¥®“°°“√°Ÿ â¬ ◊¡

¥—ß°≈à“«‡ªÁπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ¢Õß‚§√ß°“√∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå

‡ß◊ËÕπ‰¢°“√·ª≈ß ¿“æ

Àÿâπ°Ÿâ·µà≈–Àÿâπ¡’ ‘∑∏‘·ª≈ß ¿“æ‡ªÁπÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë™”√–§à“Àÿâπ‡µÁ¡®”π«π·≈â«‰¥â 135 Àÿâπ µ—Èß·µà«—π∑’Ë 9 ∏—π«“§¡ 2536 ∂÷ß«—π∑’Ë 9 ‘ßÀ“§¡

2546

∫√‘…—∑Õ“®‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥âµ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2539 ‡ªìπµâπ‰ª „π√“§“√–À«à“ß 109.28% ∂÷ß 116.50% ¢Õß

¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¡’ ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‰¥â „π«—π∑’Ë 9 °—π¬“¬π 2541 „π√“§“ 116.50% ¢Õß

¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ

°“√´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ§◊π

„π√–À«à“ßªï 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» ‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

·≈–µ“¡‡ß◊ËÕπ‰¢„πÀπ—ß ◊Õ™’È™«πÀÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°¬°‡≈‘°‚¥¬π“¬∑–‡∫’¬πÀÿâπ°Ÿâ·ª≈ß ¿“æ ´÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 Àÿâπ°Ÿâ

·ª≈ß ¿“æ∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π‡ß‘πª√–¡“≥ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬∫√‘…—∑· ¥ß‰«â„π∫—≠™’‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π‡ß‘π

ª√–¡“≥ 1,162.92 ≈â“π∫“∑

Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ·≈–π‚¬∫“¬ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ

Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘π 24.02 ≈â“π¥Õ≈≈“√å À√—∞ (605.25 ≈â“π∫“∑) ‚¥¬∫√‘…—∑¡’π‚¬∫“¬

µ—Èß ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§ß‡À≈◊ÕÕ¬Ÿà∑—Èß®”π«π·≈–· ¥ß√«¡‰«â„πÀÿâπ°Ÿâ·ª≈ß ¿“æ ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ

·ª≈ß ¿“æ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘πª√–¡“≥ 476.14 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 452.63 ≈â“π∫“∑ µ“¡≈”¥—∫

°“√º‘¥π—¥‰∂à∂Õπ·≈–°“√º‘¥π—¥®à“¬™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ

∫√‘…—∑º‘¥π—¥‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂Õπ«—π∑’Ë 9 °—π¬“¬π 2541 πÕ°®“°π’È∫√‘…—∑º‘¥π—¥®à“¬™”√–

¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥™”√–„π«—π∑’Ë 9 °—π¬“¬π 2542 ·≈– 2541®”π«π‡ß‘π√«¡ 1.98 ≈â“π¥Õ≈≈“√å À√—∞ (74.58 ≈â“π∫“∑) ´÷Ëß®π∂÷ß

«—π∑’Ë 31 ∏—π«“§¡ 2542 ¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ§â“ß®à“¬¡’®”π«π∑—Èß ‘Èπ 2.29 ≈â“π¥Õ≈≈“√å À√—∞ (86.23 ≈â“π∫“∑) ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡®√®“

°—∫ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷Ëß¬—ß‰¡à∑√“∫º≈°“√‡®√®“

67


The company failed to meet repayments in respect of installments of long-term loan from a financial institution, which had been closed down in

accordance with a notice of the Ministry of Finance, with principal in the amount of Baht 36.74 million, the amount of Baht 9.30 million of which was due.

According to the loan agreement, the whole amount of loan has been classified as being immediately payable. The company is currently in the process of

negotiating for financial restructuring.

NOTE 16 - INCOME RECEIVED IN ADVANCE

Income received in advance as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998

• Land sale contracts receivable

Land sale contracts 6,870,236,507.93 7,766,977,912.83 17,857,500.00 -

Less Installments received (6,863,904,226.93) (7,755,977,910.83) (17,857,500.00) -

Less Deferred income (179,420,294.46) (260,691,380.85) (1,117,645.06) -

Income received in advance (173,088,013.46) (249,691,378.85) (1,117,645.06) -

NOTE 17 - CONVERTIBLE BONDS


The US$ 60 million convertible bonds, issued on September 9, 1993, bear interest at the rate of 3.5 percent per annum, net of withholding tax, payable

annually commencing on September 9, 1994, and will be redeemed on September 9, 2003.

On September 10, 1993 a resolution was passed by the Board of Directors Meeting No.11/1993 to approve the Company to manage funds from

convertible bonds in the amount of Baht 1,512.18 million for developing land for commercial purposes and to record the interest from convertible bonds as

a part of land development cost.

Conversion and Option for Redemption

As from December 9, 1993 up to August 9, 2003, each convertible bond may be converted into 135 fully paid shares of the Company.

The convertible bonds may be redeemed, in whole or in part, by the Company as from September 9, 1996 at varying percentages of the principal

amount from 109.28 percent to 116.50 percent. At the option of the bondholders, the Company must redeem such convertible bonds on September 9,

1998 at 116.50 percent of principal amount.

Repurchase of Convertible Bonds

During 1998 and 1997, an overseas subsidiary repurchased part of the Company’s convertible bonds. According to the Bond prospectus, the repurchased

convertible bonds should be cancelled forthwith. As at December 31, 1999 and 1998, repurchased convertible bonds were in the approximate amounts of

US$ 30.34 million, which were shown in loan from related parties in the approximate amounts of Baht 1,162.92 million.

Remaining Convertible Bonds and Provision for Redemption of Convertible Bonds

As at December 31, 1999 and 1998, the remaining convertible bonds were in the amount of US$ 24.02 million (Baht 605.25 million). The Company has

based the provision for redemption of the remaining convertible bonds. As at December 31, 1999 and 1998, the Company had reserved provision for

redemption of convertible bonds in the approximate amounts of Baht 476.14 million and Baht 452.63 million, respectively, and included these amounts

within convertible bonds.

Default in Convertible Bonds Redemption and Payment of Interest

The Company failed to redeem the convertible bonds which the bondholders sought redemption in accordance with their rights on September 9, 1998,

and failed to meet payments of interest on convertible bonds which were due on September 9, 1999 and 1998 in the total amount of US$ 1.98 million (Baht

74.58 million). As at December 31, 1999, accrued interest on convertible bonds totalled US$ 2.29 million (Baht 86.23 million). At present, the Company’s

management is in the process of negotiation to restructure debts for which the results have not yet been determined.

68

À¡“¬‡Àµÿ 18 - Àπ’È ‘π√–¬–¬“«

Àπ’È ‘π√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑» 2 ·Ààß

·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑»Àπ÷Ëß·Ààß

°. ‡ß‘π°Ÿâ¬◊¡ «ß‡ß‘π 1,200 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ª’

π—∫µ—Èß·µà«—π∑’Ë 28 °—π¬“¬π 2537 ºàÕπ™”√–§◊π‡¡◊ËÕ¡’°“√

ª≈Õ¥®”πÕß‚©π¥∑’Ë¥‘π„πÕ—µ√“√âÕ¬≈– 60 ¢Õß√“§“¢“¬∑’Ë¥‘π

Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕª’ µàÕ¡“«—π∑’Ë 30 °—π¬“¬π 2541

∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È‡ªÁπ«ß‡ß‘π ‘π‡™◊ËÕ 228.25

≈â“π∫“∑ ‚¥¬¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 4 ªï §√∫°”Àπ¥

™”√–§◊π«—π∑’Ë 28 °—π¬“¬π 2544 ¿“¬„µâ‡ß◊ËÕπ‰¢°“√ºàÕπ™”√–

‡¥‘¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕª’ 99,405,283.23 183,248,700.00 99,405,283.23 183,248,700.00

¢. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 30 °—π¬“¬π

2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡

√–¬–¬“««ß‡ß‘π 297 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18 ‡¥◊Õπ

°”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—π¬“¬π 2546 ‚¥¬ºàÕπ™”√–

∑ÿ°ß«¥ 3 ‡¥◊Õπ®”π«π 14 ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543

¥Õ°‡∫’È¬®à“¬ ™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕªï 297,000,000.00 297,000,000.00 297,000,000.00 297,000,000.00

§. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 150 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ª’

π—∫·µàª’ 2539 ºàÕπ™”√–§◊π 3 ‡¥◊ÕπµàÕß«¥√«¡

12 ß«¥ „π®”π«π‡ß‘π∑’Ë‡∑à“°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+1%

µàÕª’ µàÕ¡“«—π∑’Ë 14 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â‡®√®“

ª√—∫‚§√ß √â“ßÀπ’È‡ªÁπ«ß‡ß‘π ‘π‡™◊ËÕ 75 ≈â“π∫“∑ ‚¥¬

¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 5 ª’ §√∫°”Àπ¥™”√–§◊π

¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ

ß«¥≈– 10 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡ 2544

¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕªï 75,000000.00 75,000,000.00 75,000,000.00 75,000,000.00

ß. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 14 ∏—π«“§¡ 2541

‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

«ß‡ß‘π 100 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 36 ‡¥◊Õπ °”Àπ¥

™”√–§◊π¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ

®”π«π 8 ß«¥Ê ≈– 12.5 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡

2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕª’ 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00

®. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 110 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π

20 ‡¥◊Õπ π—∫µ—Èß·µà«—π∑’Ë 13 °ÿ¡¿“æ—π∏å 2539 Õ—µ√“¥Õ°‡∫’È¬

MLR+0.5% µàÕª’ ‡¡◊ËÕ«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑‰¥â

‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π∂÷ß«—π∑’Ë

20 ∏—π«“§¡ 2541 ·≈–Õ—µ√“¥Õ°‡∫’È¬‡ªÁπ MLR µàÕª’ µàÕ¡“

«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬

‚Õπµâπ‡ß‘πµ“¡¿“√–°“√Õ“«—≈µ—Î« —≠≠“„™â‡ß‘π®”π«π‡ß‘π 20.82

≈â“π∫“∑ ‡ªÁπ‡ß‘π°Ÿâ¬◊¡ √«¡‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑—Èß ‘Èπ ®”π«π‡ß‘π

130.82 ≈â“π∫“∑ ‡ß‘πµâπ°”Àπ¥™”√–§◊π¿“¬„π«—π∑’Ë 28 ∏—π«“§¡

2544 ‚¥¬ºàÕπ™”√–‡ªÁπ√“¬‡¥◊Õπ®”π«π 12 ß«¥Ê ≈–‰¡àµË”°«à“

11 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 31 ¡°√“§¡ 2544 ¥Õ°‡∫’È¬®à“¬

™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR+1%-MLR+1.5% µàÕª’ 130,822,739.72 110,000,000.00 130,822,739.72 110,000,000.00

√«¡ 702,228,022.95 765,248,700.00 702,228,022.95 765,248,700.00

69

NOTE 18 - LONG-TERM LIABILITIES

Long-term liabilities as at December 31, consisted of:

(Amounts:Baht)


1999 1998 1999 1998


Loans from two local banks and a local financial institution

• Loan with credit line of Baht 1,200 million, to be repaid within

3 years as from September 28, 1994. Payment, when no

mortgage, is at the rate of 60% of transferred land price.

The interest rate is MLR+1% per annum.

According to the results of debt restructuring on September

30, 1998, the credit line is changed to Baht 228.25 million

and extended to be repaid within 4 years due on September

28, 2001. Payment is made under the old policy.

The interest rate is MLR per annum,payable monthly. 99,405,283.23 183,248,700.00 99,405,283.23 183,248,700.00

• Loan with credit line of Baht 297 million and grace period

of 18 months, which changed from promissory note from

debt restructuring on September 30, 1998, to be

repaid within 14 quarters from June, 2000 to September,

2003. The interest rate is MLR per annum, payable monthly. 297,000,000.00 297,000,000.00 297,000,000.00 297,000,000.00

• Loan in the amount of Baht 150 million, to be repaid within

12 quarters, in 3 years from 1996. The interest rate is MLR+1%

per annum. According to the results of debt restructuring

on December 14, 1998, the credit line is changed to

Baht 75 million and extended to be repaid quarterly

within 5 years due within December, 2003, Baht 10 million

per quarter, the first installment due on December 14, 2001.

The interest rate is MLR per annum, payable monthly. 75,000000.00 75,000,000.00 75,000,000.00 75,000,000.00

• Loan with credit line of Baht 100 million and grace period

of 36 months, which changed from promissory note from

debt restructuring on December 14, 1998, to be repaid

quarterly from December 14, 2001 to December 2003

in 8 installments, Baht 12.5 million each. The interest

rate is MLR per annum, payable monthly. 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00

• Loan in the amount of Baht 110 million, to be repaid

within 20 months as from February 13, 1996.

The interest rate is MLR+0.5% per annum. According to

the results of debt restructuring on June 24, 1998, the

principal is extended to be repaid on December 20, 1998

and the interest rate is changed to MLR per annum. Subsequently,

according to the results of debt restructuring on March 31, 1999,

the principal is changed to Baht 130.82 million, of which Baht

20.82 million changed from liability arising from guarantee of

promissory note which has not been repaid. The principal is

to be repaid monthly from January 31, 2001 to December

28, 2001, in 12 installments,minimum Baht 11 million each.

The interest rate is MLR+1% to MLR+1.5%

per annum, payable monthly. 130,822,739.72 110,000,000.00 130,822,739.72 110,000,000.00

Total 702,228,022.95 765,248,700.00 702,228,022.95 765,248,700.00

70

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2542 2541 2542 2541

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑»·ÀàßÀπ÷Ëß

ª√–°Õ∫¥â«¬

‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë

30 °—π¬“¬π 2541 ‰¥â‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π

√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

«ß‡ß‘π 93 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18

‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—π¬“¬π

2544 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ®”π«π 6

ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543 ¥Õ°‡∫’È¬®à“¬

™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕª’ 93,000,000.00 93,000,000.00 - -

√«¡ 93,000,000.00 93,000,000.00 - -

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑» 2 ·Ààß

ª√–°Õ∫¥â«¬

°. ‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 550 ≈â“π∫“∑ °”Àπ¥™”√–§◊π 50 % ¢Õß

√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√‡¡◊ËÕ¡’°“√‚Õπ

°√√¡ ‘∑∏‘Ï∑’Ë¥‘π ·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ

¡’π“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π

‡ªÁπ¿“¬„π‡¥◊Õπ¡’π“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ

Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕª’ 430,569,142.35 469,478,257.25 - -

¢. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 230 ≈â“π∫“∑ °”Àπ¥™”√–§◊π 50%

¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√ ‡¡◊ËÕ¡’°“√‚Õπ

°√√¡ ‘∑∏‘Ï∑’Ë¥‘π·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ

°√°Æ“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π

‡ªÁπ¿“¬„π‡¥◊Õπ°√°Æ“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ

Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕªï 151,874,643.50 201,250,000.00 - -

√«¡ 582,443,785.85 670,728,257.25 - -

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß ª√–°Õ∫¥â«¬

‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 50 ≈â“π∫“∑ °”Àπ¥™”√–§◊π ¿“¬„π«—π∑’Ë 31

¡’π“§¡ 2547 ‚¥¬ºàÕπ™”√–‡ªÁπ√“¬‡¥◊Õπ ®”π«π 72 ß«¥

‡√‘Ë¡ß«¥·√° 30 ‡¡…“¬π 2541 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ

Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕªï 36,740,331.43 36,740,331.43 - -

√«¡ 36,740,331.43 36,740,331.43 - -

√«¡Àπ’È ‘π√–¬–¬“« 1,414,412,140.23 1,565,717,288.68 702,228,022.95 765,248,700.00

À—° à«π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ (167,563,071.15) (146,740,331.43)(130,822,739.72) (110,000,000.00)

À—° à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßª’· ¥ß‰«â¿“¬„µâÀπ’È ‘πÀ¡ÿπ‡«’¬π(122,042,879.34) (51,622,594.00) (63,660,000.00) -

√«¡Àπ’È ‘π√–¬–¬“« ÿ∑∏‘ 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00

Àπ’È ‘π¥—ß°≈à“«¢â“ßµâπ¡’À≈—°ª√–°—πµà“ßÊ °—π

Àπ’È ‘π√–¬–¬“«¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∑’Ëº‘¥π—¥°“√®à“¬™”√–·≈–Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß

∑“ß°“√‡ß‘π · ¥ß‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15

71

(Amounts:Baht)


1999 1998 1999 1998


Loan from a local bank, consisted of:

• Loan with credit line of Baht 93 million and

grace period of 18 months, which changed

from promissory note from debt restructuring

on September 30, 1998, to be repaid within

6 quarters from June, 2000 to September, 2001.

The interest rate is MLR per annum,

payable monthly. 93,000,000.00 93,000,000.00 - -

Total 93,000,000.00 93,000,000.00 - -


Loans from two local banks, consisted of:

• Loan with credit line of Baht 550 million,

repayable as titles are transferred at 50%

of land contract price and the outstanding

amount repayable within March, 2000,

subsequently extended to March, 2001,

with the interest of MLR per annum,

payable monthly. 430,569,142.35 469,478,257.25 - -

• Loan in the amount of Baht 230 million,

repayable as titles are transferred at 50%

of land contract price and the outstanding

amount repayable within July, 2000,

subsequently extended to July, 2001,

with the interest of MLR per annum,

payable monthly. 151,874,643.50 201,250,000.00 - -

Total 582,443,785.85 670,728,257.25 - -


Loan from a finance company consisted of:

• Loan with credit line of Baht 50 million,

to be repaid over 72 months from

April 30, 1998 to March 31, 2004.

The interest rate is MLR+1% per annum,

payable monthly. 36,740,331.43 36,740,331.43 - -

Total 36,740,331.43 36,740,331.43 - -

Total Long-Term Liabilities 1,414,412,140.23 1,565,717,288.68 702,228,022.95 765,248,700.00

Less Long-term liabilities on immediate

demand shown under current liabilities (167,563,071.15) (146,740,331.43) (130,822,739.72) (110,000,000.00)

Less current portions of long-term liabilities

shown under current liabilities (122,042,879.34) (51,622,594.00) (63,660,000.00) -

Long-Term Liabilities, net 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00

The above liabilities are collateralised.

As at December 31, 1999, long-term liabilities of the Company and a subsidiary, in default of payment and under the process of negotiation for financial

restructuring, are presented as liabilities on immediate demand as described in Note 15 to the financial statements.

72

À¡“¬‡Àµÿ 19 - Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π


∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 5/2541 ‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2541 ¡’¡µ‘„Àâ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π 2 «ß‡ß‘π √«¡ 19.2 ≈â“π¥Õ≈≈“√å

À√—∞ °—∫∏π“§“√æ“≥‘™¬å·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» ÷Ëß∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‚¥¬·∫àßÕÕ°‡ªÁπ«ß‡ß‘π 11.5

≈â“π¥Õ≈≈“√å À√—∞ ·≈–«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ Õ—µ√“¥Õ°‡∫’È¬ ( ÿ∑∏‘®“°¿“…’À—° ≥ ∑’Ë®à“¬) 1% ·≈– 5% µàÕª’ µ“¡≈”¥—∫ °”Àπ¥™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ

‡√‘Ë¡ß«¥·√°«—π∑’Ë 31 ∏—π«“§¡ 2541 ‡ß‘πµâπ°”Àπ¥‰∂à∂Õπ¿“¬„πª’ 2548 ‚¥¬°“√ºàÕπ™”√–§◊π∑ÿ°ß«¥ 6 ‡¥◊Õπ ®”π«π 8 ß«¥ ‡√‘Ë¡ß«¥·√°

«—π∑’Ë 31 ¡’π“§¡ 2545

«—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π«ß‡ß‘π 11.5 ≈â“π¥Õ≈≈“√å À√—∞ ‡æ◊ËÕ™”√–§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’ËÕÕ°‚¥¬∫√‘…—∑ ‡À¡√“™

æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ®”π«π 7,700 Àÿâπ ¡Ÿ≈§à“ 7.70 ≈â“π¥Õ≈≈“√å À√—∞ ®“°∏π“§“√¥—ß°≈ à“«„π√“§“ 8.47 ≈ â“π¥Õ≈≈“√ å À√ —∞ ·≈–µàÕ¡“

∫√‘…—∑‰¥âÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—πÕ’°®”π«πÀπ÷Ëß«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬‡ß‘π∑’Ë‰¥â√—∫®–π”¡“„™â‡ªÁπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑

π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬§”π«≥µ“¡Õ“¬ÿÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π·≈–· ¥ß√«¡‰« â „πÀ ÿ âπ°Ÿ â™π ‘¥

¡’À≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π‡ß‘π 0.66 ≈â“π¥Õ≈≈“√å À√—∞ (24.92

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À≈—°ª√–°—π

°. ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß √à«¡§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬¡’¢âÕºŸ°æ—π∑’ËµâÕß

ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß√«¡∑—Èß∑’Ë¥‘π∫“ß à«π¢Õß∫√‘…—∑¥—ß°≈à“«„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

‡ß◊ËÕπ‰¢Õ◊Ëπ¢Õß°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

°. Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‰¡à “¡“√∂π”‡¢â“®¥∑–‡∫’¬πÀ√◊Õ®”Àπà“¬„πµ≈“¥À≈—°∑√—æ¬åÀ√◊Õµ≈“¥´◊ÈÕ¢“¬À≈—°∑√—æ¬åÕ◊Ëπ„¥·≈–‰¡à “¡“√∂‚Õπ„Àâ∫ÿ§§≈

„¥πÕ°®“°∫√‘…—∑„π‡§√◊Õ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

¢. ∫√‘…—∑¡’ ‘∑∏‘‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥â°àÕπ§√∫°”Àπ¥ ·≈–¡’¿“√–µâÕß‰∂à∂ÕπÀÿâπ°Ÿâ ™π‘¥¡’À≈—°ª√–°—π∫“ß à«π

‡¡◊ËÕ¡’°“√¢“¬∑’Ë¥‘π∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π √“§“‰∂à∂Õπ®–§”π«≥‚¥¬√«¡º≈µÕ∫·∑π„πÕ—µ√“ Yield 7% - 9% µàÕª’ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ™π‘¥¡’

À≈—°ª√–°—π®π∂÷ß«—π∑’Ë‰∂à∂Õπ

À¡“¬‡Àµÿ 20 - ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

∫√‘…—∑¡’¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬‡°’Ë¬«°—∫¿“√–§È”ª√–°—π´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈ ‚¥¬∂Ÿ°‡√’¬°√âÕß„Àâ√—∫º‘¥™Õ∫®”π«π 128 ≈â“π∫“∑ ´÷Ëß∫√‘…—

∑∫—π∑÷° ”√Õß§à“‡ ’¬À“¬ Ÿß ÿ¥∑’ËÕ“®‡°‘¥¢÷Èπ¥—ß°≈à“«·≈â«∑—Èß®”π«π

À¡“¬‡Àµÿ 21 - ∑ÿπ‡√◊ÕπÀÿâπ

¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2542

∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2542 ¡’¡µ‘‡ªÁπ‡Õ°©—π∑åÕπÿ¡—µ‘„Àâ¥”‡π‘π°“√

‡°’Ë¬«°—∫∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑·≈–Õπÿ¡—µ‘°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ √ÿª‚¥¬¬àÕ‰¥â¥—ßπ’È

°. ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑®“°‡¥‘¡ 1,000 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ 100 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ

81 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√µ—¥Àÿâπ “¡—≠∑’Ë¬—ß¡‘‰¥âπ”ÕÕ° ®”Àπà“¬®”π«π 19 ≈â“πÀÿâπ ¡Ÿ≈§à“ 190 ≈â“π∫“∑ ·≈–„Àâ·°â‰¢Àπ—ß ◊Õ

∫√‘§≥Àå π∏‘¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 11 æƒ…¿“§¡

2542

¢. ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑Õ’°®”π«π 1,960 ≈â“π∫“∑ ®“°∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 2,770 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ

277 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠®”π«π 196 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ·≈–„Àâ·°â‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘¢âÕ 4

¢Õß∫√‘…—∑‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 12 æƒ…¿“§¡ 2542

§. ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”π«π 141,531,150 Àπà«¬ ‡ πÕ¢“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡„πÕ—µ√“ à«π„∫ ”§ —≠· ¥ß ‘ ∑∏ ‘ ∑ ’ Ë ® –´ ◊ È Õ À ÿ â π

2 Àπà«¬ µàÕ 1 Àÿâπ‡¥‘¡ √“§“Àπà«¬≈– 0.10 ∫“∑ ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘¿“¬„π 5 ª’ π—∫®“°«—πÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ Õ—µ√“°“√„™â ‘∑∏‘

„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ 1 Àπà«¬ µàÕÀÿâπ “¡—≠ 1 Àÿâπ „π√“§“Àÿâπ≈– 10 ∫“∑ „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ à«π∑’Ë‡À≈◊Õ®“°°“√®—¥ √√

„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡„Àâ‡ πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπª√–‡¿∑ ∂“∫—π 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß

”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–„Àâ¥”‡π‘π°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å

®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡ß‘π∑’Ë‰¥â√—∫°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®–π”¡“„™â‡ªÁπ∑ÿπÀ¡ÿπ‡«’¬π¢Õß∫√‘…—∑

73

NOTE 19 - GUARANTEED BONDS


On September 25, 1998, a resolution was passed by the Board of Directors Meeting No. 5/1998 to approve the company to issue, in two tranches, US$

19.2 million Guaranteed Bonds to a foreign commercial bank which had acquired part of the convertible bonds issued by Hemaraj Land and Development

Public Company Limited. The principal amounts are US$ 11.5 million for the first tranche and US$ 7.7 million for the second tranche, to be repaid within

2005 in 8 semi-annual installments, with the first installment due on March 31, 2002. The interest rates (net of withholding tax) are 1% per annum and 5%

per annum, respectively, payable quarterly as from December 31, 1998.

On September 30, 1998 the company issued the first tranche of Guaranteed Bonds in the amount of US$ 11.5 million in the acquisition of 7,700

convertible bonds (US$ 7.7 million) issued by Hemaraj Land and Development Public Company Limited, which were held by the referred bank, at a price of

US$ 8.47 million. Subsequently, the company issued the second tranche of Guaranteed Bonds in the amount of US$ 7.7 million for its working capital.

Reserve for Redemption of Guaranteed Bonds

Reserve for redemption of Guaranteed Bonds is calculated over the period of the Guaranteed Bonds and included in Guaranteed Bonds. As at

December 31, 1999 and 1998, reserve for redemption of Guaranteed Bonds were in the amount of US$ 0.66 million (Baht 24.92 million) and US$ 0.15

million (Baht 5.46 million), respectively.

Collateral

• Hemaraj Land and Development Public Company Limited has co-operated with two affiliated companies to guarantee the issue of Guaranteed

Bonds. These companies have obligations to comply with terms and conditions of the issue of the Guaranteed Bonds.

• Investments in ordinary shares and certain land of an affiliated company were used as collateral for the issue of Guaranteed Bonds.

Other Conditions of Guaranteed Bonds

• The Guaranteed Bonds are not and are not capable of being quoted, listed or ordinarily dealt in any stock exchange, over-the-counter or other

organised securities market and may not be transferred to any person other than to an affiliate of the registered holder.

• The Guaranteed Bonds may be redeemed early in whole or in part and the Company is mandated to redeem part of the bonds when the mortgaged

land is sold. The redemption price is being calculated to give a yield of 7% - 9% per annum from the issuing date to repayment date.

NOTE 20 - RESERVE FOR UNCERTAIN LOSS FROM LAWSUIT


A lawsuit relating to the obligation under guarantee has been filed against the Company requiring it to indemnify the amount of Baht 128 million. The

lawsuit has been in the jurisdiction process. The Company has reserved the maximum loss that may arise from this case in the financial statements.

NOTE 21 - SHARE CAPITAL

Resolutions of the 1999 Annual General Meeting of Shareholders

The Annual General Meeting of Shareholders of Hemaraj Land and Development Public Company Limited held on April 30, 1999 unanimously approved

the Company to amend its authorised share capital and to issue warrants, summarised as follows:

• Decrease authorised share capital from Baht 1,000 million, consisting of 100 million ordinary shares of Baht 10 par value, to authorised share capital

of Baht 810 million, consisting of 81 million ordinary shares of Baht 10 par value, by way of revoking the 19 million unissued ordinary shares,

amounting to Baht 190 million, and to adapt the Company’s Memorandum of Association No. 4 to conform with this resolution for which the

Company registered the decrease of its authorised share capital with the Ministry of Commerce on May 11, 1999.

• Increase authorised share capital by an amount of Baht 1,960 million, from the balance of Baht 810 million, to Baht 2,770 million divided into 277

million ordinary shares of Baht 10 par value, by issuing 196 million ordinary shares of Baht 10 par value, and to adapt the Company’s Memorandum

of Association No. 4 to conform with this resolution for which the Company registered the increase of its authorised share capital with the Ministry

of Commerce on May 12, 1999.

• Issue 141,531,150 warrants to be offered to the existing shareholders in the ratio of 2 warrants to 1 old share, at the price of Baht 0.10 per warrant.

Warrant holders can then subscribe for new shares in the ratio of 1 new share for each warrant, at a price of Baht 10 per share, with an exercise

period of 5 years. The remaining warrants after offering to the existing shareholders will be offered to a maximum of 35 specific investors and/or 17

firm investors classified by a Notice of the Office of Securities and Exchange Commission. The warrants will be registered as listed securities in the

Stock Exchange of Thailand. Funds from the subscription of warrants will be utilised as the Company’s working capital.

74

ß. ®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¥—ßπ’È

ß.1 ®”π«π 141,531,150 Àÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠

ß.2 ®”π«π 50,468,850 Àÿâπ ‡æ◊ËÕ‡ πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπ 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß

”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å

ß.3 ®”π«π 4 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡‡µ‘¡®“°∑’Ë‰¥â®—¥ √√‰«â·≈â« µ“¡¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ

§√—Èß∑’Ë 3/2536 √«¡‡ªÁπÀÿâπ “¡—≠∑’Ë®—¥ √√‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑—Èß ‘Èπ®”π«π 14,234,425 Àÿâπ

°“√ÕÕ°®”Àπà“¬·≈–°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π

∫√‘…—∑ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”Àπà“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡®”π«π 79,965,902 Àπà«¬ ·≈–®”Àπà“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß

®”π«π 61,565,248 Àπà«¬ „π√“§“Àπà«¬≈– 0.1 ∫“∑ ‰¥â√—∫‡ß‘π®“°°“√®”Àπà“¬∑—Èß ‘Èπ ®”π«π‡ß‘πª√–¡“≥ 14.15 ≈â“π∫“∑ ·≈–‰¥â¥”‡π‘π°“√

®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬πµàÕµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ (µ≈“¥À≈—°∑√—æ¬åœ) ·≈–µ≈“¥À≈—°∑√—æ¬åœ

‰¥âÕπÿ¡—µ‘„Àâ‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π«—π∑’Ë 15 ∏—π«“§¡ 2542 ‡ªÁπµâπ‰ª

º≈°√–∑∫®“°°“√„™â ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠

°√≥’∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘·ª≈ß ¿“æ∑—Èß®”π«π·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¡’°“√„™â ‘∑∏‘‡µÁ¡®”π«π ®”π«πÀÿâπ “¡—≠∑—Èß ‘Èπ

∑’Ëæ÷ßÕÕ°®“°°“√„™â ‘∑∏‘¥—ß°≈à“«®–‡∑à“°—∫√âÕ¬≈– 67.17 ¢Õß∑ÿπ‡√◊ÕπÀÿâπÀ≈—ß°“√„™â ‘∑∏‘¥—ß°≈à“«

À¡“¬‡Àµÿ 22 - §à“µÕ∫·∑π

§à“µÕ∫·∑π°√√¡°“√ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)

2542 2541

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 3,292,219.79 1,767,011.69

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 1,020,000.00 3,825,000.00

H-International (BVI) Company Limited 22,388,551.88 20,596,930.86

√«¡ 26,700,771.67 26,188,942.55

§à“„™â®à“¬æπ—°ß“π´÷Ëß· ¥ß√«¡‡ªÁπ§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√·≈–µâπ∑ÿπ∫√‘°“√„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥« —π∑’ Ë 31 ∏—π«“§¡ 2542

¡’¥—ßπ’È

(Àπà«¬ : ≈â“π∫“∑)

ß∫°”‰√¢“¥∑ÿπ√«¡ 48.29

ß∫°”‰√¢“¥∑ÿπ‡©æ“–¢Õß∫√‘…—∑ 14.35

À¡“¬‡Àµÿ 23 - √“¬°“√æ‘‡»…

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈– H-International (BVI) Company Limited (ç∫√‘…—∑¬àÕ¬„π

µà“ßª√–‡∑»é)

„π√–À«à“ßª’ 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¢Õß∫√‘…—∑ ®”π«π√«¡ 30,335 Àÿâπ ¡Ÿ≈§à“ 30.34 ≈â“π¥Õ≈≈“√å

À√—∞ „π√“§“ 24.75 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 942.37 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑∫—π∑÷°∫—≠™’Àÿâπ°Ÿâ®”π«π¥—ß°≈à“«‰«â„πª’ 2540 ‡ªÁπ®”π«π‡ß‘π

1,118 ≈â“π∫“∑

µàÕ¡“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬

¥—ß°≈à“«„π√“§“µ“¡¡Ÿ≈§à“Àÿâπ°Ÿâ‡ªÁπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 1,163 ≈â“π∫“∑

º≈®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ· ¥ß‡ªÁπ√“¬°“√æ‘‡»… °”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–¢“¥∑ÿπ®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ „π

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 175.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 44.92 ≈â“π∫“∑

µ“¡≈”¥—∫

75

• Allocation of the increase ordinary shares is as follows:

- 141,531,150 shares are to be reserved for warrant holders.

- 50,468,850 shares are to be offered to a maximum of 35 specific investors and/ or 17 firm investors classified by a notice of the Office of

Securities and Exchange Commission.

- 4 million shares are to be reserved for additional conversion of convertible bonds. Accordingly, ordinary shares reserved for conversion of

convertible bonds are increased from the amount approved by the Annual General Meeting of Shareholders No. 3/1993 to 14,234,425 shares.

Issue of Warrants and Registering as Listed Securities

The Company issued 79,965,902 warrants offerred to the existing shareholders and 61,565,248 warrants offerred to specific investors, at the unit price

of Baht 0.10. Total cash received from offer of warrants was in the approximate amounts of Baht 14.15 million. The warrants were approved by the Stock

Exchange of Thailand to be listed securities from December 15, 1999 onwards.

Effect from Exercise of Bondholders and Warrant Holders

In case that all the convertible bonds are converted and all warrants are excercised, the shares issuable will be 67.17% of the Company’s issued share

capital.

NOTE 22 - REMUNERATION

Directors’ remuneration for the years ended December 31, consisted of:

(Amounts:Baht)

1999 1998



H-International (BVI) Company Limited 22,388,551.88 20,596,930.86

Total 26,700,771.67 26,188,942.55

Staff costs included in selling and administrative expenses and cost of service in the statements of income forthe year ended December 31, 1999 are

as follows:

(Amounts:Million Baht)

Consolidated 48.29

The Company 14.35

NOTE 23 - EXTRAORDINARY ITEM

Hemaraj Land and Development Public Company Limited (the Company) and H-International (BVI) Company Limited (an overseas

subsidiary)

During the year 1998 and 1997, an overseas subsidiary purchased 30,335 of the Company’s convertible bonds (US$ 30.34 million) at a price of US$

24.75 million equal to Baht 942.37 million for which the Company had recorded those bonds as at December 31, 1997 in the amount of Baht 1,118 million.

On August 3, 1998, a resolution was passed by a Board of Directors Meeting approving the Company to refund the nominal value of convertible bonds

of US$ 30.34 million equal to Baht 1,163 million.

The results of repurchases of convertible bonds, as shown under extraordinary item, include gain on repurchase of convertible bonds in the consolidated

financial statements and loss on repurchase of convertible bonds in the Company’s financial statements for the year ended December 31, 1998, in the

amounts of Baht 175.63 million and Baht 44.92 million, respectively.

76

À¡“¬‡Àµÿ 24 - °“√§”π«≥¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542

¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’ ®”π«πÀÿâπ ®”π«πµàÕÀÿâπ

(∫“∑) (Àÿâπ) (∫“∑)

¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π

¢“¥∑ÿπ ÿ∑∏‘∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠ (1,010,682,602.50) 70,765,577 (14.28)

º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

°. Àÿâπ°Ÿâ·ª≈ß ¿“æ

°.1 ∫«°°≈—∫§à“„™â®à“¬∑’Ëª√–À¬—¥‰¥â®“°°“√·ª≈ß

¿“æÀÿâπ°Ÿâ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â 30%) 43,303,742.08

°.2 ®”π«πÀÿâπ “¡—≠∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√·ª≈ß ¿“æÀÿâπ°Ÿâ 3,242,025

¢. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠

¢.1 ®”π«πÀÿâπ “¡—≠∑’Ë ¡¡µ‘«à“ÕÕ°‚¥¬‰¡à‰¥â√—∫ ‘Ëß

µÕ∫·∑π‡π◊ËÕß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡∂—«‡©≈’Ë¬¢Õß

Àÿâπ “¡—≠ Ÿß°«à“√“§“∑’Ë°”Àπ¥„π°“√„™â ‘∑∏‘ 16,834,058

¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥

¢“¥∑ÿπ ÿ∑∏‘∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠‚¥¬ ¡¡µ‘«à“¡’°“√

„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠·≈–¡’

°“√„™â ‘∑∏‘·ª≈ß ¿“æÀÿâπ°Ÿâ·ª≈ß ¿“æ‡ªÁπÀÿâπ “¡—≠ (967,378,860.42) 90,841,660 (10.65)

∫√‘…—∑¡‘‰¥â· ¥ß¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ‡π◊ËÕß®“°º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

∑”„Àâ¢“¥∑ÿπµàÕÀÿâπ≈¥≈ß®“°¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π

À¡“¬‡Àµÿ 25 - ‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π

‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 9.9 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π°—∫Õß§å°“√‚∑√»—æ∑å·Ààßª√–‡∑»‰∑¬

°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ °“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈–∫√‘…—∑Õ◊ËπÊ ·≈–‡ß‘πΩ“°ÕÕ¡∑√—æ¬å ®”π«π‡ß‘πª√–¡“≥ 2.93 ≈â“π∫“∑ ‡æ◊ËÕ

®—¥À“¬“πæ“Àπ–·≈–«— ¥ÿÕÿª°√≥å‡æ◊ËÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬

¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ´÷Ëß‡ªÁπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π 10 ≈â“πÀÿâπ „™â‡ªÁπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡

°—∫ ∂“∫—π°“√‡ß‘π

§. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ´÷Ëß‡ªÁπ∫√‘…—∑¬àÕ¬®”π«π 9,999,994 Àÿâπ „™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥

¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»

ß. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ »√’√“™“Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ´÷Ëß‡ªÁπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π 15 ≈â“πÀÿâπ ®”π”‡ªÁπÀ≈—°ª√–°—π

°“√°Ÿâ¬◊¡‡ß‘π„Àâ°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 2 ·Ààß

®. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑√«¡∑—Èß à«π§«∫ ®¥®”πÕß‡æ◊ËÕ„™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡°—∫ ∂“∫—π°“√‡ß‘π„πª√–‡∑» ‘∑∏‘°“√‡™à“„™â‡ªÁπ

À≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 19.25 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏π“§“√§È”ª√–°—π°“√¢“¬∑’Ë¥‘π„Àâ°—∫∫√‘…—∑ ·≈–°“√°àÕ √â“ß

“∏“√≥Ÿª‚¿§„π‚§√ß°“√

¢. ∑’Ë¥‘π√Õ°“√æ—≤π“∑—ÈßÀ¡¥·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑∂Ÿ°®¥®”πÕß‡æ◊ËÕ„™â‡ªÁπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡

√–¬–¬“«®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑»·≈–„™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»

§. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ´÷Ëß‡ªÁπ∫√‘…—∑¬àÕ¬®”π«π 599,993 Àÿâπ „™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß

∫√‘…—∑¥—ß°≈à“«

∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 32.60 ≈â“π∫“∑ „™â§È”ª√–°—π°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π·≈–∫√‘°“√ “∏“√≥Ÿª‚¿§

¢. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√∫√‘…—∑®¥®”πÕß‡æ◊ËÕ§È”ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π°—∫∏π“§“√æ“≥‘™¬å 2 ·Ààß

77

NOTE 24 - DILUTED LOSS PER SHARE COMPUTATION

Consolidated financial statements and the Company’s financial statements for the year ended December 31, 1999:

Net Loss for the Year Shares Loss per Share

(Baht) (Share) (Baht)

Basic loss per share

Net loss attributable to ordinary shareholders (1,010,682,602.50) 70,765,577 (14.28)

The effect of dilutive potential ordinary shares

Convertible bonds

- Adding back the expenses that will be saved

on the conversion of convertible bonds

(net of income tax 30%) 43,303,742.08

- Increase in ordinary shares from

conversion of convertible bonds 3,242,025

Warrants

- Number of shares that would have been issued

for no consideration as the average fair value

of ordinary shares exceeds the exercise price 16,834,058

Diluted loss per share

Net loss attributable to ordinary shareholders in

case of convertible bonds are converted and

all warrants are excercised (967,378,860.42) 90,841,660 (10.65)

Diluted loss per share is not shown in the statements of income for the year ended December 31, 1999 because the amounts resulting from the effect

of dilutive potential ordinary shares is lower than basic loss per share.

NOTE 25 - PLEDGED ASSETS

Pledged assets as at December 31, 1999 are as follows:


• Time deposits of approximately Baht 9.9 million were pledged to local banks against letters of guarantee issued to the Telephone Organisation of

Thailand, the Provincial Electricity Authority, the Industrial Estate Authority of Thailand and other companies, and saving deposits of approximately

Baht 2.93 million were pledged for the purpose of acquiring vehicles and equipment for use by the Industrial Estate Authority of Thailand.

• Investments in 10 million ordinary shares of Nakornthai Strip Mill Public Company Limited, a related company, were used as collateral for loans from

a financial institution.

• Investments in 9,999,994 ordinary shares of Eastern Industrial Estate Company Limited, a subsidiary company, were used as collateral for the issue

of Guaranteed Bonds of an overseas subsidiary company.

• Investments in 15 million ordinary shares of Sriracha Harbor Public Company Limited, which is a related company, were used as collateral for loans

issued by financial institutions to two related companies.

• The majority of land, existing constructions and future developments on the land were mortgaged as collateral for loans from local financial institutions.

Leasehold land was used as collateral for the loan from ordinary person.


• Time deposit of approximately Baht 19.25 million was pledged to local banks against security given for performance under sale contracts and utility

construction.

• All of the company’s land for development and the majority of its land held for commercial purposes were mortgaged as collateral for loans from a

local commercial bank and the issue of Guaranteed Bonds of an overseas affiliated company.

• Investments in 599,993 ordinary shares of an affiliated company were used as collateral for a loan issued by a financial institution to that subsidiary

company.

78


‡ß‘πΩ“°∏π“§“√®”π«π‡ß‘πª√–¡“≥ 0.25 ≈â“π¥Õ≈≈“√å À√—∞ (9.47 ≈â“π∫“∑) ”√Õß‰«â‡æ◊ËÕ®à“¬™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑

À¡“¬‡Àµÿ 26 - ¢âÕºŸ°æ—πµ“¡ —≠≠“

¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

°. ∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π) √–¬–∑’Ë 1 ·≈–√–¬–∑’Ë 2 °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬

µ“¡ —≠≠“√à«¡¥”‡π‘πß“π ≈ß«—π∑’Ë 5 °√°Æ“§¡·≈–«—π∑’Ë 29 ∏—π«“§¡ 2532 µ“¡≈”¥—∫ ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªÁπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“

∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈â«‡ √Á®µ“¡‚§√ß°“√„π à«π„¥ à«πÀπ÷Ëß µâÕß‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫

“∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë·≈â«‡ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥

¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àâ·°àºŸâ´◊ÈÕ

„πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“

√à«¡¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“

¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2542

‡ªÁπ®”π«π‡ß‘π ª√–¡“≥ 226.20 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬)

·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ

¢. ∫√‘…—∑°—∫∫√‘…—∑·ÀàßÀπ÷Ëß (ºŸâ√à«¡≈ß∑ÿπ) √à«¡≈ß∑ÿπ„π∫√‘…—∑√à«¡ 2 ·Ààß §◊Õ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ·≈–∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥

µàÕ¡“ºŸâ√à«¡≈ß∑ÿπ‰¥â§È”ª√–°—π°“√∑” —≠≠“ªâÕß°—π§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»„Àâ·°à∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ·≈–

∫√‘…—∑‰¥â∑” —≠≠“°—∫ºŸâ√à«¡≈ß∑ÿπ‚¥¬¡’¢âÕµ°≈ß«à“À“° ∫√‘…—∑√à«¡∑—Èß Õß∫√‘…—∑‰¡à “¡“√∂®à“¬™”√–§à“„™â®à“¬∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√§È”ª√–°—π¥—ß°≈à“«‰¥â

∫√‘…—∑®–¡Õ∫ ‘∑∏‘¢Õß∫√‘…—∑„π°“√ ◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ„π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ „Àâ·°àºŸâ√à«¡≈ß∑ÿπ ÷ËßÕ“® àßº≈°√–∑∫µàÕ —¥ à«π°“√∂◊ÕÀÿâπ„πÕπ“§µ

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡

¥”‡π‘πß“π ≈ß«—π∑’Ë 27 ∏—π«“§¡ 2532 ÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªÁπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈â«‡ √Á®µ“¡‚§√ß°“√

„π à«π„¥ à«πÀπ÷Ëß ∫√‘…—∑®–µâÕß®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“·≈–‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈–

‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë·≈â«‡ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥ ¬°‡«âπ„π à«π∑’Ë

®–¢“¬„Àâ·°àºŸâ´◊ÈÕ

„πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“√à«¡

¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß

”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ´÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2542

‡ªÁπ®”π«π‡ß‘πª√–¡“≥ 106.78 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬)

·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“√à«¡≈ß∑ÿπ√–À«à“ß ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑¡’¿“√–µâÕß®à“¬

§à“π“¬Àπâ“®“°°“√¢“¬∑’Ë¥‘π §à“π“¬Àπâ“®“°°“√„Àâ∫√‘°“√ “∏“√≥Ÿª‚¿§·≈–§à“π“¬Àπâ“®“°°“√„Àâ‡™à“Õ“§“√‚√ßß“π „Àâ·°à ∫√‘…—∑ ‡À¡√“™

æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ªÁπÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥√“¬‰¥â

À¡“¬‡Àµÿ 27 - ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“

¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

°. ∫√‘…—∑¡’¿“√–§È”ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß®”π«π‡ß‘π 50 ≈â“π∫“∑ ·≈–∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑¬àÕ¬Õ’° 2 ·Ààß ‡æ◊ËÕ§È”

ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20 ≈â“π¥Õ≈≈“√å À√—∞

¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß

ª√–‡∑»‰∑¬ °“√°àÕ √â“ß√–∫∫ “∏“√≥Ÿª‚¿§µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π °“√ªØ‘∫—µ‘µ“¡ —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫ ·≈–Õ◊ËπÊ √«¡∑—Èß°“√¢Õ„Àâ∏π“§“√

ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“°àÕ √â“ß‚√ß‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ «ß‡ß‘π√«¡ 391.33 ≈â“π∫“∑

79


• Time deposit of approximately Baht 32.60 million was pledged to local banks against security given for performance under sale contracts and utility

construction.

• The majority of the company’s land was mortgaged as collateral for loans from two commercial banks.


- Saving deposit of approximately US$ 0.25 million (Baht 9.47 million) was reserved for payment of Guaranteed Bond interest.

NOTE 26 - COMMITMENTS

Commitments as at December 31, 1999 are as follows:


• The Company has agreements with the Industrial Estate Authority of Thailand (IEAT) dated July 5 and December 29, 1989 for the joint operations

of Chonburi Industrial Estate (Bor Win) Stage I and Stage II, respectively. Under the agreements, the Company has to develop its land and pay to

IEAT for remuneration and, after completion of any portions, transfer the title of immovable property, component parts, equipment, utilities and

facilities to IEAT without charging for compensation or any expenses, with the exception of the portions transferred to buyers.

In 1996, the Thai Industrial Estate Association, of which the Company is a member, presented a letter to the IEAT regarding the status of the

amendment of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration

by the Office of the Attorney-General and Ministry of Finance. The Company has provided a reserve for the remuneration including interest and

penalty until December 31, 1999, in the total amount of Baht 226.20 million, of which 60% of interest expense was shown as sinking fund in the

balance sheet and the outstanding amount (40% of interest expense) and penalty were included in the statement of income.

• The Company and another company (the Co-Investor) have jointly invested in two associated companies, H-Power Company Limited and Bowin

Power Company Limited. Subsequently the Co-Investor has guaranteed the foreign currency exchange hedging agreement of Bowin Power Company

Limited and the Company has entered into the security agreement with the Co-Investor. The Company has obligation, under the terms of the

security agreement, to transfer to the Co-Investor its right to purchase the increased share capital of H-Power Company Limited, in case of the two

associated companies could not pay any expenses that may arise from the guarantee, and this may effect the holding of interest in the future.


The company has an agreement with the IEAT dated December 27, 1989 for the joint operations of Eastern Industrial Estate (Map Ta Phut). Under this

agreement, the company has to develop its land and pay to IEAT for remuneration and, after completion of any portions, transfer the title of immovable

property,component parts, equipment, utilities and facilities to IEAT without charging for compensation or anyexpenses, with the exception of the

portions transferred to buyers.

In 1996, the Thai Industrial Estate Association, of which the company is a member, presented a letter to the IEAT regarding the status of the amendment

of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Office of

the Attorney-General and Ministry of Finance. The company has provided a reserve for the remuneration including interest and penalty until December

31, 1999, in the total amount of Baht 106.78 million, of which 60% of interest expense was shown as sinking fund in the balance sheet and the

outstanding amount (40% of interest expense) and penalty were included in the statement of income.


The company has a liability, under a joint-investment agreement with Hemaraj Land and Development Public Company Limited and another company,

to pay commission to Hemaraj Land and Development Public Company Limited for sales of land, public utility service providing and lease of factory.

NOTE 27 - COMMITMENTS AND CONTINGENT LIABILITIES

Commitments and contingent liabilities as at December 31, 1999 consisted of:


• The Company has guaranteed a subsidiary company’s liability amounting to Baht 50 million, and has co-operated with two subsidiaries to guarantee

the issue of the US$ 19.20 million Guaranteed Bonds of an overseas subsidiary company.

• The Company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation

agreement with the IEAT, the construction of utility under land sale contract, and its performance under the raw water purchase agreement and

80

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

°. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂â“ºŸâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ·≈–À√◊Õ°“√π‘§¡

Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π

¢. ∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËÕ§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20

≈â“π¥Õ≈≈“√å À√—∞

§. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß

ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß ∂“π’‰øøÑ“¬àÕ¬„π‚§√ß°“√ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 145.97 ≈â“π∫“∑

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

°. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂â“ºŸâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ ·≈–À√◊Õ°“√π‘§¡

Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π

¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß

ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß “¬ àß‰øøÑ“ ∂“π’‰øøÑ“ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 297.74 ≈â“π∫“∑

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥

∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËÕ§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20

≈â“π¥Õ≈≈“√å À√—∞

À¡“¬‡Àµÿ 28 - °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√∑“ß∫—≠™’

„π‰µ√¡“ ∑’Ë 2 ß«¥ 2541 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢ÕßÕ“§“√®“°‡¥‘¡ 10 ªï ‡ªÁπ 20 ªï ‡æ◊ËÕ„Àâ

Õ¥§≈âÕß°—∫Õ“¬ÿ°“√„™âß“π®√‘ß

°“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢Õß∑√—æ¬å ‘π¥—ß°≈à“« ¡’º≈„Àâ°”‰√ ÿ∑∏‘·≈–°”‰√µàÕÀÿâπ„πß∫°“√‡ß‘π√«¡ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß

∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‡æ‘Ë¡¢÷Èπ‡ªÁπ®”π«π‡ß‘π 2,819,330.79 ∫“∑ ·≈– 0.04 ∫“∑µàÕÀÿâπ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 29 - ‘∑∏‘·≈–ª√–‚¬™πåµ“¡∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 2 ∫√‘…—∑ ‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡ ‚¥¬ √ÿª‰¥â

¥—ßπ’È

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 7 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°

°“√ª√–°Õ∫°‘®°“√π—Èπ

¢. ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥

√–¬–‡«≈“ 7 ª’ ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

√–¬–‡«≈“°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢.

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 5 ª’ ∂÷ß 8 ª’ π—∫·µà«—π∑’Ë‡√‘ Ë¡

¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ


√–¬–‡«≈“ 5 ª’ ∂÷ß 8 ª’ ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

√–¬–‡«≈“°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢.

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥

°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â

®“°°“√ª√–°Õ∫°‘®°“√π—Èπ


√–¬–‡«≈“ 8 ªï ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

§. ‰¥â√—∫Õπÿ≠“µ„ÀâÀ—°§à“¢π àß §à“‰øøÑ“ ·≈–§à“πÈ”ª√–ª“ Õß‡∑à“¢Õß§à“„™â®à“¬¥—ß°≈à“« „π°“√§”π«≥¿“…’‡ªÁπ√–¬–‡«≈“ 10 ª’ π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â

81

others, as well as the letters of guarantee issued by the banks to guarantee the performance of its associated company under the power plant construction

agreement with the Electricity Generating Authority of Thailand, in the total amount of Baht 391.33 million.


• The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is contingently liable to repay

deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or IEAT to set up

operations and, consequently, obliged to cancel contracts.

• The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas

affiliated company.

• The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation

agreement with the IEAT, the construction of utility and power substation in its industrial estate and others, in the total amount of Baht 145.97

million.


• The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is contingently liable to repay

deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or IEAT to set up

operations and, consequently, obliged to cancel contracts.

• The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation

agreement with the IEAT, the construction of utility, transmission lines and power station in its industrial estate and others, in the total amount of

Baht 297.74 million.


The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas affiliated

company.

NOTE 28 - CHANGE IN ACCOUNTING ESTIMATION

In the second quarter of 1998, the Company and a subsidiary changed the rate of depreciation of building from a period of 10 years to a period of 20

years to conform with revised estimated useful lives of building.

The results of the change in estimated useful lives of assets referred to above is to increase net income and earnings per share in the consolidated

financial statements and the Company’s financial statements for the year ended December 31, 1998 in the amounts of Baht 2,819,330.79 and Baht 0.04 per

share, respectively.

NOTE 29 - PROMOTIONAL PRIVILEGES

The Company and its two subsidiary companies were granted promotional certificates under the Investment Promotion Act, B.E. 2520 to carry out the

industrial estate business. The major privileges are summarised as follows:


A.exemption from corporate income tax on net income derived from the promoted business for a period of 7 years as from the date when revenues

are first earned.

B. reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date

of 7 years after the date when revenues are first earned.

The promotion period on condition A expired and the Company is currently in the promotion period on condition B.


A.exemption from corporate income tax on net income derived from the promoted business for a period of 5 - 8 years as from the date when revenues

are first earned.


of 5 - 8 years after the date when revenues are first earned.

The promotion period on condition A expired and the Company is currently in the promotion period on condition B.

82

À¡“¬‡Àµÿ 30 - °“√®”·π°¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πµ“¡ à«πß“π

√“¬°“√®—¥ª√–‡¿∑ ‘π∑√—æ¬å¢Õß·µà≈– à«πß“π∑“ß∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑»„πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¡’¥—ßπ’È

(Àπà«¬ : ∫“∑)

2542 2541

„πª√–‡∑» µà“ßª√–‡∑» √«¡ „πª√–‡∑» µà“ßª√–‡∑» √«¡

∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company

µâπ∑ÿπæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 2,822,397,237.15 - - 2,822,397,237.15 3,311,016,249.65 - - 3,311,016,249.65

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π

‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå 1,754,069,942.79 - - 1,754,069,942.79 2,192,703,465.96 - - 2,192,703,465.96

‘π∑√—æ¬å „Àâ‡™à“ 143,704,963.40 88,721,276.21 - 232,426,239.61 12,735,719.65 95,237,248.12 - 107,972,967.77

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 237,264,028.47 14,034,702.60 - 251,298,731.07 241,248,993.77 11,694,071.18 - 252,943,064.95

‘π∑√—æ¬åÕ◊Ëπ 1,783,062,877.19 1,763,431,554.69

√«¡ ‘π∑√—æ¬å 6,843,255,027.81 7,628,067,303.02

¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑»„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ¡’¥—ßπ’È

(ÀπË«¬ : ∫“∑)

2542 2541

„πª√–‡∑» µà“ßª√–‡∑» √«¡ „πª√–‡∑» µà“ßª√–‡∑» √«¡

∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company

√“¬‰¥â®“°°“√¢“¬ 577,219,490.44 - - 577,219,490.44 217,827,264.25 217,827,264.25

√“¬‰¥â§à“∫√‘°“√ 214,791,912.77 11,578,700.10 - 226,370,612.87 126,298,724.63 2,060,681.79 - 128,359,406.42

√«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ 803,590,103.31 - 346,186,670.67

√“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ - - - - 55,819,766.49 - 500,000,000.00 555,819,766.49

√«¡√“¬‰¥â®“°°“√¢“¬·≈–

∫√‘°“√·≈–√“¬‰¥â®“°°“√

®”Àπà“¬‡ß‘π≈ß∑ÿπ 803,590,103.31 902,006,437.16

°”‰√(¢“¥∑ÿπ)®“°°“√¥”‡π‘πß“π (550,227,890.61) 2,201,056.41 (2,721,145.67) (550,747,979.87) (473,147,930.82) (7,259,627.89) 488,106,916.38 7,699,357.67

√“¬‰¥âÕ◊Ëπ (3,838,433.77) 947,378,172.06

¥Õ°‡∫’È¬®à“¬ (273,459,291.00) (238,130,036.02)

§à“µÕ∫·∑π°√√¡°“√ (26,700,771.67) (26,188,942.55)

”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑

∑“ß°ÆÀ¡“¬ (128,399,460.21) -

¿“…’‡ß‘π‰¥â (389,610.81) -

°”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

à«ππâÕ¬·≈–°àÕπ√“¬°“√æ‘‡»… (983,535,547.33) 690,758,551.16

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15

°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (1,010,682,602.50) 697,040,536.31

√“¬°“√æ‘‡»… - 175,630,946.90

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21

83


A.exemption from corporate income tax on net income derived from the promoted business for a period of 8 years as from the date when revenues

are first earned.


of 8 years after the date when revenues are first earned.

C.double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the date when the

revenues are first earned.

NOTE 30 - SEGMENT INFORMATION

As at December 31, segment information in the consolidated balance sheets classified by local and overseas assets are as follows:

(Amounts:Baht)

1999 1998

Domestic Overseas Total Domestic Overseas Total

Industrial Estate Others Holding Company Industrial Estate Others Holding Company

Cost of real estate developments 2,822,397,237.15 - - 2,822,397,237.15 3,311,016,249.65 - - 3,311,016,249.65

Leasehold land and land held for

commercial purposes 1,754,069,942.79 - - 1,754,069,942.79 2,192,703,465.96 - - 2,192,703,465.96

Lease assets, net 143,704,963.40 88,721,276.21 - 232,426,239.61 12,735,719.65 95,237,248.12 - 107,972,967.77

Property, plant and equipment, net 237,264,028.47 14,034,702.60 - 251,298,731.07 241,248,993.77 11,694,071.18 - 252,943,064.95

Other assets 1,783,062,877.19 1,763,431,554.69

Total Assets 6,843,255,027.81 7,628,067,303.02

Operations in the consolidated statements of income classified by local and overseas business for the years ended December 31, are as follows:

(Amounts:Baht)

1999 1998

Domestic Overseas Total Domestic Overseas Total

Industrial Estate Others Holding Company Industrial Estate Others Holding Company

Sales 577,219,490.44 - - 577,219,490.44 217,827,264.25 - - 217,827,264.25

Service income 214,791,912.77 11,578,700.10 - 226,370,612.87 126,298,724.63 2,060,681.79 - 128,359,406.42

Total Sales and Service Income 803,590,103.31 346,186,670.67

Gain on sale of investments - - - - 55,819,766.49 - 500,000,000.00 555,819,766.49

Total Sales and Service Income

and Gain on Sale of Investments 803,590,103.31 902,006,437.16

Gain (loss) from operations (550,227,890.61) 2,201,056.41 (2,721,145.67) (550,747,979.87) (473,147,930.82) (7,259,627.89) 488,106,916.38 7,699,357.67

Other income (3,838,433.77) 947,378,172.06

Interest expense (273,459,291.00) (238,130,036.02)

Directorsí remuneration (26,700,771.67) (26,188,942.55)

Reserve for uncertain loss from lawsuit (128,399,460.21) -

Income tax (389,610.81) -

Income (loss) before minority

interests and extraordinary item (983,535,547.33) 690,758,551.16

Minority interests (27,147,055.17) 6,281,985.15

Income (loss) before extraordinary item (1,010,682,602.50) 697,040,536.31

Extraordinary item - 175,630,946.90

Net income (loss) (1,010,682,602.50) 872,671,483.21

84

À¡“¬‡Àµÿ 31 - °“√®—¥ª√–‡¿∑√“¬°“√„À¡à

√“¬°“√∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√· ¥ß√“¬°“√

„πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542

À¡“¬‡Àµÿ 32 - ª—≠À“ª’ §.». 2000 (¬—ß‰¡à‰¥âµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’)

ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ª’ §.». 2000 ‡°‘¥®“°°“√„™â§Õ¡æ‘«‡µÕ√å√–∫∫µ—«‡≈¢ ÕßÀ≈—°‡æ◊ËÕ√–∫ÿª’·∑π∑’Ë®–‡ªÁπµ—«‡≈¢ ’ËÀ≈—° ‚¥¬√–∫∫

§Õ¡æ‘«‡µÕ√åÕ“®Õà“πª’ §.». 2000 ‡ªÁπª’Õ◊ËπÊ ∑”„Àâ‡°‘¥¢âÕº‘¥æ≈“¥‡¡◊ËÕ¡’°“√ª√–¡«≈¢âÕ¡Ÿ≈ ¢âÕº‘¥æ≈“¥¥—ß°≈à“«Õ“®¡’º≈µàÕ°“√¥”‡π‘πß“π·≈–

°“√√“¬ß“π∑“ß°“√‡ß‘π ´÷ËßÕ“®‡ªÁπ¢âÕº‘¥æ≈“¥∑’Ë‡≈Á°πâÕ¬®π∂÷ß¢—Èπ‡°‘¥§«“¡≈â¡‡À≈«¢Õß√–∫∫ß“π∑’Ë ”§—≠ À“°¡‘‰¥âª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å

Õ¬à“ß‡À¡“– ¡·≈–∑—π°“≈ ·≈–Õ“®¡’º≈°√–∑∫µàÕ§«“¡ “¡“√∂¢Õß°‘®°“√„π°“√¥”‡π‘π∏ÿ√°‘®µ“¡ª°µ‘ πÕ°®“°π’È¬—ß‰¡àÕ“®¡—Ëπ„®‰¥â«à“°‘®°“√

µ≈Õ¥®πºŸâ´◊ÈÕ ‘π§â“ ºŸâ¢“¬ ‘π§â“·≈–°‘®°“√Õ◊Ëπ∑’Ë¥”‡π‘π∏ÿ√°‘®¥â«¬®– “¡“√∂·°â‰¢ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ª’ §.». 2000 ‰¥â∑—ÈßÀ¡¥

85

NOTE 31 - RECLASSIFICATION OF ACCOUNTS

Certain accounts in the financial statements for the year ended December 31, 1998 have been reclassified to conform with the presentation in the

financial statements for the year ended December 31, 1999.

NOTE 32 - YEAR 2000 ISSUES (UNAUDITED BY THE AUDITOR)

Year 2000 issues arise because many computerised systems use two digits rather four to identify year. Date-sensitive systems may recognise the year

2000 as some other dates, resulting in errors when information using year 2000 dates is processed. Entities may experience the effects of Year 2000 issues,

if not addressed properly and timely, on its operations and financial reporting, which may range from minor errors to significant systems failure and could

affect any entitiesí ability to conduct normal business operations. In addition, it is not possible to be certain that all aspects of Year 2000 issues affecting the

entities, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved.

86

RISK FACTORS

ªí®®—¬‡ ’Ë¬ß

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥

(¡À“™π) ¡’Àπ’È ‘π„π °ÿ≈¥Õ≈≈à“√å √Õ. ®”π«π 44.21 ≈â“π¥Õ≈≈à“√å

√Õ. §«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π√–À«à“ß‡ß‘π∫“∑°—∫¥Õ≈≈à“√å

√Õ. ®–¡’º≈°√–∑∫‚¥¬µ√ßµàÕ¡Ÿ≈§à“∑“ß∫—≠™’¢ÕßÀπ’È ‘π‡À≈à“π—Èπ

As of December 31, 1999, Hemaraj Land And Development Public

Company Limited has USD nominated liabilities of USD 44.21 million.

The changes of foreign exchange between Baht and USD will directly

effect to local currency book value of these debts.

°“√‡ª≈’ Ë¬π·ª≈ß∑’ Ë ”§—≠∑’ Ë‡°‘¥¢÷ Èπ¿“¬À≈—ß«—π∑’ Ë„πß∫°“√‡ß‘π≈à“ ÿ¥

·≈–º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π

CHANGING OF SUBSEQUENT EVENT SIGNIFICANTLY

‡¡◊ ËÕ«—π∑’ Ë 8 °ÿ¡¿“æ—π∏å 2542 ∑’ Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‰¥—

¡ ’¡µ ‘ ‡ª Áπ‡Õ°©—π∑å „À â¢“¬Àÿ âπ®”π«π 33,250,002 Àÿ âπ¢Õß∫√‘… —∑

∫√‘…—∑¡’æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ‡æ◊ËÕ√Õß√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ¥—ßπ’È

The Company has commitment on share issuance for the conversion of Convertible Bonds and exercise of warrants as follows:

À≈—°∑√—æ¬å ®”π«πÀÿâπ “¡—≠∑’Ë√Õß√—∫ √“§“·ª≈ß ¿“æ Õ—µ√“ à«π √–¬–‡«≈“ º≈°√–∑∫¢Õß°“√ÕÕ°Àÿâπ

Securities °“√„™â ‘∑∏‘/·ª≈ß ¿“æ (Àÿâπ) /°“√„™â ‘∑∏‘ (µàÕÀÿâπ) °“√·ª≈ß ¿“æ/ ·ª≈ß ¿“æ/„™â ‘∑∏‘ ∑’Ë¡’µàÕ°”‰√µàÕÀÿâπ

Number of common shares Conversion Price / °“√„™È ‘∑∏‘ Conversion / Dilution effect

reserved for conversion/ Exercise Price Conversion Ratio Exercise Period

exercise (shares) (per share)

1. Àÿâπ°Ÿâ·ª≈ß ¿“æ 15,000,000 186 ∫“∑ 1 Àÿâπ°Ÿâ·ª≈ß ¿“æ «—π∑”°“√ ÿ¥∑â“¬¢Õß∑ÿ°‡¥◊Õπ 5.1

60 ≈â“π‡À√’¬≠ √Õ. (Õ—µ√“·≈°‡ª≈’Ë¬π : 135 Àÿâπ “¡—≠ „π√–¬–‡«≈“10 ª’ µ—Èß·µà

Convertible 1 ‡À√’¬≠ √Õ.: 25.203 ∫“∑) 1 Bond : 135 shares 9 ∏—π«“§¡ 2536 ∂÷ß 9 ‘ßÀ“§¡ 2546 /

Bonds US$ Baht 186 (rate of exchange Last working day of each month

60,000,000 US$ 1.00 = Baht 25.203) for 10 years since December 9, 1993

to August 9, 2003

2. „∫ ”§—≠· ¥ß ‘∑∏‘Ï 141,531,150 Àÿâπ≈– 10 ∫“∑À√◊Õ√“§“°“√ 1 Àπà«¬:1 Àÿâπ “¡—≠ ∑ÿ° 3 ‡¥◊Õπ„π√–¬–‡«≈“ 5 ªï µ—Èß·µà 66.67

141,531,150 Àπà«¬ „™â ‘∑∏‘µ“¡‡ß◊ËÕπ‰¢°“√ª√—∫ 1 unit:1 share 15 ∏—π«“§¡ 2542 ∂÷ß 15 °—π¬“¬π 2547

Warrants ‘∑∏‘/Baht 10 a piece or Every 3 month for 5 years since

141,531,150 units adjusted price December 15, 1999 to

September 15, 2004

‡Õ™-‡æ“‡«Õ√ å „Àâ·°à∫√ ‘… —∑‡∑√§∑“‡∫≈ ‡Õ ‡Õ·≈–„Àâ¢“¬‡ß ‘π°Ÿ â¬ ◊¡

®“°∫√‘…—∑ H-International (BVI) Company Limited ´÷Ëß„Àâ∫√‘…—∑

æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥°Ÿâ (‡ªÁπ∫√‘…—∑„π‡§√◊Õ¢Õß∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å)

„À â·°à ‡∑√§∑“‡∫≈ ‡Õ ‡Õ ‡ªÁπ®”π«π‡ß ‘π∑— Èß ‘ Èπ 17,740,000

¥Õ≈≈à“√å √Õ.º≈¢Õß°“√∑”∏ÿ√°√√¡¥—ß°≈à“«∑”„ÀâÕ—µ√“ à«π°“√∂◊ÕÀÿâπ

¢Õß‡À¡√“™„π‡Õ™‡æ“‡«Õ√å≈¥≈ß‡À≈◊Õ√âÕ¬≈– 24.999

On 8th February, 2000, the meeting of the Board of Directors

unanimously resolved that the transfer 33,250,002 shares in H-Power

to Tractebel S.A. and the sales of its shareholder loans from

H - International (BVI) Company Limited advanced to Industrial Power

Company Limited (part of the H-Power group), to Tractebel S.A. for a

consideration of USD 17,740,000. As a result of the above transaction,

Hemaraj's shareholding in H-Power would reduce to 24.999%.

87

PROJECT SUMMARY

‚§√ß°“√

π‘§¡Õÿµ “À°√√¡ æ◊Èπ∑’Ë¢“¬‰ª·≈â«(‰√à)%

æ◊Èπ∑’ËÕÿµ “À°√√¡ æ◊Èπ∑’Ë√«¡(‰√à) æ—≤π“‡ √Á® ¡∫Ÿ√≥å%

Industrial Estate Cumulative (Rai) Sold Industrial Area Total Area(Rai) % of Completion

™≈∫ÿ√’ Chonburi Industrial Estate (Bo-Win)

Phase I, II (A,B) 1,375** 71% 1,950 2,428 100

Phase II (C), (D) 503 93% 541 1,099 100

Phase III 860* 1,422

Total Chonburi 1,878 3,351 4,949

µ–«—πÕÕ° Eastern Industrial Estate (Map Ta Phut)

Phase I 1,331 92% 1,443 1,874 99

Phase II 423* 815

Total Eastern 1,331 1,866 2,689

Õ’ ‡∑‘√åπ ’∫Õ√å¥ Eastern Seaboard Industrial Estate (Rayong)

Phase I 1,529 100% 1,529 2,075 98

Phase II (A) 758** 73% 1,032 1,442 97

Phase II (B) 81 10% 823 1,155 75

Expansion: 1,255* 2,319

Total Eastern Seaboard 2,368 4,639 6,991

√«¡æ◊Èπ∑’Ë (‰√à)

Total Rai 5,577 9,856 14,629

* estimate

** Includes land lease 22 Rai

À¡“¬‡Àµÿ : 1 ‰√à ‡∑à“°—∫ 1,600 µ“√“ß‡¡µ√ À√◊Õª√–¡“≥ 0.4 ‡Õ‡§Õ√å

Note : 1 Rai = 1,600 sq. meters or approx. 0.4 acres.

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542

As of Decenber 31, 1999

88

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)/∫√‘…—∑œ ¬àÕ¬

∫√‘…—∑ ∑’ËÕ¬àŸ ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) %°“√≈ß∑ÿπ

Name Address Nature of Business Register Capital % of

(Mil. Baht) Investment

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 2,770 255.58 32 565.53 32

∂.√“¡§”·Àß «πÀ≈«ß55

°√ÿß‡∑æœ 10250

Hemaraj Land And Development 18th Floor, UM Tower, Industrial Estate Developer

Public Company Limited 9 Ramkhamhaeng Rd.,

Suanluang, Bangkok 10250

°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬Subsidiary Companies

Hemaraj International Ltd. (1) Ritchie & Duckworth, 2nd Floor, Holding Company $ 50,000 100

Zephyr House, Mary Street, ($1 = 25.14 Baht)

P.O.Box 709, George Town,

Grand Cayman Islands,

H-International (BVI) Romasco Place, Wickhams Cay 1, Holding Company $2,000 100 20.24 3 517.08 29

Company Limited (2) P.O.Box 3140, Road Town, Tortola,

British Virgin Islands

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 400 99.99 145.74 18 59.36 3

∂.√“¡§”·Àß «πÀ≈«ß

°√ÿß‡∑æœ 10250

Eastern Industrial Estate Co., Ltd. 18th Floor, UM Tower, Industrial Estate Developer

9 Ramkhamhaeng Rd.,


∫√‘…—∑ Õ’ ‡∑‘√åπ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∫√‘°“√„Àâ‡™à“«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 60 99.99 11.60 1 2.11 0

∂.√“¡§”·Àß «πÀ≈«ß

°√ÿß‡∑æœ 10250

Eastern Pipeline Service Co., Ltd. (3) 18th Floor, UM Tower, Pipe Rack Rental

9 Ramkhamhaeng Rd.,


∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 358 60 373.55 47 297.27 17

(√–¬Õß) ®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß

°√ÿß‡∑æœ 10250

Eastern Seaboard Industrial Estate 18th Floor, UM Tower, Industrial Estate Developer

(Rayong) Co., Ltd. 9 Ramkhamhaeng Rd.,


√“¬‰¥â (≈â“π∫“∑)

2542 % 2541 %

Revenue (Mil.Baht)

1999 % 1998 %

HEMARAJ LAND ANDDEVELOPMENT PLC. AND SUBSIDIARIES

89

∫√‘…—∑√à«¡Associated Company

∫√‘…—∑ ∑’ËÕ¬àŸ ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) %°“√≈ß∑ÿπ

Name Address Nature of Business Register Capital % of

(Mil. Baht) Investment

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å Holding Company 1,330 49.99 (6.96) (1) 352.21 20

∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250

H-Power Company Limited 20th Floor, UM Tower,

9 Ramkhamhaeng Rd.,


∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ¢“¬æ≈—ßß“π‰øøÑ“·≈– 800 99.99

∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 ‰ÕπÈ”

Industrial Power Company Limited (4) 20th Floor, UM Tower, Co-Generation Power

9 Ramkhamhaeng Rd., Plant


∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å Holding Company 1 99.99

∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250

H-Infra Company Limited (4) 20th Floor, UM Tower,

9 Ramkhamhaeng Rd.,


∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ∫√‘À“√·≈–¥Ÿ·≈‚√ß‰øøÑ“ 1 99.99

®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250

Operation Power Services Company 20th Floor, UM Tower, Operation & Maintenance

Limited (4) 9 Ramkhamhaeng Rd., for Power Plant


Pingo Services Limited (2), (4) P.O. Box 957, Offshore Center, Holding Company $50,000 100

(Rayong) Co., Ltd. Road Town, Tortola,

British Virgin Islands

∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ºÈâŸº≈‘µ‰øøÑ“Õ‘ √– (IPP) 1 99.99

∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250

Bowin Power Company Limited (4) 20th Floor, UM Tower, Independent Power

9 Ramkhamhaeng Rd., Producer (IPP)


∫√‘…—∑ Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ´—ææ≈“¬ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ 1 99.99

∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250

Industrial Water Supply Company 20th Floor, UM Tower, Demineralised Water

Limited (4) 9 Ramkhamhaeng Rd., Plant


¬Õ¥√«¡√“¬‰¥â¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑œ ¬àÕ¬ 799.75 100 1,793.56 100

Total Revenue: Hemaraj Land and Development PLC. and Subsidiaries

√“¬‰¥â (≈â“π∫“∑)

2542 % 2541 %

Revenue (Mil.Baht)

1999 % 1998 %

1) ®—¥µ—Èß„π Cayman Islands 1) Incomporated in the Cayman Island

2) ®—¥µ—ÈßÕ“≥“‡¢µ¢Õß British Virgin Islands 2) Incorporated in the Territory of the British Virgin Islands

3) ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫√‘…—∑ Õ‘ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 3) Subsidiary of Eastern Industrial Estate

4) ∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ 4) Indirectly held through H-Power

90

BOARD OF DIRECTORS

§≥–°√√¡°“√·≈–§≥–ºâŸ∫√‘À“√

π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß Mr. Sawasdi Horrungruang

µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ Position Chairman of the Board of Directors

π“¬ª√–∑’ª ‰µ√‚≈À°– Mr. Prateep Trilohaka

µ”·Àπàß °√√¡°“√ Position Director

π“¬‡¥«‘¥ π“√å ‚¥π Mr. David Nardone


π“¬ ÿ∑∏‘æ—π∏å ®“√ÿ¡≥’ Mr. Sudhipan Charumani

µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫ Position Independent Director, Audit Committee

π“ß¿§‘π’ ÿ«√√≥¿—°¥’ Mrs. Pakinee Suwanapakdee

µ”·Àπàß °√√¡°“√ (Õ‘ √–) Position Independent Director

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å Mr. Thongchai Srisomburananonta


π“¬∂“«√ Õπ—πµå§Ÿ»√’ Mr. Thavorn Anankusri


π“¬®‘√«‘∑¬å ¡“»√—ß √√§å Mr. Jirawit Masrangson

µ”·Àπàß °√√¡°“√, °√√¡°“√µ√«® Õ∫ Position Director, Audit Committee

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ Mr. Vivat Jiratikarnsakul


π“¬Õπÿµ√ ®“µ‘°«≥‘™ Mr. Anut Chatikavanij


π“¬ª’‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π Mr. Peter John Edmondson

µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫ Position Independent Director, Audit Committee

π“¬‡¥«‘¥ π“√å ‚¥π °√√¡°“√ºŸâ®—¥°“√

Mr. David Nardone President and Chief Executive Officer

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√

Mr. Vivat Jiratikarnsakul Senior Vice President

π“¬§”ŒÕß √—»¡’ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√

Mr. Khamhoung Ratsamany Director - Industrial Estate Operations

π“¬π‘√—π¥√å ¢®√√ÿàß»‘≈ªá ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬

Mr. Nirand Kajonrungsilp Director - Industrial Estate Sales

π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ √ÕßºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’

Mr. Sirisak Kijraksa Deputy Director-Accounting

π“ß “« ¡„® «™‘√Àâ“ √ÕßºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π

Ms. Somjai Wachiraha Deputy Director-Finance

π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß ºŸâ®—¥°“√‚§√ß°“√

Mr. Tanin Subboonrueng Project Manager - Development

π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥

Ms. Parisada Tongviseskul Manager - Marketing

π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π ºŸâ®—¥°“√ΩÉ“¬«“ß·ºπ√–∫∫¢âÕ¡Ÿ≈

Mr. Paopitaya Smutrakalin Manager - Planning and Information

Systems

Management / §≥–ºŸâ∫√‘À“√

Board of Directors / §≥–°√√¡°“√

91

SHAREHOLDERS

∑’Ëª√÷°…“°ÆÀ¡“¬ ∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥

130 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂ππ«‘∑¬ÿ °√ÿß‡∑æœ 10330

‚∑√»—æ∑å 263-7600

Attorney Allen & Overy (Thailand) Co., Ltd.

22nd Floor, Sindhorn Building III, 130 Wireless Road,

Bangkok 10330 Tel. 263-7600

∑’Ëª√÷°…“∑“ß°“√‡ß‘π - ‰¡à¡’ -

Financial Advisor - none-

∑’Ëª√÷°…“À√◊ÕºŸâ®—¥°“√¿“¬„µâ —≠≠“°“√®—¥°“√ - ‰¡à¡’ -

Advisor or manager under contract management - none-

√“¬≈–‡Õ’¬¥§à“µÕ∫·∑π°√√¡°“√·≈–ºŸÈ∫√‘À“√

ª√–®”ª’ 2542 ·¬°‰¥È¥—ßπ’È

1. §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π/ Remuneration

‡ß‘π‡¥◊Õπ 22,418,296.79 ∫“∑

Salary 22,418,296.79 Baht

§à“∫”‡ÀπÁ®/‚∫π— /‡∫’È¬ª√–™ÿ¡ 2,057,775.42 ∫“∑

Bonus 2,057,775.42 Baht

2. §à“µÕ∫·∑πÕ◊Ëπ (∂â“¡’) - ‰¡Ë¡’ -

Other remuneration - none -

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ / Reference Persons

π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥

62 Õ“§“√µ≈“¥À≈—°∑√—æ¬åª√–‡∑»‰∑¬ ™—Èπ 4, 6-7

∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110

‚∑√»—æ∑å 359-1200-1

Share Registrar Thailand Securities Depository Co., Ltd.

62 The Stock Exchange of Thailand Bldg. 4th Floor,

6-7th Floor, Rachadapisek Road, Klongtoey,

Bangkok 10110 Tel. 359-1200-1

ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß The Law Debenture Trust Corporation P.L.C.

¿“æ (Trustee) Princes House 95 Gresham Street

London EC2V 7LY England

ºŸâ Õ∫∫—≠™’ ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥

92 Õ“§“√ “∏√∏“π’ 2 ™—Èπ 9 ∂ππ “∏√‡Àπ◊Õ °√ÿß‡∑æœ 10500

‚∑√»—æ∑å 2366161-4, 2385172-5

- π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2316

- π“¬ ÿæ®πå ‘ßÀå‡ πàÀå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2826

Auditor KPMG Audit (Thailand) Ltd.

92 Sathorn Thani Tower II, 9th Floor, North Sathorn Road,

Bangkok 10500 Tel. 236-6161-4, 238-5172-5

- Mr. Nirand Lilamethwat CPA No. 2316

- Mr. Suphot Singhasaneh CPA No. 2826

1. §à“µÕ∫·∑π√«¡¢Õß§≥–°√√¡°“√¢Õß∫√‘…—∑·≈–

∫√‘…—∑¬àÕ¬ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 21,749,738.87 ∫“∑

The directors remuneration of the company and its subsidiaries

for the year 1999 are the total amount of 21,749,738.87 Baht

2. §à“µÕ∫·∑π√«¡¢Õß§≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑

The management remuneration of the company and its subsidiaries

for the year 1999 are the total amount of 22,076,072.21 Baht

3. §à“µÕ∫·∑π√«¡¢Õß§≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡©æ“–

∑’Ë¡’Õ¬Ÿà√«¡ 10 √“¬ ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑

The top ten management remuneration of the company and its

subsidiaries for the year 1999 are the total amount of 22,076,072.21 Baht

§à“µÕ∫·∑π°√√¡°“√·≈–ºâŸ∫√‘À“√

Director and Management’s Compensation

1. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å

(ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 1 20,479,791 28.94

Thailand Securities Depository Co., Ltd. for Depositor 1

2. π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å 13,245,335 18.72

Mr. Thongchai Srisomburananonta

3. ∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) 12,111,806 17.12

Sun Tech Group Public Company Limited

4. π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß 7,310,000 10.33

Mr. Sawasdi Horrungruang

5. π“¬ —¡ƒ∑∏‘Ï ‡Õ◊ÈÕ‚™µ‘æ≥‘™ 3,357,100 4.74

Mr. Sumrit Eahchotipanij

6. π“¬∂“«√ Õπ—πµå§Ÿ»√’ 2,810,000 3.97

Mr. Thavorn Anankusri

7. π. .πÿ™π“√∂ ÀÕ√ÿàß‡√◊Õß 1,567,375 2.21

Miss Nuchanart Horrungruang

8. π“¬Õ¿‘™“µ‘ ‡ß‘πÕ¬Ÿà 1,500,000 2.12

Mr. Apichad Ngoenyoo

9. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å

(ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 2 1,228,800 1.74

Thailand Securities Depository Co., Ltd. for Depositor 2

10 π“¬‰ « ÀÕ√ÿàß‡√◊Õß 1,100,000 1.55

Mr. Savai Horrungruang

1 ºŸâ∂◊ÕÀÿâπ∑’Ë‡ªÁπ§π‰∑¬ (Thai depositor)

2 ºŸÈ∂◊ÕÀÿâπ∑’Ë‡ªìπ§πµà“ß¥â“« (Foreigner depositor)

≈”¥—∫∑’Ë ™◊ËÕ - °ÿ≈ ®”π«πÀÿâπ % ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥Item Shareholders No. of Shares % of All Shares

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542

First 10 Hemaraj Land And Development's Shareholders as at 31 December 1999

92

SET REGULATIONS

√“¬°“√µ√«® Õ∫Set Regulations Page

1. General Information

1.1 Company Profile content

1.2 Other company which held by the company more than 10% 88

1.3 Reference persons i.e. registrar, auditor, financial advisor, attorney 91

2. Message from Director 2

3. Message from Audit Committee (if any) 4

4. Summary of Financial (highlight)

4.1 Information from financial statement i.e. total asset, total liability, 9

equity, sale, total revenue, revenue, gross margin, and net profit

4.2 Financial ratio 9

5. Types of Business

5.1 Structure of revenue 88

5.2 Changing from previous year none

6. Industry Situation and Competition 6

7. Shareholders and Management

7.1 Shareholders who hold more than 10% 91

7.2 Management team by presented name, experience 90

7.3 Management remuneration 91

8. Mutual interest person and Connected Transaction

8.1 Present name of person who be mutual interest person none

8.2 In case of the mutual interest persons hold more than 5%

of voting right in subsidiary and associated company none

8.3 In clause of 8.1 and 8.2 if occur in previous year, present

reason and necessity of the transaction none

8.4 Comment of independent director and financial advisor

for transaction in clause 8.1 and 8.2 none

8.5 Comment of independent director for treatment as commitment

and condition in prospectus none

9. Risk Factors 86

10. Other factors that may impact to investment decision

10.1 Legal disputes 10

10.2 Commitment on share issuance in the future 86

11. Information of Convertible Bond and Bill of Exchange 66

12. Management Discussion

12.1 Capital structure suitability, liquidity, asset quality,

profitability and performance 10

12.2 Cause of changing of significant ratios 10

12.3 Extra items impact to financial position and

performance significantly 10

12.4 Cause of significant deviation of performance

from previous year of forecast 10

12.5 Changing of subsequent event significantly 86

12.6 Impact from shareholder restructure 86

12.7 Pledging to other person, contingent liability 76

13. Financial Statement 26

À—«¢âÕ

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

1.1 ∫√‘…—∑ “√∫—≠

1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 88

1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 91

2. §”™’È·®ß¢Õßª√–∏“π°√√¡°“√À√◊Õ§≥–°√√¡°“√ 2

3. §”™’È·®ß¢Õß§≥–°√√¡°“√µ√«® Õ∫ 4

4. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑

4.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π 9

4.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π 9

5. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

5.1 ‚§√ß √â“ß√“¬‰¥â 88

5.2 °“√‡ª≈’Ë¬π·ª≈ß„πª’∑’Ëºà“π¡“ ‰¡à¡’

6. ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π 6

7. ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

7.1 ºŸâ∂◊ÕÀÿâπ 91

7.2 ºŸâ∫√‘À“√ 90

7.3 §Ë“µÕ∫·∑πºŸâ∫√‘À“√ 91

8. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π ‰¡à¡’

8.1 √“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡ ‰¡à¡’

8.2 √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ‰¡à¡’

„π°√≥’∑’Ë∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑√à«¡

‡°‘π°«à“√âÕ¬≈– 5 ¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß¢Õß∫√‘…—∑π—Èπ

8.3 ‡Àµÿº≈·≈–§«“¡®”‡ªÁπ∑’Ë∑”„Àâ‡°‘π√“¬°“√√–À«à“ß°—π„À¡à ‰¡à¡’

8.4 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°À√◊ÕºŸâ™”π“≠°“√∑’Ë‡ªÁπÕ‘ √– ‰¡à¡’

‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π

8.5 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑ ‰¡à¡’

‰¥â√–∫ÿ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å·≈–√à“ßÀπ—ß ◊Õ™’È™«π

9. ª—®®—¬§«“¡‡ ’Ë¬ß 86

10. ª—®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ

10.1 ¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 10

10.2 æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕπ“§µ 86

11. ¢âÕ¡Ÿ≈‡°’Ë¬«°—∫Àÿâπ°ŸâÀ√◊Õµ—Î«‡ß‘π 66

12. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√

12.1 §«“¡‡À¡“– ¡¢Õß‚§√ß √â“ß‡ß‘π∑ÿπ §«“¡‡æ’¬ßæÕ¢Õß ¿“æ§≈àÕß 10

§ÿ≥¿“æ ‘π∑√—æ¬å §«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π

12.2 “‡Àµÿ¢Õß°“√‡ª≈’Ë¬π·ª≈ß√“¬°“√À√◊ÕÕ—µ√“ à«π∑’Ë ”§—≠ 10

12.3 √“¬°“√æ‘‡»…À√◊Õ√“¬°“√∑’Ë¡‘‰¥â‡°‘¥®“°°“√¥”‡π‘πß“πµ“¡ª°µ‘ 10

·≈–¡’º≈µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“πÕ¬à“ß¡’ “√– ”§—≠

12.4 “‡Àµÿ∑’Ëº≈°“√¥”‡π‘πß“πª’≈à“ ÿ¥·µ°µà“ß®“°ª’°àÕπÀ√◊Õª√–¡“≥°“√ 10

Õ¬à“ß¡’π—¬ ”§—≠

12.5 °“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π≈à“ ÿ¥·≈– 86

º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π

12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡ 86

12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ 76

„π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π≈—°…≥–‡¥’¬«°—π

13. ß∫°“√‡ß‘π 26

hemraj : annual report 1999

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