AMATA: Annual Report 2003 ENG by Piyanat Kimhamanon

Thailandâ&#x20AC;&#x2122;s Leading Developer of Industrial Estates

2003 Annual Report

AMATA CORPORATION PCL.

Amata Corporation PCL 2003 Annual Report

THE ART OF THE FUTURE

Theme of the Year 2004 The Art of the Future

Who We Are

There are two ways of approaching the future. One is to just let it happen. The other is to plan.

As Thailand s leading developer and manager of industrial estates, Amata hosts more than 310 multinational firms, providing them with power, water, waste treatment, broadband multimedia internet and other services. Amata operates two growing Thai estates, both in the booming Eastern Seaboard region, the nation s preferred center for manufacturing:

At Amata we believe we can build a better future through creative planning. With effective analysis, goal-setting and management skills, we help make the future turn out the way we would like it to be and the way our clients and communities want it too. This is about know-how. More than technical skills, however, are needed to shape a truly good future. It requires inspiration, imagination, an understanding of history. And human factors are key. It takes motivation and teamwork. Put all this together people, know-how, creativity and the future is no longer just an accident, or even a committee s agenda. It becomes an art. At Amata, our vision of the future is not only to build more sites for factories. We plan for our industrial estates to become true communities, attracting business, people and nature to thrive together. We call this The Perfect City. For industry, it means world-class services and facilities in prime locations. For the people who live and work in our estates or nearby, it means shopping, restaurants, recreational facilities, housing and schools. It also means community activities, and business cooperation between people from a wide variety of backgrounds, from all over the world. For nature, it means sound environmental practices IS0 14001 certification, and a goal of zero waste discharge. We reserve land for green spaces not just for human appreciation, but for the good of wild plants and animals. The Art of the Future is something we truly believe in, because we see it coming true.

Amata Nakorn, Chonburi is our biggest estate, with 1,420 hectares (3,507 acres/8,875 rai) and over 260 multinational clients. Located in Chonburi province, the estate is just 57 km from Bangkok, and 42 km from the city s new Suvarnabhumi International Airport opening in 2005. In 2004 Amata Nakorn will open its own world-class, 18-hole golf course, a first in our industry and a major attraction for customers. Amata City, Rayong has 720 hectares (1,778 acres/4,500 rai) and more than 50 international clients. Its location in Rayong province is just 27 km from the expanding deep-sea port at Laem Chabang and 99 km from Suvarnabhumi International Airport. In Vietnam, Amata has three major projects serving investors at the most advanced standards there. Amata was established in 1989 and listed on the Stock Exchange of Thailand (SET) in 1997. Our global clients include such names as BMW, Daikin, Sony Mobile, Pepsi-Cola, Bridgestone, Toyota, Colgate Palmolive, Kao, Mitsubishi Electric, Hino Motors and many more. We also host dozens of the most dynamic among Thailand s own manufacturers. Beyond land sales, Amata is increasing its revenues from utilities and services, a business we expect will contribute 50% of sales in 2007. Amata is benefiting from Thailand s success in becoming Southeast Asia s preferred destination for multinational investment and a growing hub for export manufacturing. Amata is the market leader, accounting for more than 50% of industrial estate land sold in Thailand in 2003. Clients choose us for our superior locations, infrastructure and very high level of service before, during and after the sale.

Contents Performance at a Glance

Chairman’s Statement

The Board of Directors

CEO’s Report

Our Executives

Executives’ Shareholdings

Management Analysis

Auditor’s Report

Balance Sheet

Income Statement

Statement of Changes

Cash Flow Statement

Explanations on the Financial Statements

Amata Group of Companies, Profile

Other Information

Financial summary Amata Corporation PCL. and its subsidiary companies Profit and loss (million baht) Total revenue Income from sales Gross profit Net profit

2003

2002

2001

2000

2,972.52 2,673.39 1,214.11 811.80

2,292.89 1,997.63 788.00 874.59

1,283.52 1,020.06 451.77 335.91

1,002.26 830.39 268.41 62.92

Balance sheet (million baht) Total assets Total liabilities Total shareholderÂ&#x2019;s equity

5,317.66 2,065.08 3,252.57

4,753.74 1,790.85 2,962.89

4,684.92 2,173.03 2,511.89

4,247.88 2,130.28 2,117.60

Per ordinary shares (baht) at Par 1 Earnings (loss) per share (baht) Dividend payout (million baht)

0.76 480.15

0.82 426.80

0.31 -

0.06 -

Selected ratios (%) Net profit margin (%) Return on equity (%) Return on total assets (%) Debt to equity ratio (%)

27.31 29.58 16.12 0.63

38.14 36.75 18.53 0.60

26.17 16.98 7.52 0.87

6.28 3.60 1.48 1.01

Business performance of Amata Corporation PCL. and its subsidiary companies 2003

2002

2001

2000

546 296 842 2,082

569 145 714 1,848

264 259 523 2,264

513 245 758 1,509

Market Share in % of Amata Nakorn and Amata City compared with total sales of industrial Land in Thailand (1)

40%

39%

23%

50%

Number of new Tenants/ Total number of Tenants Amata Nakorn (2) Amata City (2) Amata Vietnam (2)

52 (285) 11 (72) 17 (49)

36 (237) 13 (61) 14 (33)

19 (218) 14 (47) 5 (19)

18 (200) 10 (37) 6 (14)

Sales of industrial land Amata Nakorn (2) Amata City (2) Amata Nakorn & Amata City (2) Total sales of industrial land in Thailand (1)*

Remark: (1) Source CB Richard Ellis, Thailand (2) Source Amata * Amata Vietnam land lease only

Performance at a Glance

Total revenue 1997 - 2003 (million baht)

Operating profit (EBIT) (million baht) 1,000 900 800 700 600 500 400 300 200 100

3,000 2,500 2,000 1,500 1,000 500 1997

1998

1999 2000

2001

2002

2003

1997

1998

1999 2000

2001

2002

2003

Sales of industrial land (rai)

Debt to equity ratio (times) 1.6

2500

1.4

2000

1.2 1

1500

0.8

1000

0.6 0.4

500

0.2 1997

1998

1999 2000

2001

2002

2003

2002

2001

2000

Amata Nakorn Amata City Amata Nakorn & Amata City

Performance Recognition:

Amata Corporation was nominated for the Stock Exchange of Thailand’s prestigious award for “Best Performance - Property & Construction” and “Best Liquidity Enhancement” in 2003.

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Amata Corporation PCL 2003 Annual Report

Total sales of industrial land in Thailand

Pol. Gen. Cha valit Yodmani Chavalit

Chairman’ Chairman’ss Statement I am most pleased to report to Shareholders that Amata Corporation had a record year in 2003. Amata achieved total consolidated revenue of 2,973 billion baht from sales at Amata Nakorn in Chonburi and Amata City in Rayong in Thailand, and at Amata City Bien Hoa, Vietnam. This marks an increase of 30% from our reported 2002 revenue. Amata s operating profits were 926 million baht in 2003, a 43% increase from our 2002 operating profits of 645 million baht. We believe 2004 will be another excellent year, a fresh opportunity to prove to shareholders and customers how much we can accomplish. As seen in Amata s excellent results in 2003, Thailand has become the leading destination for multinational companies to set up factories in Southeast Asia. The advantages here have become obvious: a central location, stability and security, a hospitable culture, a vigorous economy. The hardworking Thai labor force is upgrading skills and eager to learn new technologies and production methods. Similarly, the best choice of locations within Thailand itself has become obvious: the Eastern Seaboard area. Both of Amata s estates are in prime Seaboard locations: Amata Nakorn in Chonburi province and Amata City in Rayong province. Both offer ideal industrial sites for manufacturing for both domestic and export markets. The international Suvarnabhumi Airport, opening in 2005, will expand Amata Nakorn s clientele among today s dynamic new class of manufacturers who rely on speedy air cargo.

Chairman’s Statement

“

“We believe 2004 will be another excellent year, a fresh opportunity to prove to shareholders and customers how much we can accomplish.”

”

Amata became a true brand name in 2003, a major achievement. Industry today knows Amata not just as Thailand s leading factory estate company due to its majority market share, but more importantly, because it is the name that means quality the best industrial locations, the best infrastructure and utilities, and unmatched, highly personalized customer service. Our success in branding Amata, therefore, is not the result of a marketing exercise, but a natural outcome of our way of serving customers. Our plan for the coming year will sustain and grow the success of 2003. Among our goals are:

Opening Phase 7 sites at Amata Nakorn, and Phase 2 sites at Amata City, to meet investor demand. Commissioning Amata Spring Golf and Country Club at Amata Nakorn. Installing multi-media services with high-speed data, voice and video communications for all our estates. Launching a special Customer Service Unit for existing customers operational needs.

With these new developments in mind, I feel most assured of Amata s future prospects, and I believe 2004 will be another record year for the company. We believe that our strong performance is good news not just for Amata, our customers and shareholders, but also for Thailand. Foreign investment means new jobs and skills training, technology transfer, and higher income. Good jobs and pay help improve the lives of Thai workers and their families. This is a truly meaningful human development, and Amata is proud to be part of it in Amata Corporation PCL 2003 Annual Report

Thailand.

Police General Chavalit Yodmani Chairman

4.5

1. Police General Chavalit Yodmani Chairman of the Board of Directors and Executive Director

2. Mr. Vikrom Kromadit Director, Chairman of the Executive Board and CEO Mr. Kromadit was born into a large Thai-Chinese family in Kanchanaburi Province. He graduated from National Taiwan University, where he studied engineering as well as Chinese culture and language, and was introduced to agricultural and industrial concepts adopted from Japan. In 1989 he established the Amata Nakorn industrial estate in ThailandÂ&#x2019;s Chonburi Province. Later he founded Amata City in Rayong Province, and a variety of subsidaries and affiliates of Amata Corp. In Vietnam, he developed Amata City in Bien Hoa and two other estates. Mr. Kromadit, 50, serves as Director for Amata City Co., Ltd., Amata Power Limited, Amata Development Co., Ltd., Amata Mansion Service Co., Ltd. and Amata Holding Co., Ltd.

Police General Yodmani has been part of Amata, and chair of its Board of Directors, since the company was founded. He is a well-known and popular figure from his 10 years of public service as Director General of the Narcotics Control Board in the Ministry of Justice, and from his ongoing work as a member of the Eminent Committee. He is also a Director of Pan Asia Paper (Thailand) Co., Ltd., of Amata City Co., Ltd. and Amata Holding Co., Ltd.. In addition he is Member of the Board of the Anti- Money Laundering Office (AMLO) and Chairman of Thai Orchids Lab Co., Ltd. Pol. Gen. Yodmani, 69, was educated in Thailand and at Worksop College, U.K.

3. Mr. Chira Panupong Vice Chairman of the Board of Directors

4. General Yuthasak Sasiprapha Director

Mr. Panupong has acted as Vice Chairman of the Board of Directors since 1994, and as Chairman of the Board of Directors for Amata (Vietnam) Co., Ltd. and Banpu PCL. His other titles are Director of Amata-EGCO Power Limited and Amata City Co., Ltd., and Vice Chairman of Tuntex (Thailand) Public Co., Ltd. Mr. Panupong, 71, earned a masterÂ&#x2019;s degree in economics from the London School of Economics.

General Sasiprapha joined Amata as Director in 2002. He served as Deputy Minister of Defense from 2001 to 2002, and has been a Member of Parliament since 2001. He has served as Advisor to the Minister of Defense since 2002. Gen. Sasiprapha, 66, was educated at the National Defense College.

Board of Directors 5. Mr. Staporn Kavitanon Director

6. Mr. Tetsushi Ishizuka Director

Mr. Kavitanon served as Secretary General to the Office of the Board of Investment at the Prime Minister s Office from 1991 to 2001. He joined Amata Corporation PCL. as Director in 2002. He is also Vice Chairman of Bangkok Bank PCL. Mr. Kavitanon, 64, was educated at the National Defense College, and at Vanderbilt University, U.S.A., where he graduated with an master s degree in economics.

Mr. Ishizuka joined Amata PCL. as Director of the Board in 2003. He is President of Itochu (Thailand) Ltd. and of Itochu Management (Thailand) Co., Ltd. He also serves as Chairman of the Japanese Traders in Thailand, Member of the Board of the Executive Committee of the Thai-Japanese Association in Thailand, Director of Japan Chamber of Commerce, and Co-Chairman of the Greater Mekong Sub-Region Working Committee. Mr. Ishizuka, 54, received a bachelor s degree in economics from Yokohama National University.

7. Mr. Thomas Hamlin Reese President and COO Mr. Reese joined Amata in 1994 as an Executive Vice President and was appointed President and COO for Amata Corporation in 1999. He previously served in the United States Foreign Service, and was USAID Thailand Mission 1990-1994. He is Director for Amata Corporation and Amata City, as well as Chairman of Executive Board, Amata Vietnam. He is also a Trustee of Kenan Institute Asia. Mr. Reese, 65, has a bachelor s degree in economics from the University of Maryland and master s degree in economics from the University of Pittsburgh.

8. Dr. Somchet Thinaphong Director, Member of the Audit Committee

Amata Corporation PCL 2003 Annual Report

Dr. Thinaphong has been Director and Member of the Audit Committee since 1999. He served as President from 1999 to 2001 of New Bangkok International Airport Co., Ltd., and from 1990 to 1999 he was Governor of the Industrial Estate Authority of Thailand (IEAT). Dr. Thinaphong, 54, received a King s Scholarship for study at the Asian Institute of Technology, where he graduated with a Ph.D. in engineering.

6.7

9. Mr. Chai Sophonpanich Director Mr. Sophonpanich has been Director of Amata Corporation PCL. since 1989. He is also Chairman and President of Bangkok Insurance PCL., Chairman of Bumrungrad Hospital PCL., Furukawa Metal (Thailand) PCL., Charoong Thai Wire & Cable PCL. and Vice Chairman of Thai Reinsurance PCL. Mr. Sophonpanich, 60, graduated from the University of Colorado, U.S.A.

11. Mr. Chackchai Panichapat Executive Director

10. Mr. Wikrom Soukvanitch Independent Director, Chairman of the Audit Committee Mr. Soukvanitch joined Amata Corporation PCL. in 1999 as Independent Director and Chairman of the Audit Committee. Previously he served as Advisor to Amata, from 1990 to 1999. Mr. Soukvanitch, 66, holds a bachelorÂ&#x2019;s degree in accounting from Thammasat University.

12. Mr. Noppun Muangkote Independent Director, Member of the Audit Committee Mr. Muangkote joined Amata as Independent Director and Member of the Audit Committee in 2001. He is President of International Business Lawyers Co., Ltd., Director of Sahakol Engineer Co., Ltd., Siam Jusco Co., Ltd., AEON Thanasinsup PCL. and Chairman of MK Group of Companies and Nongkhai Grand. Mr. Muangkote, 56, received Fulbright and Asia Foundation scholarships, and holds a LL.M. corporations degree from New York University, U.S.A.

Mr. Panichapat formerly served as Deputy Secretary General of the Office of the Board of Investment, from 1991 to 1999. He has served as Vice Chairman of the Board of Directors and as Executive Director for Amata City Co., Ltd. since 1999, and from 2001, as Executive Director for Amata Corporation PCL. Mr. Panichapat, 64, was educated at the University of Texas, U.S.A., graduating with a masterÂ&#x2019;s degree in electrical engineering.

Board of Directors 13. Mr. Sombath Panichewa Director

14. Mrs. Varaporn Vatcharanukroh Secretary to the Company and Secretary to the Audit Committee, Vice President Treasurer

Mr. Panichewa has served as Director of Amata Corporation PCL. since 1989. He is also Director for Amata (Vietnam) Co., Ltd., Amata City Co., Ltd., Krungthai Panich Insurance Co., Ltd., Thasco Chemical Co., Ltd., TTL Industries PCL, Sakata-Thai Corporation Ltd. and Thai Chemical Corporation Ltd. His other positions include being President of Don Muang Tollway PCL. and Chairman of the Executive Board of Thai Public Part Co., Ltd. Mr. Panichewa, 68, graduated from the University of Tasmania, Australia.

Each Director clearly understands the companyÂ&#x2019;s vision, strategy and objectives, and uses his time and knowledge to help the company achieve those objectives. The Directors must also understand the roles of the Executive Board and Audit Committee. Whenever requested, the Director must disclose true, detailed documents to shareholders or the general public. The Board of Directors has agreed to a summary of Best Practices applicable for the company. The Board of Directors has assigned a team of executives to manage the internal audit. Each member of the Executive Board carries out assigned duties in a professional and honest manner. Their responsibilities are to purchase raw land and other assets not over 10 million baht, register the transfer of landownership, land rentals and mortgages, and open new bank accounts. The Audit Committee is responsible for reporting correct, sufficient and accurate financial information to the Board of Directors, ensuring that the company has adequate and effective internal control systems in place to ensure compliance with all relevant laws and regulations, and to consider the appointment and remuneration of auditors. The Chairman of the Audit Committee shall review prepared documents for disclosure in the annual report. As assigned, the Audit Committee has to carry out other duties as specified by the Board of Directors.

Directors

Executive Directors

Pol. Gen. Chavalit Yodmani Mr. Chira Panupong Mr. Vikrom Kromadit Gen. Yuthasak Sasiprapha Mr. Staporn Kavitanon Mr. Sombath Panichewa Mr. Thomas Hamlin Reese Mr. Tetsushi Ishizuka Mr. Chai Sophonpanich Mr. Chackchai Panichapat Mr. Wikrom Soukvanitch Mr. Noppun Muangkote Dr. Somchet Thinaphong

Mr. Vikrom Kromadit Pol. Gen. Chavalit Yodmani Mr. Chackchai Panichapat Mr. Thomas Hamlin Reese

Audit Committee Mr. Wikrom Soukvanitch Mr. Noppun Muangkote Dr. Somchet Thinaphong

Amata Corporation PCL 2003 Annual Report

Committee Responsibilities

Mrs. Vatcharanukroh joined Amata in 1996 and served until 1999 as Assistant Vice President for Planning and Administration. From 1999 to 2002, she was Assistant Vice President of Amata Finance. From 2001 to present, she has been both Secretary to the Company and Secretary to the Audit Committee, and since 2002, Vice President Treasurer. She handles corporate finance and investor relations. Mrs. Vatcharanukroh graduated with a bachelorÂ&#x2019;s degree in accounting from Thammasat University.

The company does not appoint any sub-committee other than the audit committee, but can set up working teams.

8.9

Mr Mr.. Vikrom Kromadit

CEO’ CEO’ss Rep ort Report

The Year of Amata: our best results ever Nothing succeeds like success. In terms of land sales, market share, total revenues and operating profits, 2003 was Amata Corporation s best year ever. We were Thailand s leading industrial estate as measured by sales of land. Some 40% of the industrial estate property purchased in Thailand last year _ was sold by Amata. The excellent numbers prove something important - Amata s success in branding. Amata s name is now widely recognized in Thai industry and among international investors as the leading industrial estate company. More important, Amata is known as the quality estate company. We at Amata have worked years to earn this recognition. We know from our own experience the value and rewards of owning the top brand. To build on this advantage, we will keep focusing on quality. A prime example is our popular Free Zones, special customs-free zones for exporters that we opened in both of Amata s Thai properties in 2003, a first among industrial parks here In 2004, we will become the first and only Thai industrial estate to have its own golf course, a world-class, 18-hole club at Amata Nakorn. We will also be the first and only industrial estate here to offer high-speed broadband multimedia to our clients, a feature in great demand today. More to come: Amata and Thailand at advantage We expect our excellent results to be sustained for two main reasons: First, Thailand has achieved a position of competitive advantage for manufacturers investing within Southeast Asia. Multinational firms that used to consider several different countries for investments now come straight to Thailand. Thailand is even competing well with China, as costs rise there and investors seek to diversify their manufacturing locations within Asia. Thailand is emerging as a true export manufacturing hub for the region and the world. As the leading industrial estate firm here, Amata benefits from Thailand s attractiveness. Second, within Thailand, Amata has achieved competitive advantage over other industrial estate providers. Our features and service cannot be beat. And our geographic location in the Eastern Seaboard is now better than ever, thanks to expansion of the deep sea port at Laem Chabang and the 2005 opening of Bangkok s new Suvarnabhumi International Airport. Sales & profits set records In 2003 we sold a record amount of land _ 135 hectares (842 rai) the most in our 12-year history, up 18 % from the previous year s sales of 114 hectares (713 rai). This made Amata the clear market leader, accounting for 40% of industrial estate land sold in Thailand in 2003.

CEO’s Report

“

“Our productivity reflects strong motivation, which is encouraged by Amata’s corporate culture, especially our emphasis on people.”

We sold factory sites at a average rate of one every five days for the year. The rate actually speeded up in the last quarter, averaging about one sale every three days. Our corporate culture: people power Our productivity reflects strong motivation, which is encouraged by Amata s corporate culture, especially our emphasis on people. We believe our way of doing things blends some of the best characteristics of both Western and Asian businesses. Like an excellent European or North American enterprise, we give our employees considerable freedom and individual responsibility. And we provide strong incentives for productivity and success, especially as a team. Like in the best Asian corporations, Amata people treat each other, our customers, partners and vendors with mutual consideration, honesty, trust and respect, in a family-like way. We value integrity and long-term success more than quick gains, and we place the highest value upon relationships. Better than bonuses: Amata s Success Fee One new feature of our corporate culture is what we call our Success Fee. Amata is successful today thanks to our people. That s why we now invite our team to share in the company s success by paying them a due share of profits. We want our people to feel like fellow entrepreneurs and partners in our business, not just salaried staff. But the Success Fee is not a conventional bonus. It is not automatic, but a dynamic system for improving and rewarding our business results.

We all now have a strong incentive to maximize our own individual productivity and each other s productivity before adding new positions to the payroll. This is because the fewer employees, the bigger the share of profits we each receive. Before instituting the Success Fee, employees were often eager to request additional hires, adding to costs in 2003, we had not a single such request, despite our increased business, thanks to this new incentive. Likewise the Success Fee encourages managers to weed out employees who are not contributing to the company s success. Indeed, in 2003, after careful consideration, we had to let two staff go due to underperformance. The fee also trims payroll costs because employees have agreed to accept a freeze in their salaries, based on the moderate levels mandated during conditions of Thailand s economic crisis during the late 1990s. Employees gain greatly from this agreement because the success fee can amount to double or triple their salary. Everyone wins by contributing. Beyond payroll costs, we are all now doubly motivated to reduce other costs throughout the firm, to increase profits. No Success Fee is paid unless we make profits! In all these ways, the Success Fee strengthens the alignment between employee interests and shareholder interests. It also helps us do better by our customers, who are the ultimate source of our success! Diversifying client base, with three hot clusters We welcomed a healthy diversity of clients in 2003, from many industries and countries. For the first time, we gained customers from Malaysia, Korea and the Philippines. There were plenty of new projects from longstanding investors like North America, Europe and Japan. Thai firms rebounded nicely: a total of 15 sales went to Thai companies, about 20% of our 2003 land sales by land area.

The Success Fee, begun in 2002, has had a dramatic impact in helping build teamwork, hold down costs and increase productivity. Profits are divided among employees as a group, which has helped bolster team spirit and cooperation.

10.11

Amata Corporation PCL 2003 Annual Report

Land sales accounted for the vast majority of our revenues of 2.973 billion baht, again a record for the company, and a 30 % increase on the previous year. Operating profits reached a record 926 million baht, up 43 % from the year before.

”

Mr Mr.. Vikrom Kromadit

CEO’ CEO’ss Rep ort Report

Report of the Audit Committee Reported to the Board of Directors of the 1/2547 meeting on February 26th, 2004. To the Board of Directors The Audit committee have examined the consolidated balance sheets of Amata Corporation Public Company Limited and its subsidiary companies as of December 31, 2003, the related consolidated statements of income, changes in shareholders equity and cash flows for the year ended. In our opinion, the company and its subsidiaries have conducted internal control efficiently to protect the misuse of the company s assets and as of today s date, no irregular transaction has been detected.

Mr. Wikrom Soukavanich Chairman of the Audit Committee

Many different industries were represented, with three important sectors in the lead: Autos, Consumers, Electronics In autos, we had many investments from part makers. We worked closely with two major firms on deals completed in early 2004. Hino Motors Manufacturing chose Amata Nakorn, Chonburi for a plant to assemble trucks and buses. And Yokohama Tire Manufacturing will build a plant at Amata City, Rayong. This adds to our existing automotives clients like BMW Manufacturing, Toyota and Bridgestone Tires. Two consumer-sector investments stood out. Japan s biggest household products maker, Kao Corporation, will establish a major manufacturing base at Amata Nakorn, producing soap, shampoo and skincare products for regional export markets. Food and beverage giant San Miguel of the Philippines chose a very large site of 14.8 hectares (93 rai) at Amata City, where it will make non-carbonated drinks, snack foods and animal feed. That sale was completed in early 2004. These add to many other important consumer names at Amata like Bristol-Myers Squibb, Colgate-Palmolive, Pepsi-Cola, and Procter & Gamble. Electronics powered up. Taking advantage of our Free Zone, Maxim Integrated Products of the U.S. invested in a test facility at Amata Nakorn. This sale is a sign of things to come: our Free Zones and fast access to Suvarnabhumi International Airport will attract more electronics clients, who rely heavily on shipment by air. Other sales went to companies making such products as air conditioners, steel, glass, jewelry, food, cosmetics, ink and chemicals, pipe, biotech and machinery. New airport drives Amata Bangkok s Suvarnabhumi International Airport will open in 2005, just 20 minutes by road (42 km) from Amata Nakorn, and 50 minutes (99 km) from Amata City. As the most important new infrastructure project to be built in continental Southeast Asia in many years, the airport will boost the growth both of Thai industry and Amata. The airport will become the hub for planned development of industry on the surrounding Eastern Seaboard. Amata is part of the airport s Bangkok Aerotropolis plan to create development zones for specific classes of industry. Closest to the airport will be zones for office headquarters and time-dependent cargo like perishable food and flowers. Amata Nakorn is ideally situated within the zones for just-intime manufacturers and producers relying on air cargo like parts makers and electronics. Amata City s just-in-time producers will benefit too from being so much closer to a hub airport than in the past.

CEO’s Report

“

“Bangkok’s new international airport will boost the growth of both Thai industry and Amata.”

”

Amata Vietnam plays big role near Ho Chi Minh City

Refer to Note 26 of the Financial Statements on page 46, which presents the financial data categorized by the various business units it may be seen that revenue from sales and infrastructure which represents the company and its subsidiaries core income in 2003 reached 2,952.08 million baht. The principal share of revenue (83.30% of total revenue) was contributed by the real estate development business; overseas income flows presented only a 7.81% share; while revenues from water production accounted for 8.89%.

Remuneration for Directors and Executives Remuneration for Directors The Company policy on remuneration of Directors requires approval from a meeting of the Shareholders, which is disclosed in the Annual Report. Remuneration for Executives The Board of Directors stipulates policy and standards for the remuneration of the Executives, which is related to performance of the Company and each executive. The Directors and a working group in the management team will consider performance in approving executive remuneration. Cash benefit (a) 13 total directors remuneration 1,545,000.00 baht (Meeting Allowance, Executive Benefit)

The estate will be built according to a 10-year master plan, with about 112 to 160 hectares (700 to 1,000 rai) slated for development each year. It will have a full range of features and services in line with our Perfect City concept. The provincial government selected Amata to form a joint venture to develop this park, paying the government a 30% share of profits, with 50-year free lease. Amata began bringing its industrial estate development skills to Vietnam in 1994 with the opening of Amata City, Bien Hoa, also in Dong Nai province, with 700 hectares of land. Some 129 hectares have been developed, with about 50 clients, mostly foreign makers of consumer products. Our customers have been especially enthusiastic about the ready-built factories we provide in Bien Hoa. The project s 232hectare Phase 2 is ready to begin with a wide range of residential and commercial facilities in great demand by our estate clients and other customers. In central Vietnam, we are developing a 500-hectare industrial estate, Amata City, Dong Quat, focusing on petrochemicals businesses adjacent to Petro Vietnam s first oil refinery now under construction there. With nearby seaport access, this development has high potential. Corporate Governance: better accounting and planning

Amata Corporation PCL 2003 Annual Report

Income Structure

Subsidiary Amata (Vietnam) Co. will expand dramatically with the launch of Amata Express City, a new development on a more than 2,000 hectare (12,500 rai) plot in the southern province of Dong Nai, Vietnam s top destination for investors in 2003. This project has a prime portside location between Ho Chi Minh City, just 17 kilometers away, and that city s new international airport, soon to be built just 7 kilometers away. These intermodal transport capabilities - air, sea, road - will prove highly attractive to the multinational investors again flocking to Vietnam.

In 2003, our ongoing efforts at optimizing corporate governance focused on two areas: new accounting systems and long-term strategic planning.

(b) Total directors and executives remuneration 30,714,902.65 baht (Executives Provident Fund) 1,357,881.44 baht

12.13

Mr Mr.. Vikrom Kromadit

CEO’ CEO’ss Rep ort Report

Risk Factors Amata s core business is developing and managing manufacturing sites for multinational investors in Thailand and Vietnam. A main driver of the Amata business is foreign direct investment. Accordingly, Thailand and Vietnam s political stability, continued openness to private investment, and continued economic growth are important to Amata s core land sale business. It is also important for Amata that the Thailand and Vietnam Governments continue to promote positive investment policies and project a positive attitude toward multi nationals. It is also possible that Amata s core business could be affected by natural calamities or catastrophes such as earthquake, typhoon, or pestilence. Such events could slow foreign direct investment to Thailand. Amata has a Balanced Growth strategy to balance revenue from land sales revenue and service revenue, which is from water and waste water treatment and maintenance services for our clients, as well as leasing revenue from Amata Vietnam s ready-built factories and commercial areas. To ensure sufficient land for sale to drive the growth strategy over the next few years , Amata has launched a land buying program at Amata Nakorn, which seeks to build a minimum 5-7 year land bank for Amata Nakorn. Additionally, Amata is looking for opportunities to expand the land bank through partnerships and joint ventures, thus avoiding incurring significant debt.

We hired the Deloitte Touche Tomatsu consultancy to streamline our accounting through the use of advanced new software from Sun Systems. This improves our internal accounting and also provides clarity to auditors. By allowing rapid turnover of accounting data, auditors get earlier access to the information they need. The system also gives company management a better grasp of our business costs and cash flows. For example, using this new system has enabled us to switch to a cash management budgeting system, which is today s preferred system. Second, we have worked with the Board of Directors to lay out a five-year growth strategy, with a goal of diversifying and balancing revenue from land sales and services. The strategy relies on three main plans: (a) selling more land in Thailand and Vietnam; (b) building our income from services, water, wastewater treatment and facilities maintenance; (c) developing our Vietnam activities with ready-built factories and now homes at Bien Hoa. These plans will help us in setting benchmarks and properly overseeing management responsibilities. Through these efforts and many more detailed throughout this 2003 Annual Report, Amata Corporation complies with the SET s principles of good corporate governance. Our corporate goals and vision require that we meet high standards of professionalism and integrity on behalf of all our stakeholders - employees, share investors, clients and our many business partners and vendors. As developers of property we have important responsibilities to an especially wide range of stakeholders including the communities where we do business. Thus we put special emphasis on good corporate citizenship. Balanced growth strategy: Amata services & utilities Amata is in the beginning of our five-year balanced-growth strategy that will increase the share of income from our services and utilities such as water, power, facilities maintenance and other products. This strategy calls for building the services percentage of income from 16% in 2002 to 50% in 2007. This development is a natural and desirable way to grow from our increasing base of tenants, who become customers for our on-site services after purchasing land. Vision: The Art of The Future Our good results in 2003 were no accident. They are all the product of Amata s long-term planning, teamwork and creativity. After more than a decade in this business, we believe strongly in cultivating these management skills in order to shape our own destiny. We call this the Art of the Future. Our vision of the future is to create not just industrial parks, but complete communities able to serve a wide range of needs for manufacturers and their employees.

CEO’s Report

“

“Our vision of the future is to create not just industrial parks, but complete communities able to serve a wide range of needs for manufacturers and their employees.”

”

Vision: The Perfect City

Amata Corporation PCL. March 6, 1989 58.68% Amata (Vietnam) Co., Ltd. December 31, 1994

This is our vision of The Perfect City, a set of goals and ideals that is guiding us toward better results. In practical terms, it means our clients can rely on us to continue investing in our estates, improving them and adding new features, for housing, recreation, shopping, education, healthcare, utilities, business services. Our record results in 2003 show that this is the kind of vision clients want.

5.87% Amata Power (Bien Hoa) Ltd. June 29, 1996 82.67% Amata City Co., Ltd. June 5, 1995 16.53% Amata Condotown Rayong Co., Ltd. December 23, 2000 24.26% Ching Shiang-Amata Chemical Industries (Thailand) Co., Ltd. April 23, 2002

70.59% Amata Dung Quat Co., Ltd. December 6, 2001 13.77% Amata Power Ltd. March 2, 1995 43.49% Amata Development Co., Ltd. June 15, 1990 12.65% Amata Mansion Service Co., Ltd. November 15, 1991

Mr. Vikrom Kromadit CEO

100.00% Amata Ouality Water Co., Ltd. March 5, 1999 10.00% Amata Natural Gas Distribution Co., Ltd. November 27, 2001

Major Shareholders

No. of Shares

% of Shareholding

Kromadit Family

334,367,540

31.14

Yodmani Family

77,987,370

7.31

HSBC (Singapore) Nominees Ptd. Ltd.

56,429,800

5.29

ITOCHU Management (Thailand) Co., Ltd.

50,000,000

4.69

Nopamornbodee

33,193,400

3.11

AJF Star Capital Fund

30,683,300

2.88

Sihanatkathakul Family

22,795,700

2.14

Bangkok Insurance PCL.

19,864,000

1.86

Thai NVDR Co., Ltd.

13,793,500

1.29

9,946,500

0.93

Amata Corporation PCL 2003 Annual Report

91.00% Amata Facility Service Co., Ltd. November 29, 2002

Government Pension Fund by Ayudhya JF Asset Management Limited

14.15

5. Mr. Kamjorn Vorawongsakul Vice President, Business Development

1. Mr. Chackchai Panichapat Executive Director

Mr. Vorawongsakul joined Amata in 1996. He has held positions as Assistant Vice President, Business Development and Assistant Vice President, Amata Service Project. He has been in his current post since 2001. Mr. Vorawongsakul, 48 years old, graduated with an MBA degree from Kasetsart University.

See Board of Directors 2. Mr. Viboon Kromadit Senior Vice President, Amata Corporation PCL. & Director, Amata City Co., Ltd.

6. Ms. Songchom Tangnawapan Vice President, Land and Sales Operations

Mr. Kromadit is Senior Vice President of Marketing and Sales. From 1999 to 2002 he was Vice President of Amata Nakorn Industrial Estate. From 1995 to 1998 he worked as Marketing Manager, and then in 1998 and 1999 as Assistant to COO. He is also Director of Amata City Co., Ltd. Mr. Kromadit, 43, holds a bachelor s degree in computers and business from Assumption University. He is a younger brother of Amata s CEO, Vikrom Kromadit.

Ms. Tangnawapan joined Amata in 1996 as Human Resources and General Affairs Department Manager. In 1999 she was promoted to Marketing Information Center Division Manager. In 2002 she began her current position facilitating operations between Marketing executives and Land officers. Ms. Tangnawapan, 42, graduated from Thammasat University.

3. Mr. Paradorn Songsuwan Vice President, Engineering Division

7. Mrs. Kobkul Stierasuta Human Resources Development & General Affairs Division Manager

Mr. Songsuwan joined Amata in 1996, serving as Assistant Vice President, Engineering and Site Service, then Assistant Vice President, Amata City. In 2002 he was promoted to his current position. Mr. Songsuwan, 49, holds a degree in Civil Engineering from Chiangmai University.

Mrs. Stierasuta joined Amata in 1989 as Manager of the President s Office. In 1999 she was promoted to Human Resources and General Affairs Division Manager. Mrs. Stierasuta, 55, graduated from Chulalongkorn University and also studied at Hardbarger Business College, North Caroline, U.S.A.

4. Mr. Chulanond Na Lampoon President, Amata Commercial City & Executive Director, Amata Corporation PCL.

8. Mrs. Varaporn Vatcharanukroh Secretary to the Company and Secretary to the Audit Committee, Vice President Treasurer

Mr. Na Lampoon joined Amata in 2000 in his current position developing such commercial facilities as Amata Plaza and Amata Spring Country Club. Previously he was General Manager of Patco Land Co., Ltd. Mr. Na Lampoon, 52, holds a Diploma from the International Hotel School of Business of Tokyo, Japan.

See Board Of Directors

Amata’s Executives 9. Mr. Chairat Suwanvijarn Land Division Manager & Executive Director, Amata Corporation PCL.

12. Ms. Dendao Komolmas Controller

Mr. Suwanvijarn joined Amata in 1994, working until 1998 as Government Affairs Division Manager. Mr. Suwanvijarn, 41, graduated with a law degree from Ramkhamhaeng University in Bangkok.

10. Mr. Surakit Chaiamnuay Managing Director, Amata Quality Water Co.

Ms. Komolmas joined Amata in 1995 as Accountant and Assistant Manager, and was promoted to her current post in 1997. Ms. Komolmas, 41, holds a Bachelor of Science degree in Administration from Sukhothai Dhamadhirat University.

13. Mr. Yasuo Tsutsui Manager, Amata Nakorn Industrial Estate

Mr. Chaiamnuay joined the company in 1990, and over the past 14 years has worked on many of Amata s engineering projects in Thailand and Vietnam. Previously he worked on tunneling and waterworks projects in Iraq and Melbourne, Australia as well as Bangkok. Mr. Chaiamnuay, 52, graduated from the civil engineering faculty of Chiangmai University.

Mr. Tsutsui joined Amata in 1998 as Sales Executive, and was promoted in 2003 to Manager of Amata Nakorn Industrial Estate. Prior to his career with Amata, he was Assistant to the General Manager of Travelscope Co., Ltd. in Bangkok. Mr. Tsutsui, 31, graduated from Kansai Gaidai University, Hirakata City, Japan. 14. Mr. Aukkares Choochouy Manager, Amata City Industrial Estate

Mr. Sornkul joined the company in 1998 to serve as Amata Nakorn s Assistant Vice President. He was promoted to his current position in 2003. Previously he was manager of Bangkok Bank s branch in Pattaya. Mr. Sornkul, 55, graduated from Chiangmai University.

Mr. Choochouy joined Amata in 2000 as Sales and Marketing Executive, and was promoted in 2003 to Manager, Amata City Industrial Estate. Previously he worked in the U.S. and with A.P. National Sales Co., Ltd. in sales and customer relations. Mr. Choochouy, 36, graduated from Thammasat University and from the MBA program of Southwest Missouri State University, U.S.A.

Amata Corporation PCL 2003 Annual Report

11. Mr. Thanapat Sornkul Managing Director, Amata Facility Service Co.

16.17

Amata Corporation PCL.

Organization Chart Shareholders

Audit Committee

Chairman Pol. Gen. Chavalit Yodmani

Chairman of the Executive Board Mr. Vikrom Kromadit

CEO Mr. Vikrom Kromadit

President & COO Mr. Thomas H. Reese

Business Development Mr. Vikrom Kromadit

Treasurer

Mrs. Varaporn Vatcharanukroh

Amata Commercial City Project

Engineering

Vietnam Project

Land

Business Development

Marketing & Sales

Controller

Information Center

HR & General Affairs

IT Center

Executivesâ&#x20AC;&#x2122; Shareholdings Shares Name

1. Police General Chavalit

Title

Chairman of the Board of Directors

As of Dec. 31, 2003

As of Jan. 3, 2003

% of No. of shares No. of shares % of shareholding (par 1) (par 5) shareholding

(Par 1) increase (+) / Decrease (-)

77,777,370

7.2894

16,511,234

7.7372

-4,778,800.00

8,075,000

0.7568

1,615,000

0.7568

Director, Chairman of the Executive 227,396,370

21.3117

44,112,414

20.6712

6,834,300.00

2,323,720

0.2178

424,744

0.1990

200,000.00

7,353,500

0.6892

2,034,300

0.9533

-2,818,000.00

317,840

0.0298

49,568

0.0232

70,000.00

200,000

0.0187

40,000

0.0187

2,086,600

0.1956

60,500

0.0057

48,100

0.0225

164,000

0.0154

32,800

0.0154

Yodmani 2. Mr. Chira Panupong

Vice Chairman of the Board of Directors

3. Mr. Vikrom Kromadit

Board and Chief Executive Officer 4. General Yuthasak

Director

Sasiprapha 5. Mr. Staporn Kavitanon

Director

6. Mr. Sombath Phanichewa

Director

7. Mr. Thomas H. Reese

Director and President and Chief Operating Officer

8. Mr. Tetsushi Ishizuka

Director

9. Mr. Chai Sophonpanich

Director

10. Mr. Wikrom Soukvanitch

Independent Director and Chairman of the Audit Committee

11. Mr. Chackchai Panichapat

Director

12. Mr. Noppun Muangkote

Independent Director and Member of the Audit Committee

13. Dr. Somchet Thinaphong

Director and Member of the Audit Committee

14. Mrs.Varaporn Vatcharanukroh

Secretary to the Company and Secretary to the Audit Committee, Vice President Treasurer

15. Dr. Huynh Ngoc Phien

Vice President (Vietnam Projects)

16. Mr. Viboon Kromadit

Senior Vice President

2,086,600.00

(Marketing and Sales) 17. Mr. Chulanond Na Lampoo President Amata Commercial City Land Division Manager

19. Mr. Kamjorn Vorawongsakul

Vice President (Business Devel

20. Mr. Paradorn Songsuwan

Vice President (Engineering Division)

21. Mrs. Kobkul Stierasuta

Human Resource Development &

-180,000.00

Amata Corporation PCL 2003 Annual Report

18. Mr. Chairat Suwanvijarn

General Affairs Division Manager 22. Ms. Songchom Tangnawapan 23. Ms. Dendao Komolmas

Vice President (Land and Sales Operations) Controller

18.19

Management Analysis 1. Explanation and Analysis of financial status and operating performance Amata has benefited from Thailand s emerging position of competitive advantage in Southeast Asia. Thailand is increasingly the preferred country site for multinational manufacturing in Southeast Asia and as an alternative to investment in China. As a result, Amata has reported its best operating profits for 2003 in the company s 15 years of existence. In 2003, Amata captured slightly more than 40% of the Thailand industrial estate market. Amata sold a record of 842 rai of land, up 18% from 2002, when Amata sold 713 rai. Total revenue was Baht 2.973 billion, up 30% from total revenue of Baht 2.293 in 2002. Operating profits surged 43%, reaching Baht 926 million in 2003, as compared to Baht 645 million in 2002. Net profit was Baht 812 million, down from Baht 875 million in 2002, due to Baht 311 million of one time restructuring gains in 2002. Earnings per share were Baht 0.76 in 2003, as compared to Baht 0.82 in 2002. Amata added considerably to the Amata Nakorn land bank in 2003 and will open Amata Nakorn Phase 7 for sales in 2004. Amata has financed land purchases through cash flows and short-term borrowings. The Amata balance sheet remains strong with a debt to equity ratio of less than one. During 2003, Amata continued to offer new products to better meet the needs of investors and opened its special export-import Free Zones at Amata Nakorn and Amata City. Both zones were highly successful and Amata plans to expand the Free Zones for 2004. In 2003, Amata saw three broad clusters of investors: automotive, consumer, and electronics. Maxim Integrated Products of Sunnyvale, California bought land in the Free Zone for an integrated chip test facility. Triumph Motorcycles of the UK bought additional land for a factory expansion. Kao Cosmetics of Japan acquired land for a major consumer product manufacturing and distribution center. The Company also saw new investments from Asian neighbors such as the Philippines, Malaysia and Korea. The highlight of Asian investment was the purchase by San Miguel, Philippines of 95 rai at Amata City for a major beverage-food manufacturing facility. San Miguel is also planning additional new projects and land purchases at Amata City in 2004. Amata expects this Asian investment trend in Thailand to continue and, based on 1st quarter investor interest, looks forward to another record year in 2004.

2. Related Party Transactions If there is any conflict of interest or other related matters in the listing, the Board of Directors will carefully consider the matter and act in accordance with the rules and regulations of the Stock Exchange of Thailand. The prices and conditions of the transaction should be consistent with market conditions. The details of the parties to the contract, contract value, reason and necessity will be shown in the annual report and type 56-1. If a director has a conflict of interest in the listing, that director will have no right to vote. February 26, 2003 Re: Opinion on Related Transactions To: Shareholders AMATA CORPORATION PCL. I, Wikrom Soukvanitch Chairman of the Audit Committee of AMATA Corporation Public Company Limited, would like to inform the share holders of a related transaction that has been clearly shown as item number 6 in the Remarks of the Finance Statement, as of December 31, 2003. The related transaction involves the rental of an office with KROMADIT Co., Ltd., of which Mr. Viboon Kromadit (Mr. Vikrom Kromadit s younger brother) is a director, follows: (Million baht) Office Rent and Service Fee

2003 2.96

2002 3.02

Pricing Policy: KROMADIT Co., Ltd. rents office space to the Company at the same market price and conditions as other companies. However, the Company carefully considers rental of the office to ensure it is beneficial to the Company. Yours sincerely, AMATA CORPORATION PUBLIC COMPANY LIMITED

Mr. Wikrom Soukvanitch Chairman of Audit Committee and Independent Director

By the Numbers Contents Auditorâ&#x20AC;&#x2122;s Report Balance Sheet Income Statement Statement of Changes Cash Flow Statement Explanations on the Financial Statements

Auditor’s Report

To The Shareholders of AMATA CORPORATION PUBLIC COMPANY LIMITED. have audited the accompanying consolidated and the

I conducted my audit in accordance with generally accepted

Company balance sheets of AMATA CORPORATION PUBLIC

auditing standards. Those standards require that I plan and

COMPANY LIMITED and its subsidiary companies as of

perform the audit to obtain reasonable assurance as to whether

December 31, 2003 the related consolidated and the

the financial statements are free of material misstatement.

Company statements of income, changes in shareholders

An audit includes examining, on a test basis, evidence

equity and cash flows for the year ended. These financial

supporting the amounts and disclosures in the financial

statements are the responsibility of the Company s

statements. An audit also includes assessing the accounting

management as to their correctness and completeness of the

principles used and significant estimates made by

presentation. My responsibility is to express an opinion on these

management, as well as evaluating the overall financial

financial statements based on my audit. The financial

statements presentation. I believe that my audit in

statements of overseas two subsidiary companies of AMATA

conjunction with the performance of other auditor mentioned

CORPORATION PUBLIC COMPANY LIMITED which were used

in the first paragraph provides a reasonable basis for my

to record investment by equity method and prepare the

opinion.

consolidated financial statements for the year ended on December 31, 2003. Total assets in such both subsidiary

In my opinion, the consolidated and the Company financial

companies are equivalent to 16.29% of total assets in the

statements referred to above present fairly, in all material

consolidated balance sheets and the investment in such

respects, the consolidated and the Company financial

subsidiary companies is equivalent to 12.41% of total assets

position of AMATA CORPORATION PUBLIC COMPANY LIMITED

in the Company balance sheets. In addition, the participating

and its subsidiary companies as of December 31, 2003, and

profit in such subsidiary company reflected in statement of

the results of the consolidated and the Company operations

income for the year ended on December 31, 2003 constitutes

and cash flows for the years then ended, in conformity with

net profit of Baht 37.06 million which are equivalent to 4.57%

generally accepted accounting principles.

of the consolidated and the Company net profit. Moreover, the financial statements of a local associated company of its subsidiary. The investment account is equivalent to 1.03% of

SAM NAK-NGAN A.M.C. CO., LTD.

total assets in the consolidated balance sheet. The financial statements of such three companies which are subsidiary and associated companies have been audited by another auditors whose reports have been furnished to me, insofar as it relates to the amounts of respective transactions of such subsidiary

Miss Jintana Mahavanich

and associated companies which combined in the consolidated

Certified Public Accountant

and the Company financial statements. Apart from this, the

Registration No.4687

comparative consolidated and the Company financial statements of AMATA CORPORATION PUBLIC COMPANY

Bangkok,

LIMITED for the year ended on December 31, 2002 were

January 23, 2004

audited by another auditor in the same firm who expressed an unqualified report there on dated March 27, 2003.

Balance Sheet

As of December 31, 2003 and 2002 (Unit : Baht) CONSOLIDATED 2003

THE COMPANY ONLY 2002

2003

2002

(Restated)

ASSETS

(Restated)

CURRENT ASSETS Cash and Cash Equivalent Items

221,634,865.51

396,826,691.25

101,485,825.73

55,622,483.30

Accounts Receivable and Note Receivable (Note 7)

113,890,219.50

12,058,348.00

22,679,399.00

5,516,348.00

Unbilled Completed Land Developed Value (Note 8)

74,064,558.74

11,393,547.43

69,668,707.14

7,593,561.80

3,520,360,224.63

3,148,728,031.75

1,802,906,097.95

1,607,111,841.03

39,338,747.89

39,856,176.55

29,050,666.31

28,843,762.70

361,259.71

261,608.50

3,154,933.38

269,836,291.95

334,741,694.58

110,629,390.48

256,651,121.76

53,264,612.86

4,304,391,570.56

3,719,753,793.96

2,285,596,751.27

2,027,788,901.64

14,604.46

564,867.69

14,604.46

564,867.69

57,380,583.19

57,885,819.77

767,614,885.53

724,022,048.56

260,307,030.47

261,884,022.10

242,774,033.98

Loans to Subsidiary Company (Note 6)

156,000,000.00

546,000,000.00

Loans to Associated Company (Note 6)

1,022,000.00

Land for Development (Note 12)

82,416,975.51

122,690,140.35

46,208,001.00

91,033,376.00

Right to use Land (Note 13)

50,419,524.18

89,443,773.45

516,294,786.80

448,687,242.30

80,565,043.75

64,477,128.85

7,044,703.93

8,712,269.33

1,729,812.32

38,367,834.85

43,100,849.40

12,416,933.92

32,835,625.76

TOTAL NON-CURRENT ASSETS

1,013,268,043.39

1,033,990,984.39

1,306,615,502.64

1,704,458,893.16

TOTAL ASSETS

5,317,659,613.95

4,753,744,778.35

3,592,212,253.91

3,732,247,794.80

Real Estate Development Cost (Note 9) Advance Payment Accrued Interest Receivable Other Current Assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Loans to Directors and Employees Investments by equity method (Note 10) Investments in Other Companies (Note 11)

Property, Plant and Equipments-Net (Note 14) Guaranteed Obligation (Note 15) Other Non-Current Assets

Amata Corporation PCL 2003 Annual Report

Bank Deposit Equipped with

Notes to financial statements are an integral part of these financial statements.

22.23

Balance Sheet

As of December 31, 2003 and 2002 (Unit : Baht) CONSOLIDATED 2003

THE COMPANY ONLY 2002

2003

2002

(Restated)

LIABILITIES AND SHAREHOLDERS EQUITY

(Restated)

CURRENT LIABILITIES Bank Overdrafts and Short-Term Loans

832,867,517.64

774,205,577.60

287,893,186.18

530,343,924.35

53,489,923.16

157,529,010.16

39,598,050.61

50,391,079.85

Unearned Land Developed Fee (Note 8)

229,019,845.63

499,600,832.11

208,804,421.23

468,726,687.91

Current Portion of Long-Term Loans (Note 17,18)

121,168,000.00

33,798,194.89

6,630,194.89

Guarantees for Land Sale Contracts

170,909,696.71

144,086,367.24

59,550,000.00

7,271,078.40

Other Current Liabilities

216,162,560.46

72,539,439.52

90,328,338.15

39,081,366.47

1,623,617,543.60

1,681,759,421.52

686,173,996.17

1,102,444,331.87

418,136,000.00

74,624,000.00

13,260,389.77

Other Non-Current Liabilities

23,332,382.80

21,208,102.34

18,106,416.75

17,474,769.00

TOTAL NON-CURRENT LIABILITIES

441,468,382.80

109,092,492.11

18,106,416.75

30,735,158.77

2,065,085,926.40

1,790,851,913.63

704,280,412.92

1,133,179,490.64

1,067,000,000.00

Premiums on Share Capital

173,600,000.00

Difference from Financial Statement Conversion

136,892,499.58

179,676,759.91

136,892,499.58

179,676,759.91

106,700,000.00

83,544,417.28

106,700,000.00

83,544,417.28

1,403,739,341.41

1,095,247,126.97

1,403,739,341.41

1,095,247,126.97

2,887,931,840.99

2,599,068,304.16

2,887,931,840.99

2,599,068,304.16

Minority Shareholders Interest

364,641,846.56

363,824,560.56

TOTAL SHAREHOLDERS EQUITY

3,252,573,687.55

2,962,892,864.72

2,887,931,840.99

2,599,068,304.16

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

5,317,659,613.95

4,753,744,778.35

3,592,212,253.91

3,732,247,794.80

from financial Institutions (Note 16) Accounts Payable

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-Term Loans (Note 17) Other Payables (Note 18)

TOTAL LIABILITIES SHAREHOLDERS EQUITY Share Capital (Note 19) Authorized Share Capital 1,067,000,000 Ordinary Shares @ Baht 1.00 213,400,000 Ordinary Shares @ Baht 5.00 Issued and Paid-Up Share Capital 1,067,000,000 Ordinary Shares @ Baht 1.00 213,400,000 Ordinary Shares @ Baht 5.00

Retained Earnings Appropriated Legal Reserve Unappropriated TOTAL SHAREHOLDERS EQUITY OF PARENT COMPANY

Notes to financial statements are an integral part of these financial statements.

Income Statements

For the year ended on December 31, 2003 and 2002 (Unit : Baht) CONSOLIDATED 2003

2002

2003

2002

(Restated)

REVENUES FROM OPERATION Sales

THE COMPANY ONLY

(Restated)

2,673,390,968.02

1,997,630,230.85

2,084,780,476.53

1,636,220,047.27

278,697,979.80

232,200,424.55

26,146,833.50

39,975,089.50

36,595,721.95

20,432,081.40

26,463,601.99

36,068,643.08

52,413,651.21

105,212,722.52

106,237,689.74

2,972,521,029.22

2,292,889,979.34

2,252,208,675.63

1,871,442,199.67

1,459,276,433.39

1,209,634,439.15

1,073,944,061.43

955,175,821.43

Cost from Utility

221,434,799.71

165,970,379.38

36,808,972.28

31,565,389.74

Selling and Administrative Expenses

339,656,187.12

239,473,886.05

265,324,795.70

183,446,952.88

24,328,569.92

24,620,230.41

24,328,569.92

24,620,230.41

1,545,000.00

998,000.00

1,545,000.00

998,000.00

505,236.58

7,357,415.48

2,046,746,226.72

1,648,054,350.47

1,401,951,399.33

1,195,806,394.46

CORPORATE INCOME TAX

925,774,802.50

644,835,628.87

850,257,276.30

675,635,805.21

INTEREST EXPENSES

(43,275,420.57)

(35,247,433.34)

(15,152,595.09)

(22,669,333.26)

CORPORATE INCOME TAX (Note 24)

(30,085,340.06)

(10,040,495.68)

(23,306,884.05)

(6,921,414.19)

NET PROFIT BEFORE EXTRAORDINARY ITEMS

852,414,041.87

599,547,699.85

811,797,797.16

646,045,057.76

90,968,741.12

8,270,479.40

220,277,259.91

(40,616,244.71)

(36,200,903.81)

811,797,797.16

874,592,797.07

811,797,797.16

874,592,797.07

0.76

0.53

0.76

0.61

0.29

0.21

0.76

0.82

0.76

0.82

1,067,000,000

Income from Utility Gain from Assets Transferred for Debt Settlement (Note 18) Other Income Participating Profit by Equity Method TOTAL REVENUES EXPENSES FROM OPERATION Cost of Sales

Loss from Terminate of Contract and Project (Note 21) Director s Remuneration (Note 22) Participating Loss by Equity Method TOTAL EXPENSES PROFIT BEFORE INTEREST EXPENSES AND

EXTRAORDINARY ITEMS -GAIN FROM DEBT RELEASED CONTRACT (Note 23) EXTRAORDINARY ITEMS -GAIN FROM CORRECTION OF JOINT OPERATION CONTRACT (Note 18) LESS NET PROFIT OF MINORITY SHAREHOLDERS INTEREST AMATA CORPORATION PUBLIC

EARNINGS PER SHARE (BAHT) - EARNING PER SHARE BEFORE EXTRAORDINARY ITEMS - EXTRAORDINARY - NET PROFIT NUMBER OF SHARES (UNIT : SHARE) (Note 19)

Notes to financial statements are an integral part of these financial statements.

24.25

Amata Corporation PCL 2003 Annual Report

COMPANY LIMITED S NET PROFIT

Net Profit of Minority Shareholders Interest

Appropriated Legal Reserve (Note 19)

Net Profit of Minority Shareholders Interest 173,600,000.00

173,600,000.00

PREMIUMS ON SHARE CAPITAL

Notes to financial statements are an integral part of these financial statements.

1,067,000,000.00

Dividend Paid (Note 19)

Ending Balance as of December 31, 2003

1,067,000,000.00

Net Profit for the year

Unrecognized Transactions in the Income Statement

Difference from Financial Statement Conversion

Beginning Balance After Adjustment

Adjustment Transaction of Error Correction (Note 20)

1,067,000,000.00

Minority Shareholders Interest Increase during the Year

Beginning Balance as of January 1, 2003

Appropriated Legal Reserve (Note 19)

1,067,000,000.00

Dividend Paid (Note 19)

Ending Balance as of December 31, 2002

1,067,000,000.00

ISSUED AND PAID-UP SHARE CAPITAL

Net Profit for the year

Unrecognized Transactions in the Income Statement

Difference from Financial Statement Conversion

Beginning Balance as of January 1, 2002

For the year ended on December 31, 2003 and 2002

136,892,499.58

(42,784,260.33)

179,676,759.91

(9,795,351.82)

189,472,111.73

DIFFERENCE FROM FINANCIAL STATEMENT CONVERSION

(16,795,708.35)

(20,919,520.06)

36,200,903.81

90,000.00

(20,919,520.06)

- (29,040,218.70)

(71,824,479.03)

363,824,560.56 2,962,892,864.72

363,824,560.56 2,983,812,384.78

363,824,560.56 2,962,892,864.72

36,200,903.81

90,000.00

(439,292,760.13)

874,592,797.07

(23,155,582.72)

40,616,244.71

(490,908,740.01)

811,797,797.16

364,641,846.56 3,252,573,687.55

40,616,244.71

(480,150,000.00) (10,758,740.01)

811,797,797.16

106,700,000.00 1,403,739,341.41

23,155,582.72

83,544,417.28 1,095,247,126.97 334,784,341.86 2,891,068,385.69

83,544,417.28 1,095,247,126.97

83,544,417.28 1,116,166,647.03

(20,593,369.55)

340,026,416.88 2,491,301,923.97

(426,800,000.00) (12,492,760.13)

874,592,797.07

664,250,038.25

TOTAL

350,824,434.61 2,511,895,293.52

- (10,798,017.73)

664,250,038.25

(Restated)

83,544,417.28 1,095,247,126.97

16,795,708.35

66,748,708.93

APPROPRIATED

MINORITY SHAREHOLDERS INTEREST UNAPPROPRIATED

RETAINED EARNINGS

(Unit : Baht)

PREMIUMS ON SHARE CAPITAL

Appropriated Legal Reserve (Note 19)

Notes to financial statements are an integral part of these financial statements.

1,067,000,000.00 173,600,000.00

Dividend Paid (Note 19)

Amata Corporation PCL 2003 Annual Report

1,067,000,000.00 173,600,000.00

Ending Balance as of December 31, 2003

1,067,000,000.00 173,600,000.00

Net Profit for the Year

Unrecognized Transactions in the Income Statement

Difference from Financial Statement Conversion

Beginning Balance After Adjustment

Adjustment Transaction of Error Correction (Note 20)

1,067,000,000.00 173,600,000.00

Beginning Balance as of January 1, 2003

Appropriated Legal Reserve (Note 19)

1,067,000,000.00 173,600,000.00

Dividend Paid (Note 19)

Ending Balance as of December 31, 2002

1,067,000,000.00 173,600,000.00

ISSUED AND PAID-UP SHARE CAPITAL

Net Profit for the Year

Unrecognized Transactions in the Income Statement

Difference from Financial Statement Conversion

Beginning Balance as of January 1, 2002

For the year ended on December 31, 2003 and 2002

136,892,499.58

(42,784,260.33)

179,676,759.91

(9,795,351.82)

189,472,111.73

DIFFERENCE FROM FINANCIAL STATEMENT CONVERSION

(9,795,351.82) 874,592,797.07

(16,795,708.35)

(426,800,000.00) (426,800,000.00)

874,592,797.07

664,250,038.25 2,151,275,507.09

664,250,038.25 2,161,070,858.91

(Restated)

UNAPPROPRIATED

TOTAL

(20,919,520.06)

(20,919,520.06) -

(42,784,260.33) 811,797,797.16 (23,155,582.72)

(480,150,000.00) (480,150,000.00)

811,797,797.16

106,700,000.00 1,403,739,341.41 2,887,931,840.99

23,155,582.72

83,544,417.28 1,095,247,126.97 2,556,284,043.83

83,544,417.28 1,095,247,126.97 2,599,068,304.16

83,544,417.28 1,116,166,647.03 2,619,987,824.22

83,544,417.28 1,095,247,126.97 2,599,068,304.16

16,795,708.35

66,748,708.93

APPROPRIATED

RETAINED EARNINGS

(Unit : Baht)

Statements of Changes

26.27

For the year ended on December 31, 2003 and 2002 (Unit : Baht) CONSOLIDATED 2003

2002

2003

2002

(Restated)

CASH FLOW FROM OPERATING ACTIVITIES AMATA CORPORATION PUBLIC COMPANY LIMITED S

THE COMPANY ONLY (Restated)

811,797,797.16

874,592,797.07

811,797,797.16

874,592,797.07

(90,968,741.12)

(8,270,479.40)

(220,277,259.91)

Depreciation

24,927,922.77

19,944,725.10

9,092,820.50

6,467,601.47

Deferred Expenses Written - Off

36,363,143.78

26,939,289.42

7,983,546.90

8,433,116.74

7,964,899.00

7,123,461.51

Loss from Impairment of assets

290,823.67

Loss from Witholding Tax not used

2,720,589.99

1,482,495.76

Account Payable Written Off Recognized as Revenues

(1,127,621.67)

Participating Profit by Equity Method

(105,212,722.52)

(106,237,689.74)

Participating Loss by Equity Method

505,236.58

7,357,415.48

Loss (Gain) from Sale of Property, Plant and Equipment

(2,126,447.12)

(1,605,300.33)

(1,505,726.41)

(1,203,432.17)

Loss from Terminate of Contract and Project

24,328,569.92

24,620,230.41

24,328,569.92

24,620,230.41

(651,800.38)

13,617.48

(36,595,721.95)

40,616,244.71

36,200,903.81

944,409,632.18

649,873,446.33

746,479,255.13

540,213,404.67

(111,883,071.45)

6,398,388.00

(20,664,009.44)

(447,200.00)

(62,671,011.31)

18,088,407.60

(62,075,145.34)

6,329,233.31

(402,855,253.58)

365,227,871.86

(206,950,589.46)

226,191,095.69

(7,641,648.20)

99,385,300.68

(7,858,552.49)

91,174,658.48

(99,651.21)

(20,376.77)

266,681,358.57

(9,236,294.15)

(Increase) Decrease in Other Current Assets

(219,177,872.93)

(51,643,639.40)

(203,699,759.02)

(25,901,607.99)

Increase (Decrease) in Accounts Payable

(104,140,065.25)

(77,089,673.94)

(10,793,029.24)

(103,162,092.27)

Increase (Decrease) in Unearned Land Developed Fee

(270,580,986.48)

289,461,940.16

(259,922,266.68)

255,860,285.42

Increase (Decrease) in Guarantees for Land Sale Contracts

21,740,770.74

(705,828,510.51)

52,278,921.60

(726,510,105.00)

Increase (Decrease) in Other Current Liabilities

143,951,268.37

10,613,911.07

52,069,451.68

11,125,944.20

Increase (Decrease) in Other Payables

(19,890,584.66)

(21,759,761.11)

(19,890,584.66)

(21,759,761.11)

NET PROFIT Less Extraordinary Items - Gain from Debt Released Contract - Gain from Correction of Joint Operation Contract Adjustment to Reconcile Net Profit for Cash Receipts (Used) from Operation

Doubtful debt

Unrealized Profit from Exchange Rate Loss from Written-Off Property, Plant and Equipment Gain from Assets Transferred for Debt Settlement Net Profit of Minority Shareholders Interest Profit from Operation before change in Operating Assets and Liabilities (Increase) Decrease in Accounts Receivable and Note Receivable (Increase) Decrease in Unbilled Completed Land Developed Value (Increase) Decrease in Estate Development Cost (Increase) Decrease in Advance Payments (Increase) Decrease in Accrued Interest Receivable

Increase (Decrease) in Other Non-Current Liabilities Cash Received(Used) from Operating Activities-Net

862,416.46

14,036,716.35

(190,832.25)

11,341,927.01

(87,976,057.32)

596,744,020.32

325,464,218.40

255,219,488.26

Notes to financial statements are an integral part of these financial statements.

Cash Flow Statements

For the year ended on December 31, 2003 and 2002 (Unit : Baht) CONSOLIDATED 2003

2002

2003

2002

(Restated)

CASH FLOW FROM INVESTING ACTIVITIES (Increase)Decrease in Loans to Directors

THE COMPANY ONLY (Restated)

550,263.23

127,033.33

550,263.23

127,033.33

Cash Receipt for Loan to Subsidiary Company

390,000,000.00

(Increase) Decrease in Investment in

(910,000.00)

40,273,164.84

(372,191,990.35)

44,825,375.00

(44,825,375.00)

(81,565,317.83)

(171,075,309.75)

(14,129,437.51)

(17,443,522.62)

Sale of Property, Plant and Equipment

2,299,012.74

2,162,345.61

1,597,143.58

1,755,336.45

(Increase)Decrease in Bank Deposit Equipped

1,667,565.40

58,252,537.97

1,729,812.32

63,726,121.35

(15,884,596.94)

16,560,390.02

(408,919.64)

38,776.02

18,835,625.22

(29,040,218.70)

(10,708,017.73)

(81,700,127.26)

(476,873,010.90)

442,999,862.20

2,468,369.53

Short-Term Loans from Financial Institutions

58,661,940.04

726,155,034.50

(242,450,738.17)

502,567,352.27

Increase(Decrease) in Other Short-Term Loans

(1,999,800.00)

Cash Receipt for Long Term Loans

500,000,000.00

Cash payment for Long Term Loans

(62,488,000.00)

(290,308,005.67)

(295,960,497.23)

(480,150,000.00)

(426,800,000.00)

(480,150,000.00)

(426,800,000.00)

Dividend Paid to Minority Shareholders Interest

(10,758,740.01)

(12,492,760.13)

Cash Received(Used) from Financing Activities-Net

5,265,200.03

(5,445,531.30)

(722,600,738.17)

(220,193,144.96)

(10,780,841.19)

(2,814,691.18)

(175,191,825.74)

111,610,786.94

45,863,342.43

37,494,712.83

396,826,691.25

285,215,904.31

55,622,483.30

18,127,770.47

221,634,865.51

396,826,691.25

101,485,825.73

55,622,483.30

40,152,482.08

97,953,643.13

12,043,431.63

21,593,261.75

8,699,570.73

8,670,100.39

6,164,489.59

7,529,671.26

and Employees

Subsidiary Companies (Increase)Decrease in Land for Development Purchase of Property, Plant and Equipment

with Guaranteed Obligation (Increase)Decrease in Other Non-Current Assets Dividend Receipt from Subsidiary Company Increase(Decrease) in Minority Shareholders Interest Cash Received(Used) from Investing Activities-Net CASH FLOW FROM FINANCING ACTIVITIES Increase(Decrease) in Bank Overdrafts and

Dividend Paid to Shareholder of PARENT COMPANY

Increase(Decrease) in Difference from Foreign Currency Conversion Cash and Cash Equivalent Items Increase (Decrease)-Net Cash and Cash Equivalent Items at the Cash and Cash Equivalent Items at the Ending of the Period Additional disclosure: Cash Payment during the Period : -Interest Payment -Corporate Income Tax

Notes to financial statements are an integral part of these financial statements. 28.29

Amata Corporation PCL 2003 Annual Report

Beginning of the Period

General Information Information for parent company and subsidiary companies in the consolidated and the company financial statements only as of December 31, 2003 and 2002 are as follows: Name

Registration

Number

Categories

Paid-up Share

Percentage

The Consolidated Financial

The Company Financial

Capital

shareholding

Statements

Statements Only

As of December 31,

2003 Amata Power Ltd.

Production of

2002

2003

2002

1,700,000,000.00

13.77

226,774,033.98 226,774,033.98 226,774,033.98 226,774,033.98

USD 4,428,571.00

10.00

17,532,996.49

19,109,988.12

160,000,000.00

10.00

16,000,000.00

Electricity for Sale Amata Power (Bien Hoa) Ltd. Power Station Amata Natural Gas

Production and

Distribution Co., Ltd.

Distribution

16,000,000.00 16,000,000.00

Natural Gas Total

260,307,030.47 261,884,022.10 242,774,033.98 242,774,033.98

As of the consolidated and the Company financial statements, land for future development is reflected at cost which composed of acquisited cost of land and other related costs. -

AMATA CORPORATION PUBLIC COMPANY LIMITED As of December 31, 2003 and 2002, land of future development with the areas of 67-0-10 Rais and 115-2-71 Rais estimated value of land in amount of Baht 46.21 million and Baht 32.39 million respectively was pledged with one company as collateral against receipt of guarantees for land purchase sales contacts.

38.39

Amata Corporation PCL 2003 Annual Report

12. Land for Development

AMATA CITY COMPANY LIMITED As of December 31, 2002, land of future development with the areas of 60-2-72.60 Rais estimated value of land in amount of Baht 11.96 million, its subsidiary company was pledged with a commercial Bank and Financial Institution as collateral against short-term loans and long-term loans.As of December 31,2003, the subsidiary company that not pledged any fixed asset as mortgage to any financial institution.

13. Right to use Land As of the consolidated financial statements, the whole amount was right to use land where The Vietnamese Government invested in AMATA (VIETNAM) CO., LTD. of 100 hectares, in amount of USD 5 million, in which 91.5 hectares are amortized as expense pursuant to for a period of 50 years on a straight-line method. 14. Property, Plant and Equipment-Net Consisted of : (Unit : Baht) The Consolidated Financial Statements Lands

Lands

Buildings

Improvement

Golf Course

Power

and Football Field Station

Furnitures and

Vehicles

Equipments

Building

Total

in Progress

Cost As of December 31, 2002 37,367,964.97 Purchase/ Transfer In

13,268,435.88

Sold/Transfer Out

As of December 31, 2003 50,636,400.85

564,520.00 -

109,554,032.25 14,255,170.02 (721,225.77)

165,608,159.82 192,767,763.98 58,283,138.78

13,631,029.46 592,031,779.28

(12,989,648.46) 19,806,215.21

145,400,774.55 169,066,517.84

4,301,966.43

(12,648,965.05) (7,419,305.00) (76,344,867.47) (96,413,137.52)

564,520.00

108,832,806.48 14,255,170.02

152,618,511.36 199,925,014.14 55,165,800.21

(24,961,333.19) (13,773,262.37)

(17,946,189.47) (51,645,302.96) (35,009,091.88)

82,686,936.54 664,685,159.60

Accumulated Depreciation As of December 31, 2002

(9,357.11)

Sold/Transfer Out

Depreciation for the Year

As of December 31, 2003

(28,226.01)

(1,725,278.91)

(9,092.13)

(37,583.12)

(26,686,612.10) (13,782,354.50)

12,573,050.53

7,309,035.42

(143,344,536.98)

19,882,085.95

(1,756,216.27) (16,245,894.65) (5,163,213.80)

(24,927,921.77)

(19,702,405.74) (55,318,147.08) (32,863,270.26)

(148,390,372.80)

Net Book Value As of December 31, 2002 37,367,964.97

555,162.89

84,592,699.06

481,907.65

147,661,970.35 141,122,461.02 23,274,046.90

13,631,029.46 448,687,242.30

As of December 31, 2003 50,636,400.85

526,936.88

82,146,194.38

472,815.52

132,916,105.62 144,606,867.06 22,302,529.95

82,686,936.54 516,294,786.80

(Unit : Baht) The Company Financial Statements Only Lands

Lands

Buildings

Improvement

Golf Course

Power

and Football Field Station

Furnitures and

Vehicles

Equipments

Building

Total

in Progress

Cost As of December 31, 2002 21,239,304.97

32,967,177.82

14,255,170.02

31,880,064.08

Purchase/ Transfer In

13,268,435.88

32,967,177.82

14,255,170.02

(13,377,856.63) (13,773,262.37)

Sold/Transfer Out

As of December 31, 2003 34,507,740.85

36,501,759.00

136,843,475.89

7,054,534.17

4,962,800.00

25,285,770.05

(380,139.34)

(5,508,305.00)

(5,888,444.34)

38,554,458.91

35,956,254.00

156,240,801.60

(23,463,569.73) (21,751,658.31)

(72,366,347.04) 5,783,408.69

Accumulated Depreciation As of December 31, 2002

Sold/Transfer Out

Depreciation for the Year

As of December 31, 2003

As of December 31, 2002

21,239,304.97

19,589,321.19

481,907.65

8,416,494.35

As of December 31, 2003

34,507,740.85

17,913,180.83

472,815.52

12,131,941.32

275,125.69

5,508,283.00

(1,676,140.36)

(9,092.13)

(15,053,996.99) (13,782,354.50)

(3,234,073.55)

(4,173,513.46)

(9,092,819.50)

(26,422,517.59) (20,416,888.77)

(75,675,757.85)

14,750,100.69

64,477,128.85

15,539,365.23

80,565,043.75

Net Book Value

Depreciation Expenses in Income Statement Financial Statements Consolidated

The Company Only

ended on December 31, 2002

19,944,725.10

6,467,601.47

ended on December 31, 2003

24,927,921.77

9,092,819.50

For the year

15. Bank Deposit Equipped with Guaranteed Obligation As of December 31, 2002 in the Company financial statements, part the fixed deposit in amount of Baht 1.54 million were pledged as withdrawal right to a bank against issuing letters of guarantee against the contribution payments to the Industrial Estate Authority of Thailand. 16. Bank Overdrafts and Short-Term Loans from Financial Institutions Consisted of : (Unit : Baht) Financial Statements Consolidated

The Company Only

As of December 31,

2003

2002

2003

2002

Bank Overdrafts

112,867,517.64

135,916,033.01

97,893,186.18

130,343,924.35

Loans due to Financial Institutions

720,000,000.00

638,289,544.59

190,000,000.00

400,000,000.00

832,867,517.64

774,205,577.60

287,893,186.18

530,343,924.35

Total -

The Consolidated Financial Statements As of December 31, 2003 and 2002, was loans due from a commercial bank and a financial institute amount Baht 720.00 million and Baht 630.00 million respectively was issuance of bill of exchange via commercial bank and two financial institution which carried on interest rate of 2.30 - 6.75% per annum.

The Company Financial Statements Only As of December 31, 2003 and 2002, loans due from financial institution amount to Baht 190.00 million and Baht 400.00 million respectively was for issuance of bill of exchange via commercial bank and two financial institution which carried interest rate of 2.85 - 6.75% per annum.

17. Long-Term Loans Consisted of : (Unit : Baht) Amata Corporation PCL 2003 Annual Report

Financial Statements Consolidated As of December 31, 2003

2002

Outstanding Loan with a Credit Limit of Baht 55.00 million

39,304,000.00

48,472,000.00

Outstanding Loan with a Credit Limit of Baht 340.60 million

53,320,000.00

Outstanding Loan with a Credit Limit of Baht 500.00 million

500,000,000.00

539,304,000.00

101,792,000.00

(121,168,000.00)

(27,168,000.00)

418,136,000.00

74,624,000.00

Total Less Current Portion of Long-Term Loans Net

40.41

Movement of long-term loans for year ended on December 31, 2003 and 2002 as follows : (Unit : Baht) Financial Statement Consolidated 2003

2002

Book Value in the Beginning

101,792,000.00

474,798,267.39

Increase in this period

500,000,000.00

103,320,000.00

Repayment to Long-Term Loans

(62,488,000.00)

(393,628,005.67)

(82,698,261.72)

539,304,000.00

101,792,000.00

Decrease from Long - Term Loans and Accrued Interest Expenses Book Value in the Ending 17.1

Loan credit facility of Baht 55 million on behalf of subsidiaries can be materially summarized as follows : As of December 31, 2003 and 2002, the subsidiary has borrowed loan from one commercial bank in credit line of Baht 55.00 million so as for land plus construction acquisition with the term of the contract as follows : 1.

Interest rates for the first 3 years commenced from December 15,2002 to December 15, 2005 the Company has to repay interest at the rate of MLR+1% per annum and another 3 years commenced from December 15, 2005 -December 15, 2008 carried interest rate of MLR per annum.

The CompanyÂ&#x2019;s land plus construction in amount of Baht 70.22 million are pledged as collateral against loan.

The Company has to repay loan within the 15th date of every month at the minimum of Baht 0.76 million per month. The principal is initially repayable in November, 2002 and has to be completely repayable within December 15, 2008. In addition, the Parent Company is guarantor against full amount of credit. As of December 31, 2003 and 2002, the subsidiary holds the outstanding debt of Baht 39.30 million and 48.47 million respectively. As of December 31, 2003, the subsidiary repayment to Long-Term Loans all amount.

17.2

Loan credit facility of Baht 340.60 million on behalf of subsidiary can be materially summarized as follows : As of December 31, 2003 and 2002, the subsidiary has borrowed loan from one merchant bank in credit line of Baht 53.32 million so as for land acquisition and development and construction of the system of public utility in Baht 287.28 million aggregating to Baht 340.60 million with the term of the contract as follows : 1.

Interest rate of MLR+0.50% per annum.

Borrower can fully withdraw cash on behalf of land fee immediately. In addition, it is quarterly repayable within 3 years, at Baht 4.50 million per installment. The first installment is immediately repayable when term is due for 3 months commenced from the first loan withdrawal date. Moreover, the loan withdrawal of development fee and construction of the public utility can be withdrawn when the Company supplies the contract of purchase-sell land to the CompanyÂ&#x2019;s clients so as to present to the bank and the Company can withdraw at the minimum of Baht 0.63 million per Rais. It is noted that one withdrawal is regarded as one credit line. The Company has to be completely repayable within 5 years. Each sub-credit line is quarterly repayable in 4 installment as per 25% of each sub-credit line per installment. The first installment is immediately repayable when the term of 3 months is due commenced from the first withdrawal date of each respective sub-credit line.

The Company has to mortgage land in aggregate area of 608-0-50.20 Rais plus existing construction as collateral against loan. As of December 31, 2003, the subsidiary repayment to Long-Term Loans all amount.

17.3

Loan facility in amount of Baht 500 million is on behalf of subsidiary can be summarized as follows : As of December 31, 2003, the subsidiary borrowed from one commercial bank in the loan facility of Baht 500 million with the term and covenant of the contract as follows: 1.

Interest rate of year 1-2 carried rate of MLR-1.25% per annum and year 3 onwards carried rate of MLR-1% per annum. Interest is monthly repayable.

The Company has to repay principal to the bank in total number of 18 installments. In the 1st to 16th installments, it is repayable by Baht 28 million per installments. In the 17th-18th installment, it is repayable by Baht 26 million per installment. In the 1st installment , it is repayable in the 9th month commenced from the signed date of the contract. However, if the withdrawer incompletely withdrew the loan, the amount to be repaid in each installment is diluted in accordance with the pro rata basis. It has to be completely repayable within 5 years commenced from the signed date of the contract.

The Parent Company guaranteed and the borrower issued bill of exchange to the bank with the amount and maturity period in accordance with the installment of loan repayment.

18. Other Payables Consisted of : (Unit : Baht) Financial Statements Consolidated

The Company Only

As of December 31,

2003

2002

2003

2002

Payables-Industrial Estate Authority of Thailand

19,890,584.66

Less Current Portion

(6,630,194.89)

13,260,389.77

Net

As of April 30, 2002, the Company has already signed the contract to additionally amend the contract of joint operation of the Amata Nakorn Industrial Estate Project with the Industrial Estate Authority of Thailand (IEAT). In addition, the result from amendment of contract, over due debt obligation of the Company reduced by Baht 220.28 million. The Company reflected reduced debt obligation was extra-ordinary item the statement of income by overdue balance, the company has to repay to IEAT with the term and covenant and amount to be repaid to IEAT as follows : Expense in the joint operation amounted to Baht 7.38 million and fund totally amounted to Baht 132.60 million. The repayment is separated as follows : -

Immediate repayment as of the contract signed date in amount of Baht 7.38 million.

In respect of Baht 26.52 million, amount of Baht 6.63 million was repayable on the contract signed date, the within April, 2003 onwards.

The Company agreed to transfer ownership of land of the Company numbering 5 pieces totaling area approximately of 38-3-70 Rai including value pursuant to appraised land price on the ownership transferred date in amount of Baht 106.08 million. The Company can repurchase within 5 years commenced from ownership transferred date to IEAT plus interest repayment at the rate of MLR+1 of the Krung Thai Bank Public Co., Ltd., Having transferred land against debt settlement in amount of Baht 36.60 million.

As of December 31, 2003, the Company repaid all amount before due date installment in accordance with the contract in amount of Baht 19.89 million interest rate of MLR+1%. 42.43

Amata Corporation PCL 2003 Annual Report

remaining balance in Baht 19.89 million was equally repayable for 3 years. The first installment is repayable

19. Share Capital In accordance with the resolution of the extra-ordinary shareholders meeting no.1/2003, as of January 23, 2003, it is unanimously resolved to change the par value from formerly 213.40 million ordinary shares at par value of Baht 5.00 amounting to Baht 1,067.00 million to 1,067.00 million ordinary shares at par value of Baht 1.00 per share amounting to Baht 1,067.00 million. The Company has registered this change at the Ministry of Commerce as of January 28, 2003. In accordance with the minutes of the Annual General Shareholders Meeting for the year 2003 held on April 29, 2003, it was unanimously resolved to appropriate net profit for the year 2002 as legal reserve in amount of Baht 23.15 million (For the year 2002 amount of Baht 16.80 million) and pay a dividend for the result of operation for activities which received the investment promotion to the Company shareholders in 1,067 million shares at the rate of Baht 0.20 per share aggregating to Baht 213.40 million (For the year 2002 amount of Baht 213.40 million) which is payable within May 28, 2003. The Board of Directors of AMATA CORPORATION PUBLIC COMPANY LIMITED at the meeting No.7/2003 on October 13, 2003. Resolved to pay an interim dividend in 1,067 million shares at 0.25 Baht per share aggregating to Baht 266.75 million (For the year 2002 amount of Baht 213.40 million). The interim dividend is paid within November 12, 2003. 20. Adjusted Transactions of Error Correction The Company and a subsidiary adjusted error correction in 2002 since the Company and the Subsidiary Company understated payment of employees remuneration from the result of operation of 2002 in Baht 18.60 million and Baht 2.32 million respectively. Consequently, ending retained earnings were overstated by the same amount. 21. Loss from Termination of Contract and Project For the year ended on December 31, 2003 and 2002, part amount of Baht 3.50 million and Baht 24.25 million respectively the Company agreed to repurchase land which resulted in the Company s loss from cancellation of the former contract. 22. Director s Remuneration Director s remuneration is contributed to directors of the parent company as per section 90 of the Public Company Act excluding salaries and related fringe benefit pain to management directors. 23. Extraordinary Item Gain from Debt Released Contract For for the year ended on December 31, 2002, one subsidiary has repaid debt of loan due to creditor commercial bank and finance institute and completely complied with the term of the contract of debt restructuring; hence, received debt reduction by Baht 82.70 million and subsidiary fully recognized gain from debt restructuring. For the year ended on December 31, 2002, Thai Restructuring Mutual Fund agreed to reduce debt in the outstanding principal and accrued interest payable to the Company since the Company completely complied with term in the contract of debt restructuring whereas the Company reflected reduced debt obligation by amount of Baht 8.27 million as extra-ordinary item in the statement of income. 24. Corporate Income Tax The amount of corporate income tax was calculated of the net profit, which was not promoted by received benefits and privileges after adding of adjusted entries under Revenue Code before recognition of participating profit or loss in subsidiary and associated companies by equity method.

25. Details of Income Statement segregated by Activities with Investment Promotional Benefits and those without Investment Promotional Benefits at the year ended on December 31, 2003 and 2002 (Unit : Baht) The Company Financial Statements Only For the year ended on December 31, 2003 Activities with

Activities without

Total

Investment Promotional Investment Promotional Privileges

Privileges

1,611,567,602.31

473,212,874.22

2,084780,476.53

Utilities Income

14,135,764.06

12,011,069.44

26,146,833.56

Other Income

1,601,998.24

34,466,644.84

36,068,643.08

REVENUE FROM OPERATION Income from Estate Sales

Participating profit by Equity Method TOTAL REVENUES

105,212,722.52 1,627,305,364.61

519,690,588.50

2,359,911,542.76

Cost of Sales

745,334,109.23

328,609,952.20

1,073,944,061.43

Cost of Utilities

18,722,776.16

18,086,196.12

36,808,972.28

Selling and Administrative Expenses

221,471,502.76

69,726,562.86

291,198,365.62

985,528,388.15

416,423,011.18

1,401,951,399.33

EXPENSES FROM OPERATION

TOTAL EXPENSES NET PROFIT BEFORE INTEREST EXPENSES AND

850,257,276.30

CORPORATE INCOME TAX INTEREST EXPENSE

(15,152,595.09)

CORPORATE INCOME TAX

(23,306,884.05)

NET PROFIT

811,797,797.16 (Unit : Baht) The Company Financial Statements Only For the year ended on December 31, 2002 Activities with

Activities without

Total

Investment Promotional Investment Promotional Privileges

Privileges

1,636,220,047.27

Utilities Income

25,168,055.20

14,807,034.30

39,975,089.50

Other Income

293,843,703.04

23,713,409.43

317,557,112.47

106,237,689.74

1,955,231,805.51

38,520,443.73

2,099,989,938.98

REVENUE FROM OPERATION Income from Estate Sales

Participating profit by Equity Method TOTAL REVENUES Cost of Sales

955,175,821.43

Cost of Utilities

19,835,823.61

11,729,566.13

31,565,389.74

Selling and Administrative Expenses

209,959,963.60

(894,780.31)

209,065,183.29

TOTAL EXPENSES NET PROFIT BEFORE INTEREST EXPENSES AND

1,184,971,608.64

10,834,785.82

Amata Corporation PCL 2003 Annual Report

EXPENSES FROM OPERATION

1,195,806,394.46 904,183,544.52

CORPORATE INCOME TAX INTEREST EXPENSE

(22,669,333.26)

CORPORATE INCOME TAX

(6,921,414.19)

NET PROFIT

874,592,797.07

44.45

The Company regards the basis of allocation of other income and selling and administrative expense and interest payable of entity receiving investment promotion or entity not receiving investment promotion in accordance with the proportion of the revenue from sales. 26. Disclosure of Sectoral Business Operation For the year ended on December 31, 2003 and 2002, the Company and its subsidiaries operate in principle business categories namely industrial estate development sector which operates in different geographical areas, i.e. Thailand and Vietnam and utilities sector as follows : (Unit : Million Baht) The Consolidated Financial Statements Industrial Estate Development Thailand 2003

Water Production

Total

Aboard

2002

2003

2002

2003

2002

2003

2002

REVENUE FROM SALES AND PUBLIC UTILITIES

2,459.01 1,892.81

230.48

138.63

262.59

198.39

2,952.08 2,229.83

PROFIT FROM OPERATION

1,093.67

103.42

72.45

94.21

87.53

1,291.30

749.94

909.92

CENTRAL EXPENSES

(365.53) (265.09)

INTEREST EXPENSES

(43.27)

(35.25)

CORPORATE INCOME TAX

(30.08)

(10.04)

NET PROFIT BEFORE EXTRA ORDIANARY ITEMS

852.42

599.54

EXTRA ORDINARY-GAIN FROM DEBT RELEASED CONTRACT

90.97

EXTRA ORDINARY-GAIN FROM CORRECTION OF JOINT OPERATION CONTRACT

220.28

LESS PROFIT MINORITY SHAREHOLDERSÂ&#x2019; INTEREST

(40.62)

(36.20)

NET PROFIT

811.80

874.59

516.30

448.69

ASSET USED IN THE SECTION AT DECEMBER 31,

95.77

81.35

301.75

295.80

118.78

71.54

CENTRAL ASSET

4,801.36 4,305.05

TOTAL ASSET AT DECEMBER 31,

5,317.66 4,753.74

27. Obligations and Contingent Liabilities As of December 31, 2003 and 2002, the Company and the Subsidiary Company still remains obligations commitment and contingent liabilities as follows : 27.1

Bank obligations regarding to : (Unit : Million Baht) Financial Statements Consolidated

The Company Only

2003

2002

2003

2002

5.10

4.39

0.33

0.61

329.55

336.96

162.02

168.57

Letters of Guarantee -

Electricity Guarantee and Others

A Pledge against Contribution Payments to the INDUSTRIAL ESTATE AUTHORITY OF THAILAND

A pledge against contribution payments to the INDUSTRIAL ESTATE AUTHORITY OF THAILAND pursuant to a joint-operating agreement to establish the AMATA NAKORN INDUSTRIAL ESTATE in Chonburi Province and AMATA CITY INDUSTRIAL ESTATE in Rayong Province with the INDUSTRIAL ESTATE AUTHORITY OF THAILAND.

27.2

As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the loan of the subsidiary due to the Tisco Finance Public Co., Ltd. The credit facility was granted to buy land and land development of the AMATA CITY INDUSTRIAL ESTATE pursuant to contract dated October 4, 2001, by the guaranteed credit facility of Baht 166.17 million and Baht 299.32 million respectively

27.3

As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the Letters of Guarantee by a commercial bank under of a joint-operating agreement with the INDUSTRIAL ESTATE AUTHORITY OF THAILAND by the guaranteed credit facility of Baht 15.73 million.

27.4

As of December31,2003 and 2002,the Company acts as co-insurety for its subsidiary against the bill of exchange via a commercial bank and a security company amount of Baht 530.00 million and Baht 280.00 million respectively for land development of its subsidiary.

27.5

As of December31,2003 and 2002,a subsidiary company has conducted loan agreement with one commercial bank by amount of Baht 55.00 million. The loan was respectively pledged by land plus property (system of pipe water production and system of waste water treatment) as collateral against loan. And jointly guaranteed by the Company also.

27.6

As of December31,2003 ,the Company jointly guaranteed with one subsidiary as a joint debtor for the loan of the subsidiary from a commercial bank so as to expend in the business of subsidiary in the credit facility of Baht 500.00 million.

27.7

As of December31,2003 ,the Company acts as guarantor of the overdrawn account of one commercial bank to the subsidiary of the Company so as to use as working capital in the facility of Baht 20.00 million.

28. Financial Instruments Policy to Manage Financial Risk The Company and its subsidiary do not hold any financial instruments, which are derivative instruments for speculation or for trade. Risk from Interest Rates The Company and its subsidiary constitute deposit with the finance institute, bank overdraft and loan. As a result, the Company may expose to risk from interest rates derived from the fluctuation of market interest rates in the future whereby affects upon its operation and cash flow of the Company and its subsidiary. However, the Company and its subsidiary do not hold any

Risk on Exchange Rates The Company and its subsidiaries do not hold any trade transactions denominated in foreign currencies; hence, risk exposure does not exist. However, the Company constitutes some investment in its overseas subsidiary company which may incur some risk from fluctuation of foreign exchange rates in the future. The Company did not conduct any forward contract to hedge against risk.

46.47

Amata Corporation PCL 2003 Annual Report

financial derivative to hedge against such risk.

Risk on Credit Provision The Company and its subsidiary constitutes risks on trade credit with the counter contractors associated with a real estate business. However, presently, the Company holds limited number of clients and debt repayment from such accounts receivable was completely complied with the mutual agreement. Consequently, the Company anticipates non risk derived from debt collection of those accounts receivable. Fair Value Book values of financial assets and liabilities which are shown in the balance sheets representing values closed to approximate fair values. Apart from this, the management believes that the Company and its subsidiary hold non material risk on financial instruments. 29. Provident Fund for Employees A provident fund for employees is established, to which both employer (the Company) and employees have to contribute in accordance with the regulation of the provident fund. An outsider manager is appointed to manage this fund. 30. Important Contracts The Subsidiary Company entered contracts with two companies to produce water-supplies and treat waste water with the following conditions : 1.

For the period of 15 years starting from December 12, 2000 for water-supplies production contract and from October 10, 2003 for waste-water treatment contract, to produce water-supplies in Amata City Industrial Estate at the fee of Baht 1.90 per cubic meter for the first 7,000 cubic meters and at the fee of Baht 1.50 per cubic meter for the excess volume and the fee for the waste-water treatment is at Baht 3.50 per cubic meter.

For the period of 15 years starting from October 1, 2003, to produce water-supplies in Amata Nakorn Industrial Estate at the fee of Baht 2.56 per cubic meter for the first 7,000 cubic meters and at the fee of Baht 1.70 per cubic meter for the excess volume.

For the period of two years starting from November 1, 2003 to December 31, 2005 to produce water-supplies in Amata Nakorn Industrial Estate at Water Supplies Production Plant 1 at the fee of Baht 3.22 per cubic meter.

The Subsidiary Company entered a contract with a company to undertake and maintain the water-supplies system and waste-water treatment system in Amata Nakorn Industrial Estate and Amata City Industrial Estate for the period of 3 years starting from November 1, 2003 to October 31, 2006 at Baht 419,650 per month and this charge is subject to adjustment annually in relation to consumers price index. The Subsidiary Company entered a contract to purchase raw water with a company for the period of 15 years, starting from the completion date of building water flowing system or other time agreed upon by the parties concerned, in Amata Nakorn Industrial Estate for the minimum volume of 5 million cubic meters per year at Baht 7 per cubic meter. 31. Agreement A Subsidiary Company made an agreement with a related company in relation to expenditure on raw water piping system and rent on water supplies system and waste water treatment system under this agreement, the Company has to pay Baht 90.91 million towards expenditure on raw water piping system within the period of 5 years and Baht 31.45 million per year towards rent on water supplies system and waste water treatment system, commencing from August 10, 2001 onwards.

By the Numbers II Contents Amata Group of Companies, Profile

Amata Corporation PCL 2003 Annual Report

Other Information

1.1 Amata Corporation Public Company Limited (Bor Mor Jor 523) Business Activity : Industrial Estate Development Company Registration Date : 6th March 1989 Company Registration No. : Bor Mor Jor 523 Registered and paid up share capital : 1,067,000,000 ordinary shares at Baht 1 each Head Office : 2126 Kromadit Building, Petchburi Road, Bangkapi, Huay Kwang Bangkok 10320, Thailand Phones : (02) 318-0007 Fax : (02) 318-1096 Email : marketing@amata.com Management : Mr. Thomas H. Reese, President & COO Site Office : Amata Nakorn Industrial Estate, 700 Moo 1 Klong Tamru, Muang Chonburi 20000, Thailand Phones : (038) 213-007 Fax : (038) 213-700 Email : marketing@amata.com Management : Mr. Yasuo Tsutsui, Manager

1.2 Juristic persons, in which the company holds at least 10% interest: 1. Amata City Co., Ltd. Business Activity Company Registration Date Company Registration No. Registered and paid up share capital Percentage owned by Amata Corporation Head Office

: : : : : :

Phones Fax Site Office

: : :

Project Location Phones Fax Email Management

: : : : :

2. Amata (Vietnam) Co., Ltd. Business Activity Company Registration Date Company Registration No. Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : : :

Phones Fax Email Site Office

: : : :

Phones Fax Management

: : :

Industrial Estate Development 5th June 1995 (2) 2542/2538 4,500,000 ordinary shares at Baht 100 each 82.67% 2126 Kromadit Building, Petchburi Road, Bangkapi, Huay Kwang, Bangkok 10320, Thailand (02) 318-0007 (02) 318-1096 Amata City Industrial Estate, 7 Moo 3 Bowin, Sriracha Chonburi 20230, Thailand Highway 331 KM. 95 Tambol Mabyangporn Pluakdaeng District, Rayong (038) 346-007 (038) 345-771 amatacity@amata.com Mr. Aukkares Choochouy, Manager

Industrial Estate Development for Lease 31st December 1996 1100/GP US$ 17,000,000.00 58.68% Saigon Center, 5th Floor 65 Le Loi, District 1, Ho Chi Minh City, Vietnam (84) 8 914-2379-82 (84) 8 914-2383 amatavn@ksc.th.com Long Binh Ward, Bien Hoa City Dong Nai Province, Vietnam (84) 61 893-596 (84) 61 891-251 Dr. Huynh Ngoc Phien, Vice President Vietnam Projects

Amata Group of Companies

: : : :

Percentage owned by Amata Corporation Head Office

: :

Phones Fax Email Management

: : : :

4. Amata Facility Service Co., Ltd. Business Activity Company Registration Date Company Registration No. Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : : :

Phones Fax Email Management

: : : :

5. Amata Dung Quat Co., Ltd. Business Activity Company Registration Date Company Registration No. Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : : :

Phones Fax Email Management

: : : :

6. Amata Mansion Service Co., Ltd. Business Activity Company Registration Date Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : :

Phones Fax Management

: : :

Production and sale of water products for use in industry 5th March 1999 (2) 269/2542 30,000 ordinary shares at Baht 100 each, 100% paid up 370,000 ordinary shares at Baht 100 each, 25% paid up 100% Amata Nakorn Industrial Estate, 700 Moo 1 Klongtamru, Muang Chonburi 20000, Thailand (038) 213-361-2 (038) 213-700 surakit@amata.com Mr. Surakit Chaiamnuay, Managing Director

Service Center Area 29th November 2002 12554501261 10,000 ordinary shares at Baht 100 each, 100% paid up 91.0% Amata Nakorn Industrial Estate, 700 Moo 1 Klongtamru, Muang Chonburi 20000, Thailand (038) 213-402 (038) 213-700 thanapat@amata.com Mr. Thanapat Sornkul, Managing Director

Industrial Estate Development 6th December 2001 2240/GP US$ 1,275,000 70.59% Saigon Center, 5th Floor 65 Le Loi, District 1 Ho Chi Minh City, Vietnam (84) 8 914-2379-82 (84) 8 914-2383 amatavn@ksc.th.com Dr. Huynh Ngoc Phien, Vice President Vietnam Projects

Operate the Amata Mansion Serviced Apartment and Services in Amata Nakorn 15th November 1991 100,000 ordinary shares at Baht 100 each 12.65% Amata Nakorn Industrial Estate, 700/ 1001 Klongtamru, Muang Chonburi 20000, Thailand (038) 213-138-42 (038) 213-143 Mr. Kongdeasthe Sanguansataya, Assistant General Manager 50.51

Amata Corporation PCL 2003 Annual Report

3. Amata Quality Water Co., Ltd. Business Activity Company Registration Date Company Registration No. Registered and paid up share capital

7. Amata Developement Co., Ltd. Business Activity Company Registration Date Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : :

Phones Fax Management

: : :

8. Amata Condotown Rayong Co., Ltd. Business Activity Company Registration Date Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : :

Phones Fax Site office

: : :

Phones Management

: :

Sales and Lease of the 198 Units Apartment in Amata Nakorn 15th June, 1990 68,000 ordinary shares at Baht 1,000 each 43.49% Amata Nakorn Industrial Estate, 700/ 1000 Klongtamru, Muang Chonburi 20000, Thailand (038) 213-138-42 (038) 213-143 Mr. Kongdeasthe Sanguansataya, Assistant General Manager

Development and management of labor accommodation in Amata City 13th December 2000 Baht 10,000,000.00 16.53% 133/ 23-28 Moo 7 Sukhumvit Road, Bangphoomai, Muang Samutprakarn, Thailand (02) 709-1100 (02) 709-1075 Amata City Industrial Estate, 7 Moo 3 Bowin, Sriracha Chonburi 20230, Thailand (038) 650-130-3 Ms. Nutnapa Wongcharoensin, Managing Director

9. Ching Shiang-Amata Chemical Industries (Thailand) Co., Ltd. Business Activity : Import and production of chemical products Company Registration Date : 23rd April 2002 Registered and paid up share capital : 2,160,000 ordinary shares at Baht 100 each Percentage owned by Amata Corporation : 24.26% Head office : 2126 Kromadit Building, Petchburi Road Bangkapi, Huay Kwang Bangkok 10320, Thailand Phones : (02) 318-0007 Fax : (02) 318-1096 Management : Mr. Chackchai Panichapat, Executive Director

10. Amata Power Ltd. Business Activity Company Registration Date Registered and paid up share capital Percentage owned by Amata Corporation Head office

: : : : : :

Phones Fax Email Management

: : : :

Production of electricity and steam for sale 2nd March 1995 Baht 15,000,000 ordinary shares at 100 Baht each 100% paid up Baht 2,000,000 ordinary shares at 100 Baht each 72.5% paid up 13.77% 88 Krungthepkreetha Road Huamark Bangkok 10240, Thailand (02) 710-3400 (02) 379-4245 pote.j@amatapower.com Mr. Pote Jinphiphadhana, President

Phones Fax Email Management

: : : :

Distribution of natural gas 27th November 2001 Baht 160,000,000.00 10% Amata Nakorn Industrial Estate, 700 Moo 1 Klongtamru, Muang Chonburi 20000, Thailand (038) 214-199 (038) 214-255 smattachai@amatangd.com Mr. Smattachai Penroaj, Sales Engineer

Amata Corporation PCL 2003 Annual Report

11. Amata Natural Gas Distribution Co., Ltd. Business Activity : Company Registration Date : Registered and paid up share capital : Percentage owned by Amata Corporation : Head office :

52.53

Other Information

Share Registar The Thailand Securities Despository Co., Ltd. Address

Phones Fax

: :

The Stock Exchange of Thailand Building, 4th and 7th Floor 62 Ratchadapisek Road, Klongtoey Bangkok 10110, Thailand (02) 359-1200-1 (02) 359-1259

Auditor Ms. Jintana Mahavanich Certified Public Acc. Reg. No. : Company Name : Address : Phones Fax

: :

4687 Sam Nak-Ngan A.M.C. Co., Ltd. 4th Unit, 19th Floor, Silom Complex Building 191 Silom Road, Silom, Bangrak Bangkok 10500, Thailand (02) 231-3980-7 (02) 231-3988

Legal Counselor International Business Lawyers Co., Ltd. Address

Phones Fax

: :

33/ 118-119, 23rd Floor, Wall Street Tower Surawongse Road, Suriyawong, Bangrak Bangkok 10500, Thailand (02) 233-1001, (02) 233-1008 (02) 236-6100

Financial Institutes Thai Farmers Bank Public Company Limited Bank Thai Public Company Limited The Siam Commercial Bank Public Company Limited Bangkok Bank Public Company Limited Thai Military Bank Public Company Limited The Bank of Tokyo Mitsubishi Ltd. (Bangkok Branch) Sumitomo Mitsui Banking Corporation

Contact Information Amata Corporation Public Company Limited Investor Relations Name Address

: :

Phones Fax Email

: : :

Mrs. Varaporn Vatcharanukroh, Vice President Treasurer 2126 Kromadit Building, Petchburi Road Bangkapi, Huay Kwang Bangkok 10320, Thailand (02) 318-0007 (02) 318-1096 varaporn@amata.com

Amata Corporation PCL 2003 Annual Report

Amata Corporation Public Company Limited Head Office 2126 Kromadit Building, New Petchburi Road, Bangkapi, Huay Kwang, Bangkok 10320 Tel: (02) 318-0007 Fax: (02) 318-1096

Amata Nakorn Industrial Estate, Chonburi 700 Moo 1, Klong Tamru Sub District, Muang District, Chonburi 20000 Tel: (038) 213-007 Fax: (038) 213-700