SPALI: Annual Report 2004 THAI

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π„π√Õ∫ 3 ªï ·≈– ∂‘µ‘ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 Supalai ∫√‘…—∑ »ÿPublic ¿“≈—¬ Company ®”°—¥ (¡À“™π) Annual Report 2004 Limited

√ÿªß∫°“√‡ß‘π√«¡ º≈°“√¥”‡π‘πß“π

2547 3,433 1,932 104 2,175 97 875 481

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¬Õ¥¢“¬µ“¡ —≠≠“ √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥â®“°°“√∫√‘°“√ √“¬‰¥â√«¡°àÕπ√“¬°“√摇»… °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È- ÿ∑∏‘¿“…’ °”‰√¢—Èπµâπ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å °”‰√ ÿ∑∏‘

2546 2,834 3,496 114 3,751 22 1,525 1,214

(Àπ૬ : ≈â“π∫“∑) 2545 1,810 1,711 113 2,273 466 496 949

(Àπ૬ : ≈â“π∫“∑) 2545 5,371 3,499 1,872 649.72

∞“π–∑“ß°“√‡ß‘π

2547 5,748 2,687 3,061 1,216.11

2546 5,207 2,519 2,688 729.10

Õ—µ√“ à«π∑“ß°“√‡ß‘π

2547 45 22 16 8 0.88 1,216.11 0.46 1.00 2.52 3.90

2546 44 32 45 23 0.94 729.10 1.88 1.00 3.69 6.03

‘π∑√—æ¬å√«¡ Àπ’È ‘π√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â«

Õ—µ√“ à«π°”‰√¢—Èπµâπ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å (%) °”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕߺŸâ∂◊ÕÀÿâπ (%) Õ—µ√“º≈µÕ∫·∑πµàÕ ‘π∑√—æ¬å√«¡ (%) Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕߺŸâ∂◊ÕÀÿâπ (‡∑à“) ®”π«πÀÿâπ (≈â“πÀÿâπ) °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) ¡Ÿ≈§à“Àÿâπ∑’˵√“‰«â (∫“∑) ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µàÕÀÿâπ (∫“∑) À¡“¬‡Àµÿ : 1 ‡©æ“–∫√‘…—∑‡∑à“π—Èπ

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2545 29 42 51 18 1.87 649.72 1.50 1.00 2.88 3.92

Financial Data for the Past 3 Years Annual Report 2004∫√‘…Supalai √“¬ß“πª√–®”ªï 2547 —∑ »ÿ¿“≈—Public ¬ ®”°—¥Company (¡À“™π) Limited

Summary of Consolidated Financial Statement Income Statement

2004 3,433 1,932 104 2,175 97 875 481

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Contractual Sales Revenues from Sales of Real Estate Service Income Total Revenues before Extraordinary Item Gain from Debt Restructuring-net tax Gross Profit from Sales of Real Estate Net Profit

2003 2,834 3,496 114 3,751 22 1,525 1,214

(Million Baht) 2002 1,810 1,711 113 2,273 466 496 949

Balance Sheet

2004 5,748 2,687 3,061 1,216.11

2003 5,207 2,519 2,688 729.10

(Million Baht) 2002 5,371 3,499 1,872 649.72

Financial Ratios

2004 45 22 16 8 0.88 1,216.11 0.46 1.00 2.52 3.90

2003 44 32 45 23 0.94 729.10 1.88 1.00 3.69 6.03

2002 29 42 51 18 1.87 649.72 1.50 1.00 2.88 3.92

Total Assets Total Liabilities Shareholdersû Equity Paid up Capital

Gross Profit Margin from Sales of Real Estate (%) Net Profit Margin (%) Return on Equity (%) Return on Total Assets (%) Debt to Equity (Times) No. of Shares (Mil ion Shares) Earning per Share (Baht) Par Value (Baht) Book Value per Share (Baht) Net Asset Value per Share (Baht) Remark : 1 The company only

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Financial Data for the Past 3 Years Annual Report 2004 Supalai Public Company Limited

¬Õ¥¢“¬µ“¡ —≠≠“ 1 Contractual Sales 1

√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å Revenues from Sales of Real Eatate

≈â“π∫“∑ Million Baht

≈â“π∫“∑ Mil ion Baht

À¡“¬‡Àµÿ : 1 ‡©æ“–∫√‘…∑— ‡∑à“π—πÈ Remark : 1 The company only ≈â“π∫“∑ Million Baht

°”‰√ ÿ∑∏‘ Net Profit

≈â“π∫“∑ Million Baht

Àπ’È ‘π√«¡ Total Liabilities

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≈â“π∫“∑ Mil ion Baht

‘π∑√—æ¬å√«¡ Total Assets

≈â“π∫“∑ Mil ion Baht

à«π¢ÕߺŸâ∂◊ÕÀÿâπ Shareholdersû Equity

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®“°ªï°Õà πÀπâ“ ∑—ßÈ π’‡È æ√“–¡“µ√°“√¿“…’‡æ◊ÕË °√–µÿπâ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å∑®’Ë ∫ ‘πÈ „πªï 2546 ∑”„Àâ¿“…’∏ÿ√°‘®‡©æ“– ·≈–§à“∏√√¡‡π’¬¡‚Õπœ ∑’ˇæ‘Ë¡¢÷Èπ®“° 0.12% ‡ªìπ 5.3% À√◊Õ ‡ªìπ‡ß‘πª√–¡“≥ 79 ≈â“π∫“∑ ∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬µâÕ߇ ’¬¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 260 ≈â“π∫“∑ ®“°∑’˵âÕ߇ ’¬ 97 ≈â“π∫“∑ „πªï 2546 Õ—π‡π◊ËÕß¡“®“°ªï 2547 ∫√‘…—∑ œ ‰¡à¡’

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Message from Chairman Annual Report 2004 Supalai Public Company Limited

ç2004é, was another year of sustainable growth of Supalai, having total sales approximately Baht 4,100 mil ion or 28% increased from the year 2003. But the revenue decreased from the previous year by 42% due to revenue from sales of 3 new condominium projects approximately Baht 1,520 mil ion and housing subdivisions Baht 160 mil ion could not be recognized. Such income will be, instead, recognized in the following years.

Tax incentives for real estate granted by the government expired at the year ended 2003.

Furthermore, the increase in oil price, the southern uproar, the bird flu had somewhat slow-down growth rate in sales.

Net profit after tax for the year 2004 is Baht 480.8 million which is pretty good comparing listed companies. But such amount substantially decreased by Baht 733.2 million from the previous year. Since, the Special Business Tax and transfer fee was levied at rate of 5.3% against 0.12% in previous year or Baht 79 mil ion more. Secondly, the Company and its subsidiaries had to pay corporate income tax of Baht 260 mil ion comparing to Baht 97 mil ion in the year 2003 due to no more tax shield from loss carried forward. The Company was also liable to the corporate income tax in the amount of Baht 32 million on unrecognized income derived from due down payment of condominium projects. Therefore, that made the Companyûs effective corporate income tax equivalent to 35% in the year 2004.

Interest expense has reduced from Baht 56.6 million in the year 2003 to Baht 14.0 million in the year 2004 due to reduction in financial debt and its cost of financing. As a result, that has driven down debt-to-equity ratio from 0.94 in the year 2003 to 0.88 in the year 2004.

For the year 2005, the Company has set its mission: çsustainable growthé wherein the Company wil launch 5 new residential projects including single houses, town houses and condominiums.

On behalf of the Company, I would like to present our appreciation to all shareholders, customers, stakeholders, Board of Directors and employees of Supalai public Company Limited for all cooperation and supports throughout the year 2004.

The Company wil continuously render innovative and quality products and services to our customers in the years to come.

Mr. Prateep Tangmatitham Chairman 5

·ºπ°“√¥”‡π‘π∏ÿ√°‘®„πÕ𓧵 √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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Future Business Plan Annual Report 2004 Supalai Public Company Limited

mass relation, E-marketing and new channel marketing. The company sil sticks to the quality of goods, good service, good presentation, marketing communication, and good customer relations in order to create good image to the product in which wil make the trust to the company, and this wil lead to a good selling including a higher market shares in the future. For the year 2005, the company is growing up and one of the companyûs plan is use a çBrand Recognitioné compared with other companies. Supalai public Company Limited has stayed in the Real Estate Business for a long time and was given ISO 9001-2000 for the producing and developing the goods with high quality, The customers wil believe The second project is Townhouse - Single detached house in that the companyûs goods are not produced under the normal Bangkhen Suburb. Price per unit wil be 3.0-5.0 mil ion baht. There standard but international standard, Moreover, the company is wil be 170 units. The total value of this project is 800 mil ion baht. going to use Balance Score Card for companyûs operation.

The plan for the year 2005 the company has set its target for the sales of its group for increase from year 2004 4,100 mil ion to 6,200 mil ion bath or 2,000 units. In this year 2005, which wil be 50% growth because the company plans to launch 4 new projects consisting of 1 project of condominium situated on Ratchadapisek Road next to Robinson Department Store nearby the Subway station. Price per unit is 0.95-2.0 mil ion baht. The total number of units is 1,400 units which is about 1,600 mil ion baht. The target group of customers wil be working people who want to live in downtown with affordable budget.

For long term policy, SUPALAI stil emphasizes on the residential property developments. Also, the company wil develop the investment capability and a quality to raise the quality service to be higher than averages of this industry. The company is planning to step up to the Top Three of Real Estate Business within 5 years (2005-2010) with the sales more than 10,000 mil ion baht. The company is confident that this target can be achieved with its capability since it is presently at the top 5. In 2004, the company had Another project wil be Bangyai Single detached Houses which total new projects value launched at the third highest of the market the total price per unit is 2.3-3.5 mil ion baht for all 420 units. The total value of the project is 1,000 mil ion baht. The prospect For the long term plan, the company wil develop and expand to customers wil be new generation people who want to live in the more locations and more products and from residential to office suburb area with a convenient transportation. This project can be building and from sales based revenue to rental income based reached by many roads like Ratanatibet, Ring-road and Rama V revenue.

Rd. connected to Pinklao-Nakhonchaisri. As well, the Subway Train project wil be expanded to these areas. This project is also close For over the past 15 years, Supalai has dedicated in developing to the Tesco Lotus, Big C and Carrefurre. quality residential property for the society and also created good environment in order to increase more quality society for many The total number of projects that Supalai Company Limited are area of Thailand Supalai launches its projects. The building of running in 2005 wil be 22 projects consisting of 5 projects of roads to the communities were one of our projects to create a condominium, 4 projects of townhouses, and 8 projects of single convenient way to the customers and Also people in the commudetached houses and other 5 provincial projects. nities, The company has a good public relation to the customers through magazines, academic books, meditation activities, familyThe companyûs market plan which is called IMC (Integrated Mar- rally and white camp. As well, the companyûs workerûs are also keting Communication) which consists of advertising, public rela- supported by scholarship, prizes and shareholding and other things tion, event marketing, customer relation, co-marketing program, for progress development.

The other single detached houses project wil be ON-NUCH which are located nearby the New Bangkok International Airport about 6 kilometers or only 5 minutes driving to the Airport which is quite convenient for people who work for the Airport or other places nearby. The single detached houses are designed with a luxurious styles. Price per unit wil be 7-16 mil ion baht. There are 250 unit s which the total project value wil be 2,000 mil ion bath.

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Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

AUDIT COMMITTEE REPORT The Board of Directors of Supalai Public Company Limited appointed the Audit Committee and determined the duties and responsibilities as well as the scope of performance of the Audit Committee on November 19, 2003.

The Audit Committee consists of 3 independent committee members. They are 1. Mr.Prakit Pradipasen Chairman of the Audit Committee 2. Mr.Anant Gatepittaya Member of the Audit Committee 3. Mrs.Pikul Hanhathya Member of the Audit Committee The Audit Committee has been working together as the responsibility in good corporate governance for the operation towards company没s policy. In 2004, the Audit Committee held eight meetings to consult and consider the following main issues: 1. After reviewing the 2004 financial report of Supalai Public Company Limited and its consolidated statements. In our opinion these statements fairly present the financial position of the company and its subsidiaries and the results of their operations in conformity with generally accepted accounting principles. Significant data was already disclosed in notes to the financial statements.

2. Reviewing the compliance with the Securities and Exchange Acts, Regulations of the Stock Exchange of Thailand, and any other relevant laws.

3. To audit and opine that all the connected transactions between the company or its subsidiaries and related parties in accordance with the rule of the Securities and Exchange Commission and the Stock Exchange of Thailand.

4. To consider the guidelines for the appropriate improvement of internal working control system towards the efficiency and effectiveness and to follow up the outcome of work upon the notice or comments.

5. To consider the company没s risk and propose to the Board of Directors for consideration.

6. Assigned the tendency on internal auditing operation and review, and approved the internal auditing plan.

7. Reviewing the appointment of the certified public accountant for 2005, to propose Ernst & Young Office Limited to Board of Directors submit to general shareholders没 meeting for approval.

The Audit Committee opined that in overall along the period of operation in year 2004 Supalai Public Company Limited had a good corporate governance, transparency, fine ethics, adequate internal control system, appropriate delegation of authority and follows relevant laws. The managements managed faithfully and protected benefits of the company and shareholders. And the company has been also improving the internal control system consistency.

(Mr. Prakit Pradipasen) Chairman of the Audit Committee 9

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11

Purchasing Dept.

Construction Center Dept.

Business & Project Development Dept.

Creative & Product Development Dept.

Engineering & Estimate Dept.

High Rise Low Rise Construction Dept.

Construction Dept.

Assistant Managing Director

Community Service Dept.

Advertising & Public Relations Dept.

Administrative Dept.

Quality System Dept.

Marketing & Sales Dept.

Internal Audit Dept.

Customer Service Dept.

Head Quarter Administrative Dept.

MIS. Dept.

Accounting Dept.

Treasury Dept.

Legal Dept.

Human Resources Development Dept.

Assistant Managing Director

Executive Vice President

Risk Management Committee

President

Director and Deputy M.D.

Remuneration Committee

Audit Committee

Board of Directors

SHAREHOLDERS

Organization Chart

Annual Report 2004 Supalai Public Company Limited

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§≥–°√√¡°“√∫√‘…—∑ / Board of Directors 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ * ª√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ M.Arch. (Hons.) (Housing) University of Illinois at Urbana-Champaign U.S.A. ‡§¬¥”√ßµ”·Àπàß π“¬° ¡“§¡Õ“§“√™ÿ¥‰∑¬ 2 ¡—ªí®®ÿ∫—π¥”√ßµ”·Àπàß - 𓬰°‘µµ‘¡»—°¥‘Ï ¡“§¡Õ“§“√™ÿ¥‰∑- ª√–∏“π°√√¡°“√∫√‘À“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Mr.Prateep Tangmatitham * Chairman of the Board and President M.Arch. (Hons.) (Housing) University of Illinois at Urbana-Champaign U.S.A. Former Founder and President of Thai Condominium Association Present Position - Honorable President of Thai Condominium Association - President of Supalai Public Company Limited π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ * °√√¡°“√·≈–√Õߪ√–∏“π°√√¡°“√∫√‘À“√ M.S. Finance at University of Illinois at Urbana-Champaign U.S.A. ªí®®ÿ∫π— ¥”√ßµ”·Àπàß √Õߪ√–∏“π°√√¡°“√∫√‘À“√ ·≈–°√√¡°“√ ∫√‘…∑— »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - °√√¡°“√ ¡“§¡∫√‘…—∑®¥∑–‡∫’¬π Mrs.Ajchara Tangmatitham * Director and Executive Vice President M.S. Finance at University of Illinois at Urbana-Champaign U.S.A. Present Position Director and Executive Vice President of Supalai Public Company Limited - Director of Listed Companies Association π“¬Õ∏‘ª æ’™“ππ∑å * °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ M.B.A (International Business) Georgia State University, U.S.A., M.B.A (Finance) Mercer University, U.S.A. ªí®®ÿ∫—π¥”√ßµ”·Àπàß - °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - 𓬰 ¡“§¡Õ“§“√™ÿ¥‰∑Mr.Atip Bijanonda * Director and Deputy Managing Director M.B.A (International Business) Georgia State University, U.S.A., M.B.A (Finance) Mercer University, U.S.A. Present Position - Director and Deputy Managing Director of Supalai Public Company Limited - President of Thai Condominium Association

¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß * °√√¡°“√ Ph.D (Finance) University of Illinois at Urbana-Champaign U.S.A. ‡§¬¥”√ßµ”·Àπàß §≥∫¥’§≥–æ“≥‘™¬»“ µ√å·≈–°“√∫—≠™’ ®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—ªí®®ÿ∫π— ¥”√ßµ”·Àπàß - °√√¡°“√∫√‘…∑— »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - °√√¡°“√∫√‘…∑— »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ - °√√¡°“√ ∫√‘…∑— ‡¡‚∑√´‘ ‡µÁ¡ å §Õ√åªÕ‡√™—πË ®”°—¥ (¡À“™π) - ª√–∏“π ”π—°ß“π Õ∫∫—≠™’ ¥√. «‘√™— ·Õπ¥å·Õ ‚´´‘‡Õ∑ å Dr.Virach Aphimeteetamrong * Director Ph.D (Finance) University of Illinois at Urbana-Champaign U.S.A. Former Dean Faculty of Commerce and Accountancy, Chulalongkorn University Present Position - Director of Supalai Public Company Limited - Director of Supalai Property Management Company Limited - Director of Metro Systems Corporation Public Company Limited Chairman of Dr.Virach and Associates 12

Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

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Dr.Prasas Tangmatitham Director Ph.D. (Economics) University of Hawaii at Manoa - Master of Economics (English Program), Thammasat University - Bachelor of Engineering, Major in Survey Engineering, Chulalongkorn University Present Position - Director of Supalai Public Company Limited - Managing Director of Bridge Development Corporation Limited Managing Director of Far East Property Development Corporation Limited

𓬪√– æ πÕß™“µ‘ °√√¡°“√Õ‘ √– B.Comm.(Accounting); Cert. Industrial Development ; IBM Advance Management ªí®®ÿ∫—π¥”√ßµ”·Àπàß - °√√¡°“√Õ‘ √–∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - ª√–∏“π°√√¡°“√∫√‘…—∑ Õ‘π‚ø‡πÁ∑ (ª√–‡∑»‰∑¬) ®”°—¥ - °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫∫√‘…∑— ∑‘ª‚°âø¥Ÿ å (ª√–‡∑»‰∑¬) ®”°—¥ (¡À“™π) Mr.Prasob Snongjati Independent Director B.Comm.(Accounting); Cert. Industrial Development ; IBM Advance Management Present Position - Independent Director of Supalai Public Company Limited - Chairman of the Board of Director of Infonet (Thailand) Limited - Independent Director and Chairman of the Audit Committee of TIPCO Foods (Thailand) Public Company Limited

𓬪√–°‘µ ª√–∑’ª–‡ π °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬‡«¬πå ‡µ∑ √—∞¡‘™‘·°π À√—∞Õ‡¡√‘°“ ‡§¬¥”√ßµ”·Àπàß - °√√¡°“√·≈–√ÕߺŸ®â ¥— °“√„À≠à ∏𓧓√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) - ∑’˪√÷°…“§≥– °√√¡°“√®—¥°“√ ∏𓧓√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) ªí®®ÿ∫—π¥”√ßµ”·Àπàß - °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Mr.Prakit Pradipasen Independent Director and Chairman of the Audit Committee Master of Business Administration, Wayne State University, Detroit, Michigan, U.S.A Former - Director and Senior Executive Vice President of Siam Commercial Bank Public Company Limited - Advisor to Management Board of Siam Commercial Bank Public Company Limited Present Position - Independent Director and Chairman of the Audit Committee of Supalai Public Company Limited

13

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π“¬Õπ—πµå ‡°µÿæ‘∑¬“ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ (°“√®—¥°“√) ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘® (»»‘π∑√å) ®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—‡§¬¥”√ßµ”·Àπàß ºŸâµ√«®°“√ Õߧ尓√‡æ◊ËÕ°“√ªØ‘√Ÿª√–∫∫ ∂“∫—π°“√‡ß‘π ªí®®ÿ∫—π¥”√ßµ”·Àπàß - °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - °√√¡°“√ Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ ¡“«‘πæ√‘Èπ∑嵑Èß·Õπ¥å æ—∫≈‘™™‘Ëß ®”°—¥ (¡À“™π) - °√√¡°“√ Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…∑— ´’.‡ÕÁ¡. ÕÕ·°π‰π‡´Õ√å ®”°—¥ (¡À“™π) - °√√¡°“√Õ‘ √–·≈–°√√¡°“√ µ√«® Õ∫ ∫√‘…∑— øÕ√å®πŸ æ“√å∑Õ‘π¥— µ√’ ®”°—¥ (¡À“™π) - ª√–∏“π°√√¡°“√ ∫√‘…—∑ ®—¥À“ß“π ‡¥Õ– ∫‘≈‡≈’Ë¬π ‚´≈Ÿ™—Ëπ ®”°—¥ - °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ.‡Õ .®’. §Õπ´—≈·µπ∑å ®”°—¥ Mr.Anant Gatepittaya Independent Director and Member of the Audit Committee M.M.(Management) Sasin Graduate Institute of Business Administration Chulalongkorn University Former Supervision Executive of Financial Sector Restructuring Authority Present Position - Independent Director and Member of the Audit Committee of Supalai Public Company Limited - Independent Director and Chairman of the Audit Committee of Marwin Printing and Publishing Public Company Limited - Independent Director and Member of the Audit Committee of C.M. Organizer Public Company Limited - Independent Director and Member of the Audit Committee of Fortune Parts Industry Public Company Limited - Executive Director of The Bril iant Solution Company Limited - Managing Director of A.S.G. Consultant Company Limited

π“ßæ‘°ÿ≈ À“≠À—∑¬“ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ æ“≥‘™¬å»“ µ√å∫—≥±‘µ (∫—≠™’) ®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—‡§¬¥”√ßµ”·Àπàß ºŸâ®—¥°“√ΩÉ“¬ª√–°—π¿—¬‡∫Á¥‡µ≈Á¥∫√‘…—∑ «‘√‘¬–ª√–°—π¿—¬ ®”°—¥ ªí®®ÿ∫—π¥”√ßµ”·Àπàß - °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - °√√¡°“√ ∫√‘…∑— »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ - °√√¡°“√ ∫√‘…∑— ¿—∑√“ Õ‘π‡µÕ√å ¡“√凰Áµµ‘ßÈ ®”°—¥ - °√√¡°“√ À“≠µ√–°Ÿ≈¡Ÿ≈π‘∏‘ Mrs.Pikul Hanhathya Independent Director and Member of the Audit Committee B.A. (Accounting) Chulalongkorn University Former Manager Miscellaneous Accident Insurance Dept. of The Viriyah Insurance Company Limited Present Position - Independent Director and Member of the Audit Committee of Supalai Public Company Limited - Director of Supalai Property Management Company Limited - Director of Patra Inter Marketing Company Limited - Director Hanlinage Foundation

14

Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

∑’˪√÷°…“§≥–°√√¡°“√∫√‘…—∑ π“¬∑«’ Àπÿπ¿—°¥’ ∑’˪√÷°…“§≥–°√√¡°“√ Hons. Ph.D. in Accounting, ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ‡§¬¥”√ßµ”·Àπàß - ª√–∏“π°√√¡°“√ ∫√‘…—∑‡ß‘π∑ÿπÀ≈—°∑√—æ¬å ‡Õ ´’ ‡Õø ®”°—¥ (¡À“™π) - ª√–∏“π°√√¡°“√∫√‘À“√ ∏𓧓√π§√À≈«ß‰∑¬ ®”°—¥ (¡À“™π) - ºŸâÕ”π«¬°“√ ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π ªí®®ÿ∫—π¥”√ßµ”·Àπàß - ∑’˪√÷°…“§≥–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Mr.Tawee Noonpukdee Advisor to the Board of Director Hons. Ph.D. in Accounting, Thammasat University Former - Chairman of SCF Finance and Securities Public Company Limited - Chairman of the Executive Board of Siam City Bank Public Company Limited - Auditor General Present Position - Advisor to the Board of Director of Supalai Public Company Limited

𓬙«π µ—Èß¡µ‘∏√√¡ ∑’˪√÷°…“§≥–°√√¡°“√ ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ ¡À“«‘∑¬“≈—¬√“¡§”·Àß ªí®®ÿ∫—π¥”√ßµ”·Àπàß - ∑’˪√÷°…“§≥–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) - ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√∫√‘…—∑ ¡—Ëπ§ß‡§À–°“√ ®”°—¥ (¡À“™π) - °√√¡°“√∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ - °√√¡°“√∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ Mr.Chuan Tangmatitham Advisor to the Board of Director Bachelor Degree of Business Administration, Ramkhamhaeng University Present Position - Advisor to the Board of Director of Supalai Public Company Limited - Chief Executive Officer of M.K. Real Estate Development Public Company Limited - Director of M.K.Estate Company Limited - Director of Phuket Estate Company Limited

À¡“¬‡Àµÿ * °√√¡°“√´÷Ëß¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕ·∑π∫√‘…—∑ §◊Õ °√√¡°“√ Õß„π ’˧ππ’È ≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑ Remark * These four directors are authorized to act on behalf of the company with any two joint signatory with the companyûs seal.

15

§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√ √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‚§√ß √â“ß°“√®—¥°“√ 1. §≥–°√√¡°“√∫√‘…—∑ 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ * ª√–∏“π°√√¡°“√ π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ * °√√¡°“√ π“¬Õ∏‘ª æ’™“ππ∑å * °√√¡°“√ ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß * °√√¡°“√ ¥√.ª√–»“ πå µ—Èß¡µ‘∏√√¡ °√√¡°“√ 𓬪√– æ πÕß™“µ‘ °√√¡°“√Õ‘ √– 𓬪√–°‘µ ª√–∑’ª–‡ π °√√¡°“√Õ‘ √– π“¬Õπ—πµå ‡°µÿæ‘∑¬“ °√√¡°“√Õ‘ √– π“ßæ‘°ÿ≈ À“≠À—∑¬“ °√√¡°“√Õ‘ √– À¡“¬‡Àµÿ: * °√√¡°“√ºŸâ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ËÕ·∑π∫√‘…—∑ §◊Õ °√√¡°“√ Õß„π ’˧ππ’È ≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑ ∑’˪√÷°…“§≥–°√√¡°“√∫√‘…—∑ π“¬∑«’ Àπÿπ¿—°¥’ 𓬙«π µ—Èß¡µ‘∏√√¡ ‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑ π“ßæ“Ωíπ §ßæ—π∏ÿå

2. §≥–°√√¡°“√µ√«® Õ∫ 𓬪√–°‘µ ª√–∑’ª–‡ π π“¬Õπ—πµå ‡°µÿæ‘∑¬“ π“ßæ‘°ÿ≈ À“≠À—∑¬“

ª√–∏“π°√√¡°“√µ√«® Õ∫ °√√¡°“√µ√«® Õ∫ °√√¡°“√µ√«® Õ∫

‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫ π“ß ÿ™“«¥’ √√æÕ“ “

3. §≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π 𓬪√–°‘µ ª√–∑’ª–‡ π 𓬪√– æ πÕß™“µ‘ ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß

16

ª√–∏“π°√√¡°“√ °√√¡°“√ °√√¡°“√

Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

Management Structure 1. Board of Directors

Remark *

Mr.Prateep Tangmatitham * Chairman Mrs.Ajchara Tangmatitham * Director Mr.Atip Bijanonda * Director Dr.Virach Aphimeteetamrong * Director Dr.Prasas Tangmatitham Director Mr.Prasob Snongjati Independent Director Mr.Prakit Pradipasen Independent Director Mr.Anant Gatepittaya Independent Director Mrs.Pikul Hanhathaya Independent Director These four directors are authorized to act on behalf of the company with any two joint signatory with Company첫s seal Advisors to Board Mr.Tawee Noonpakdee Mr.Chuan Tangmatitham Secretary Mrs.Pafun Kongphan

2. Audit Committee Mr.Prakit Pradipasen Mr.Anant Gatepittaya Mrs.Pikul Hanhathaya

Chairman Member Member

Secretary Mrs.Suchawadee Supphaasa

3. Remuneration Committee Mr.Prakit Pradipasen Mr.Prasob Snongjati Dr.Virach Aphimeteetamrong

17

Chairman Director Director

§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√ √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

4. §≥–°√√¡°“√æ‘®“√≥“§«“¡‡ ’Ë¬ß π“¬Õπ—πµå ‡°µÿæ‘∑¬“ 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ π“¬Õ∏‘ª æ’™“ππ∑å 𓬪ÿ≥≥æ—π∏å ‡Àπà߇æÁ™√ π“ß«“√ÿ≥’ ≈¿‘∏π“πÿ«—≤πå 𓬰‘µµ‘æß…å »‘√‘≈—°…≥åµ√–°Ÿ≈

°√√¡°“√Õ‘ √– ª√–∏“π°√√¡°“√∫√‘À“√ √Õߪ√–∏“π°√√¡°“√∫√‘À“√ √Õß°√√¡°“√ºŸâ®—¥°“√ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°àÕ √â“ß ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°“√‡ß‘π ·≈–∫—≠™’ ºŸâÕ”π«¬°“√ΩÉ“¬°àÕ √â“ßÕ“§“√ Ÿß

5. §≥–°√√¡°“√∫√‘À“√ 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ π“¬Õ∏‘ª æ’™“ππ∑å

ª√–∏“π°√√¡°“√∫√‘À“√ √Õߪ√–∏“π°√√¡°“√∫√‘À“√ °√√¡°“√∫√‘À“√

6. §≥–°√√¡°“√®—¥°“√ 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ π“¬Õ∏‘ª æ’™“ππ∑å 𓬪ÿ≥≥æ—π∏å ‡Àπà߇æÁ™√ π“ß«“√ÿ≥’ ≈¿‘∏π“πÿ«—≤πå 𓬰‘µµ‘æß…å »‘√‘≈—°…≥åµ√–°Ÿ≈

ª√–∏“π°√√¡°“√∫√‘À“√ √Õߪ√–∏“π°√√¡°“√∫√‘À“√ √Õß°√√¡°“√ºŸâ®—¥°“√ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°àÕ √â“ß ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°“√‡ß‘π ·≈–∫—≠™’ ºŸâÕ”π«¬°“√ΩÉ“¬°àÕ √â“ßÕ“§“√ Ÿß

𓬪√–∑’ª µ—Èß¡µ‘∏√√¡

π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡

π“¬Õ∏‘ª æ’™“ππ∑å

𓬪ÿ≥≥æ—π∏å ‡Àπà߇æÁ™√

π“ß«“√ÿ≥’ ≈¿‘∏π“πÿ«—≤πå

𓬰‘µµ‘æß…å »‘√≈‘ °— …≥åµ√–°Ÿ≈

18

Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

4. Risk Management Committee Mr.Anant Gatepittaya Mr.Prateep Tangmatitham Mrs.Ajchara Tangmatitham Mr.Atip Bijanonda Mr.Punnapan Nengpetch Mrs.Varunee Lapitananuvat Mr.Kittipong Sirilugtrakun

Independent Director President Executive Vice President Deputy Managing Director Assistant Managing Director of Construction Assistant Managing Director of Finance and Accounting Director of High Rise Construction

5. Executive Committee Mr.Prateep Tangmatitham Mrs.Ajchara Tangmatitham Mr.Atip Bijanonda

President Executive Vice President Deputy Managing Director

6. Management Committee Mr.Prateep Tangmatitham Mrs.Ajchara Tangmatitham Mr.Atip Bijanonda Mr.Punnapan Nengpetch Mrs.Varunee Lapitananuvat Mr.Kittipong Sirilugtrakun

President Executive Vice President Deputy Managing Director Assistant Managing Director of Construction Assistant Managing Director of Finance and Accounting Director of High Rise Construction

Mr.Prateep Tangmatitham

Mrs.Ajchara Tangmatitham

Mr.Punnapan Nengpetch

Mrs.Varunee Lapitananuvat 19

Mr.Atip Bijanonda

Mr.Kittipong Sirilugtrakun

§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√ √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

§à“µÕ∫·∑π°√√¡°“√·≈–∑’˪√÷°…“§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ ª√–®”ªï 2547 Remuneration to Companyûs Directors and Advisors to the Board of Directors and Executive Committee in 2004 §≥–°√√¡°“√ 9 ∑à“π·≈–∑’˪√÷°…“§≥–°√√¡°“√ 2 ∑à“π 9 Directors and 2 Advisors √“¬™◊ËÕ°√√¡°“√ Directorsû Name 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ Mr.Prateep Tangmatitham π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ Mrs.Ajchara Tangmatitham π“¬Õ∏‘ª æ’™“ππ∑å Mr.Atip Bijanonda ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß Dr.Virach Aphimeteetamrong ¥√.ª√–»“ πå µ—Èß¡µ‘∏√√¡ Dr.Prasas Tangmatitham 𓬪√– æ πÕß™“µ‘ Mr.Prasob Snongjati 𓬪√–°‘µ ª√–∑’ª–‡ π Mr.Prakit Pradipasen π“¬Õπ—πµå ‡°µÿæ‘∑¬“ Mr.Anant Gatepittaya π“ßæ‘°ÿ≈ À“≠À—∑¬“ Mrs.Pikul Hanhathaya π“¬∑«’ Àπÿπ¿—°¥’ Mr.Tawee Noonpakdee 𓬙«π µ—Èß¡µ‘∏√√¡ Mr.Chuan Tangmatitham

‡¢â“ª√–™ÿ¡/°“√ §à“‡∫’Ȭª√–™ÿ¡ (∫“∑) §à“∫”‡ÀπÁ® (∫“∑) ª√–™ÿ¡∑—ßÈ À¡¥ Meeting Directorsû Participation/ Allowance Remuneration Total Meeting (Baht) (Baht) 13/13 120,000 500,000

√«¡ (∫“∑) Total (Baht) 620,000

13/13

120,000

300,000

420,000

12/13

110,000

300,000

410,000

11/13

100,000

300,000

400,000

12/13

110,000

300,000

410,000

10/13

90,000

300,000

390,000

12/13

110,000

300,000

410,000

13/13

120,000

300,000

420,000

12/13

110,000

300,000

410,000

11/13

100,000

300,000

400,000

7/13

60,000

300,000

360,000

1,150,000

3,500,000

4,650,000

√«¡ Total 20

Directors and Executive Management Annual Report 2004 Supalai Public Company Limited

§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π·≈–§≥–°√√¡°“√®—¥°“√ Audit Committee , Remuneration Committee and Executive Committee §à“µÕ∫·∑π (∫“∑) Remuneration (Baht) §≥–°√√¡°“√µ√«® Õ∫ 3 ∑à“π 3 Member of Audit Committee

540,000

§≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π 3 ∑à“π 3 Member of Remuneration Committee

50,000

§≥–°√√¡°“√®—¥°“√ 6 ∑à“π 6 Management Committee

58,215,150

21

¢âÕ¡Ÿ≈®”‡æ“– √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ≥ «—π∑’Ë 10 惻®‘°“¬π 2547 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 Õ—π¥—∫·√°

®”π«πÀÿâπ

√âÕ¬≈– ¢ÕßÀÿâπ∑—ÈßÀ¡¥

1 °≈ÿࡵ√–°Ÿ≈µ—Èß¡µ‘∏√√¡ 2 ∫√‘…—∑ ‰∑¬‡ÕÁπ¥’«’Õ“√å ®”°—¥ 3 ∏𓧓√‰∑¬∏𓧓√ ®”°—¥ (¡À“™π) 4 𓬙—™«“≈¬å π‘Ë¡æ‘®“√≥å 5 ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 6 𓬫‘‡™’¬√ ®‘√–°√“ππ∑å 7 SOMERS (UK) LIMITED 8 NORTRUST NOMINEES LTD. 9 π“ß “«π‘≈«√√≥ «‘æ—≤π°‘®‡®√‘≠ 10 ∏𓧓√ ‡Õ‡™’¬ ®”°—¥ (¡À“™π)

259,068,500 73,297,100 61,403,631 36,300,900 32,350,000 27,572,600 23,901,700 18,349,600 16,959,540 12,936,000

21.65 6.13 5.13 3.03 2.70 2.30 2.00 1.53 1.42 1.08

√«¡

562,139,571

46.97

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Company Profile Annual Report 2004 Supalai Public Company Limited

Major Shareholders as of November 10, 2004 Top 10 Shareholders

Number of Shares

% of Total Shares

1 Tangmatitham Family 2 Thai NVDR Company Limited 3 BankThai Public Company Limited 4 Mr. Chatchawan Nimpichan 5 Haadyai Nakarin Company Limited 6 Mr.Vichean Jirakranon 7 SOMERS (UK) LIMITED 8 NORTRUST NOMINEES LTD. 9 Miss Ninwan Vipattanakitcharoen 10 Bank of Asia Public Company Limited

259,068,500 73,297,100 61,403,631 36,300,900 32,350,000 27,572,600 23,901,700 18,349,600 16,959,540 12,936,000

21.65 6.13 5.13 3.03 2.70 2.30 2.00 1.53 1.42 1.08

Total

562,139,571

46.97

Operation of Subsidiaries The company invested in subsidiaries which details are as the following : 1. SUPALAI PROPERTY MANAGEMENT COMPANY LIMITED with registered capital of 20 mil ion baht, provides the management services of hotels, restaurants, villa projects and property management. Currently, the company manages the Supalai Pasak Resort and hotel in Saraburi Province and Supalai Park Building in Bangkok.

2. HAADYAI NAKARIN COMPANY LIMITED with registered capital of 191.50 mil ion baht, is presently developing the Asian Trade Center, a large commercial complex, and Palm Spring 1 & 2 , low-rise projects, in the heart of HaadYai District, Songkhla Province.

3. SUPALAI NORTHEAST COMPANY LIMITED with registered capital of 17.5 mil ion baht, invests and develops project in the Northeastern province of Thailand, is presently developing project çSupalai Royal Riveré, low-rise project, in Khonkhaen Province.

23

¢âÕ¡Ÿ≈®”‡æ“– √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…∑— ·≈–∫√‘…∑— ¬àÕÀπ૬ : ≈â“π∫“∑

∫√‘…—∑

º≈‘µ¿—≥±å/∫√‘°“√

—¥ à«π °“√∂◊ÕÀÿâπ (√âÕ¬≈–)

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ∫√‘À“√‚§√ß°“√ Õ“∑‘ ‚√ß·√¡ ·¡‡π®‡¡âπ∑å ®”°—¥ ∂“πæ—°µ“°Õ“°“» 𑵑∫ÿ§§≈Õ“§“√™ÿ¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

24

2547

2546

√“¬‰¥âÀ≈—° √âÕ¬≈–

√“¬‰¥âÀ≈—° √âÕ¬≈–

99.89

1,902 49

93 3

3,358 47

93 1

49.89 49.86

88 -

4 -

214 -

6 -

Company Profile Annual Report 2004 Supalai Public Company Limited

Revenue Structure of Company and Subsidiaries (Mil ion Baht)

2004 Shareholding Main (%) % Business Supalai Public Company Limited Real Estate Development 1,902 93 Supalai Property Management Property Management 99.89 49 3 Company Limited such as hotel , villa project , housing , condominium etc.

HaadYai Nakarin Company Real Estate Development 49.89 88 4 Limited Supalai Northeast Company Real Estate Development 49.86 Limited Company

2003

Product/Service

25

Main Business 3,358 47

93 1

214

6

-

-

%

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26

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited

1 Policy on Corporate Governance The Board of Directors and Executive Directors endorse the importance of good corporate governance according to guidelines from the Stock Exchange of Thailand. The company has adopted all 15 principles of good corporate governance into the companyûs policies and day-to-day operations. The company also practices fairly to everyone in order to be transparent and investigative.

2 Shareholders : rights and equitable treatment The company encourages equal treatments for each shareholder in terns of both rights and duties according to the regulations of the office of Securities and Exchange Commission and the Stock Exchange of Thailand. The company had issued the invitation letters with agenda to shareholders at least seven days before Shareholdersû Meeting. The company also encouraged shareholders to assign the power of attorney to other person or independent director to attend the Shareholdersû Meeting. Furthermore, the company had allocated appropriate time and encouraged equal opportunities for shareholders to express their opinion and raise any question at the Meeting.

3 Shareholderûs Meetings In 2004, the General Shareholdersû Meeting was held on April 30,2004 at 2.00 p.m. and the Extraordinary Shareholdersû Meetings 2 times were held on May 24,2004 and December 1,2004 at Meeting Room, Floor 2nd ,Sports Club Building, Supalai Place Condominium, Sukhumvit 39, Bangkok. Directors and independent directors attended the General Shareholdersû Meeting to respond to questions.

4 Stakeholdersû rights The company has adopted philosophy which has concerns over stakeholdersû legal rights and benefits and the impact on each related group such as shareholders, employees, customers, trade partners etc. The company has continually implemented sincere practice since it was established.

Shareholders : The company encourages equal treatments for all shareholders to have the right of vote except for shareholders with conflict of interest .

Customers : The company has emphasized its operation on Sincerity and Buddhist philosophy such as using the business Ethics to fairly serve customers.

Employees : The company has emphasized on fair practice towards every employee both in terms of benefits and welfare and stick to moral practices in taking care of employees and families in emergency and necessary cases.

Contractors : The Company takes contractors as business partners, through punctual payments, fair and transparent inspection, and taking into account contractorsû information when fixing construction prices. We adopt a system where contracts are awarded accordingly to each contractorsû ability, expertise and quality, as well as evaluation which is notified to contractors for joint improvement.

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¥â“π√â“π§â“·≈–ºŸâº≈‘µ : §Ÿà§â“∑’Ë¥”‡π‘π∏ÿ√°‘®°—∫∫√‘…—∑œ “¡“√∂‡ πÕ√“§“·≈–‡ß◊ËÕπ‰¢‰¥âÕ¬à“߇∑à“‡∑’¬¡°—π ·≈–∫√‘…—∑œ ¡’°√–∫«π°“√ µ—¥ ‘π„®‡≈◊Õ°´◊ÈÕÕ¬à“ß‚ª√àß„ ¡’°“√µ°≈߇ß◊ËÕπ‰¢°—πÕ¬à“ß™—¥‡®π‡æ◊ËÕ§«“¡√«¥‡√Á«∂Ÿ°µâÕß„π°“√µ√«®√—∫ ‘π§â“ ·≈–°“√™”√–‡ß‘πµ√ßµ“¡ °”À𥇫≈“µ“¡¢âÕµ°≈ß Õ’°∑—Èß¡’°“√ª√–‡¡‘πº≈®“°ºŸâ„™â∫√‘°“√√â“π§â“·≈–ºŸâº≈‘µ æ√âÕ¡·®âߺ≈„Àâ∑√“∫‡æ◊ËÕ„À⇰‘¥°“√æ—≤π“∑—Èߥâ“π ‘π§â“ ·≈–∫√‘°“√ —ߧ¡ : ‡ªìπæ≈‡¡◊Õß∑’Ë¥’¢Õß™“µ‘ ªØ‘∫—µ‘Õ¬à“߬ÿµ‘∏√√¡µàÕ§Ÿà§â“„π≈—°…≥–‡ªìπÀÿâπ à«π∑“ß°“√§â“ 5 ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå ∫√‘…—∑œ ‰¥â°”À𥫑 —¬∑—»πå ∑—Èß√–¬– —Èπ·≈–√–¬–¬“« µ—Èß·µà°àÕµ—Èß∫√‘…—∑œ ‡æ◊ËÕ‡ªìπ·π«∑“ß„π°“√°”Àπ¥¿“√–°‘® ·ºπ∏ÿ√°‘® °≈¬ÿ∑∏å ‡ªÑ“À¡“¬ ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑„π·µà≈–ªï ‡«≈“°«à“ 15 ªï∑’˺à“π ·≈–§«“¡ ”‡√Á®¢Õß∫√‘…—∑œ‰¥â‡ªìπ‡§√◊ËÕßæ‘ Ÿ®πå∂÷ߧ«“¡‡ªìπ∫√‘…—∑∑’Ë¡’ «‘ —¬∑—»πå°â“«‰°≈≈È”Àπâ“ ¥â«¬º≈ª√–°Õ∫°“√∑’Ë ‚¥¥‡¥àπÕ¬Ÿà„π™—Èπ·π«Àπâ“ „π¿“«–‡»√…∞°‘®∑’Ë¥’ ·≈–‰¡àµâÕ߇¢â“·ºπøóôπøŸ„π¬“¡∑’ˇ»√…∞°‘® «‘°ƒµ‘ ∫√‘…—∑œ‰¥â°”À𥫑 —¬∑—»πå∑’Ë®–‡ªìπ 纟⇙’ˬ«™“≠¥â“π°“√æ—≤π“∑’ËÕ¬ŸàÕ“»—¬é ‚¥¬æ—≤π“∑’ËÕ¬ŸàÕ“»—¬∑ÿ°ª√–‡¿∑ ∑—Èß ∫â“π‡¥’Ë¬« ∫â“π·Ω¥ ∑“«π凌“ å ·≈– Õ“§“√™ÿ¥ ‡æ◊ËÕ°√–®“¬§«“¡‡ ’Ë¬ß ·≈– √â“ß»—°¬¿“æ„π°“√‡®√‘≠‡µ‘∫‚µ ª√“°Ø«à“„πªï∑’˺à“π¡“‰¥â‡√‘Ë¡‡ÀÁπ·π«‚πâ¡°“√ ‡ª≈’ˬπ·ª≈ßÀ≈“¬∫√‘…—∑∑’Ëæ—≤π“‡©æ“–∫â“π‡¥’Ë¬« À√◊Õ∑“«π凌ⓠå À√◊Õ Õ“§“√™ÿ¥„πÕ¥’µ‰¥âª√—∫π‚¬∫“¬‡ª≈’ˬπ‡ªìπ æ—≤π“∑’ËÕ¬ŸàÕ“»—¬À≈“√Ÿª·∫∫‡™àπ‡¥’¬«°—∫ ç»ÿ¿“≈—¬é 6 §«“¡¢—¥·¬âߢÕߺ≈ª√–‚¬™πå π‚¬∫“¬¢Õß∫√‘…—∑ œ µ—ÈßÕ¬Ÿà∫πÀ≈—°°“√∑’Ë«à“∑ÿ°§π∑—Èßæπ—°ß“π ºŸâ∫√‘À“√ ·≈–°√√¡°“√®–µâÕßµ—¥ ‘π„®„π°“√¥”‡π‘π∏ÿ√°‘® ‚¥¬§”π÷ß∂÷ß ª√–‚¬™πå Ÿß ÿ¥¢Õß≈Ÿ°§â“·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ œ ‡∑à“π—Èπ ∑—Èßπ’È ®–µâÕ߉¡à¬Õ¡„Àâ‡Àµÿº≈„π à«π¢Õßµπ‡Õß À√◊Õ∫ÿ§§≈„π §√Õ∫§√—«¢Õßµπ ¡’Õ‘∑∏‘æ≈µàÕ°“√µ—¥ ‘π„®∑’Ë∑”„Àâ‡∫’ˬ߇∫π‰ª®“°À≈—°°“√¢â“ßµâπ ∑—Èßπ’ȧ≥–°√√¡°“√∫√‘…—∑ œ ‰¥â°”Àπ¥π‚¬∫“¬°√≥’∑’Ë¡’√“¬°“√∑’Ë¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå·≈–√“¬°“√∑’ˇ°’ˬ«¢âÕß°—π®–µâÕ߉¥â√—∫ §«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√°àÕ𥔇π‘π°“√ Õ’°∑—È߬—߉¥âªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‚¥¬‡ªî¥‡º√“¬≈–‡Õ’¬¥¢Õß√“¬°“√ ¡Ÿ≈§à“√“¬°“√ ‡Àµÿº≈·≈–§«“¡®”‡ªìπ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï·≈–√“¬ß“πª√–®”ªï ·≈–πÕ°®“°π’È ·≈â«∫√‘…—∑œ ¡’π‚¬∫“¬·≈–√–‡∫’¬∫«‘∏’ªØ‘∫—µ‘„π°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π Õ“∑‘‡™àπ - °”Àπ¥·¬°æ◊Èπ∑’Ë¢ÕßÀπ૬ߓπÕ¬à“ß™—¥‡®π ‚¥¬‡©æ“–Àπ૬ߓπ∑’ˇ°’ˬ«¢âÕß°—∫¢âÕ¡Ÿ≈¿“¬„π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑ ‡™àπ ΩÉ“°“√‡ß‘π·≈–∫—≠™’ ‡ªìπµâπ - Àâ“¡¡‘„Àâπ”¢âÕ¡Ÿ≈¿“¬„π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑ ´÷Ë߬—߉¡à‰¥â‡ªî¥‡º¬µàÕ “∏“√≥™π À√◊ÕÕ“®¡’º≈°√–∑∫µàÕ°“√‡ª≈’ˬπ·ª≈ß √“§“À≈—°∑√—æ¬å ‰ª„™â‡æ◊ËÕª√–‚¬™πåµàÕµπ‡ÕßÀ√◊ÕºŸâÕ◊Ëπ - ™’È·®ß„À⺟â∫√‘À“√‡¢â“„®∂÷ß¿“√–Àπâ“∑’Ë„π°“√√“¬ß“π°“√∂◊ÕÀ≈—°∑√—æ¬å„π∫√‘…—∑¢Õßµπ‡Õß §Ÿà ¡√ ·≈–∫ÿµ√∑’ˬ—߉¡à∫√√≈ÿ𑵑¿“«– µ≈Õ¥®π√“¬ß“π°“√‡ª≈’ˬπ·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµ“¡¡“µ√“ 59 ·≈–∫∑°”Àπ¥‚∑…µ“¡¡“µ√“ 275 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈– µ≈“¥À≈—°∑√—æ¬å æ.». 2535 7 ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑œ ‡πâπ°“√ªØ‘∫—µ‘µπ °“√∑”ß“π·≈–¥”‡π‘π∏ÿ√°‘®∫πæ◊Èπ∞“π¢Õߧ«“¡´◊ËÕ —µ¬å ·≈–¬÷¥¡—Ëπ„π®√√¬“∫√√≥ ‡æ◊ËÕ„À⇰‘¥§«“¡‡ªìπ∏√√¡µàÕ §Ÿà§â“·≈–≈Ÿ°§â“¢Õß∫√‘…—∑ œ ¥—ßπ’È ≈Ÿ°§â“ ∫√‘…—∑ œ ¡ÿàß¡—Ëπ„Àâ≈Ÿ°§â“¡’§«“¡æ÷ßæÕ„®‚¥¬°“√𔇠πÕ ‘π§â“∑’Ë¡’§ÿ≥¿“æ ·≈–„Àâ∫√‘°“√∑’ˇªìπ‡≈‘»°—∫≈Ÿ°§â“¢Õß∫√‘…—∑ œ 28

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited

Suppliers : These business partners can quote competitive prices and conditions and they will be selected through a transparent procurement process. Conditions are clearly discussed for fast and accurate delivery and payments. They are evaluated and notified of the results for improvement in terms of products and services.

Society

: To be good corporate citizen. To fairly treat, with win-win attitude, suppliers/contractors as trade partners.

5 Leadership and Vision The company has set its short-term and long-term vision since the company was established. It has cascaded down to mission, strategy, goals and annual budget. For more than 15 years, the success story of the company reflects such superior vision. i.e. companysû outstanding performance during those good years in the past, not have to go into rehabilitation in time of crisis. The company has set its vision to be çresidential development experté by developing all kinds of residential products, i.e.: single detached house, duplex, townhouse and condominium. The aim is to diversify risks not to rely on any one single product. Evidently, it can be seen recently that many other developers have diversified projects with varieties of residential products as çSupalaié has done.

6 Conflict of Interest The Company operates under the principle that all employees, executives and directors must perform to the best and maximum benefits for clients and the shareholders of Company. Personal interests or those of their families must not play a part in deviating them from the principle.

The Board of Directors had set the policies that in the case of conflict of interest of related transactions, it would require should be approval form the Board of Directors. Furthermore, the company has conducted these transactions in accordance with the rule of the Stock Exchange of Thailand, and disclosure in filing and annual report. It is the company ù s policy to oversee beneficial usage of internal information such as - To separate each area especial y the departments related to internal information such as finance and accounting department etc.

- To inform staffs and management not to use significant internal information and not to disclose to public which may have impact on stock price.

- To inform management regarding their responsibility to accurately report on transactions of the companyûs stock in accordance with Virtue of Section 59 and punishment of Section 275 of the Security and Exchange Act B.E.2535.

7 Business Ethics The Company has operated business upon honest and ethical standards for fairness to business partners and clients.

Customers

: The Company is dedicated to satisfying customers with quality products and excellent services.

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8 °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’ˉ¡à‡ªìπºŸâ∫√‘À“√ ∫√‘…—∑ œ ‰¥â·¬°Õ”π“®Àπâ“∑’˧«“¡√—∫º‘¥™Õ∫¢ÕߺŸâ∫√‘À“√ §≥–°√√¡°“√ ·≈–ºŸâ∂◊ÕÀÿâπÕ¬à“ß™—¥‡®π ´÷Ëß· ¥ß‰«â„πª√–°“»¢Õß∫√‘…—∑œ ‡√◊ËÕß Õ”π“®¥”‡π‘π°“√ ·≈–¡’°“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’ˉ¡à‡ªìπºŸâ∫√‘À“√ §◊Õ¡’°√√¡°“√Õ‘ √– 4 ∑à“π ®“°®”π«π§≥–°√√¡°“√ 9 ∑à“𠧑¥‡ªìπ —¥ à«π‡°‘π°«à“ 1 „π 3 ¢Õß°√√¡°“√∑—ÈßÀ¡¥ 9 °“√√«¡À√◊Õ·¬°µ”·Àπàß ∫√‘…∑— œ ‰¥â√«¡µ”·Àπàߪ√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ ‡æ◊ÕË „À⇰‘¥ª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√·≈–ª√–À¬—¥§à“„™â®“à ¬ Õ¬à“߉√ °Áµ“¡„π°“√ª√–™ÿ¡∑ÿ°§√—Èߪ√–∏“π°√√¡°“√‰¡à‡§¬‡ªìπºŸâ™’Èπ” °“√µ—¥ ‘π„®„π‡√◊ËÕß∑’Ë ”§—≠µà“ßÊ ®–µâÕ߉¥â√—∫¡µ‘‡ÀÁπ™Õ∫‡ªìπ‡Õ°©—π∑宓° §≥–°√√¡°“√∑ÿ°∑à“π∑’ˉ¥â‡¢â“√à«¡ª√–™ÿ¡ À“°¡’°√√¡°“√∑à“π„¥∑à“πÀπ÷Ë߉¡à‡ÀÁπ™Õ∫∂◊Õ«à“«“√–π—Èπ‰¡àºà“𧫓¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√ ·≈–°√≥’∑’˪√–∏“π°√√¡°“√¡’ à«π‰¥â‡ ’¬„π«“√–π—Èπ Ê ª√–∏“π°√√¡°“√®–ߥÕÕ°‡ ’¬ß 10 §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑ œ ‰¥â°”Àπ¥º≈µÕ∫·∑π¢Õß°√√¡°“√Õ¬à“ß‚ª√àß„ ·≈–Õ¬Ÿà„π√–¥—∫‡¥’¬«°—π°—∫Õÿµ “À°√√¡ ∑—Èßπ’餈ҵÕ∫·∑π¥—ß°≈à“«®–µâÕ߉¥â√—∫ °“√Õπÿ¡—µ‘®“°∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑ÿ°§√—Èß ”À√—∫°“√ª√—∫‡ß‘π‡¥◊Õπ·≈–§à“µÕ∫·∑π摇»…¢ÕߺŸâ∫√‘À“√®–‰¥â√—∫°“√æ‘®“√≥“°”À𥂥§≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π 30

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited Shareholders : The Company is committed to sustainable good performance under its best efforts, with full awareness in present and future risks, for maximum benefits to shareholders.

Employees : As valuable assets, employees will be developed to improve their ability, salaries and other benefits to be in line with leading companies.

Society

: As a good citizen, the Company is dedicated to benefiting society and preserving environment.

Ethics

: The Company, in upholding ethics, runs the business with full honesty.

Business expertise : The Company operates as a professional with full responsibility and dedication to achieve excellent results, through the combination of new methods and technology.

Quick response : The Company is ready to respond to customersû and societyûs demands and technical as well as economic changes, and to adjust itself to meet present and future customersû preferences.

Disciplines and rule enforcement : The Company operates business under certain principles and disciplines and assures all that business decisions and the operations conform with related laws and regulations. It also honours commercial banksû ethical standards as well as a set of employee standard practices.

Moreover, the company has received certification of ISO 9001 : 2000 which was audited by external auditors such as Engineering institute of Thailand and EAQA from England.

8 Balance of Power for Non-Executive Directors The company clearly defined the proportion of responsibility of Executive management, the Board of Directors and shareholders under the power of conduction, and further define the proportion of dependent directors and independent directors that there are 4 independent directors out of 9 directors which are more than one-third of total directors.

9 Aggregation or Segregation of Positions The Company combines the titles of chairman and chief executive officer into one, for operating efficiency and expense reduction. However, in each meeting, Chairman does not influence key decisions, which must be unanimously approved by all present directors. With the veto from a single director, it means the proposal is rejected. If Chairman has vested interest in a certain proposal, he abstains from voting.

10 Remuneration for Directors and the Management The company has set remuneration for directors transparently, and aligned with others in the same industry. These benefits had been approved at the Shareholdersû Meeting. The consideration of managementûs bonus and salary had been set by the sub-committee.

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11 °“√ª√–™ÿ¡§≥–°√√¡°“√ ∫√‘…—∑ œ ®—¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√Õ¬à“ßπâÕ¬‡¥◊Õπ≈– 1 §√—Èß ·≈–ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫Õ¬à“ßπâÕ¬ 2 ‡¥◊ÕπµàÕ 1 §√—Èß ‚¥¡’°“√°”À𥫗π‡«≈“∑’·Ë πàπÕπ≈à«ßÀπâ“æ√âÕ¡°”À𥫓√–°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ß™—¥‡®π ·≈– àßÀπ—ß ◊Õ𗥪√–™ÿ¡≈à«ßÀπⓇªìπ‡«≈“‰¡àπÕâ ¬°«à“ 7 «—π°àÕπ«—πª√–™ÿ¡ ‡«âπ·µà®–¡’°√≥’®”‡ªìπ‡√àߥà«π∑’Ë¡’º≈°√–∑∫µàÕª√–‚¬™πå¢Õß∫√‘…—∑ œ ·≈–∫√‘…—∑ œ ‰¥â∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡∑ÿ° §√—Èß·≈–®—¥‡°Á∫‡Õ° “√‡°’ˬ«°—∫√“¬ß“π°“√ª√–™ÿ¡§√∫∂â«π „πªï 2547 ∫√‘…—∑ œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√√«¡∑—Èß ‘Èπ 13 §√—Èß ‚¥¬¡’°√√¡°“√∑—ÈßÀ¡¥ 9 ∑à“π ·≈–∑’˪√÷°…“°√√¡°“√ 2 ∑à“π ‡¢â“√à«¡ ª√–™ÿ¡ “¡“√∂ √ÿª°“√‡¢â“√à«¡ª√–™ÿ¡¢Õߧ≥–°√√¡°“√ √ÿª‰¥â¥—ßπ’È √“¬™◊ËÕ°√√¡°“√

1. 𓬪√–∑’ª µ—Èß¡µ‘∏√√¡ 2. π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ 3. π“¬Õ∏‘ª æ’™“ππ∑å 4. ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß 5. ¥√.ª√–»“ πå µ—Èß¡µ‘∏√√¡ 6. 𓬪√– æ πÕß™“µ‘ 7. 𓬪√–°‘µ ª√–∑’ª–‡ π 8. π“¬Õπ—πµå ‡°µÿæ‘∑¬“ 9. π“ßæ‘°ÿ≈ À“≠À—∑¬“

«—π∑’‡Ë ¢â“√—∫ µ”·Àπàß 2/10/2541 5/10/2535 29/4/2536 5/10/2535 25/4/2544 29/4/2536 25/4/2544 22/1/2544 30/4/2542

°“√‡¢â“√à«¡ª√–™ÿ¡ °“√ª√–™ÿ¡°√√¡°“√ ∑—ÈßÀ¡¥ 13/13 13/13 12/13 11/13 12/13 10/13 12/13 13/13 12/13

∑’˪√÷°…“°√√¡°“√ 1. π“¬∑«’ Àπÿπ¿—°¥’ 2. 𓬙«π µ—Èß¡µ‘∏√√¡ 1

DCP : ACP : CSP : DAP :

Õ∫√¡À≈—° Ÿµ√¢Õß ¡“§¡ à߇ √‘¡ ∂“∫—π °√√¡°“√∫√‘…—∑‰∑¬1 DCP , Chairman 2000 DCP , CSP DCP , DAP DAP DCP DCP DAP DCP , ACP DCP , ACP

11/13 7/13

Directors Certification Program Audit Committee Program Company Secretary Program Director Accreditation Program

12 §≥–°√√¡°“√∑’˧≥–°√√¡°“√∫√‘…—∑·µàßµ—Èß §≥–°√√¡∫√‘…—∑ œ ·µàßµ—Èߧ≥–°√√¡°“√™ÿ¥µà“ß Ê ‡™àπ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π §≥–°√√¡°“√ æ‘®“√≥“√à“ßπ‚¬∫“¬·≈–·ºπß“πª√–®”ªï ·≈–§≥–°√√¡°“√‡©æ“–°‘®Õ◊ËπÊ ‡¡◊ËÕ¡’§«“¡®”‡ªìπ ‚¥¬¢Õ∫‡¢µ·≈–¿“√–Àπâ“∑’Ë¡’¥—ßπ’È §≥–°√√¡°“√µ√«® Õ∫®–∑”Àπâ“∑’Ëæ‘®“√≥“·≈– Õ∫∑“πß∫°“√‡ß‘π¢Õß∫√‘…—∑ œ √«¡∂÷ß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–√–∫∫§«∫§ÿ¡¿“¬„π µ≈Õ¥®πµ‘¥µ“¡µ√«® Õ∫·≈–ª√–‡¡‘𧫓¡‡ ’ˬߢÕß∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√®–∑”Àπâ“∑’Ë¥Ÿ·≈°“√¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑„À⇪ìπ‰ªµ“¡¢Õ∫‡¢µ∑’ˉ¥â√—∫¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑ ·≈–Õ”π“®¥”‡π‘π°“√¢Õß∫√‘…—∑ 32

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited

11 Board of Directorsû Meetings The Board of Directorsû Meetings were regularly scheduled in advance with at least one meeting each month and the Audit Committeeûs meetings were also scheduled in advance with at least one meeting for every two months. The Board of Directors and the Audit Committee should be informed and receive the documents at least 7 days before each Meeting except for the case of urgent meetings which may have impact on the companyûs interest. The company recorded the reports for all meetings and filing them correctly.

In 2004, the Board of Directors held 13 meetings, the details are as following : Directors ù Name

Appointed Date

Participation/ total Meetings

Directors Certification Program 1

1. Mr. Prateep Tangmatitham 2. Mrs.Ajchara Tangmatitham 3. Mr. Atip Bijanonda 4. Dr. Virach Aphimeteetamrong 5. Dr. Prasas Tangmatitham 6. Mr. Prasob Snongjati 7. Mr. Prakit Pradipasen 8. Mr. Anant Gatepittaya 9. Mrs.Pikul Hanhathaya

2/10/1998 5/10/1992 29/04/1993 5/10/1992 25/04/2001 29/04/1993 25/04/2001 22/01/2001 30/04/1999

13/13 13/13 12/13 11/13 12/13 10/13 12/13 13/13 12/13

DCP , Chairman 2000 DCP, CSP DCP , DAP DAP DCP DCP DAP DCP , ACP DCP , ACP

Advisor to Board 10. Mr. Tawee Noonpakdee 11. Mr. Chuan Tangmatitham 1

DCP : ACP : CSP : DAP :

11/13 7/13

Directors Certification Program Audit Committee Program Company Secretary Program Director Accreditation Program

12 Committees The Board of Directors appointed committee such as Audit Committee, Remuneration Committee, Policy and Planning Committee and other Steering Committees. Job responsibilities are as follow: Audit Committee : - To review financial report of company including disclosure of note to financial report.

- To consider internal control system and follow up auditing and all risk assessments.

Executive Committee : - To monitor the operation conduct in compliance with the Boardûs policy and direction.

33

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

§≥–°√√¡°“√µ√«® Õ∫ ”À√—∫„πªï 2547 ∫√‘…—∑ œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫√«¡∑—Èß ‘Èπ 8 §√—Èß ‚¥¬°√√¡°“√µ√«® Õ∫∑—ÈßÀ¡¥ 3 ∑à“π √ÿª°“√‡¢â“ √à«¡ª√–™ÿ¡‰¥â¥—ßπ’È √“¬™◊ËÕ°√√¡°“√µ√«® Õ∫ 1. 𓬪√–°‘µ ª√–∑’ª–‡ π 2. π“ßæ‘°ÿ≈ À“≠À—∑¬“ 3. π“¬Õπ—πµå ‡°µÿæ‘∑¬“

°“√‡¢â“√à«¡ª√–™ÿ¡/°“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß) 8/8 7/8 8/8

§≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π ∫√‘…∑— œ ‰¥â·µàßµ—ßÈ §≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π´÷ßË ª√–°Õ∫¥â«¬ °√√¡°“√Õ‘ √– 2 ∑à“π ·≈–°√√¡°“√ 1 ∑à“π „π°“√°”Àπ¥§à“µÕ∫·∑π ‰¥â·°à 1. 𓬪√–°‘µ ª√–∑’ª–‡ π 2. 𓬪√– æ πÕß™“µ‘ 3. ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß ‚¥¬§≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π¡’∫∑∫“∑„π°“√æ‘®“√≥“‡°’ˬ«°—∫Õ—µ√“§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√„π∞“π–æπ—°ß“π·≈–ºŸâ∫√‘À“√ πÕ°®“°π’ȧ≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π¡’Àπâ“∑’Ë∑∫∑«π¢âÕ‡ πÕ¢ÕßΩÉ“¬®—¥°“√„π°“√°”Àπ¥Õ—µ√“§à“µÕ∫·∑π¢Õßæπ—°ß“π∑—ÈßÀ¡¥ 13 √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…—∑ œ ‰¥â®—¥µ—ÈßΩÉ“¬µ√«® Õ∫¿“¬„π¿“¬„µâ°“√°”°—∫¥Ÿ·≈¢Õߧ≥–°√√¡°“√µ√«® Õ∫‚¥¬µ√ß ‡æ◊ËÕµ√«® Õ∫·≈–¥Ÿ·≈°“√ªØ‘∫—µ‘Àπâ“∑’Ë ¢Õß°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π «à“¡’√–∫∫°“√§«∫§ÿ¡¿“¬„πÕ¬à“߇撬ßæÕ·≈–‡À¡“– ¡°—∫°“√¥”‡π‘π∏ÿ√°‘®À√◊Õ‰¡à √«¡∑—ÈߥŸ·≈°“√ ¥”‡π‘πß“π„Àâ Õ¥§≈âÕß°—∫°Æ‡°≥±å ·≈–°ÆÀ¡“¬µà“ßÊ ∑’ˇ°’ˬ«¢âÕß ∫√‘…—∑ œ ¡’π‚¬∫“¬®—¥„Àâ¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘¿“æ‡æ’¬ßæÕ°—∫√–¥—∫§«“¡‡ ’ˬß∑’ˬա√—∫‰¥â ·≈–‡À¡“– ¡°—∫ ¿“«–·«¥≈âÕ¡ µà“ßÊ ¢Õßß“πÀ√◊Õ°‘®°√√¡¢ÕßÀπ૬ߓππ—Èπ Ê ‚¥¬„ÀâΩÉ“¬µ√«® Õ∫µ‘¥µ“¡º≈°“√§«∫§ÿ¡¿“¬„π‡ªìπ√–¬–Ê ‡æ◊ËÕª√—∫ª√ÿß„Àâ¡“µ√°“√ §«∫§ÿ¡µà“ß Ê ¡’§«“¡‡À¡“– ¡°—∫ ∂“π°“√≥å ‘Ëß·«¥≈âÕ¡µà“ß Ê ·≈–§«“¡‡ ’ˬß∑’Ë·ª√‡ª≈’Ë¬π‰ª ‚¥¬¡’π‚¬∫“¬¥—ßµàÕ‰ªπ’È - ¡ÿàß¡—Ëπ„À⺟â∫√‘À“√µ√–Àπ—°∂÷ߧ«“¡ ”§—≠¢Õß°“√§«∫§ÿ¡¿“¬„π ·≈– √â“ß„Àâ¡’¢÷Èπ„πß“πÀ√◊Õ°‘®°√√¡µà“ß Ê ∑ÿ°√–¥—∫¢Õß ∫√‘…—∑ œ À√◊Õ∑’Ë·ΩßÕ¬Ÿà„π«‘∏’¥”‡π‘π∏ÿ√°‘®¢ÕߺŸâ∫√‘À“√ - °”Àπ¥¡“µ√°“√ √Ÿª·∫∫ ·≈–«‘∏°’ “√§«∫§ÿ¡¿“¬„π„Àâ‡À¡“– ¡°—∫ ¿“«–·«¥≈âÕ¡µà“ß Ê ¢Õßß“πÀ√◊Õ°‘®°√√¡¢ÕßÀπ૬ߓπ √–¥—∫ §«“¡‡ ’Ë¬ß ·≈–°“√∫√‘À“√§«“¡‡ ’ˬßÕ¬Ÿà‡ ¡Õ‚¥¬§”π÷ß∂÷ߪ√– ‘∑∏‘¿“æ·≈– §«“¡‡æ’¬ßæÕ¢Õß√–∫∫¥—ß°≈à“« - ¡ÿàß¡—Ëπ„À⺟â∫√‘À“√®—¥„À⇰‘¥§«“¡ ¡¥ÿ≈√–À«à“ß §«“¡§≈àÕßµ—«„π°“√ªØ‘∫—µ‘ß“π°—∫√–¥—∫§«“¡‡æ’¬ßæÕ¢Õß°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ ª√– ‘∑∏‘¿“æ ·≈–µâπ∑ÿπ°“√§«∫§ÿ¡¿“¬„π∑’ˇ°‘¥¢÷Èπ®–µâÕߧÿâ¡°—∫º≈ª√–‚¬™πå∑’ˉ¥â√—∫ - ∫ÿ§≈“°√∑ÿ°√–¥—∫®–µâÕß„À⧫“¡ ”§—≠°—∫°“√ªØ‘∫—µ‘µ“¡¡“µ√°“√§«∫§ÿ¡¿“¬„π∑ÿ°¡“µ√°“√∑’Ë∫√‘…—∑ œ ®—¥„Àâ¡’¢÷Èπ ‚¥¬ªØ‘∫—µ‘ µ“¡Õ¬à“ß ¡Ë”‡ ¡Õ·≈–µàÕ‡π◊ËÕß 14 √“¬ß“π¢Õߧ≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√®—¥∑”√“¬ß“π∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π ”À√—∫º≈ª√–°Õ∫°“√„π√Õ∫ªï‡ª√’¬∫‡∑’¬∫ 34

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited

Audit Committee In 2004 , the Audit Committee held 8 meetings, the details are as following : Audit Committee没s Name 1. Mr. Prakit Pradipasen 2. Mrs.Pikul Hanhathya 3. Mr. Anant Gatepittaya

Participation/Total Meetings 8/8 7/8 8/8

Remuneration Committee The company appointed Remuneration Committee comprises of 2 independent directors and one director as follow: 1. Mr. Prakit Pradipasen 2. Mr. Prasob Snongjati 3. Dr. Virach Aphimeteetamrong The remuneration committee considers the remuneration package for executive directors who serve both as employees and executives . The committee also review and opine the employee salaries and compensation package proposed by the management.

13 Controlling System and Internal Audit Internal audit function has been set up as a separate unit under direct supervision of Audit Committee to provide a system to ensure that operations and compliance controls are incorporated.

The Company has a policy to maintain internal control at the level that matches acceptable risks and different circumstances of activities in a particular department. The surveillance team will launch periodical check when measures are adjusted accordingly to circumstances and variable risks, under the following principles; - Executives must be aware of internal control significance and should ensure it is established in all activities at all working levels.

- Internal control measures, patterns and enforcement must be in accordance with the environment of activities, risks, and risk management. The control should be efficient and sufficient.

- Executives should balance operating flexibility and sufficiency of efficient internal control and ensure that benefits are worth the investment in such area.

- Employees at all levels must honour all internal control measures. They must perform accordingly to the measures.

14 Directors没 Reporting The Board of Directors were responsible for providing financial report in comparison to previous financial report. The Board of Directors with knowledge, capability and care, must ensure that annual report is in compliance with the Generally Accepted Accounting Principle and with full disclosure and dispatch to shareholders well in advance for its meeting.

35

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°—∫ªï°àÕπ ∑—Èßπ’ȧ≥–°√√¡°“√‰¥âªØ‘∫—µ‘Àπâ“∑’Ë ‚¥¬„™â§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–§«“¡√–¡—¥√–«—߇æ◊ËÕ„Àâ√“¬ß“π∑“ß°“√‡ß‘π∂Ÿ°µâÕß·≈–‡ªî¥ ‡º¬Õ¬à“߇撬ßæÕ∫πæ◊Èπ∞“π¢Õß°“√ªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ë߇ªî¥‡º¬√“¬ß“π¥—ß°≈à“«„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ ª√–®”ªï¢Õß∫√‘…—∑·≈–√“¬ß“πª√–®”ªï·≈–π” àߺŸâ∂◊ÕÀÿâπ°àÕπ°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 15 §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ∫√‘…—∑ œ µ√–Àπ—°„π¿“√–Àπâ“∑’Ë∑’Ë®–µâÕߪؑ∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ‚¥¬‡∑à“‡∑’¬¡°—π ‚¥¬¡’°“√‡ªî¥‡º¬ “√ π‡∑»∑—Èß∑’ˇªìπ “√ π‡∑»∑“ß°“√‡ß‘π·≈– ‰¡à„™à∑“ß°“√‡ß‘πÕ¬à“ߧ√∫∂â«π ‡æ’¬ßæÕ ‡™◊ËÕ∂◊Õ‰¥â ·≈–∑—π‡«≈“ ‡æ◊ËÕ„À⺟â∂◊ÕÀÿâ𠉥â√—∫∑√“∫ “√ π‡∑»Õ¬à“ß ‡∑à“‡∑’¬¡°—πµ“¡∑’Ë°”Àπ¥ ‚¥°ÆÀ¡“¬ Õߧå°√·≈–Àπà«¬ß“π¿“§√—∞∑’ˇ°’ˬ«¢âÕß πÕ°®“°π’È ∫√‘…—∑œ ‰¥â‡¢â“√à«¡‚§√ß°“√«—πæ∫ª–π—°≈ß∑ÿπ°—∫µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬∑ÿ°‰µ√¡“ ‚¥¬„πªï 2547 ‰¥â‡¢â“√à«¡‚§√ß°“√ 2 §√—Èß ·≈–®—¥∑’Ë∑”°“√¢Õß∫√‘…—∑ œ 2 §√—ÈßπÕ°®“°π’È∫√‘…—∑ œ ¬—߉¥â®—¥∑”∫∑§«“¡· ¥ß∂÷ß«‘ —¬∑—»πå·≈–·π«‚πâ¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åµ’ æ‘¡æå„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ ·≈–ºà“π ◊ËÕ¡«≈™πµà“ßÊ ∑—ÈßÀπ—ß ◊Õæ‘¡æå 𑵬 “√ µ≈Õ¥®π°“√„Àâ —¡¿“…≥åÀ√◊Õ‡¢â“√à«¡Õ¿‘ª√“¬„π ∂“π’«‘∑¬ÿÀ√◊Õ‚∑√∑—»πå ·≈–°“√‡¢â“√à«¡‡ªìπ ¡“™‘°·≈–¡’∫∑∫“∑„π ¡“§¡µà“ßÊ ‡æ◊ËÕ√—∫„™â —ߧ¡

36

Good Corporate Governance Annual Report 2004 Supalai Public Company Limited

15 Relations with Investors The Company realises its duty to honour the equal treatment towards shareholders through full disclosures of financial and non-financial information in a credible and timely manner so that shareholders are equally informed as required by law and related agencies.

The company actively participated çthe opportunity dayÊ organized by the Stock Exchange of Thailand on quarterly basis.

In 2004, the company attended 2 times and another 2 meetings with investors at the CompanyĂťs Meeting room. In addition, the executive had done a lot of editorial publications in regard to vision, industrial trend, etc. interview with television, radio, etc. Besides, the company was actively involved in social activities held by associations.

37

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∫√‘…—∑ œ ®–‡µ‘∫‚µ·≈–ª√– ∫§«“¡ ”‡√Á®„π°“√¥”‡π‘π∏ÿ√°‘®‰¥âÕ¬à“߬—Ë߬◊π·≈– “¡“√∂¥”√ߧ«“¡‡ªìπºŸâπ”‰¥â¿“¬„µâ¿“«–°“√·¢àߢ—π∑“ß ∏ÿ√°‘®∑’ˇ¢â¡¢âπ¡“°¢÷Èππ—Èπ¢÷ÈπÕ¬Ÿà°—∫ªí®®—¬À≈“¬¥â“π ·µàªí®®—¬∑’Ë¡’º≈µàÕ§«“¡ ”‡√Á®¥—ß°≈à“«¡“°§◊Õ∑’¡ß“π ∫√‘…—∑ œ ‰¥â‡≈Á߇ÀÁπ·≈–„À⧫“¡ „ à„®°—∫∫ÿ§≈“°√ ‚¥¬¡’π‚¬∫“¬„Àâæπ—°ß“πªØ‘∫µ— µ‘ Õà ‡æ◊ÕË π√à«¡ß“π∑ÿ°§π¥â«¬§«“¡‡§“√æ „π‡°’¬√µ‘ »—°¥‘»Ï √’ ·≈– ‘∑∏‘ «à π∫ÿ§§≈¢Õßæπ—°ß“π πÕ°®“°π’È∫√‘…—∑ œ 欓¬“¡®—¥ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π„Àâ¡’§«“¡ª≈Õ¥¿—¬ ∂Ÿ° ÿ¢≈—°…≥–·≈–‡Õ◊ÈÕµàÕ°“√∑”ß“πÕ¬à“ß¡’ª√– ‘∑∏‘º≈ æπ—° ß“π·µà≈–§πµâÕß¡’§«“¡√—∫º‘¥™Õ∫µàÕ‡æ◊ËÕπæπ—°ß“π·≈–µàÕ∫√‘…—∑ œ ‚¥¬®–‰¡àª√–惵‘ªØ‘∫—µ‘µπ∑’Ë®–∑”„Àâ ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π ‡ ◊ËÕ¡∂Õ¬≈ß ·≈–∫√‘…—∑ œ ‰¥â‡ªî¥‚Õ°“ æπ—°ß“π “¡“√∂´—°∂“¡ºŸâ∫—ߧ—∫∫—≠™“ À“°¡’¢âÕ ß —¬‡°’ˬ«°—∫ß“π·≈–π‚¬∫“¬°“√¥”‡π‘πß“π¢Õß ∫√‘…—∑ œ ∑—Èßπ’ȇæ◊ËÕ‡ªìπ™àÕß∑“ß„Àâæπ—°ß“π “¡“√∂· ¥ß§«“¡ “¡“√∂·≈–»—°¬¿“æ∑’Ë¡’Õ¬Ÿà´÷Ëß¡’º≈µàÕ°“√ª√–‡¡‘πº≈°“√∑”ß“π πÕ°®“°π’È∫√‘…—∑œ ¡’π‚¬∫“¬„Àâº≈µÕ∫·∑π√Ÿªµà“ß Ê ‡æ◊ËÕ„ÀâÕ¬Ÿà„π™—Èπ·π«Àπâ“°—∫∫√‘…—∑™—Èππ”Õ◊ËπÊ‚¥¬‡πâπ ç Pay for Performance ç ·≈– √≥√ß§å ‚ª√·°√¡ ç °“√æ—≤π“∫ÿ§≈“°√ ç ‡æ◊ËÕ√–∫∫ à߇ √‘¡„Àâæπ—°ß“π°â“«Àπâ“ ·≈–‡πâπ ç ‡µ‘∫‚µ®“°§π¿“¬„π ç ‡æ◊ËÕ¢«—≠¢Õßæπ—°ß“π ∑’ËÕ¬Ÿà·≈–¡’ª√– ∫°“√≥åπ“πªï°—∫∫√‘…—∑ œ æ√âÕ¡°—ππ’Ȭ—߉¥âπ”√–∫∫°“√ª√–‡¡‘πº≈·∫∫ ç Key Performance Indicator (KPI) ç ¡“„™â‡æ◊ËÕ °“√«—¥º≈ß“π∑’Ë™—¥‡®π¬‘Ëߢ÷Èπ

38

Role of Human Resources Annual Report 2004 Supalai Public Company Limited

That the Company can achieve sustainable growth and success as well as maintain the leadership under fierce competition relies on many factors. A very important one lies with human resources. The Company realises their importance: we have a policy by which employees should treat others with respect in their honour, dignity and privacy.

The Company has also ensured the workplace safe, hygienic and supportive to the operations. Each employee must be responsible for their colleagues and the Company and not behave themselves in the way that may harm the working environment. The Company also gives employee the opportunity to question superiors if having doubts over policies, a channel through which they can demonstrate their talents and ability that could affect evaluation.

The Companyûs benefits are comparable to those of leading companies, with the focus on çPay for Performanceé, the ç Employee Career Development Plan ç campaign, and the çpromote from withiné promotion scheme for the morale of experienced employees who have been with the Company for years. We also adopt the çKey Performance Indicatoré (KPI) system for clearer evaluation.

39

Õ —ßÀ“√‘¡∑√—æ¬åªï 2548 µ≈“¥‡µ‘∫‚µµàÕ‡π◊ËÕß √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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Ÿß ÿ¥ ∏æ.

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Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ∑’ËÕ¬ŸàÕ“»—¬ Ÿß ÿ¥¢Õß∏𓧓√æ“≥‘™¬å Minimum Loan Rate ¢Õß∏𓧓√æ“≥‘™¬å¢π“¥„À≠à 5 ·Ààß Õ—µ√“¥Õ°‡∫’Ȭ ”À√—∫«ß‡ß‘π°Ÿâ 200,001 - 3,000,000 ∫“∑ Õ—µ√“¥Õ°‡∫’Ȭ ”À√—∫«ß‡ß‘π°Ÿâ‰¡à‡°‘π 200,000 ∫“∑

∑’Ë¡“ : »Ÿπ¬å¢âÕ¡Ÿ≈Õ —ßÀ“√‘¡∑√—æ¬å ∏𓧓√Õ“§“√ ߇§√“–Àå

40

Real Estate 2005: Continued Growth Annual Report 2004 Supalai Public Company Limited

The governmentûs new policy on çbuildingé and administering the economy in the next four years through the supply side wil lead to public and private investment in many areas. Despite depressing incidents from violence in the Southern provinces , tsunami natural disaster to bird flu, several institutions forecast continued economic growth of 5-6% in 2005.

To achieve the growth rate requires huge investment, from the government, state enterprises and corporations, which will spur employment and increase purchasing power.

Last yearûs inflation was 2.9% while interest rates hovered in the low range, with anticipation of gradual hike. (See Graphic 1) This did not affect purchasing power, as income growth rate was beyond the increase in interest and inflation. Banks remained bullish over housing loans, considered the least risky business, resulting in a sharp increase in new loans. (See Graphic 2) Graphic 1: Mortgage rates

Note: 1. Banksû ceiling = highest mortgage rates by commercial banks 2. Banksû MLR = 5 large bankûs minimum lending rate 3. GHBûs ceiling = rates for Bt200,001-Bt3 million 4. GHBûs lowest = rates for loans no more than Bt200,000 Source: Government Housing Bankûs real estate data center

41

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∑’Ë¡“ : ”π—°¥—™π’‡»√…∞°‘®°“√§â“ °√–∑√«ßæ“≥‘™¬å „π 2 ªï∑’˺à“π¡“ π‚¬∫“¬‡√àß √â“ß π“¡∫‘π ÿ«√√≥¿Ÿ¡‘·≈– “∏“√≥Ÿª ‚¿§µà“ß Ê ¢Õß√—∞∫“≈ ·≈–°“√‡æ‘Ë¡°“√ √â“ß∑’ËÕ¬ŸàÕ“»—¬¢Õß ‡Õ°™π ∑”„À⇰‘¥§«“¡µâÕß°“√«— ¥ÿ°àÕ √â“߇æ‘Ë¡¡“°¢÷Èπ ´÷Ë߇ªìπ‰ª„π∑“߇¥’¬«°—π°—∫ª√–‡∑»„À≠à„π‡Õ‡´’¬ ´÷Ë߉¥â·°à ®’π Õ‘π‡¥’¬ ∑”„Àâ«— ¥ÿ °àÕ √â“ßÀ≈—° ‡™àπ ‡À≈Á° ‡√‘Ë¡¢“¥·§≈π ·≈–√“§“‡æ‘Ë¡¢÷ÈπÕ¬à“ß√«¥‡√Á«µ—Èß·µàª≈“¬ªï 2546 ¥—ßπ—Èπ √“§“ ç ∑’ËÕ¬ŸàÕ“»—¬ ç ´÷Ëß¡’µâπ∑ÿπÀ≈—°¡“®“°§à“°àÕ √â“߬àÕ¡¡’√“§“‡æ‘Ë¡¢÷Èπµ“¡‰ª¥â«¬ (¥Ÿ·ºπ¿Ÿ¡‘ 3) ∑—Èßπ’ȇæ√“– : √“§“ ∫â“π = §à“∑’Ë¥‘π (~ 20-40 %) + §à“°àÕ √â“ß (~40-60 %) + ¿“…’·≈–Õ◊Ëπ Ê (~ 20 %) √“§“ °àÕ √â“ß = §à“«— ¥ÿ°àÕ √â“ß(~60 %) + §à“·√ß(~20 %) + ¿“…’·≈–Õ◊Ëπ Ê (~20 %)

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∑’Ë¡“ : ”π—°¥—™π’‡»√…∞°‘®°“√§â“ °√–∑√«ßæ“≥‘™¬å 42

Real Estate 2005: Continued Growth Annual Report 2004 Supalai Public Company Limited

Graphic 2: New individual housing loans

Source: Commerce Ministry In the past two years, the speedy construction of the Suvarnabhumi Airport and other infrastructure as well as housing development by the private sector sparked higher demand for construction materials. Coupled with demand from major Asian countries chiefly China and India, that led to shortages of key materials like steel, which witnessed a sharp price increase since late 2003.

Thus çhousingÊ price, of which main cost lies in the construction, rose accordingly because of the following factors; (See Graphic 3) House price = land (~20-40%)+construction (~40-60%) + taxes and others (~20%) Construction = construction materials (~60%) + labour cost (~20%) + taxes and others (~20%) Graphic 3: Construction material price indices

Source: Commerce Ministry 43

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Real Estate 2005: Continued Growth Annual Report 2004 Supalai Public Company Limited

Actually, factored in the higher çhousingé price were higher quality and cost of accessories such as air-conditioners, furniture, garden and etc. The increase was thus lower than the above figures.

That çhousingé price gradually moved up showed continued growth in purchasing power and unsaturated market condition.

Still, it was estimated that about 60,000 units were registered in 2004, less than half of the pre-crisis level. A record number of 170,000 units were registered in 1995.

However, the çhousingé price is expected to increase by 5-10% from 2004 level, which should be seen from the middle of 2005, after increases in fuel prices and the costs of transportation, products and services and after houses constructed with the old cost are sold out. (See Graphic 4)

Price per Unit : Mil ion Baht

Graphic 4: Average house prices

Source: Agency For Real Estate Affair Most land developersû çgross marginé wil be gradually squeezed as they are running out of land acquired cheaply after the economic crisis, amid fiercer competition.

With higher çhouseé price, some çconsumersé will shift their attention from single detached houses to other kinds of development - çtownhousesé and çcondominiumé.

Though single houses remained the most popular property (See Graphic 3) in 2004, the changing environment and socioeconomic conditions wil have impact on buyersû preferences. Some opt for çtownhousesé while others choose çcondominiumé, due to higher house prices, smaller family sizes, scarcity of house maids, safety from burglary, higher fuel prices, proximity to train network, and etc.

45

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Real Estate 2005: Continued Growth Annual Report 2004 Supalai Public Company Limited

These factors highlight the possibility that the çcondominiumé segment will resume the popularity it once enjoyed for five consecutive years (1994-1998) before the crisis. (See Graphic 5) Graphic 5: Ratio of completed and registered housing units in Bangkok and its periphery

Source: Government Housing Bankûs real estate data center Buyers wil pay more attention on environment, the quality of life, safety and health. Thus, çhouseé, despite the smaller size, wil come up with better quality, built with toxic-free materials that render stability and higher comfort.

The expected increase in foreign investment should also raise demand for buildings, factories, warehouses, office buildings and accommodation in the areas popular among expatriates. These should lead to a gradual hike in sale prices and rents, as rents in Bangkok are stil lower than other cities in the region. (See Graphic 6)

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§à“‡™à“ (¥Õ≈≈à“√å À√—∞/µ√.¡./ªï) ∑’Ë¡“ : Jones Lang LaSalle ®“°‡Àµÿº≈µà“ß Ê ¥—ß°≈à“«¢â“ßµâπ ®–‡ÀÁπ«à“°“√‡µ‘∫‚µ¢Õ߇»√…∞°‘®·≈–°“√≈ß∑ÿπ‡æ‘Ë¡ ®–‡ªìπµ—«º≈—°¥—π„À⇰‘¥Õÿª ߧå„π Õ —ßÀ“√‘¡∑√—æ¬åª√–‡¿∑µà“ß Ê Õ—π®–∑”„Àâµ≈“¥Õ —ßÀ“√‘¡∑√—æ¬å‡µ‘∫‚µµàÕ‡π◊ËÕß„πªï 2548

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Real Estate 2005: Continued Growth Annual Report 2004 Supalai Public Company Limited

Graphic 6: Regional office rents

Source: Jones Lang LaSalle As the above reasons show, the economic growth and higher investment will push up demand in various properties, which highlights further expansion in the real estate industry in 2005.

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Risk factors Annual Report 2004 Supalai Public Company Limited

Building Material Risk With the continued fast growing real estate sector added by increasing in construction materials price, the company has prepared itself since 2004 to face the risks involved by signing agreements with contractors, to lock both prices of construction and material for all projects. In 2005 the company has completed 3 condominium projects ready for sale at old cost. The contractors for the new projects are responsible for providing most of building materials while also absorb the risk involving the change in prices of building materials. However, the company still self-provides some materials. For these items, the company would closely monitor prices before purchasing in bulk for sake of price negotiation. Thus it enables the company in controlling the costs and quality of required materials.

Land Purchase Risk çSupalaiÊ has already accumulated quite a number of low cost land bank. Recently, the company has changed its land purchasing policy from stockpiling the undeveloped land banks to purchase only land which the company foresees growth potential and attractive investment opportunities when concerning the price. The company now has policy to purchase land with appropriate size to be able to complete sale of project in short period of time to reduce the risk and cost of capital involved. However, the company would diversify its projects into different locations in Bangkok adjacent to mass transit system i.e. the MTR which can better respond to various customer demand. Prior to land purchase, intensive surveys and market studies, as well as legal restrictions and land ownership, are thoroughly investigated for the company to face the lowest risk possible.

Construction and Technology risk Fierce competition results in difficulty in finding contractors to support expansion. The company has built up alliances with contractors and had contractors of all channels tested and registered in a number sufficient to meet construction plans. In terms of technology, we tested contractors and recruited those with experience in appropriate technology. We also have our own experts to ensure standards and constant technological development. There is a training course for contractors and a meeting where problems and suggestions are discussed for improvement in construction procedures. We are thus certain of no contractor shortage and of construction standards upon with appropriate technology.

Pre-Building Risk It is an upcoming trend in the market today that houses are completed before purchases are made by customers. It is a strategy which is widely adopted by many property developers, as well as Supalai, to further create customer confidence.

However, the strategy involves high initial financial outlay and high risk if market environment changes. In the case of the company, such risk is not completely significant since the company divides its construction into phases of 30 houses with repeated sales monitoring. The sale for each phase will begin as some properties in the phases are fully completed with some other properties nearly completion. The company offers flexibility in the case that the customer wishes to change some of the finishing materials in house not yet completed. In addition, the company is strongly confident that with numerous years of experience in the business, housing designs offered by the company and strict quality control can help the course of reducing risks involved in pre-building.

51

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§«“¡ ”§—≠„π¥â“π°“√§«∫§ÿ¡§ÿ≥¿“æÕ¬à“߇§√àߧ√—¥®–™à«¬≈¥§«“¡‡ ’ˬ߄π¥â“π¥—ß°≈à“«≈߉¥âÕ’°∑“ßÀπ÷Ëß §«“¡‡ ’ˬ߮“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È®“°¿“«–Õ—µ√“¥Õ°‡∫’¬È ∑’¡Ë ·’ π«‚πâ¡®–ª√—∫µ—« Ÿß¢÷πÈ ´÷ßË ®– àߺ≈„À⧫“¡ “¡“√∂„π°“√¬◊πË °Ÿ¢â Õß≈Ÿ°§â“ ·≈–Õ“® àߺ≈°√–∑∫µàÕ√“¬‰¥â¢Õß∫√‘…∑— œ „πÕ𓧵 ∫√‘…—∑ œ ‰¥âª√—∫°≈¬ÿ∑∏å ‚¥¬‡æ‘Ë¡ ‘π§â“ª√–‡¿∑Õ“§“√™ÿ¥ ∫â“π‡¥’Ë¬«∑’Ë¡’√–¥—∫√“§“ª“π°≈“ß À√◊Õ‡ªìπ√–¥—∫√“§“∑’Ë°≈ÿà¡≈Ÿ°§â“‡ªÑ“ À¡“¬ “¡“√∂∑’Ë®–´◊ÈÕ‰¥â ‚¥¬·π«∑“ßÀπ÷Ëß∑’ˉ¥â®—¥∑”·≈⫧◊Õ®—¥À“∑’Ë¥‘π∑’Ë®–π”¡“æ—≤π“„Àâ¡’µâπ∑ÿπ∂Ÿ°≈ß °“√¢¬“¬ß«¥°“√™”√–‡ß‘𥓫πå ‡æ◊ËÕ„Àâ«ß‡ß‘π°Ÿâ≈¥≈ß §«“¡‡ ’ˬ߇°’ˬ«°—∫ ¿“æ§≈àÕß®“°°“√™”√–§◊πÀπ’È ‘π‡™◊ËÕ‚§√ß°“√ (Project Finance) ·À≈à߇ߑπ∑ÿπ à«π„À≠à„π°“√¥”‡π‘π°“√·≈–°“√¢¬“¬‚§√ß°“√¢Õß∫√‘…—∑ œ ®–¡“®“° ‘π‡™◊ËÕ‚§√ß°“√ (Project Finance) ·≈– à«π∑’ˇÀ≈◊Õ ¡“®“°‡ß‘π∑ÿπ¢Õß∫√‘…—∑ œ ”À√—∫ ‘π‡™◊ËÕ‚§√ß°“√π—Èπ‡®â“Àπ’È ∂“∫—π°“√‡ß‘π®–Õπÿ¡—µ‘«ß‡ß‘π ‘π‡™◊ËÕ„Àâ‚¥¬°”Àπ¥‡ß◊ËÕπ‰¢°“√™”√–§◊π‡ß‘π°Ÿâ §◊Õ‡¡◊ËÕ∫√‘…—∑ œ ‚Õπ°√√¡ ‘∑∏‘Ï∫â“π„Àâ≈Ÿ°§â“·≈â« „Àâ∫√‘…—∑ œ π”‡ß‘π∫“ß à«π¡“™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’Ȭ ¥—ßπ—Èπ¿“¬À≈—ß™”√–§◊π‡ß‘π°Ÿâ·≈â« ∫√‘…—∑ œ ¬—߇À≈◊Շߑπ∫“ß à«π¡“„™âÀ¡ÿπ‡«’¬π„π°“√¥”‡π‘πß“π·≈–™”√–Àπ’È ‘πÕ◊ËπÊ ´÷Ëß®“° ∂“π°“√≥åµ≈“¥∑’ËÕ¬ŸàÕ“»—¬∑’Ë¡’°“√¢¬“µ—«Õ¬à“ßµàÕ‡π◊ËÕß®“°¿“«–‡»√…∞°‘®∑’Ëøóôπµ—«·≈–°”≈—ß´◊ÈÕ¢Õߪ√–™“™π∑’Ë¡“°¢÷Èπª√–°Õ∫°—∫Õ—µ√“¥Õ°‡∫’Ȭ∑’ˬ—ß∑√ßµ—«„π√–¥—∫µË” ·≈–®“°º≈ ª√–°Õ∫°“√„πªï 2547 ∫√‘…—∑ œ ¡’º≈°“√¥”‡π‘πß“π∑’Ë “¡“√∂™”√–§◊π¿“√–Àπ’È ‘πµà“ßÊ ‰¥â°àÕπ°”Àπ¥·≈– “¡“√∂ª≈¥À≈—°ª√–°—π´÷Ëß ®”πÕ߉«â°∫— ∂“∫—π°“√‡ß‘π‡À≈à“π’ÕÈ Õ°‰ª √«¡∑—ßÈ ¬—ߧ߇À≈◊Õ ¿“æ§≈àÕß àߺ≈„ÀâÕµ— √“ à«πÀπ’ È π‘ µàÕ∑ÿπ¢Õß∫√‘…∑— ‡À≈◊Õ‡æ’¬ß 0.88 ‡∑à“ Õ¬à“߉√ °Áµ“¡À“°„πÕ𓧵∫√‘…—∑ œ ¡’°“√¢¬“¬∏ÿ√°‘® ∫√‘…—∑ œ °Á®–¥”√ß —¥ à«πÀπ’È ‘πµàÕ∑ÿπ‰«â„π√–¥—∫ 1 : 1 ‡∑à“ §«“¡‡ ’ˬ߄π°“√™”√–§◊πÀÿâπ°Ÿâ µ“¡·ºπ°“√ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È ∫√‘…—∑ œ ‰¥â·ª≈ßÀπ’È à«πÀπ÷Ë߇ªìπÀÿâπ°Ÿâ‰¡à¡’ª√–°—π ‚¥¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑ œ ¡’Àÿâπ°Ÿâ∑’Ë ‰¡à¡’ª√–°—π§√∫°”Àπ¥‰∂à∂Õπ ªï 2550 §ß‡À≈◊Շ撬߇®â“Àπ’ÈÀÿâπ°Ÿâ‰¡à¡’ª√–°—π 2 √“¬®”π«π‡ß‘π 234.90 ≈â“π∫“∑ ´÷Ëß¡’Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 2.5 µàÕªï à«πÀÿâπ°Ÿâ¡’ª√–°—π®”π«π 550 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 4.50 µàÕªï Õ“¬ÿ 3 ªï §√∫°”Àπ¥‰∂à∂Õπ«—π∑’Ë 7 ¡°√“§¡ 2550 ªí®®ÿ∫—π∫√‘…—∑ œ ‰¥â™”√–§◊πÀπ’È∫“ß à«π‰ª·≈â«®”π«π 137.50 ≈â“π∫“∑ §ß‡À≈◊Õ 412.50 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑ œ §“¥«à“Àÿâπ°Ÿâ∑—Èß Õß™π‘¥ “¡“√∂™”√–§◊πÀπ’È¥—ß°≈à“«‰¥â‡¡◊ËÕ§√∫°”Àπ¥‰∂à∂Õ𠧫“¡‡ ’ˬ߮“°°“√„Àâ°Ÿâ¬◊¡ ·≈–°“√§È”ª√–°—πÀπ’È„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß π‚¬∫“¬„π°“√„Àâ°“√°Ÿâ¬◊¡·≈–§È”ª√–°—π∫√‘…—∑¬àÕ¬π—Èπ ∫√‘…—∑ œ ®–æ‘®“√≥“‰¡à„À⇰‘¥§«“¡‡ ’ˬߵàÕ∫√‘…—∑°≈à“«§◊Õ°“√„À⧫“¡™à«¬‡À≈◊Õ ¥—ß°≈à“« ∫√‘…∑— œ ‰¥â®”°—¥‡©æ“–∫√‘…∑— ∑’∫Ë √‘…∑— œ ¡’Õ”π“®„π°“√§«∫§ÿ¡·≈–∫√‘À“√‡∑à“π—πÈ ∑—ßÈ π’‡È æ◊ÕË ª√–‚¬™πå ߟ ÿ¥¢Õß∫√‘…∑— œ ‡Õß Õ¬à“߉√ °Áµ“¡°àÕπ∑’Ë®–∑”√“¬°“√¥—ß°≈à“«∑ÿ°§√—Èß ∫√‘…—∑ œ ®–ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å√“¬°“√∑’ˇ°’ˬ«‚¬ß°—πµ“¡·π«∑“ߢÕßµ≈“¥À≈—°∑√—æ¬å °≈à“«§◊Õ ∫√‘…—∑ œ ®–¢ÕÕπÿ¡—µ‘§≥–°√√¡°“√∫√‘…—∑ ·≈–∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π°√≥’∑’ˇ¢â“‡°≥±åµ“¡∑’˵≈“¥À≈—°∑√—æ¬å œ °”Àπ¥ ”À√—∫°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ „π«ß‡ß‘π 190 ≈â“π∫“∑ ªí®®ÿ∫—π∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â‡®√®“ª√—∫ ‚§√ß √â“ßÀπ’È°—∫ ∂“∫—π°“√‡ß‘π‡ªìπ∑’ˇ√’¬∫√âÕ¬·≈â« ·≈–Õ¬Ÿà√–À«à“ß°“√¥”‡π‘π°“√µ“¡ —≠≠“ ·≈–¢≥–π’È∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ Õ¬Ÿà √–À«à“ß°“√¥”‡π‘π‚§√ß°“√µàÕ·≈–‰¥â√—∫§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π®“°∫√‘…—∑ œ ‚¥¬§≥–°√√¡°“√∫√‘…—∑ œ ‰¥âÕπÿ¡—µ‘«ß‡ß‘π™à«¬‡À≈◊Õ∑—Èß„π √Ÿª¢Õ߇ߑπ„Àâ°Ÿâ·≈–‡ß‘π‡æ‘Ë¡∑ÿπ·°à∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ «ß‡ß‘π 90 ≈â“π∫“∑ ‡æ◊ËÕ¥”‡π‘π°“√æ—≤𓂧√ß°“√∫â“π®—¥ √√∑’ËÀ¬ÿ¥¥”‡π‘π °“√Õ¬ŸàµàÕ ‚¥¬®–™”√–§◊π¿“¬„π√–¬–‡«≈“ 5 ªï

52

Risk factors Annual Report 2004 Supalai Public Company Limited

Interest Rate Risk The upward interest rate trend may affect customersรป housing mortgage loan as well as the Companyรปs sales. We have adjusted the strategy by introducing condominium and single detached houses with moderate price, where projected demand is stil high. To achieve that, we have acquired land with reasonable price to bring down development cost and also lengthen the down payment period to get higher deposits so that customers can borrow less from financial institutions.

Project Financing Liquidity Risk Most of the companyรปs operating funds come from project financing, with the remaining generated from the companyรปs free cash flows. For project financing, financial institutions would conditionally approve a credit line with the company having to partial y pay back the loans along with interest payments as the transfer of ownership of a property sold is made.

Therefore, after paying back the loans, the company would have some cash left to fund its operations and other debts. With the continuously expanding real estate industry due to economy recovery and increasing purchasing power and low rate of interest as witnessed .In 2004, the company was able to repay most of its debts and generate revenue from the previously mortgaged properties. This results in the company having its debt-to-equity ratio at only 0.88 times. Despite expansion, the company wil stil be able to retain its debt-to-equity ratio at 1:1 times.

Debenture Redemption Risk Under the debt restructuring plan, the Company converted partial debts into unsecured debentures. As of December 31, 2004, there were two outstanding tranches, one unsecured with Baht 234.90 million at coupon rate of 2.5 per cent maturing in 2007.Another 3 year secured of Baht 550 million at 4.50% maturing on January 7, 2007, Bt137.50 million of that has been redeemed, leaving the outstanding value at Bt 412.50 million. We are certain of the ability to redeem the remaining debentures at maturity.

Risk of Guaranteeing and Lending to Subsidiaries The company has firm policy on lending and guaranteeing subsidiaries such that no risk should be incurred to the company.

Therefore, lending and guaranteeing would be made only to subsidiaries and/or associates which the company has management control. However, each transaction is made strictly under rules and regulations of the SET in which approval from the board of directors and shareholders are required for certain cases.

As for guaranteeing Supalai Northeast Company Limited for THB 190 million loans, Supalai Northeast Company Limited had recently completed its debt restructuring with its financial institution. Supalai Northeast Company Limited has proceeded its operation with financial help from the Company. Supalaiรปs board of directors approved a loan and equity injection worth Bt90 mil ion so that it can resume the construction of its housing estate. The restructure required debt to be repaid within 5 years

53

√“¬ß“πº≈°“√¥”‡π‘πß“πªï 2547 √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘π√«¡ ≈â“π∫“∑

ªï 2547

ªï 2546 (ª√—∫ª√ÿß„À¡à)

‡æ‘Ë¡(≈¥) %

√“¬‰¥â√«¡ √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å °”‰√ ÿ∑∏‘°àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–§◊πÀπ’È °àÕπ§√∫°”Àπ¥- ÿ∑∏‘¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ °”‰√ ÿ∑∏‘À≈—ß¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%)

2,174.52 1,932.09 600.56 96.48

3,751.48 3,495.75 1,288.34 21.62

(42) (45) (53) 346

480.79 22%

1,213.97 32%

(60)

°”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Àπ’È ‘πµàÕ∑ÿπ (‡∑à“) ¡Ÿ≈§à“∑“ß∫—≠™’µàÕÀÿâπ (∫“∑) ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ (∫“∑)

0.46 0.88 2.52 3.90

1.88 0.94 3.69 6.03

√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å≈¥≈ß®“°ªï°àÕπ 45 % ‡¡◊ËÕ‡∑’¬∫°—∫¬Õ¥√—∫√Ÿâ√“¬‰¥â„πªï°àÕ𠓇ÀµÿÀ≈—°¡“®“°¡“µ√°“√ ¿“…’‡æ◊ËÕ°√–µÿâπ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å∑’Ë®∫ ‘Èπ„πªï 2546 ®÷߉¡à¡’·√ß®Ÿß„®∑’Ë®–°√–µÿâπ„Àâ≈Ÿ°§â“µâÕ߇√àß´◊ÈÕ°Õª√°—∫ ∫√‘…—∑ œ ¡’π‚¬∫“¬∑’Ë ®–§—¥ √√≈Ÿ°§â“‚¥¬®–°≈—Ëπ°√Õߧÿ≥ ¡∫—µ‘‡∫◊ÈÕßµâπ°àÕπ àß„Àâ ∂“∫—π°“√‡ß‘πæ‘®“√≥“Õπÿ¡—µ‘ ‘π‡™◊ËÕ√“¬¬àÕ¬ πÕ°®“°π’È·≈⫧«“¡‰¡à‡™◊ËÕ ¡—πË „π¿“«–‡»√…∞°‘®Õ—π¡“®“°º≈°√–∑∫¢Õß√“§“πÈ”¡—π ·≈–§«“¡‰¡à ß∫¢Õß 3 ®—ßÀ«—¥„π¿“§„µâ°¡Á º’ ≈°√–∑∫µàÕ°“√µ—¥ ‘π„®∑’®Ë –´◊ÕÈ ∫â“π Õ¬à“߉√°Áµ“¡„πªï 2547 ∫√‘…—∑ œ ¡’¬Õ¥¢“¬¢ÕßÕ“§“√™ÿ¥æ—°Õ“»—¬„À¡à 3 ‚§√ß°“√ ª√–¡“≥ 1,520 ≈â“π∫“∑ ·≈–¬Õ¥¢“¬¢Õß∫â“π ®”π«π 160 ≈â“π∫“∑ √«¡ 1,680 ≈â“π∫“∑∑’ˬ—߉¡à “¡“√∂√—∫√Ÿâ√“¬‰¥â„πªïπ’È ”À√—∫°”‰√ ÿ∑∏‘À≈—ßÀ—°¿“…’‡∑à“°—∫ 480.79 ≈â“π∫“∑ ≈¥≈ß 733.18 ≈â“π∫“∑®“°ªï 2546 ∑—Èßπ’È ◊∫‡π◊ËÕß¡“®“° -√“¬‰¥â√«¡≈¥≈ß°«à“ 1,577 ≈â“π∫“∑ -§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 443.77 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ∂÷ß 93.47 ≈â“π∫“∑ “‡ÀµÿÀ≈—°¡“®“°¿“√–¿“…’

-∏ÿ√°‘®‡©æ“–·≈–§à“∏√√¡‡π’¬¡°“√‚Õπ∑’ˇæ‘Ë¡¢÷Èπ®“° 0.12 % „πªï°àÕπ‡ªìπ 5.3 % „πªïπ’ȧ‘¥‡ªìπ®”π«π‡ß‘π¿“…’∑’ˇæ‘Ë¡ Ÿß¢÷Èπ 79 ≈â“π∫“∑ -ªïπ’È∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬µâÕ߇ ’¬¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈∂÷ß 260 ≈â“π∫“∑ ¢≥–∑’ˇ ’¬‡æ’¬ß 97 ≈â“π∫“∑ „πªï 2546 ‡æ√“–¢“¥∑ÿπ – ¡‰¥â„™âÀ¡¥‰ª„πªï 2546 Õ—µ√“¿“…’ ÿ∑∏‘¢Õߪï 2547 Õ¬Ÿà∑’Ë 35 % ‡°‘¥®“°¿“…’‡ß‘π‰¥â∑’ˇæ‘Ë¡‡µ‘¡Õ’° 32 ≈â“π∫“∑∑’˵âÕß™”√–Õ—π¡“®“°‡ß‘π§à“ß«¥∑’Ë∂÷ß °”Àπ¥™”√–¢Õß‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬ 3 ‚§√ß°“√„À¡à´÷Ë߬—߉¡à “¡“√∂√—∫√Ÿâ√“¬‰¥â‰¥â ¥Õ°‡∫’Ȭ®à“¬≈¥≈ß®“° 56.64 ≈â“π∫“∑„πªï 2546 ‡À≈◊Õ‡æ’¬ß 13.96 ≈â“π∫“∑„πªïπ’È ´÷Ë߇ªìπº≈¡“®“°∞“π–°“√‡ß‘π∑’Ë·¢Áß·°√àß ¢÷Èπ®“°¿“√–Àπ’È≈¥≈ß √«¡∑—Èßµâπ∑ÿπ°“√°Ÿâ¬◊¡°Á≈¥≈ߥ⫬ àߺ≈„Àâ∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ≈¥≈ß®“° 0.94 ‡∑à“ ≥ ‘Èπªï 2546 ‡À≈◊Õ‡æ’¬ß 0.88 ‡∑à“„πªí®®ÿ∫—π

54

Operational Result of the Year 2004 Annual Report 2004 Supalai Public Company Limited

Consolidated Statement Unit : Mil ion Baht

2004

2003 (Restate)

Increase (decrease) %

Total Revenue Revenue from sales of real estate Net Profit before tax Gain from redemption of debenture and repayment debt prior to maturity-net tax Net Profit after tax Net Profit margin (%)

2,174.52 1,932.09 600.56 96.48

3,751.48 3,495.75 1,288.34 21.62

(42) (45) (53) 346

480.79 22%

1,213.97 32%

(60)

E.P.S. (Baht) Debt to Equity (Times) Book Value per share (Baht) Net Assets Value per share (Baht)

0.46 0.88 2.52 3.90

1.88 0.94 3.69 6.03

Revenues from sales on real estate declined by 45 % from the prior year mainly because of the tax incentive was ended in 2004 ,hence no motivation in stimulating immediate buying, coupled with policy to screen buyers prior to submit to Financial Institutions for approval. Besides, it also attributed to the lack of confidence in recent economy which effected from oil price and the instability in 3 Southern provinces. In addition, the sales on 3 new condominiums in the year 2004 approximately 1,520 mil ion baht and sales on low rise housing approximately 160 million Baht , totally about 1,680 mil ion baht is stil unable to recognize revenues in this year.

The net profit margin after tax for the year 2004 amounting 480.79 million Baht , significantly reduced by 733.18 mil ion baht from 2003, mainly attributed to : - Total Revenues declined by 1,577 million baht.

- Selling and administrative expenses for the year 2004 amounting 443.77 million Baht increased by 93.47 mil ion baht from 2003 , mainly due to 79 mil ion baht of business tax and transferring fees which levied from 0.12% in the year 2003 to 5.3% in the year 2004 - There was a corporate tax expense of 260 million baht in 2004 while there was only 97 million baht in 2003 due to tax shield lasted in 2003.

The effective tax rate for 2004 at 35 % was attributed to 32 million baht additional tax provision for installments due from 3 Condominium projects of which revenue could not be recognized.

Interest expenses was significantly reduced from 56.64 million baht in 2003 down to 13.96 million baht in 2004.

It was caused by strong financial status from debts reduction and low financial cost. The debt to equity ratio was hence reduced from 0.94 as of December 2003 to 0.88 this year.

55

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∑‘æ«—≈¬å π“π“πÿ«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3459 56

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited

Report of Independent Auditor To The Board of Directors and Shareholders of Supalai Public Company Limited I have audited the accompanying consolidated balance sheet of Supalai Public Company Limited and its subsidiaries as at 31 December 2004, the related consolidated statements of earnings, changes in shareholders没 equity and cash flows for the year then ended, and the separate financial statements of Supalai Public Company Limited for the same period.

These financial statements are the responsibility of the management of the Company and its subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audit. The consolidated financial statements of Supalai Public Company Limited and its subsidiaries for the year ended 31 December 2003, and the separate financial statements of Supalai Public Company Limited for the same period, as presented herein for comparative purposes, were audited in accordance with generally accepted auditing standards by another auditor who, under his report dated 23 February 2004, expressed an unqualified opinion on those financial statements, but drew attention to the uncertainties regarding litigation and the restatement of the financial statements for the year ended 31 December 2001 after the adjustments discussed in Note 36 to the financial statements.

I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Supalai Public Company Limited and its subsidiaries and of Supalai Public Company Limited as at 31 December 2004, and the results of their operations and cash flows for the year then ended, in accordance with generally accepted accounting principles.

Without qualifying my opinion on the above financial statements, I draw attention to the uncertainties with regard to litigation described in Note 35 to the financial statements. The Company has been sued for a total of approximately Baht 79.9 mil ion in various cases, in respect of breach of contract, cancellation of contract, refund claims and damage claims.

Most of the cases are currently being heard by the Court of Appeals and the Supreme Court. The Company has set aside provision of Baht 41.2 mil ion for liabilities arising as a result of these cases, based on the opinions of its legal department.

Ernst & Young Office Limited Bangkok : 22 February 2005

Thipawan Nananuwat Certified Public Accountant (Thailand) No. 3459

57

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4 5 9 5 6 7

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310,501,174 1,014,428,958 293,976,466 967,793,562 1,657,871 2,149,416 1,514,449 2,008,056 14,167,426 6,112,346 11,331,290 2,987,775 2,354,000 - 6,644,000 11,637,660 30,323,995 8,874,857 25,048,995 4,059,552,794 2,810,028,842 3,710,029,214 2,629,164,718 17,106,012 23,308,706 17,106,012 21,308,706 9,130,061 15,174,076 8,916,853 15,174,076 7,057,375 20,119,917 6,866,479 20,119,917 - 37,305,983 - 35,920,947 15,324,332 3,902,050 15,020,050 3,847,267 35,367,607 8,980,701 33,656,121 7,594,724 4,483,856,312 3,971,834,990 4,113,935,791 3,730,968,743

8 9 9 10 11 12 13 14 15 9 16

2,942,201 2,760,714 1,915,590 7,429,160 3,489,919 593,238,850 213,078,092 57,562,878 2,926,945 373,521,527

1,703,220 2,624,498 1,915,590 7,954,839 3,685,649 531,810,281 187,035,071 102,908,672 1,250,000 366,722,530

2,942,201 166,991,751 3,489,919 593,238,850 213,078,092 50,722,524 3,800,000 105,592,652

1,503,220 177,061,991 3,685,649 531,810,281 187,035,071 96,068,318 3,800,000 101,577,096

4,922,814 27,031,754 4,187,162 26,426,054 715,802 151,463 1,264,504,492 1,234,793,567 1,144,043,151 1,128,967,680 5,748,360,804 5,206,628,557 5,257,978,942 4,859,936,423

58

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS 31 DECEMBER 2004 AND 2003 ASSETS Consolidated 2004 2003 (Restated)

Note CURRENT ASSETS Cash and cash equivalents Current investments Trade accounts receivable, net Amounts due from related parties Unbil ed completed work Cost of property development projects for sales, net Deposits for purchase of land Advances to contractors, net Advances to employees Other current assets Withholding tax deducted at source Prepaid expenses Others TOTAL CURRENT ASSETS NON-CURRENT ASSETS

4

310,501,174 1,014,428,958 293,976,466 967,793,562 1,657,871 2,149,416 1,514,449 2,008,056 14,167,426 6,112,346 11,331,290 2,987,775 2,354,000 - 6,644,000 11,637,660 30,323,995 8,874,857 25,048,995 4,059,552,794 2,810,028,842 3,710,029,214 2,629,164,718 17,106,012 23,308,706 17,106,012 21,308,706 9,130,061 15,174,076 8,916,853 15,174,076 7,057,375 20,119,917 6,866,479 20,119,917

5

9 5 6 7

- 37,305,983 - 35,920,947 15,324,332 3,902,050 15,020,050 3,847,267 35,367,607 8,980,701 33,656,121 7,594,724 4,483,856,312 3,971,834,990 4,113,935,791 3,730,968,743

8 9 9 10 Investments in subsidiaries accounted for under equity method11 Investments in related companies, net 12 Other long-term investments, net 13 Projects under construction 14 Land held for development, net 15 Property, plant and equipment for rent, net 9 Advance share subscription 16

2,942,201 2,760,714 1,915,590 7,429,160 3,489,919 593,238,850 213,078,092 57,562,878 2,926,945 373,521,527

Restricted bank deposits Long-term loans to related parties, net Advances to director

Property, plant and equipment, net Other non-current assets Deposits and retention Others TOTAL NON-CURRENT ASSETS TOTAL ASSETS

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

(Unit : Baht) The Company Only 2004 2003 (Restated)

1,703,220 2,624,498 1,915,590 7,954,839 3,685,649 531,810,281 187,035,071 102,908,672 1,250,000 366,722,530

2,942,201 166,991,751 3,489,919 593,238,850 213,078,092 50,722,524 3,800,000 105,592,652

1,503,220 177,061,991 3,685,649 531,810,281 187,035,071 96,068,318 3,800,000 101,577,096

4,922,814 27,031,754 4,187,162 26,426,054 715,802 151,463 1,264,504,492 1,234,793,567 1,144,043,151 1,128,967,680 5,748,360,804 5,206,628,557 5,257,978,942 4,859,936,423

59

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Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ®“° ∂“∫—π°“√‡ß‘𠇮â“Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π®à“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π °‘®°“√∑’ˉ¡à‡°’ˬ«¢âÕß°—𠇮â“Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ë𠇮â“Àπ’ÈÕ◊Ëπ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ à«π¢Õ߇ߑπ°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï à«π¢ÕßÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëߪï Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈§â“ß®à“¥Õ°‡∫’Ȭ§â“ß®à“¥Õ°‡∫’Ȭ®à“¬√Õµ—¥∫—≠™’ ‡ß‘πª√–°—πº≈ß“π°“√°àÕ √â“ß §à“„™â®à“¬§â“ß®à“”√Õ߇º◊ËÕÀπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°§¥’§«“¡ Õ◊Ëπ Ê √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ¥Õ°‡∫’Ȭ®à“¬√–¬–¬“«√Õµ—¥∫—≠™’ ‡ß‘π√—∫≈à«ßÀπⓧà“Àÿâπ‡æ‘Ë¡∑ÿπ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï ”√Õ߇º◊ËÕº≈¢“¥∑ÿπ∑’ˇ°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕÀπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’È ‘π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È

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17

16,643,531

9

5

2,481,494 2,707,973 931,772 8,188,819 88,576,511 73,463,993 83,112,375 73,035,157 419,236 260,000,000 385,000,000 260,000,000 385,000,000 21,904,265 30,623,028 20,992,285 29,244,190 259,897,585 40,285,140 236,767,080 27,660,279

19 20

291,430,039 137,500,000

9 18

21 35

73,311,130

8,611,094

- 289,230,039 - 137,500,000

73,311,130

-

108,524,074 51,008,201 101,252,950 33,747,019 182,831 77,857,819 116,056 77,845,422 30,734,074 - 30,734,074 58,011,757 64,834,011 54,375,014 62,797,806 62,029,987 84,803,339 57,695,006 78,924,250 41,157,000 41,157,000 41,157,000 41,157,000 8,578,430 7,928,720 6,454,531 5,855,684 1,388,070,814 932,980,354 1,328,929,276 896,766,756

9 21 9

14,274,028 12,680,137 1,575,000 -

19 21

619,821,290 453,883,960 376,618,169 211,212,410 234,904,000 1,108,032,382 234,904,000 1,108,032,382

20 10

412,500,000 - 412,500,000 - 46,687,272 155,026,042 3,632,532 4,525,224 3,342,310 3,910,788 1,299,386,987 1,585,630,192 1,086,731,888 1,478,181,622 2,687,457,801 2,518,610,546 2,415,661,164 2,374,948,378 60

13,603,500 1,575,000 4,010,126

12,680,137 -

-

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS (Continued) 31 DECEMBER 2003 AND 2004 LIABILITIES Note CURRENT LIABILITIES Bank overdrafts and short-term loans from 17 financial institutions Trade acconts payable and notes payable 9 Related parties Unrelated parties 9 Amounts due to related parties 18 Other short-term loans Other creditors 5 Deposits and advances received from customers Current portion of long-term loans from financial institutions 19 20 Current portion of secured debentures Other current liabilities Corporate income tax payable Accrued interest expenses 21 Deferred interest expenses Retention guarantees Accrued expenses 35 Provision for liabilities arising from legal cases Others TOTAL CURRENT LIABILITIES

9 NON-CURRENT LIABILITIES 21 Long-term loans from directors Long-term deferred interest expenses 9 Share subscriptions received in advance Long-term loans from related parties Long-term loans from financial institutions, net of current portion19 21 Creditors under debt restructuring agreements çSecured debentures, net of current portioné 20 Provision for loss on investment in subsidiary 10 Other non-current liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES

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

61

Consolidated 2004 2003 (Restated) 16,643,531

73,311,130

(Unit : Baht) The Company Only 2004 2003 (Restated) 8,611,094

73,311,130

2,481,494 2,707,973 931,772 8,188,819 88,576,511 73,463,993 83,112,375 73,035,157 419,236 260,000,000 385,000,000 260,000,000 385,000,000 21,904,265 30,623,028 20,992,285 29,244,190 259,897,585 40,285,140 236,767,080 27,660,279 291,430,039 - 289,230,039 137,500,000 - 137,500,000 108,524,074 51,008,201 101,252,950 33,747,019 182,831 77,857,819 116,056 77,845,422 30,734,074 - 30,734,074 58,011,757 64,834,011 54,375,014 62,797,806 62,029,987 84,803,339 57,695,006 78,924,250 41,157,000 41,157,000 41,157,000 41,157,000 8,578,430 7,928,720 6,454,531 5,855,684 1,388,070,814 932,980,354 1,328,929,276 896,766,756 14,274,028 12,680,137 1,575,000 -

13,603,500 1,575,000 4,010,126

12,680,137 -

-

619,821,290 453,883,960 376,618,169 211,212,410 234,904,000 1,108,032,382 234,904,000 1,108,032,382 412,500,000 - 412,500,000 - 46,687,272 155,026,042 3,632,532 4,525,224 3,342,310 3,910,788 1,299,386,987 1,585,630,192 1,086,731,888 1,478,181,622 2,687,457,801 2,518,610,546 2,415,661,164 2,374,948,378

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∑ÿπ‡√◊ÕπÀÿâπ 22 ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 1,770,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (31 ∏—𫓧¡ 2546 : Àÿâπ “¡—≠ 2,000,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« Àÿâπ “¡—≠ 1,216,111,861 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (31 ∏—𫓧¡ 2546 : Àÿâπ “¡—≠ 729,095,340 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) à«π‡°‘π¡Ÿ≈§à“Àÿâπ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕà«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ 23 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ ¢Õß∫√‘…—∑¬àÕ23 ¢“¥∑ÿπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ 12 °”‰√ – ¡ ®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“24 ®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ25 ¬—߉¡à‰¥â®—¥ √√ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ25 √«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ

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1,770,000,000 2,000,000,000 1,770,000,000 2,000,000,000

1,216,111,861 729,095,340 1,216,111,861 729,095,340 3,658,395 3,658,395 3,658,395 3,658,395 28,370,849 26,969,054 28,370,849 26,969,054 37,164,807 38,049,231 37,164,807 38,049,231 40,999,126

40,999,126

40,999,126

(1,324,081)

(1,072,351)

(1,324,081) (1,072,351)

96,948,842

72,909,534

96,948,842

72,909,534

73,801,024 1,420,387,979 (73,801,024) 2,842,317,778 218,585,225 3,060,903,003 5,748,360,804

1,626,661,059 (52,281,343) 2,484,988,045 203,029,966 2,688,018,011 5,206,628,557

73,801,024 1,420,387,979 (73,801,024) 2,842,317,778 2,842,317,778 5,257,978,942

1,626,661,059 (52,281,343) 2,484,988,045 2,484,988,045 4,859,936,423

62

40,999,126

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS (Continued) 31 DECEMBER 2004 AND 2003 SHAREHOLDERSû EQUITY Note

Consolidated 2004 2003 (Restated)

(Unit : Baht) The Company Only 2004 2003 (Restated)

22

Share capital Registered share capital 1,770,000,000 ordinary shares of Baht 1 each (31 December 2003 : 2,000,000,000 ordinary shares of Baht 1 each) Issued and paid-up share capital 1,216,111,861 ordinary shares of Baht 1 each (31 December 2003 : 729,095,340 ordinary shares of Baht 1 each) Share premium Premium on shares of Company held by subsidiaries Revaluation surplus Revaluation surplus of a subsidiary Unrealised loss on changes in value of investments Retained earnings Appropriated - statutory reserve Appropriated - reserve for Companyûs shares held by subsidiary Unappropriated Companyûs shares held by subsidiary Equity attributable to the Companyûs shareholders Minority interest - equity attributable to minority sharesholders of subsidiary TOTAL SHAREHOLDERSû EQUITY TOTAL LIABILITIES AND SHAREHOLDERSû EQUITY

23 23 12

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

63

1,770,000,000 2,000,000,000 1,770,000,000 2,000,000,000

24 25 25

1,216,111,861 729,095,340 1,216,111,861 729,095,340 3,658,395 3,658,395 3,658,395 3,658,395 28,370,849 26,969,054 28,370,849 26,969,054 37,164,807 38,049,231 37,164,807 38,049,231 40,999,126 40,999,126 40,999,126 40,999,126 (1,324,081) (1,072,351) (1,324,081) (1,072,351) 96,948,842

72,909,534

96,948,842

72,909,534

73,801,024 - 73,801,024 1,420,387,979 1,626,661,059 1,420,387,979 1,626,661,059 (73,801,024) (52,281,343) (73,801,024) (52,281,343) 2,842,317,778 2,484,988,045 2,842,317,778 2,484,988,045 218,585,225 203,029,966 3,060,903,003 2,688,018,011 2,842,317,778 2,484,988,045 5,748,360,804 5,206,628,557 5,257,978,942 4,859,936,423

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√“¬‰¥â √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å 1,932,085,512 3,495,748,496 √“¬‰¥â®“°°“√„Àâ‡™à“·≈–∫√‘°“√ 103,531,287 114,091,554 à«π·∫àߺ≈°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’√“¬‰¥âÕ◊Ëπ °”‰√®“°°“√®”Àπà“¬ ‘π∑√—æ¬å∂“«√ 56,360,657 60,762,074 ‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ 6,14 19,164,904 37,855,476 Õ◊Ëπ Ê 63,377,297 43,022,073 √«¡√“¬‰¥â 2,174,519,657 3,751,479,673 §à“„™â®à“µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å 1,057,151,282 1,971,181,479 µâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ 33,942,687 37,281,252 §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 443,770,148 350,295,223 ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ 6 §à“µÕ∫·∑π°√√¡°“√ 29 4,774,000 1,740,000 √«¡§à“„™â®à“1,539,638,117 2,360,497,954 °”‰√°àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–¿“…’‡ß‘π‰¥â 634,881,540 1,390,981,719 ¥Õ°‡∫’Ȭ®à“(13,964,188) (56,644,467) ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 30 (216,255,576) (95,983,422) °”‰√°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ404,661,776 1,238,353,830 °”‰√ ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ(20,358,269) (46,001,780) °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 384,303,507 1,192,352,050 √“¬°“√摇»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È °àÕπ°”Àπ¥ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’ˇ°’ˬ«¢âÕß ªï 2547 : ®”π«π 43,893,519 ∫“∑ ªï 2546 : ß∫°“√‡ß‘π√«¡ ®”π«π 1,234,538 ∫“∑ ·≈– ªï 2546 : ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ®”π«π 2,116,288 ∫“∑) 9,21 96,482,644 21,621,319 °”‰√ ÿ∑∏‘ ”À√—∫ªï 480,786,151 1,213,973,369 0 0

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64

(ª√—∫ª√ÿß„À¡à)

1,876,179,935 3,313,152,041 25,559,904 44,600,775 39,223,997 16,273,171 56,186,991 61,107,174 - 37,855,476 53,601,219 31,275,047 2,050,752,046 3,504,263,684 1,027,406,811 7,019,158 396,220,406 22,299,785 4,670,000 1,457,616,160 593,135,886 (11,042,073) (197,790,306) 384,303,507 384,303,507

1,866,204,935 11,748,178 329,252,000 1,740,000 2,208,945,113 1,295,318,571 (38,164,039) (67,447,731) 1,189,706,801 1,189,706,801

96,482,644 24,266,568 480,786,151 1,213,973,369

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES EARNINGS STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 AND 2003

Note REVENUES Revenue from sales of real estate Revenue from rental and services Share of profit from investments accounted for under equity method Other income Gain on disposal of fixed assets Reversal of provision for loss on diminution in project value 6,14 Others TOTAL REVENUES EXPENSES Cost of real estate sales Cost of rental and services Selling and administrative expenses 6 Loss on diminution in project value 29 Directors没 remuneration TOTAL EXPENSES EARNINGS BEFORE INTEREST EXPENSES AND INCOME TAX INTEREST EXPENSES 30 CORPORATE INCOME TAX EARNINGS BEFORE MINORITY INTEREST NET EARNINGS IN RESPECT OF MINORITY INTEREST EARNINGS FROM ORDINARY ACTIVITIES EXTRAORDINARY ITEM Gain from redemption of debentures and repayment of restructured debt prior to maturity ( net of related income tax , 2004 : Baht 43,893,519 2003 : Consolidated, Baht 1,234,538 and 2003 : The Company only, Baht 2,116,288 ) NET EARNINGS FOR THE YEAR

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

9,21

65

Consolidated 2004 2003 (Restated)

(Unit : Baht) The Company Only 2004 2003 (Restated)

1,932,085,512 103,531,287 -

3,495,748,496 1,876,179,935 3,313,152,041 114,091,554 25,559,904 44,600,775 39,223,997 16,273,171

56,360,657 19,164,904 63,377,297 2,174,519,657

60,762,074 56,186,991 61,107,174 37,855,476 37,855,476 43,022,073 53,601,219 31,275,047 3,751,479,673 2,050,752,046 3,504,263,684

1,057,151,282 33,942,687 443,770,148 4,774,000 1,539,638,117 634,881,540 (13,964,188) (216,255,576) 404,661,776 (20,358,269) 384,303,507

1,971,181,479 1,027,406,811 1,866,204,935 37,281,252 7,019,158 11,748,178 350,295,223 396,220,406 329,252,000 22,299,785 1,740,000 4,670,000 1,740,000 2,360,497,954 1,457,616,160 2,208,945,113 1,390,981,719 593,135,886 1,295,318,571 (56,644,467) (11,042,073) (38,164,039) (95,983,422) (197,790,306) (67,447,731) 1,238,353,830 384,303,507 1,189,706,801 (46,001,780) 1,192,352,050 384,303,507 1,189,706,801

96,482,644 480,786,151

21,621,319 1,213,973,369

96,482,644 24,266,568 480,786,151 1,213,973,369

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À¡“¬‡Àµÿ

(ª√—∫ª√ÿß„À¡à)

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 31 °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√摇»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥ °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° (Àÿâπ)

0.36

1.85

(ª√—∫ª√ÿß„À¡à)

0.36

1.84

0.10 0.03 0.10 0.04 0.46 1.88 0.46 1.88 1,054,668,404 645,998,875 1,054,668,404 645,998,875

°”‰√µàÕÀÿâπª√—∫≈¥ 31 °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ 0.32 1.11 0.32 1.11 √“¬°“√摇»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È °àÕπ°”Àπ¥ 0.08 0.02 0.08 0.02 °”‰√ ÿ∑∏‘ 0.40 1.13 0.40 1.13 ®”π«πÀÿâπ “¡—≠∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° (Àÿâπ) 1,215,631,479 1,071,169,704 1,215,631,479 1,071,169,704

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È

66

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES EARNING STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 AND 2003 Note 31 BASIC EARNINGS PER SHARE Earnings from ordinary activities Extraordinary item Gain from redemption of debentures and repayment of restructured debt prior to maturity Net earnings Weighted average number of ordinary shares (shares) 31 DILUTED EARNINGS PER SHARE Earnings from ordinary activities Extraordinary item Gain from redemption of debentures and repayment of restructured debt prior to maturity Net earnings Weighted average number of ordinary shares (shares)

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

67

Consolidated 2004 2003 (Restated) 0.36

1.85

(Unit : Baht) The Company Only 2004 2003 (Restated) 0.36

1.84

0.10 0.03 0.10 0.04 0.46 1.88 0.46 1.88 1,054,668,404 645,998,875 1,054,668,404 645,998,875

0.32

1.11

0.32

1.11

0.08 0.02 0.08 0.02 0.40 1.13 0.40 1.13 1,215,631,479 1,071,169,704 1,215,631,479 1,071,169,704

68

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 - ∑’˪√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√≈¥≈ß µ—¥®”Àπà“¬ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ °”‰√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ”√Õßµ“¡°ØÀ¡“Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß °”‰√ ÿ∑∏‘ ”À√—∫ªï - ª√—∫ª√ÿß„À¡à ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 649,715,970 79,379,370 729,095,340

36.4 36.3

24

22 36.2 23 23

-

649,715,970 36.1

À¡“¬‡Àµÿ

-

- 304,037,161

- (259,228,745) 3,658,395 - 44,808,416 - 26,969,054 - (5,753,581) - (1,005,604) 3,658,395 26,969,054 38,049,231

-

3,658,395

(Àπ૬ : ∫“∑)

40,999,126 40,999,126

-

40,999,126

-

-

(2,821,753) 1,749,402 - 72,909,534 (1,072,351) 72,909,534

-

(2,821,753)

-

-

80,864,530

(259,228,745) (352,082,765) 1,261,059,020 79,379,370 26,969,054 (5,753,581) 46,001,780 1,749,402 64,639,597 1,213,973,369 2,688,018,011

-

76,163,656 1,872,370,530

(352,082,765) 484,591,620 (116,920,940) 157,028,186 1,005,604 - 46,001,780 (72,909,534) - 64,639,597 1,213,973,369 1,626,661,059 (52,281,343) 203,029,966

- (80,864,530)

- 917,538,915 (116,920,940)

à«π‡°‘π∑ÿπ °”‰√ (¢“¥∑ÿπ) °”‰√ – ¡ ®“°°“√µ’√“§“ ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß ”√Õß ”À√—∫ Àÿâπ¢Õß∫√‘…—∑œ à«π¢Õß ‘π∑√—æ¬å∂“«√ ®“°°“√‡ª≈’ˬπ·ª≈ß ”√Õßµ“¡ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬ ºŸ∂â Õ◊ Àÿπâ à«ππâÕ¢Õß∫√‘…—∑¬àÕ¬ ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °ÆÀ¡“¬ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ¬—߉¡à‰¥â®—¥ √√ ∫√‘…—∑¬àÕ¬ „π∫√‘…∑— ¬àÕ√«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π√«¡

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

à«π‡°‘π∑ÿπ ∑ÿπ‡√◊ÕπÀÿâπ Àÿâπ¢Õß∫√‘…—∑œ à«π‡°‘π∑ÿπ ∑’ÕË Õ° à«π‡°‘π ∑’Ë∂◊Õ‚¥¬ ®“°°“√µ’√“§“ ·≈–™”√–·≈â« ¡Ÿ≈§à“Àÿâπ ∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘πª√–®”ªï 2547

69

Balance as of 1 January 2003, as previously reported Prior year adjustment relating to loss from investment in subsidiary Prior year adjustment relating to revaluation surplus Prior year adjustment relating to cost of borrowing Balance as of 1 January 2003, as restated Additional ordinary shares as a result of warrant exercise Increase in premium on shares of Company held by subsidiaries Decrease in revaluation surplus Amortisation of revaluation surplus Increase in minority interest - equity attributable to minority shareholders of subsidiaries Unrealised gain on changes in value of investments Statutory reserve Decrease in Companyûs shares held by subsidiaries çNet earnings for the year, as restatedé Balance as of 31 December 2003 649,715,970 649,715,970 79,379,370 -

24 729,095,340

22 36.2 23 23

36.1 36.4 36.3

Note

Issued and paid-up share capital

3,658,395 26,969,054 38,049,231

40,999,126

1,749,402 - 72,909,534 (1,072,351) 72,909,534

Companyûs Minority interest shares equity attributable to held minority shareholders by subsidiaries of subsidiaries Total (Restated) (Restated) (Restated) (116,920,940) 76,163,656 1,872,370,530 - 80,864,530 - (259,228,745) - (352,082,765) (116,920,940) 157,028,186 1,261,059,020 79,379,370 26,969,054 - (5,753,581) -

(Unit : Baht)

- 46,001,780 46,001,780 1,749,402 - (72,909,534) - 64,639,597 64,639,597 - 1,213,973,369 - 1,213,973,369 - 1,626,661,059 (52,281,343) 203,029,966 2,688,018,011

Premium on Unrealised gain Retained earnings shares of Revaluation (loss) on Reserve for Share Company held Revaluation surplus of changes in value Statutory Companyûs shares premium by subsidiaries surplus a subsidiary of investments reserve held by subsidiary Unappropriated (Restated) (Restated) (Restated) 3,658,395 - 304,037,161 40,999,126 (2,821,753) - 917,538,915 - (80,864,530) - (259,228,745) - (352,082,765) 3,658,395 - 44,808,416 40,999,126 (2,821,753) - 484,591,620 - 26,969,054 - (5,753,581) - (1,005,604) - 1,005,604

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 CONSOLIDATED

Annual Report 2004 Supalai Public Company Limited

FINANCIAL STATEMENTS OF 2004

70

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫°”‰√®“°°“√®”Àπà“Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - ∑’˪√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ µ—¥®”Àπà“¬ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ ¢“¥∑ÿπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ”√Õßµ“¡°ØÀ¡“”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘ µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 3,658,395 28,370,849 37,164,807

28 1,216,111,861

24 25

23

22

- 26,969,054 - (244,584,058) 3,658,395 26,969,054 38,049,231 - 1,401,795 - (884,424) -

729,095,340 487,016,521 -

36.2 36.4 36.3

- 282,633,289 -

3,658,395 -

729,095,340 36.1 -

À¡“¬‡Àµÿ

40,999,126

40,999,126 -

40,999,126 -

(1,324,081) 96,948,842

(1,072,351) 72,909,534 (251,730) - 24,039,308 -

(1,072,351) 72,909,534 -

(26,969,054) - (244,584,058) (326,760,454) - (326,760,454) 1,626,661,059 (52,281,343) 203,029,966 2,688,018,011 - 487,016,521 1,401,795 884,424 - 15,555,259 15,555,259 (251,730) (24,039,308) (73,801,024) 630,319 630,319 - (22,150,000) - (22,150,000) - 480,786,151 - 480,786,151 - (590,103,323) - (590,103,323) 73,801,024 1,420,387,979 (73,801,024) 218,585,225 3,060,903,003

73,801,024 -

- 2,067,757,476 (52,281,343) 115,663,057 3,259,362,523 - (87,366,909) - 87,366,909 -

à«π‡°‘π∑ÿπ °”‰√ (¢“¥∑ÿπ) °”‰√ – ¡ ®“°°“√µ’√“§“ ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß ”√Õß ”À√—∫ Àÿâπ¢Õß∫√‘…—∑œ à«π¢Õß ‘π∑√—æ¬å∂“«√ ®“°°“√‡ª≈’ˬπ·ª≈ß ”√Õßµ“¡ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬ ºŸ∂â Õ◊ Àÿπâ à«ππâÕ¢Õß∫√‘…—∑¬àÕ¬ ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °ÆÀ¡“¬ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ¬—߉¡à‰¥â®—¥ √√ ∫√‘…—∑¬àÕ¬ „π∫√‘…∑— ¬àÕ√«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π√«¡

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

à«π‡°‘π∑ÿπ ∑ÿπ‡√◊ÕπÀÿâπ Àÿâπ¢Õß∫√‘…—∑œ à«π‡°‘π∑ÿπ ∑’ÕË Õ° à«π‡°‘π ∑’Ë∂◊Õ‚¥¬ ®“°°“√µ’√“§“ ·≈–™”√–·≈â« ¡Ÿ≈§à“Àÿâπ ∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘πª√–®”ªï 2547

71 1,216,111,861

-

729,095,340 487,016,521 -

729,095,340 -

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

Balance as of 1 January 2004, as previously reported Prior year adjustment relating to loss from investment in subsidiary 36.1 Prior year adjustment relating to gain on disposal of the Companyûs shares held by subsidiaries 36.2 Prior year adjustment relating to revaluation surplus 36.4 Prior year adjustment relating to cost of borrowing 36.3 Balance as of 1 January 2004, as restated Additional ordinary shares as a result of warrant exercise 22 Increase in premium on shares of Company held by subsidiaries Amortisation of revaluation surplus 23 Increase in minority interest - equity attributable to minority shareholders of subsidiaries Unrealised loss on changes in value of investments Statutory reserve 24 Reserve for Companyûs shares held by subsidiary 25 Decrease in Companyûs shares held by subsidiaries Additional shares of Company held by subsidiaries as a result of warrant exercise Net earnings for the year Dividend paid 28 Balance as of 31 December 2004

Note

Issued and paid-up share capital

-

-

3,658,395 28,370,849 37,164,807

-

- 26,969,054 - (244,584,058) 3,658,395 26,969,054 38,049,231 - 1,401,795 - (884,424)

40,999,126

-

40,999,126 -

(1,324,081) 96,948,842

(251,730) - 24,039,308 -

(1,072,351) 72,909,534 -

Companyûs Minority interest shares equity attributable to held minority shareholders by subsidiaries of subsidiaries Total (Restated) (Restated) (Restated) (52,281,343) 115,663,057 3,259,362,523 - 87,366,909 -

(Uni (Àπà«t ¬: Baht) : ∫“∑)

630,319

15,555,259 -

15,555,259 (251,730) 630,319 - (22,150,000) - (22,150,000) - 480,786,151 - 480,786,151 - (590,103,323) - (590,103,323) 73,801,024 1,420,387,979 (73,801,024) 218,585,225 3,060,903,003

- (24,039,308) 73,801,024 (73,801,024) -

- (26,969,054) - (244,584,058) - (326,760,454) - (326,760,454) - 1,626,661,059 (52,281,343) 203,029,966 2,688,018,011 - 487,016,521 1,401,795 884,424 -

Premium on Unrealised gain Retained earnings shares of Revaluation (loss) on Reserve for Share Company held Revaluation surplus of changes in value Statutory Companyûs shares premium by subsidiaries surplus a subsidiary of investments reserve held by subsidiary Unappropriated (Restated) (Restated) (Restated) 3,658,395 - 282,633,289 40,999,126 (1,072,351) 72,909,534 - 2,067,757,476 - (87,366,909)

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 CONSOLIDATED

Annual Report 2004 Supalai Public Company Limited

FINANCIAL STATEMENTS OF 2004

72

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 - ∑’˪√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√≈¥≈ß µ—¥®”Àπà“¬ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ °”‰√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ”√Õßµ“¡°ØÀ¡“Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß °”‰√ ÿ∑∏‘ ”À√—∫ªï - ª√—∫ª√ÿß„À¡à ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 649,715,970 79,379,370 729,095,340

36.4 36.3

24

22 36.2 23 23

-

649,715,970

36.1

À¡“¬‡Àµÿ

∑ÿπ‡√◊ÕπÀÿâπ ∑’ÕË Õ° ·≈–™”√–·≈â«

3,658,395 3,658,395

-

3,658,395

à«π‡°‘π ¡Ÿ≈§à“Àÿâπ

-

304,037,161

- (259,228,745) 44,808,416 26,969,054 - (5,753,581) - (1,005,604) 26,969,054 38,049,231

-

-

à«π‡°‘π∑ÿπ à«π‡°‘π∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ à«π‡°‘π∑ÿπ ∑’Ë∂◊Õ‚¥®“°°“√µ’√“§“ ∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

(Àπ૬ : ∫“∑)

40,999,126 40,999,126

-

40,999,126

-

-

(2,821,753) 1,749,402 - 72,909,534 (1,072,351) 72,909,534

-

(2,821,753)

-

- (80,864,530) - (259,228,745) (352,082,765) - (352,082,765) 484,591,620 (116,920,940) 1,104,030,834 - 79,379,370 - 26,969,054 - (5,753,581) 1,005,604 - 1,749,402 (72,909,534) 64,639,597 64,639,597 1,213,973,369 - 1,213,973,369 1,626,661,059 (52,281,343) 2,484,988,045

- (80,864,530)

- 917,538,915 (116,920,940) 1,796,206,874

°”‰√ (¢“¥∑ÿπ) °”‰√ – ¡ ®“°°“√µ’√“§“ ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß ”√Õß ”À√—∫ Àÿâπ¢Õß∫√‘…—∑œ ‘π∑√—æ¬å∂“«√ ®“°°“√‡ª≈’ˬπ·ª≈ß ”√Õßµ“¡ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¢Õß∫√‘…—∑¬àÕ¬ ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °ÆÀ¡“¬ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ¬—߉¡à‰¥â®—¥ √√ ∫√‘…—∑¬àÕ√«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘πª√–®”ªï 2547

73

Balance as of 1 January 2003, as previously reported Prior year adjustment relating to loss from investment in subsidiary Prior year adjustment relating to revaluation surplus Prior year adjustment relating to cost of borrowing Balance as of 1 January 2003, as restated Additional ordinary shares as a result of warrant exercise Increase in premium on shares of Company held by subsidiaries Decrease in revaluation surplus Amortisation of revaluation surplus Unrealised gain on changes in value of investments Statutory reserve Decrease in Company没s shares held by subsidiaries Net earnings for the year, as restated Balance as of 31 December 2003

24

22 36.2 23 23

36.1 36.4 36.3

Note 649,715,970 649,715,970 79,379,370 729,095,340

Issued and paid-up share capital 3,658,395 3,658,395 3,658,395

Share premium (Restated) Revaluation surplus

- 304,037,161 - (259,228,745) 44,808,416 26,969,054 - (5,753,581) - (1,005,604) 26,969,054 38,049,231

Premium on shares of Company held by subsidiaries (Restated) 40,999,126 40,999,126 40,999,126

(2,821,753) (2,821,753) 1,749,402 - 72,909,534 (1,072,351) 72,909,534

- 917,538,915 (116,920,940) 1,796,206,874 - (80,864,530) - (80,864,530) - (259,228,745) - (352,082,765) - (352,082,765) - 484,591,620 (116,920,940) 1,104,030,834 - 79,379,370 - 26,969,054 - (5,753,581) - 1,005,604 - 1,749,402 - (72,909,534) 64,639,597 64,639,597 - 1,213,973,369 - 1,213,973,369 - 1,626,661,059 (52,281,343) 2,484,988,045

Total (Restated)

(Unit : Baht)

Retained earnings Revaluation Unrealised gain (loss) Reserve for Company没s surplus of on changes in value Statutory Company没s shares shares held a subsidiary of investments reserve held by subsidiary Unappropriated by subsidiaries (Restated) (Restated)

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 THE COMPAY ONLY

Annual Report 2004 Supalai Public Company Limited

FINANCIAL STATEMENTS OF 2004

74

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫°”‰√®“°°“√®”Àπà“Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - ∑’˪√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ µ—¥®”Àπà“¬ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ ¢“¥∑ÿπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ”√Õßµ“¡°ØÀ¡“”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘ µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547

28

24 25

23

22

36.2 36.4 36.3

36.1

À¡“¬‡Àµÿ

3,658,395 3,658,395

1,216,111,861

3,658,395 -

à«π‡°‘π ¡Ÿ≈§à“Àÿâπ

729,095,340 487,016,521 -

729,095,340 -

∑ÿπ‡√◊ÕπÀÿâπ ∑’ÕË Õ° ·≈–™”√–·≈â«

282,633,289 -

28,370,849

37,164,807

26,969,054 - (244,584,058) 26,969,054 38,049,231 1,401,795 (884,424) -

-

à«π‡°‘π∑ÿπ à«π‡°‘π∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ à«π‡°‘π∑ÿπ ∑’Ë∂◊Õ‚¥®“°°“√µ’√“§“ ∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

(Àπ૬ : ∫“∑)

40,999,126

40,999,126 -

40,999,126 -

(1,324,081) 96,948,842

(1,072,351) 72,909,534 (251,730) - 24,039,308 -

(1,072,351) 72,909,534 -

- 480,786,151 - (590,103,323) 73,801,024 1,420,387,979

(22,150,000) (22,150,000) - 480,786,151 - (590,103,323) (73,801,024) 2,842,317,778

- (26,969,054) - (244,584,058) - (326,760,454) - (326,760,454) - 1,626,661,059 (52,281,343) 2,484,988,045 - 487,016,521 - 1,401,795 884,424 - (251,730) - (24,039,308) 73,801,024 (73,801,024) 630,319 630,319

- 2,067,757,476 (52,281,343) 3,143,699,466 - (87,366,909) - (87,366,909)

°”‰√ (¢“¥∑ÿπ) °”‰√ – ¡ ®“°°“√µ’√“§“ ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß ”√Õß ”À√—∫ Àÿâπ¢Õß∫√‘…—∑œ ‘π∑√—æ¬å∂“«√ ®“°°“√‡ª≈’ˬπ·ª≈ß ”√Õßµ“¡ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¢Õß∫√‘…—∑¬àÕ¬ ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °ÆÀ¡“¬ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ¬—߉¡à‰¥â®—¥ √√ ∫√‘…—∑¬àÕ√«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

ß∫°“√‡ß‘πª√–®”ªï 2547

75 3,658,395 3,658,395 3,658,395

729,095,340 487,016,521 1,216,111,861

Share premium (Restated)

729,095,340 -

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

Balance as of 1 January 2004, as previously reported Prior year adjustment relating to loss from investment in subsidiary 36.1 Prior year adjustment relating to gain on disposal of the Companyßs shares held by subsidiaries 36.2 Prior year adjustment relating to revaluation surplus 36.4 Prior year adjustment relating to cost of borrowing 36.3 Balance as of 1 January 2004, as restated Additional ordinary shares as a result of warrant exercise 22 Increase in premium on shares of Company held by subsidiaries Amortisation of revaluation surplus 23 Unrealised loss on changes in value of investments Statutory reserve 24 Reserve for Companyûs shares held by subsidiary 25 Decrease in Companyûs shares held by subsidiaries Additional shares of Company held by subsidiaries as a result of warrant exercise Net earnings for the year Dividend paid 28 Balance as of 31 December 2004

Note

Issued and paid-up share capital 282,633,289 -

Revaluation surplus

28,370,849

37,164,807

26,969,054 - (244,584,058) 26,969,054 38,049,231 1,401,795 (884,424) -

-

Premium on shares of Company held by subsidiaries (Restated)

40,999,126

40,999,126 -

40,999,126 -

(1,324,081) 96,948,842

(1,072,351) 72,909,534 (251,730) - 24,039,308 -

(1,072,351) 72,909,534 -

(26,969,054) (326,760,454) 1,626,661,059 884,424 (24,039,308) (73,801,024) - 480,786,151 - (590,103,323) 73,801,024 1,420,387,979

73,801,024 -

- 2,067,757,476 - (87,366,909)

(22,150,000) (22,150,000) - 480,786,151 - (590,103,323) (73,801,024) 2,842,317,778

- (244,584,058) - (326,760,454) (52,281,343) 2,484,988,045 - 487,016,521 - 1,401,795 - (251,730) 630,319 630,319

(52,281,343) 3,143,699,466 - (87,366,909)

Total (Restated)

(Unit : Baht)

Retained earnings Revaluation Unrealised gain (loss) Reserve for Companyûs surplus of on changes in value Statutory Companyûs shares shares held a subsidiary of investments reserve held by subsidiary Unappropriated by subsidiaries (Restated) (Restated)

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 THE COMPAY ONLY

Annual Report 2004 Supalai Public Company Limited

FINANCIAL STATEMENTS OF 2004

ß∫°“√‡ß‘πª√–®”ªï 2547 √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ß∫°“√‡ß‘π√«¡ 2547 2546

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546

(ª√—∫ª√ÿß„À¡à)

°√–· ‡ß‘π ¥®“°(„™â‰ª„π)°‘®°√√¡¥”‡π‘πß“π: °”‰√ ÿ∑∏‘ ”À√—∫ªï ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π : §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“Àπ’È ß —¬®– Ÿ≠ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ °”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ °”‰√®“°°“√®”Àπà“¬ ‘π∑√—æ¬å∂“«√ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õ߇ߑπ≈ß∑ÿπ (‚Õπ°≈—∫) §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ (‚Õπ°≈—∫) ”√Õ߇º◊ËÕÀπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°§¥’§«“¡ ¢“¥∑ÿπ®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕà«π·∫àߺ≈°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬

‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ¡Ÿ≈§à“ß“π∑’ˇ √Á®·µà¬—߉¡à‰¥â‡√’¬°‡°Á∫ ‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π®à“¬≈à«ßÀπ⓺Ÿâ√—∫‡À¡“ ‡ß‘π∑¥√Õß®à“¬æπ—°ß“π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘𥔇π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’ˇ°’ˬ«¢âÕß°—𠇮â“Àπ’È°“√§â“·≈–µ—Ϋ‡ß‘π®à“¬ - °‘®°“√∑’ˉ¡à‡°’ˬ«¢âÕß°—𠇮â“Àπ’ÈÕ◊Ëπ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ ¥Õ°‡∫’Ȭ§â“ß®à“Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘°àÕπ√“¬°“√摇»… √“¬°“√摇»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫ ‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷ËߢÕßß∫°“√‡ß‘ππ’È

(ª√—∫ª√ÿß„À¡à)

480,786,151 1,213,973,369 480,786,151 1,213,973,369 20,434,651 23,195,634 15,201,498 18,243,697 4,173,308 2,545,796 4,098,562 3,111,500 24,769,014 - 22,806,975 - (3,387,739) (56,520,182) (60,884,323) (56,345,140) (61,107,174) 469,679 487,871 (56,000) 120,000 (19,164,904) (37,855,476) 22,299,785 (37,855,476) - 41,157,000 - 41,157,000 - 19,842,000 20,358,269 46,001,780 - (39,223,997) (16,273,171) 475,305,986 1,225,233,912 449,567,834 1,181,211,745 (12,228,388) 14,664,809 (12,442,077) 14,721,964 (2,354,000) - (1,867,489) 18,686,334 82,444,575 16,174,138 76,787,875 400,000 (1,235,093,363) 307,018,437 (1,107,898,596) 252,658,394 (15,106,012) (20,747,456) (17,106,012) (20,747,456) 6,044,015 4,940 6,257,223 4,940 13,062,542 (16,981,762) 13,253,438 (17,165,527) (2,086,084) 511,896 (1,313,232) 1,459,580 (1,641,534) (1,338,715) (568,083) (68,050) (226,479) 2,707,973 (7,257,047) 15,112,518 64,308,835 10,077,218 (8,718,763) - (8,251,905) 219,612,445 (81,261,674) 209,106,801 (9,491,172) (93,091,582) (9,545,550) 23,766,968 138,830,155 38,452,741 (759,689) (568,476) (516,114,676) 1,622,304,343 (423,929,074)

8,188,819 64,260,157 (84,406,198) (92,636,075) 117,091,560 1,501,761,728

(140,376,163) (22,855,856) (140,376,163) (26,382,856) (656,490,839) 1,599,448,487 (564,305,237) 1,475,378,872 76

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CASH FLOWS STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 Consolidated 2004 2003 (Restated) Cash flows from (used in) operating activities : Net earnings for the year Adjustments to reconcile net earnings to net cash provided by (used in) operating activities : Depreciation and amortisation Doubtful debt Loss on impairment of other non-current assets Gain on sale of invesments Gain on disposal of fixed assets Loss on diminution in value of investments (Reversal) Provision for loss on diminution in project value (Reversal) Provision for liabilities arising from legal cases Loss on debt restructuring Net earnings in respect of minority interest Share of profit from investments accounted for under equity method

480,786,151 1,213,973,369 480,786,151 1,213,973,369 20,434,651 23,195,634 15,201,498 18,243,697 4,173,308 2,545,796 4,098,562 3,111,500 24,769,014 - 22,806,975 - (3,387,739) (56,520,182) (60,884,323) (56,345,140) (61,107,174) 469,679 487,871 (56,000) 120,000 (19,164,904) (37,855,476) 22,299,785 (37,855,476) - 41,157,000 - 41,157,000 - 19,842,000 20,358,269 46,001,780 - (39,223,997) (16,273,171) 475,305,986 1,225,233,912 449,567,834 1,181,211,745

Decrease (increase) in operating assets : Trade accounts receivable (12,228,388) Amounts due from related parties (2,354,000) Unbilled completed work 18,686,334 Advances to related parties Cost of property development projects for sales (1,235,093,363) Deposits for purchase of land (15,106,012) Advances to contractors 6,044,015 Advance to employees 13,062,542 Other current assets (2,086,084) Other non-current assets (1,641,534) Increase (decrease) in operating liabilities : Trade accounts payable - related parties (226,479) Trade accounts payable and notes payable - unrelated parties 15,112,518 Other creditors (8,718,763) Deposits and advances received from customers 219,612,445 Accrued interest expenses (9,491,172) Other current liabilities 23,766,968 Other non-current liabilities (759,689) Net cash before extraordinary item (516,114,676) Extraordinary item Gain from redemption of debentures and repayment of restructured debt prior to maturity (140,376,163) Net cash from (used in) operating activities (656,490,839) The accompanying notes are an integral part of the financial statements.

77

(Unit : Baht) The Company Only 2004 2003 (Restated)

14,664,809 (12,442,077) 14,721,964 - (1,867,489) 82,444,575 16,174,138 76,787,875 400,000 307,018,437 (1,107,898,596) 252,658,394 (20,747,456) (17,106,012) (20,747,456) 4,940 6,257,223 4,940 (16,981,762) 13,253,438 (17,165,527) 511,896 (1,313,232) 1,459,580 (1,338,715) (568,083) (68,050) 2,707,973 (7,257,047) 8,188,819 64,308,835 10,077,218 64,260,157 - (8,251,905) (81,261,674) 209,106,801 (84,406,198) (93,091,582) (9,545,550) (92,636,075) 138,830,155 38,452,741 117,091,560 (568,476) 1,622,304,343 (423,929,074) 1,501,761,728 (22,855,856) (140,376,163) (26,382,856) 1,599,448,487 (564,305,237) 1,475,378,872

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491,545 10,461,973 493,607 10,705,604 (1,238,981) (116,327) (1,438,981) (18,599) (23,159,468) (14,905,354) (15,133,385) (10,079,373) 2,243,211 10,162,545 2,238,411 10,096,003 95,415,582 119,045,236 95,368,853 119,045,236 (136,216) (145,922) (75,869,223) 90,958,479 - (6,884,710) (61,428,569) (3,649,988) (61,428,569) (3,649,988) (1,257,709) 10,929,395 113,967,453 (55,769,287) 217,057,362 (56,667,600) 69,885,161 (125,000,000) 385,000,000 457,367,370 (240,059,753) (4,010,126) 4,010,126 (757,521,824) (1,113,537,486) 550,000,000 670,528 (8,550,000) 2,032,114 94,996,391 (590,103,323) 464,866,521 79,379,370 (58,366,340) (728,876,191) (703,927,784) 984,539,749 1,014,428,958 29,889,209 310,501,174 1,014,428,958

(64,700,036) 68,139,683 (125,000,000) 385,000,000 454,635,798 (161,172,492) (757,521,824) (1,117,064,486) 550,000,000 (598,173,031) 487,016,521 79,379,370 (53,742,572) (745,717,925) (673,817,096) 946,718,309 967,793,562 21,075,253 293,976,466 967,793,562

129,568,726 292,093,141 125,753,651 282,587,393 203,894,871 46,083,208 174,177,894 35,817,000 23,308,706 78

561,250

21,308,706

561,250

FINANCIAL STATEMENTS OF 2004 Annual Report 2004 Supalai Public Company Limited SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CASH FLOWS STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003 Consolidated 2004 2003 (Restated) Cash flows from (used in) investing activities : Decrease in current investments 491,545 10,461,973 Increase in restricted bank deposits (1,238,981) (116,327) Purchase of property, plant and equipment (23,159,468) (14,905,354) Proceeds from disposal of property, plant and equipment 2,243,211 10,162,545 Proceeds from disposal of property, plant and equipment for rent 95,415,582 119,045,236 Decrease (increase) in long-term loans to related parties (136,216) (145,922) Increase in investments in related companies - (6,884,710) Increase in projects under construction (61,428,569) (3,649,988) Increase in advance share subscription (1,257,709) Net cash from (used in) investing activities 10,929,395 113,967,453 Cash flows from (used in) financing activities : Increase (decrease) in bank overdrafts and short-term loans from financial institutions (56,667,600) 69,885,161 Increase (decrease) in other short-term loans (125,000,000) 385,000,000 Increase (decrease) in long-term loans from financial institutions 457,367,370 (240,059,753) Increase (decrease) in long-term loans from related parties (4,010,126) 4,010,126 Decrease in creditors under debt restructuring agreements (757,521,824) (1,113,537,486) Increase in secured debenture 550,000,000 Increase (decrease) in long-term loans from directors 670,528 (8,550,000) Proceeds from disposal of Company没s shares held by subsidiary 2,032,114 94,996,391 Dividend paid (590,103,323) Cash received from additional ordinary shares as a result of warrant exercise 464,866,521 79,379,370 Net cash used in financing activities (58,366,340) (728,876,191) Net increase (decrease) in cash and cash equivalents (703,927,784) 984,539,749 Cash and cash equivalents at beginning of the year 1,014,428,958 29,889,209 Cash and cash equivalents at end of the year 310,501,174 1,014,428,958

(Unit : Baht) The Company Only 2004 2003 (Restated) 493,607 (1,438,981) (15,133,385) 2,238,411 95,368,853 (75,869,223) (61,428,569) (55,769,287)

10,705,604 (18,599) (10,079,373) 10,096,003 119,045,236 90,958,479 (3,649,988) 217,057,362

(64,700,036) 68,139,683 (125,000,000) 385,000,000 454,635,798 (161,172,492) (757,521,824) (1,117,064,486) 550,000,000 (598,173,031) 487,016,521 79,379,370 (53,742,572) (745,717,925) (673,817,096) 946,718,309 967,793,562 21,075,253 293,976,466 967,793,562

Supplemental cash flows information :Cash paid during the year for Interest expenses (consist of interest payment for operating and interest capitalised as part of project costs) 129,568,726 292,093,141 125,753,651 282,587,393 Corporate income tax and withholding tax deducted at source 203,894,871 46,083,208 174,177,894 35,817,000 Non-cash transactions Transfer deposits for purchase of land to cost of property development projects for sales 23,308,706 561,250 21,308,706 561,250 The accompanying notes are an integral part of the financial statements.

79

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1.¢âÕ¡Ÿ≈∑—Ë«‰ª ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ®—¥µ—Èߢ÷Èπ‡ªìπ∫√‘…—∑®”°—¥µ“¡°ÆÀ¡“¬‰∑¬·≈–‰¥â®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥µ“¡°ÆÀ¡“«à“¥â«¬∫√‘…∑— ¡À“™π®”°—¥‡¡◊ÕË «—π∑’Ë 26 惻®‘°“¬π 2535 ∫√‘…∑— œª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬ ‚¥¬¡’∏√ÿ °‘®À≈—°§◊Õ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∑’ÕË ¬Ÿ¢à Õß∫√‘…∑— œµ“¡∑’®Ë ¥∑–‡∫’¬πµ—ßÈ Õ¬Ÿà ≥ ‡≈¢∑’Ë 175 Õ“§“√»ÿ¿“≈—¬‡æ≈ ´Õ¬ ÿ¢¡ÿ «‘∑ 39 ∂ππ ÿ¢¡ÿ «‘∑ ·¢«ß§≈Õßµ—π‡Àπ◊Õ ‡¢µ«—≤π“ °√ÿ߇∑æ¡À“π§√ 2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 2.1 ß∫°“√‡ß‘π√«¡π’ȉ¥â√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ¢Õß∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (´÷Ëß µàÕ‰ªπ’ȇ√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬´÷Ëß®—¥µ—Èß„πª√–‡∑»‰∑¬ (´÷ËßµàÕ‰ªπ’ȇ√’¬°«à“ ç∫√‘…—∑¬àÕ¬é) ¥—ßµàÕ‰ªπ’È :-

∫√‘…—∑¬àÕ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥

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∫√‘…—∑œ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ·≈–∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‡π◊ËÕß®“°°√√¡°“√¢Õß∫√‘…—∑œ‡ªìπ ºŸâ∂◊ÕÀÿâπ·≈–‡ªìπ°√√¡°“√¢Õß∫√‘…—∑¥—ß°≈à“«·≈–®– π—∫ πÿπ∫√‘…—∑œ„π°“√§«∫§ÿ¡∫√‘…—∑¥—ß°≈à“« ®÷߉¥âπ”ß∫°“√‡ß‘π¢Õß∫√‘…—∑¥—ß°≈à“«√«¡ „π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

80

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

1. GENERAL INFORMATION Supalai Public Company Limited was incorporated as a limited company under Thai laws and registered the change of its status to a public limited company under the Public Limited Companies Act on 26 November 1992. The Company operates its business in Thailand and its principal activity is property development.

The Companyûs registered office is located at 175 Supalai Place Building, Soi 39, Sukhumvit Road, Klongton Nua, Wattana, Bangkok.

2. BASIS OF CONSOLIDATION 2.1 The consolidated financial statements include the financial statements for the years ended 31 December 2004 and 2003 of Supalai Public Company Limited (hereinafter called çthe Companyé) and the following subsidiaries which are incorporated in Thailand, (hereinafter called çthe subsidiariesé) Percentage of shares held by the Company Subsidiaries 2004 2003 Percent Percent Supalai Property Management Company Limited 99.89 99.89 Haadyai Nakarin Company Limited 49.89 49.89 Supalai Northeast Company Limited 49.86 49.86

Principal activities Hotel, Management Property development Property development

The Company has control over Haadyai Nakarin Company Limited and Supalai Northeast Company Limited because the directors of the Company are also directors and shareholders of such companies, and will support the Company in exercising control over the companies. The financial statements of these companies are therefore consolidated.

81

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∫√‘…—∑¬àÕ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥

Õ—µ√“√âÕ¬≈–¢Õ߬ե ‘π∑√—æ¬å √«¡¢Õß∫√‘…—∑¬àÕ¬∑’Ë√«¡Õ¬Ÿà „π ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 2546 (ª√—∫ª√ÿß„À¡à) 0.7 0.7 9.4 9.7 3.1 1.2

Õ—µ√“√âÕ¬≈–¢Õ߬ե√“¬‰¥â√«¡ ¢Õß∫√‘ …— ∑ ¬à Õ ¬∑’Ë √ «¡Õ¬Ÿà „ π ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 2546 (ª√—∫ª√ÿß„À¡à) 2.6 2.0 4.8 5.9 1.8 -

2.2 ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ°—∫∫√‘…—∑¬àÕ¬ √“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠ ‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬·≈–∑ÿπ ‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â« 3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”À𥂥¬ ¡“§¡π—°∫—≠™’·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·Ààߪ√–‡∑»‰∑¬ ´÷Ëß ¡’ º≈∫—ߧ—∫µ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È 3.1 °“√√—∫√Ÿ√â “¬‰¥â °) √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π·≈–∫â“πæ√âÕ¡∑’Ë¥‘π √“¬‰¥â®“°°“√¢“¬∑’¥Ë π‘ ·≈–∫â“πæ√âÕ¡∑’¥Ë π‘ √—∫√Ÿ‡â ªìπ√“¬‰¥â‡¡◊ÕË ‰¥â¡°’ “√∑” —≠≠“®–´◊ÕÈ ®–¢“¬∑’¥Ë π‘ ∫â“πæ√âÕ¡∑’¥Ë π‘ ·≈–‰¥â √—∫‡ß‘π™”√–¢—πÈ µâπ·≈â« ‡ß‘π¢—πÈ µâπ∑’√Ë ∫— ™”√–°”À𥉫â∑’Ë √âÕ¬≈– 20 ¢Õß√“§“¢“¬ ‡æ◊ÕË ‡ªìπ‡ß◊ÕË π‰¢„π°“√√—∫√Ÿ√â “¬‰¥â √“¬‰¥â®“°°“√¢“¬∑’¥Ë π‘ ·≈– ∫â“πæ√âÕ¡∑’Ë¥‘π√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® (Percentage-of-completion method)Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®∂◊Õµ“¡ Õ—µ√“ à«π∑’˪√–‡¡‘π‚¥¬«‘»«°√ºŸâ§«∫§ÿ¡‚§√ß°“√ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â ”À√—∫ —≠≠“®–´◊ÈÕ®–¢“¬∑’˺‘¥π—¥™”√– ‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π ¢) √“¬‰¥â®“°°“√¢“¬Àπ૬„πÕ“§“√™ÿ¥ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬√—∫√Ÿ√â “¬‰¥â®“°°“√¢“¬Àπ૬„πÕ“§“√™ÿ¥ ‡¡◊ÕË ‰¥â¡°’ “√∑” —≠≠“®–´◊ÕÈ ®–¢“¬„π®”π«π∑’‰Ë ¡àπÕâ ¬°«à“ √âÕ¬≈– 40 ¢Õßæ◊Èπ∑’Ë∑’ˇªî¥¢“¬·≈–‰¥â√—∫‡ß‘π™”√–¢—Èπµâπ√âÕ¬≈– 20 ¢Õß√“§“¢“¬·≈⫵“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® (Percentage-ofcompletion method) Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®∂◊Õµ“¡Õ—µ√“ à«π∑’˪√–‡¡‘π‚¥¬«‘»«°√ºŸâ§«∫§ÿ¡‚§√ß°“√·≈–∑’˪√÷°…“ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â ”À√—∫ —≠≠“®–´◊ÈÕ®–¢“¬∑’˺‘¥π—¥™”√–‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π

82

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

As at 31 December 2004 and 2003, the total assets and revenues of the subsidiaries as a percentage to the consolidated totals are as follows :Subsidiaries total assets as a percentage to the consolidated total as at 31 December Subsidiaries 2004 2003 (Restated) Supalai Property Management Company Limited 0.7 0.7 Haadyai Nakarin Company Limited 9.4 9.7 Supalai Northeast Company Limited 3.1 1.2

Subsidiaries total revenues as a percentage to the consolidated total for the years ended 31 December 2004 2003 (Restated) 2.6 2.0 4.8 5.9 1.8 -

2.2 Outstanding balances between the Company and the subsidiaries, significant intercompany transactions, investments in subsidiaries in the Company没s records and share capital of subsidiaries have been eliminated from the consolidated financial statements.

3. SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with accounting standards pronounced by the Institute of Certified Accountants and Auditors of Thailand which are effective under the Accounting Act B.E. 2543.

Significant accounting policies adopted by the Company and the subsidiaries are summarised below.

3.1 Revenue recognition a) Revenue from sales of land and land and houses Revenue from sales of land and land and houses are recognised as revenue when contracts to purchase and to sell have been executed and initial payments have been received up to a certain level. The minimum initial payment to be received is set at 20 percent of their selling price. Revenue from sales of land and land and houses is recognised on a percentage of completion with the percentage of completion based on certain estimations made by the project engineer.

No income is recognised from contracts under which more than three consecutive installments are overdue. b) Revenue from sales of condominium units Revenue from sales of condominium units are recognised as revenue when contracts to purchase and to sell have been executed for units equivalent to not less than 40 percent of the area opened for sale, and initial payments have been received at 20 percent of their selling price. They are included in earnings on a percentage of completion with the percentage of completion determined from certain estimations made by the project engineer and consultant.

Recognition of income under such contracts ceases when more than three consecutive installments are overdue.

83

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§)

√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√∑’ˇ°’ˬ«¢âÕß®–√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß √“¬‰¥â§à“‡™à“√—∫≈à«ßÀπâ“®–∫—π∑÷°‡ªìπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“ 3.2 µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å „π°“√§”π«≥À“µâπ∑ÿπ¢“¬∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π ·≈–Àπ૬„πÕ“§“√™ÿ¥æ—°Õ“»—¬ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∑”°“√·∫àß √√µâπ∑ÿπ °“√æ—≤π“∑—ÈßÀ¡¥∑’˧“¥«à“®–‡°‘¥¢÷Èπ (‚¥¬§”π÷ß∂÷ßµâπ∑ÿπ∑’ˇ°‘¥¢÷Èπ®√‘ߥ⫬) „Àâ°—∫∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π·≈–Àπ૬„πÕ“§“√™ÿ¥∑’Ë¢“¬‰¥âµ“¡ ‡°≥±åæ◊Èπ∑’Ë∑’Ë¢“¬ ·≈â«®÷ß√—∫√Ÿâ‡ªìπµâπ∑ÿπ¢“¬„πß∫°”‰√¢“¥∑ÿπµ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬· ¥ßµ“¡√“§“∑ÿπ´÷Ëߪ√–°Õ∫¥â«¬µâπ∑ÿπ∑’Ë¥‘π §à“ÕÕ°·∫∫ §à“ “∏“√≥Ÿª‚¿§ §à“ °àÕ √â“ß·≈–¥Õ°‡∫’Ȭ∑’ˇ°’ˬ«¢âÕß ÿ∑∏‘®“°µâπ∑ÿπ∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π·≈–Àπ૬„πÕ“§“√™ÿ¥∑’Ë¢“¬·≈â« ∫√‘…—∑œ®–∫—π∑÷°¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ (∂â“¡’) ‰«â„πß∫°”‰√¢“¥∑ÿπ 3.3 §à“„™â®à“¬∑’ˇ°’ˬ«¢âÕß°—∫°“√¢“§à“„™â®“à ¬∑’‡Ë °’¬Ë «¢âÕß°—∫°“√¢“¬ ‡™àπ §à“¿“…’∏√ÿ °‘®‡©æ“– §à“∏√√¡‡π’¬¡°“√‚Õπ°√√¡ ‘∑∏‘ ∫—π∑÷°‡ªìπ§à“„™â®“à ¬µ“¡ —¥ à«π ¢Õß°“√√—∫√Ÿâ√“¬‰¥â 3.4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬§«“¡√«¡∂÷ß‡ß‘π ¥·≈–‡ß‘πΩ“°∏𓧓√ ´÷ßË ∂÷ß°”Àπ¥®à“¬§◊π„π√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õπ ·≈–ª√“»®“°¿“√–ºŸ°æ—π 3.5 ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ‡ß‘π≈ß∑ÿπ™—Ë«§√“« À¡“¬∂÷ß µ—Ϋ —≠≠“„™â‡ß‘π·≈–‡ß‘πΩ“°ª√–®”∏𓧓√∑’Ë¡’°”Àπ¥®à“¬§◊π„π√–¬–‡«≈“‡°‘π°«à“ 3 ‡¥◊Õπ 3.6 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’°È “√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑§’Ë “¥«à“®–‰¥â√∫— §à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ª√–¡“≥¢÷πÈ ®“°®”π«πÀπ’∑È §’Ë “â ß™”√–‡°‘π°«à“ 3 ß«¥ À√◊Õ®”π«πÀπ’∑È Õ’Ë “®‡°‘¥®“°°“√‡√’¬°‡°Á∫‡ß‘π≈Ÿ°Àπ’ȉ¡à‰¥â ´÷ßË Õ“»—¬ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π„πÕ¥’µ·≈–µ“¡ ∂“π–ªí®®ÿ∫π— ¢Õß≈Ÿ°Àπ’§È ߧâ“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ 3.7 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…∑— œ· ¥ß¡Ÿ≈§à“µ“¡«‘∏ ’ «à π‰¥â‡ ’¬ ´÷ßË °“√∫—π∑÷°µ“¡«‘∏ ’ «à π‰¥â‡ ’¬π’È ‡ß‘π ≈ß∑ÿπ®–∫—π∑÷°§√—Èß·√°„π√“§“∑ÿπ∑’Ë´◊ÈÕ¡“ ·≈–„π·µà≈–ªï¿“¬À≈—ß®“°«—π∑’Ë´◊ÈÕ ‡ß‘π≈ß∑ÿππ’È®–∂Ÿ°ª√—∫¥â«¬ à«π‰¥â‡ ’¬∑’ˇ°‘¥®“°º≈°“√¥”‡π‘π ß“π¢Õß∫√‘…—∑¬àÕ¬µ“¡Õ—µ√“ à«π°“√≈ß∑ÿπ¢Õß∫√‘…—∑œ º≈¢“¥∑ÿπ∑’‡Ë °‘π°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬®–· ¥ß‡ªìπÀπ’ È π‘ ¿“¬„µâÀ«— ¢âÕ ç ”√Õ߇º◊ÕË º≈¢“¥∑ÿπ∑’‡Ë °‘π°«à“‡ß‘π≈ß∑ÿπ „π∫√‘…—∑¬àÕ¬é

84

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

c) Revenue from rental and service Revenue from rental and related services are recognised on an accrual basis.

Unearned rental income is recognised as revenue over the period of the lease.

3.2 Cost of real estate sales In determining the costs of land, land and houses and residential condominium units sold, the anticipated total development costs (after recognising the costs incurred to date) are attributed to land, land and houses and condominium units already sold on the basis of the salable area and then recognised as costs in the earnings statement according to the percentage of completion.

Property development projects for sales are stated at cost, consisting of the cost of land, design fees, utilities, construction costs, and related interest, net of the cost of real estate sales.

The Company recognises loss on diminution in value of projects (if any) in the earnings statements.

3.3 Selling expenses Selling expenses directly associated with projects, such as specific business tax and transfer fees are charged to earnings in proportion to the percentage of total revenue recognised.

3.4 Cash and cash equivalents Cash and cash equivalents include cash on hand and at banks with an original maturity of three months or less from the deposit date and not subject to restrictions.

3.5 Current investments Current investments include promissory notes and cash at banks with an original maturity of more than three months from the deposit date.

3.6 Trade accounts receivable and allowance for doubtful accounts Trade accounts receivable are stated at net realisable value. Allowance for doubtful accounts is provided for receivable outstanding for more than 3 installments or for the estimated collection losses that may be incurred in collection of receivables, based on collection experience and the current status of receivables outstanding at the balance sheet date.

3.7 Investments Investments in subsidiaries presented in the separate financial statements of the Company are stated under the equity method. Under this method, investments are recorded at cost. For each subsequent year, the investments are adjusted to incorporate the CompanyĂťs proportionate share of the operating results in the subsidiaries.

Excess loss over cost of investment in subsidiary is presented as liabilities under the caption of çProvision for loss on investment in subsidiaryÊ.

85

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‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀπ૬≈ß∑ÿπ¢Õß°Õß∑ÿπ√«¡„𧫓¡µâÕß°“√¢Õßµ≈“¥ ´÷ßË ∫√‘…∑— œ∂◊Õ‡ªìπÀ≈—°∑√—æ¬å‡º◊ÕË ¢“¬· ¥ß¥â«¡Ÿ≈§à“¬ÿµ‘∏√√¡‚¥¬¡Ÿ≈§à“¬ÿµ‘∏√√¡§”π«≥®“°¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ (Net Asset Value) ¢ÕßÀπ૬≈ß∑ÿπ ∫√‘…—∑œ√—∫√Ÿâ°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ√“¬°“√·¬°µà“ßÀ“°„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈¿“¬„µâÀ—«¢âÕ ç°”‰√ (¢“¥∑ÿπ) ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’ˬπ·ª≈ß ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπé ®π°√–∑—Ëß®”Àπà“¬‡ß‘π≈ß∑ÿπ®÷ß∫—π∑÷°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“π—Èπ„πß∫°”‰√¢“¥∑ÿπ ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ√“ “√∑ÿπ∑’ˉ¡àÕ¬Ÿà„𧫓¡µâÕß°“√¢Õßµ≈“¥´÷ßË ∫√‘…∑— œ∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—«Ë ‰ª· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ ∫√‘…—∑œ®–∫—π∑÷°¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õ߇ߑπ≈ß∑ÿπ∑—Ë«‰ª„πß∫°”‰√¢“¥∑ÿπ‡¡◊ËÕ√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π µâπ∑ÿπ¢Õ߇ߑπ≈ß∑ÿπ√–¬–¬“«∑’Ë®”Àπà“¬®–§”π«≥‚¥¬„™â«‘∏’∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° 3.8 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ §”π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥ 5 ·≈– 20 ªï ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π„Àâ‡™à“ 3.9 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¡Ÿ≈§à“‡√‘Ë¡·√°¢Õß∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„π√“§“∑ÿπ ≥ «—π∑’ˉ¥â ‘π∑√—æ¬å¡“ Õ¬à“߉√°Áµ“¡ À≈—ß®“°π—Èπ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“∑’Ë¥‘π ·≈–Õ“§“√¥—ß°≈à“«‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √–·≈–∫—π∑÷° ‘π∑√—æ¬å¥—ß°≈à“« „π√“§“∑’˵’„À¡à ∑—Èßπ’È∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ§√—Èߧ√“«‡æ◊ËÕ¡‘„Àâ√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë„π ß∫¥ÿ≈·µ°µà“ß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡Õ¬à“ß¡’ “√– ”§—≠ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷° à«πµà“ß´÷Ë߇°‘¥®“°°“√µ’√“§“ ‘π∑√—æ¬å¥—ßµàÕ‰ªπ’È :- ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬∫—π∑÷°√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å∑‡’Ë æ‘¡Ë ¢÷πÈ ®“°°“√µ’√“§“„À¡à„π∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é „π à«π¢ÕߺŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈ Õ¬à“߉√°Áµ“¡ À“° ‘π∑√—æ¬åπ—Èπ‡§¬¡’°“√µ’√“§“≈¥≈ß·≈–∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫√Ÿâ√“§“∑’Ë ≈¥≈߇ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ·≈â« à«π∑’ˇæ‘Ë¡®“°°“√µ’√“§“„À¡àπ’È®–∂Ÿ°√—∫√Ÿâ‡ªìπ√“¬‰¥â‰¡à‡°‘π®”π«π∑’ˇ§¬≈¥≈ß´÷Ë߉¥â√—∫√Ÿâ‡ªìπ§à“„™â ®à“¬„πß∫°”‰√¢“¥∑ÿπªï°àÕπ·≈â« - ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬√—∫√Ÿ√â “§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å∑≈’Ë ¥≈ß®“°°“√µ’√“§“„À¡à‡ªìπ§à“„™â®“à ¬„πß∫°”‰√¢“¥∑ÿπ Õ¬à“߉√ °Áµ“¡À“° ‘π∑√—æ¬åπ—Èπ‡§¬¡’°“√µ’√“§“‡æ‘Ë¡¢÷Èπ·≈–¬—ß¡’¬Õ¥§ß§â“ߢÕß∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é Õ¬Ÿà„π à«π¢ÕߺŸâ∂◊Õ Àÿâπ à«π∑’Ë≈¥≈ß®“°°“√µ’√“§“„À¡à®–∂Ÿ°π”‰ªÀ—°ÕÕ°®“° ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é ‰¡à‡°‘π®”π«π´÷Ë߇§¬µ’√“§“‡æ‘Ë¡¢÷Èπ ¢Õß ‘π∑√—æ¬å™π‘¥‡¥’¬«°—π ·≈– à«π∑’ˇ°‘π®–√—∫√Ÿâ‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡·≈–§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (∂â“¡’) §à“‡ ◊ËÕ¡ √“§“¢ÕßÕ“§“√·≈–Õÿª°√≥委π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“∑’˵’„À¡à¢Õß ‘π∑√—æ¬å ‚¥¬„™â«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥ 3 ∂÷ß 20 ªï ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π ∑’Ë¥‘π à«π∑’˵’√“§“‡æ‘Ë¡ ‚§√ß°“√√–À«à“ß°àÕ √â“ß ·≈–ß“π√–À«à“ß°àÕ √â“ß §à“‡ ◊ÕË ¡√“§“‰¥â√«¡§”π«≥Õ¬Ÿà„πº≈°“√¥”‡π‘πß“π à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√®–∑¬Õ¬µ—¥®”Àπà“¬‚¥¬«‘∏‡’ âπµ√ß µ“¡Õ“¬ÿ°“√„™âß“π∑’ˇÀ≈◊ÕÕ¬Ÿà¢Õß ‘π∑√—æ¬åπ—Èπ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®–æ‘®“√≥“∫—π∑÷°¢“¥∑ÿπ®“°°“√¥âÕ¬§à“À“°¡’¢Õâ ∫àß™’«È “à ¡Ÿ≈§à“∑’§Ë “¥«à“®–‰¥â√∫— §◊πÕ“®µË”°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 86

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

Long-term investments in unit trusts of mutual funds which are marketable securities and which the Company intends to hold as available-for-sale investments, are determined at fair value, calculated based on net asset value of the unit trusts. The Company recognises changes in the value of investments as a separate item under shareholdersû equity in the balance sheet, under the caption of çUnrealised gain (loss) on changes in value of investmentsé until the investments are sold, when the changes are included in determining earnings.

Long-term investments in non-marketable equity securities, which the Company holds as other investment, are valued at cost. The Company recognises loss on impairment of other investments in the earnings statements when the carrying amount exceeds the recoverable value.

Cost of long-term investments which have been disposed of is determined using the weighted average method.

3.8 Property, plant and equipment for rent and depreciation Property, plant and equipment for rent is stated at cost less accumulated depreciation. Depreciation of property, plant and equipment for rent is calculated by reference to their costs on a straight-line basis over the estimated useful lives of 5 and 20 years.

No depreciation is provided for land for rent.

3.9 Property, plant and equipment and depreciation Property, plant and equipment are initial y recorded at cost. However, the Company and the subsidiary subsequently have property and plant revalued to their fair value by an independent professional. Revaluation is to be made with sufficient regularity to ensure that their carrying amount does not differ material y from their fair value at the balance sheet date.

The differences arising from revaluation are dealt with in the financial statements as follows :- When an assetûs carrying amount is increased as a result of the revaluation, the increase is credited directly to shareholdersû equity under the heading of çRevaluation surplusé. However, a revaluation increase wil be recognised as income to the extent that it reverses a revaluation decrease in respect of the same asset previously recognised as an expense.

- When an assetûs carrying amount is decreased as a result of a revaluation, the decrease is recognised as an expense. However, a revaluation decrease wil be charged directly against the related çRevaluation surplusé to the extent that the decrease does not exceed the amount held in the revaluation surplus in respect of that same asset.

Plant and equipment are stated at cost less accumulated depreciation and allowance for asset impairment (if any).

Depreciation of plant and equipment is calculated by reference to their costs or reappraised value on a straight-line basis, over estimated useful lives of 3 to 20 years.

No depreciation is provided for land, land revaluation surplus, project under construction and construction in progress.

Depreciation is included in determining earnings. The revaluation surplus related to plant is amortised on a straight-line basis over the remaining period of its useful life.

The Company and the subsidiaries recognise impairment loss if events or changes in circumstances indicate the carrying value may not be recoverable.

87

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

3.10

¥Õ°‡∫’Ȭ®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ ¥Õ°‡∫’¬È ®à“¬∑’‡Ë °‘¥®“°°“√°Ÿ¬â ¡◊ ‡æ◊ÕË „™â„π√–À«à“ß°“√°àÕ √â“ß‚§√ß°“√µà“ß Ê ∂◊Õ‡ªìπ à«πÀπ÷ßË ¢Õßµâπ∑ÿπ¢Õß‚§√ß°“√·≈–®– À¬ÿ¥ ∫—π∑÷°‡¡◊ËÕ‚§√ß°“√‡ √Á®æ√âÕ¡¢“¬À√◊ÕÀ¬ÿ¥™–ß—°≈ß®π°«à“®–¡’°“√¥”‡π‘π°“√æ—≤π“µàÕ‰ª 3.11 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ Õ∫∑“π°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ÕË ¡’¢Õâ ∫àß™’«È “à √“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¡¡’ ≈Ÿ §à“ Ÿß°«à“¡Ÿ≈§à“∑’Ë §“¥«à“®–‰¥â√—∫§◊π ¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊πÀ¡“¬∂÷ß√“§“¢“¬ ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â¢Õß ‘π∑√—æ¬åπ—Èπ·≈â«·µà®”π«π„¥®– Ÿß°«à“ ´÷Ëß ¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π¥—ß°≈à“«¡“®“°°“√ª√–‡¡‘π¢ÕߺŸâª√–‡¡‘π√“§“Õ‘ √–À√◊Õª√–¡“≥°“√¢ÕßΩÉ“¬∫√‘À“√ „π°√≥’∑√’Ë “§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ߟ °«à“¡Ÿ≈§à“∑’§Ë “¥«à“®–‰¥â√∫— §◊π∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®–√—∫√Ÿ¢â “¥∑ÿπ®“°°“√¥âÕ¬§à“ ¢Õß ‘π∑√—æ¬å„πß∫°”‰√¢“¥∑ÿπ ·≈–®–∫—π∑÷°°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√≈¥¡Ÿ≈§à“¥—ß°≈à“«‰¡à¡’Õ¬Ÿà Õ’°µàÕ‰ªÀ√◊Õ¬—ߧߡ’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß 3.12 º≈ª√–‚¬™πå¢Õßæπ—°ß“π ∫√‘…∑— œ·≈–æπ—°ß“π¢Õß∫√‘…∑— œ‰¥â√«à ¡°—π®—¥µ—ßÈ °Õß∑ÿπ ”√Õ߇≈’¬È ß™’æ¢÷πÈ ¿“¬„µâ°“√Õπÿ¡µ— ®‘ “°°√–∑√«ß°“√§≈—ßµ“¡æ√– √“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ æ.». 2530 ´÷Ëߪ√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡„πÕ—µ√“√âÕ¬≈– 2 ¢Õ߇ߑπ‡¥◊Õπæπ—°ß“π ·≈–‡ß‘π∑’Ë ∫√‘…—∑œ®à“¬ ¡∑∫„Àâ∑ÿ°‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 2 ¢Õ߇ߑπ‡¥◊Õπæπ—°ß“π ·≈–®–®à“¬„Àâ·°àæπ—°ß“π„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«°Õß∑ÿπ¢Õß∫√‘…—∑œ °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æπ’È∫√‘À“√‚¥¬∫√‘…—∑œÀ≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ° ‘°√‰∑¬ ®”°—¥ ‡ß‘π®à“¬ ¡∑∫°Õß∑ÿπœ ∫—π∑÷°‡ªìπ §à“„™â®à“¬„πªï∑’ˇ°‘¥√“¬°“√ 3.13 Àÿâπ “¡—≠¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ∫—π∑÷°„π√“§“∑ÿπ·≈–· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ 3.14 °”‰√µàÕÀÿâπ °”‰√µàÕÀÿπâ ¢—πÈ æ◊πÈ ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥«â ¬®”π«π∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°¢ÕßÀÿπâ “¡—≠∑’ÕË Õ°Õ¬Ÿ„à π √–À«à“ß ªï ÿ∑∏‘®“°®”π«πÀÿâπ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ°”‰√µàÕÀÿπâ ª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªïÀ≈—ß®“°ª√—∫ª√ÿߺ≈°√–∑∫¢Õß√“¬°“√∑’‡Ë °’¬Ë «°—∫Àÿπâ “¡—≠‡∑’¬∫ ‡∑à“ª√—∫≈¥¥â«¬®”π«π∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ߪï ÿ∑∏‘®“°®”π«πÀÿâπ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ∫«°¥â«¬®”π«π∂—« ‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑œµâÕßÕÕ°‡æ◊ËÕ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ„À⇪ìπÀÿâπ “¡—≠ 3.15 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√√“¬°“√∫—≠™’ ∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’Ⱥ≈∑’ˇ°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß®÷ßÕ“® ·µ°µà“߉ª®“°®”π«π∑’˪√–¡“≥‰«â

88

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

3.10 Capitalization of interest costs The interest cost of borrowings for construction of projects is capitalized as part of the cost of those projects.

Capitalization ceases when the projects are ready for sale or when the construction is suspended, until active development resumes.

3.11 Impairment of assets The Company and the subsidiaries review the impairment of assets whenever events indicate that the carrying value of an asset exceeds its realisable value. Realisable value is the higher of an asset没s net selling price and its value in use, and value is arrived at based on the results of appraisal by independent appraisers or estimates made by management.

The Company and the subsidiaries recognise an impairment loss in the earnings statements whenever the carrying value of an assets exceeds its realisable value. The Company and the subsidiaries will reverse the impairment loss when there are indications that the value of the asset is no longer impaired or the amount of impairment has decreased.

3.12 Employee benefits The Company and its employees have jointly established a provident fund as approved by the Ministry of Finance in accordance with Provident Fund Act B.E. 2530. The fund is monthly contributed to by the Company and its employees at the rate of 2 percent of the employees没 basic salaries, and will be paid to the employees upon termination in accordance with the rules of the Company没s provident fund. The fund is managed by Kasikorn Asset Management.

Contributions of the Company are recorded as an expense in the year they are made.

3.13 Shares of the Company held by subsidiary Shares of the Company held by its subsidiary are stated at cost and presented as a deduction in shareholders没 equity.

3.14 Earnings per share Basic earnings per share is determined by dividing net earnings for the year by the weighted average number of ordinary shares in issue during the year net of the number of shares held by subsidiaries.

Diluted earnings per share is calculated by dividing net earnings for the year after adjusting the effect of transactions relating to dilutive potential ordinary shares by the weighted average number of ordinary shares in issue during the year, net of the number of shares held by subsidiaries, plus the weighted average number of ordinary shares to be issued for the conversion of dilutive potential ordinary shares into ordinary shares.

3.15 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates for certain accounting transactions, affecting amounts reported in the financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

89

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4. ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥ ‡ß‘πΩ“°∏𓧓√ª√–‡¿∑°√–· √“¬«—π ‡ß‘πΩ“°∏𓧓√ª√–‡¿∑ÕÕ¡∑√—æ¬å √«¡

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 132,585 171,671,805 1,768,962 105,012,045 292,074,919 691,109,712 293,976,466 967,793,562

ß∫°“√‡ß‘π√«¡ 2547 2546 248,967 171,923,636 2,159,391 104,617,794 308,092,816 737,887,528 310,501,174 1,014,428,958

5. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«ß∫°“√‡ß‘π√«¡ 2547 2546 ®”π«π‡ß‘πµ“¡∑’ˉ¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬·≈â« 18,948,447,794 14,668,166,572 —¥ à«π√âÕ¬≈–¡Ÿ≈§à“√«¡¢Õß‚§√ß°“√ 64.60 62.85 §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– 16,515,864,611 14,336,255,203 À—° : ‡ß‘π√—∫™”√–·≈â« (16,498,138,214) (14,329,367,334) ≈Ÿ°Àπ’ȧà“ß«¥∑’˧â“ß™”√– 17,726,397 6,887,869 À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (5,754,508) (3,405,673) ≈Ÿ°Àπ’È°“√§â“ - Õ —ßÀ“√‘¡∑√—æ¬å ( ÿ∑∏‘) 11,971,889 3,482,196 ≈Ÿ°Àπ’È°“√§â“ - ∏ÿ√°‘®‚√ß·√¡ 2,364,948 2,724,815 À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (169,411) (94,665) ≈Ÿ°Àπ’È°“√§â“ - ∏ÿ√°‘®‚√ß·√¡ ( ÿ∑∏‘) 2,195,537 2,630,150 √«¡≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 14,167,426 6,112,346

90

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 17,747,823,583 13,580,928,870 63.92 62.29 15,448,324,936 13,337,745,169 (15,431,239,138) (13,331,351,721) 17,085,798 6,393,448 (5,754,508) (3,405,673) 11,331,290 2,987,775 11,331,290 2,987,775

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

4. CASH AND CASH EQUIVALENTS

Cash on hand Cash at banks - current accounts Cash at banks - saving accounts Total

Consolidated 2004 2003 248,967 171,923,636 2,159,391 104,617,794 308,092,816 737,887,528 310,501,174 1,014,428,958

(Unit : Baht) The Company Only 2004 2003 132,585 171,671,805 1,768,962 105,012,045 292,074,919 691,109,712 293,976,466 967,793,562

5. TRADE ACCOUNTS RECEIVABLE Trade accounts receivable balances as at 31 December 2004 and 2003 comprise : Consolidated 2004 2003 Total value of contracts signed 18,948,447,794 14,668,166,572 Percentage of total project sale value 64.60 62.85 Installments due 16,515,864,611 14,336,255,203 Less : Cash received (16,498,138,214) (14,329,367,334) Installments receivable 17,726,397 6,887,869 Less : Allowance for doubtful accounts (5,754,508) (3,405,673) Trade accounts receivable - real estate, net 11,971,889 3,482,196 Trade accounts receivable - hotel 2,364,948 2,724,815 Less : Allowance for doubtful accounts (169,411) (94,665) Trade accounts receivable - hotel, net 2,195,537 2,630,150 Total trade accounts receivable, net 14,167,426 6,112,346

91

(Unit : Baht) The Company Only 2004 2003 17,747,823,583 13,580,928,870 63.92 62.29 15,448,324,936 13,337,745,169 (15,431,239,138) (13,331,351,721) 17,085,798 6,393,448 (5,754,508) (3,405,673) 11,331,290 2,987,775 11,331,290 2,987,775

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

¡Ÿ≈§à“ß“π∑’ˇ √Á®·µà¬—߉¡à‰¥â‡√’¬°‡°Á∫·≈–§à“ß«¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«¬

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 2547 2546 °“√√—∫√Ÿâ√“¬‰¥âµ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® 16,283,248,711 14,337,932,195 15,232,531,598 13,343,119,659 À—° : §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– (16,515,864,611) (14,336,255,203) (15,448,324,936) (13,337,745,169) (232,615,900) 1,676,992 (215,793,338) 5,374,490 √“¬°“√¥—ß°≈à“«ª√–°Õ∫¥â«¡Ÿ≈§à“ß“π∑’ˇ √Á®·µà¬—߉¡à‰¥â‡√’¬°‡°Á∫ 11,637,660 30,323,995 8,874,857 25,048,995 §à“ß«¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â (244,253,560) (28,647,003) (224,668,195) (19,674,505) √«¡ (232,615,900) 1,676,992 (215,793,338) 5,374,490 §à“ß«¥∑’ˬ—߉¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â· ¥ß√«¡Õ¬Ÿà„π∫—≠™’‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’≈Ÿ°Àπ’È°“√§â“·¬°µ“¡Õ“¬ÿÀπ’ȉ¥â¥—ßπ’È

πâÕ¬°«à“ 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ - 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª √«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ 2547 2546 11,268,578 5,887,584 888,653 114,982 954,200 6,979,914 3,610,118 20,091,345 9,612,684 (5,923,919) (3,500,338) 14,167,426 6,112,346

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 8,409,677 2,697,648 818,753 85,682 952,200 6,905,168 3,610,118 17,085,798 6,393,448 (5,754,508) (3,405,673) 11,331,290 2,987,775

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“®”π«π§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’ˉ¥â∫—π∑÷°‰«â„π∫—≠™’¡’§«“¡‡æ’¬ßæÕ„π ∂“π°“√≥åªí®®ÿ∫—π

92

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

As at 31 December 2004 and 2003, çUnbilled completed worké and çUnearned incomeé comprise the following :

Consolidated 2004 2003

(Unit : Baht) The Company Only 2004 2003

Accumulated amount recognised as revenue on percentage of completion basis 16,283,248,711 14,337,932,195 15,232,531,598 13,343,119,659 Less : Installments due (16,515,864,611) (14,336,255,203) (15,448,324,936) (13,337,745,169) (232,615,900) 1,676,992 (215,793,338) 5,374,490 The balance comprises : Unbil ed completed work 11,637,660 30,323,995 8,874,857 25,048,995 Unearned income (244,253,560) (28,647,003) (224,668,195) (19,674,505) Total (232,615,900) 1,676,992 (215,793,338) 5,374,490 Unearned income is presented in the caption çDeposits and advances received from customersé in the balance sheets.

As at 31 December 2004 and 2003, trade accounts receivable were classified by aging as follows:

Less than 3 months More than 3 - 6 months More than 6 - 12 months More than 12 months Total Less : Provision for doubtful accounts Trade accounts receivable, net

Consolidated 2004 2003 11,268,578 5,887,584 888,653 114,982 954,200 6,979,914 3,610,118 20,091,345 9,612,684 (5,923,919) (3,500,338) 14,167,426 6,112,346

(Unit : Baht) The Company Only 2004 2003 8,409,677 2,697,648 818,753 85,682 952,200 6,905,168 3,610,118 17,085,798 6,393,448 (5,754,508) (3,405,673) 11,331,290 2,987,775

The Company and its subsidiaries believe that the allowance for doubtful accounts as set aside in the accounts is adequate at this time.

93

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6. µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«ß∫°“√‡ß‘π√«¡ 2547 2546 µâπ∑ÿπ∑’Ë¥‘π·≈–§à“æ—≤π“∑’Ë¥‘π ∫â“π·≈–Õ“§“√æ“≥‘™¬å√–À«à“ß°àÕ √â“ß Õ“§“√™ÿ¥·≈–∑’Ë¥‘π∑’ˇ°’ˬ«¢âÕß Õ◊Ëπ Ê √«¡ À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘ ¡Ÿ≈§à“µâπ∑ÿπ‚§√ß°“√ À—° : à«π∑’Ë ‚Õπ‡ªìπµâπ∑ÿπ¢“¬ – ¡ à«π∑’Ë ‚Õπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ à«π∑’Ë ‚Õπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å à«π∑’Ë ‚Õπ‡ªìπ∑’Ë¥‘π√Õ°“√æ—≤π“ à«π∑’Ë ‚Õπµ’∑√—æ¬å™”√–Àπ’ȵ“¡ —≠≠“ ª√—∫‚§√ß √â“ßÀπ’È À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘

2,880,319,020 1,016,946,018 299,033,211 4,196,298,249 (136,745,455) 4,059,552,794

1,781,748,871 649,093,361 506,380,071 673,877 2,937,896,180 (127,867,338) 2,810,028,842

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1,601,437,681 596,816,601 430,910,436 2,629,164,718 2,629,164,718

15,798,288,853 13,447,915,244 14,579,895,304 12,397,085,934 (9,515,761,013) (8,462,792,384) (8,920,518,414) (7,897,294,257) (246,830,522) (242,495,632) (234,803,056) (230,468,166) (242,459,316) (233,834,316) (69,262,061) (69,262,061) (213,078,092) (187,035,071) (213,078,092) (187,035,071) (1,383,861,661) (1,383,861,661) (1,383,861,661) (1,383,861,661) 4,196,298,249 2,937,896,180 3,758,372,020 2,629,164,718 (136,745,455) (127,867,338) (48,342,806) 4,059,552,794 2,810,028,842 3,710,029,214 2,629,164,718

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Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

6. COSTS OF PROPERTY DEVELOPMENT PROJECTS FOR SALES As at 31 December 2004 and 2003, costs of property development projects for sales comprise the following :(Unit : Baht) Consolidated The Company Only 2004 2003 2004 2003 (Restated) (Restated) Land costs and development costs 2,880,319,020 1,781,748,871 2,566,740,179 1,601,437,681 Houses and commercial buildings in progress 1,016,946,018 649,093,361 928,320,106 596,816,601 Condominiums and related land costs 299,033,211 506,380,071 263,311,735 430,910,436 Others 673,877 Total 4,196,298,249 2,937,896,180 3,758,372,020 2,629,164,718 Less: Provision for loss on diminution in project value (136,745,455) (127,867,338) (48,342,806) Costs of property development projects for sales, net 4,059,552,794 2,810,028,842 3,710,029,214 2,629,164,718 Cost of project value 15,798,288,853 Less : Accumulated amount transferred to cost of sales (9,515,761,013) Transferred to property, plant and equipment for rent(246,830,522) Transferred to property, plant and equipment (242,459,316) Transferred to land held for development (213,078,092) Transferred to settle debts per restructuring agreements (1,383,861,661) 4,196,298,249 Less : Provision for loss on diminution in project value (136,745,455) Costs of property development projects for sales, net 4,059,552,794

13,447,915,244 14,579,895,304 12,397,085,934 (8,462,792,384) (8,920,518,414) (7,897,294,257) (242,495,632) (234,803,056) (230,468,166) (233,834,316) (69,262,061) (69,262,061) (187,035,071) (213,078,092) (187,035,071) (1,383,861,661) (1,383,861,661) (1,383,861,661) 2,937,896,180 3,758,372,020 2,629,164,718 (127,867,338) (48,342,806) 2,810,028,842 3,710,029,214 2,629,164,718

In December 2004, the Company hired an independent appraiser to appraise the value of the Company没s assets in various projects. According to the appraisal report dated 30 December 2004, the aggregate fair market value of 莽Costs of property development projects for sales茅 as at 31 December 2004 was approximately Baht 19.3 million lower than its book value. The Company set aside provision for loss on diminution in the value of these projects amounting to approximately Baht 19.3 mil ion based on the results of the appraisal and a further Baht 29 million based on management没s own estimation, for a total of approximately Baht 48.3 mil ion, recording it as expense in the earnings statement for the year 2004.

95

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

„π‡¥◊Õπ∏—𫓧¡ 2547 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬é ‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π¢ÕߺŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 28 ¡°√“§¡ 2548 ª√“°Æ«à“ ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬é ¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘ µ“¡∫—≠™’´÷Ë߉¥âª√–‡¡‘π‰«â‡¡◊ËÕªï 2546 Õ¬Ÿà‡ªìπ®”π«π‡ß‘πª√–¡“≥ 41.5 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“° °“√≈¥¡Ÿ≈§à“‚§√ß°“√´÷Ë߇§¬∫—π∑÷°‰«â„π∫—≠™’ „π√–À«à“ߪï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°¥Õ°‡∫’Ȭ®à“¬®”π«πª√–¡“≥ 10.4 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 9.6 ≈â“π∫“∑) ‡ªìπ à«πÀπ÷ËߢÕßµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π ·≈– ‘Ëߪ≈Ÿ° √â“ß„π‚§√ß°“√ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ‡ªìπ ®”π«π‡ß‘πª√–¡“≥ 3,321.1 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ®”π«π‡ß‘πª√–¡“≥ 3,093.8 ≈â“π∫“∑ (31 ∏—𫓧¡ 2546 : 2,343.7 ≈â“π∫“∑ ·≈– 2,050.0 ≈â“π∫“∑ µ“¡≈”¥—∫) ‰ª®¥®”πÕ߉«â°—∫∏𓧓√·≈– ∂“∫—π°“√‡ß‘π‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡ √–¬–¬“« Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π °“√ÕÕ°Àπ—ß ◊էȔª√–°—π ·≈–°“√Õ“«—≈µ—Ϋ —≠≠“„™â‡ß‘π¢Õß∫√‘…—∑œ 7. ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π¡—¥®”´◊ÕÈ ∑’¥Ë π‘ ‡°‘¥®“°°“√∑’∫Ë √‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬∑” —≠≠“®–´◊ÕÈ ®–¢“¬∑’¥Ë π‘ ·≈–‰¥â®“à ¬‡ß‘π¡—¥®”„Àâ°∫— ºŸ¢â “¬·≈â«‡ß‘π¡—¥®” ´◊ÈÕ∑’Ë¥‘π¥—ß°≈à“«®–∂Ÿ°∫—π∑÷°‡ªìπ à«πÀπ÷ËߢÕßµâπ∑ÿπ∑’Ë¥‘π‡¡◊ËÕ∑’Ë¥‘π‡À≈à“π—Èπ‰¥â∂Ÿ°‚Õπ°√√¡ ‘∑∏‘‡ªìπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ8. ‡ß‘πΩ“°∏𓧓√∑’Ë¡’¿“√–§È”ª√–°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ‡ß‘πΩ“°ª√–®”°—∫∏𓧓√æ“≥‘™¬å„πª√–‡∑»¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®”π«π√«¡ª√–¡“≥ 2.9 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ®”π«π‡ß‘πª√–¡“≥ 2.9 ≈â“π∫“∑ (31 ∏—𫓧¡ 2546 : 1.7 ≈â“π∫“∑·≈– 1.5 ≈â“π∫“∑ µ“¡≈”¥—∫) ‰¥â∂Ÿ°π”‰ª«“߉«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π°—∫∏𓧓√æ“≥‘™¬å„π°“√ÕÕ°Àπ—ß ◊էȔª√–°—π∏𓧓√ 9. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π „π√–À«à“ߪï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ (´÷Ë߉¥âµ—¥ÕÕ°·≈â«„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡) ·≈– ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π (´÷Ë߇°’ˬ«¢âÕß°—π‚¥¬°“√∂◊ÕÀÿâπ·≈–/À√◊Õ°“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) √“¬°“√¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢ ·≈–‡°≥±å∑’ˉ¥âµ°≈ß√à«¡°—π√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑‡À≈à“π—Èπ √“¬°“√¥—ß°≈à“« “¡“√∂ √ÿª‰¥â¥—ßπ’È

96

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

In December 2004, a subsidiary hired an independent appraiser to appraise the value of the subsidiary没s assets in the project. According to the appraisal report dated 28 January 2005, the aggregate fair market value of 莽Costs of property development projects for sales茅 as at 31 December 2004 was approximately Baht 41.5 million higher than its net book value as appraised in 2003. The subsidiary therefore reversed the provision for loss on diminution in value of the project recorded in its accounts in the earnings statement for the year 2004.

During the year, the Company and its subsidiaries capitalized interest expenses of approximately Baht 10.4 million (the Company only : Baht 9.6 mil ion) as part of costs of property development projects for sales.

The Company and its subsidiaries have mortgaged project land and construction thereon with net book values as at 31 December 2004 amounting to approximately Baht 3,321.1 million, or Baht 3,093.8 million per the financial statements of the Company only, (31 December 2003: Baht 2,343.7 million and Baht 2,050.0 million, respectively) with banks and financial institutions as collateral for bank overdrafts, long-term loans, secured debentures and bank guarantees and to aval the Company没s promissory notes.

7. DEPOSITS FOR PURCHASE OF LAND Deposits for purchase of land were paid to sellers upon entering into agreements to purchase and to sell land. Such deposits are to be recognised as part of land costs when the title of such land is transferred to the Company and the subsidiaries.

8. RESTRICTED BANK DEPOSITS As at 31 December 2004, fixed deposits with local commercial banks of the Company and its subsidiaries and of the Company totaling approximately Baht 2.9 mil ion and Baht 2.9 million, respectively (31 December 2003 : Baht 1.7 million and Baht 1.5 mil ion, respectively) were pledged to secure bank guarantees obtained from those banks.

9. RELATED PARTY TRANSACTIONS During the year, the Company and its subsidiaries had significant business transactions with their subsidiaries (eliminated from the consolidated financial statements) and related companies (related by the way of shareholding and/ or common shareholders and/or common directors). Such transactions, which have been concluded on the term and the basis agreed between the Company, subsidiaries and those related companies, are summarised below :-

97

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(Àπ૬ : ≈â“π∫“∑)

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 2547 2546 √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ(µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) √“¬‰¥â§à“‡™à“ √“¬‰¥â§à“∫√‘°“√ ¥Õ°‡∫’Ȭ√—∫

π‚¬∫“¬°“√°”Àπ¥ √“§“√–À«à“ß°—π

-

-

2.5 7.0 2.4

2.5 2.0

√“§“µ“¡ —≠≠“ √“§“µ“¡ —≠≠“ Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” ∂—«‡©≈’ˬ¢Õß∏𓧓√ 4 ·Ààß

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π √“¬‰¥â§à“∫√‘°“√ 2.2 ´◊ÈÕ«— ¥ÿ°àÕ √â“ß 4.9

0.4

2.2 4.9

0.4

√“§“µ“¡ —≠≠“ „°≈⇧’¬ß°—∫√“§“∑’Ë´◊ÈÕ®“°√“¬Õ◊Ëπ

¬Õ¥§ß§â“ߢÕß√“¬°“√¥—ß°≈à“«¢â“ßµâπ‰¥â· ¥ß·¬°µà“ßÀ“°„πß∫¥ÿ≈¿“¬„µâ√“¬°“√µà“ß Ê ¥—ßπ’È (Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 2546 ≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àÕ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546

-

-

4,280,000 10,000 4,290,000

-

2,354,000 2,354,000 2,354,000

-

2,354,000 2,354,000 6,644,000

-

98

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

(Unit : Mil ion Baht) For the years ended 31 December Consolidated The Company Only 2004 2003 2004 2003 Transactions with subsidiaries (eliminated from the consolidated financial statements) Rental income Service income Interest income -

2.5 7.0 2.4

2.5 2.0

Transactions with related companies Service income 2.2 Purchase of construction material 4.9

2.2 4.9

0.4

0.4

Pricing policy

Contract price Contract price Average MLR of 4 banks

Contract price Closed to purchasing price from third parties The outstanding balances of the above transactions have been separately shown in the balance sheets, as follows :-

(Unit : Baht) Consolidated 2004 2003

Amounts due from related parties Subsidiaries Haadyai Nakarin Company Limited Supalai Property Management Company Limited Related company Phuket Estate Company Limited Total amounts due from related parties

The Company Only 2004 2003

-

-

4,280,000 10,000 4,290,000

-

2,354,000 2,354,000 2,354,000

-

2,354,000 2,354,000 6,644,000

-

99

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 2546 ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àՇߑπ„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡ ¥Õ°‡∫’Ȭ§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡¥Õ°‡∫’Ȭ§â“ß√—∫ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (¥ŸÀ¡“¬‡Àµÿ 10) ÿ∑∏‘ ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡ ¥Õ°‡∫’Ȭ§â“ß√—∫ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡¥Õ°‡∫’Ȭ§â“ß√—∫ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√ ∑’ˇ°’ˬ«¢âÕß°—π - ÿ∑∏‘

°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546

-

-

82,821,078 82,821,078

9,393,346 9,393,346

-

-

11,806,736 11,806,736 94,627,814 (94,627,814) -

9,365,245 9,365,245 18,758,591 (18,758,591) -

2,362,500 2,362,500

2,362,500 2,362,500

-

-

398,214 398,214 2,760,714

261,998 261,998 2,624,498

-

-

2,760,714

2,624,498

-

-

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—𧑥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”∂—«‡©≈’ˬ¢Õß∏𓧓√ 4 ·Ààß

100

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

(Unit : Baht) Consolidated 2004 2003

Long-term loans to related parties Subsidiary Loan to : Supalai Northeast Company Limited Total loan to Interest receivable : Supalai Northeast Company Limited Total interest receivable Less : Allowance for doubtful accounts (Note 10) Net Related company Loan to : M. K. Estate Company Limited Total loan to Interest receivable : M. K. Estate Company Limited Total interest receivable Total long-term loans to related parties, net

The Company Only 2004 2003

-

-

82,821,078 82,821,078

9,393,346 9,393,346

-

-

11,806,736 11,806,736 94,627,814 (94,627,814) -

9,365,245 9,365,245 18,758,591 (18,758,591) -

2,362,500 2,362,500

2,362,500 2,362,500

-

-

398,214 398,214 2,760,714 2,760,714

261,998 261,998 2,624,498 2,624,498

-

-

Long-term loans to related parties carry interest at a rate equal to the average MLR of 4 banks.

101

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‡ß‘π®à“¬≈à«ßÀπⓧà“Àÿâπ ∫√‘…∑— ¬àÕ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ Œ‘≈≈å ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π®à“¬≈à«ßÀπⓧà“Àÿâ𠇮â“Àπ’È°“√§â“ - °‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àÕ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ °‘®°“√∑’ˇ°’ˬ«¢âÕß°—π Àâ“ßÀÿâπ à«π®”°—¥ Õ¡√‘π∑√å«‘»«°√√¡ ∫√‘…—∑ ¥Ÿ√“ø≈Õ√å ®”°—¥ √«¡‡®â“Àπ’È°“√§â“ - °‘®°“√∑’ˇ°’ˬ«¢âÕß°—𠇮â“Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑¬àÕ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546

2547

2546

1,915,590 1,915,590

1,915,590 1,915,590

-

-

-

-

3,800,000 3,800,000

3,800,000 3,800,000

1,250,000 1,676,945 2,926,945 2,926,945

1,250,000 1,250,000 1,250,000

3,800,000

3,800,000

-

-

-

7,030,568 7,030,568

1,549,722 931,772 2,481,494 2,481,494

1,549,722 1,158,251 2,707,973 2,707,973

931,772 931,772 931,772

1,158,251 1,158,251 8,188,819

419,236 419,236

-

-

-

13,583,500 20,000 13,603,500

-

-

14,254,028 20,000 14,274,028

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√¢Õß∫√‘…—∑¬àÕ¬‰¡à¡’°“√§‘¥¥Õ°‡∫’È102

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited (Unit : Baht) Consolidated

Advances to director Director of Supalai Northeast Company Limited Advance share subscription Subsidiary Supalai Northeast Company Limited Related companies Southern Hil Company Limited Phuket Estate Company Limited Total advance share subscription

Trade accounts payable - related parties Subsidiary Supalai Property Management Company Limited Related parties Amarin Engineering Limited Partnership Durafloor Company Limited Total trade accounts payable - related parties

Amounts due to related parties Related company Phuket Estate Company Limited

Long-term loans from directors Directors of subsidiaries Haadyai Nakarin Company Limited Supalai Northeast Company Limited Total long-term loans from directors

The Company Only 2004 2003

2004

2003

1,915,590 1,915,590

1,915,590 1,915,590

-

-

-

-

3,800,000 3,800,000

3,800,000 3,800,000

1,250,000 1,676,945 2,926,945 2,926,945

1,250,000 1,250,000 1,250,000

3,800,000

3,800,000

-

-

-

7,030,568 7,030,568

1,549,722 931,772 2,481,494 2,481,494

1,549,722 1,158,251 2,707,973 2,707,973

931,772 931,772 931,772

1,158,251 1,158,251 8,188,819

419,236 419,236

-

-

-

13,583,500 20,000 13,603,500

-

-

14,254,028 20,000 14,274,028

No interest is charged on the long-term loans from the directors of the subsidiaries.

103

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π°Ÿâ¬◊¡ ¥Õ°‡∫’Ȭ§â“ß®à“¬ : ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡¥Õ°‡∫’Ȭ§â“ß®à“√«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546

2547

2546

-

4,008,863 4,008,863

-

-

-

1,263 1,263 4,010,126

-

-

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—𧑥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”∂—«‡©≈’ˬ¢Õß∏𓧓√ 4 ·Ààß „π√–À«à“ßªï ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ·≈–‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π¡’√“¬°“√‡§≈◊ËÕπ‰À«¥—ßµàÕ‰ªπ’È (Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë „π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—𫓧¡ 2547 ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡ ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ 2,362,500 2,362,500 √«¡‡ß‘π„Àâ°Ÿâ¬◊¡ 2,362,500 2,362,500 ¥Õ°‡∫’Ȭ§â“ß√—∫ ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ 261,998 136,216 398,214 √«¡¥Õ°‡∫’Ȭ§â“ß√—∫ 261,998 136,216 398,214 2,624,498 136,216 2,760,714 ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ 1,915,590 1,915,590 1,915,590 1,915,590 104

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited (Unit : Baht) Consolidated

Long-term loans from related parties Related company Loan from : Phuket Estate Company Limited Total loan from Accrued interest expenses : Phuket Estate Company Limited Total accrued interest expenses Total long-term loans from related parties

The Company Only 2004 2003

2004

2003

-

4,008,863 4,008,863

-

-

-

1,263 1,263 4,010,126

-

-

Long-term loans from related parties carry interest at a rate equal to the average MLR of 4 banks.

During the year, movements of long-term loans to related parties, advances to director, long-term loans from directors, and long-term loans from related parties were as follows :(Unit : Baht) Consolidated Balance as at During the year Balance as at 1 January 2004 Increase Decrease 31 December 2004 Long-term loans to related parties Related company Loan to : M. K. Estate Company Limited 2,362,500 2,362,500 Total loan to 2,362,500 2,362,500 Interest receivable : M. K. Estate Company Limited 261,998 136,216 398,214 Total interest receivable 261,998 136,216 398,214 2,624,498 136,216 2,760,714 Advances to director Director of Supalai Northeast Company Limited 1,915,590 1,915,590 1,915,590 1,915,590 105

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ „π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—𫓧¡ 2547

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑¬àÕ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π°Ÿâ¬◊¡ ¥Õ°‡∫’Ȭ§â“ß®à“∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ √«¡¥Õ°‡∫’Ȭ§â“ß®à“¬

13,583,500 20,000 13,603,500

24,032,082 24,032,082

(23,361,554) (23,361,554)

14,254,028 20,000 14,274,028

4,008,863 4,008,863

-

(4,008,863) (4,008,863)

-

1,263 1,263 4,010,126

-

(1,263) (1,263) (4,010,126)

(Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ „π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—𫓧¡ 2547

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àՇߑπ„Àâ°Ÿâ¬◊¡ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡ ¥Õ°‡∫’Ȭ§â“ß√—∫ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡¥Õ°‡∫’Ȭ§â“ß√—∫

9,393,346 9,393,346

73,427,732 73,427,732

-

82,821,078 82,821,078

9,365,245 9,365,245 18,758,591

2,441,491 2,441,491 75,869,223

-

11,806,736 11,806,736 94,627,814

∫√‘…—∑œ‰¥â§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏𓧓√„Àâ·°à∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ „π«ß‡ß‘π 190 ≈â“π∫“∑ 106

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited (Unit : Baht) Balance as at 1 January 2004 Long-term loans from directors Directors of subsidiaries Haadyai Nakarin Company Limited Supalai Northeast Company Limited Long-term loans from related parties Related company Loan from : Phuket Estate Company Limited Total loan from Accrued interest expenses : Phuket Estate Company Limited Total accrued interest expenses

Consolidated During the year Increase Decrease

Balance as at 31 December 2004

13,583,500 20,000 13,603,500

24,032,082 24,032,082

(23,361,554) (23,361,554)

14,254,028 20,000 14,274,028

4,008,863 4,008,863

-

(4,008,863) (4,008,863)

-

1,263 1,263 4,010,126

-

(1,263) (1,263) (4,010,126)

-

(Unit : Baht) Balance as at 1 January 2004 Long-term loans to related parties Subsidiary Loan to : Supalai Northeast Company Limited Total loan to Interest receivable : Supalai Northeast Company Limited Total interest receivable

Consolidated During the year Increase Decrease

Balance as at 31 December 2004

9,393,346 9,393,346

73,427,732 73,427,732

-

82,821,078 82,821,078

9,365,245 9,365,245 18,758,591

2,441,491 2,441,491 75,869,223

-

11,806,736 11,806,736 94,627,814

The Company has guaranteed the loan facilities of Supalai Northeast Company Limited from a bank totaling Baht 190 mil ion.

107

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

„π‡¥◊Õπ¡‘∂ÿπ“¬π 2546 ∫√‘…—∑œ‰¥â∑”°“√‰∂à∂ÕπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π®“°∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß°àÕπ°”Àπ¥ ∑”„À⇰‘¥°”‰√®“°°“√ ‰∂à∂ÕπÀÿπâ °Ÿ®â ”π«π 3.5 ≈â“π∫“∑ ‚¥¬· ¥ß‡ªì𰔉√®“°°“√‰∂à∂ÕπÀÿπâ °Ÿ·â ≈–™”√–‡®â“Àπ’µÈ “¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’°È Õà π°”Àπ¥®”π«π 2.6 ≈â“π∫“∑ ( ÿ∑∏‘®“°¿“…’∑’ˇ°’ˬ«¢âÕß®”π«π 0.9 ≈â“π∫“∑) ‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2546 „π‡¥◊Õπ∏—𫓧¡ 2546 ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°—∫∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß ∑”„À⇰‘¥¢“¥∑ÿπ®“°°“√ª√—∫ ‚§√ß √â“ßÀπ’È®”π«πª√–¡“≥ 19.8 ≈â“π∫“∑ ´÷Ëß∫—π∑÷°‡ªìπ à«πÀπ÷ËߢÕß§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2546 10. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬/ ”√Õ߇º◊ËÕº≈¢“¥∑ÿπ∑’ˇ°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547

™◊ËÕ°‘®°“√

∑ÿπ™”√– ·≈â« ≈â“π∫“∑

∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ 20 ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 191.5 ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ 17.5 √«¡ · ¥ß‡ªìπ - §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 9)

Õ—µ√“√âÕ¬≈– ”√Õ߇º◊ËÕº≈¢“¥∑ÿπ ¢Õß°“√∂◊ÕÀÿπ⠇ߑπ≈ß∑ÿπ ∑’ˇ°‘π°«à“‡ß‘π≈ß∑ÿπ ‚¥¬∫√‘…—∑œ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ „π∫√‘…∑— ¬àՇߑπªíπº≈√—∫ √âÕ¬≈– 99.89 49.89 49.86

19,977,600 29,297,377 105,370,000 137,694,374 8,725,000 134,072,600 166,991,751

122,556,495 122,556,495

4,776,512 4,776,512

(75,869,223) 46,687,272

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546

™◊ËÕ°‘®°“√ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡

∑ÿπ™”√– ·≈â« ≈â“π∫“∑ 20 191.5 70

Õ—µ√“√âÕ¬≈– ”√Õ߇º◊ËÕº≈¢“¥∑ÿπ ¢Õß°“√∂◊ÕÀÿπ⠇ߑπ≈ß∑ÿπ ∑’ˇ°‘π°«à“‡ß‘π≈ß∑ÿπ ‚¥¬∫√‘…—∑œ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ „π∫√‘…∑— ¬àՇߑπªíπº≈√—∫ √âÕ¬≈– 99.89 49.89 49.86

19,977,600 27,239,943 105,370,000 149,822,048 34,900,000 160,247,600 177,061,991

155,026,042 155,026,042

-

≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ∫√‘…—∑œ ¡’º≈¢“¥∑ÿπ – ¡®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß∑’Ë Ÿß°«à“√“§“∑ÿπ¢Õ߇ߑπ≈ß∑ÿπ´÷Ëß · ¥ß‰«â‡ªìπ ç ”√Õ߇º◊ËÕº≈¢“¥∑ÿπ∑’ˇ°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é „πß∫¥ÿ≈ 108

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

In June 2003, the Company redeemed unsecured debentures from a subsidiary prior to maturity, resulting in a gain on redemption of Baht 3.5 mil ion. Of this amount, Baht 2.6 million (net of related income tax of Baht 0.9 million) is presented under the caption çGain from redemption of debentures and repayment of restructured debt prior to maturityé, as an extraordinary item in the earnings statement of the year 2003.

In December 2003, the Company entered into a debt restructuring agreement with another subsidiary and the resulting loss on debt restructuring of approximately Baht 19.8 million was recorded as part of selling and administrative expenses in the earnings statement of the year 2003.

10. INVESTMENTS IN SUBSIDIARIES ACCOUNTED FOR UNDER EQUITY METHOD / PROVISION FOR LOSS ON INVESTMENT IN SUBSIDIARY (Unit : Baht) The Company Only As at 31 December 2004 Percentage of Provision for loss Paid-up shares held by Investment on investment Companyûs name capital the Company Cost method Equity method in subsidiary Dividend Mil ion Baht Percent Supalai Property Management Company Limited 20 99.89 19,977,600 29,297,377 Haadyai Nakarin Company Limited 191.5 49.89 105,370,000 137,694,374 4,776,512 Supalai Northeast Company Limited 17.5 49.86 8,725,000 122,556,495 Total 134,072,600 166,991,751 122,556,495 4,776,512 Presented as - Allowance for doubtful accounts on long-term loans to subsidiary (Note 9) (75,869,223) 46,687,272

(Unit : Baht)

Companyûs name Supalai Property Management Company Limited Haadyai Nakarin Company Limited Supalai Northeast Company Limited Total

The Company Only As at 31 December 2003 (Restated) Percentage of Provision for loss Paid-up shares held by Investment on investment capital the Company Cost method Equity method in subsidiary Mil ion Baht Percent 20 191.5 70

99.89 49.89 49.86

19,977,600 27,239,943 105,370,000 149,822,048 34,900,000 160,247,600 177,061,991

155,026,042 155,026,042

Dividend

-

As at 31 December 2004 and 2003, the accumulated share of loss from investment in a subsidiary exceeded the total cost of that investment. The Company recorded the excess as çProvision for loss on investment in subsidiaryé in the balance sheets.

109

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‡¡◊ËÕ«—π∑’Ë 30 ¡’π“§¡ 2547 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„π‡√◊ËÕ߇°’ˬ«°—∫∑ÿπ‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑ ¥—ß°≈à“«¥—ßµàÕ‰ªπ’È 1. ¡’¡µ‘Õπÿ¡—µ‘„À⇪≈’ˬπ·ª≈ß®”π«πÀÿâπ·≈–¡Ÿ≈§à“∑’˵√“‰«â¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ß°≈à“«®“°‡¥‘¡ Àÿâπ “¡—≠®”π«π 7,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ “¡—≠ 3,500,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 20 ∫“∑ 2. ¡’¡µ‘Õπÿ¡—µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“«‚¥¬°“√≈¥®”π«πÀÿâπ®“°‡¥‘¡Àÿâπ “¡—≠®”π«π 3,500,000 Àÿâ𠇪ìπ 875,000 Àÿâ𧑥‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡àÀ≈—ß°“√≈¥∑ÿπ®”π«π 17,500,000 ∫“∑ ∫√‘…—∑¬àÕ¬‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π°“√‡ª≈’ˬπ·ª≈ß®”π«πÀÿâπ·≈–¡Ÿ≈§à“∑’˵√“‰«â¢ÕßÀÿâπ “¡—≠µ“¡∑’Ë°≈à“«„π¢âÕ 1 °—∫°√–∑√«ß æ“≥‘™¬å·≈⫇¡◊ÕË «—π∑’Ë 21 情¿“§¡ 2547 ·≈–‰¥â¥”‡π‘π°“√≈¥∑ÿπ®¥∑–‡∫’¬πµ“¡∑’°Ë ≈à“«„π¢âÕ 2 °—∫°√–∑√«ßæ“≥‘™¬å·≈⫇¡◊ÕË «—π∑’Ë 23 °—𬓬π 2547 ∑”„Àâ∫√‘…—∑œ µâÕß≈¥®”π«πÀÿâπ ∑’Ë∂◊Õ≈ßµ“¡ —¥ à«π ®“°‡¥‘¡ 3,490,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡À≈◊Õ 436,250 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 20 ∫“∑ §‘¥‡ªìπ√âÕ¬≈– 49.86 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¬àÕ¬µ“¡ —¥ à«π‡¥‘¡∑’ˉ¥â≈ß∑ÿπ‰«â µàÕ¡“‡¡◊ËÕ«—π∑’Ë 3 惻®‘°“¬π 2547 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ ¥—ß°≈à“«®“° 17,500,000 ∫“∑ (875,000 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 20 ∫“∑) ‡ªìπ 4,375,000 ∫“∑ (875,000 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 5 ∫“∑) ‚¥¬°“√≈¥¡Ÿ≈§à“Àÿπâ ∑’µË √“‰«â®“°Àÿπâ ≈– 20 ∫“∑ ‡ªìπÀÿπâ ≈– 5 ∫“∑ ´÷ßË ªí®®ÿ∫π— ∫√‘…∑— ¬àÕ¬¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√≈¥∑ÿπ®¥∑–‡∫’¬π 11. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π

™◊ËÕ°‘®°“√

≈—°…≥–∏ÿ√°‘®

Inter United Investment Inc. ∏ÿ√°‘®≈ß∑ÿπ Mancon Investment Group Company Limited ∏ÿ√°‘®≈ß∑ÿπ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å √«¡ À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õ߇ߑπ≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ∑ÿπ™”√–·≈â« ‚¥¬∫√‘…—∑¬àՇߑπ≈ß∑ÿπ √âÕ¬≈– ∫“∑ 8,000,000 ¥Õ≈≈“√å À√—∞œ 22.00 4,400 2,000,000 ¥Õ≈≈“√åŒàÕß°ß 49,011,000 ∫“∑

110

22.00 17.11

44,000 8,384,710 8,433,110 (1,003,950) 7,429,160

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

On 30 March 2004, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited passed the following resolutions in respect of the share capital of that company :1. Approved changes in the number of the shares, from 7,000,000 ordinary shares at a par value of Baht 10 per share to 3,500,000 ordinary shares at a par value of Baht 20 per share.

2. Approved a reduction of its registered share capital by means of reducing the number of shares from 3,500,000 ordinary shares to 875,000 ordinary shares, or to a registered share capital of Baht 17,500,000 after reduction.

The subsidiary registered the changes in its share capital and the par value of its ordinary shares described in 1 with the Ministry of Commerce on 21 May 2004 and registered the reduction of its share capital as described in 2 with the Ministry of Commerce on 23 September 2004. The Company had to proportionally reduce the number of ordinary shares it held in that subsidiary, from 3,490,000 ordinary shares of Baht 10 each to 436,250 ordinary shares of Baht 20 each, maintaining its previous 49.86 percent shareholding.

Subsequently, on 3 November 2004, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved the reduction of that company没s registered share capital from Baht 17,500,000 (875,000 shares with a par value of Baht 20) to Baht 4,375,000 (875,000 shares with a par value of Baht 5) by reducing the par value of the shares from Baht 20 to Baht 5. The subsidiary is currently in the process of reducing its share capital.

11. INVESTMENTS IN RELATED COMPANIES

Company没s name

Nature of business

Inter United Investment Inc. Investment Mancon Investment Group Company Limited Investment Phuket Estate Company Limited Property development Total Less : Allowance for impairment of investments Investments in related companies, net

Consolidated As at 31 December 2004 Percentage of shares held Paid-up capital by a subsidiary Investments Percent Baht USD 8,000,000 22.00 4,400 HKD 2,000,000 Baht 49,011,000

111

22.00 17.11

44,000 8,384,710 8,433,110 (1,003,950) 7,429,160

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

™◊ËÕ°‘®°“√

≈—°…≥–∏ÿ√°‘®

Inter United Investment Inc. ∏ÿ√°‘®≈ß∑ÿπ Mancon Investment Group Company Limited ∏ÿ√°‘®≈ß∑ÿπ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å √«¡ À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õ߇ߑπ≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ∑ÿπ™”√–·≈â« ‚¥¬∫√‘…—∑¬àՇߑπ≈ß∑ÿπ √âÕ¬≈– ∫“∑ 8,000,000 ¥Õ≈≈“√å À√—∞œ 22.00 4,400 2,000,000 ¥Õ≈≈“√åŒàÕß°ß 49,011,000 ∫“∑

22.00 17.11

44,000 8,384,710 8,433,110 (478,271) 7,954,839

‡¡◊ËÕ«—π∑’Ë 14 °—𬓬π 2547 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¡’¡µ‘„Àâ ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°∑ÿ𮥠∑–‡∫’¬π‡¥‘¡ 49,011,000 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à®”π«π 58,813,200 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 980,220 Àÿâπ ¡Ÿ≈§à“∑’Ë µ√“‰«âÀÿâπ≈– 10 ∫“∑ „Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ‡¥‘¡°àÕπ À“°‡æ‘Ë¡∑ÿπ‰¡à§√∫µ“¡®”π«π∑’Ë°”Àπ¥‰«â¥—ß°≈à“« ®÷ß®–‡ªî¥‚Õ°“ „À⺟â∂◊ÕÀÿâπÕ◊ËπÊ ∑’Ë π„®®Õß´◊ÈÕ‰¥â ·≈–∑’˪√–™ÿ¡‰¥â¡’¡µ‘„Àâ‡√’¬°™”√–Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ∑”„Àâ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π ‡¥‘¡„π∫√‘…—∑¥—ß°≈à“«‡ªìπ®”π«π 1,676,945 ∫“∑ ·≈–‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπ‡ß‘π®à“¬≈à«ßÀπⓧà“Àÿâπ 12. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ ß∫°“√‡ß‘π√«¡ —¥ à«π ‡ß‘π≈ß∑ÿπ √âÕ¬≈– ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - Àπ૬≈ß∑ÿπ Àπ૬≈ß∑ÿπ°Õß∑ÿπ√«¡ À—° : ¢“¥∑ÿπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√ ‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ∫√‘…—∑ “¡—§§’´’‡¡πµå ®”°—¥ À—° : §à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õ߇ߑπ≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘

0.67

2547

2546

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ —¥ à«π ‡ß‘π≈ß∑ÿπ 2547 2546 √âÕ¬≈–

4,010,000 4,010,000

4,010,000

4,010,000

(1,324,081) (1,072,351) 2,685,919 2,937,649

(1,324,081) 2,685,919

(1,072,351) 2,937,649

2,000,000 (1,196,000) 804,000 3,489,919

2,000,000 (1,252,000) 748,000 3,685,649

2,000,000 2,000,000 (1,196,000) (1,252,000) 804,000 748,000 3,489,919 3,685,649 112

0.67

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

Company没s name

Nature of business

Inter United Investment Inc. Investment Mancon Investment Group Company Limited Investment Phuket Estate Company Limited Property development Total Less : Allowance for impairment of investments Investments in related companies, net

Consolidated As at 31 December 2003 Percentage of shares held by Paid-up capital a subsidiary Investments Percent Baht USD 8,000,000 22.00 4,400 HKD 2,000,000 Baht 49,011,000

22.00 17.11

44,000 8,384,710 8,433,110 (478,271) 7,954,839

On 14 September 2004, an extraordinary general meeting of the shareholders of Phuket Estate Company Limited approved the increase of that company没s registered share capital from Baht 49,011,000 to Baht 58,813,200, through the issuance of 980,220 new ordinary shares with a par value of Baht 10 to the existing shareholders, in proportion to their shareholding. If the shares offered are not fully subscribed, they are to be offered to other shareholders. The shareholders meeting also resolved that the company would call up the additional share capital and as a result a subsidiary proportionally invested an additional Baht 1,676,945 in this company. The subsidiary recorded this transaction as advance share subscription.

12. OTHER LONG-TERM INVESTMENTS

(Unit : Baht) Consolidated Percentage owned by the Company 2004 Percent

Investments in available for sale securities - Unit trusts Unit trusts in mutual funds Less : Unrealised loss on changes in value of investments FAIR VALUE Investment in other company Samakki Cement Company Limited 0.67 Less : Allowance for devaluation of investment Investment in other company, net Other long-term investments, net

The Company Only Percentage owned 2003 by the Company Percent

2004

2003

4,010,000 4,010,000

4,010,000

4,010,000

(1,324,081) (1,072,351) 2,685,919 2,937,649

(1,324,081) 2,685,919

(1,072,351) 2,937,649

2,000,000 (1,196,000) 804,000 3,489,919

2,000,000 (1,252,000) 748,000 3,685,649

2,000,000 2,000,000 (1,196,000) (1,252,000) 804,000 748,000 3,489,919 3,685,649 113

0.67

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

13. ‚§√ß°“√√–À«à“ß°àÕ √â“ß ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ‚§√ß°“√√–À«à“ß°àÕ √â“ß¡’√“¬≈–‡Õ’¬¥¥—ßπ’È ß∫°“√‡ß‘π√«¡

‚§√ß°“√ »ÿ¿“≈—¬ ·°√π¥å ∑“«π凫Õ√å ∑’¥Ë π‘ Õ“§“√√–À«à“ß°àÕ √â“ß ‚§√ß°“√Õ◊ËπÊ ‡øÕ√å𑇮Õ√å√–À«à“ß°“√µ‘¥µ—Èß ß“π√–À«à“ß°àÕ √â“ßÕ◊Ëπ √«¡

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 (ª√—∫ª√ÿß„À¡à)

2547

2546 (ª√—∫ª√ÿß„À¡à)

145,315,942 440,912,008

145,315,942 380,014,540

145,315,942 440,912,008

145,315,942 380,014,540

2,783,545 4,227,355 593,238,850

3,781,888 2,697,911 531,810,281

2,783,545 4,227,355 593,238,850

3,781,888 2,697,911 531,810,281

∫√‘…∑— œ‰¥âπ”∑’¥Ë π‘ æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß„π‚§√ß°“√¥—ß°≈à“«‰ª®¥®”πÕ߉«â°∫— ∏𓧓√‡æ◊ÕË ‡ªìπÀ≈—°ª√–°—πÀÿπâ °Ÿ™â π‘¥¡’À≈—°ª√–°—πµ“¡∑’Ë °≈à“«‰«â„πÀ¡“¬‡Àµÿ 20 14. ∑’Ë¥‘π√Õ°“√æ—≤π“ ∑’Ë¥‘π√Õ°“√æ—≤π“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«¬

213,078,092

2546 (ª√—∫ª√ÿß„À¡à) 213,078,092

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 (ª√—∫ª√ÿß„À¡à) 213,078,092 213,078,092

213,078,092

(26,043,021) 187,035,071

213,078,092

ß∫°“√‡ß‘π√«¡ 2547 µâπ∑ÿπ∑’Ë¥‘π·≈–µâπ∑ÿπÕ◊Ëπ À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√ ≈¥¡Ÿ≈§à“¢Õß∑’Ë¥‘π ∑’Ë¥‘π√Õ°“√æ—≤π“ - ÿ∑∏‘

(26,043,021) 187,035,071

„π‡¥◊Õπ∏—𫓧¡ 2547 ∫√‘…∑— œ‰¥â®¥— „Àâ¡°’ “√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ∏‘ √√¡¢Õß ç∑’¥Ë π‘ √Õ°“√æ—≤π“é ‚¥¬ºŸªâ √–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π ¢ÕߺŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 30 ∏—𫓧¡ 2547 ª√“°Æ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ç∑’Ë¥‘π√Õ°“√æ—≤π“é ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´÷Ë߉¥âª√–‡¡‘π‰«â‡¡◊ËÕªï 2546 Õ¬Ÿà‡ªìπ®”π«π‡ß‘πª√–¡“≥ 26 ≈â“π∫“∑ ∫√‘…—∑œ ®÷ß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√´÷Ë߇§¬∫—π∑÷°‰«â„π∫—≠™’ 114

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

13. PROJECTS UNDER CONSTRUCTION As at 31 December 2004 and 2003, projects under construction comprise the following :Consolidated

Supalai Grand Tower Land Building under construction Other projects Furniture under installation Construction in progress - others Total

(Unit : Baht) The Company Only 2004 2003 (Restated)

2004

2003 (Restated)

145,315,942 440,912,008

145,315,942 380,014,540

145,315,942 440,912,008

145,315,942 380,014,540

2,783,545 4,227,355 593,238,850

3,781,888 2,697,911 531,810,281

2,783,545 4,227,355 593,238,850

3,781,888 2,697,911 531,810,281

The Company has mortgaged this project land and construction thereon with a bank as collateral for the secured debentures, as discussed in Note 20.

14. LAND HELD FOR DEVELOPMENT As at 31 December 2004 and 2003, land held for development comprise the following :-

213,078,092

2003 (Restated) 213,078,092

(Unit : Baht) The Company Only 2004 2003 (Restated) 213,078,092 213,078,092

213,078,092

(26,043,021) 187,035,071

213,078,092

Consolidated 2004 Land costs and other costs Less : Provision for loss on diminution in land value Land held for development, net

(26,043,021) 187,035,071

In December 2004, the Company hired an independent appraiser to appraise the value of the Companyûs çLand held for developmenté. According to the appraisal report dated 30 December 2004, the aggregate fair market value of çLand held for developmenté as at 31 December 2004 was approximately Baht 26 million higher than its net book value as appraised in 2003. The Company therefore reversed the provision for loss on diminution in value of these projects recorded in its accounts in the earnings statement for the year 2004.

115

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

∫√‘…—∑œ‰¥âπ”∑’Ë¥‘π√Õ°“√æ—≤π“ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 194.4 ≈â“π∫“∑ (31 ∏—𫓧¡ 2546 : 8.0 ≈â“π∫“∑) ‰ª®¥®”πÕ߉«â°—∫∏𓧓√·≈– ∂“∫—π°“√‡ß‘π‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–Àÿâπ°Ÿâ™π‘¥¡’À≈—° ª√–°—π 15. ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å„Àâ‡™à“ (Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ‡§√◊ËÕßµ°·µàß ÀâÕß™ÿ¥ ÀâÕß™ÿ¥

∑’¥Ë π‘ √“§“∑ÿπ 31 ∏—𫓧¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“31 ∏—𫓧¡ 2547 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—𫓧¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“31 ∏—𫓧¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—𫓧¡ 2546 31 ∏—𫓧¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2546 2547

√«¡

6,840,354 6,840,354

105,918,432 4,334,890 (51,508,301) 58,745,021

10,601,084 19,416 (3,993,851) 6,626,649

123,359,870 4,354,306 (55,502,152) 72,212,024

-

14,210,446 3,769,787 (8,422,866) 9,557,367

6,240,752 1,529,159 (2,678,132) 5,091,779

20,451,198 5,298,946 (11,100,998) 14,649,146

6,840,354 6,840,354

91,707,986 49,187,654

4,360,332 1,534,870

102,908,672 57,562,878 10,096,006 5,298,946

116

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

The Company has mortgaged land held for development with a net book value of approximately Baht 194.4 million as at 31 December 2004 (31 December 2003 : Baht 8.0 million) with banks and financial institutions as collateral for bank overdrafts and secured debentures.

15. PROPERTY, PLANT AND EQUIPMENT FOR RENT (Unit : Baht)

Consolidated Furniture and fixtures Condominiums of condominiums

Land

Cost 31 December 2003 6,840,354 105,918,432 Additions 4,334,890 Disposals (51,508,301) 31 December 2004 6,840,354 58,745,021 Accumulated depreciation 31 December 2003 14,210,446 Depreciation for the year 3,769,787 Depreciation on disposals (8,422,866) 31 December 2004 9,557,367 Net book value 31 December 2003 6,840,354 91,707,986 31 December 2004 6,840,354 49,187,654 Depreciation charges of the years as included in the earnings statements 2003 2004

117

Total

10,601,084 19,416 (3,993,851) 6,626,649

123,359,870 4,354,306 (55,502,152) 72,212,024

6,240,752 1,529,159 (2,678,132) 5,091,779

20,451,198 5,298,946 (11,100,998) 14,649,146

4,360,332 1,534,870

102,908,672 57,562,878 10,096,006 5,298,946

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡§√◊ËÕßµ°·µàß ÀâÕß™ÿ¥

√«¡

105,918,432 4,334,890 (51,508,301) 58,745,021

10,601,084 19,416 (3,993,851) 6,626,649

116,519,516 4,354,306 (55,502,152) 65,371,670

14,210,446 3,769,787 (8,422,866) 9,557,367

6,240,752 1,529,159 (2,678,132) 5,091,779

20,451,198 5,298,946 (11,100,998) 14,649,146

91,707,986 49,187,654

4,360,332 1,534,870

96,068,318 50,722,524

ÀâÕß™ÿ¥ √“§“∑ÿπ 31 ∏—𫓧¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“31 ∏—𫓧¡ 2547 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—𫓧¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“31 ∏—𫓧¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—𫓧¡ 2546 31 ∏—𫓧¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2546 2547

10,096,006 5,298,946

∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥âπ”∑’Ë¥‘π´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 6.8 ≈â“π∫“∑ ‰ª ®¥®”πÕ߉«â°—∫∏𓧓√·≈– ∂“∫—π°“√‡ß‘π‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√

118

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

(Unit : Baht)

Condominiums

The Company Only Furniture and fixtures of condominiums

Cost 31 December 2003 105,918,432 10,601,084 Additions 4,334,890 19,416 Disposals (51,508,301) (3,993,851) 31 December 2004 58,745,021 6,626,649 Accumulated depreciation 31 December 2003 14,210,446 6,240,752 Depreciation for the year 3,769,787 1,529,159 Depreciation on disposals (8,422,866) (2,678,132) 31 December 2004 9,557,367 5,091,779 Net book value 31 December 2003 91,707,986 4,360,332 31 December 2004 49,187,654 1,534,870 Depreciation charges of the years as included in the earnings statements 2003 2004

Total 116,519,516 4,354,306 (55,502,152) 65,371,670 20,451,198 5,298,946 (11,100,998) 14,649,146 96,068,318 50,722,524 10,096,006 5,298,946

A subsidiary has mortgaged project land with a net book value of Baht 6.8 million as at 31 December 2003 with banks and financial institutions as collateral for bank overdrafts and loans from banks.

119

35,362,249 3,157,789 (155,162) 38,364,876

120

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—𫓧¡ 2546 4,843,555 9,091,188 10,647,939 3,092,917 31 ∏—𫓧¡ 2547 5,832,729 14,281,052 14,763,317 2,341,207 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï ´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2546 2547

32,521,412 15,717,303 34,248,819 3,915,785 3,625,403 1,319,820 (140,102) (797,869) 36,297,095 18,544,837 35,568,639

41,612,600 26,365,242 37,341,736 9,205,678 7,746,851 568,110 (240,131) (803,939) 50,578,147 33,308,154 37,909,846

Õ“§“√·≈– ÀâÕß™ÿ¥·≈– ‘Ëߪ≈Ÿ° √â“ß Õ“§“√æ“≥‘™¬å

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑’˵’„À¡à

√«¡

(Àπ૬ : ∫“∑)

11,847,271 15,135,705

19,979,255 366,722,530 17,125,025 373,521,527

- 25,840,847 26,991,423 165,838,498 - 2,416,279 1,693,229 15,135,705 - (1,284,732) (2,374,439) - 28,257,126 27,399,920 178,599,764

2,138,300 292,852,281 24,077,095 4,665,100 292,852,281 21,660,816

-

2,138,300 292,852,281 49,917,942 46,970,678 532,561,028 2,526,800 54,267 23,259,495 - (2,500,000) (3,699,232) 4,665,100 292,852,281 49,917,942 44,524,945 552,121,291

∑’Ë¥‘π

ß∫°“√‡ß‘π√«¡

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑ÿ𠇧√◊ËÕßµ°·µàß ‡§√◊ËÕß®—°√·≈– ·≈–‡§√◊ÕË ß„™â √–∫∫ ß“π√–À«à“ß Õÿª°√≥å ”π—°ß“𠬓πæ“Àπ– “∏“√≥Ÿª ‚¿§ °àÕ √â“ß

§à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—𫓧¡ 2546 30,518,694 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2,165,189 §à“‡ ◊ÕË ¡√“§“¢Õß à«π∑’®Ë ”Àπà“¬ (151,736) 31 ∏—𫓧¡ 2547 32,532,147

√“§“∑ÿπ 31 ∏—𫓧¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“31 ∏—𫓧¡ 2547

16. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

35,362,249 41,612,600 26,365,242 37,341,736 3,157,789 9,205,678 7,746,851 568,110 (155,162) (240,131) (803,939) 38,364,876 50,578,147 33,308,154 37,909,846

121

Net book value 31 December 2003 4,843,555 9,091,188 10,647,939 3,092,917 31 December 2004 5,832,729 14,281,052 14,763,317 2,341,207 Depreciation charges of the years as included in the earnings statements 2003 2004

Accumulated depreciation 31 December 2003 30,518,694 32,521,412 15,717,303 34,248,819 Depreciation for the year 2,165,189 3,915,785 3,625,403 1,319,820 Depreciation on disposals (151,736) (140,102) (797,869) 31 December 2004 32,532,147 36,297,095 18,544,837 35,568,639

Cost 31 December 2003 Additions Disposals 31 December 2004

Utilities system

Assets presented at cost

Machinery Furniture fixture and and equipment equipment Vehicles

16. PROPERTY, PLANT AND EQUIPMENT

Land

Condominiums Building and and commercial structures buildings Total

Assets presented at reappraised value

(Unit : Baht)

11,847,271 15,135,705

19,979,255 366,722,530 17,125,025 373,521,527

- 25,840,847 26,991,423 165,838,498 - 2,416,279 1,693,229 15,135,705 - (1,284,732) (2,374,439) - 28,257,126 27,399,920 178,599,764

2,138,300 292,852,281 24,077,095 4,665,100 292,852,281 21,660,816

-

2,138,300 292,852,281 49,917,942 46,970,678 532,561,028 2,526,800 54,267 23,259,495 - (2,500,000) (3,699,232) 4,665,100 292,852,281 49,917,942 44,524,945 552,121,291

Construction in progress

Consolidated

Notes to Financial Statements

Annual Report 2004 Supalai Public Company Limited

√“§“∑ÿπ 31 ∏—𫓧¡ 2546 17,078,109 29,903,369 ´◊ÈÕ‡æ‘Ë¡ 593,734 7,442,229 ®”Àπà“(140,032) (204,131) 31 ∏—𫓧¡ 2547 17,531,811 37,105,467 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—𫓧¡ 2546 15,346,254 23,309,383 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 599,218 2,935,110 §à“‡ ◊ÕË ¡√“§“¢Õß à«π∑’®Ë ”Àπà“¬ (140,029) (140,101) 31 ∏—𫓧¡ 2547 15,805,443 26,104,392 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—𫓧¡ 2546 1,731,855 6,593,986 31 ∏—𫓧¡ 2547 1,726,368 11,001,075 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï ´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2546 2547

122

45,194,632 45,194,632

7,639,907 12,133,311

45,194,632 45,194,632

∑’Ë¥‘π

20,437,461 18,412,241

24,629,912 2,025,220 26,652,132

45,064,373 45,064,373

Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß

19,979,255 17,125,025

26,991,423 1,693,229 (1,284,732) 27,399,920

46,970,678 54,267 (2,500,000) 44,524,945

ÀâÕß™ÿ¥·≈– Õ“§“√æ“≥‘™¬å

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑’˵’„À¡à

13,959,099 2,649,775 (746,111) 15,862,763

21,599,006 7,143,182 (746,114) 27,996,074

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑ÿ𠇧√◊ËÕßµ°·µàß ‡§√◊ËÕß®—°√·≈– ·≈–‡§√◊ÕË ß„™â Õÿª°√≥å ”π—°ß“𠬓πæ“Àπ–

ß∫°“√‡ß‘π√«¡

7,022,481 9,902,552

101,577,096 105,592,652

104,233,071 9,902,552 (2,310,973) 111,824,650

205,810,167 15,233,412 (3,626,277) 217,417,302

√«¡

(Àπ૬ : ∫“∑)

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

√“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

Cost 31 December 2003 17,078,109 29,903,369 21,599,006 Additions 593,734 7,442,229 7,143,182 Disposals (140,032) (204,131) (746,114) 31 December 2004 17,531,811 37,105,467 27,996,074 Accumulated depreciation 31 December 2003 15,346,254 23,309,383 13,959,099 Depreciation for the year 599,218 2,935,110 2,649,775 Depreciation on disposals (140,029) (140,101) (746,111) 31 December 2004 15,805,443 26,104,392 15,862,763 Net book value 31 December 2003 1,731,855 6,593,986 7,639,907 31 December 2004 1,726,368 11,001,075 12,133,311 Depreciation charges of the years as included in the earnings statements 2003 2004

123

24,629,912 2,025,220 26,652,132 20,437,461 18,412,241

45,194,632 45,194,632

45,064,373 45,064,373

-

45,194,632 45,194,632

19,979,255 17,125,025

26,991,423 1,693,229 (1,284,732) 27,399,920

46,970,678 54,267 (2,500,000) 44,524,945

The Company Only Assets presented at cost Assets presented at reappraised value Furniture fixture Condominiums Machinery and and Building and and commercial equipment equipment Vehicles Land structures buildings

7,022,481 9,902,552

101,577,096 105,592,652

104,233,071 9,902,552 (2,310,973) 111,824,650

205,810,167 15,233,412 (3,626,277) 217,417,302

Total

(Unit : Baht)

Notes to Financial Statements

Annual Report 2004 Supalai Public Company Limited

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

À“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬· ¥ß¡Ÿ≈§à“¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¥â«¬«‘∏’√“§“∑ÿπ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 µ“¡«‘∏’√“§“∑ÿπ®–‡ªìπ¥—ßπ’È :(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ Õ“§“√·≈– ÀâÕß™ÿ¥·≈– ∑’¥Ë π‘ ‘Ëߪ≈Ÿ° √â“ß Õ“§“√æ“≥‘™¬å √«¡ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ (µ“¡«‘∏’√“§“∑ÿπ) : 31 ∏—𫓧¡ 2546 181,159,399 17,410,782 17,641,563 216,211,744 31 ∏—𫓧¡ 2547 181,159,399 15,621,655 15,005,272 211,786,326

(Àπ૬ : ∫“∑)

∑’¥Ë π‘ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ (µ“¡«‘∏’√“§“∑ÿπ) : 31 ∏—𫓧¡ 2546 31 ∏—𫓧¡ 2547

15,680,795 15,680,795

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ Õ“§“√·≈– ÀâÕß™ÿ¥·≈– ‘Ëߪ≈Ÿ° √â“ß Õ“§“√æ“≥‘™¬å

13,731,813 12,373,080

17,641,563 15,005,272

√«¡

47,054,171 43,059,147

„π√–À«à“ߪï 2542 ∂÷ߪï 2543 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß∑’Ë¥‘π Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß ÀâÕß ™ÿ¥·≈–Õ“§“√æ“≥‘™¬å ‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– ´÷Ëß¡Ÿ≈§à“µ“¡√“¬ß“π¢ÕߺŸâª√–‡¡‘π√“§“Õ‘ √–¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’‡ªìπ®”π«π ‡ß‘π 143.8 ≈â“π∫“∑ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷߉¥â∫—π∑÷°‡ªìπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√‚¥¬· ¥ß‰«â„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â« ·µà¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘π 122.15 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 69.06 ≈â“π∫“∑) ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëߪ≈Ÿ° √â“ß´÷Ëß¡’√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ‡ªìπ®”π«π‡ß‘π 101.68 ≈â“π∫“∑ ‰ª®¥®”πÕ߉«â°—∫∏𓧓√‡æ◊ËէȔª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 67.99 ≈â“π∫“∑)

124

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

Had these assets been presented at cost, their net book value as of 31 December 2004 and 2003 on cost basis would have been as follows :(Unit : Baht) Consolidated Building and Condominiums and Land structures commercial buildings Total Net book value (presented at cost) : 31 December 2003 181,159,399 17,410,782 17,641,563 216,211,744 31 December 2004 181,159,399 15,621,655 15,005,272 211,786,326

(Unit : Baht)

Land Net book value (presented at cost) : 31 December 2003 31 December 2004

15,680,795 15,680,795

The Company Only Building and Condominiums and structures commercial buildings

13,731,813 12,373,080

17,641,563 15,005,272

Total

47,054,171 43,059,147

In the year 1999 to 2000, the Company and the subsidiaries hired an independent appraiser to appraise the value of the Company没s land, building and structures, condominium and commercial buildings. According to the appraisal report, their aggregate value was Baht 143.8 mil ion higher than their net book value. The Company and the subsidiaries recorded this amount as 莽Revaluation surplus茅 in shareholder没s equity in the balance sheets.

As at 31 December 2004, certain plant and equipment items have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets amounted to Baht 122.15 million (the Company only : Baht 69.06 mil ion) The Company and its subsidiaries have mortgaged land and a building with book values of Baht 101.68 million (the Company only : Baht 67.99 mil ion) as at 31 December 2004, with banks as security for bank overdrafts and loan from banks.

125

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

17. ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π„π‚§√ß°“√∫“ß à«π‰ª®¥®”πÕ߉«â°—∫∏𓧓√‡æ◊ËէȔª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√ 18. ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ ¬Õ¥§ß‡À≈◊Õ¥—ß°≈à“«‡ªìπµ—Ϋ·≈°‡ß‘π´÷Ëß¡’Õ—µ√“¥Õ°‡∫’Ȭ§‘¥≈¥√–À«à“ß√âÕ¬≈– 3.5 ∂÷ß√âÕ¬≈– 4.2 µàÕªï ·≈–¡’Õ“¬ÿ‰∂à∂Õπ¿“¬„π 1 ªï 19. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π ß∫°“√‡ß‘π√«¡ 2547 2546 795,327,690 410,671,550 115,923,639 43,212,410 911,251,329 453,883,960

‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√ ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π √«¡ À—° : à«π¢Õ߇ߑπ°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëߪï (291,430,039) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëߪï 619,821,290

453,883,960

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 549,924,569 168,000,000 115,923,639 43,212,410 665,848,208 211,212,410

(289,230,039)

-

376,618,169

211,212,410

‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«®“° ∂“∫—π°“√‡ß‘π¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ª√–°Õ∫¥â«¬‡ß‘π°Ÿ¬â ¡◊ ®“°∏𓧓√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑» ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È (°) ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®”π«π 168 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 4.5 µàÕªï ·≈–§È”ª√–°—π‚¥°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑œ ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ∏—𫓧¡ 2548 (¢) ∫√‘…∑— œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«„π«ß‡ß‘π®”π«π 178.2 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’¬È „πÕ—µ√“√âÕ¬≈– 4.5 µàÕªï ”À√—∫ªï∑’Ë 1 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ”À√—∫ªï∑’Ë 2 ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ ‘ßÀ“§¡ 2549 ‡ß‘π °Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ‰¥â‡∫‘° ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈⫇ªìπ®”π«π 134 ≈â“π∫“∑

126

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

17. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS The Company and the subsidiary have mortgaged parts of their project land with banks to secure the bank overdrafts.

18. OTHER SHORT-TERM LOANS The outstanding balance represents bil s of exchange, which carry interest at rates between 3.5 and 4.2 percent per annum, and mature within 1 year.

19. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS

Consolidated Loans from banks Loans from financial institutions Total Less: Current portion of long-term loans Long-term loans, net of current portion

2004 95,327,690 115,923,639 911,251,329 (291,430,039) 619,821,290

2003 410,671,550 43,212,410 453,883,960 453,883,960

(Unit : Baht) The Company Only 2004 2003 549,924,569 168,000,000 115,923,639 43,212,410 665,848,208 211,212,410 (289,230,039) 376,618,169 211,212,410

Long-term loans from financial institutions of the Company and its subsidiaries consist of loans granted by local commercial banks and financial institutions as follows :(a) The Company entered into an agreement to obtain a long-term loan of Baht 168 million subject to interest at a rate of 4.5 percent per annum which is secured by the mortgage of parts of the Company没s project land and construction thereon. The principal is to be repaid within December 2005. (b) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 178.2 mil ion subject to interest at a rate of 4.5 percent per annum for the first year and the minimum loan rate minus 1 percent (MLR-1%) per annum for the second year. The loan is to be repaid within August 2006 and is secured by the mortgage of parts of the Company没s project land and construction thereon. As at 31 December 2004, the Company had drawn down Baht 134 mil ion of such facility.

127

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(§) ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 408.4 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡ ¢—ÈπµË”À—°√âÕ¬≈– 0.5 (MLR-0.5%) µàÕªï ”À√—∫ªï∑’Ë 1 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ”À√—∫ªï∑’Ë 2 ·≈– ªï∑’Ë 3 ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π ∑’Ë∏𓧓√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’ˇÀ≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ∏—𫓧¡ 2549 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“« §È”ª√–°—π‚¥¬°“√®¥®” πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ‰¥â‡∫‘°‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈⫇ªìπ®”π«π 107.5 ≈â“π∫“∑ (ß) ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 198 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 3.75 µàÕªï ”À√—∫ªï∑’Ë 1 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1.25 (MLR-1.25%) µàÕªï ”À√—∫ªï∑’Ë 2 ·≈–ªï∑’Ë 3 ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘π µâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë∏𓧓√‰¥â°”Àπ¥ ·≈–™”√– §◊π‡ß‘πµâπ à«π∑’ˇÀ≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ惻®‘°“¬π 2550 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß·≈–‚Õπ≈Õ¬∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ ¡’¬Õ¥§ß‡À≈◊Õ¢Õ߇ߑπ°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ®”π«π 140.5 ≈â“π∫“∑ (®) ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«°—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß„π«ß‡ß‘π®”π«π 335 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È„πÕ—µ√“¥Õ°‡∫’¬È ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË”À—°√âÕ¬≈– 0.5 (MLR-0.5%) µàÕªï ”À√—∫√–¬–‡«≈“µ—ßÈ ·µà‡¥◊Õπ惻®‘°“¬π 2547 ®π∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2548 À√◊Õ®π∂÷ß«—π ÿ¥∑⓬¢Õ߇¥◊Õπ∑’Ë∫√‘…—∑œ¢“¬∫â“πæ√âÕ¡∑’Ë¥‘π„π‚§√ß°“√‰¥â¡“°°«à“À√◊Õ‡∑à“°—∫ 70 À≈—ß ·≈â«·µà√–¬–‡«≈“„¥®– π“π°«à“ À≈—ß®“°π—Èπ®÷ߧ‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 80 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∂“∫—π°“√‡ß‘π‰¥â°”Àπ¥ ·≈– ™”√–§◊π‡ß‘πµâπ à«π∑’ˇÀ≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπµÿ≈“§¡ 2549 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß„π ‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ‰¥â‡∫‘°‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈⫇ªìπ®”π«π 115.9 ≈â“π∫“∑ (©) ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥â≈ßπ“¡„π —≠≠“°Ÿâ¬◊¡‡ß‘π√–¬–¬“«„π«ß‡ß‘π®”π«π 48 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’ȇߑπ°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ·≈–§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘π„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑¬àÕ¬·Ààßπ—Èπ ‡ß‘π°Ÿâ¬◊¡ ¥—ß°≈à“«¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 60 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏𓧓√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’ˇÀ≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ¡’π“§¡ 2549 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘° ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈⫇ªìπ®”π«π 23.6 ≈â“π∫“∑ (™) ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥â≈ßπ“¡„π —≠≠“°Ÿâ¬◊¡‡ß‘π√–¬–¬“«„π«ß‡ß‘π®”π«π 35 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“¥Õ°‡∫’ȇߑπ°Ÿâ¬◊¡¢—ÈπµË” (MLR) µàÕªï ·≈–§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘π„π‚§√ß°“√∫“ß à«π¢Õß∫√‘…—∑¬àÕ¬·Ààßπ—Èπ ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’ °”Àπ¥™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 60 ¢Õß√“§“¢“¬ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’ˇÀ≈◊Õ ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπµÿ≈“§¡ 2549 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈⫇ªìπ®”π«π 12.4 ≈â“π∫“∑

128

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

(c) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 408.4 mil ion subject to interest at the minimum loan rate minus 0.5 percent (MLR-0.5%) per annum for the first year and the minimum loan rate minus 1 percent (MLR-1%) per annum for the second and the third years and secured by the mortgage of parts of the Companyรปs project land and construction thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price, or an amount not less than that stipulated by the bank. Any remaining balance is to be repaid within December 2006. As at 31 December 2004, the Company had drawn down Baht 107.5 mil ion of such facility. (d) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 198 mil ion subject to interest at a rate 3.75 percent per annum for the first year and at the minimum loan rate minus 1.25 percent (MLR-1.25%) per annum for the second and the third years. The loan is secured by the mortgage of parts of the Companyรปs project land and construction thereon and repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price, or an amount not less than that stipulated by the bank. Any remaining balance is to be repaid within November 2007. As at 31 December 2004, the outstanding balance of the loan was Baht 140.5 million. (e) The Company entered into a long-term loan agreement with a financial institution under which it was granted a loan facility of Baht 335 mil ion subject to interest at the minimum loan rate minus 0.5 percent (MLR-0.5%) per annum for the period as from November 2004 until the later of either 30 April 2005 or the date on which the Company has sold 70 or more plots of land and houses, and at the minimum loan rate minus 1 percent (MLR-1%) per annum remainder of the period. The loan is secured by the mortgage of parts of the Companyรปs project land and construction thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 80 percent of the selling price, or an amount not less than that stipulated by the financial institution. Any remaining balance is to be repaid within October 2006. As at 31 December 2004, the Company had drawn down Baht 115.9 million of such facility. (f) A subsidiary entered into a long-term loan agreement granting a loan facility of Baht 48 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum and secured by the mortgage of parts of the subsidiaryรปs project land. Repayment is to be made each time a plot of land is redeemed from mortgage, at 60 percent of the selling price, or an amount not less than that stipulated by the bank. Any remaining balance is to be repaid within March 2006.

As at 31 December 2004, the subsidiary had drawn down Baht 23.6 million of such facility. (g) A subsidiary entered into a long-term loan agreement granting a loan facility of Baht 35 million subject to interest at the minimum loan rate (MLR) per annum and secured by the mortgage of parts of the subsidiaryรปs project land.

Repayment is to be made each time a plot of land is redeemed from mortgage, at 60 percent of the selling price. Any remaining balance is to be repaid within October 2006. As at 31 December 2004, the subsidiary had drawn down Baht 12.4 million of such facility.

129

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(´) ‡¡◊ËÕ«—π∑’Ë 24 °—𬓬π 2546 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¥â≈ßπ“¡„π —≠≠“ª√–π’ª√–πÕ¡¬Õ¡§«“¡°—∫∏𓧓√æ“≥‘™¬å„πª√–‡∑» ·ÀàßÀπ÷Ëß ”À√—∫‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√¥—ß°≈à“«®”π«π 209.5 ≈â“π∫“∑ ´÷Ëߧ‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 2 µàÕªï ”À√—∫ªï∑’Ë 1 √âÕ¬≈– 4 µàÕªï ”À√—∫ªï∑’Ë 2 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” (MLR) µàÕªï ”À√—∫ªï∑’Ë 3 ∂÷ߪï∑’Ë 7 ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπµ—Èß·µà‡¥◊Õπ°—𬓬π 2548 ®π∂÷߇¥◊Õπ ‘ßÀ“§¡ 2553 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…—∑œ °√√¡°“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“« ·≈–°“√®¥®”πÕß∑’Ë¥‘π·≈– ‘Ëߪ≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà·≈–®–¡’„π¿“¬Àπâ“¢Õß∫√‘…—∑¬àÕ¬·Ààßπ—Èπ —≠≠“‡ß‘π°Ÿâ¬◊¡ à«π„À≠à‰¥â√–∫ÿ¢âժؑ∫—µ‘·≈–¢âÕ®”°—¥∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬µâÕß∂◊ժؑ∫—µ‘∫“ߪ√–°“√ ‡™àπ °“√®à“¬‡ß‘πªíπº≈ °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ °“√§«∫À√◊Õ√«¡°‘®°“√°—∫𑵑∫ÿ§§≈Õ◊Ëπ ·≈–°“√¥”√ßÕ—µ√“ à«πÀπ’È ‘π√«¡µàÕ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 20. Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π

Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π À—° : à«π¢ÕßÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∑’Ë∂÷ß °”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ÿ∑∏‘®“° à«π∑’Ë∂÷ß °”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï

ß∫°“√‡ß‘π√«¡ 2547 2546 550,000,000 -

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 550,000,000 -

(137,500,000)

-

(137,500,000)

-

412,500,000

-

412,500,000

-

‡¡◊ËÕ«—π∑’Ë 7 ¡°√“§¡ 2547 ∫√‘…—∑œ‰¥âÕÕ°®”Àπà“¬Àÿâπ°Ÿâ¡’À≈—°ª√–°—π ™π‘¥∑¬Õ¬™”√–§◊π‡ß‘πµâπ®”π«π 550 ≈â“π∫“∑ (550,000 Àπ૬ ¡Ÿ≈§à“∑’˵√“‰«âÀπ૬≈– 1,000 ∫“∑) ‡æ◊ËÕ‰∂à∂ÕπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π°àÕπ°”Àπ¥ (µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 21) Àÿâπ°Ÿâ¡’À≈—° ª√–°—π¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï ‚¥¬∑¬Õ¬™”√–§◊π‡ß‘πµâπ‡ªìπ 3 ß«¥ ‚¥¬ Õßß«¥·√° ß«¥≈–®”π«π 137.5 ≈â“π∫“∑ „π‡¥◊Õπ¡°√“§¡ 2548 ·≈– 2549 ·≈–™”√–§◊πß«¥ ÿ¥∑⓬®”π«π 275 ≈â“π∫“∑„π‡¥◊Õπ¡°√“§¡ 2550 Àÿâπ°Ÿâ¥—ß°≈à“«¡’Õ—µ√“¥Õ°‡∫’Ȭ§ß∑’Ë√âÕ¬≈– 4.5 µàÕªï ‚¥¬®à“™”√–∑ÿ° 6 ‡¥◊Õπµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ ∫√‘…—∑œ‰¥â®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß∫π∑’Ë¥‘π·≈–Õ“§“√™ÿ¥‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¥—ß°≈à“«

130

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

(h) On 24 September 2003, a subsidiary entered into the compromise agreement with a local commercial bank for a loan amounting to Baht 209.5 mil ion. The loan is subject to interest at a rate of 2 percent per annum for the first year, 4 percent per annum for the second year and the minimum loan rate (MLR) per annum for the third to the seventh years, and is to be repaid between September 2005 and August 2010. The loan is secured by guarantees by the Company, the directors of the Company and the subsidiary and the mortgage of the subsidiary没s land, including most present and future structures thereon.

The loan agreements contain covenants and restrictions on the Company and its subsidiaries imposed by the lenders, related to such matters as dividend payment, reduction of share capital, merger or consolidation with any other corporations, and the maintenance of a certain debt to equity ratio.

20. SECURED DEBENTURES Consolidated 2004 2003 Secured debentures 550,000,000 Less : Current portion of secured debentures (137,500,000) Secured debentures, net of current portion 412,500,000 -

(Unit : Baht) The Company Only 2004 2003 550,000,000 (137,500,000) 412,500,000 -

On 7 January 2004, the Company issued Baht 550 million of 3 year secured, amortising debentures (550,000 units with a face value of Baht 1,000 each) to redeem its unsecured debentures prior to maturity (as discussed in Note 21). The principal of the secured debentures is scheduled for repayment in 3 installments, with 2 installments of Baht 137.5 million each to be paid in January 2005 and 2006, and the final installment of Baht 275 million to be paid in January 2007. The debentures bear interest at a fixed rate of 4.5 percent per annum, payable every 6 months throughout the life of the debentures.

The Company has mortgaged project land and construction thereon and condominium units as collateral for these debentures.

131

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21. ‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°—∫∏𓧓√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß à«π„À≠à‡°‘¥¢÷Èπ„πªï 2543 ∂÷ß 2545 ¿“¬„µâ ‡ß◊ËÕπ‰¢¢Õß —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È¥—ß°≈à“« ‡®â“Àπ’ȉ¥âµ°≈ß≈¥‡ß‘πµâπ·≈–¥Õ°‡∫’Ȭ„Àâ∫“ß à«π ∫√‘…—∑œ¡’°“√‚Õπ∑√—æ¬å™”√–Àπ’È ¡’°“√ ·ª≈ßÀπ’ȇªìπÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–·ª≈ßÀπ’ȇªìπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π ¬Õ¥§ß‡À≈◊Õ¢Õ߇®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 2547 2546 Àÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π 234,904,000 1,059,036,948 234,904,000 1,059,036,948 ¥Õ°‡∫’Ȭ旰∫—≠™’ 48,995,434 48,995,434 √«¡ 234,904,000 1,108,032,382 234,904,000 1,108,032,382 Àÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȧ‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“√âÕ¬≈– 2.5 µàÕªï ‚¥¬¥Õ°‡∫’Ȭ¥—ß°≈à“«‰¥â√«¡Õ¬Ÿà„π¡Ÿ≈§à“‰∂à∂Õπ ·≈–®–§√∫°”Àπ¥‰∂à∂Õπ„πªï 2550 „π√–À«à“߉µ√¡“ ∑’ËÀπ÷ËߢÕߪïªí®®ÿ∫—π ∫√‘…—∑œ‰¥â™”√–§◊πÀπ’È∑’˪√—∫‚§√ß √â“߉¥â§√∫∂â«π°àÕπ°”Àπ¥·≈–‰¥â®à“¬¥Õ°‡∫’Ȭ∫“ß à«π µ“¡∑’Ë°”Àπ¥„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ‡®â“Àπ’È ∂“∫—π°“√‡ß‘π®÷߉¥â¬°Àπ’È¥Õ°‡∫’Ȭ§â“ß®à“¬„À⇪ìπ®”π«π 27.61 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑œ‰¥â ∫—π∑÷°‡ªì𰔉√®“°°“√™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”À𥂥¬· ¥ß‰«â‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’ËÀπ÷ËߢÕߪïªí®®ÿ∫—π „π‡¥◊Õπ¡°√“§¡ 2547 ∫√‘…—∑œ‰¥â∑”°“√‰∂à∂ÕπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¡Ÿ≈§à“ 745.80 ≈â“π∫“∑ ´÷ËßÀÿâπ°Ÿâ¥—ß°≈à“«¡’¡Ÿ≈§à“µ“¡∫—≠™’ ≥ «—π‰∂à∂Õπ®”π«π 683.25 ≈â“π∫“∑ ‚¥¬ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π®”π«π 550 ≈â“π∫“∑ ´÷Ëß¡’Õ—µ√“¥Õ°‡∫’Ȭ√âÕ¬≈– 4.5 µàÕªï„Àâ·°à‡®â“Àπ’È ∂“∫—π°“√‡ß‘π‡¥‘¡ ∑”„À⇰‘¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 133.25 ≈â“π∫“∑ ∫√‘…—∑œ‰¥â∫—π∑÷°¥Õ°‡∫’Ȭ¢ÕßÀÿâπ°Ÿâ„À¡à∑’Ë®–µâÕß®à“„πÕ𓧵‡ªìπ¥Õ°‡∫’Ȭ®à“¬√Õµ—¥∫—≠™’®”π«π 55.76 ≈â“π∫“∑ „πß∫¥ÿ≈·≈–‰¥â𔉪≈¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«¢â“ßµâπ ‚¥¬· ¥ß ‡ªì𰔉√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥®”π«π 44.18 ≈â“π∫“∑ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’Ë ‡°’ˬ«¢âÕß®”π«π 33.31 ≈â“π∫“∑) ‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’ËÀπ÷ËߢÕߪïªí®®ÿ∫—π „π‡¥◊Õπ°—𬓬π 2547 ∫√‘…∑— œ‰¥â∑”°“√‰∂à∂ÕπÀÿπâ °Ÿâ‰¡à¡À’ ≈—°ª√–°—π¡Ÿ≈§à“ 141.09 ≈â“π∫“∑°àÕπ°”Àπ¥ ‚¥¬°“√®à“¬™”√–‡ß‘π®”π«π 105.82 ≈â“π∫“∑ ∑”„À⇰‘¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 35.27 ≈â“π∫“∑ ‚¥¬· ¥ß‡ªì𰔉√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√– ‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥®”π«π 24.69 ≈â“π∫“∑ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’ˇ°’ˬ«¢âÕß®”π«π 10.58 ≈â“π∫“∑) ‡ªìπ √“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’Ë “¡¢Õߪïªí®®ÿ∫—π

132

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

21.

CREDITORS UNDER DEBT RESTRUCTURING AGREEMENTS The Company entered into debt restructuring agreements with various banks and financial institutions during the years 2000 and 2002. Under the debt restructuring agreements, the creditors agreed to waive parts of principal and interest and the Company has transferred assets in settlement of debt, converted debt to convertible debentures and converted debt to unsecured debentures.

The outstanding balances of creditors under the debt restructuring agreements as at 31 December 2004 and 2003 were following: (Unit : Baht) Consolidated The Company Only 2004 2003 2004 2003 Unsecured debentures 234,904,000 1,059,036,948 234,904,000 1,059,036,948 Deferred interest 48,995,434 48,995,434 Total 234,904,000 1,108,032,382 234,904,000 1,108,032,382 These unsecured debentures bear interest at a rate of 2.5 percent per annum, with such interest inherent in the redemption price, and mature in the year 2007.

During the first quarter of the current year, the Company repaid indebtedness under the debt restructuring agreements prior to maturity and made partial payment of interest, as stipulated in the debt restructuring agreements. The financial institution creditors therefore forgave outstanding interest amounting to Baht 27.61 million and the Company recorded this as a gain from repayment of restructured debt prior to maturity, presenting it as an extraordinary item in the earnings statement for the first quarter of the current year.

In January 2004, the Company redeemed Baht 745.80 million of unsecured debentures, of which the net book value as at the redemption date was Baht 683.25 mil ion, by issuing Baht 550 million of secured debentures to its existing financial institution creditors, bearing interest at a fixed rate of 4.5 percent per annum. This represents a gain of Baht 133.25 million on redemption of the debentures. The interest to be paid on the secured debentures in the future, amounting to Baht 55.76 mil ion, was recorded as deferred interest expenses in the balance sheet, as a deduction against the gain from redemption of debentures. The net amount of Baht 44.18 million (net of related income tax of Baht 33.31 million) is presented under çGain from redemption of debentures and repayment of restructured debt prior to maturityÊ, as an extraordinary item in the earnings statements for the first quarter of the current year.

In September 2004, the Company redeemed Baht 141.09 million of unsecured debentures prior to maturity, paying a total of Baht 105.82 mil ion. This resulted in a gain of Baht 35.27 million on redemption of the debentures. Of this amount, 133

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„πªï 2546 ∫√‘…—∑œ¡’°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’ȵ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥®”π«π 21.6 ≈â“π∫“∑ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’ˇ°’ˬ«¢âÕß®”π«π 1.2 ≈â“π∫“∑) ‚¥¬· ¥ß‰«â‡ªìπ√“¬°“√摇»…„πß∫°”‰√¢“¥∑ÿπ„πªï 2546 22. ∑ÿπ‡√◊ÕπÀÿâπ ‡¡◊ËÕ«—π∑’Ë 1 ∏—𫓧¡ 2547 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ¥”‡π‘π°“√„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È 1. ¬°‡≈‘°Àÿπâ “¡—≠®”π«π 700,737,660 Àÿπâ ´÷ßË ‰¡à‰¥â‡ªìπÀÿπâ “¡—≠∑’ Ë ”√Õ߉«â‡æ◊ÕË √Õß√—∫°“√„™â ∑‘ ∏‘„¥Ê ‚¥¬«‘∏°’ “√≈¥∑ÿπ®¥∑–‡∫’¬π ®“° 2,000,000,000 ∫“∑ ‡ªìπ 1,299,262,340 ∫“∑ ‚¥¬°“√µ—¥Àÿπâ ∑’¬Ë ß— ¡‘‰¥âπ”ÕÕ°®”Àπà“¬®”π«π 700,737,660 Àÿπâ ¡Ÿ≈§à“∑’µË √“‰«âÀπÿâ ≈– 1 ∫“∑ 2. ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ®”π«π ‰¡à‡°‘π 433,087,447 Àπ૬ „Àâ ·°àº∂Ÿâ Õ◊ Àÿπâ ‡¥‘¡¢Õß∫√‘…∑— œµ“¡ —¥ à«π®”π«πÀÿπâ ∑’∂Ë Õ◊ Õ¬Ÿà 3 Àÿπâ ‡¥‘¡µàÕ 1 Àπ૬„∫ ”§—≠· ¥ß ‘∑∏‘ ‚¥¬‰¡à¡√’ “§“‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘ ¥—ß°≈à“«¡’Õ“¬ÿ 3 ªïπ—∫·µà«—π∑’ËÕÕ°·≈–‡ πÕ¢“¬ ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘§◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬ “¡“√∂„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“Àÿâπ≈– 1.5 ∫“∑ ·≈–¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ° Ê 3 ‡¥◊Õπ 3. ®—¥ √√Àÿâπ‡æ‘Ë¡∑ÿπ®”π«π‰¡à‡°‘π 433,087,447 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë ®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) 4. ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠¢Õß∫√‘…∑— œ ®”π«π‰¡à‡°‘π 10,000,000 Àπ૬ „Àâ·°àæπ—°ß“π ºŸ∫â √‘À“√ °√√¡°“√ ·≈–∑’˪√÷°…“§≥–°√√¡°“√ ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–‡ πÕ¢“¬ ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘§◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬ “¡“√∂„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“ à«π≈¥√âÕ¬≈– 15 ®“°√“§“ªî¥¢ÕßÀÿâπ¢Õß∫√‘…—∑œ ∑’∑Ë ”°“√´◊ÕÈ ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‚¥¬‡©≈’¬Ë ∂à«ßπÈ”Àπ—°„π™à«ß√–¬–‡«≈“ 30 «—π °àÕπ«—πª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ §◊ÕÀÿπâ ≈– 2.28 ∫“∑ 5. ®—¥ √√Àÿâπ‡æ‘Ë¡∑ÿπ®”π«π‰¡à‡°‘π 10,000,000 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë ®—¥ √√„Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’˪√÷°…“§≥–°√√¡°“√ 6. ®—¥ √√Àÿπâ ‡æ‘¡Ë ∑ÿπ®”π«π‰¡à‡°‘π 27,650,213 Àÿπâ ¡Ÿ≈§à“∑’µË √“‰«âÀπÿâ ≈– 1 ∫“∑ ‡æ◊ÕË √Õß√—∫°“√ª√—∫ ‘∑∏‘„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 Õ—π‡π◊ËÕß¡“®“°°“√ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ·≈– °“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’˪√÷°…“§≥–°√√¡°“√ 7. ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®”π«π 470,737,660 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ √«¡‡ªìπ∑ÿπ®¥∑–‡∫’¬π∑’ˇæ‘Ë¡¢÷Èπ®”π«π 470,737,660 ∫“∑ ®“°∑ÿπ®¥∑–‡∫’¬π‡¥‘¡ 1,299,262,340 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à®”π«π 1,770,000,000 ∫“∑ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å‡ªìπ∑ÿπ®¥∑–‡∫’¬π 1,299,262,340 ∫“∑ ‡¡◊ËÕ«—π∑’Ë 3 ∏—𫓧¡ 2547 ·≈–µàÕ¡“‰¥â ®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à 1,770,000,000 ∫“∑ ‡¡◊ËÕ«—π∑’Ë 7 ∏—𫓧¡ 2547 ªí®®ÿ∫—π∫√‘…—∑œ Õ¬Ÿà„π √–À«à“ß°“√¢ÕÕπÿ¡µ— °‘ “√ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠√ÿπà ∑’Ë 3 ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠„Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’˪√÷°…“§≥–°√√¡°“√®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å

134

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

Baht 24.69 mil ion (net of related income tax of Baht 10.58 million) is presented under the caption çGain from redemption of debentures and repayment of restructured debt prior to maturityé, as an extraordinary item in the earnings statement of the third quarter of the current year.

In the year 2003, the Company had gains from the redemption of debentures and repayment of restructured debt prior to maturity totalling Baht 21.6 mil ion (net of related income tax of Baht 1.2 million) and presented this as an extraordinary item in the earnings statement of the year 2003.

22. SHARE CAPITAL On 1 December 2004, an extraordinary general meeting of the shareholders of the Company approved the Companyûs proceeding in according with the following resolutions :1. Cancel the 700,737,660 ordinary shares which have not been reserved to accommodate a rights exercise, decreasing the registered capital from Baht 2,000,000,000 to Baht 1,299,262,340 through the cancellation of 700,737,660 unissued shares with a par value of Baht 1 per share.

2. Issue and offer no more than 433,087,447 warrants (SPALI-W3 warrants) to the existing shareholders of the Company in a ratio of 1 warrant to every 3 existing ordinary shares. No offer price was stipulated. These are 3-year warrants exercisable every three months in a ratio of 1 warrant to 1 ordinary share at an exercise price of Baht 1.5 per share.

3. Allocate no more than 433,087,447 ordinary shares with a par value of Baht 1 each to accommodate the exercise of the SPALI-W3 warrants.

4. Issue and offer not more than 10,000,000 warrants to employees, executives, directors, and advisors to the Board of Directors (ESOP warrants). No offer price was specified. These 3-year warrants are exercisable in a ratio of 1 warrant to 1 ordinary share at an exercise price of 15 percent below the weighted average of closing price of the Companyûs shares on the Stock Exchange of Thailand in the 30 days prior to the date of the meeting of the Companyûs shareholders, which was Baht 2.28 per share.

5. Allocate no more than 10,000,000 ordinary shares with a par value of Baht 1 each to accommodate the exercise of the warrants allocated to employees, executives, directors, and advisors to the Board of Directors.

6. Allocate no more than 27,650,213 ordinary shares with a par value of Baht 1 each to accommodate the adjustment to the term of the SPALI-W2 warrants as a result of the issue and offer of the SPALI-W3 warrants, and the allocation of the warrants to employees, executives, directors, and advisors to the Board of Directors.

7. Increase the registered capital of the Company by a total of Baht 470,737,660, comprising 470,737,660 shares of Baht 1 each, from Baht 1,299,262,340 to Baht 1,770,000,000.

135

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

„π‡¥◊Õπ¡’π“§¡ ¡‘∂ÿπ“¬π °—𬓬π ·≈–∏—𫓧¡ 2547 ∫√‘…—∑œ‰¥â√—∫‡ß‘π§à“Àÿâπ‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë ®–´◊ÈÕÀÿâπ “¡—≠‡ªìπ®”π«π‡ß‘π 467,319,621 ∫“∑ (Àÿâπ “¡—≠®”π«π 467,319,621 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ®”π«π‡ß‘π 82,000 ∫“∑ (Àÿâπ “¡—≠®”π«π 82,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ®”π«π‡ß‘π 10,000 ∫“∑ (Àÿâπ “¡—≠®”π«π 10,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ·≈–®”π«π‡ß‘π 19,604,900 ∫“∑ (Àÿâπ “¡—≠®”π«π 19,604,900 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) µ“¡≈”¥—∫ ∫√‘…—∑œ‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπÀÿâπ “¡—≠∑’ˇæ‘Ë¡ ¢÷πÈ „π√–À«à“ßªï ·≈–‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘¡Ë ∑ÿπ®“°°“√„™â ∑‘ ∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥ß— °≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈⫇¡◊ÕË «—π∑’Ë 2 ‡¡…“¬π 2547 «—π∑’Ë 7 °√°Æ“§¡ 2547 «—π∑’Ë 7 µÿ≈“§¡ 2547 ·≈–«—π∑’Ë 7 ¡°√“§¡ 2548 µ“¡≈”¥—∫ „π‡¥◊Õπ°—𬓬π·≈–∏—𫓧¡ 2546 ∫√‘…∑— œ‰ ¥â√∫— ‡ß‘π§à“Àÿπâ ‡æ‘¡Ë ∑ÿπ®“°°“√„™â ∑‘ ∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠‡ªìπ®”π«π ‡ß‘π 32,991,300 ∫“∑ (Àÿπâ “¡—≠®”π«π 32,991,300 Àÿπâ ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑) ·≈–®”π«π‡ß‘π 46,388,070 ∫“∑ (Àÿπâ “¡—≠®”π«π 46,388,070 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) µ“¡≈”¥—∫ ∫√‘…—∑œ‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπÀÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï ·≈–‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡ ∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈⫇¡◊ËÕ«—π∑’Ë 8 µÿ≈“§¡ 2546 ·≈– 8 ¡°√“§¡ 2547 µ“¡≈”¥—∫ 23. à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√

¬Õ¥§ß‡À≈◊Õµâπªï - °àÕπª√—∫ª√ÿß„À¡à °“√ª√—∫ª√ÿߪï°àÕπ (À¡“¬‡Àµÿ 36) ¬Õ¥§ß‡À≈◊Õ∑’˪√—∫ª√ÿß·≈â« ≈¥≈ß√–À«à“ßªï ®”π«πµ—¥®”Àπà“¬ ”À√—∫ªï ¬Õ¥§ß‡À≈◊Õª≈“¬ªï

2547 323,632,415 (244,584,058) 79,048,357 (884,424) 78,163,933

(Àπ૬ : ∫“∑) 2546 345,036,287 (259,228,745) 85,807,542 (5,753,581) (1,005,604) 79,048,357

à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√¥—ß°≈à“«‰¡à “¡“√∂π”¡“À—°°—∫¢“¥∑ÿπ – ¡·≈–‰¡à “¡“√∂®à“¬‡ß‘πªíπº≈‰¥â 24. ”√Õßµ“¡°ÆÀ¡“µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑œ®–µâÕß®—¥ √√‡ß‘π ”√ÕßÕ¬à“ßπâÕ¬√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªï À≈—ß®“°À—°¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“ ”√Õߥ—ß°≈à“«¡’®”π«π‡∑à“°—∫√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂𔉪®à“¬‡ªìπ‡ß‘πªíπº≈‰¥â

136

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

The Company registered the reduction in its share capital to Baht 1,299,262,340 with the Ministry of Commerce on 3 December 2004 and subsequently registered the increase in its share capital to Baht 1,770,000,000 with the Ministry of Commerce on 7 December 2004. The Company is currently filing an application with the Securities and Exchange Commission for approval to issue and offer the SPALI-W3 and ESOP warrants.

In March, June, September and December 2004, the Company received payment of Baht 467,319,621 (467,319,621 ordinary shares of Baht 1 each), Baht 82,000 (82,000 ordinary shares of Baht 1 each), Baht 10,000 (10,000 ordinary shares of Baht 1 each) and Baht 19,604,900 (19,604,900 ordinary shares of Baht 1 each), respectively, for the additional ordinary shares issued to support the exercise of the warrants. The Company recorded these transactions as the issue of additional ordinary shares during the relevant periods and registered the resulting increases in its capital with the Ministry of Commerce on 2 April 2004, 7 July 2004, 7 October 2004 and 7 January 2005, respectively.

In September and December 2003, the Company received payment of Baht 32,991,300 (32,991,300 ordinary shares of Baht 1 each) and Baht 46,388,070 (46,388,070 ordinary shares of Baht 1 each), respectively, for the additional ordinary shares issued to support the exercise of the warrants. The Company recorded these transactions as the issue of additional ordinary shares during the relevant periods and registered the resulting increases in its capital with the Ministry of Commerce on 8 October 2003 and 8 January 2004, respectively.

23.

REVALUATION SURPLUS

(Unit : Baht) 2004 2003 Balance at beginning of year - before adjustment 323,632,415 345,036,287 Prior year adjustment (Note 36) (244,584,058) (259,228,745) Balance, as restated 79,048,357 85,807,542 Decrease during the year (5,753,581) Amortisation of the year (884,424) (1,005,604) Balance - end of year 78,163,933 79,048,357 The revaluation surplus can neither be offset against deficit nor used for dividend payment.

24. STATUTORY RESERVE Under the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net profit, after deducting accumulated deficit brought forward (if any) until the reserve reaches 10 percent of its registered share capital. The statutory reserve cannot be used for dividend payment.

137

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

25. Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬/°”‰√ – ¡∑’Ë®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π§ß‡À≈◊Õ 32,350,000 Àÿâπ (2546 : 32,800,000 Àÿâπ) ¡Ÿ≈§à“ µ“¡√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 73.8 ≈â“π∫“∑ (2546 : 52.3 ≈â“π∫“∑) ‚¥¬· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ¥â«¬√“§“∑ÿπ ∫√‘…∑— œ‰¥â°π— °”‰√ – ¡‰«â‡ªìπ‡ß‘π ”√Õ߇∑à“°—∫®”π«π‡ß‘π∑’∫Ë √‘…∑— ¬àÕ¬‰¥â®“à ¬´◊ÕÈ Àÿπâ ¢Õß∫√‘…∑— œ ®π°«à“∫√‘…∑— ¬àÕ¬®–¡’°“√®”Àπà“Àÿâπ¥—ß°≈à“«‰¥âÀ¡¥ ‚¥¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ ‰¥â°—𰔉√ – ¡‡ªìπ‡ß‘π ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡ªìπ ®”π«π 73.8 ≈â“π∫“∑ ‚¥¬√“¬°“√¥—ß°≈à“«‰¥â· ¥ßÕ¬Ÿà„πß∫¥ÿ≈¿“¬„µâÀ—«¢âÕ ç°”‰√ – ¡∑’Ë®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ ‚¥¬∫√‘…—∑¬àÕ¬é ·≈–°”‰√ – ¡∑’Ë°—π‡ªìπ‡ß‘π ”√Õߥ—ß°≈à“«∫√‘…—∑œ®–‰¡àπ”¡“®à“¬‡ß‘πªíπº≈„Àⷰຟâ∂◊ÕÀÿâπ 26. „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 27 °—𬓬π 2545 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¡’¡µ‘Õπÿ¡—µ‘„ÀâÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ¢Õß∫√‘…∑— œ √ÿπà ∑’Ë 2 (SPALI-W2) „Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ‡¥‘¡µ“¡√“¬™◊ÕË ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬π¢Õß∫√‘…∑— œ §◊Õ«—π∑’Ë 31 ¡’π“§¡ 2546 ®”π«π 649,546,370 Àπ૬ „πÕ—µ√“ à«πÀÿâπ “¡—≠‡¥‘¡ 1 Àÿâπ µàÕ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬ ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘ §◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“°“√„™â ‘∑∏‘ 1 ∫“∑ ·≈–¡’√–¬– ‡«≈“°“√„™â ‘∑∏‘∑ÿ° Ê 3 ‡¥◊Õπ µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬‰¥â√—∫„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ®”π«π 649,546,370 Àπ૬‡ªìπÀ≈—°∑√—æ¬å ®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å ·≈–°”Àπ¥„Àâ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ‡√‘Ë¡∑”°“√´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å‰¥âµ—Èß·µà «—π∑’Ë 4 °√°Æ“§¡ 2546 ‡ªìπµâπ‰ª „π√–À«à“ߪï 2546 ‰¥â¡º’ Ÿâ„™â ∑‘ ∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´Õ◊È Àÿπâ “¡—≠®”π«π 79,379,370 Àπ૬ ‡æ◊ÕË ´◊ÕÈ Àÿπâ “¡—≠®”π«π 79,379,370 Àÿπâ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 1 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 79.38 ≈â“π∫“∑ ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¢ÕßÀÿâπ “¡—≠¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ·≈⫵“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 22 „π√–À«à“ߪï 2547 ‰¥â¡º’ Ÿâ„™â ∑‘ ∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´Õ◊È Àÿπâ “¡—≠®”π«π 487,016,521 Àπ૬ ‡æ◊ÕË ´◊ÕÈ Àÿπâ “¡—≠®”π«π 487,016,521 Àÿπâ „π√“§“„™â ∑‘ ∏‘Àπÿâ ≈– 1 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 487.02 ≈â“π∫“∑ ∫√‘…∑— œ‰¥â®¥∑–‡∫’¬π‡æ‘¡Ë ∑ÿπ¢ÕßÀÿπâ “¡—≠¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ·≈⫵“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 22 ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ§ß‡À≈◊ÕÀπ૬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠∑’ˬ—߉¡à‰¥â„™â ‘∑∏‘‡ªìπ®”π«π 83,150,479 Àπà«(2546 : 570,167,000 Àπ૬)

138

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

25. COMPANYûS SHARES HELD BY SUBSIDIARY/APPROPRIATED RETAINED EARNINGS - RESERVE FOR COMPANYûS SHARES HELD BY SUBSIDIARY As at 31 December 2004, 32,350,000 shares of the Company, with a value of Baht 73.8 million at cost, were held by a subsidiary (2003: 32,800,000 shares with a value of Baht 52.3 million). The shares are presented at cost as a deduction in shareholdersû equity.

The Company set aside an amount equal to the cost of the shares of the Company held by its subsidiary from retained earnings to a separate reserve account, and such reserve is to remain outstanding until the shares are sold by the subsidiary. As at 31 December 2004, the Company has set aside approximately Baht 73.8 million to the reserve account, presented under the caption of çAppropriated retained earnings - reserve for Companyûs shares held by subsidiaryé in the balance sheet. The reserve set aside is not available for dividend distribution.

26. WARRANTS On 27 September 2002, an extraordinary general meeting of the Companyûs shareholders approved the issue and the offer price of 649,546,370 warrant (SPALI-W2 warrants) to the existing shareholders listed in the Companyûs share register as at 31 March 2003, in a ratio of 1 warrant for each 1 existing ordinary share, without specifying the offer price. The warrants have an exercise period of 3 years from the issue date, with stipulated exercise dates every 3 months, and are exercisable in a ratio of 1 warrant to 1 ordinary share at an exercise price of Baht 1 per share.

The Stock Exchange of Thailand (SET) approved the issue of 649,546,370 of these warrants to be traded on the SET, commencing from 4 July 2003.

During the year 2003, warrantholders exercised 79,379,370 warrants to purchase 79,379,370 ordinary shares at an exercise price of Baht 1 each, a total of Baht 79.38 million. The Company registered the resulting increase in its paid up share capital with the Ministry of Commerce as discussed in Note 22.

During the year 2004, warrantholders exercised 487,016,521 warrants to purchase 487,016,521 ordinary shares at an exercise price of Baht 1 each, a total of Baht 487.02 million. The Company registered the increase in its paid up share capital with the Ministry of Commerce as discussed in Note 22.

As of 31 December 2004, there were a total of 83,150,479 outstanding, unexercised warrants (2003 : 570,167,000 outstanding, unexercised warrants).

139

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

27. ®”π«π·≈–§à“„™â®à“¬‡°’ˬ«°—∫æπ—°ß“π ß∫°“√‡ß‘π√«¡ 2547 ®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’ˬ«°—∫æπ—°ß“π ”À√—∫ªï (∫“∑)

422 130,209,321

2546 374 165,143,858

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547 2546 245 211 107,446,826 143,443,122

28. ‡ß‘πªíπº≈ ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2547 ∑’˪√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈„Àⷰຟâ∂◊ÕÀÿâπ¢Õß ∫√‘…—∑œ ®“°º≈°“√¥”‡π‘πß“π¢Õߪï 2546 „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ªìπ‡ß‘π 598.2 ≈â“π∫“∑ 29. §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’ȇªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œµ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’ˇ°’ˬ«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√ 30. ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈∑’Ë· ¥ßÕ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß∫—≠™’À≈—ß®“°ª√—∫ª√ÿߥ⫬√“¬‰¥â·≈–√“¬®à“¬µ“¡∑’Ë°√¡ √√æ“°√°”Àπ¥ ´÷Ëß√«¡∂÷߇ߑπ§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–·≈–ª√–¡“≥°“√µâπ∑ÿπ∑’ˇ°’ˬ«¢âÕß à«π∑’ˬ—߉¡à‰¥â∫—π∑÷°∫—≠™’°”‰√¢“¥∑ÿπ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–®”π«πª√–¡“≥ 229.4 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 220.3 ≈â“π∫“∑) ¡“√«¡§”π«≥¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈„πªïªí®®ÿ∫—π ´÷Ëߧ‘¥‡ªìπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈®”π«πª√–¡“≥ 44.0 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“– ¢Õß∫√‘…—∑œ : 42.5 ≈â“π∫“∑)

140

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

27. NUMBER OF EMPLOYEES AND RELATED COSTS Consolidated 2004

2003 374 165,143,858

Number of employees at end of year (Persons) 422 Employee costs for the year (Baht) 130,209,321

The Company Only 2004 2003 245 211 107,446,826 143,443,122

28. DIVIDEND On 30 April 2004, the Annual General Meeting of the Companyรปs shareholders approved the payment of dividend of Baht 0.50 per share from the operating results of the year 2003 to the Companyรปs shareholders, a total of Baht 598.2 million.

29. DIRECTORSรป REMUNERATION Directorsรป remuneration represents benefits paid to the Companyรปs directors in accordance with Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors.

30. CORPORATE INCOME TAX Corporate income tax was calculated on net earnings per the accounts after adjusting revenues and expenses to accord with Revenue Department guidelines. This includes the incorporation of installments due and related estimated costs not yet recognized in the earnings statement for accounting purposes.

The Company and a subsidiary included installments due amounting to approximately Baht 229.4 million (the Company only : Baht 220.3 mil ion) for the purposes of corporate income tax calculation in the current year, with a tax effect of approximately Baht 44.0 mil ion (the Company only : Baht 42.5 million).

141

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

31. °“√°√–∑∫¬Õ¥°”‰√µàÕÀÿâπª√—∫≈¥ °”‰√ ÿ∑∏‘ 2547 2546 ∫“∑ ∫“∑ (ª√—∫ª√ÿß„À¡à)

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë∂à«ßπÈ”Àπ—° 2547 2546 Àÿâπ Àÿâπ

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ ÿ∑∏‘ 480,786,151 1,213,973,369 1,081,826,327 657,398,875 À—° : Àÿâπ “¡—≠¢Õß∫√‘…—∑œ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ(27,157,923) (11,400,000) °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π∑’ˇªìπ ¢ÕߺŸâ∂◊ÕÀÿâπ¿“¬πÕ° 480,786,151 1,213,973,369 1,054,668,404 645,998,875 º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ „∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 83,150,479 Àπà«(31 ∏—𫓧¡ 2546 : 570,167,000 Àπ૬) 160,963,075 425,170,829 °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√·ª≈߇ªìπÀÿâπ “¡—≠ 480,786,151 1,213,973,369 1,215,631,479 1,071,169,704

°”‰√µàÕÀÿπâ 2547 2546 ∫“∑ ∫“∑ (ª√—∫ª√ÿß„À¡à)

0.46

1.88

-

-

0.40

1.13

32. Àπ—ß ◊էȔª√–°—π∏𓧓√ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ¡’Àπ—ß ◊էȔª√–°—π∑’ËÕÕ°‚¥¬∏𓧓√„ππ“¡¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„Àâ°—∫Õߧ尓√ √—∞∫“≈‡æ◊ËէȔª√–°—π√–∫∫ “∏“√≥Ÿª ‚¿§‡À≈◊ÕÕ¬Ÿà‡ªìπ®”π«π‡ß‘π 158.7 ≈â“π∫“∑·≈– 125.2 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 155.9 ≈â“π∫“∑·≈– 122.5 ≈â“π∫“∑) µ“¡≈”¥—∫ ·≈–‡æ◊ËէȔª√–°—π°—∫‡®â“Àπ’È°“√§â“‡ªìπ®”π«π‡ß‘π 12.1 ≈â“π∫“∑·≈– 5.1 ≈â“π∫“∑ (ß∫°“√‡ß‘π ‡©æ“–¢Õß∫√‘…—∑œ : 12.1 ≈â“π∫“∑·≈– 5.1 ≈â“π∫“∑) µ“¡≈”¥—∫ 33. ¿“√–§È”ª√–°—π√–À«à“ß°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ¿“√–§È”ª√–°—π√–À«à“ß°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È 33.1 ∫√‘…—∑œ¡’¿“√–ºŸ°æ—πµàÕ∏𓧓√‡°’ˬ«°—∫°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–«ß‡ß‘π ‘π‡™◊ËÕ®“°∏𓧓√„Àâ·°à∫√‘…—∑¬àÕ¬®”π«π‡ß‘π 190 ≈â“π∫“∑ ‚¥¬∑—Ë«‰ª°“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—πµàÕ∫√‘…—∑œπ“π‡∑à“∑’Ë¿“√–Àπ’È ‘π¬—߉¡à‰¥â™”√–‚¥¬∫√‘…—∑¬àÕ¬¥—ß°≈à“« ∫√‘…—∑œ‰¡à¡’°“√§‘¥§à“ ∏√√¡‡π’¬¡„π°“√§È”ª√–°—π¥—ß°≈à“«

142

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

31. RECONCILIATION OF DILUTED EARNINGS PER SHARE Weight average Net earnings number of ordinary shares Earnings per share 2004 2003 2004 2003 2004 2003 Baht Baht Shares Shares Baht Baht (Restated) (Restated) Basic earnings per share Net earnings 480,786,151 1,213,973,369 1,081,826,327 657,398,875 Less : Company没s shares held by subsidiary (27,157,923) (11,400,000) Basic earnings per share held by third party shareholders 480,786,151 1,213,973,369 1,054,668,404 645,998,875 Effect of dilutive potential ordinary shares 83,150,479 warrants (31 December 2003 : 570,167,000 warrants) 160,963,075 425,170,829 Diluted earnings per share Net earnings of ordinary shareholders assuming conversion of dilutive potential ordinary shares 480,786,151 1,213,973,369 1,215,631,479 1,071,169,704

0.46

1.88

-

-

0.40

1.13

32. BANK GUARANTEES As at 31 December 2004 and 2003, there were outstanding bank guarantees amounting to Baht 158.7 million and Baht 125.2 mil ion (the Company only : Baht 155.9 million and Baht 122.5 million), respectively, issued is the name of the Company and its subsidiaries in favor of certain government agencies to guarantee utilities usage and amounting to Baht 12.1 mil ion and Baht 5.1 mil ion (the Company only : Baht 12.1 million and Baht 5.1 million), respectively, to provide guarantees to trade creditors.

33. RELATED PARTY GUARANTEES As at 31 December 2004, there are related party guarantees as follows :33.1 The Company has provided guarantees to a bank against certain obligations of its subsidiary of Baht 190 mil ion. Generally, the guarantees are effective so long as the underlying obligations have not yet been discharged by those subsidiary. No fee is charged for the provision of these guarantees.

143

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

33.2 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¡’«ß‡ß‘π ‘π‡™◊ÕË ∑’ˉ¥â√∫— ®“° ∂“∫—π°“√‡ß‘π´÷ßË ‰¥â√∫— °“√§È”ª√–°—π‚¥¬°√√¡°“√¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ°“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—ππ“π‡∑à“∑’Ë¿“√–Àπ’È ‘π®“°°“√§È”ª√–°—π¬—߉¡à‰¥â™”√–‚¥¬∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ °√√¡°“√¥—ß°≈à“«‰¡à¡’°“√§‘¥§à“ ∏√√¡‡π’¬¡„π°“√§È”ª√–°—π ®”π«π‡ß‘π¢Õß°“√§È”ª√–°—π √ÿª‰¥â¥—ßπ’È :(Àπ૬ : ≈â“π∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ¿“√–§È”ª√–°—π‚¥¬°√√¡°“√ 720.6 498.4 34. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¥—ßπ’È 34.1 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ —≠≠“°àÕ √â“ß‚§√ß°“√µà“ßÊ ∑’ˉ¥â∑” —≠≠“°—∫ºŸâ√—∫‡À¡“‰«â·≈⫇ªìπ®”π«π‡ß‘π ª√–¡“≥ 463.2 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 415.6 ≈â“π∫“∑) 34.2 ∫√‘…—∑œ¡’¿“√–ºŸ°æ—π∑’ˇ°’ˬ«¢âÕß°—∫°“√´◊ÈÕ∑’Ë¥‘π‡ªìπ®”π«π‡ß‘πª√–¡“≥ 154.0 ≈â“π∫“∑ 34.3 ∫√‘…—∑œ ‰¥âÕÕ°‡™Á§‰¡à√–∫ÿ«—π∑’Ë„Àâ°—∫∏𓧓√®”π«π 387.2 ≈â“π∫“∑ ”À√—∫‡ªìπª√–°—π„π°“√ª≈Õ¥®”πÕß≈Õ¬‚©π¥∑’Ë¥‘π „π‚§√ß°“√ ‡æ◊ËÕ¥”‡π‘π°“√®—¥ √√∑’Ë¥‘π 35. §¥’øÑÕß√âÕß ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ∫√‘…—∑œ‰¥â∂Ÿ°øÑÕß√âÕß„π§¥’µà“ß Ê ‡°’ˬ«°—∫°“√º‘¥ —≠≠“ °“√‡≈‘° —≠≠“ °“√‡√’¬°‡ß‘π§◊π ·≈–§à“‡ ’À“¬ ´÷Ëß¡’∑ÿπ∑√—æ¬å√«¡‡ªìπ®”π«π‡ß‘πª√–¡“≥ 79.9 ≈â“π∫“∑ ªí®®ÿ∫—π»“≈™—Èπµâπ‰¥â¡’§”æ‘æ“°…“„Àâ∫√‘…—∑œ™¥„™â§à“‡ ’¬À“¬„𧥒Àπ÷Ë߇ªìπ ®”π«π‡ß‘πª√–¡“≥ 5 ≈â“π∫“∑æ√âÕ¡¥Õ°‡∫’Ȭ ¢≥–π’ȧ¥’¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å à«π§¥’Õ◊ËπÊÕ¬Ÿà„π√–À«à“ß°“√ æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å ·≈–»“≈Æ’°“ Õ¬à“߉√°Áµ“¡ ∫√‘…—∑œ‰¥âª√–¡“≥°“√§«“¡‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ ·≈–‰¥â∫—π∑÷° ”√Õ߇º◊ËÕÀπ’È ‘π∑’Ë Õ“®®–‡°‘¥¢÷Èπ®“°§¥’§«“¡®”π«π 41.2 ≈â“π∫“∑ µ“¡§«“¡‡ÀÁπ¢ÕßΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…—∑œ 36. °“√ª√—∫ª√ÿߪï°àÕπ 36.1 „πÕ¥’µ∫√‘…—∑œ√—∫√Ÿâ¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëßµ“¡ —¥ à«π¢Õß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ Õ¬à“߉√°Áµ“¡‡π◊ËÕß®“°∫√‘…—∑œ‰¥â §È”ª√–°—πÀπ’È¢Õß∫√‘…—∑œ¬àÕ¬·Ààßπ—Èπ ´÷Ëßµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ∫√‘…—∑œ§«√√—∫√Ÿâº≈¢“¥∑ÿπ à«π‡°‘π°«à“∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ ¬àÕ¬π—Èπ∑—ÈßÀ¡¥ ¥—ßπ—Èπ„πªïªí®®ÿ∫—π∫√‘…—∑œ®÷߉¥âª√—∫ª√ÿß°”‰√ – ¡µâπªï·≈–ª√—∫¬âÕπÀ≈—ßß∫°“√‡ß‘π∑’Ë· ¥ß‡ª√’¬∫‡∑’¬∫‰«â ≥ ∑’Ëπ’È °“√ ª√—∫ª√ÿßπ’È∑”„Àâ°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑œ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ≈¥≈߇ªìπ®”π«πª√–¡“≥ 6.5 ≈â“π∫“∑ º≈ – ¡¢Õß°“√ ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ßµâπªï‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿߪï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é „πß∫· ¥ß°“√ ‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ

144

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

33.2 Certain obligations of the Company and the subsidiaries are guaranteed by the Company没s and the subsidiaries没 director. These guarantees are effective so long as the underlying obligations have not been discharged by its Company and the subsidiaries. No guarantee fee is charged by those directors. The amount of those guarantees are summarised below.

(Unit : Mil ion Baht) Consolidated The Company Only Guarantees by directors 720.6 498.4 34. COMMITMENTS AND CONTINGENT LIABILITIES As at 31 December 2004, the Company and the subsidiaries had the following outstanding commitments and contingent liabilities: 34.1 The Company and the subsidiaries had outstanding commitments of approximately Baht 463.2 million (the Company only : Baht 415.6 mil ion) in respect of project construction under contracts which the Company and the subsidiaries had already entered into with contractors.

34.2 The Company had outstanding capital commitments of approximately Baht 154.0 million in respect of the purchase of land.

34.3 The Company had issued undated cheques for Baht 387.2 million to a bank to secure the release from mortgage of project land so that it could arrange for the land没s division.

35. LITIGATION As at 31 December 2004, the Company has been sued for a total of approximately Baht 79.9 million in various cases, in respect of breach of contract, cancellation of contract, refund claims and damage claims. Currently, the Court of First Instance has ordered the Company to pay compensation of approximately Baht 5 million plus interests in one case and other cases are currently being heard by the Court of Appeals and the Supreme Court. However, the Company has set aside provision of Baht 41.2 mil ion for liabilities arising as a result of these cases, based on the opinions of its legal department.

36. PRIOR YEAR ADJUSTMENTS 36.1 In the past, the Company recognised share of the loss of a subsidiary in proportion to its shareholding.

However, because the Company has guaranteed loan facilities of the subsidiary, to accord with generally accepted accounting principles, the Company should recognise all losses in excess of the registered share capital of the subsidiary. In

145

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

36.2 „πªï 2546 ∫√‘…∑— ¬àÕ¬ Õß·Àà߉¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿπâ “¡—≠¢Õß∫√‘…∑— œ ·≈–¡’°”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ®”π«π 30.4 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑œ‰¥â√—∫√Ÿâ‡ªì𰔉√¢Õߪï 2546 Õ¬à“߉√°Áµ“¡ µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª °”‰√¥—ß°≈à“«‰¡à “¡“√∂√—∫√Ÿâ‰¥â ·≈–§«√ ∫—π∑÷°‡ªìπ ç à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬é ´÷Ëß· ¥ßÕ¬Ÿà„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ¥—ßπ—Èπ„πªïªí®®ÿ∫—π∫√‘…—∑œ®÷߉¥âª√—∫ª√ÿß°”‰√ – ¡µâπªï·≈–ª√—∫¬âÕπÀ≈—ßß∫°“√‡ß‘π∑’·Ë ¥ß‡ª√’¬∫‡∑’¬∫‰«â ≥ ∑’πË ’È °“√ª√—∫ª√ÿßπ’∑È ”„Àâ°”‰√ ÿ∑∏‘¢Õß∫√‘…∑— œ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ≈¥≈߇ªìπ®”π«πª√–¡“≥ 27 ≈â“π∫“∑ º≈ – ¡¢Õß°“√ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ßµâπªï‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿߪï°àÕπ ‡°’ˬ«°—∫°”‰√®“°°“√®”Àπà“¬Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬é „πß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ 36.3 ∫√‘…—∑œ‰¥â∫—π∑÷°§à“¥Õ°‡∫’Ȭ´÷Ë߇ªìπµâπ∑ÿπ°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π°“√°àÕ √â“߇ªìπ à«πÀπ÷ËߢÕßµâπ∑ÿπ‚§√ß°“√ ´÷Ëߥհ‡∫’Ȭ∑’Ë ∫—π∑÷°∫“ß à«π‡°’¬Ë «¢âÕß°—∫‚§√ß°“√∑’ÕË “®¡’°“√™–≈Õµ—«„πÕ¥’µ·≈–‡ªìπ¥Õ°‡∫’¬È ∑’µË ß—È ¢÷πÈ ¡“‚¥¬°“√µ—ßÈ §â“ß®à“¬·µà¬ß— ‰¡à‰¥â®“à ¬®√‘ß µàÕ¡“„πªï 2544 ∂÷ß 2546 ∫√‘…—∑œ‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È°—∫‡®â“Àπ’È ∂“∫—π°“√‡ß‘π ´÷Ëß∑”„Àâ∫√‘…—∑‰¥â√—∫°“√≈¥·≈–¬°‡«âπ¥Õ°‡∫’Ȭ∫“ß à«π ·≈–∫√‘…—∑œ‰¥â ∫—π∑÷°®”π«π¥—ß°≈à“«‡ªì𰔉√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È Õ¬à“߉√°Áµ“¡ ‡π◊ËÕß®“°¿“√–¥Õ°‡∫’Ȭ∑’Ë∫√‘…—∑œ™”√–®√‘ßπâÕ¬°«à“®”π«π∑’Ë∫—π∑÷° „πµâπ∑ÿπ‚§√ß°“√‡ªìπ®”π«π¡“° ¥—ßπ—Èπ„πªïªí®®ÿ∫—π ∫√‘…—∑œ®÷߉¥âª√—∫ª√ÿß≈¥µâπ∑ÿπ‚§√ß°“√·≈–ª√—∫ª√ÿß°”‰√ – ¡µâπªï ·≈–ª√—∫¬âÕπ À≈—ßß∫°“√‡ß‘π∑’Ë· ¥ß‡ª√’¬∫‡∑’¬∫‰«â ≥ ∑’Ëπ’È °“√ª√—∫ª√ÿßπ’È∑”„Àâ°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑œ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 ‡æ‘Ë¡¢÷Èπ‡ªìπ ®”π«πª√–¡“≥ 25.3 ≈â“π∫“∑ º≈ – ¡¢Õß°“√ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ßµâπªï‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿߪï°Õà π‡°’¬Ë «°—∫µâπ∑ÿπ°“√°Ÿ¬â ¡◊ é „πß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ 36.4 „πÕ¥’µ∫√‘…—∑œ‰¥âª√–‡¡‘π√“§“∑’Ë¥‘π„π‚§√ß°“√√–À«à“ß°àÕ √â“ß‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– ´÷Ëß®“°°“√ª√–‡¡‘π ∑’Ë¥‘π¡’¡Ÿ≈§à“ Ÿß°«à“√“§“∑ÿπ ∫√‘…—∑œ‰¥â∫—π∑÷°∑’Ë¥‘π‡æ‘Ë¡¢÷Èπ·≈–∫—π∑÷° à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑’Ë¥‘π„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2546 ¡’ ¬Õ¥§ß‡À≈◊Õ®”π«π 244.6 ≈â“π∫“∑ Õ¬à“߉√°Áµ“¡ ‡π◊ËÕß®“°‚§√ß°“√¥—ß°≈à“«‰¥âÀ¬ÿ¥°“√°àÕ √â“ß¡“‡ªìπ√–¬–‡«≈“Àπ÷Ëß·≈â« ·≈–∫√‘…—∑œ¬—ß ‰¡à‰¥â„™âª√–‚¬™π宓° ‘π∑√—æ¬å¥ß— °≈à“« ¥—ßπ—πÈ „πªïª®í ®ÿ∫π— ∫√‘…∑— œ®÷ߪ√—∫ª√ÿß√“¬°“√¥—ß°≈à“«ÕÕ°®“°∫—≠™’ 炧√ß°“√√–À«à“ß°àÕ √â“ßé ·≈– ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é ·≈–ª√—∫¬âÕπÀ≈—ßß∫°“√‡ß‘π∑’Ë· ¥ß‡ª√’¬∫‡∑’¬∫‰«â ≥ ∑’Ëπ’È

146

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

the current period, the Company has therefore adjusted the brought forward balance of retained earnings and restated the financial statements presented herein for comparative purposes. The adjustment has the effect of decreasing net earnings for the year ended 31 December 2003 by approximately Baht 6.5 million. The cumulative effect of the adjustment has been presented under the caption of çPrior year adjustment relating to loss from investment in subsidiaryé in the statements of changes in shareholdersû equity.

36.2 In 2003, two subsidiaries sold investments in ordinary shares of the Company and recognised gains on the sales amounting to Baht 30.4 mil ion. The Company recognised the gains in the year 2003. However, under generally accepted accounting principles, such gains should not have been recognised in the earnings statements but should have been recorded as çPremium on shares of Company held by subsidiariesé and presented in shareholdersû equity. In the current period, the Company has therefore adjusted the brought forward balance of retained earnings and restated the financial statements presented herein for comparative purposes. The adjustment has the effect of decreasing net earnings for the year ended 31 December 2003 by approximately Baht 27 million. The cumulative effect of the adjustment has been presented under the caption of çPrior year adjustment relating to gain on disposal of the Companyûs shares held by subsidiariesé in the statement of changes in shareholdersû equity.

36.3 The Company recorded interest, cost of borrowing, used for construction as parts of project costs. Some of this interest relates to projects which were suspended in the past, and this interest has been accrued but not yet actually paid.

Subsequently, during 2001 to 2003 the Company restructured its debt with financial institution creditors as a result of which parts of the interest were reduced or waived; with such amounts recorded as gain on debt restructuring. However, since the actual amount of interest paid was less than the amount recorded as project costs, the Company made adjustment decreasing the related project costs and brought forward balance of retained earnings, and retroactively adjusted the financial statements presented herein for comparative purposes. The effect of the adjustments was to increase the net earnings of the Company for the year ended 31 December 2003 by approximately Baht 25.3 million. The cumulative effect of adjustments from the past to the beginning of period is presented under the caption of çPrior year adjustment relating to cost of borrowingé in changes in shareholdersû equity.

36.4 The Company had land of a project which was under construction appraised by an independent appraiser.

Based on the results of the appraisal the value of such land exceeded its cost. The Company therefore increased the value of the land and recorded the revaluation surplus in shareholdersû equity. As at 31 December 2003 the outstanding balance was Baht 244.6 mil ion. However, since the construction on the project was suspended for a period and the Company as a result has not utilized such asset, the above amount was written off from çProject under constructioné and çRevaluation surplusé during the current period and the financial statements presented herein for comparative purposes retroactively adjusted.

147

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

37. °“√‡ πÕ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘𮔷𰵓¡ à«πß“π ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¥”‡π‘π∏ÿ√°‘®‡©æ“–„πª√–‡∑»‰∑¬„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å·≈–°“√∫√‘À“√·≈–®—¥°“√‚√ß·√¡ ¢âÕ¡Ÿ≈ ∑“ß°“√‡ß‘𮔷𰵓¡ à«πß“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ¢Õßß∫°”‰√¢“¥∑ÿπ√«¡‡ªìπ¥—ßπ’È (Àπ૬ : ∫“∑) ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘À“√·≈–®—¥°“√‚√ß·√¡ 2547 2546 2547 2546 (ª√—∫ª√ÿß„À¡à) 1,989,418,242 3,571,980,691 48,718,557 40,379,359 (1,064,170,439) (1,983,094,553) (29,323,530) (27,768,178) 925,247,803 1,588,886,138 19,395,027 12,611,181

√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ µâπ∑ÿπ¢“¬·≈–∫√‘°“√ °”‰√¢—Èπµâπ °”‰√®“°°“√¥”‡π‘πß“π §à“„™â®à“¬ à«π°≈“ß °”‰√°àÕπ¥Õ°‡∫’Ȭ®à“¬·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’Ȭ®à“¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ °”‰√°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕà«π¢ÕߺŸ∂â Õ◊ Àÿπâ à«ππâÕ°”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√摇»… :°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’È µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’ˇ°’ˬ«¢âÕß ªï 2547 : ®”π«π 43,893,519 ∫“∑ ªï 2546 : ®”π«π 1,234,538 ∫“∑) °”‰√ ÿ∑∏‘

√“¬°“√µ—¥∫—≠™’ 2547 2546 (2,520,000) 2,400,000 (120,000)

√«¡ 2547

(2,520,000) 2,035,616,799 2,400,000 (1,091,093,969) (120,000) 944,522,830 1,083,425,688 (448,544,148) 634,881,540 (13,964,188) (216,255,576) 404,661,776 (20,358,269) 384,303,507

2546 (ª√—∫ª√ÿß„À¡à) 3,609,840,050 (2,008,462,731) 1,601,377,319 1,743,016,942 (352,035,223) 1,390,981,719 (56,644,467) (95,983,422) 1,238,353,830 (46,001,780) 1,192,352,050

96,482,644 21,621,319 480,786,151 1,213,973,369

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘𮔷𰵓¡ à«πß“π ”À√—∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2547 ·≈– 2546 ‡ªìπ¥—ßπ’È (Àπ૬ : ∫“∑) ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 2547 2546 (ª√—∫ª√ÿß„À¡à) ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ - ÿ∑∏‘ 57,562,878 102,908,672 ‚§√ß°“√√–À«à“ß°àÕ √â“ß 593,238,850 531,810,281 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 366,729,418 353,653,592 ‘π∑√—æ¬åÕ◊Ëπ 5,035,028,995 4,437,310,427 ‘π∑√—æ¬å√«¡ 6,052,560,141 5,425,682,972

∫√‘À“√·≈–®—¥°“√‚√ß·√¡ 2547 2546 13,164,793 24,115,530 37,280,323

148

√“¬°“√µ—¥∫—≠™’ 2547 2546

13,551,191 (6,372,684) (482,253) 22,915,072 (335,106,976) (255,038,425) 36,466,263 (341,479,660) (255,520,678)

√«¡ 2547 57,562,878 593,238,850 373,521,527 4,724,037,549 5,748,360,804

2546 (ª√—∫ª√ÿß„À¡à) 102,908,672 531,810,281 366,722,530 4,205,187,074 5,206,628,557

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

37.

FINANCIAL INFORMATION BY SEGMENT The Company and its subsidiaries没 operations are carried on in a single geographic area in Thailand and involve the real estate and management and hotel business. The financial information by business segment in the consolidated earnings statements for the years ended 31 December 2004 and 2003 is as follows :(Unit : Baht) Management and hotel business 2004 2003

Real estate business 2004 2003 (Restated) Revenues from sales and services 1,989,418,242 3,571,980,691 48,718,557 40,379,359 Costs of sales and services (1,064,170,439) (1,983,094,553) (29,323,530) (27,768,178) Gross profit 925,247,803 1,588,886,138 19,395,027 12,611,181 Operating profit Central expenses Earnings before interest expenses and income tax Interest expenses Corporate income tax Earnings before minority interest Minority interest Earnings from ordinary activities Extraordinary item :Gain from redemption of debentures and repayment of restructured debt prior to maturity (net of related income tax, 2004 : Baht 43,893,519 2003 : Bath 1,234,538) Net earnings

Eliminated 2004 2003 (2,520,000) 2,400,000 (120,000)

Total 2004

(2,520,000) 2,035,616,799 2,400,000 (1,091,093,969) (120,000) 944,522,830 1,083,425,688 (448,544,148) 634,881,540 (13,964,188) (216,255,576) 404,661,776 (20,358,269) 384,303,507

2003 (Restated) 3,609,840,050 (2,008,462,731) 1,601,377,319 1,743,016,942 (352,035,223) 1,390,981,719 (56,644,467) (95,983,422) 1,238,353,830 (46,001,780) 1,192,352,050

96,482,644 21,621,319 480,786,151 1,213,973,369

The financial information by business segment in the consolidated balance sheets as at 31 December 2004 and 2003 is as follow :Unit : Baht) Real estate business 2004 2003 (Restated) Property, plant and equipment for rent, net 57,562,878 102,908,672 Project under construction 593,238,850 531,810,281 Property, plant and equipment, net 366,729,418 353,653,592 Other assets 5,035,028,995 4,437,310,427 Total assets 6,052,560,141 5,425,682,972

Management and hotel business 2004 2003 13,164,793 24,115,530 37,280,323

149

Eliminated 2004 2003

13,551,191 (6,372,684) (482,253) 22,915,072 (335,106,976) (255,038,425) 36,466,263 (341,479,660) (255,520,678)

Total 2004 57,562,878 593,238,850 373,521,527 4,724,037,549 5,748,360,804

2003 (Restated) 102,908,672 531,810,281 366,722,530 4,205,187,074 5,206,628,557

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

38. °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ „π√–À«à“ߪï 2546 ∫√‘…∑— œ·≈–æπ—°ß“π¢Õß∫√‘…∑— œ‰¥â√«à ¡°—π®—¥µ—ßÈ °Õß∑ÿπ ”√Õ߇≈’¬È ß™’æ¢÷πÈ ¿“¬„µâ°“√Õπÿ¡µ— ®‘ “°°√–∑√«ß°“√§≈—ß µ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ æ.». 2530 ´÷Ëß ª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡„πÕ—µ√“√âÕ¬≈– 2 ¢Õ߇ߑπ‡¥◊Õπæπ—°ß“π ·≈–‡ß‘π∑’Ë∫√‘…—∑œ®à“¬ ¡∑∫„Àâ∑ÿ°‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 2 ¢Õ߇ߑπ‡¥◊Õπæπ—°ß“π ·≈–®–®à“¬„Àâ·°àæπ—°ß“π„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫ «à“¥â«¬°Õß∑ÿπ¢Õß∫√‘…—∑œ °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æπ’È∫√‘À“√‚¥¬∫√‘…—∑À≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ° ‘°√‰∑¬ ®”°—¥ „π√–À«à“ߪï 2547 ∫√‘…—∑œ‰¥â ®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ‡ªìπ®”π«π‡ß‘π 1,092,845 ∫“∑ (2546 : 75,797 ∫“∑) 39. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π 39.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’ˬß∑“ß°“√‡ß‘π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬ߮“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’Ȭ„πµ≈“¥ ·≈–§«“¡‡ ’ˬ߮“°°“√∑’˧Ÿà —≠≠“‰¡àªØ‘∫—µ‘ µ“¡ —≠≠“ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π„π°“√∫√‘À“√§«“¡‡ ’ˬߥ—ß°≈à“« ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“ 39.2 §«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’ȧ«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭπ’ȇ°‘¥¢÷Èπ®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’Ȭ„πµ≈“¥„πÕ𓧵´÷Ëß®– àߺ≈°√–∑∫µàÕº≈°“√ ¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬¡’§«“¡‡ ’¬Ë ß®“°Õ—µ√“¥Õ°‡∫’¬È ‡π◊ÕË ß®“°¡’‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π·≈–Àÿâπ°Ÿâ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å ∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—𧫓¡‡ ’ˬߥ—ß°≈à“« ´÷Ëß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“®–‰¡à¡’º≈°√–∑∫Õ¬à“ß¡’ “√– ”§—≠µàÕß∫°“√‡ß‘π √“¬≈–‡Õ’¬¥ ¢Õ߇ߑπ°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿ¢âÕ 18 ∂÷ß 21 39.3 §«“¡‡ ’ˬߥâ“π ‘π‡™◊ËÕ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬߥâ“π°“√„Àâ ‘π‡™◊ËÕ‡°’ˬ«°—∫≈Ÿ°Àπ’È Õ¬à“߉√°Áµ“¡∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’∞“π¢Õß≈Ÿ°§â“∑’Ë À≈“°À≈“¬·≈–¡’®”π«π¡“°√“¬ ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“¡Ÿ≈§à“ Ÿß ÿ¥¢Õߧ«“¡‡ ’ˬߧ◊Õ¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’ÈÀ—°¥â«§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠µ“¡∑’Ë· ¥ß„πß∫¥ÿ≈ 39.4 ¡Ÿ≈§à“¬ÿµ∏‘ √√¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’Õ—µ√“¥Õ°‡∫’È„°≈⇧’¬ß°—∫Õ—µ√“¥Õ°‡∫’Ȭ„πµ≈“¥ (πÕ°®“°Àÿâπ°Ÿâ™π‘¥‰¡à¡’À≈—°ª√–°—π∑’ˇ°‘¥®“°°“√ª√—∫‚§√ß √â“ßÀπ’È´÷Ëߧ‘¥¥Õ°‡∫’Ȭ§ß∑’Ë√âÕ¬≈– 2.5 µàÕªï µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 21) ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷߇™◊ËÕ«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π ¥—ß°≈à“«®–‰¡à·µ°µà“ßÕ¬à“߇ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’

150

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

38. PROVIDENT FUND During the year 2003, the Company and its employees have jointly established a provident fund as approved by the Ministry of Finance in accordance with Provident Fund Act B.E. 2530. The fund is monthly contributed to by the Company and its employees at the rate of 2 percent of the employeesû basic salaries, and will be paid to the employees upon termination in accordance with the rules of the Companyûs provident fund. The fund is managed by Kasikorn Asset Management. Total contributions of the Company for the year 2004 amounted to Baht 1,092,845 (2003 : 75,797 Baht).

39. FINANCIAL INSTRUMENTS 39.1 Financial risk management policies The Company and the subsidiaries are exposed to risks from changes in market interest rates and from nonperformance of contractual obligations by counterparties. The Company and the subsidiaries do not use derivative instruments to manage such risks and do not hold or issue derivative instruments for speculative or trading purposes.

39.2 Interest rate risk The interest rate risk is the risk that future movements in market interest rates will affect the results of the Companyûs and the subsidiariesû operations and their cash flows. The Companyûs and the subsidiariesû exposure to interest rate risk relates primarily to their deposits with financial institutions, bank overdrafts, short-term loans, long-term loans from financial institutions and debentures. The Company and the subsidiaries do not use derivative financial instruments to hedge such risk and believe that there wil be no material impact on the financial statements. Details of loans and debentures are presented in Notes 18 to 21.

39.3 Credit risk The Company and the subsidiaries are exposed to credit risk primarily with respect to trade accounts. However, due to the large number of entities comprising the Company and the subsidiariesû customer base, the management believes that the maximum exposure to credit risk is limited to the carrying amount of receivable less allowance for doubtful debt as stated in the balance sheets.

39.4 Fair value Since the majority of the financial assets are short-term and the loans and secured debentures carry interest at rates close to current market rate (except for unsecured debentures issued in the course of the debt restructuring, which carry interest at a fixed rate of 2.5 percent per annum, as discussed in Note 21). The management believes that the fair value of the Company and the subsidiariesû financial assets and liabilities do not materially differ from their carrying value.

151

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40. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’ȉ¥â∑”¢÷Èπ‡æ◊ËÕ„À⇪ìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“≈ß«—π∑’Ë 14 °—𬓬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ∑—Èßπ’È ‰¥â¡’°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2546 „À¡à ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫ °“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õߪïªí®®ÿ∫—π ´÷Ë߉¡à¡’º≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢ÕߺŸâ∂◊ÕÀÿâπµ“¡∑’ˉ¥â√“¬ß“π‰ª·≈â« 41. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’ȉ¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ·≈â«

152

Notes to Financial Statements Annual Report 2004 Supalai Public Company Limited

40. PRESENTATION The presentation of the financial statements has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 14 September 2001, issued under the Accounting Act B.E. 2543.

Certain amounts in the financial statements for the year ended 31 December 2003 have been reclassified to conform to the current year没s classifications, with no effect on previously reported net earnings or shareholders没 equity.

41. APPROVAL OF FINANCIAL STATEMENTS These financial statements have been approved by the directors of the Company.

153

√“¬™◊ËÕ°‘®°“√∑’Ë∫√‘…—∑ œ ∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª √“¬ß“πª√–®”ªï 2547 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

™◊ÕË ∫√‘…∑—

ª√–‡¿∑∏ÿ√°‘®

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™π‘¥¢ÕßÀÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ (Àÿâπ) ∫√‘À“√‚§√ß°“√ Õ“∑‘ ‚√ß·√¡, ∂“π Àÿπâ “¡—≠ 1,997,760 æ—°µ“°Õ“°“»,𑵑∫ÿ§§≈Õ“§“√™ÿ¥

∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

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9,553,023

49.89

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æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿπâ “¡—≠

436,250

49.86

154

—¥ à«π°“√∂◊ÕÀÿâπ (%) 99.89

Company Names which the Company没s Shareholding exceed 10% Annual Report 2004 Supalai Public Company Limited

Company Name

Type of Business

Type of Shares Common Shares

No. of Shares 1,997,760

Holding (%) 99.89

Supalai Property Management Company Limited

Property Management such as hotel, vil a , project , housing, condominium etc.

Haadyai Nakarin Company Limited Real Estate Development

Common Shares

9,553,023

49.89

Supalai Northeast Company Limited

Common Shares

436,250

49.86

Real Estate Development

155

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√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈Õ◊Ëπ∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå ¢âÕ¡Ÿ≈√–À«à“ß°—π√«¡∑—ßÈ ¡Ÿ≈§à“¢Õß√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’ÕË “®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™π剥⇪º¬„πÀ¡“¬‡Àµÿª√–°Õ∫ ß∫°“√‡ß‘π„πÀ—«¢âÕ 9 §«“¡‡ÀÁπ¢Õߧ≥–°√√¡°“√µ√«® Õ∫µàÕ√“¬°“√√–À«à“ß°—π √“¬°“√ à«π„À≠à‡ªìπ°“√™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π∑’¡Ë °’ √√¡°“√·≈–ºŸ∂â Õ◊ Àÿπâ √à«¡°—π„Àâ°Ÿâ‚¥¬√“¬°“√¥—ß°≈à“«‡ªìπ√“¬°“√∑’‡Ë ªìπ‰ªµ“¡∏ÿ√°‘® ª°µ‘¢Õß∫√‘…—∑ œ ·≈–¡’§«“¡ ¡‡Àµÿ ¡º≈ ‡π◊ËÕß®“°§‘¥Õ—µ√“¥Õ°‡∫’Ȭ‡∑à“°—∫À√◊Õ Ÿß°«à“µâπ∑ÿπ‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ à«π°“√§È”ª√–°—π°“√°Ÿâ‡ß‘π¢Õß∫√‘…—∑¬àÕ¬ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ∂“∫—π°“√‡ß‘πºŸâ„Àâ°Ÿâ à«π„À≠à®–‡√’¬°√âÕß„À⺟â ∂◊ÕÀÿâπ·≈–°√√¡°“√‡ªìπºŸâ§È”ª√–°—π«ß‡ß‘π°Ÿâ¥â«¢—ÈπµÕπ°“√Õπÿ¡—µ‘‡¢â“∑”√“¬°“√√–À«à“ß°—π ∫√‘…—∑ œ À√◊Õ∫√‘…—∑¬àÕ¬®–∑”√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™π剥â°ÁµàÕ‡¡◊ËÕ‰¥â√—∫Õπÿ¡—µ‘®“°§≥– °√√√¡°“√∫√‘…—∑ œ À√◊Õ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ°àÕπ∑”√“¬°“√ ∑—Èßπ’È¢÷Èπ°—∫¢π“¥√“¬°“√µ“¡∑’˵≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬°”Àπ¥ Õ¬à“߉√ °Áµ“¡√“¬°“√∑’Ë°√√¡°“√À√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πåÕ◊Ëπ„¥°—∫∫√‘…—∑ œ „Àâ °√√¡°“√´÷Ëß¡’ à«π‰¥â‡ ’¬„π‡√◊ËÕßπ—Èπ‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ßÀ√◊Õ≈ߧ–·ππ„π‡√◊ËÕßπ—Èπ ∑—Èßπ’È„π°“√¥”‡π‘π°“√¥—ß°≈à“«®–‰¡à¡’≈—°…≥–‡ªìπ°“√¡Õ∫ Õ”π“®∑’Ë∑”„À⺟â√—∫¡Õ∫Õ”π“® “¡“√∂Õπÿ¡—µ‘√“¬°“√∑’˵πÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥°—∫∫√‘…—∑ œ À√◊Õ∫√‘…—∑¬àÕ¬ ‡«âπ·µà‡ªìπ°“√¥”‡π‘πß“πµ“¡∏ÿ√°‘®ª°µ‘¢Õß∫√‘…—∑ œ À√◊Õ‰¥â√—∫¡µ‘∑’˪√–™ÿ¡§≥– °√√¡°“√∫√‘…—∑ œ ∑’Ë°√√¡°“√Õ‘ √–‡¢â“√à«¡ª√–™ÿ¡ ·≈–‰¥â°√Õ∫°“√æ‘®“√≥“™—¥‡®π·≈â« π‚¬∫“¬°“√∑”√“¬°“√√–À«à“ß°—π„πÕ𓧵 §≥–°√√¡°“√µ√«® Õ∫·≈–∫√‘…—∑ œ ®–√à«¡°—π¥Ÿ·≈√“¬°“√√–À«à“ß°—π¥—ß°≈à“«∑’ËÕ“®‡°‘¥¢÷Èπ„πÕ𓧵«à“¡’§«“¡ ¡‡Àµÿ ¡º≈·≈– ‰¥â√—∫°“√Õπÿ¡—µ‘µ“¡¢—ÈπµÕπ·≈–¢Õߪ√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß√“¬°“√√–À«à“ß°—πÕ¬à“ß™—¥‡®π

156

Related Transactions Annual Report 2004 Supalai Public Company Limited

Related Transaction with Related Parties Related transaction including amount of transaction with related parties was disclosed in note to financial statement No.9 Audit Committee没s Opinion to Related Transactions Most of transactions were financial assistance to related companies which have mutual directors and shareholders, so Audit Committee没s opinion is that it is a general practice in business since the company charged interest at the same borrowing rate or higher.

Audit Committee没s opinion about guaranteed loans of subsidiaries is that it is a general practice for lender to request shareholders and directors to guarantee loans.

The procedure for approval related transactions Related transactions of the company or subsidiaries should be approval from the board of directors or shareholders没 meeting in accordance with the rule of the Stock Exchange of Thailand. However, any director or person who has conflict of interest in this matter can not vote. Furthermore, the proceeding of related transaction should not transfer voting right to any person exceptional in general practice business or already approval from the board of directors.

Policy for Future Related Transactions Audit Committee and the company wil co-supervise and co-monitor that future related transactions should be approved and clearly disclosed in accordance with the rule of the Stock Exchange of Thailand.

157

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∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) 175 Õ“§“√»ÿ¿“≈—¬‡æ≈ ´Õ¬ ÿ¢ÿ¡«‘∑ 39 ∂ππ ÿ¢ÿ¡«‘∑ ·¢«ß§≈Õßµ—π‡Àπ◊Õ ‡¢µ«—≤π“ °√ÿ߇∑æ¡À“π§√ 10110 æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫¡®. 63 0-2258-9494, 0-2260-2223-6 0-2260-2227, 0-2258-3949 Website : www.supalai.com, E-mail : mail.supalai.com 1,770,000,000 ∫“∑ 1,216,111,861 ∫“∑

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑∂ππ√—™¥“¿‘‡…° §≈Õ߇µ¬ °√ÿ߇∑æ¡À“π§√ 10110 0-2229-2800, 0-2654-5599 0-2359-1259 0-2229-2888 Website : www.tsd.co.th, E-mail : contact.tsd@set.or.th

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158

General Information Annual Report 2004 Supalai Public Company Limited

Name Head Office Main Business Register Number Telephone Fax Home Page Registered Capital Paid Capital Other References Registrar

Telephone Fax Call Center Home Page

Supalai Public Company Limited 175 Supalai Place Building, Soi Sukhumvit 39, Sukhumvit Road , Klongtonnua , Wattana , Bangkok 10110 Real Estate Development Bor Mor Jor. 63 0-2258-9494, 0-2260-2223-6 0-2260-2227, 0-2258-3949 Website : www.supalai.com, E-mail : mail.supalai.com 1,770,000,000 Baht 1,216,111,861 Baht

Thailand Securities Depository Company Limited 62 The Stock Exchange of Thailand Building, Rachadaphisek Road , Klongtoey ,Bangkok 10110 0-2229-2800, 0-2654-5599 0-2359-1259 0-2229-2888 Website : www.tsd.co.th, E-mail : contact.tsd@set.or.th

External Auditor

Ernst & Young Office Limited Thipawan Nananuwat Certified Public Accountant of Thailand No. 3459 Lake Rajada Office Complex 193/136-137 Rachadaphisek Road Klongtoey , Bangkok 10110

Auditor没s Fee

Baht 980,000

159