SPALI: Annual Report 2005 THAI by shareinvestor shareinvestor

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Financial Highlights Message from the President Audit Committee Report Board of Directors 2006 : Is Housing Market Saturated? Business Structure and Shareholding in Subsidiaries Good Corporate Governance Human Resourceû Policy and Strategies Risk Factors Related Transactions SUPALAI Information Operational Result of the Year 2005 Report and Consolidated Financial Statements

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®ÿ¥‡¥àπ∑“ß°“√‡ß‘π √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

¢âÕ¡Ÿ≈ ”§—. ≠∑“ß°“√‡ß‘π .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ≈â“π∫“∑) ¬Õ¥¢“¬µ“¡ —≠≠“1 °“√√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥â√«¡ °”‰√°àÕπ√“¬°“√æ‘‡»…- ÿ∑∏‘¿“…’ °”‰√ ÿ∑∏‘ ‘π∑√—æ¬å√«¡ Àπ’È ‘π√«¡ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ®”π«πÀÿâπ (≈â“πÀÿâπ) °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) ¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â (∫“∑) ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µàÕÀÿâπ (∫“∑) ‡ß‘πªíπº≈®à“¬µàÕÀÿâπ (∫“∑)

2548 7,381 3,357 3,504 781 830 7,457 3,754 3,703 1,246.15 0.70 1.00 2.97 4.64 0.25

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2547 3,433 1,932 2,175 384 481 5,748 2,687 3,061 1,216.11 0.46 1.00 2.52 3.90 0.20

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2546 2,834 3,496 3,751 1,192 1,214 5,207 2,519 2,688 729.10 1.88 1.00 3.69 6.03 0.50

À¡“¬‡Àµÿ : 1‡©æ“–∫√‘…—∑‡∑à“π—Èπ

Õ—µ√“ à«. π∑“ß°“√‡ß‘π .. 2548 .. . Õ—µ√“ à«π°”‰√¢—Èπµâπ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å (%) °”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (%) Õ—µ√“º≈µÕ∫·∑πµàÕ ‘π∑√—æ¬å√«¡ (%) Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ(‡∑à“) Õ—µ√“º≈µÕ∫·∑π¢Õß‡ß‘πªíπº≈ (%)

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43 24 22 11 1.01 0.68 8.22

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2547 45 22 16 8 0.88 0.66 7.46

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¢âÕ¡Ÿ≈ ”§—≠ ”À√—∫ºŸâ∂◊ÕÀÿâπ «—πª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2549 «—π∑’Ë 28 ‡¡…“¬π 2549 ‡«≈“ 14.30 π. ≥ ÀâÕßª√–™ÿ¡™—Èπ 34 Õ“§“√·°√π¥å∑“«‡«Õ√å ‡≈¢∑’Ë 1011 ∂ππæ√–√“¡ 3 ·¢«ß™àÕßππ∑√’ ‡¢µ¬“ππ“«“ °√ÿß‡∑æ¡À“π§√ 10120 ‡ß‘πªíπº≈‡ πÕ®à“¬ : 0.25 ∫“∑µàÕÀÿâπ «—π∑’Ë®à“¬‡ß‘πªíπº≈ : 18 æƒ…¿“§¡ 2549 2

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2546 44 32 45 23 0.94 0.79 9.26

FINANCIAL HIGHLIGHTS Annual Report 2005 Supalai Public Company Limited

Financial Data . (Million Baht) Contractual Sales1 Revenues Recognition from Sales of Real Estate Total Revenues Net Profit before Extraordinary Items Net Profit Total Assets Total Liabilities Shareholders没Equity No. of Shares (Mil ion Shares) Earning per Share (Baht) Par Value (Baht) Book Value per Share (Baht) Net Asset Value per Share (Baht) Dividend per Shares (Baht)

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2005 7,381 3,357 3,504 781 830 7,457 3,754 3,703 1,246.15 0.70 1.00 2.97 4.64 0.25

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2004 3,433 1,932 2,175 384 481 5,748 2,687 3,061 1,216.11 0.46 1.00 2.52 3.90 0.20

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2003 2,834 3,496 3,751 1,192 1,214 5,207 2,519 2,688 729.10 1.88 1.00 3.69 6.03 0.50

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2004 45 22 16 8 0.88 0.66 7.46

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2003 44 32 45 23 0.94 0.79 9.26

Remark : 1The company only

Financial Ratios . Gross Profit Margin from Sales of Real Estate (%) Net Profit Margin (%) Return on Equity (%) Return on Total Assets (%) Total Debt to Equity (Times) Gearing (Times) Dividend Yield (%)

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2005 43 24 22 11 1.01 0.68 8.22

Significant Information for Shareholders The Annual General Shareholders没 Meeting of year 2006 April 28,2006 at 2.30 p.m. at Grand Tower Building at Meeting Room, 34th Floor,1011 Rama 3 Road, Chongnonsee District, Yannawa, Bangkok 10120. Dividend Payment : 0.25 Baht/share Dividend Payment Date : May 18,2006 Financial highlights

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

¬Õ¥¢“¬µ“¡ —≠≠“ 1 Contractual Sales 1

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

°”‰√ ÿ∑∏‘ Net Profit

‘π∑√—æ¬å√«¡ Total Assets

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FINANCIAL HIGHLIGHTS Annual Report 2005 Supalai Public Company Limited

Àπ’ È π‘ √«¡ Total Liabilities

à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholdersû Equity

Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬ µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Gearing (Times)

Õ—µ√“º≈µÕ∫·∑π¢Õß‡ß‘πªíπº≈ (%) Dividend Yield (%)

Financial highlights

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„πªï 2548 π—∫‡ªìπªï∑∫’Ë √‘…∑— œ ¡’¬Õ¥¢“¬ Ÿß ÿ¥‡ªìπª√–«—µ°‘ “√≥å µ—ßÈ ·µà®¥— µ—ßÈ ∫√‘…∑— œ °≈à“«§◊Õ ¡’¬Õ¥¢“¬∑’Ë∑” —≠≠“·≈â«‡∑à“°—∫ 7,381 ≈â“π∫“∑ Ÿß°«à“ªï°àÕπ∑’Ë¡’¬Õ¥¢“¬‡∑à“°—∫ 3,433 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ‡æ‘Ë¡¢÷Èπ 115% ∑—Èßπ’È √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å‡∑à“°—∫ 3,356.96 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 1,424.87 ≈â“π∫“∑ §‘¥‡ªìπ‡æ‘Ë¡¢÷Èπ 74% ·¡â«à“√“§“«— ¥ÿ°àÕ √â“ß·≈–§à“¢π àßµ≈Õ¥®π§à“·√ßß“π®–ª√—∫µ—«‡æ‘Ë¡¢÷Èπµ≈Õ¥ ªï 2548 ∑’Ëºà“π¡“ Õ—µ√“°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ ¬—ß§ß Ÿß°«à“ 40% °≈à“«§◊Õ Õ¬Ÿà∑’Ë√–¥—∫ 43% ´÷Ëß‡ªìπº≈¡“®“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’°“√∫√‘À“√®—¥°“√µâπ∑ÿπ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ‚¥¬„πªï 2548 ∫√‘…—∑œ ¡’°”‰√ ÿ∑∏‘‡∑à“°—∫ 829.98 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ Ÿß°«à“ªï°àÕπ ´÷ËßÕ¬Ÿà∑’Ë√–¥—∫ 480.79 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 73% ∑”„Àâ¡’Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡Õ¬Ÿà∑’Ë 24% Õ’°∑—Èß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬°Á¬—ß§ß√—°…“Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπÕ¬Ÿà∑’Ë 1.01 ‡∑à“ ‡æ‘Ë¡¢÷Èπ ‡æ’¬ß‡≈Á°πâÕ¬®“°ªï 2547 ´÷ËßÕ¬Ÿà∑’Ë 0.88 ‡∑à“ ‡©æ“–Àπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬µàÕ à«π¢Õß ºŸâ∂◊ÕÀÿâπ®–æ∫«à“Õ¬Ÿà∑’Ë√–¥—∫ 0.68 ‡∑à“ „πªï 2549 ∫√‘…—∑œ ®–µâÕß„™â‡ß‘π≈ß∑ÿπ¡“°¢÷Èπ®“°‚§√ß°“√„À¡àÀ≈“¬‚§√ß°“√ ·µà®–‰¡à°√–∑∫Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ ‡æ√“–∫√‘…—∑œ ¡’¬Õ¥ —≠≠“„π¡◊Õ∂÷ß 3,300 ≈â“π∫“∑ ®“° 6,606 ≈â“π∫“∑ ∑’Ëæ√âÕ¡®– àß¡Õ∫„πªïπ’È ´÷ËßπÕ°®“°®–≈¥Àπ’È∑’Ë¡’Õ¬Ÿà¬—ß®–¡’‡ß‘π ¥ à«π‡°‘π‰«â„™â„π°“√¥”‡π‘πß“πÕ’°¥â«¬ —≠≠“ à«π∑’‡Ë À≈◊ÕÕ’° 3,306 ≈â“π∫“∑ ®–∑¬Õ¬ àß¡Õ∫ „πªï∂—¥‰ª ∫√‘…—∑œ ‰¥â°”Àπ¥¿“√°‘®«à“ ç‡µ‘∫‚µÕ¬à“ß¬—Ëß¬◊π∫π§«“¡·¢Áß·°√àß∑“ß°“√‡ß‘πé ‚¥¬«“ß·ºπ‡ªî¥‚§√ß°“√ ç∑’ËÕ¬ŸàÕ“»—¬é ∑—Èß∫â“π‡¥’Ë¬« ∑“«πå‡Œâ“ å ·≈–Õ“§“√™ÿ¥ ‡æ‘Ë¡¢÷Èπ ª√–¡“≥ 7 ‚§√ß°“√„πªïπ’È πÕ°®“°π—πÈ ∫√‘…∑— œ ¡ÿßà ¡—πË æ—≤π“º≈‘µ¿—≥±åµ≈Õ¥‡«≈“∫π·π«§‘¥ ç∫â“π· π ∫“¬ª√–À¬—¥æ≈—ßß“πé ´÷Ëß‡¡◊ËÕªï 2548 ∑’Ëºà“π¡“ ∫√‘…—∑œ ‡ªìπ∫√‘…—∑·√°·≈–∫√‘…—∑‡¥’¬«„π ª√–‡∑»‰∑¬∑’Ë‰¥â√—∫ 2 √“ß«—≈¥’‡¥àπ®“°°“√ª√–°«¥∫â“π®—¥ √√Õπÿ√—°…åæ≈—ßß“π ∑’Ë®—¥¢÷Èπ‚¥¬ °√¡æ—≤π“æ≈—ßß“π∑¥·∑π·≈–Õπÿ√—°…åæ≈—ßß“π (ææ.) °√–∑√«ßæ≈—ßß“π „ππ“¡¢Õß∫√‘…—∑œ ¢Õ¢Õ∫§ÿ≥ºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π ≈Ÿ°§â“ºŸâ¡’Õÿª°“√–§ÿ≥ §Ÿà§â“∑—ÈßÀ≈“¬ ∑—Èßª«ß Àπà«¬ß“π√“™°“√∑’Ë‡°’Ë¬«¢âÕß ∑à“π°√√¡°“√·≈–∑’Ëª√÷°…“ µ≈Õ¥®πæπ—°ß“π ∫√‘…∑— »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ∑ÿ°∑à“π∑’‰Ë ¥â„Àâ§«“¡√à«¡¡◊Õ√à«¡„® ·≈–°“√ π—∫ πÿπ∑’¥Ë µ’ ≈Õ¥ ªï 2548 ∑’Ëºà“π¡“ ·≈–∫√‘…—∑œ ®–µ—Èß¡—Ëπ„π°“√ √â“ß √√§å∑’ËÕ¬ŸàÕ“»—¬∑’Ë¡’§ÿ≥¿“æ ª√–°Õ∫°—∫ æ—≤π“°“√∫√‘°“√∑’Ë¥’ ¥â«¬§«“¡‡ªìπç¡◊ÕÕ“™’æé ‡æ◊ËÕ √â“ß§«“¡æ÷ßæÕ„® Ÿß ÿ¥¢Õß≈Ÿ°§â“ ¡¥—ß‡®µπ“√¡≥å¢Õß∫√‘…—∑œ ∑’Ë«à“ ç»ÿ¿“≈—¬„ à„® √â“ß √√§å —ß§¡‰∑¬é

π“¬ª√–∑’ª µ—Èß¡µ‘∏√√¡ ª√–∏“π°√√¡°“√∫√‘À“√ 6

“√®“°ª√–∏“π°√√¡°“√∫√‘À“√

MESSAGE FROM THE PRESIDENT Annual Report 2005 Supalai Public Company Limited

2005 was the year that the Company registered the highest-ever sales record, since the establishment of çSupalaié. We struck sale contracts worth Baht 7,381 mil ion, above Baht 3,433 mil ion we did in the previous year or a 115% increase. Remarkably, property sale revenue in 2005 reached Baht 3,356.96 mil ion, up 74% from Baht 1,424.87 mil ion. Despite the continued increase in construction cost as well as the transportation cost, the Companyûs gross profit margin remained above 40 % in the year, staying at 43%, resulting from the efficient cost management of the Company and subsidiaries. In 2005, the Company registered Baht 829.98 mil ion in net profit, up 73% from Baht 480.79 mil ion in the previous year. The net profit accounted for 24% of revenue. The Company and subsidiaries also ably maintained the debt to equity ratio at 1.01:1, slightly increasing from 2004 when the ratio was 0.88:1. The interestbearing debts to shareholdersû equity stood only at 0.68:1 in 2005. In 2006, the Company has to invest more in several new projects, but it wil not impact Debt to Equity ratio. There are contract on hand worth Baht 3,300 mil ion out of Baht 6,606 mil ion due to transfer this year. It not only reduces the debt but also wil leave surplus cash for operation. The remaining Baht 3,306 mil ion wil deliver in the following years. The Companyûs mission this year wil move towards çSustainable growth on financial strengthé, by planning to launch seven residential projects this year in single detached houses , townhouses and condominiums development. In addition, it is the companyûs intention to develop product based on çcomfort and energy-savingé concept. In 2005, the Company was the first and the only company in Thailand receiving two outstanding awards, çSub-division houses with outstanding Energy Conservationé, from a contest hosted by Energy Ministry, Department of Alternative Energy Development and Conservation. On behalf of the Company, I would like to extend the gratitude to all stakeholders, i.e., customers, suppliers, government officials, directors, advisors and all employees of Supalai Plc, and subsidiaries, for best supports throughout 2005. The Company is dedicated to develop quality dwelling and services as çprofessionalé in this field, to achieve customerûs utmost satisfaction. This determination clearly stated in companyûs policy çSupalai cares for better living of Thai societyé

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Mr. Prateep Tangmatitham President Message from the President

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(π“¬ª√–°‘µ ª√–∑’ª–‡ π) ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

AUDIT COMMITTEE REPORT Annual Report 2005 Supalai Public Company Limited

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 8, 2005. The Audit Committee consists of 3 independent committee members. They are 1. Mr.Prakit Pradipasen Chairman of the Audit Committee 2. Mr.Anant Gatepithaya Member of the Audit Committee 3. Mrs.Pikul Hanhathya Member of the Audit Committee The Audit Committee has been working together for the responsibility in good corporate governance for the operation towards company没s policy. In 2005, the Audit Committee held nine meetings to consult and consider the following main issues: 1. After reviewing the 2005 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 agree with all the connected transactions between the company or its subsidiaries and related parties for ensuring that the company did not engage in any activities that might lead to the regulations 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 2006, to propose Ernst & Young Office Limited to Board of Directors submit to Annual General Shareholders没 Meeting for approval. The Audit Committee opined that in overall along the period of operation in year 2005 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 operation and management system consistency.

(Mr.Prakit Pradipasen) Chairman of the Audit Committee

Audit committee report

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·ºπº—ßÕß§å°√ / Organization Chart ºŸâ∂◊ÕÀÿâπ Shareholders

§≥–°√√¡°“√∫√‘…—∑ Board of Directors

ª√–∏“π°√√¡°“√∫√‘À“√ President

°√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ Director and Deputy Managing Director ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°àÕ √â“ß Assistant Managing Director

ΩÉ“¬°àÕ √â“ß‚§√ß°“√ Low Rise Construction Dept.

ΩÉ“¬°àÕ √â“ßÕ“§“√ Ÿß High Rise Construction Dept.

ΩÉ“¬°“√µ≈“¥·≈–¢“¬ Marketing & Sales Dept.

ΩÉ“¬«‘»«°√√¡·≈–ª√–¡“≥°“√ Engineering & Estimate Dept.

ΩÉ“¬ √â“ß √√§å·≈–æ—≤π“º≈‘µ¿—≥±å Creative & Product Development Dept.

ΩÉ“¬‚¶…≥“·≈–ª√–™“ —¡æ—π∏å Advertising & Public Relation Dept.

ΩÉ“¬°àÕ √â“ß ”π—°ß“π„À≠à Construction Center Dept.

ΩÉ“¬®—¥´◊ÈÕ Purchasing Dept. ΩÉ“¬æ—≤π“∏ÿ√°‘®·≈–‚§√ß°“√ Business & Project Development Dept.

§≥–°√√¡°“√∫√‘…∑—

BOARD OF DIRECTORS Annual Report 2005 Supalai Public Company Limited

§≥–°√√¡°“√µ√«® Õ∫ Audit Committee

ΩÉ“¬µ√«® Õ∫¿“¬„π Internal Audit Dept.

§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π Nomination and Remuneration Committee

§≥–°√√¡°“√æ‘®“√≥“§«“¡‡ ’Ë¬ß Risk Management Committee

√Õßª√–∏“π°√√¡°“√∫√‘À“√ Executive Vice President ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°“√‡ß‘π·≈–∫—≠™’ Assistant Managing Director ΩÉ“¬√–∫∫§ÿ≥¿“æ Quality System Dept.

ΩÉ“¬æ—≤π“∑√—æ¬“°√¡πÿ…¬å Human Resource Development Dept.

ΩÉ“¬∫√‘À“√°“√‡ß‘π Finance Dept.

ΩÉ“¬∫√‘À“√™ÿ¡™π Property Management Dept.

ΩÉ“¬π‘µ°‘ √√¡ Legal Dept.

ΩÉ“¬∫—≠™’ Accounting Dept.

ΩÉ“¬∏ÿ√°“√ Office Service Dept.

ΩÉ“¬ ”π—°∫√‘À“√ Head Quarter Administrative Dept.

ΩÉ“¬∫√‘°“√≈Ÿ°§â“ Customer Service Dept. ΩÉ“¬æ—≤π“√–∫∫¢âÕ¡Ÿ≈ MIS Dept.

Board of Directors

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BOARD OF DIRECTORS Annual Report 2005 Supalai Public Company Limited

Mr.Prateep Mrs.Ajchara Mr.Atip Dr.Virach Dr.Prasas Mr.Prasob Mr.Prakit Mr.Anant Mrs.Pikul

Remark*

Tangmatitham* Tangmatitham* Bijanonda* Aphimeteetamrong* Tangmatitham Snongjati Pradipasen Gatepithaya Hanhathya

Chairman Director Director Director Director Independent Director Independent Director Independent Director 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 Secretary Mr.Krid

Chancharoensuk

Audit Committee Mr.Prakit Pradipasen Mr.Anant Gatepithaya Mrs.Pikul Hanhathya

Chairman Member Member

Secretary Mrs.Suchawadee Supphaasa Nomination and Remuneration Committee Mr.Prakit Pradipasen Chairman Mr.Prasob Snongjati Director Dr.Virach Aphimeteetamrong Director

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

Bijanonda

Management Committee Mr.Prateep Tangmatitham Mrs.Ajchara Tangmatitham Mr.Atip

Bijanonda

Mr.Punnapan Nengpetch Mrs.Varunee Lapitananuvat

Mr.Kittipong Sirilugtrakun

Chairman Director Director Director Director Director Director

President Executive Vice President Deputy Managing 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

Board of Directors

§≥–°√√¡°“√∫√‘…—∑ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

π“¬ª√–∑’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 ª√–∏“π°√√¡°“√∫√‘À“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) π“¬°°‘µµ‘¡»—°¥‘Ï ¡“§¡Õ“§“√™ÿ¥‰∑¬ 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 President of Supalai Public Company Limited Honorable President of Thai Condominium Association π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡* °√√¡°“√·≈–√Õßª√–∏“π°√√¡°“√∫√‘À“√ M.S. Finance at University of Illinois at Urbana-Champaign U.S.A. ªí®®ÿ∫—π¥”√ßµ”·Àπàß √Õßª√–∏“π°√√¡°“√∫√‘À“√·≈–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™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

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) π“¬° ¡“§¡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 14

§≥–°√√¡°“√∫√‘…∑—

BOARD OF DIRECTORS Annual Report 2005 Supalai Public Company Limited

¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß* °√√¡°“√ Ph.D (Finance) University of Illinois at Urbana-Champaign U.S.A. ‡§¬¥”√ßµ”·Àπàß ªí®®ÿ∫—π¥”√ßµ”·Àπàß

§≥∫¥’§≥–æ“≥‘™¬»“ µ√å·≈–°“√∫—≠™’ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ °√√¡°“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) °√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ °√√¡°“√Õ‘ √– ∫√‘…—∑ ‡¡‚∑√´‘ ‡µÁ¡ å §Õ√åªÕ‡√™—Ëπ ®”°—¥ (¡À“™π) ª√–∏“π ”π—°ß“π Õ∫∫—≠™’¥√.«‘√—™·Õπ¥å·Õ ‚´´‘‡Õ∑ å °√√¡°“√Õ‘ √– ∫√‘…—∑À≈—°∑√—æ¬å ‡Õ‡™’¬æ≈— ®”°—¥ (¡À“™π)

Dr.Virach Aphimeteetamrong* Director Ph.D (Finance) University of Illinois at Urbana-Champaign U.S.A. Former Present Position

Dean Faculty of Commerce and Accountancy, Chulalongkorn University Director of Supalai Public Company Limited Director of Supalai Property Management Company Limited Independent Director of Metro Systems Corporation Public Company Limited Chairman of Dr. Virach and Associates Independent Director of Asia Plus Securities Public Company Limited

¥√.ª√–»“ πå µ—Èß¡µ‘∏√√¡ °√√¡°“√ ª√‘≠≠“‡Õ°‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬Œ“«“¬ À√—∞Õ‡¡√‘°“ ª√‘≠≠“‚∑‡»√…∞»“ µ√å (¿“§¿“…“Õ—ß°ƒ…) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ª√‘≠≠“µ√’«‘»«°√√¡»“ µ√å “¢“«‘»«°√√¡ ”√«® ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) °√√¡°“√ ∫√‘…—∑ ∫√‘¥®å ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥

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 Director of Bridge Development Corporation Limited

π“¬ª√– 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‚°âøŸ¥ 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 Directors of Infonet (Thailand) Limited Independent Director and Chairman of the Audit Committee of TIPCO Foods (Thailand) Public Company Limited Board of Directors

§≥–°√√¡°“√∫√‘…—∑ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

π“¬ª√–°‘µ ª√–∑’ª–‡ π °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬‡«¬πå ‡µ∑ √—∞¡‘™‘·°π À√—∞Õ‡¡√‘°“ ‡§¬¥”√ßµ”·Àπàß °√√¡°“√·≈–√ÕßºŸâ®—¥°“√„À≠à ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) ∑’Ëª√÷°…“§≥–°√√¡°“√®—¥°“√ ∏π“§“√‰∑¬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 π“¬Õπ—πµå ‡°µÿæ‘∑¬“ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ (°“√®—¥°“√) ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘® (»»‘π∑√å) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ‡§¬¥”√ßµ”·Àπàß ºŸâµ√«®°“√ Õß§å°“√‡æ◊ËÕ°“√ªØ‘√Ÿª√–∫∫ ∂“∫—π°“√‡ß‘π ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ ´’.‡ÕÁ¡. ÕÕ·°π‰π‡´Õ√å ®”°—¥ (¡À“™π) °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ øÕ√å®Ÿπæ“√å∑Õ‘π¥— µ√’ ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√ ∫√‘…—∑ ®—¥À“ß“π ‡¥Õ– ∫‘≈‡≈’Ë¬π ‚´≈Ÿ™—Ëπ ®”°—¥ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ.‡Õ .®’. §Õπ´—≈·µπ∑å ®”°—¥ °√√¡°“√ ∫√‘…—∑ ´’‡¡Á°´å - ‡ÕÁ°´‘∫‘™—Ëπ ®”°—¥ Mr.Anant Gatepithaya 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 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 Director of CMEX-Exhibition Company Limited 16

§≥–°√√¡°“√∫√‘…∑—

BOARD OF DIRECTORS Annual Report 2005 Supalai Public Company Limited

π“ßæ‘°ÿ≈ À“≠À—∑¬“ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ æ“≥‘™¬å»“ µ√å∫—≥±‘µ (∫—≠™’) ®ÿÃ“≈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 ¡“√å‡°Áµµ‘Èß ®”°—¥ °√√¡°“√ 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 ∑’Ëª√÷°…“§≥–°√√¡°“√∫√‘…—∑ 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“√ ∏π“§“√π§√À≈«ß‰∑¬ ®”°—¥ (¡À“™π) ºŸâÕ”π«¬°“√ ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π ªí®®ÿ∫—π¥”√ßµ”·Àπàß ∑’Ëª√÷°…“§≥–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Advisor to the Board of Director Mr.Tawee Noonpukdee 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

À¡“¬‡Àµÿ* Remark*

°√√¡°“√´÷ßË ¡’Õ”π“®≈ß≈“¬¡◊Õ™◊ÕË ·∑π∫√‘…∑— §◊Õ °√√¡°“√ Õß„π ’§Ë ππ’È ≈ß≈“¬¡◊Õ™◊ÕË √à«¡°—π ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…∑— These four directors are authorized to act on behalf of the company with any two joint signatory with the companyùs seal. Board of Directors

§≥–°√√¡°“√∫√‘…—∑ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

§à“µÕ∫·∑π°√√¡°“√·≈–∑’Ëª√÷°…“§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ ª√–®”ªï 2548 Remuneration to Companyûs Directors and Advisors to the Board of Directors and Executive Committee in 2005 §≥–°√√¡°“√ 9 ∑à“π·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ 2 ∑à“π 9 Directors and 2 Advisor

§≥–°√√¡°“√∫√‘…∑—

○ ○

○

13/14 14/14 14/14 11/14 13/14 14/14 14/14 13/14

○

14/14

○

* ≈“ÕÕ°µ—Èß·µà«—π∑’Ë 11 æƒ…¿“§¡ 2548 * resigned since May11, 2005 18

14/14

○ ○ ○ ○

π“¬ª√–∑’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 π“¬ª√– æ πÕß™“µ‘ Mr.Prasob Snongjati π“¬ª√–°‘µ ª√–∑’ª–‡ π Mr.Prakit Pradipasen π“¬Õπ—πµå ‡°µÿæ‘∑¬“ Mr.Anant Gatepithaya π“ßæ‘°ÿ≈ À“≠À—∑¬“ Mrs.Pikul Hanhathya π“¬∑«’ Àπÿπ¿—°¥’ Mr.Tawee Noonpakdee π“¬™«π µ—Èß¡µ‘∏√√¡ * Mr.Chuan Tangmatitham √«¡ Total

‡¢â“ª√–™ÿ¡/ °“√ª√–™ÿ¡∑—ÈßÀ¡¥ Participation/ Total Meeting

○

√“¬™◊ËÕ°√√¡°“√ DirectorsûName

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

4/5

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§à“∫”‡ÀπÁ® §à“‡∫’È¬ª√–™ÿ¡ (∫“∑) (∫“∑) √«¡ (∫“∑) Meeting Allowance Directorsû Total (Baht) (Baht) Remuneration (Baht) 120,000 120,000 120,000 120,000 120,000 90,000 110,000 120,000 120,000 120,000 40,000 1,200,000

250,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 1,750,000

370,000 270,000 270,000 270,000 270,000 240,000 260,000 270,000 270,000 270,000 190,000 2,950,000

BOARD OF DIRECTORS Annual Report 2005 Supalai Public Company Limited

§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π·≈–§≥–°√√¡°“√®—¥°“√ Audit Committee, Nomination and Remuneration Committee and Executive Committee .. .. .. .. .. .. .. .. .. .. .. .. .. ..

§≥–°√√¡°“√µ√«® Õ∫ 3 ∑à“π (3 Member of Audit Committee) §≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π 3 ∑à“π (3 Member of Nomination and Remuneration Committee) §≥–°√√¡°“√®—¥°“√ 6 ∑à“π (6 Management Committee)

§à“µÕ∫·∑π (∫“∑) Remuneration (Baht) 600,000 30,000 61,238,720

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ≥ «—π∑’Ë 30 ‘ßÀ“§¡ 2548 Major Shareholders as of August 30, 2005

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 Õ—π¥—∫·√° Top 10 Shareholders

°≈ÿà¡µ√–°Ÿ≈µ—Èß¡µ‘∏√√¡ Tangmatitham Family 2 RAFFLES NOMINEES (PTE) LIMITED 3 ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ Haadyai Nakarin Company Limited 4 π“ß “«π‘≈«√√≥ «‘æ—≤π°‘®‡®√‘≠ Miss Ninwan Vipattanakitcharoen 5 π“¬»‘√‘»—°¥‘Ï π‚ ¿≥ Mr.Sirisak Sonsopon 6 MORGAN STANLEY & CO INTERNATIONAL LIMITED 7 π“¬ª√–¬ÿ∑∏ ‡Õ◊ÈÕ«—≤π“ Mr.Prayut Auowattana 8 π“ß∫ÿªº“ ß“¡Õ¿‘™π Mrs.Boobpha Ngamapichon 9 SOMERS (U.K.) LIMITED 10 π“ßÕ√ÿ≥’ Õ—»¥√å«“π‘™™“°√ Mrs.Arunee Atsawanitchakorn √«¡ (Total)

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®”π«πÀÿπâ Number of Shares 291,713,700 118,341,800 32,350,000 19,902,540 19,800,000 15,920,000 15,150,000 15,000,000 12,621,600 9,351,180 550,150,820

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

√âÕ¬≈–¢ÕßÀÿâπ∑—ÈßÀ¡¥ % of Total Shares 23.73 9.63 2.63 1.62 1.61 1.29 1.23 1.22 1.03 0.76 44.75

Board of Directors

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

À≈—ß«‘°ƒµ‘°“√≥åªï 2540-42 µ≈“¥Õ —ßÀ“√‘¡∑√—æ¬å °≈—∫¡“‡µ‘∫‚µÕ¬à“ß™—¥‡®π·≈–µàÕ‡π◊ËÕßπ—∫®“°ªï 2545 Õ—π‡π◊ËÕß ¡“®“°°“√øóô π µ— « ∑“ß‡»√…∞°‘ ® ·≈–¡“µ√°“√°√–µÿâ π ¿“§ Õ —ßÀ“√‘¡∑√—æ¬å¢Õß√—∞∫“≈ ·¡â„π™à«ßµàÕ¡“¡“µ√°“√¥—ß°≈à“«®– À¡¥≈ß ª√–°Õ∫°—∫„πªï 2548 ¡’º≈°√–∑∫®“°Õ—µ√“°“√‡®√‘≠ ‡µ‘∫‚µ∑“ß‡»√…∞°‘®™–≈Õµ—«Õ—π‡π◊ËÕß¡“®“°ªí≠À“§«“¡‰¡à ß∫ ∑“ß¿“§„µâ ªí≠À“‰¢âÀ«—¥π° ‡Àµÿ°“√≥å ÷π“¡‘ ·≈–¿“«–√“§“ πÈ”¡—π·æß ·µàµ≈“¥∑’ËÕ¬ŸàÕ“»—¬¬—ß§ß¢¬“¬µ—«‰¥âÕ¬à“ßµàÕ‡π◊ËÕß ∂÷ß·¡â«à“®”π«πª√–™“°√·≈–√“¬‰¥âª√–™“°√®–‡æ‘Ë¡ ¢÷πÈ ¡“µ≈Õ¥ ·µàª®í ®ÿ∫π— ªí®®—¬¿“§‡»√…∞°‘®À≈—°·≈–ªí®®—¬„π¿“§ Õ —ßÀ“√‘¡∑√—æ¬å∫“ßªí®®—¬¬—ß§ß∑√ßµ—« À≈“¬ªí®®—¬‰¡à¡’·π«‚πâ¡¥’ ¢÷Èπ ®÷ß‡ªìπ∑’Ëπà“ π„®«à“µ≈“¥∑’ËÕ¬ŸàÕ“»—¬„πªï 2549 ®–¬—ß “¡“√∂ ‡µ‘∫‚µµàÕ‡π◊ËÕß‰¥âÕ’°À√◊Õ‰¡à ·≈–‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

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µàÕ‰ªπ’®È –‡ªìπ°“√«‘‡§√“–Àåª®í ®—¬µà“ßÊ ∑’¡Ë º’ ≈°—∫µ≈“¥ ∑’Ë Õ ¬Ÿà Õ “»— ¬ ´÷Ë ß ¡’ ª √‘ ¡ “≥§√Õ∫§≈ÿ ¡ °«à “ 70% ¢Õß°“√æ—≤π“ Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬‡πâπµ≈“¥∑’ËÕ¬ŸàÕ“»—¬„π°√ÿß‡∑æ¡À“π§√·≈– ª√‘¡≥±≈ ´÷Ëß‡ªìπ à«π„À≠à¢Õß°“√æ—≤π“‚§√ß°“√∑’ËÕ¬ŸàÕ“»—¬∑—Èß ª√–‡∑» 1. ¿“æ‡»√…∞°‘®‚¥¬√«¡ Õ—µ√“°“√‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®À√◊Õ GDP ‡©≈’Ë¬„π ªï 2548 ≈¥≈ß®“°ªï∑’Ëºà“π¡“ Õ¬Ÿà∑’Ë 4.7% (·ºπ¿Ÿ¡‘∑’Ë1) ‡π◊ËÕß®“° ‰¥â√—∫º≈°√–∑∫‡™‘ß≈∫®“°À≈“¬ªí®®—¬ ‚¥¬‡©æ“–Õ—µ√“‡ß‘π‡øÑÕ ·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ë Ÿß¢÷Èπ à«π„πªï 2549 π—Èπ À≈“¬ ∂“∫—π§“¥ °“√≥åÕ—µ√“°“√‡®√‘≠‡µ‘∫‚µ¢Õß GDP ‰«â„°≈â‡§’¬ß°—π §◊Õ¢¬“¬ µ—«‡æ‘Ë¡¡“°°«à“„πªï 2548 ‡≈Á°πâÕ¬ À√◊Õª√–¡“≥ 5% ‡π◊ËÕß®“° ªí®®—¬≈∫µà“ßÊ ∑’Ë¡’„πªï 2548 ‡√‘Ë¡§≈’Ë§≈“¬

·ºπ¿Ÿ¡‘∑’Ë 1 Õ—µ√“°“√¢¬“¬µ—«¢Õß GDP ª√–‡∑»‰∑¬√“¬ªï (%) 6.9

8 4.6

4.5

5.4

6.2 4.7

1.9

2 0 -2

2541

2542

2543

2544

2545

2546

2547

2548

-4 -6 -8

-10.5

-10 -12

∑’Ë¡“ : ”π—°ß“π§≥–°√√¡°“√æ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ *ªï 2548 ‡ªìπ§à“ª√–¡“≥°“√

2. ¥Õ°‡∫’È¬·≈–‡ß‘π‡øÑÕ Õ—µ√“‡ß‘π‡øÑÕ‡©≈’Ë¬„πªï 2548 ∑’Ë‡æ‘Ë¡¢÷Èπ¡“°®“° 2.9% „πªï 2547 ‡ªìπ 4.5% ‡π◊ËÕß®“°¿“«–√“§“πÈ”¡—π∑’Ë ŸßÕ¬à“ßµàÕ‡π◊ËÕß ∑”„ÀâÕµ— √“¥Õ°‡∫’¬È MLR ¢Õß∏π“§“√æ“≥‘™¬å„πª√–‡∑»‡√‘¡Ë ª√—∫µ—« Ÿß¢÷Èπµ—Èß·µà™à«ß§√÷ËßªïÀ≈—ß‡ªìπµâπ¡“ (·ºπ¿Ÿ¡‘∑’Ë 2) ·≈–·π«‚πâ¡ ®–¬—ß¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß „π à«π¢Õß∑’ËÕ¬ŸàÕ“»—¬π—ÈπÕ—µ√“¥Õ°‡∫’È¬∑’Ë Ÿß¢÷Èπ®–∑”„Àâ°”≈—ß´◊ÈÕ¢Õßª√–™“™π≈¥µË”≈ß ∑—Èßπ’È ”π—°ß“π §≥–°√√¡°“√æ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘‰¥â§“¥°“√≥å 20

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

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Õ—µ√“‡ß‘π‡øÑÕªï 2549 ‰«â„°≈â‡§’¬ß°—∫ªï 2548 ª√–°Õ∫°—∫Õ—µ√“ ¥Õ°‡∫’È¬‡ß‘πΩ“°∑’Ë·∑â®√‘ß„πªí®®ÿ∫—πµ“¡¡“µ√∞“π¢Õß∏π“§“√ ·Ààßª√–‡∑»‰∑¬µ‘¥≈∫Õ¬Ÿà‡æ’¬ß 0.5% ¥—ßπ—ÈπÕ—µ√“¥Õ°‡∫’È¬∑’Ë®– µâÕßª√—∫¢÷Èπ ®÷ßπà“®–ª√—∫‰¡à¡“°π—° §◊Õª√–¡“≥ 1% Õ¬à“ß‰√°Áµ“¡ ∏π“§“√·≈– ∂“∫—π°“√‡ß‘πµà“ßÊ ‰¥â‡√‘Ë¡ ‡¢â¡ß«¥°—∫°“√ª≈àÕ¬ ‘π‡™◊ËÕ∑’ËÕ¬ŸàÕ“»—¬ ·≈– ‘π‡™◊ËÕ‚§√ß°“√ Õ —ßÀ“√‘¡∑√—æ¬å¡“°¢÷Èπ ´÷Ëß®–¡’º≈™–≈Õ∑—ÈßÕÿª ß§å-Õÿª∑“π¢Õß µ≈“¥∑’ËÕ¬ŸàÕ“»—¬

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

After the crisis, the housing market staged a comeback in 2002 and has continued the growth pace since then thanks to the economic recovery and stimulus packages for the industry. Though the packages were expired, coupled with slow down in economy of year 2005, the violence in the South, bird flu, tsunami and high fuel bil s, the housing market stil has been constantly expanding. Despite the higher number of population and higher income, some factors in the economy and the real estate industry are stagnant and several of them tend to stay that way. It is interesting if the housing market would continue the growth pace in 2006 or if it is being saturated.

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The following is the analysis of factors which affect the housing market, which accounts for 70% of the real estate industry, with the focus on housing development in Bangkok and peripheral provinces - the most active area in the Kingdom. 1. Overall economy Thailand posted 4.7% economic growth in 2005 (see Graphic 1), down from the previous year, due to several negative factors primarily higher inflation and higher oil prices. In 2006, the economy is forecast to expand slightly above the 2005 rate, at 5%, as some negative factors become less severe.

Graphic 1 : Thailand没s annual economic growth rate (%) 6.9

8 4.5

5.4

4.6

6.2 4.7

1.9

2 0 -2

1998

1999

2000

2001

2002

2003

2004

2005

-4 -6 -8

-10.5

-10 -12

Source : National Economic and Social Development Board *2005 figures are preliminary

2. Interest rates and inflation Inflation rose to 4.5% in 2005, from 2.9% in 2004, due to constant increases in oil prices. Minimum lending rates have been jacked up since the latter half of 2005 (see Graphic 2) and tend to rise further. The higher interest rates wil push down purchasing power. The National Economic and Social Development Board forecasts that the 2006 inflation rate should stay at the 2005 level. Given that the

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real interest rate is minus at only 50 basis points, interest rates should be increased as mild as 1 percentage point. However, financial institutions have adopted more stringent rules on mortgage and project development lending, which should affect both demand and supply.

2006 : Is housing market saturated?

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

·ºπ¿Ÿ¡‘∑’Ë 2 Õ—µ√“¥Õ°‡∫’È¬ MLR ‚¥¬‡©≈’Ë¬¢Õß∏π“§“√æ“≥‘™¬å®¥∑–‡∫’¬π„πª√–‡∑» ( %)

18 16 16.4

14 12

13.9 12.7

10 8

8.8

8.1

7.4

6.9

5.9

2546

2547

6.8

2 0 2539

2540

2541

2542

2543

2544

2545

2548

∑’Ë¡“ : ∏π“§“√·Ààßª√–‡∑»‰∑¬

3. °”≈—ß´◊ÈÕ¢Õßª√–™“™π ®”π«πºŸâª√–°—πµπ„π√–∫∫ª√–°—π —ß§¡∑’Ë¡’Õ—µ√“‡æ‘Ë¡ ¡“°°«à“Õ—µ√“‡æ‘Ë¡¢Õßª√–™“°√„π 3 ªï∑’Ëºà“π¡“ (·ºπ¿Ÿ¡‘∑’Ë 3) · ¥ß∂÷ß®”π«πºŸâ∑’Ë¡’ß“π∑” ¡’√“¬‰¥âª√–®”‡æ‘Ë¡¢÷Èπ ´÷Ëß‡ªìπ°”≈—ß ´◊ÈÕ∑’Ë ”§—≠ ”À√—∫µ≈“¥∑’ËÕ¬ŸàÕ“»—¬ ·µà‡π◊ËÕß®“°Õ—µ√“‡ß‘π‡øÑÕ º≈°√–∑∫®“°√“§“πÈ”¡—π ·≈–Õ—µ√“¥Õ°‡∫’¬È ∑’‡Ë æ‘¡Ë ¢÷πÈ µ—ßÈ ·µàª≈“¬ ªï 2548 ∑”„Àâ¡’º≈∑—Èß∑“ß®‘µ«‘∑¬“°“√„™â®à“¬·≈–≈¥°”≈—ß´◊ÈÕ ∑’·Ë ∑â®√‘ß¢Õßª√–™“™π‚¥¬√«¡≈ß ‚¥¬Õ—µ√“¥Õ°‡∫’¬È ®–¡’º≈°√–∑∫ µàÕ°”≈—ß´◊ÈÕ¡“°∑’Ë ÿ¥ °≈à“«§◊Õ Õ—µ√“¥Õ°‡∫’È¬∑’Ë‡æ‘Ë¡¢÷Èπ∑ÿ°Ê 1% ®–∑”„Àâ°”≈—ß´◊ÈÕ≈¥≈ßª√–¡“≥ 5.5%

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·ºπ¿Ÿ¡‘∑’Ë 3 ®”π«πºŸâª√–°—πµπ¿“§∫—ß§—∫ (¡“µ√“ 33) ªï 2539-2548

∑’Ë¡“ : ”π—°ß“πª√–°—π —ß§¡

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

4. µâπ∑ÿπ«—µ∂ÿ¥‘∫„π°“√æ—≤π“ µâπ∑ÿπ«—µ∂ÿ¥‘∫„π°“√æ—≤π“∑’ËÕ¬ŸàÕ“»—¬„πªï 2548 ‚¥¬ √«¡‡æ‘¡Ë ¢÷πÈ ‡≈Á°πâÕ¬ ·¡â¥™— π’√“§“«— ¥ÿ°Õà √â“ß„π°≈ÿ¡à ‡À≈Á°-´’‡¡πµå ®–≈¥≈ß ·µà√“§“‡À≈Á°°Á¬ß— ∂◊Õ«à“Õ¬Ÿ„à π√–¥—∫∑’ Ë ßŸ ¡“°‡¡◊ÕË ‡∑’¬∫°—∫ªï 2543-2546 Õ’°∑—Èß‡À≈Á°·≈–´’‡¡πµå‡ªìπ‡æ’¬ßÕß§åª√–°Õ∫ à«πÀπ÷Ëß ¢Õß«— ¥ÿ∑’Ë„™â„π°“√°àÕ √â“ß‡∑à“π—Èπ ¢≥–∑’Ë¥—™π’√“§“«— ¥ÿ„π°≈ÿà¡∑’Ë ‡À≈◊Õ‡æ‘¡Ë Ÿß¢÷πÈ ∑ÿ°°≈ÿ¡à (·ºπ¿Ÿ¡∑‘ ’Ë 4) ª√–°Õ∫°—∫§à“·√ß´÷ßË §‘¥‡ªìπ 1 „π 4 ¢Õß§à“°àÕ √â“ß°Á‡æ‘Ë¡¢÷Èπ®“°Õ—µ√“‡ß‘π‡øÑÕ·≈–µâπ∑ÿπ°“√ æ—≤π“∑’¥Ë π‘ ¥‘∫ ‡™àπ §à“∂¡¥‘π°Á‡æ‘¡Ë ¢÷πÈ ‚¥¬µ√ß®“°√“§“πÈ”¡—π ∑”„Àâ µâπ∑ÿπ°“√°àÕ √â“ß∫â“π‡æ‘Ë¡¢÷Èπ

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

Graphic 2 :Average MLR of Thai banks ( %)

18 16 16.4

14 12

13.9 12.7

10 8

8.8

8.1

7.4

6.9

5.9

2003

2004

6.8

2 0 1996

1997

1998

1999

2000

2001

2002

2005

Source : Bank of Thailand

3. Purchasing power In the past 3 years, the number of members of the social security system has increased at the higher rate than population growth (see Graphic 3), reflecting higher employment and higher fixed income. However, oil pricesdriven inflation and higher interest rates could send a psychological impact on spending. The increase of every one percentage point in interest rate would cut purchasing power by 5.5%.

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4. Construction material costs In 2005, the costs of construction materials increased slightly. Though the steel-cement price index fell, steel prices remained steeply high compared to the price during 2000-2003. Steel and cement are also part of the construction materials. All other items posted higher prices in the year (see Graphic 4) while labour cost, accounting for one fourth of construction cost, also rose due to inflation. Land development also required higher cost: higher oil prices directly pushed up land fil ing costs. All attributed to higher construction cost.

Graphic 3 :Number of Mandatory Social Security Members during 1996-2005

Source : Social Security Office 2006 : Is housing market saturated?

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

”À√—∫ªï 2549 πÕ°®“°§à“«— ¥ÿ°àÕ √â“ß·≈–§à“·√ß ®– Ÿß¢÷Èπ®“°Õ—µ√“‡ß‘π‡øÑÕ·≈â« ‚§√ß°“√‡¡°–‚ª√‡®§ ¢Õß√—∞∫“≈ ¬—ß®–∑”„Àâ‡°‘¥°“√¢“¥·§≈π∑—ßÈ ·√ßß“π·≈–«— ¥ÿ°Õà √â“ß ‚¥¬‡©æ“–

.. .. .. .. .. .. .

°≈ÿà¡‡À≈Á°·≈–§Õπ°√’µ ´÷Ëß®–¬‘Ëß‡ªìπ·√ßÀπÿπ„Àâµâπ∑ÿπ∑’ËÕ¬ŸàÕ“»—¬ Ÿß¢÷πÈ ‰ªÕ’°

·ºπ¿Ÿ¡‘∑’Ë 4 ¥—™π’√“§“«— ¥ÿ°àÕ √â“ß‡©≈’Ë¬√“¬ªï 180 170

À¡«¥´’‡¡πµå

160

À¡«¥‡À≈Á°

150

ÿ¢¿—≥±å

140

Õÿª°√≥å‰øøÑ“·≈–ª√–ª“

130 120

‰¡â·≈–º≈‘µ¿—≥±å‰¡â

110

º≈‘µ¿—≥±å§Õπ°√’µ

100

«— ¥ÿ©“∫º‘«

«— ¥ÿÕ◊ËπÊ

80 2543

2544

2545

2546

2547

2548

∑’Ë¡“ : ”π—°¥—™π’‡»√…∞°‘®°“√§â“

5. √“§“∑’ËÕ¬ŸàÕ“»—¬ „πªï 2548 ¥—™π’√“§“∫â“π‡¥’¬Ë «æ√âÕ¡∑’¥Ë π‘ Ÿß¢÷πÈ ª√–¡“≥ 9% √“§“∑“«πå‡Œâ“ åæ√âÕ¡∑’Ë¥‘π∑’Ë Ÿß¢÷Èπ 6.7% (·ºπ¿Ÿ¡‘∑’Ë 5) ‡¡◊ËÕ ª√–°Õ∫°—∫°“√ ”√«® ¿“æµ≈“¥·≈â« Õ∏‘∫“¬‰¥â«à“°“√·¢àß¢—π „πµ≈“¥∫â“π‡¥’¬Ë «∑’√Ë πÿ ·√ß ¡’°“√·¢àß¢—π°—π‡æ‘¡Ë §ÿ≥¿“æ‚¥¬„™â« — ¥ÿ ∑’Ë¥’¢÷Èπ À√◊Õ‡æ‘Ë¡Õÿª°√≥åª√–°Õ∫µà“ßÊ ‡™àπ ™ÿ¥§√—« ‡§√◊ËÕßª√—∫-

.. .. .. .. .. .. .. .. .. .. .. .. ..

Õ“°“» «π ‡§√◊ËÕß‡√◊Õπ œ≈œ ∑”„Àâ¥—™π’√“§“‚¥¬√«¡ Ÿß¢÷Èπ¡“° Õ¬à“ß‰√°Áµ“¡µâπ∑ÿπ∑’Ë‡æ‘Ë¡ à«πÀπ÷Ëßπ—ÈπºŸâª√–°Õ∫°“√µâÕß‡ªìπºŸâ√—∫ ¿“√–‰«â‡Õß à«π√“§“∑“«πå‡Œ“ å∑’Ë‡æ‘Ë¡¢÷ÈππâÕ¬°«à“ ‡π◊ËÕß®“°‡ªìπ ‘π§â“ ”À√—∫ºŸ¡â °’ ”≈—ß´◊ÕÈ µË”°«à“∫â“π‡¥’¬Ë «´÷ßË ºŸªâ √–°Õ∫°“√µâÕß‡ªìπ ºŸâ√—∫¿“√–µâπ∑ÿπ‡æ‘Ë¡ à«πÀπ÷ËßÕ’°‡™àπ°—π ∑”„Àâ°”‰√®“°µ≈“¥∑’Ë Õ¬ŸàÕ“»—¬‚¥¬√«¡≈¥≈ß„πªï∑’Ëºà“π¡“

·ºπ¿Ÿ¡‘∑’Ë 5 ¥—™π’√“§“∫â“π‡¥’Ë¬«·≈–∑“«πå‡Œ“ å (√«¡√“§“∑’Ë¥‘π) ·≈–¥—™π’√“§“∑’Ë¥‘π °∑¡.·≈–ª√‘¡≥±≈ 160.0

150.0

156.0

144.9

143.4

142.3

144.0

146.1 143.0

140.0

155.8

145.1

135.7 131.2

130.9

131.8

130.0

136.0 131.5

128.8

128.7

128.6

2543

2544

2545

120.0

110.0

100.0

√“§“∑’Ë¥‘π

2546

√“§“∫â“π‡¥’Ë¬«æ√âÕ¡∑’Ë¥‘π

∑’Ë¡“ : ∏π“§“√·Ààßª√–‡∑»‰∑¬ ®—¥∑”‚¥¬„™â∞“π¢âÕ¡Ÿ≈À≈—°ª√–°—π¢Õß∏π“§“√Õ“§“√ ß‡§√“–Àå *ªï 2543-47 ‡ªìπ¥—™π’‡©≈’Ë¬∑—Èßªï, ªï 2548 ‡ªìπ¥—™π’ ≥. ‘Èπ‰µ√¡“ ∑’Ë 3 *¥—™π’ªï∞“π 2534 = 100

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

2547

2548 Q3

√“§“∑“«πå‡Œâ“ åæ√âÕ¡∑’Ë¥‘π

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

In 2006, while inflation would push up construction and labour costs, the government没s mega-projects should also result in the shortage of labour and construction

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materials particularly steel and cement. This will further raise the development cost.

Graphic 4 : Average Annualised Construction Material Price Index 180

cement 170

steel

160 150

sanitaryware

140

electrical and waterworks

130 120

wood and wood products

110

concrete products

100

coating materials

others 80 2000

2001

2002

2003

2004

2005

Source : Bureau of Trade and Economic Indices

5. Housing prices Single house price index in 2005 rose about 9% and townhouses 6.7% (see Graphic 5). Fiercer competition in the single house segment - particularly through the selection of quality materials or the provision of furniture and household equipment, largely pushed up the price index.

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However, developers absorbed part of the increasing costs. There was lower competition in the townhouse segment that targets people with lower purchasing power. But developers also had to absorb parts of the increasing cost. Overall profit margins thus declined from the previous year.

Graphic 5 :Single and Townhouse Price Index (inclusive of land price), and Land Price Index (For Bangkok and peripheral provinces) land price, single houses, townhouses 160.0

150.0

156.0 144.9

143.4

142.3

144.0

155.8

146.1 143.0

140.0

145.1

135.7 131.2

130.9

131.8

130.0

136.0 131.5

128.8

128.7

128.6

2000

2001

2002

120.0

110.0

100.0

land price

2003

2004

single houses

2005 Q3 townhouses

Source : Bank of Thailand, based on collaterals base of Government Housing Bank *2000-2004 figures are annualised, 2005 figures are at the end of Q3, *1991- base year 2006 : Is housing market saturated?

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

6. ª√–™“°√‡¡◊Õß·≈–°“√‡æ‘Ë¡¢Õß∫â“π„À¡à °“√‡æ‘Ë¡¢÷Èπ¢Õß∫â“π„À¡à„π·µà≈–‡¢µπ—Èπ¡’ “‡ÀµÿÀ≈—°Ê §◊Õ °“√‡æ‘Ë¡®”π«πª√–™“°√ °“√·¬°§√Õ∫§√—«„À¡àÀ√◊Õ°“√¡’ ∫â“πÀ≈—ß∑’Ë Õß ´÷Ëß°“√‡æ‘Ë¡¢÷Èπ¢Õß®”π«πª√–™“°√„π°√ÿß‡∑æœ ·≈–À—«‡¡◊Õßµà“ßÊ · ¥ß„Àâ‡ÀÁπ∂÷ß∑‘»∑“ß°“√¢¬“¬µ—«∑’·Ë µ°µà“ß°—π ‰ª¢Õß·µà≈–æ◊Èπ∑’Ë „π à«π¢Õß°√ÿß‡∑æœ¡’Õ—µ√“°“√‡æ‘Ë¡®”π«π ª√–™“°√µË”°«à“®—ßÀ«—¥‚¥¬√Õ∫‚¥¬‡©æ“–ª∑ÿ¡∏“π’ · ¥ß∂÷ß °“√‡√‘Ë ¡ Õ‘Ë ¡ µ— « ¢Õß∑’Ë ¥‘ π „®°≈“ß‡¡◊ Õ ß·≈–¢¬“¬ÕÕ°™“π‡¡◊ Õ ß (µ“√“ß∑’Ë 1-2) „πª√–‡∑»‰∑¬Õ—µ√“°“√¢¬“¬µ—«¢Õß∑’ËÕ¬ŸàÕ“»—¬®– Ÿß °«à “ °“√‡æ‘Ë ¡ ¢÷È π ¢Õßª√–™“°√∑ÿ ° ªï ¡’ “‡Àµÿ ¡ “®“°Õ— µ √“ à « π ª√–™“°√µàÕ§√—«‡√◊Õπ„π·µà≈–ªï≈¥≈ßÕ¬à“ßµàÕ‡π◊ËÕß (·ºπ¿Ÿ¡‘∑’Ë6) Õ—µ√“ à«πª√–™“°√µàÕ§√—«‡√◊Õπ≈à“ ÿ¥¢Õßª√–‡∑»‡∑à“°—∫ 3.36 §π/ §√—«‡√◊Õπ ´÷Ëß¡’·π«‚πâ¡∑’Ë®–≈¥≈ß‰¥âÕ’°¡“°®“°°“√‡ª≈’Ë¬π·ª≈ß √Ÿª·∫∫ —ß§¡™π∫∑ Ÿà —ß§¡‡¡◊Õß °√ÿß‡∑æœ ·≈–ª√‘¡≥±≈¡’Õµ— √“ à«πª√–™“°√µàÕ§√—«‡√◊Õπ ≈à“ ÿ¥ §◊Õ 2.56 §π/§√—«‡√◊Õπ ≈¥≈ß¡“°®“° 3.6 §π/§√—«‡√◊Õπ „πªï 2536 ·≈–·π«‚πâ¡πà“®–≈¥≈ß®“°π’‰È ¥âÕ°’ ‰¡à¡“°π—° ‚¥¬À“° Õ—µ√“ à«πª√–™“°√µàÕ§√—«‡√◊Õπ‰¡à≈¥≈ß °“√‡æ‘Ë¡¢÷Èπ¢Õß§√—«‡√◊Õπ „π¿“«–ª°µ‘πà“®–‡æ‘Ë¡¢÷Èπ„π —¥ à«π„°≈â‡§’¬ß°—∫°“√‡æ‘Ë¡¢Õß ®”π«πª√–™“°√

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

„πªï 2548 °“√‡æ‘¡Ë ¢Õßª√–™“°√°√ÿß‡∑æœ ·≈–ª√‘¡≥±≈ §‘¥‡ªìπª√–¡“≥ 1.63% ´÷ËßÀ“°§”π«≥§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬ ‡æ‘Ë ¡ „πÕ— µ √“‡¥’ ¬ «°— π ·≈–¡’ Õ— µ √“ à « πª√–™“°√µà Õ §√— « ‡√◊ Õ π 2.56 §π/§√Õ∫§√—« ‚¥¬§‘¥®“°®”π«πª√–™“°√∑—ÈßÀ¡¥ ®–‰¥â §«“¡µâÕß°“√∑’ÕË ¬ŸÕà “»—¬‡æ‘¡Ë µàÕªï§Õ◊ ª√–¡“≥ 57,000-60,000 Àπà«¬ ´÷ßË πâÕ¬°«à“¢âÕ¡Ÿ≈∑’ÕË ¬ŸÕà “»—¬ √â“ß‡ √Á®®¥∑–‡∫’¬π„πªï 2548 ®”π«π 71,301 Àπà«¬ (·ºπ¿Ÿ¡‘∑’Ë 7) à«πµà“ß¥—ß°≈à“«π—Èπ‡ªìπ°“√√Õß√—∫ °“√´◊ÈÕ∫â“πÀ≈—ß∑’Ë Õß ´◊ÈÕ‡æ◊ËÕ≈ß∑ÿπ-„Àâ‡™à“ ·≈–‡ªìπ ‘π§â“§ß‡À≈◊Õ ¢ÕßºŸâª√–°Õ∫°“√Õ’° à«πÀπ÷Ëß Õ¥§≈âÕß°—∫Õ—µ√“°“√‡æ‘Ë¡¢÷Èπ¢Õß ∑’ËÕ¬ŸàÕ“»—¬ √â“ß‡ √Á®®¥∑–‡∫’¬π∑’Ë≈¥≈ß‚¥¬µ≈Õ¥ 3 ªïÀ≈—ß §◊Õ „π ªï 2545-46 ‡æ‘Ë¡¢÷Èπ 50.8% ªï 2546-47 ‡æ‘Ë¡¢÷Èπ 23.1% ·≈– ªï 2547-48 ‡æ‘Ë¡¢÷Èπ 3.3% Õπ÷Ëß µ—«‡≈¢®¥∑–‡∫’¬π∑’ËÕ¬ŸàÕ“»—¬π—Èπ ‰¥â¡“®“°°“√ ®¥∑–‡∫’¬π∫â“π‡≈¢∑’Ë‡¡◊ËÕ°àÕ √â“ß‡ √Á® ´÷Ëß°√≥’∫â“π®—¥ √√ ®–¡’ ∑—Èß∫â“πµ—«Õ¬à“ß ∫â“π √â“ß‡ √Á®°àÕπ¢“¬ „π¢≥–∑’ËÕ“§“√™ÿ¥®– µâÕß®¥∑–‡∫’¬π∑—ßÈ À¡¥‡¡◊ÕË Õ“§“√°àÕ √â“ß‡ √Á® ‰¡à«“à ®–¡’¬Õ¥¢“¬ √âÕ¬≈–‡∑à“‰√°Áµ“¡ ®÷ß‡ªìπ‡Àµÿº≈∑’Ë®–Õ∏‘∫“¬«à“∑”‰¡µ—«‡≈¢∫â“π ®¥∑–‡∫’¬π„π™à«ßªï 2537-40 ®÷ß¡’¬Õ¥‡°‘π· π ‡æ√“–„π™à«ß ‡»√…∞°‘®øÕß ∫Ÿà¡’°“√‡°Áß°”‰√·≈–≈ß∑ÿπ°àÕ √â“ß‡°‘πµ—«‚¥¬‰¡à —¡æ—π∏å°—∫§«“¡µâÕß°“√∑’Ë·∑â®√‘ßπ—Ëπ‡Õß

µ“√“ß∑’Ë 1 ®”π«πª√–™“°√„π‡¢µ°√ÿß‡∑æœ·≈–ª√‘¡≥±≈∂÷ß ‘Èπªï 2548 (Àπà«¬ : æ—π§π) ®—ßÀ«—¥

°√ÿß‡∑æ ππ∑∫ÿ√’ ª∑ÿ¡∏“π’ ¡ÿ∑√ª√“°“√ ¡ÿ∑√ “§√ √«¡ ∑’Ë¡“ : °√¡°“√ª°§√Õß

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2544

5,726 884 679 1,011 435 8,737

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2545

5,782 905 709 1,028 443 8,867

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

0.98 2.39 4.34 1.58 1.68 1.49

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2546

5,845 925 739 1,045 448 9,002

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

1.08 2.18 4.30 1.76 1.19 1.53

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2547

5,634 942 770 1,049 442 8,838

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

-3.60 1.88 4.14 0.34 -1.23 -1.83

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2548

5,661 973 816 1,078 452 8,982

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

0.49 3.28 6.08 2.76 2.20 1.63

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

6. Urban population and new housing supplies New supplies are built to meet the increase in population, the creation of new families or the desire for the second house. Population growth rates in each area of Bangkok and peripheral provinces differ. In Bangkok, the rate is lower than in the peripheral provinces particularly Pathum Thani, showing the scarcity of land in downtown areas. (Table 1-2) In Thailand, housing supplies has grown at a higher rate than population growth (see Graphic 6). The latest figure shows that each household has 3.36 persons, and the ratio tends to fall further due to the urbanisation. The latest population-per-household ratio in Bangkok and peripheral provinces stands at 2.56, down from 3.6 in 1993. Provided that the ratio stands at this level, the number of households should grow relatively in line with population growth rate.

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

In 2005, population growth rate in the area was 1.63%. If housing demand was to grow at the same rate, based on the population-per-household ratio of 2.56, 57,000-60,000 units of new houses should be in demand. But 71,301 units were registered in the year (see Graphic 7), and the incremental increase attributed to the second house purchases, purchases for investment purposes, and inventories. During 2002-2003, the number of registered complete houses rose 50.8%, during 2003-2004 at 23.1%, and during 2004-2005 at 3.3%. The figures represented the complete houses awarded house registration numbers. While housing estates contain both complete and model houses, all units in a condominium building are registered once the entire building is finished regardless of percentage of sold units. During 1994-1997, the registered numbers exceeded 100,000 units, reflecting the bubble economy where speculation encouraged over-investment.

Table 1 : Population in Bangkok and Peripheral Provinces Until 2005 (Unit : 没000) Provinces

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Bangkok Nonthaburi Pathum Thani Samut Prakan Samut Sakhon Total Source : Department of

2001

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2002

.. . .. %increase ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

5,726 5,782 0.98 884 905 2.39 679 709 4.34 1,011 1,028 1.58 435 443 1.68 8,737 8,867 1.49 Provincial Administration

2003

5,845 925 739 1,045 448 9,002

.. . .. %increase... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

1.08 2.18 4.30 1.76 1.19 1.53

2004

5,634 942 770 1,049 442 8,838

.. . .. %increase ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

-3.60 1.88 4.14 0.34 -1.23 -1.83

2005

5,661 973 816 1,078 452 8,982

.. .. %increase .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2006 : Is housing market saturated?

0.49 3.28 6.08 2.76 2.20 1.63

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

µ“√“ß∑’Ë 2 ®”π«πª√–™“°√·µà≈–®—ßÀ«—¥∂÷ß ‘Èπªï 2548 (Àπà«¬ : æ—π§π) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

®—ßÀ«—¥

‡™’¬ß„À¡à ¢Õπ·°àπ π§√√“™ ’¡“ ™≈∫ÿ√’ ¿Ÿ‡°Áµ ß¢≈“ ∑’Ë¡“ : °√¡°“√ª°§√Õß

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2544

1,600 1,757 2,565 1,104 261 1,249

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2545

1,595 1,767 2,581 1,129 270 1,271

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

-0.31 0.61 0.61 2.32 3.46 1.73

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2546

1,603 1,770 2,591 1,157 278 1,294

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

%‡æ‘Ë¡

0.46 0.17 0.38 2.41 2.97 1.84

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2547

1,630 1,742 2,539 1,143 286 1,282

%‡æ‘Ë¡

1.72 -1.63 -2.00 -1.22 2.66 -1.00

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2548

1,654 1,748 2,547 1,173 292 1,304

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

·ºπ¿Ÿ¡‘∑’Ë 6 ·π«‚πâ¡®”π«πª√–™“°√‡©≈’Ë¬µàÕ§√—«‡√◊Õπ„π·µà≈–ªï 5.00

4.50 4.37 4.22

4.00

4.05 3.92

3.92 3.50

3.87

3.79

3.75

3.60

3.68

3.63 3.53

3.37 3.00

3.36 3.14 3.01 2.88

2.85

2.82

2.81

2.79

2.50

2.00 2534

2536

2538

2540

2542

2.77 2.73

2544

∑—Èßª√–‡∑»

2.60 2.56

2546

2548

2550

°∑¡. ·≈–ª√‘¡≥±≈

∑’Ë¡“ : °√¡°“√ª°§√Õß

·ºπ¿Ÿ¡‘∑’Ë 7 ®”π«π∑’ËÕ¬ŸàÕ“»—¬ √â“ß‡ √Á®®¥∑–‡∫’¬π„π‡¢µ°∑¡.·≈–ª√‘¡≥±≈ 200,000

178,853

150,000

∫â“π‡¥’Ë¬«

176,616

171,254

∫â“π·Ω¥

148,631

100,000

71,301

67,054

∑“«πå‡Œ“ å·≈– Õ“§“√æ“≥‘™¬å

56,085 50,000

29,029

33,074

Õ“§“√™ÿ¥

69,050

33,980 37,182

53,476

√«¡

0 2537

2538

2539

2540

2541

2542

2543

2544

2545

2546

2547

2548 3Q

∑’Ë¡“ : »Ÿπ¬å¢âÕ¡Ÿ≈Õ —ßÀ“√‘¡∑√—æ¬å *ªï 2548 ¢âÕ¡Ÿ≈3‰µ√¡“ *ª√–¡“≥§à“∑—Èßªï 2548 ‚¥¬∂◊Õ«à“·µà≈–‰µ√¡“ ¡’®”π«π‡©≈’Ë¬‡∑à“°—π ®–‡∑à“°—∫ 71,301 Àπà«¬

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

%‡æ‘Ë¡

1.47 0.34 0.33 2.70 2.30 1.76

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

Table 2 : Population in Provinces Until 2005 (Unit: 没000) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Provinces

Chiang Mai Khon Kaen Nakhon Ratchasima Chon Buri Phuket Songkhla Source : Department of

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2001

.. . .. %increase ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2002

.. . .. %increase ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2003

1,600 1,595 -0.31 1,757 1,767 0.61 2,565 2,581 0.61 1,104 1,129 2.32 261 270 3.46 1,249 1,271 1.73 Provincial Administration

1,603 1,770 2,591 1,157 278 1,294

0.46 0.17 0.38 2.41 2.97 1.84

2004

1,630 1,742 2,539 1,143 286 1,282

.. . .. %increase ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

1.72 -1.63 -2.00 -1.22 2.66 -1.00

2005

1,654 1,748 2,547 1,173 292 1,304

.. .. %increase .. .. .. .. .. .. .. .. .. .. .. .. .. ..

1.47 0.34 0.33 2.70 2.30 1.76

Graphic 6 :Population-Per-Household Trend 5.00

4.50 4.37 4.22

4.00

4.05 3.92 3.50

3.92

3.87

3.79

3.75

3.60

3.68

3.63 3.53

3.37 3.00

3.36 3.14 3.01 2.88

2.85

2.82

2.81

2.79

2.50

2.00 1991

1993

1995

1997

1999

Thailand Country

2001

2.77 2.73

2.60 2.56

2003

2005

2007

Bangkok and Vincinity

Source : Department of Provincial Administration

Graphic 7 :Registered Complete Housing Units in Bangkok and Peripheral Provinces 200,000

178 ,853

single houses

176,616

150,000 171, 254

duplex houses

148,631

100,000

71,301

townhouses and Shophouses

67,054 56,085 33,980

50,000

29,029

69,050

37,182

33, 074

Condominium

53,476

Total

0 1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005 3Q

Source : Real Estate Data Centre *2005 annualised figures are based on figures in the first 3 quaters. *Assuming that an even number of each quarter, that would total 71.301 units. 2006 : Is housing market saturated?

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß? √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Õÿª∑“π ‡™àπ °“√√à«¡∑ÿπ°—∫ºŸâæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å„πª√–‡∑» ·≈–°“√≈ß∑ÿπºà“π°Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å„π°“√æ—≤π“‚§√ß°“√ „À¡àÊ ÕÕ° Ÿàµ≈“¥ ‡ªìπ‡Àµÿ„Àâ°“√·¢àß¢—π„πµ≈“¥√ÿπ·√ß¡“°¢÷Èπ µ≈Õ¥®π∑”„Àâ∑’Ë¥‘π´÷Ëß‡ªìπ«—µ∂ÿ¥‘∫À≈—°„π°“√æ—≤π“‚§√ß°“√„π ¬à“π∑’Ë¡’§«“¡µâÕß°“√ Ÿß ‡™àπ „®°≈“ß‡¡◊ÕßÀ√◊Õ„π®—ßÀ«—¥∑àÕß ‡∑’Ë ¬ « ”§— ≠ ¡’ √ “§“ Ÿ ß ¢÷È π ·µà ∑—È ß π’È ° “√‡¢â “ ¡“≈ß∑ÿ π ®–¢÷È π Õ¬Ÿà °—∫ ∫√√¬“°“»∑“ß°“√‡¡◊Õß·≈–§«“¡¡—Ëπ§ß¢Õß√—∞∫“≈¥â«¬ 9. √ÿª ®“°°“√§“¥°“√≥å°“√‡µ‘∫‚µ∑“ß‡»√…∞°‘®∑’‰Ë ¡à ßŸ ¢÷πÈ ¡“° ‡ß‘π‡øÑÕ·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ë°¥°”≈—ß´◊ÈÕ≈ß·≈–∑”„Àâµâπ∑ÿπ°“√ æ—≤π“-°àÕ √â“ß Ÿß¢÷Èπ °Æ√–‡∫’¬∫∑“ß√“™°“√∑’Ë‡æ‘Ë¡¿“√–„Àâ ºŸâª√–°Õ∫°“√·≈–ºŸâ∫√‘‚¿§ §«“¡‡¢â¡ß«¥¡“°¢÷Èπ„π°“√ª≈àÕ¬ ‘π‡™◊ËÕ¢Õß ∂“∫—π°“√‡ß‘π µ≈Õ¥®πÕÿª∑“π„πµ≈“¥∑’ËÕ¬ŸàÕ“»—¬ ‡°‘πÕÿª ß§åª°µ‘‰ª·≈â« à«πÀπ÷Ëß ª√–°Õ∫°—∫·π«‚πâ¡Õ—µ√“‡æ‘Ë¡∑’Ë Õ¬ŸÕà “»—¬ √â“ß‡ √Á®®¥∑–‡∫’¬π∑’™Ë –≈Õµ—«≈ßµ“¡≈”¥—∫„πªï 2547 ·≈– 2548 ¥—ßπ—Èπ§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬„πªï 2549 πà“®–‡µ‘∫‚µ‡æ‘Ë¡ ¢÷Èπ¡“°°«à“Õ—µ√“°“√‡æ‘Ë¡ª√–™“°√‡æ’¬ß‡≈Á°πâÕ¬À√◊Õ‡æ‘Ë¡®“° ªï 2548 ‰¡à‡°‘π 10% §◊Õª√–¡“≥ 78,000 Àπà«¬ ‚¥¬À“°§‘¥ √«¡§«“¡µâÕß°“√‡æ◊ÕË ≈ß∑ÿπ®“°µà“ßª√–‡∑»∑’‡Ë æ‘¡Ë ¢÷πÈ ·≈â« ®”π«π Õ¬à“ß Ÿß‰¡àπà“‡°‘π 83,000 Àπà«¬ »ÿ¿°√—≥¬å Excellence

ªï 2549 : µ≈“¥∑’ËÕ¬ŸàÕ“»—¬‡√‘Ë¡Õ‘Ë¡µ—«À√◊Õ¬—ß?

2006 : IS HOUSING MARKET SATURATED? Annual Report 2005 Supalai Public Company Limited

7. Rules and regulations The new City Plan, which specifies maximum development areas and reduces the maximum development ratio in some areas, as well as other regulations such as the building control, would force developers to quote higher prices. Though these rules are meant to provide better living standards for consumers, one set of standards applied with all projects of different prices would make it harder for low-income earners to afford their own houses. This is the fact, despite the incentives for low-income development. 8. Foreign investment The weakening US dollar and relatively low prices compared to those in other countries in the region could lure foreign investment into Thai real estate markets. This wil push up the demand and supply. The higher demand could be seen through purchases for investment purposes, the purchases of resort homes, office space purchases for rent or sell, and the purchases of shops. This wil expand the market base for

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developers who can also quote higher prices. Meanwhile, foreign investors could join hands with local developers in launching projects, or invest through the property funds. This wil intensify competition and drives up demand for land in prime locations such as downtown Bangkok or key tourist provinces. However, the scale of foreign investment depends on political climate and the government stability. 9. Conclusion Housing demand in 2006 should grow slightly above the population growth rate, considering mild economic growth forecast, high inflation and interest rates which depress purchasing power and raise construction costs, regulations which add up developersû and consumersû burden, more stringent loan extension measures, mild over-supplies, and the slower growth rate of house registration. Or, it should increase no more than 10% from the 2005 level, to about 78,000 units. If foreign investment is factored in, total demand should not exceed 83,000 units. »ÿ¿‡°…¡ Excellence

2006 : Is housing market saturated?

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”À√—∫ªï 2549 ∫√‘…—∑œ ®–‡ªî¥‚§√ß°“√„À¡à 8 ‚§√ß°“√ §◊Õ 1. ‚§√ß°“√»ÿ¿“≈—¬«‘≈≈å «ß·À«π-√—µπ“∏‘‡∫»√å ‡ªìπ ‚§√ß°“√∫â“π‡¥’Ë¬« µ—Èß∫π∂ππ∫â“π„À¡à-®—π∑√å∑Õß‡Õ’Ë¬¡ À≈—ß Àâ“ß§“√åøŸ√å ∫“ß„À≠à 2. ‚§√ß°“√»ÿ¿“≈—¬ ÿ«√√≥¿Ÿ¡‘ ‡ªìπ‚§√ß°“√∫â“π‡¥’Ë¬« µ—ÈßÕ¬Ÿà∂ππÕàÕππÿ™-≈“¥°√–∫—ß °√ÿß‡∑æ¡À“π§√ 3. ‚§√ß°“√»ÿ¿“≈—¬ «‘≈≈å °‘ßË ·°â«-»√’π§√‘π∑√å ‡ªìπ‚§√ß°“√ ∫â“π‡¥’Ë¬« µ—ÈßÕ¬Ÿà∫π∂ππ«—¥Àπ“¡·¥ß ®—ßÀ«—¥ ¡ÿ∑√ª√“°“√ 4. ‚§√ß°“√ ∫π∂ππ»√’π§√‘π∑√å 5. ‚§√ß°“√∫â“π‡¥’¬Ë «·≈–∑“«πå‡Œâ“ å ∫π ÿ¢¡ÿ «‘∑-»√’π§√‘π∑√å 6. ‚§√ß°“√»ÿ¿“≈—¬√‘‡«Õ√å‡æ≈ ‡ªìπ‚§√ß°“√Õ“§“√™ÿ¥ 34 ™—Èπ µ—ÈßÕ¬Ÿà∫π∂ππ‡®√‘≠π§√ √‘¡Ωíòß·¡àπÈ”‡®â“æ√–¬“ 7. ‚§√ß°“√»ÿ ¿ “≈— ¬ ¿Ÿ ‡ °Á µ ´‘ µ’È √’ Õ√å ∑ ‡ªì π ‚§√ß°“√ Õ“§“√™ÿ¥·≈–∑“«πå‡Œâ“ å µ—ÈßÕ¬Ÿà∑’Ëµ”∫≈√—…Æ“ ( —Èπ„π) Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥¿Ÿ‡°Áµ 8. ‚§√ß°“√»ÿ ¿ “≈— ¬ ·°√π¥å ∑ “«‡«Õ√å ‡ªì π ‚§√ß°“√ Õ“§“√ ”π—°ß“π„Àâ‡™à“·≈–¢“¬ µ—ÈßÕ¬Ÿà∫π∂ππæ√–√“¡ 3 ‡¬◊ÈÕß ∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ ®”°—¥ (¡À“™π) ”π—°ß“π„À≠à „πªï 2545 ∫√‘…∑— œ ‰¥â√∫— ª√–°“»π’¬∫—µ√ISO 9001 (1994) §√Õ∫§≈ÿ¡§ÿ≥¿“æ§√∫«ß®√¢Õß°“√º≈‘µ®π∂÷ß°“√ àß¡Õ∫ ‚¥¬ ¬÷¥À≈—° ç‡πâπæ—≤π“§ÿ≥¿“æ¢Õß°“√«“ßº—ß °“√ÕÕ°·∫∫ °“√ °àÕ √â“ß ·≈–∫√‘°“√À≈—ß°“√¢“¬é Õ—π‡ªìπ°“√· ¥ß„Àâ‡ÀÁπ«à“∑ÿ° ¢—πÈ µÕπ®π∂÷ß°“√ àß¡Õ∫ ‘π§â“∂÷ß¡◊Õ≈Ÿ°§â“ ®–µâÕß¡’°“√µ√«® Õ∫ §ÿ≥¿“æ ·≈–°“√„Àâ∫√‘°“√·°à≈°Ÿ §â“ ´÷ßË ‡ªìπªí®®—¬ ”§—≠Õ’°ª√–°“√ „π°“√ √â“ß§«“¡‡™◊ËÕ¡—Ëπ·°à≈Ÿ°§â“ ·≈–‡¡◊ËÕ«—π∑’Ë 1 ¡’π“§¡ 2546 ∫√‘…—∑œ ‰¥â√—∫ª√–°“»π’¬∫—µ√√—∫√Õß§ÿ≥¿“æ ISO 9001 : 2000 ‡≈¢∑’Ë 2126 ·≈–‡≈¢∑’Ë 054 ®“° ”π—°ß“π√—∫√Õß§ÿ≥¿“æ EAQA/ EIT-CBO (Energy & Environmental Accredited Quality Assessment) ·≈– ¡“§¡«‘»«°√√¡ ∂“π·Ààßª√–‡∑»‰∑¬ π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑œ ¡’π‚¬∫“¬∑’Ë®–‡ πÕ„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ®à“¬ ‡ß‘πªíπº≈„ÀâºŸâ∂◊ÕÀÿâπ„π·µà≈–ªïª√–¡“≥√âÕ¬≈– 45 ¢Õß°”‰√ ÿ∑∏‘ À≈—ßÀ—°¿“…’ ·µà„π°√≥’∑’Ë∫√‘…—∑œ ¬—ß¡’º≈¢“¥∑ÿπ – ¡Õ¬Ÿà ∫√‘…—∑œ ®–‰¡à “¡“√∂®à“¬‡ß‘πªíπº≈‰¥â ∑—Èßπ’Èµ“¡∑’Ë√–∫ÿ‰«â„π¢âÕ∫—ß§—∫¢Õß ∫√‘…—∑

BUSINESS STRUCTURE AND SHAREHOLDING IN SUBSIDIARIES Annual Report 2005 Supalai Public Company Limited

Supalai Public Company Limitedûs business portfolio covers all kinds of property development-housing estates, condominiums, office buildings for rents, and property management services for residential and commercial projects. The company has four propertyrelated subsidiaries. 1. SUPALAI PROPERTY MANAGEMENT COMPANY LIMITED. SUPALAI holds 99.89 % of 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. 2. HAADYAI NAKARIN COMPANY LIMITED. SUPALAI holds 49.89 % of registered capital of 191.50 mil ion baht, is presently developing the Asian Trade Center, a large commercial complex, and 2 medium rise condominium projects and 2 low rise projects, in the heart of HaadYai District, Songkhla Province. 3. SUPALAI NORTHEAST COMPANY LIMITED. SUPALAI holds 96.45 % of registered capital of 116.28 mil ion baht, invests and develops project in the Northeastern province of Thailand, is presently developing 1 low rise project, in Khonkhaen Province. 4. PHUKET ESTATE COMPANY LIMITED. SUPALAI and Property Management hold 17.16 % and 26.94 %, respectively of registered capital of 76.82 mil ion baht, provides vil a projects for long lease and hotels in Phuket Province. In 2005, the company launched 3 projects. 1. City Home Ratchadapisek - an 8 storey condominium building worth Baht 1,632 mil ion on Ratchadapisek Road, next to Robinson Department Store and near Huay Kwang subway station. 2. City Home Sukhumvit 101/2 - the condominium project consisting of five 8 storey buildings and a 25 storey building, worth Baht 1,353 million on Sukhumvit Road, near On-Nuch BTS station. 3. Supalai Park Vil e - a single detached house project on Ram Indra Road (Soi 5)

In 2006, the company plans to launce 8 new projects. 1. Supalai Vil e Ringroad-Ratanathibet - a single detached house project on Ban Mai-Chanthongiam Road, behind Carrefour Bang Yai. 2. Supalai Suvarnabhumi-a single detached house project on On Nuch-Lad Krabang Road, Bangkok. 3. Supalai Ville Kingkaew-Srinakarin - a single detached house project on Wat Namdaeng Road, Samut Prakan. 4. Project on Srinakarin Road 5. A single detached house and townhouse project on Sukhumvit-Srinakarin 6. Supalai River Place-a 34-storey condominium building on Charoennakorn Road, on the bank of the Chao Phraya River. 7. Supalai Phuket City Resort - a condominium and townhouse project in Tambon Rasada, Muang district, Phuket. 8. Supalai Grand Tower - an office building for sale and rent on Rama III Road, next to Bank of Ayudhyaûs headquarters. In 2002, the company was awarded ISO 9001 (1994) certificate, reflecting the quality of the production through delivery process which was based on the çemphasis on the quality of design, construction, and after-sales services.é The certificate guarantees that the company thoroughly checked the quality of the products before handing the finished products to customers and that the company puts huge concern in serving customers after the delivery. On 1 March 2003, the company was awarded ISO 9001:2000 (certificates No.2126 and 054), from the Energy & Environmental Accredited Quality Assessment and the Engineering Institute of Thailand.é Dividend policy of the company and subsidiaries The companyûs policy is to seek approval from the shareholdersû meeting to pay out about 45% of net profit as dividend. But the company would not pay dividend if having deficit. Business structure and shareholding in subsidiaries

∑—Èßπ’È ∫√‘…—∑œ ¡’‡ß◊ËÕπ‰¢„π°“√√—°…“‡ß◊ËÕπ‰¢°“√®à“¬ ‡ß‘πªíπº≈µ“¡ —≠≠“‡ß‘π°Ÿâ °≈à“«§◊Õ ∫√‘…∑— œ µâÕß‰¡à®“à ¬‡ß‘πªíπº≈ ‰¡à«à“‡©æ“–°“≈À√◊Õª√–®”ªï À√◊Õ·®°®à“¬„Àâº≈ª√–‚¬™πåÀ√◊Õ º≈µÕ∫·∑π„¥Ê ·°àºŸâ∂◊ÕÀÿâπ¢Õß≈Ÿ°Àπ’È ‰¡à«à“√“¬„¥√“¬Àπ÷ËßÀ√◊Õ ∑—ÈßÀ¡¥·≈–‰¡à«à“®–‚¥¬∑“ß„¥À√◊Õ«‘∏’°“√„¥‡«âπ·µà®–¡’‡Àµÿ°“√≥å µàÕ‰ªπ’È‡°‘¥¢÷Èπ§√∫∑ÿ°¢âÕ (1).∫√‘…—∑œ ‰¡à‰¥âµ°‡ªìπºŸâº‘¥µ“¡ —≠≠“‡ß‘π°Ÿâ¬◊¡ ·≈– (2).∫√‘…—∑œ · ¥ßÀ≈—°∞“π„Àâ·°à‡®â“Àπ’Èæ‘®“√≥“·≈– ‡ÀÁπ«à“ „πªï∑’Ë®–®à“¬‡ß‘πªíπº≈ ·≈–/À√◊Õ º≈ª√–‚¬™πå ·≈–/À√◊Õ º≈µÕ∫·∑π„¥Ê ¥—ß°≈à“«π—Èπ ∫√‘…—∑œ ‰¥â ”√Õß‡ß‘π‰«â„π®”π«π ∑’Ë‡æ’¬ßæÕ∑’Ë®–™”√–¥Õ°‡∫’È¬·≈–µâπ‡ß‘π∑—ÈßÀ¡¥∑’Ë∂÷ß°”Àπ¥™”√–

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„πªï∑’Ë®–®à“¬‡ß‘πªíπº≈ ·≈–/À√◊Õ º≈ª√–‚¬™πå ·≈–/À√◊Õ º≈ µÕ∫·∑π„¥Ê ¥—ß°≈à“«„Àâ§√∫∂â«π ∑—Èßπ’Èµ“¡¡µ‘∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 3/2549 ‡¡◊ËÕ «—π∑’Ë 14 ¡’π“§¡ 2549 ‰¥â¡’¡µ‘‡ÀÁπ™Õ∫„Àâπ”‡ πÕµàÕ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2549 „π«—π∑’Ë 28 ‡¡…“¬π 2549 ‡æ◊ËÕ æ‘®“√≥“Õπÿ¡µ— ®‘ “à ¬‡ß‘πªíπº≈„Àâ·°àº∂Ÿâ Õ◊ Àÿπâ „πÕ—µ√“Àÿπâ ≈–0.25 ∫“∑ ”À√—∫∫√‘…—∑¬àÕ¬π—Èπ ‰¡à‰¥â°”Àπ¥π‚¬∫“¬°“√®à“¬ ‡ß‘πªíπº≈∑’·Ë πàπÕπ ∑—ßÈ π’¢È π÷È Õ¬Ÿ°à ∫— º≈ª√–°Õ∫°“√¢Õß·µà≈–∫√‘…∑— „π·µà≈–ªï

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√«¡ 34

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.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

—¥ à«π 2548 2547 .. .. .. . °“√∂◊ÕÀÿπâ .. √âÕ¬≈– √“¬‰¥âÀ≈—° ... √âÕ¬≈– √“¬‰¥â À ≈— ° .. .. (√âÕ¬≈–) .. .. 3,217 .... 93.41 1,902 .... 93.28

.. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ...

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

99.89

49.89 96.45 17.16

171 8 -

3,444

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

1.39

4.97 0.23 -

100.00

88 -

2,039

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2.40

4.32 -

100.00

BUSINESS STRUCTURE AND SHAREHOLDING IN SUBSIDIARIES Annual Report 2005 Supalai Public Company Limited

The company没s dividend payment policy must also accord with the borrowing contracts: the company will not pay dividend, interim or annualized, or other benefits to one or more shareholders unless all these incidents occur at the same time. 1. The company did not break any conditions in the borrowing contracts, and 2. The company could prepare creditors the document that showed that in the year that the dividend and/or other benefits would be paid, the company

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reserves sufficient money for principal and interest payments due in the same year. According to the board of directors没 3/2006 resolution on 14 March 2006, the company agreed to propose the shareholders没 meeting on 28 April 2006 to approve the dividend payment of Baht 0.25 per share. The subsidiaries do not have fixed dividend policy and the payment depends on their performances in each year.

REVENUE STRUCTURE OF SUPALAI AND ITS SUBSIDIARIES (Million Baht) Company Supalai Public Company Limited

Product/ Service

Real Estate Development Supalai Property Management Property Company Limited Management such as hotel, vil a project, housing, condominium etc. HaadYai Nakarin Company Limited Real Estate Development Supalai Northeast Company Limited Real Estate Development Phuket Estate Company Limited Property Management such as hotel, vil a project, housing etc. Total

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Shareholding (%) 99.89

49.89 96.45 17.16

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2005 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

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2004 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

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Main Business 3,217 48

171 8 -

3,444

% 93.41 1.39

4.97 0.23 -

100.00

Main Business 1,902 49

88 -

2,039

% 93.28 2.40

4.32 -

100.00

Business structure and shareholding in subsidiaries

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1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ „πªï 2548 §≥–°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ¬—ß §ß„Àâ§«“¡ ”§—≠Õ¬à“ßµàÕ‡π◊ËÕß„π‡√◊ËÕß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ µ“¡·π«∑“ß¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ °≈à“«§◊Õ §≥– °√√¡°“√·≈–ºŸ∫â √‘À“√¢Õß∫√‘…∑— œ ¬—ß§ß‡ªìπºŸπâ ”„π°“√π”π‚¬∫“¬ °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¡“„™â„π°“√∫√‘À“√ß“π·≈–«‘∏’ªØ‘∫—µ‘ß“π ¢Õß∫√‘…∑— œ ‚¥¬§√Õ∫§≈ÿ¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ∑’ ß—È 15 ¢âÕ ·≈–ªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ·≈–µàÕ‡π◊ËÕß ·≈–„Àâ§«“¡ ”§—≠„π °“√ªØ‘∫—µ‘Õ¬à“ß‡∑à“‡∑’¬¡°—πµàÕ∑ÿ°ΩÉ“¬‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π¡’ §«“¡‚ª√àß„ ·≈– “¡“√∂µ√«® Õ∫‰¥â 2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ∂◊ÕªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ·µà≈–√“¬‡∑à“‡∑’¬¡°—π µ“¡ ‘∑∏‘·≈–Àπâ“∑’Ëµ“¡°ÆÀ¡“¬ ·≈–√–‡∫’¬∫¢Õß ”π—°ß“π §≥–°√√¡°“√°”°— ∫ À≈— ° ∑√— æ ¬å · ≈–µ≈“¥À≈— ° ∑√— æ ¬å ·≈– µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬∫√‘…—∑œ ‰¥â àßÀπ—ß ◊Õ‡™‘≠ ª√–™ÿ¡æ√âÕ¡«“√–≈à«ßÀπâ“°àÕπ°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ 14 «—π ·≈– ‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡Õ∫Õ”π“®„ÀâºŸâÕ◊Ëπ¡“√à«¡ª√–™ÿ¡‰¥â À√◊Õ ¡Õ∫Õ”π“®„Àâ°√√¡°“√Õ‘ √–°Á‰¥â ·≈–ºŸ∂â Õ◊ Àÿπâ À√◊ÕºŸ√â ∫— ¡Õ∫Õ”π“® “¡“√∂´—°∂“¡À√◊Õ‡ πÕ§«“¡§‘¥‡ÀÁπ∑ÿ°§√—Èß ·≈–‰¥â¡’°“√®—¥ ª√–™ÿ¡™’È·®ßÕ¬à“ß‡ªìπ∑“ß°“√ ·≈–‰¡à‡ªìπ∑“ß°“√√«¡À≈“¬§√—Èß „π·µà≈–ªï ‚¥¬‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ Õ∫∂“¡ªí≠À“ ·≈–¢âÕ ß —¬µà“ßÊ ‰¥âÕ¬à“ß‡µÁ¡∑’Ë 3. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…∑— œ ®—¥„Àâ¡°’ “√ª√–™ÿ¡ “¡—≠ºŸ∂â Õ◊ Àÿπâ ªï≈–§√—ßÈ ¿“¬„π 4 ‡¥◊Õππ—∫·µà«π— ‘πÈ √Õ∫√–¬–‡«≈“ªï∫≠— ™’¢Õß∫√‘…∑— œ ‚¥¬„πªï 2548 ∫√‘…∑— œ ®—¥ª√–™ÿ¡„À≠à “¡—≠ºŸ∂â Õ◊ Àÿπâ 1 §√—ßÈ ‡¡◊ÕË «—π∑’Ë 20 ‡¡…“¬π 2548 ‡«≈“ 14.00 π. ≥ ÀâÕßª√–™ÿ¡™—Èπ 2 Õ“§“√ ªÕ√åµ§≈—∫ »ÿ¿“≈—¬‡æ≈ ÿ¢ÿ¡«‘∑ 39 °√ÿß‡∑æ¡À“π§√ ‚¥¬®—¥ àßÀπ—ß ◊Õ ‡™‘≠ª√–™ÿ¡æ√âÕ¡√“¬≈–‡Õ’¬¥«“√–°“√ª√–™ÿ¡ µ≈Õ¥®π√“¬ß“π ª√–®”ªï„Àâ·°àºŸâ∂◊ÕÀÿâπ‰¥âæ‘®“√≥“≈à«ßÀπâ“°àÕπ°“√ª√–™ÿ¡ 14 «—π ·≈–π”√–∫∫°“√≈ß∑–‡∫’¬π on-line ∑’ËºŸâ∂◊ÕÀÿâπ “¡“√∂∑√“∫ ®”π«πºŸâ∂◊ÕÀÿâπ∑’Ë¡“≈ß∑–‡∫’¬π ·≈–º≈°“√π—∫§–·ππ®“°Àπâ“®Õ „πÀâÕßª√–™ÿ¡ πÕ°®“°π’¬È ß— π—∫ πÿπ„Àâº∂Ÿâ Õ◊ Àÿπâ ‰¥â„™â ∑‘ ∏‘‡∑à“‡∑’¬¡ °—π„π‡√◊ËÕß°“√≈ß§–·ππ‡ ’¬ß °“√¡Õ∫©—π∑– ‚¥¬ºŸâ∂◊ÕÀÿâπ “¡“√∂¡Õ∫„Àâ°√√¡°“√Õ‘ √–‡ªìπºŸâ√—∫¡Õ∫©—π∑–‰¥â ·≈–„π°“√ ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ëºà“π¡“°√√¡°“√·≈–°√√¡°“√Õ‘ √–∑ÿ°∑à“π ‰¥â‡¢â“√à«¡ª√–™ÿ¡‡æ◊ËÕµÕ∫¢âÕ´—°∂“¡µà“ßÊ ·°àºŸâ∂◊ÕÀÿâπ

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GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

1. Policy on Corporate Governance In 2005 the Board of Directors and Executive Directors continuously endorse the importance of good corporate governance according to guidelines from the Stock Exchange of Thailand. The Board of Directors and Executive Directors are leaders to adopt 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 fourteen days before Shareholderûs Meeting. The company also encouraged shareholders to assign the power of attorney to other person or independent director to attend the Shareholderûs 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 Meeting The company has called for an ordinary shareholder meeting within four months after the end of the previous accounting year. In 2005, the company held the general assembly on 20 April 2005, at 2pm at the 2nd floor of Sport Club Building, Supalai Place, Sukhumvit 39, Bangkok. Shareholders were sent invitation letter and the meeting agenda 14 days before the meeting and the company introduced the on-line registration system where shareholders could be informed of the number of registered shareholders and voting counts from the front screen in the meeting room. The company also ensured that all shareholders were given equal voting right and equal right in passing on their proxies. The proxies could be transferred to independent directors. In the previous shareholder meeting, all directors and independent directors attended the meeting to answer questions.

4. Stakeholderûs rights The company is concerned with the rights of all stakeholders, 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 as follow. 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 contractorûs ability, expertise and quality, as well as evaluation which is notified improvement. Good corporate governance

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ª√–‡∑»‰∑¬∑’‰Ë ¥â√∫— √“ß«—≈¥’‡¥àπ∫â“πÕπÿ√°— …åæ≈—ßß“π∂÷ß 2 √“ß«—≈´âÕπ ®“°°√¡æ—≤π“æ≈—ßß“π∑¥·∑π·≈–Õπÿ√—°…åæ≈—ßß“π 6. §«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå π‚¬∫“¬‡°’¬Ë «°—∫º≈ª√–‚¬™πå∑¢’Ë ¥— °—π∫√‘…∑— œ °”Àπ¥„Àâ æπ—°ß“π ºŸ∫â √‘À“√ ·≈–°√√¡°“√®–µâÕßµ—¥ ‘π„®„π°“√¥”‡π‘π∏ÿ√°‘® ‚¥¬§”π÷ß∂÷ßª√–‚¬™πå ßŸ ÿ¥¢Õß≈Ÿ°§â“·≈–ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ ‡∑à“π—πÈ ∑—Èßπ’È ®–µâÕß‰¡à¬Õ¡„Àâ‡Àµÿº≈„π à«π¢Õßµπ‡Õß À√◊Õ∫ÿ§§≈„π §√Õ∫§√—«¢Õßµπ¡’Õ∑‘ ∏‘æ≈µàÕ°“√µ—¥ ‘π„®∑’∑Ë ”„Àâ‡∫’¬Ë ß‡∫π‰ª®“° À≈—°°“√¢â“ßµâπ ∑—Èßπ’È§≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬°√≥’∑’Ë¡’ √“¬°“√∑’¡Ë §’ «“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå·≈–√“¬°“√∑’‡Ë °’¬Ë «¢âÕß°—π ®–µâÕß‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√°àÕπ¥”‡π‘π°“√ Õ’°∑—Èß ¬—ß‰¥âªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬‡ªî¥‡º¬√“¬≈–‡Õ’¬¥¢Õß√“¬°“√ ¡Ÿ≈§à“√“¬°“√ ‡Àµÿº≈·≈– §«“¡®”‡ªìπ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï·≈–√“¬ß“π ª√–®”ªï ·≈–°√≥’‰¡à·®âß™—¥®–¡’°“√ª√÷°…“°—∫Àπà«¬ß“π∑’‡Ë °’¬Ë «¢âÕß Õ¬à“ß„°≈â™¥‘ 7. ®√‘¬∏√√¡∏ÿ√°‘® ∫√‘…—∑œ ‡πâπ°“√ªØ‘∫—µ‘µπ °“√∑”ß“π·≈–¥”‡π‘π∏ÿ√°‘® ∫πæ◊Èπ∞“π¢Õß§«“¡´◊ËÕ —µ¬å ·≈–¬÷¥¡—Ëπ„π®√√¬“∫√√≥ ‡æ◊ËÕ„Àâ ‡°‘¥§«“¡‡ªìπ∏√√¡µàÕ§Ÿà§â“·≈–≈Ÿ°§â“¢Õß∫√‘…—∑œ ¥—ßπ’È ≈Ÿ°§â“ ∫√‘…—∑œ ¡ÿàß¡—Ëπ„Àâ≈Ÿ°§â“¡’§«“¡æ÷ßæÕ„®‚¥¬°“√π”‡ πÕ ‘π§â“∑’Ë¡’§ÿ≥¿“æ ·≈–„Àâ∫√‘°“√∑’Ë‡ªìπ‡≈‘»°—∫≈Ÿ°§â“¢Õß∫√‘…—∑œ ºŸâ∂◊ÕÀÿâπ ∫√‘…∑— œ¡ÿßà ¡—πË „Àâ¡º’ ≈°“√¥”‡π‘πß“π∑’¥Ë ‡’ ≈‘»Õ¬à“ßµàÕ‡π◊ÕË ß ‚¥¬§”π÷ß∂÷ß ¿“«–§«“¡‡ ’¬Ë ß„πªí®®ÿ∫π— ·≈–Õπ“§µ ·≈–∫√‘À“√ß“π Õ¬à“ß‡µÁ¡∑’Ë‡æ◊ËÕº≈µÕ∫·∑π Ÿß ÿ¥¢ÕßºŸâ∂◊ÕÀÿâπ æπ—°ß“π æπ—°ß“π¢Õß∫√‘…∑— œ ∂◊Õ‡ªìπ∑√—æ¬å π‘ ∑’¡Ë §’ ≥ÿ §à“Õ¬à“ß¬‘ßË ∫√‘…—∑œ ®–æ—≤π“æπ—°ß“πÕ¬à“ßµàÕ‡π◊ËÕß „Àâ¡’§«“¡ “¡“√∂ „π √–¥—∫ Ÿß ·≈–„Àâ‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πåÕπ◊Ë Ê ∑’ Ë “¡“√∂‡∑’¬∫‡§’¬ß ‰¥â°—∫∫√‘…—∑™—Èππ”∑—Ë«‰ª §«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡ ∫√‘…—∑œ ∑”Àπâ“∑’Ë„π∞“π–æ≈‡¡◊Õß∑’Ë¥’ ¡ÿàß √â“ß§«“¡ ‡®√‘≠„Àâ —ß§¡·≈–Õπÿ√—°…å ‘Ëß·«¥≈âÕ¡ §ÿ≥∏√√¡ ∫√‘…—∑œ ¬÷¥¡—Ëπ„π®√√¬“∫√√≥ „π°“√¥”‡π‘π∏ÿ√°‘®¥â«¬ §«“¡´◊ËÕ —µ¬å ÿ®√‘µÕ¬à“ß·πà«·πà„π∑ÿ°Ê ¥â“π

GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

: 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. Besides, the company also has property management department to be responsible for the project environment and community services. In the past year, the company hosted activities such as the meditation and the gathering of mother-loving children. Suppliers

5. Leadership and Vision The companyûs board of directors and other sub committees 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. companyûs 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, as reflected through the companyûs sales and revenue which are above the industryûs average. In addition, the Company was the first and the only company in Thailand receiving two outstanding awards, çSubdivision houses with outstanding Energy Conservation,é

from a contest hosted by Energy Ministry, Department of Alternative Energy Development and Conservation. 6. Conflict of Interest The company requires employees, executives and directors pay the highest concerns on customers and shareholders in fulfil ing their responsibility, they must not compromise the responsibility with personal desires or influence from their family members. The board of directors has made it a policy that in any transaction that could pose a conflict of interest and any connected transaction, the boardûs resolution is necessary. In compliance with the Stock Exchange of Thailandûs regulations, the company also revealed the transactions, their value, and rationale in the annual report. There is close consultation with related agencies if the details of the transactions are not fully reported. 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. 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 wil 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. Good corporate governance

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9. °“√√«¡À√◊Õ·¬°µ”·Àπàß ∫√‘…—∑œ ‰¥â√«¡µ”·Àπàßª√–∏“π°√√¡°“√·≈–ª√–∏“π °√√¡°“√∫√‘À“√ ‡æ◊ËÕ„Àâ‡°‘¥ª√– ‘∑∏‘¿“æ¢Õß°“√∫√‘À“√·≈– ª√–À¬—¥§à“„™â®à“¬ Õ¬à“ß‰√°Áµ“¡„π°“√ª√–™ÿ¡∑ÿ°§√—Èßª√–∏“π °√√¡°“√‰¡à‡§¬‡ªìπºŸâ™’Èπ” °“√µ—¥ ‘π„®„π‡√◊ËÕß∑’Ë ”§—≠µà“ßÊ ®– µâÕß‰¥â√—∫¡µ‘‡ÀÁπ™Õ∫‡ªìπ‡Õ°©—π∑å®“°§≥–°√√¡°“√∑ÿ°∑à“π∑’Ë‰¥â ‡¢â“√à«¡ª√–™ÿ¡ À“°¡’°√√¡°“√∑à“π„¥∑à“πÀπ÷Ëß‰¡à‡ÀÁπ™Õ∫∂◊Õ«à“ «“√–π—πÈ ‰¡àº“à π§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√ ·≈–°√≥’∑ª’Ë √–∏“π °√√¡°“√¡’ «à π‰¥â‡ ’¬„π«“√–π—πÈ Ê ª√–∏“π°√√¡°“√®–ß¥ÕÕ°‡ ’¬ß 10. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ ∫√‘…—∑œ ‰¥â°”Àπ¥º≈µÕ∫·∑π¢Õß°√√¡°“√Õ¬à“ß ‚ª√àß„ ‚¥¬æ‘®“√≥“°≈ÿà¡Õÿµ “À°√√¡‡¥’¬«°—πª√–°Õ∫ ∑—Èßπ’È §à“µÕ∫·∑π¥—ß°≈à“«®–µâÕß‰¥â√—∫°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∑ÿ°§√—Èß ”À√—∫°“√ª√—∫‡ß‘π‡¥◊Õπ·≈–§à“µÕ∫·∑πæ‘‡»…¢Õß ºŸâ∫√‘À“√®–‰¥â√—∫°“√æ‘®“√≥“°”Àπ¥‚¥¬§≥–°√√¡°“√ √√À“ ·≈–°”Àπ¥º≈µÕ∫·∑π 11. °“√ª√–™ÿ¡§≥–°√√¡°“√ ∫√‘…—∑œ ®—¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√Õ¬à“ßπâÕ¬ ‡¥◊Õπ≈– 1 §√—Èß ·≈–ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫Õ¬à“ßπâÕ¬ 2 ‡¥◊ÕπµàÕ 1 §√—Èß ‚¥¬¡’°“√°”Àπ¥«—π‡«≈“∑’Ë·πàπÕπ≈à«ßÀπâ“ æ√âÕ¡°”Àπ¥«“√–°“√ª√–™ÿ¡≈à«ßÀπâ“Õ¬à“ß™—¥‡®π ·≈– àßÀπ—ß ◊Õ π—¥ª√–™ÿ¡≈à«ßÀπâ“‡ªìπ‡«≈“‰¡àπâÕ¬°«à“ 7 «—π°àÕπ«—πª√–™ÿ¡ ‡«âπ ·µà®–¡’°√≥’®”‡ªìπ‡√àß¥à«π∑’Ë¡’º≈°√–∑∫µàÕª√–‚¬™πå¢Õß∫√‘…—∑œ ·≈–∫√‘…∑— œ ‰¥â∫π— ∑÷°√“¬ß“π°“√ª√–™ÿ¡∑ÿ°§√—ßÈ ·≈–®—¥‡°Á∫‡Õ° “√ ‡°’Ë¬«°—∫√“¬ß“π°“√ª√–™ÿ¡§√∫∂â«π »ÿ¿Õ“¿“

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GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

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 has 9 directors, and an advisor to the board. The board of directors consist of 4 independent directors, who constitute over one third of the board, 3 directors with vested interest, 1 director representing the management, and 2 directors with expertise in accounting and finance. In the board of directorsû meeting, all directors exercise their power in ensuring the highest benefits to the company, with concern of possible conflicts of interest with stakeholders.

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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 taking into account those provided in the companies in the same industry. These benefits had been approved at the Shareholdersû Meeting. The consideration of managementûs compensation package and salary had been set by the Nomination and Remuneration Committee. 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.

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Good corporate governance

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„πªï 2548 ∫√‘…—∑œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√√«¡∑—Èß ‘Èπ 14 §√—Èß ‚¥¬¡’°√√¡°“√∑—ÈßÀ¡¥ 9 ∑à“π ·≈–∑’Ëª√÷°…“°√√¡°“√ 2 ∑à“π ‡¢â“√à«¡ª√–™ÿ¡ “¡“√∂ √ÿª°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√ √ÿª‰¥â¥—ßπ’È √“¬™◊ËÕ°√√¡°“√ 1. π“¬ª√–∑’ª µ—ßÈ ¡µ‘∏√√¡ 2. π“ßÕ—®©√“ µ—ßÈ ¡µ‘∏√√¡ 3. π“¬Õ∏‘ª æ’™“ππ∑å 4. ¥√.«‘√™— Õ¿‘‡¡∏’∏”√ß 5. ¥√.ª√–»“ πå µ—ßÈ ¡µ‘∏√√¡ 6. π“¬ª√– æ πÕß™“µ‘ 7. π“¬ª√–°‘µ ª√–∑’ª–‡ π 8. π“¬Õπ—πµå ‡°µÿæ‘∑¬“ 9. π“ßæ‘°ÿ≈ À“≠À—∑¬“ ∑’Ëª√÷°…“°√√¡°“√ 1. π“¬∑«’ Àπÿπ¿—°¥’ 2. π“¬™«π µ—Èß¡µ‘∏√√¡ *

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«—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

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

* ≈“ÕÕ°µ—Èß·µà«—π∑’Ë 11 æƒ…¿“§¡ 2548 1 DCP : Directors Certification Program ACP : Audit Committee Program CSP : Company Secretary program DAP : Director Accreditation Program 12. §≥–°√√¡°“√∑’Ë§≥–°√√¡°“√∫√‘…—∑·µàßµ—Èß §≥–°√√¡∫√‘…∑— œ ·µàßµ—ßÈ §≥–°√√¡°“√™ÿ¥µà“ß Ê ‡™àπ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ √√À“·≈–°”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√–‡¡‘π§«“¡‡ ’Ë¬ß¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√®–∑”Àπâ“∑’Ë¥Ÿ·≈°“√¥”‡π‘π °‘ ® °“√¢Õß∫√‘ …— ∑ „Àâ ‡ ªì π ‰ªµ“¡¢Õ∫‡¢µ∑’Ë ‰ ¥â √— ∫ ¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑ ·≈–Õ”π“® ¥”‡π‘π°“√¢Õß∫√‘…—∑ ●

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°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

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§≥–°√√¡°“√µ√«® Õ∫ ”À√—∫„πªï 2548 ∫√‘…—∑œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√ µ√«® Õ∫√«¡∑—Èß ‘Èπ 9 §√—Èß ‚¥¬°√√¡°“√µ√«® Õ∫∑—ÈßÀ¡¥ 3 ∑à“π √ÿª°“√‡¢â“√à«¡ª√–™ÿ¡‰¥â¥—ßπ’È §≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π ∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈ µÕ∫·∑π´÷Ëßª√–°Õ∫¥â«¬ °√√¡°“√Õ‘ √– 2 ∑à“π ·≈–°√√¡°“√ 1 ∑à“π „π°“√°”Àπ¥§à“µÕ∫·∑π ‰¥â·°à √“¬™◊ËÕ°√√¡°“√µ√«® Õ∫

°“√‡¢â“√à«¡ª√–™ÿ¡/ °“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß) 1. π“¬ª√–°‘µ ª√–∑’ª–‡ π 8/9 2. π“ßæ‘°ÿ≈ À“≠À—∑¬“ 9/9 3. π“¬Õπ—πµå ‡°µÿæ‘∑¬“ 9/9

GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

In 2005, the Board of Directors held 14 meetings, the details are as following :

Directorsû Name 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 Gatepithaya 9. Mrs.Pikul Hanhathya Advisor to Board 1. Mr.Tawee Noonpakdee 2. Mr.Chuan Tangmatitham*

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Appointed Date 2/10/1998 5/10/1992 29/4/1993 5/10/1992 25/4/2001 29/4/1993 25/4/2001 22/1/2001 30/4/1999

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Participation/ total Meetings 14/14 14/14 13/14 14/14 14/14 11/14 13/14 14/14 14/14 13/14 4/5

Directors Certification Program 1 DCP , Chairman 2000 DCP, CSP DCP, DAP DAP DCP Diploma DCP DAP DCP, ACP, DAP DCP, ACP

* resigned on May 11,2005 1 DCP : Directors Certification Program ACP : Audit Committee Program CSP : Company Secretary program DAP : Director Accreditation Program 12. Committees The Board of Directors appointed committee such as Audit Committee, Nomination and 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. ●

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Audit Committee In 2005 , the Audit Committee held 9 meetings, the details are as following : Nomination and Remuneration Committee The company appointed Nomination and Remuneration Committee comprises of 2 independent directors and one director as follow: Audit Committeeûs Name 1. Mr.Prakit Pradipasen 2. Mrs.Pikul Hanhathya 3. Mr.Anant Gatepittaya

Participation/ Total Meetings 8/9 9/9 9/9

Good corporate governance

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1. π“¬ª√–°‘µ ª√–∑’ª–‡ π 2. π“¬ª√– æ πÕß™“µ‘ 3. ¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß ‚¥¬§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π¡’ ∫∑∫“∑„π°“√æ‘ ® “√≥“‡°’Ë ¬ «°— ∫ °“√§— ¥ ‡≈◊ Õ °ºŸâ ∫ √‘ À “√Õ— µ √“ §à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√„π∞“π–æπ—°ß“π·≈–ºŸâ∫√‘À“√ πÕ°®“°π’È§≥–°√√¡°“√°”Àπ¥º≈µÕ∫·∑π¡’Àπâ“∑’Ë∑∫∑«π ¢â Õ ‡ πÕ¢ÕßΩÉ “ ¬®— ¥ °“√„π°“√°”Àπ¥Õ— µ √“§à “ µÕ∫·∑π¢Õß æπ—°ß“π∑—ßÈ À¡¥ ·≈–„πªï 2548 ∫√‘…∑— œ ‰¥â®¥— ª√–™ÿ¡§≥–°√√¡°“√ °”Àπ¥º≈µÕ∫·∑π 1 §√—Èß ‚¥¬°√√¡°“√∑ÿ°∑à“π‡¢â“√à«¡ª√–™ÿ¡ 13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π „π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 2 / 2549 ‡¡◊ËÕ «—π∑’Ë 21 °ÿ¡¿“æ—π∏å 2549 §≥–°√√¡°“√∫√‘…—∑ ‰¥âª√–‡¡‘π§«“¡ ‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‡°’Ë¬«°—∫ Õß§å°√ ·≈– ¿“æ·«¥≈âÕ¡ °“√∫√‘À“√§«“¡‡ ’Ë¬ß °“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ ß“π¢ÕßΩÉ“¬∫√‘À“√ √–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈ ·≈– √–∫∫°“√µ‘¥µ“¡ ‚¥¬¡’°“√´—°∂“¡ª√–‡¥Áπµà“ßÊ µ“¡·∫∫ª√–‡¡‘π §«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π®“°ΩÉ“¬∫√‘À“√·≈â« §≥–°√√¡°“√∫√‘…—∑¡’¡µ‘‡ÀÁπ™Õ∫«à“ ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π ·≈–‰¡àæ∫¢âÕ∫°æ√àÕß‡°’Ë¬«°—∫√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë ¡’π—¬ ”§—≠ ·≈–∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π ‡√◊ËÕß °“√∑” ∏ÿ√°√√¡°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à °√√¡°“√ ºŸâ∫√‘À“√ ·≈–∫ÿ§§≈∑’ËÕ“® ¡’§«“¡¢—¥·¬âß°—∫∫ÿ§§≈¥—ß°≈à“«Õ¬à“ß‡æ’¬ßæÕ ·≈–√—¥°ÿ¡ ·≈–∑’Ë ºà“π¡“∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬ À√◊Õ√–‡∫’¬∫µà“ßÊ ∑’Ë®–™à«¬ µàÕ√–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ‡™àπ - ®—¥‚§√ß √â“ßÕß§å°√ ·∫àß·¬°Àπâ“∑’Ë ∑—ßÈ Àπà«¬ß“π·≈– »ÿ¿«‘ ≤ — πå

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æπ—°ß“π‰«âÕ¬à“ß™—¥‡®π ‡æ◊ÕË ™à«¬„ÀâΩ“É ¬∫√‘À“√ “¡“√∂ ¥”‡π‘πß“π‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ - °”Àπ¥®√‘¬∏√√¡¢ÕßºŸ∫â √‘À“√·≈–æπ—°ß“π¢Õß∫√‘…∑— œ „π°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ·≈–°“√‰¡à¢—¥º≈ª√–‚¬™πå°—∫ ∫√‘…—∑œ - ™’È·®ß„ÀâºŸâ∫√‘À“√‡¢â“„®∂÷ß¿“√–Àπâ“∑’Ë„π°“√√“¬ß“π °“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å ∑—Èß¢Õßµπ‡Õß §Ÿà ¡√ ·≈– ∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«– µ≈Õ¥®π√“¬ß“π°“√ ‡ª≈’Ë¬π·ª≈ß°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å (µ“¡¡“µ√“ 59 ·≈–∫∑°”Àπ¥‚∑…µ“¡¡“µ√“ 275 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535) - ™’È·®ß„ÀâºŸâ∫√‘À“√∑√“∫«à“ ºŸâ∫√‘À“√∑’Ë‰¥â√—∫∑√“∫¢âÕ¡Ÿ≈ ¿“¬„π∑’Ë ‡ ªì π “√– ”§— ≠ ´÷Ë ß ¡’ º ≈°√–∑∫µà Õ °“√ ‡ª≈’Ë¬π·ª≈ß¢Õß√“§“À≈—°∑√—æ¬å §«√À≈’°‡≈’Ë¬ßÀ√◊Õ ß¥°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å¢Õß∫√‘…—∑„π™à«ß√–¬–‡«≈“ 1 ‡¥◊Õπ ·≈–Àâ“¡¡‘„Àâ‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë‡ªìπ “√– ”§—≠ π—πÈ µàÕ∫ÿ§§≈Õ◊πË °àÕπ∑’ßË ∫°“√‡ß‘πÀ√◊Õ¢âÕ¡Ÿ≈¿“¬„ππ—πÈ ®–‡ªî¥‡º¬µàÕ “∏“√≥™π - ª√—∫ª√ÿßÕ”π“®¥”‡π‘π°“√ ‡æ◊ÕË „Àâ¡°’ “√°√–®“¬Õ”π“® Õ¬à“ß‡À¡“– ¡ - ®—¥∑”∫—≠™’√“¬™◊ÕË ¢Õß°ÆÀ¡“¬∑’‡Ë °’¬Ë «¢âÕß„π°“√¥”‡π‘π ∏ÿ√°‘® æ√âÕ¡∑—Èß„ÀâºŸâ∫√‘À“√ §«∫§ÿ¡ ¥Ÿ·≈ „Àâ¡’°“√ ªØ‘∫—µ‘µ“¡Õ¬à“ß∂Ÿ°µâÕß ‡À¡“– ¡ 14. √“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘ …— ∑ ‡ªì π ºŸâ √— ∫ º‘ ¥ ™Õ∫„π°“√®— ¥ ∑” √“¬ß“π∞“π–∑“ß°“√‡ß‘ π ·≈–º≈°“√¥”‡π‘ π ß“π ”À√— ∫ º≈ ª√–°Õ∫°“√„π√Õ∫ªï‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ∑—Èßπ’È§≥–°√√¡°“√

GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

1. Mr. Prakit Pradipasen 2. Mr. Prasob Snongjati 3. Dr. Virach Aphimeteetamrong The Nomination and Remuneration Committee considers to nominate executive management and 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. In 2005 there was 1 remuneration committeeûs meeting and all directors attended this meeting. 13. Controlling System and Internal Audit The Board of Directors, at the 2/2006 meeting on 21 February 2006, assessed the sufficiency of internal control, taking into account the business environment, risk management, control on the management, information system and communications, and surveillance system. After a question-answer session with the management, the Board resolved that the companyûs internal control is in place and there is no significant flaw. The company also has the sufficient internal control on transactions with major shareholders, directors, executives and individuals who could pose conflicts of interest. The company has also imposed rules and regulations to ensure proper internal control and good governance, such as:

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- Clearly structure the organisation into departments and set clear job descriptions to allow efficient management - Impose Code of Conduct for executives and employees, in disclosing information and not creating conflicts of interest - Ensure that executives realise the duty in reporting the shareholding of themselves, their spouses and under-aged children and report any change in their shareholding (according to the Securities and Exchange Act, Articles 59 and 275). - Ensure that executives should avoid or freeze trading in the companyûs shares for a month, if they learn of significant information which should affect the companyûs share price. They must also not disclose the information to others, before the financial statements or the internal information are publicised. - Ensure proper power delegation. - Enlist related business laws so that the management team can properly follow the rules. 14. Directorsû Reporting The Board of Directors were responsible for providing financial report in comparison to previous financial report. The Board of Directors with knowledge,

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Good corporate governance

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15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ∫√‘…—∑œ µ√–Àπ—°„π¿“√–Àπâ“∑’Ë∑’Ë®–µâÕßªØ‘∫—µ‘µàÕ ºŸâ∂◊ÕÀÿâπ‚¥¬‡∑à“‡∑’¬¡°—π ‚¥¬¡’°“√‡ªî¥‡º¬ “√ π‡∑»∑—Èß∑’Ë‡ªìπ “√ π‡∑»∑“ß°“√‡ß‘π·≈–‰¡à„™à∑“ß°“√‡ß‘πÕ¬à“ß§√∫∂â«π ‡æ’¬ßæÕ ‡™◊ÕË ∂◊Õ‰¥â ·≈–∑—π‡«≈“ ‡æ◊ÕË „Àâº∂Ÿâ Õ◊ Àÿπâ ‰¥â√∫— ∑√“∫ “√ π‡∑»Õ¬à“ß ‡∑à“‡∑’¬¡°—πµ“¡∑’Ë°”Àπ¥ ‚¥¬°ÆÀ¡“¬ Õß§å°√·≈–Àπà«¬ß“π ¿“§√—∞∑’Ë‡°’Ë¬«¢âÕß ‚¥¬¡’π—°≈ß∑ÿπ —¡æ—π∏å —ß°—¥ΩÉ“¬∫—≠™’·≈– °“√‡ß‘π‡æ◊ÕË ¥Ÿ·≈ºŸ≈â ß∑ÿπ∑—«Ë ‰ª π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å ·≈–ºŸ∂â Õ◊ Àÿπâ ‚¥¬‡ªî¥‡º¬¢âÕ¡Ÿ≈„Àâ∑°ÿ ΩÉ“¬ß“π∑√“∫∑—ßÈ °√≥’ª°µ‘·≈–°√≥’‡√àß¥à«π ·≈–‡«≈“∑’Ë‡À¡“– ¡ ∑—Èßπ’È°àÕπ∑’Ë∫√‘…—∑œ ®–‡º¬·æ√àß∫°“√‡ß‘π·°à ∫ÿ§§≈∑—«Ë ‰ª‚¥¬ºà“πµ≈“¥À≈—°∑√—æ¬åππ—È ®–µâÕßºà“π§«“¡‡ÀÁπ™Õ∫ ®“°§≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√∫√‘…—∑„π§«“¡ ∂Ÿ°µâÕß·≈–§√∫∂â«π·≈–‡æ’¬ßæÕ¢Õß¢âÕ¡Ÿ≈ ·≈–‡¡◊ÕË ∫√‘…∑— œ π” àß ¢âÕ¡Ÿ≈ºà“πµ≈“¥À≈—°∑√—æ¬å·≈â«®÷ß®–‡º¬·æ√à¢âÕ¡Ÿ≈ß∫°“√‡ß‘π∫π ‡«Á∫‰´¥å¢Õß∫√‘…—∑œ

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πÕ°®“°π’∫È √‘…∑— œ ‰¥â‡¢â“√à«¡‚§√ß°“√«—πæ∫ª–π—°≈ß∑ÿπ °—∫µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬∑ÿ°‰µ√¡“ ‚¥¬„πªï 2548 ‰¥â‡¢â“√à«¡‚§√ß°“√ 4 §√—Èß ·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈·°à “∏“√≥™π„π ‡«Á∫‰´µå¢Õß∫√‘…—∑œ Õ“∑‘‡™àπ√“¬ß“πª√–®”ªï ·∫∫ 56-1 ·≈– ¢âÕ¡Ÿ≈∑’πË ”‡ πÕ„π«—πæ∫ª–π—°≈ß∑ÿπ ‡ªìπµâπ·≈–πÕ°®“°π’∫È √‘…∑— œ ¬—ß‰¥â®—¥∑”∫∑§«“¡· ¥ß∂÷ß«‘ —¬∑—»πå·≈–·π«‚πâ¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åµæ’ ¡‘ æå„π√“¬ß“πª√–®”ªï¢Õß∫√‘…∑— œ ·≈–ºà“π ◊ÕË ¡«≈™π µà“ßÊ ∑—ÈßÀπ—ß ◊Õæ‘¡æåπ‘µ¬ “√µ≈Õ¥®π°“√„Àâ —¡¿“…≥å À√◊Õ ‡¢â“√à«¡Õ¿‘ª√“¬„π ∂“π’«‘∑¬ÿÀ√◊Õ‚∑√∑—»πå ·≈–°“√‡¢â“√à«¡‡ªìπ ¡“™‘°·≈–¡’∫∑∫“∑„π ¡“§¡µà“ßÊ ‡æ◊ËÕ√—∫„™â —ß§¡

GOOD CORPORATE GOVERNANCE Annual Report 2005 Supalai Public Company Limited

capability and care, must ensure that financial report is in compliance with the Generally Accepted Accounting Principle and with full disclosure and dispatch to shareholders well in advance for its meeting.

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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 has The investor relations unit, under The accounting and finance department, to take care of investors, securities analysts and shareholders. The unit wil disclose regular and emergency information in due time. Before disseminating the financial statements through the stock exchangeûs system, the statements must be endorsed by the audit committee and the board of directors to ensure the accuracy and sufficiency of the information. After the revelation in the system, the statements will be posted on the companyûs website. The company actively participated çthe opportunity dayé organized by the Stock Exchange of Thailand on quarterly basis. In 2005, the company attended 4 times and disclosed data and information on the companyûs website such as annual report, 56-1 form and slide of presentation in opportunity day etc. 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.

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Good corporate governance

π‚¬∫“¬·≈–°≈¬ÿ∑∏å¢ÕßΩÉ“¬∑√—æ¬“°√¡πÿ…¬å √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‡π◊ÕË ß®“°„πªí®®ÿ∫π— ∂◊Õ«à“‡ªìπ°“√‡¢â“ Ÿ¬à §ÿ ¢Õß°“√‡√’¬π√Ÿâ ·≈–°“√æ—≤π“Õß§å°√„π¥â“πµà“ßÊ ∑—Èß„π‡√◊ËÕß¢Õßº≈‘µ¿—≥±å °“√∫√‘°“√ √«¡‰ª∂÷ß°“√æ—≤π“∑√—æ¬“°√¡πÿ…¬å´÷Ëß∂◊Õ‰¥â«à“‡ªìπ æ◊Èπ∞“π∑’Ë ”§—≠„π°“√∑’Ë®–æ—≤π“„Àâ‡®√‘≠‡µ‘∫‚µ‰¥âÕ¬à“ß¬—Ëß¬◊π ¥—ßπ—πÈ ∑“ß∫√‘…∑— œ®÷ß‰¥â‡≈Áß‡ÀÁπ§«“¡ ”§—≠¢Õß°“√æ—≤π“∑√—æ¬“°√ ¡πÿ…¬å‡ªìπÕ¬à“ß¬‘Ëß ‚¥¬¡’°“√ àß‡ √‘¡°“√‡√’¬π√Ÿâ„Àâ°—∫æπ—°ß“π„π ∑ÿ°√–¥—∫ „π√Ÿª·∫∫µà“ßÊ ‡™àπ °“√‡√’¬π√Ÿâ¥â«¬µπ‡Õß ‚¥¬¡’°“√ √â“ßÀâÕß ¡ÿ¥∑’Ë¡’Àπ—ß ◊Õ„πÀ≈“°À≈“¬√Ÿª·∫∫√«¡∂÷ß¡’ ◊ËÕ·≈– Õÿª°√≥å∑’Ë∑—π ¡—¬ πÕ°‡Àπ◊Õ®“°°“√‡√’¬π√Ÿâ¥â«¬µ—«‡Õß·≈â«∫√‘…—∑œ ¬—ß‰¥â¡’°“√æ—≤π“»—°¬¿“ææπ—°ß“π´÷Ëß®–¡’°“√«“ß·ºπæ—≤π“¢’¥ §«“¡ “¡“√∂¢Õßæπ—°ß“π ‚¥¬°“√π”À≈—°¢Õß§«“¡ “¡“√∂‡™‘ß ¡√√∂π– (Competency) ¡“ª√–¬ÿ°µå„™â„π°“√®—¥∑”§”∫√√¬“¬ Àπâ“∑’Ëß“π (Job Description) ‡æ◊ËÕ„Àâ¡’§«“¡™—¥‡®π·≈–‡À¡“– ¡ °—∫ß“π„π·µà≈–µ”·Àπàß´÷ßË §”∫√√¬“¬Àπâ“∑’ßË “ππ’®È –‡ªìπæ◊πÈ ∞“π¢Õß °√–∫«π°“√ √√À“ ª√–‡¡‘πº≈°“√ªØ‘∫—µ‘ß“π ·≈–°“√æ—≤π“

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∑√—æ¬“°√¡πÿ…¬å √«¡∂÷ß°“√«“ß·ºπ§«“¡°â“«Àπâ“„π “¬ß“π¢Õß æπ—°ß“π (Career Development) ∑’Ë®– àßº≈µàÕ°“√°“√«“ß·ºπ ◊∫∑Õ¥µ”·Àπàßß“π (Succession Plan) ∑’Ë∫√‘…—∑œ ‰¥â«“ß·ºπ ‡æ◊ËÕ§«“¡°â“«Àπâ“¢Õßæπ—°ß“π„π√–¬–¬“« πÕ°‡Àπ◊Õ®“°°“√æ—≤π“»—°¬¿“æ¢Õßæπ—°ß“π‡æ◊ËÕ„Àâ ∑—πµàÕ‚≈°¬ÿ§ªí®®ÿ∫—π·≈â« §ÿ≥¿“æ™’«‘µ„π°“√∑”ß“π (Quality of Work Life) ¢Õßæπ—°ß“π∂◊Õ‡ªìπÕ’° à«πÀπ÷ßË ∑’∫Ë √‘…∑— œ„Àâ§«“¡ ”§—≠ ´÷ËßπÕ°‡Àπ◊Õ®“° «— ¥‘°“√µà“ßÊ ∑’Ë∫√‘…—∑œ„Àâ°—∫æπ—°ß“π·≈â« ∫√‘…—∑œ ‰¥â∑”°“√¬â“¬ ∂“π∑’Ë∑”ß“π·Ààß„À¡à ∑’Ë∑—π ¡—¬‡À¡“– ¡ °—∫√Ÿª·∫∫™’«‘µ„π°“√∑”ß“π ¡—¬„À¡à¡“°¢÷Èπ ∑—Èßπ’È‡æ◊ËÕ§«“¡ ÿ¢ §«“¡ –¥«° ∫“¬¢Õßæπ— ° ß“π∑’Ë ‰ ¥â ∑”ß“π√à « ¡°— ∫ ∫√‘ …— ∑ œ ∑—ÈßÀ¡¥π’È®–∑”„Àâæπ—°ß“π “¡“√∂‡µ‘∫‚µ‰ª°—∫∫√‘…—∑œ‰¥âÕ¬à“ß¡’ ∑‘ » ∑“ßµ“¡·ºπ∑’Ë « “ß‰«â · ≈–¡’ § «“¡ ÿ ¢ °— ∫ ß“π∑’Ë µ π‡Õß‰¥â √— ∫ ¡Õ∫À¡“¬ ¡’ «— ¥‘¿“æ„π°“√∑”ß“π∑’Ë¥’´÷Ëß®–‡ªìπ√“°∞“π„π°“√ ∑”„Àâ∫√‘…—∑œ ‡µ‘∫‚µ‰¥âÕ¬à“ß¡—Ëπ§ß ◊∫µàÕ‰ª »ÿ¿√µ“ Excellence

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HUMAN RESOURCESû POLICY AND STRATEGIES Annual Report 2005 Supalai Public Company Limited

In the age of learning, all organizations need to keep up with the development in products and services as well as human resources-the basic element to ensure sustainability. The company has put strong emphasis in human resources development, whereby employees at all levels are promoted to improve their knowledge in different styles such as the self-learning which is supported by a library where a variety of reading stuff and modern equipment are available. The company also improves their capability by applying their competency in arranging job descriptions. This wil ensure clarity of responsibility and suitability in each position. The job descriptions lay the framework for the selection, evaluation and development of human resources, as well as the career development.

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All this will lead to the succession plan, to ensure long-term advancement of all employees. Aside from ensuring that all employees are abreast with global changes, the company also focuses on their quality of work life. Beside welfare, the company has moved to a new office, which is more modern and suitable for modern work life, for employeesû happiness and convenience. All these will ensure that the employees will grow with the company towards the charted direction and wil be satisfied with the assigned jobs and benefits. This will lay a solid ground for the companyûs future expansion.

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Human resourcesû policy and strategies

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RISK FACTORS Annual Report 2005 Supalai Public Company Limited

Risk from Operation 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. Many projects are continuing projects, consisting of finished single detached houses and condominium units which could be sold at the old development 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 stil 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 莽Supalai茅 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 MRT 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 especially high rise buildings, which are always studied and developed by modern tools and technology then available. 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 wil 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. Interest Rate Risk The upward interest rate trend may affect customers没 housing mortgage loan as well as the Company没s 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 and create products and marketing strategies to ensure quick sales in new projects, to save Risk factors

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RISK FACTORS Annual Report 2005 Supalai Public Company Limited

marketing costs. The lower cost wil then allow the company to reduce product prices, allowing customers to pay a small sum at the time when interest rates are in the upward trend. Legal Risk In the property development industry, ones can face these risks: limited use of space in the development of some kinds of buildings, restricted development in height-control areas, setback formula, quarrels on land area with neighbours, complaints during the construction and expropriation for government infrastructure projects. There could also be problems from legal amendments, rules and regulations of related state agencies which come into effect after the company takes ownership of a particularly plot of land or is in the process of applying for development licenses from related agencies.

Financial Risk Risks from Project Financing Repayment to Liquidity Project financing constitutes the large part in financing the project development while the rest comes from the working capital. Financial creditors usually demand partial principal and interest repayments after the transfer of houses to customers. Thus, the company could use the remaining sale proceeds to finance the operations and repay other loans. The real estate industry has enjoyed continued demand following the recovering economy and higher purchasing power. Though interest rates are expected to rise , most commercial banks forecast 1-2 increases within the first half and none in the latter half. Interest rates are expected not to exceed 8 per cent. In 2005, the company also registered the highest sales since establishment: it struck sale contracts worth Baht 7,380.77 mil ion and the booked houses would be transferred to customers within 2006-2008. In 2006, the Baht 900 mil ion condominium building Supalai Oriental Place in Sathorn-Suan Phu is sold out, while the other building Supalai Premier Place with over Baht 1,400 mil ion in sales contracts should be able to transfer the finished units to customers in the second quarter. This wil result in huge excess liquidity. However, though the company wil launch 8 projects this year, the company wil try to maintain the debt to equity ratio at 1:1, which is lower than the industryûs average at 1.4:1. At the ratio, the companyûs financial risks are low, compared to other developers. Meanwhile, the

company and subsidiaries wil also honour other conditions attached with borrowing contracts, such as: - On dividend payment: the company wil not pay dividend, interim or annualized, or allocate any benefits to shareholders, unless the lenders resolve that doing so would not affect the companyûs ability to pay. - On equity: the company wil not reduce registered capital. - On merger and acquisition: the company wil not merge with other companies or establish or invest in any legal entity or join hands with other legal entities, unless having written consents from the borrowers and receiving the commitment from the legal entities in shouldering the companyûs debt obligations. Debenture Redemption Risk Under the debt restructuring plan, the Company converted partial debts into unsecured debentures. As of December 31, 2005, there were two outstanding tranches, one unsecured with Baht 234.90 mil ion at coupon rate of 2.5 per cent maturing in 2007.Another 3 year secured of Baht 550 mil ion at 4.50% maturing on January 7, 2007, Baht 275 million of that has been redeemed, leaving the outstanding value at Baht 275 mil ion. We are certain of the ability to redeem the remaining debentures at maturity. Risks from Financial Assistance extended to Subsidiaries or Related Companies The company has a policy to extended financial assistance to subsidiaries and related companies, through loans and loan guarantees which could incur risks if the recipients could not honour the repayments. However, the company limits the risks by providing the assistance to only those on which the company has the controlling power. Plus, before entering into a connected transaction, the company wil follow the Stock Exchange of Thailandûs guidelines: the audit committeeûs comment will be sought and the company will seek approval from the board of directors and/or shareholders if required by the SETûs regulations.

Risk factors

√“¬°“√√–À«à“ß°—π √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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√“¬°“√√–À«à“ß°—π

‰¥â„Àâ§≥–°√√¡°“√µ√«® Õ∫‡¢â“√à«¡æ‘®“√≥“∂÷ß§«“¡‡À¡“– ¡ ¢Õß√“§“ ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√√–À«à“ß°—π¥â«¬ √“¬°“√√–À«à“ß°—π∑’ËÕ“®‡°‘¥¢÷Èπ„πÕπ“§µπ—Èπ §≥–°√√¡°“√∫√‘…∑— ®–µâÕßªØ‘∫µ— „‘ Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å ·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–¢âÕ∫—ß§—∫ ª√–°“» §” —ßË À√◊Õ¢âÕ°”Àπ¥ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ √«¡µ≈Õ¥∂÷ß°“√ªØ‘∫µ— µ‘ “¡ ¢âÕ°”Àπ¥‡°’Ë¬«°—∫°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈°“√∑”√“¬°“√‡°’Ë¬«‚¬ß·≈– °“√‰¥â¡“À√◊Õ®”Àπà“¬∑√—æ¬å π‘ ∑’ Ë ”§—≠¢Õß∫√‘…∑— œ À√◊Õ∫√‘…∑— ¬àÕ¬ ∑—Èßπ’È À“°¡’√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑œ À√◊Õ∫√‘…—∑ ¬àÕ¬‡°‘¥¢÷πÈ °—∫∫ÿ§§≈∑’ÕË “®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ¡’ «à π‰¥â à«π‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„πÕπ“§µ ∫√‘…∑— œ ®–„Àâ§≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸ„â Àâ§«“¡‡ÀÁπ‡°’¬Ë «°—∫§«“¡®”‡ªìπ ·≈–§«“¡‡À¡“– ¡¢Õß√“¬°“√π—Èπ „π°√≥’∑’Ë§≥–°√√¡°“√ µ√«® Õ∫‰¡à¡’§«“¡™”π“≠„π°“√æ‘®“√≥“√“¬°“√√–À«à“ß°—π∑’Ë Õ“®‡°‘¥¢÷Èπ ∫√‘…—∑œ ®–„ÀâºŸâ‡™’Ë¬«™“≠Õ‘ √–À√◊ÕºŸâ Õ∫∫—≠™’¢Õß ∫√‘…∑— œ ‡ªìπºŸ„â Àâ§«“¡‡ÀÁπ‡°’¬Ë «°—∫√“¬°“√√–À«à“ß°—π¥—ß°≈à“« ‡æ◊ÕË π”‰ª„™âª√–°Õ∫°“√µ—¥ ‘π„®¢Õß§≥–°√√¡°“√À√◊ÕºŸ∂â Õ◊ Àÿπâ µ“¡·µà °√≥’ ∑—Èßπ’È ∫√‘…—∑œ ®–‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π‰«â„πÀ¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π∑’‰Ë ¥â√∫— °“√µ√«® Õ∫®“°ºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— œ ”À√—∫°“√„Àâ§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π„πÕπ“§µ·°à ∫√‘…—∑¬àÕ¬„πÕπ“§µ ∫√‘…—∑œ ®–æ‘®“√≥“∂÷ß∞“π–∑“ß°“√‡ß‘π º≈°“√¥”‡π‘πß“π ·≈–§«“¡ “¡“√∂„π°“√™”√–‡ß‘π‡ªìπµâπ ∑—Èßπ’È ∫√‘…—∑œ ®–¥”‡π‘π°“√„Àâ§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π„πÕπ“§µ·°à ∫√‘…∑— ¬àÕ¬µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ °“√ª√—∫‚§√ß √â“ßÀπ’¢È Õß∫√‘…∑— œ ‡À≈à“π—Èπ„πªï∑’Ëºà“π¡“ ™à«¬∑”„Àâ°‘®°“√‡À≈à“π—Èπ¡’§«“¡§≈àÕßµ—« ·≈–¡’∞“π–∑“ß°“√‡ß‘π¥’¢÷Èπ ·≈– “¡“√∂¥”‡π‘π∏ÿ√°‘®µàÕ‰ª‰¥â ∑—ßÈ π’°È “√„Àâ§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π·°à∫√‘…∑— ¬àÕ¬‡À≈à“π’È ∫√‘…∑— œ ‰¥âæ®‘ “√≥“∑—ßÈ º≈¥’·≈–º≈‡ ’¬«à“À“°∫√‘…∑— œ ‰¡à„Àâ§«“¡™à«¬‡À≈◊Õ ∫√‘…—∑¬àÕ¬‡À≈à“π’È°Á®–‰¡à “¡“√∂¥”‡π‘π∏ÿ√°‘®µàÕ‰ª‰¥â Õ’°∑—Èß°“√ „Àâ§«“¡™à«¬‡À≈◊Õ∫√‘…—∑œ ‰¥â§”π÷ß∂÷ß°“√‡ªìπºŸâ∂◊ÕÀÿâπ„À≠à ·≈–¡’ Õ”π“®„π°“√§«∫§ÿ¡°“√∫√‘À“√‡æ◊ÕË „Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å¢Õß ∫√‘…—∑œ ∑—Èßπ’È∫√‘…—∑œ ®–‰¡à„Àâ§«“¡™à«¬∑“ß°“√‡ß‘π·°à∫√‘…—∑Õ◊Ëπ∑’Ë ‰¡à„™à∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ

RELATED TRANSACTIONS Annual Report 2005 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 Committeeûs Opinion to Related Transactions Most of transactions were financial assistance to related companies which have mutual directors and shareholders, so Audit Committeeûs opinion is that it is a general practice in business since the company charged interest at the same borrowing rate or higher. Audit Committeeûs 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 audit committee or independent directors, the board of directors or shareholdersû 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 Connected Transactions The companyûs future connected transactions wil be based on regular business patterns and comparative market prices. The companyûs audit committee is also empowered to consider the appropriate price and the rationale of the connected transactions. On future connected transactions, the board of directors will also follow through the Securities and Exchange Act as well as the rules and regulations imposed

by the Stock Exchange of Thailand as well as the rules on the disclosure of the connected transactions and the disposal/acquisition of significant assets of the company or subsidiaries. If any connected transaction of the company or subsidiaries is struck with a person with vested interest or possible conflicts of interest, the company will ask the audit committee to comment on the necessity and the appropriateness of the transaction. If the committee is not experienced enough to come up with a comment, the company wil hire an independent expert or the companyûs auditor to comment on the transaction. The comment wil then be used by the board of directors or shareholders, when they are to make a decision. The company will reveal the connected transactions in the audited financial statements. In future financial assistance to subsidiaries, the company wil consider their financial positions, performance and ability to repay the loans, for example. The company wil provide the assistance in relation to our shareholding. The subsidiariesû debt restructuring in the past year resulted in higher financial flexibility and business performance. The company considered that without the assistance, the subsidiaries would not be in the position to continue their business. Moreover, the company is its major shareholders who has the controlling power over the management. Importantly, the company will not provide a similar financial assistance to non-subsidiaries.

Related Transactions

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑ ™◊ËÕ ∑’Ëµ—Èß ”π—°ß“π ª√–‡¿∑∏ÿ√°‘® ‡≈¢∑’Ë∑–‡∫’¬π ‚∑√»—æ∑å ‚∑√ “√ ‚Œ¡‡æ® ∑ÿπ®¥∑–‡∫’¬π ∑ÿπ‡√’¬°™”√–·≈â« ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å

‚∑√»—æ∑å ‚∑√ “√ ‡∫Õ√å°≈“ß ‚Œ¡‡æ® ºŸâ Õ∫∫—≠™’

§à“ Õ∫∫—≠™’

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) 175 Õ“§“√»ÿ¿“≈—¬‡æ≈ ´Õ¬ ÿ¢ÿ¡«‘∑ 39 ∂ππ ÿ¢ÿ¡«‘∑ ·¢«ß§≈Õßµ—π‡Àπ◊Õ ‡¢µ«—≤π“ °√ÿß‡∑æ¡À“π§√ 10110 æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 0107535000303 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 ∫“∑ 1,246,150,355 ∫“∑

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∂ππ√—™¥“¿‘‡…° §≈Õß‡µ¬ °√ÿß‡∑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 ∫√‘…—∑ ”π—°ß“π‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ π“¬≥√ß§å æ—πµ“«ß…å ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3315 À√◊Õ π“ß “«∑‘æ«—≈¬å π“π“πÿ«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3459 À√◊Õ π“ß “«»‘√“¿√≥å ‡Õ◊ÈÕÕπ—πµå°ÿ≈ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3844 Õ“§“√‡≈§√—™¥“ 193/136-137 ∂ππ√—™¥“¿‘‡…° §≈Õß‡µ¬ °√ÿß‡∑æœ 10110 1,225,000 ∫“∑

SUPALAI INFORMATION Annual Report 2005 Supalai Public Company Limited

SUPALAI INFORMATION Name Head Office Main Business Register Number Telephone Fax Home Page Registered Capital Paid Capital OTHER REFERENCES Registrar

Telephone Fax Call Center Home Page External Auditor

Auditor没s Fee

Supalai Public Company Limited 175 Supalai Place Building, Soi Sukhumvit 39, Sukhumvit Road, Klongtonnua, Wattana, Bangkok 10110 Real Estate Development 017535000303 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 1,246,150,355 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 Ernst & Young Office Limited Mr.Narong Puntawong CPA. license No.3315 or Miss Thippawan Nananuwat CPA. license No.3459 or Miss Siraporn Ouaanunkun CPA. license No.3844 Lake Rajada Office Complex 193/136-137 Rachadaphisek Road Klongtoey, Bangkok 10110 Baht 1,225,000

Supalai information

√“¬ß“πº≈°“√¥”‡π‘πß“πªï 2548 √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

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„πªï 2548 π—∫‡ªìπªï∑’Ë∫√‘…—∑œ ¡’¬Õ¥¢“¬ Ÿß ÿ¥‡ªìπ ª√–«—µ‘°“√≥åµ—Èß·µà®—¥µ—Èß∫√‘…—∑œ °≈à“«§◊Õ¡’¬Õ¥¢“¬∑’Ë∑” —≠≠“ ·≈â«‡∑à“°—∫ 7,381 ≈â“π∫“∑ Ÿß°«à“ªï°Õà π∑’¡Ë ¬’ Õ¥¢“¬‡∑à“°—∫ 3,433 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ‡æ‘Ë¡¢÷Èπ 115% ∑—Èßπ’È‡π◊ËÕß®“°§«“¡ ”‡√Á® ®“°°“√‡ªî¥‚§√ß°“√„À¡à∑ß—È ·π«√“∫·≈–·π« Ÿß‚¥¬‡©æ“–°“√‡ªî¥ ‚§√ß°“√´‘µ’È‚Œ¡ 2 ‚§√ß°“√∑’Ë “¡“√∂¢“¬‰¥âÀ¡¥¿“¬„π‡«≈“ Õ—π —πÈ à«π∑“ß¥â“πº≈ª√–°Õ∫°“√‰¡à«“à ®–‡ªìπ°“√√—∫√Ÿ√â “¬‰¥â·≈– §«“¡ “¡“√∂„π°“√§«∫§ÿ¡µâπ∑ÿπ§à“°àÕ √â“ß¬—ßÕ¬Ÿà„π√–¥—∫∑’Ë¥’ ¥—ß¡’√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È 1. √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å‡∑à“°—∫ 3,356.96 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 1,424.87 ≈â“π∫“∑ §‘¥ ‡ªìπ‡æ‘Ë¡¢÷Èπ 74% ´÷Ëß‡°‘¥®“°°“√√—∫√Ÿâ√“¬‰¥â®“°°“√ ‚Õπ∫â“π ∑“«πå‡Œâ“ å ·≈–Õ“§“√™ÿ¥∑’ Ë √â“ß‡ √Á® ®”π«π 2,480 ≈â“π∫“∑ à«π∑’‡Ë À≈◊Õ‡°‘¥®“°°“√√—∫√Ÿ√â “¬‰¥â®“° °“√¢“¬Õ“§“√™ÿ¥„À¡à 2 ‚§√ß°“√∑’Ë¬—ß √â“ß‰¡à‡ √Á® ‚¥¬√—∫√Ÿâµ“¡‡°≥±å°“√√—∫√Ÿâ√“¬‰¥âµ“¡Õ—µ√“ à«π¢Õß ß“π∑’Ë ”‡√Á® 58

√“¬ß“πº≈°“√¥”‡π‘πß“πªï 2548

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ªï 2548 3,503.82 3,356.96 780.91 49.07 829.98 24% 0.70 1.01 0.68 2.97 4.64 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ªï 2547 2,174.52 1,932.09 384.30 96.48 480.79 22% 0.46 0.88 0.66 2.52 3.90

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‡æ‘Ë¡(≈¥) % 61% 74% 103% (49%) 73%

2. ·¡â«à“√“§“«— ¥ÿ°àÕ √â“ß·≈–§à“¢π àßµ≈Õ¥®π§à“ ·√ßß“π®–ª√—∫µ—«‡æ‘Ë¡¢÷Èπµ≈Õ¥ªï 2548 ∑’Ëºà“π¡“ ·µà ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¬—ß§ßπ‚¬∫“¬‰¡àª√—∫√“§“„π °√≥’∑‡’Ë ªìπ∫â“π √â“ß‰«â°Õà π ·≈–ª√—∫√“§“‡∑à“∑’®Ë ”‡ªìπ „π∫â“π∑’ Ë √â“ß„À¡à ∑”„ÀâÕµ— √“°”‰√¢—πÈ µâπ¢Õß∫√‘…∑— œ ·≈–∫√‘…—∑¬àÕ¬≈¥≈ß‡¡◊ËÕ‡∑’¬∫°—∫ªï°àÕπ Õ¬à“ß‰√°Á µ“¡Õ—µ√“°”‰√¢—Èπµâπ¬—ß§ß Ÿß°«à“ 40% °≈à“«§◊Õ Õ¬Ÿà ∑’Ë√–¥—∫ 43% ´÷Ëß‡ªìπº≈¡“®“°∫√‘…—∑œ ·≈–∫√‘…—∑ ¬àÕ¬¡’°“√∫√‘À“√®—¥°“√µâπ∑ÿπ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ 3. °”‰√ ÿ∑∏‘‡∑à“°—∫ 829.98 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ Ÿß°«à“ªï °àÕπ´÷ßË Õ¬Ÿ∑à √’Ë –¥—∫ 480.79 ≈â“π∫“∑ À√◊Õ‡æ‘¡Ë ¢÷πÈ 73% ∑”„Àâ¡Õ’ µ— √“°”‰√ ÿ∑∏‘µÕà √“¬‰¥â√«¡Õ¬Ÿ∑à ’Ë 24% “‡Àµÿ À≈—°Ê ¡’¥—ßπ’È : √“¬‰¥â√«¡ªïπ’È 3,503.82 ≈â“π∫“∑ Ÿß°«à“ªï°àÕπ 1,329.30 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ‡æ‘Ë¡¢÷Èπ 61% √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å 3,356.96 ≈â“π ∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 1,424.87 ≈â“π∫“∑§‘¥‡ªìπ ‡æ‘Ë¡¢÷Èπ 74% ●

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OPERATIONAL RESULT OF THE YEAR 2005 Annual Report 2005 Supalai Public Company Limited

Consolidated Statement Unit : Million Baht Total Revenues Revenue from sales of real estate Net Profit before extraordinary items Gain from redemption of debenture and repayment debt prior to maturity - net tax Net Profit after tax Net Profit margin (%) E.P.S. (Baht)-weighted average Debt to Equity (Times) Gearing Ratio (Times) Book Value per share (Baht) Net Assets Value per share (Baht)

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Year 2005 was the record year of our companyûs sales record. The company has contractual sales amounting 7,381 mil ion baht higher than 3,433 mil ion baht of previous year or increased by 115 %. The success was from opening of new projects both low rise and high rise especial y 2 projects of CITY HOME which were sold out within extremely short period. The performance in revenue recognition and ability to control cost is also outstanding. The details are as follow : 1. Revenues from sales on real estate was 3,356.96 mil ion baht, increased by 1,424.87 mil ion baht or 74% from last year resulting from revenue recognition from transferring single detached houses, town houses and completed condominiums amounting 2,480 mil ion baht. Remaining was from 2 under construction condominium projects which revenue was recognized based on the percentage of completion method.

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2005 3,503.82 3,356.96 780.91 49.07 829.98 24% 0.70 1.01 0.68 2.97 4.64 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2004 2,174.52 1,932.09 384.30 96.48 480.79 22% 0.46 0.88 0.66 2.52 3.90

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Increase (decrease) % 61% 74% 103% (49%) 73%

2. In spite of construction material price, transportation cost and labor cost increase, the company and its subsidiaries still maintained the selling price of those pre-built houses and only increase in new production ones. However, the company and its subsidiaries were able to keep gross profit margin above 40 % which is 43 %. This mainly is attributed to effective management in controlling cost . 3. Net Profit was 829.98 mil ion baht higher than 480.79 mil ion baht of last year, or increased by 73%, and net profit margin was 24% mainly due to Total revenues was 3,503.82 mil ion baht, higher than last year by 1,329.30 mil ion baht , equivalent to 61% Revenues from sales of real estate increased by 1,424.87 mil ion baht or 74% ●

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Operational Result of the Year 2005

√“¬ß“πº≈°“√¥”‡π‘πß“πªï 2548 √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ¡’°”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ∑’Ë™”√–§◊πÀπ’È°àÕπ°”Àπ¥®”π«π 49.07 ≈â“π∫“∑ ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¡’¿“√–§à“„™â®“à ¬„π°“√¢“¬ ·≈–∫√‘À“√ 505.95 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 14% ¢Õß√“¬‰¥â√«¡ ¢≥–∑’Ëªï°àÕπ‡∑à“°—∫ 443.77 ≈â“π∫“∑ §‘¥‡ªìπ 20% ¢Õß√“¬‰¥â√«¡ À“°‡ª√’¬∫‡∑’¬∫°—∫Õ—µ√“°“√‡æ‘Ë¡¢÷Èπ®–‡æ‘Ë¡¢÷Èπ‡æ’¬ß 14% ¢≥–∑’Ë √“¬‰¥â√«¡‡æ‘Ë¡¢÷Èπ∂÷ß 61% · ¥ß„Àâ‡ÀÁπ∂÷ßª√– ‘∑∏‘¿“æ„π°“√ §«∫§ÿ¡§à“„™â®à“¬πÕ°‡Àπ◊Õ®“°µâπ∑ÿπ§à“°àÕ √â“ß ¿“√–§à“„™â®“à ¬¥Õ°‡∫’¬È ‰¡à‰¥â‡æ‘¡Ë ®“°ªï°Õà π¡“°π—° °≈à“«§◊Õ ¡’¿“√–§à“„™â®à“¬¥Õ°‡∫’È¬‡æ’¬ß 26.17 ≈â“π∫“∑ ●

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®“°º≈ª√–°Õ∫°“√∑’Ëºà“π¡“ ‡ªìπ ‘Ëß∑’Ë¬◊π¬—π„Àâ‡ÀÁπ∂÷ß §«“¡ “¡“√∂„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∑’Ë “¡“√∂§ßÕ—µ√“°”‰√¢—πÈ µâπµàÕ√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ‡°‘π 40% ´÷ßË Õ¬Ÿ„à π√–¥—∫∑’„Ë °≈â‡§’¬ß°—π°—∫ªï°Õà π Õ’°∑—ßÈ ∫√‘…∑— œ ·≈– ∫√‘…—∑¬àÕ¬°Á¬—ß§ß√—°…“Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ∑ÿπÕ¬Ÿà∑’Ë 1.01 ‡∑à“ ‡æ‘Ë¡¢÷Èπ‡æ’¬ß‡≈Á°πâÕ¬®“°ªï 2547 ´÷ËßÕ¬Ÿà∑’Ë 0.88 ‡∑à“ Õ¬à“ß‰√°Áµ“¡ À“°æ‘®“√≥“‡©æ“–Àπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ®–æ∫«à“Õ¬Ÿ∑à √’Ë –¥—∫ 0.68 ‡∑à“ ∑—ßÈ ∑’„Ë πªïπ∫’È √‘…∑— œ „™â‡ß‘π≈ß∑ÿπ¡“°¢÷πÈ ®“°°“√‡ªî¥‚§√ß°“√„À¡àÀ≈“¬‚§√ß°“√·µà¿“√–Àπ’È‡æ‘Ë¡¢÷Èπ‡æ’¬ß ‡≈Á°πâÕ¬ –∑âÕπ„Àâ‡ÀÁπ∂÷ß∞“π–°“√‡ß‘π∑’Ë·¢Áß·°√àß πÕ°®“°π’È·≈â« ®“°¬Õ¥¢“¬∑’¬Ë ß— ‰¡à‰¥â ßà ¡Õ∫∫â“π„Àâ≈°Ÿ §â“‰¥â¬ß— ¡’®”π«π Ÿß∂÷ß 6,606 ≈â“π∫“∑ ‚¥¬®– “¡“√∂∑¬Õ¬ àß¡Õ∫‰¥â„πªïπ’È ®”π«π‰¡àµË”°«à“ 3,000 ≈â“π∫“∑ à«π∑’‡Ë À≈◊Õ “¡“√∂ àß¡Õ∫‰¥â„πªïÀπâ“·≈–ªï∂¥— ‰ª

√“¬ß“πº≈°“√¥”‡π‘πß“πªï 2548

´‘µ’È‚Œ¡ √—™¥“¿‘‡…°

»ÿ¿“≈—¬ ª“√å§

OPERATIONAL RESULT OF THE YEAR 2005 Annual Report 2005 Supalai Public Company Limited

»ÿ¿“≈—¬ æ√’‡¡’¬√å ‡æ≈

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One subsidiary had gain from early repayment debt under restructured and was award amounting 49.07 mil ion baht hair cut in accrued interest. With total revenues increase by 61 %, but selling and administrative expenses was not increase at the same pace. It was 505.95 mil ion Baht ,equivalent to only 14 % of total revenues , while it was 443.77 mil ion baht last year or equivalent to 20 % of total revenues. It shows not only early efficiency in cost control but also in expenses Interest expenses was only 26.17 mil ion baht not much increase from last year. ●

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The debt to equity ratio at 1.01 time, slightly increase from 0.88 times last year. But gearing ratio was only at 0.68 time, this reflects the strong financial status of the company and its subsidiaries. In addition, the company has contractual sales not yet transferred amounting 6,606 mil ion baht on hand expecting to be able to transfer to customers no less than 3,000 mil ion baht in 2006 and the rest wil be next year and the year after .

Operational Result of the Year 2005

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ÕË «à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢Õâ √ÿª ∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’·È ¥ß∞“π–°“√‡ß‘π ≥ «— π ∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 º≈°“√¥”‡π‘πß“π·≈– °√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡ À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬¡‘ ‰ ¥â ‡ ªì π °“√· ¥ß§«“¡‡ÀÁ π Õ¬à “ ß¡’ ‡ ß◊Ë Õ π‰¢µà Õ ß∫°“√‡ß‘π¢â“ßµâπ ¢â“æ‡®â“¢Õ„Àâ —ß‡°µ‡°’Ë¬«°—∫§«“¡‰¡à·πàπÕπ ¢Õß§¥’øÑÕß√âÕß µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 36 «à“∫√‘…—∑œ ‰¥â∂Ÿ°øÑÕß√âÕß„π§¥’µà“ßÊ ‡°’Ë¬«°—∫°“√º‘¥ —≠≠“ °“√‡≈‘° —≠≠“ °“√‡√’¬°‡ß‘π§◊π ·≈–§à“‡ ’¬À“¬ ∑ÿπ∑√—æ¬å√«¡ ª√–¡“≥ 86.5 ≈â“π∫“∑ ¢≥–π’È§¥’ à«π„À≠àÕ¬Ÿà„π√–À«à“ß°“√ æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å·≈–»“≈Æ’°“ ´÷Ëß∫√‘…—∑œ ‰¥âª√–¡“≥§à“ §«“¡‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ·≈–∫—π∑÷° ”√Õß‡º◊ËÕÀπ’È ‘π‰«â„π∫—≠™’ ®”π«π 41.2 ≈â“π∫“∑ µ“¡§«“¡‡ÀÁπ¢ÕßΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…∑— œ

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

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 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 sheets of Supalai Public Company Limited and its subsidiaries as at 31 December 2005 and 2004, and the related consolidated statements of earnings, changes in shareholders没 equity and cash flows for the years then ended, and the separate financial statements of Supalai Public Company Limited for the same periods. These financial statements are the resposibility 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 audits. I conducted my audits 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

Ernst & Young Office Limited Bangkok : 21 February 2006

presentation. I believe that my audits provide 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 2005 and 2004, and the results of their operations and cash flows for the years 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 36 to the financial statements. The Company has been sued for a total of approximately Baht 86.5 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.

Thipawan Nananuwat Certified Public Accountant (Thailand) No. 3459

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ ‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ ≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°‡°Á∫ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘ ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π®à“¬≈à«ßÀπâ“ºŸâ√—∫‡À¡“ - ÿ∑∏‘ ‡ß‘π∑¥√Õß®à“¬æπ—°ß“π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ §à“„™â®à“¬®à“¬≈à«ßÀπâ“ Õ◊πË Ê √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ ‚§√ß°“√√–À«à“ß°àÕ √â“ß ∑’Ë¥‘π√Õ°“√æ—≤π“ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ - ÿ∑∏‘ ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË ‡ß‘π¡—¥®”·≈–‡ß‘πª√–°—π Õ◊πË Ê √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

4 5 9 9 5 6 7

8 9 9 10 11 12 13 14 15 9 16

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘π√«¡ . 2548 ... 2547 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ . 2548 ... 2547 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

77,594,366 310,501,174 66,293,429 293,976,466 39,994 1,657,871 1,514,449 16,170,972 14,167,426 14,235,956 11,331,290 2,354,000 2,354,000 6,644,000 4,004,274 612,265,954 11,637,660 611,672,297 8,874,857 5,052,733,294 4,059,552,794 4,709,972,618 3,710,029,214 13,500,000 17,106,012 5,000,000 17,106,012 9,009,521 9,130,061 8,577,404 8,916,853 5,049,538 7,057,375 4,807,993 6,866,479 11,907,353 15,324,332 11,190,273 15,020,050 74,419,134 35,367,607 71,733,495 33,656,121 5,872,690,126 4,483,856,312 5,509,841,739 4,113,935,791 18,199,540 100,000 1,500,000 3,724,543 960,050,942 213,078,092 41,396,101 339,911,839

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

2,400,000 39,175,151 182,293,823 3,724,543 872,519,931 213,078,092 35,922,634 58,136,660 100,736,788

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

5,143,815 4,922,814 4,413,200 4,187,162 978,343 715,802 1,584,083,215 1,264,504,492 1,512,400,822 1,144,043,151 7,456,773,341 5,748,360,804 7,022,242,561 5,257,978,942

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

BALANCE SHEETS AS AT 31 DECEMBER 2005 AND 2004

Note ASSETS CURRENT ASSETS Cash and cash equivalents Current investments Trade accounts receivable, net Amounts due from related parties Short-term loans to related party Unbil ed completed work Costs of property development projects for sales, net Deposits for purchase of land Advances to contractors, net Advances to employees Other current assets Prepaid expenses Others TOTAL CURRENT ASSETS NON-CURRENT ASSETS Restricted bank deposits Long-term loans to related parties, net Advances to directors Investments in subsidiaries accounted for under equity method Investments in related companies, net Other long-term investments, net Projects under construction Land held for development Property, plant and equipment for rent, net Advances paid for share subscriptions Property, plant and equipment, net Other non-current assets Deposits and retention Others TOTAL NON-CURRENT ASSETS TOTAL ASSETS

4 5 9 9 5 6 7

8 9 9 10 11 12 13 14 15 9 16

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Consolidated . 2005 ... 2004 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) The Company Only . 2005 ... 2004 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

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

2,400,000 39,175,151 182,293,823 3,724,543 872,519,931 213,078,092 35,922,634 58,136,660 100,736,788

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

5,143,815 4,922,814 4,413,200 4,187,162 978,343 715,802 1,584,083,215 1,264,504,492 1,512,400,822 1,144,043,151 7,456,773,341 5,748,360,804 7,022,242,561 5,257,978,942

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

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫¥ÿ≈ (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π°Ÿ¬â ¡◊ √–¬– —πÈ Õ◊πË ‡®â“Àπ’ÈÕ◊Ëπ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï à«π¢ÕßÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§â“ß®à“¬ ¥Õ°‡∫’È¬§â“ß®à“¬ ¥Õ°‡∫’È¬®à“¬√Õµ—¥∫—≠™’ ‡ß‘πª√–°—πº≈ß“π°“√°àÕ √â“ß §à“„™â®à“¬§â“ß®à“¬ ”√Õß‡º◊ËÕÀπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°§¥’§«“¡ Õ◊πË Ê √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ‡ß‘π√—∫≈à«ßÀπâ“§à“Àÿâπ‡æ‘Ë¡∑ÿπ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ¥Õ°‡∫’È¬®à“¬√–¬–¬“«√Õµ—¥∫—≠™’ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’È ‘π

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

17 9 9 18 5 19 20

9 9 19 21 21 20 10

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 ... 2547 4,840,836 1,666,734 275,185,972 1,201,546 27,462,589 506,596,967 693,191,023 137,500,000

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

16,643,531 2,433,449 88,576,511 419,236 260,000,000 21,904,265 259,897,585 291,430,039 137,500,000

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547 2,151,281 1,666,734 270,664,060 26,433,757 488,379,269 670,043,517 137,500,000

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

8,611,094 931,772 83,112,375 260,000,000 20,992,285 236,767,080 289,230,039 137,500,000

140,991,429 108,524,074 130,275,906 101,252,950 821,058 182,831 683,462 116,056 21,529,110 30,734,074 21,529,110 30,734,074 95,450,769 58,011,757 88,789,085 54,375,014 119,594,481 62,029,987 113,045,968 57,695,006 41,157,000 41,157,000 41,157,000 41,157,000 9,294,337 8,578,430 7,401,259 6,454,531 2,076,483,851 1,388,022,769 1,999,720,408 1,328,929,276 8,338,695 7,475,820 1,149,000,138 234,904,000 203,425

14,274,028 1,575,000 48,045

619,821,290 1,059,900,138 234,904,000 234,904,000 12,680,137 203,425

376,618,169 234,904,000 12,680,137

275,000,000 412,500,000 275,000,000 412,500,000 46,687,272 2,205,181 3,632,532 1,541,854 3,342,310 1,677,127,259 1,299,435,032 1,571,549,417 1,086,731,888 3,753,611,110 2,687,457,801 3,571,269,825 2,415,661,164

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

BALANCE SHEETS (Continued) AS AT 31 DECEMBER 2005 AND 2004

Note LIABILITIES AND SHAREHOLDER没S EQUITY CURRENT LIABILITIES Bank overdrafts Trade accounts payable and notes payable Related parties Unrelated parties Amounts due to related parties Other short-term loans Other creditors Deposits and advances received from customers Current portion of long-term loans from financial institutions Current portion of secured debentures Other current liabilities Corporate income tax payable Accrued interest expenses Deferred interest expenses Retention guarantees Accrued expenses Provision for liabilities arising from legal cases Others TOTAL-CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-term loans from directors Share subscriptions received in advance Long-term loans from related party Long-term loans from financial institutions, net of current portion

Creditors under debt restructuring agreements Long-term deferred interest expenses Secured debentures, net of current portion Provision for loss on investment in subsidiary Other non-current liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES

17 9 9 18 5 19 20

9 9 19 21 21 20 10

Consolidated . 2005 ... 2004 4,840,836 1,666,734 275,185,972 1,201,546 27,462,589 506,596,967 693,191,023 137,500,000

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

16,643,531 2,433,449 88,576,511 419,236 260,000,000 21,904,265 259,897,585 291,430,039 137,500,000

(Unit : Baht) The Company Only . 2005 ... 2004 2,151,281 1,666,734 270,664,060 26,433,757 488,379,269 670,043,517 137,500,000

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

8,611,094 931,772 83,112,375 260,000,000 20,992,285 236,767,080 289,230,039 137,500,000

14,274,028 1,575,000 48,045

619,821,290 1,059,900,138 234,904,000 234,904,000 12,680,137 203,425

376,618,169 234,904,000 12,680,137

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫¥ÿ≈ (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 1,770,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« Àÿâπ “¡—≠ 1,246,150,355 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (2547 : Àÿâπ “¡—≠ 1,216,111,861 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) à«π‡°‘π¡Ÿ≈§à“Àÿâπ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑¬àÕ¬ ¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °”‰√ – ¡ ®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“¬ ®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ¬—ß‰¡à‰¥â®—¥ √√ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ¬ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

23 23 12 24 25 25

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. ß∫°“√‡ß‘. π√«¡ . . 2548 .. 2547 ... .. .. .. .. .. .. .. .. .. .. .. .. 1,770,000,000 ... 1,770,000,000 ... .. .. .. .. .. .. .. .. .. .. .. 1,246,150,355 .. 1,216,111,861 .... 7,084,213 ... 3,658,395 ... 33,328,529 .... 28,370,849 .... 36,280,383 ... 37,164,807 ... 23,601,250 .... 40,999,126 .... (1,089,457) ... (1,324,081) ... .. .. .. .. 138,447,679 ... 96,948,842 ... 73,801,024 .... 73,801,024 .... 1,967,169,784 ... 1,420,387,979 ... (73,801,024) .... (73,801,024) .... 3,450,972,736 ... 2,842,317,778 ... 252,189,495 .... 218,585,225 .... 3,703,162,231 ... 3,060,903,003 ... 7,456,773,341 .... 5,748,360,804 ....

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547

.. .. .. .. .. .. 1,770,000,000 ... .. .. .. .. .. 1,246,150,355 .... 7,084,213 ... 33,328,529 .... 36,280,383 ... 23,601,250 .... (1,089,457) ... .. .. 138,447,679 ... 73,801,024 .... 1,967,169,784 ... (73,801,024) .... 3,450,972,736 ... .. .. 3,450,972,736 ... 7,022,242,561 ....

1,770,000,000

1,216,111,861 3,658,395 28,370,849 37,164,807 40,999,126 (1,324,081) 96,948,842 73,801,024 1,420,387,979 (73,801,024) 2,842,317,778 2,842,317,778 5,257,978,942

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

BALANCE SHEETS (Continued) AS AT 31 DECEMBER 2005 AND 2004

Note SHAREHOLDERûS EQUITY Share capital Registered share capital 1,770,000,000 ordinary shares of Baht 1 each Issued and paid-up share capital 1,246,150,355 ordinary shares of Baht 1 each (2004 : 1,216,111,861 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

23 23 12

24 Appropriated - reserve for Companyûs shares held by subsidiary 25 Unappropriated Companyûs shares held by subsidiary 25 Equity attributable to the Companyûs shareholders Minority interest - equity attributable to minority shareholders of subsidiaries

TOTAL SHAREHOLDERûS EQUITY TOTAL LIABILITIES AND SHAREHOLDERûS EQUITY

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. Consolidated .. . 2005 .. 2004 ... .. .. .. .. .. .. .. .. .. .. .. .. 1,770,000,000 ... 1,770,000,000 ... .. .. .. .. .. .. .. .. .. .. .. 1,246,150,355 .. 1,216,111,861 .... 7,084,213 ... 3,658,395 ... 33,328,529 .... 28,370,849 .... 36,280,383 ... 37,164,807 ... 23,601,250 .... 40,999,126 .... (1,089,457) ... (1,324,081) ... .. .. .. .. 138,447,679 ... 96,948,842 ... 73,801,024 .... 73,801,024 .... 1,967,169,784 ... 1,420,387,979 ... (73,801,024) .... (73,801,024) .... 3,450,972,736 ... 2,842,317,778 ... 252,189,495 .... 218,585,225 .... 3,703,162,231 ... 3,060,903,003 ... 7,456,773,341 .... 5,748,360,804 ....

(Unit : Baht) The Company Only . 2005 ... 2004

1,770,000,000

1,216,111,861 3,658,395 28,370,849 37,164,807 40,999,126 (1,324,081) 96,948,842 73,801,024 1,420,387,979 (73,801,024) 2,842,317,778 2,842,317,778 5,257,978,942

The accompanying notes are an integral part of the financial statements

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ √“¬‰¥â √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥â®“°°“√„Àâ‡™à“·≈–∫√‘°“√ à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ √“¬‰¥âÕ◊Ëπ °”‰√®“°°“√®”Àπà“¬ ‘π∑√—æ¬å∂“«√ ‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ Õ◊πË Ê √«¡√“¬‰¥â §à“„™â®à“¬ µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ §à“µÕ∫·∑π°√√¡°“√ √«¡§à“„™â®à“¬ °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈ °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’È µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

°àÕπ°”Àπ¥ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’Ë‡°’Ë¬«¢âÕß®”π«π 43,893,519 ∫“∑) 21

°”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘ ”À√—∫ªï

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

.. .. ß∫°“√‡ß‘. π√«¡ . . 2548 .. 2547 ... .. .. .. .. .. . 3,356,955,856 .. 1,932,085,512 ... 83,558,211 .... 103,531,287 .... .. .. .. .. .. .. .. . 17,143,199 .. 56,360,657 ... .. . .. 19,164,904 ... 46,162,428 ... 63,377,297 ... 3,503,819,694 .... 2,174,519,657 .... .. .. .. . 1,909,967,029 ... 1,057,151,282 .... 35,548,249 ... 33,942,687 ... 505,949,573 .... 443,770,148 .... .. 13,936,477 ... . .. 2,942,000 .. 4,774,000 .... 2,468,343,328 ... 1,539,638,117 ... 1,035,476,366 .... 634,881,540 .... (26,171,185) ... (13,964,188) ... (203,235,665) .... (216,255,576) .... 806,069,516 ... 404,661,776 ... (25,161,520) .... (20,358,269) .... 780,907,996 ... 384,303,507 ... .. .. .. .. .. .. .. .. .. .. .. . .. 96,482,644 ... .. 49,068,759 .... .. 829,976,755 ... 480,786,151 ...

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547

.. .. . 3,211,516,713 ... 5,553,389 .... 48,271,441 ... .. .. 17,135,740 ... .. .. 26,744,587 ... 3,309,221,870 .... .. . 1,819,417,033 .... 3,897,817 ... 449,526,227 .... 5,681,852 ... 2,930,000 .... 2,281,452,929 ... 1,027,768,941 .... (20,591,374) ... (177,200,812) .... 829,976,755 ... .. .. 829,976,755 ... .. .. .. .. .. .. .. .. .. 829,976,755 ...

1,876,179,935 25,559,904 39,223,997 56,186,991 53,601,219 2,050,752,046 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

96,482,644 480,786,151

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

EARNINGS STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

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 Others TOTAL REVENUES EXPENSES Cost of real estate sales Cost of rental and services Selling and administrative expenses Loss on diminution in project value Director没s remuneration 29 TOTAL EXPENSES EARNINGS BEFORE INTEREST EXPENSES AND INCOME TAX INTEREST EXPENSES CORPORATE INCOME TAX 30 EARNINGS BEFORE MINORITY INTEREST NET EARNINGS IN RESPECT OF MINORITY INTEREST EARNINGS FROM ORDINARY ACTIVITIES EXTRAORDINARY ITEMS Gain from redemption of debentures and repayment of restructured debt prior to maturity (net of related income tax of Baht 43,893,519) 21 Gain from debt restructuring 19 NET EARNINGS FOR THE YEAR

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

.. .. Consolidated .. . 2005 .. 2004 ... .. .. .. .. .. . 3,356,955,856 .. 1,932,085,512 ... 83,558,211 .... 103,531,287 .... .. .. .. .. .. .. .. . 17,143,199 .. 56,360,657 ... .. . .. 19,164,904 ... 46,162,428 ... 63,377,297 ... 3,503,819,694 .... 2,174,519,657 .... .. .. .. . 1,909,967,029 ... 1,057,151,282 .... 35,548,249 ... 33,942,687 ... 505,949,573 .... 443,770,148 .... .. 13,936,477 ... . .. 2,942,000 .. 4,774,000 .... 2,468,343,328 ... 1,539,638,117 ... 1,035,476,366 .... 634,881,540 .... (26,171,185) ... (13,964,188) ... (203,235,665) .... (216,255,576) .... 806,069,516 ... 404,661,776 ... (25,161,520) .... (20,358,269) .... 780,907,996 ... 384,303,507 ... .. .. .. .. .. .. .. .. .. .. .. . .. 96,482,644 ... .. 49,068,759 .... .. 829,976,755 ... 480,786,151 ...

(Unit : Baht) The Company Only . 2005 ... 2004

96,482,644 480,786,151

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

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫°”‰√¢“¥∑ÿπ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

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

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

À¡“¬‡Àµÿ 31

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 ... 2547 0.65

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.36

0.10

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547 0.70

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.36

0.10

0.05 0.70 0.46 0.70 0.46 1,193,865,035 1,054,668,404 1,193,865,035 1,054,668,404 0.61

0.32

0.08

0.65

0.32

0.08

0.04 0.65 0.40 0.65 0.40 1,285,609,650 1,215,631,479 1,285,609,650 1,215,631,479

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

EARNINGS STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note 31

BASIC EARNINGS PER SHARE Earnings from ordinary activities Extraordinary items Gain from redemption of debentures and repayment of restructured debt prior to maturity Gain from debt restructuring Net earnings Weighted average number of ordinary shares (shares) DILUTED EARNINGS PER SHARE 31 Earnings from ordinary activities Extraordinary items Gain from redemption of debentures and repayment of restructured debt prior to maturity Gain from debt restructuring Net earnings Weighted average number of ordinary shares (shares)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated . 2005 ... 2004 0.65

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.36

0.10

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only . 2005 ... 2004 0.70

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.36

0.10

0.05 0.70 0.46 0.70 0.46 1,193,865,035 1,054,668,404 1,193,865,035 1,054,668,404 0.61

0.32

0.08

0.65

0.32

0.08

0.04 0.65 0.40 0.65 0.40 1,285,609,650 1,215,631,479 1,285,609,650 1,215,631,479

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

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

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

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫°”‰√®“°°“√®”Àπà“¬ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - ∑’Ëª√—∫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¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ ¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘ µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ÆÀ¡“¬ ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π¡Ÿ≈§à“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‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ °”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ÆÀ¡“¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

.. ... .. ... ... .. ∑ÿπ‡√◊ÕπÀÿâπ .. ... ∑’ÕË Õ° ... à«π‡°‘π À¡“¬‡Àµÿ .. ·≈–™”√–·≈â« .. ¡Ÿ≈§à“Àÿâπ .. .. ... 729,095,340 ... 3,658,395 37.1 .. .. ... ... . 37.2 ... .. . . 37.4 .. .. . 37.3 .. . . . .. 729,095,340 ... 3,658,395 . 22 .. 487,016,521 ... ... .. 23 ... ... .. .. ... ... ... ... ... ... .. .. ... ... 24 ... ... 25 ... ... 28 .. .. ... 1,216,111,861 ... 3,658,395 . . 22 .. 30,038,494 ... . 22 .. .. 3,425,818 .. .. ... ... 23 . 16 .. .. ... . . . . ... ... .. .. 24 ... ... 28 ... ... .. 1,246,150,355 .. 7,084,213 . . . .ß∫°“√‡ß‘π√«¡ . ... à«π‡°‘π∑ÿπ ... ... à«π‡°‘π∑ÿπ ... °”‰√ (¢“¥∑ÿπ) ... ..Àÿπâ ¢Õß∫√‘…—∑œ .. à«π‡°‘π∑ÿπ ..®“°°“√µ’√“§“ ..∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß .. ... ∑’∂Ë Õ◊ ‚¥¬ ...®“°°“√µ’√“§“ ... ‘π∑√—æ¬å∂“«√ ...®“°°“√‡ª≈’Ë¬π·ª≈ß ... . . . . . ... ∫√‘…—∑¬àÕ¬ ... ‘π∑√—æ¬å∂“«√ ...¢Õß∫√‘…—∑¬àÕ¬ ... ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ... .. .. .. .. .. ... ... 282,633,289 ... 40,999,126 ... (1,072,351) ... .. .. .. .. .. ... ... ... ... ... .. 26,969,054 ... .. .. .. ... .. (244,584,058) ... ... ... .. .. .. .. .. ... 26,969,054 ... 38,049,231 ... 40,999,126 ... (1,072,351) ... . . . .. .. .. .. .. ... 1,401,795 ... . . . . . .. .. .. ... ... (884,424) ... ... ... .. .. .. .. .. ... ... ... ... (251,730) ... .. .. .. .. .. ... ... ... ... ... . . . .. .. .. .. .. ... ... . . . . . .. .. .. ... ... ... ... ... .. .. .. .. .. ... ... ... ... ... .. 28,370,849 ... 37,164,807 ... 40,999,126 ... (1,324,081) ... ... . . . .. .. .. .. ... ... . . . . . .. .. .. ... 4,957,680 ... ... ... ... .. .. (884,424) ... .. .. ... ... .. (17,397,876) ... ... .. .. .. .. .. ... ... ... ... 234,624 ... . . . .. .. .. .. .. ... ... . . . . . .. .. .. ... ... ... ... ... .. 33,328,529 .. 36,280,383 .. 23,601,250 .. (1,089,457) ..

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

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

24,039,308 96,948,842 41,498,837 138,447,679

72,909,534 -

”√Õßµ“¡ °ÆÀ¡“¬

. . .. .. °”‰√ – ¡ . . .. ”√Õß ”À√—∫ .. ..Àÿπâ ¢Õß∫√‘…—∑œ .. à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ... Àÿπâ ¢Õß∫√‘…—∑œ ... ... ∑’∂Ë Õ◊ ‚¥¬ ... à«ππâÕ¬„π . . . . ...∑’∂Ë Õ◊ ‚¥¬∫√‘…—∑¬àÕ¬ ...¬—ß‰¡à‰¥â®—¥ √√ ... ∫√‘…—∑¬àÕ¬ ... ∫√‘…—∑¬àÕ¬ .. .. .. .. ... ...2,067,757,476 ... (52,281,343) ... 115,663,057 (87,366,909) . 87,366,909 .. .. . .. ... ... ... ... .. .. (26,969,054) ... .. ... ... .. ... ... ... (326,760,454) ... ... .. ..1,626,661,059 ... (52,281,343) ... 203,029,966 ... ... .. .. ... ... ... ... ... ... 884,424 ... ... ... ... ... ... 15,555,259 .. .. .. .. ... ... ... 630,319 ... ... ... ... ... .. .. .. (22,150,000) ... ... ... 480,786,151 ... .. . .. .. (24,039,308) .. .. ... 73,801,024 ... (73,801,024) ... . . . . . . ... ... (590,103,323) ... ... .. 73,801,024 ...1,420,387,979 ... (73,801,024) ... 218,585,225 ... .. .. .. ... ... ... ... .. .. .. .. ... ... 884,424 ... ... ... ... ... ... .. .. .. .. 33,604,270 ... ... ... ... ... ... 829,976,755 ... ... . . . .. .. (41,498,837) ... .. ... . . (242,580,537) . . . . . . . .. 73,801,024 ..1,967,169,784 .. (73,801,024) .. 252,189,495

.. ... .. ... .. √«¡ ... .. 3,259,362,523 ... ... .. ... (244,584,058) .. (326,760,454) ... 2,688,018,011 .. 487,016,521 ... 1,401,795 .. ... .. 15,555,259 .. (251,730) ... 630,319 .. ... (22,150,000) .. 480,786,151 ... . ... ... (590,103,323) .. 3,060,903,003 ... 30,038,494 .. 3,425,818 ... 4,957,680 .. ... (17,397,876) .. 33,604,270 ... . 234,624 ... 829,976,755 .. ... (242,580,537) . .. 3,703,162,231

(Àπà«¬ : ∫“∑)

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

√“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

Report and consolidated financial statements

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 37.1 Prior year adjustment relating to gain on disposal of the Companyûs shares held by subsidiaries 37.2 Prior year adjustment relating to revaluation surplus 37.4 Prior year adjustment relating to cost of borrowing 37.3 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 Decrease in Companyûs shares held by subsidiary Additional shares of Company held by subsidiary as a result of warrant exercise Net earnings for the year Statutory reserve 24 Reserve for Companyûs shares held by subsidiary 25 Dividend paid 28 Balance as of 31 December 2004 Additional ordinary shares as a result of warrant exercise 22 Additional share premium as a result of warrant exercise 22 Increase in premium on shares of Company held by subsidiary Amortisation of revaluation surplus 23 Decrease in revaluation surplus of a subsidiary 16 Increase in minority interest - equity attributable to minority shareholders of subsidiaries Unrealised gain on changes in value of investments Net earnings for the year Statutory reserve 24 Dividend paid 28 Balance as of 31 December 2005

Note

(Unit : Baht) . Consolidated ... . . . .. .. .. .. .. .. . .. .. Minority interest- ... Retained earnings ... ... Premium ... ... ... Unrealised ... . . ... .. Reserve for .. . shares of . . Revaluation . gain (loss) on . .. Companyûs ..equity attributable to .. . Issued and . ... shares held ...minority shareholders ... ... paid-up ... Share ...Company held ... Revaluation ... surplus of ... changes in value ... Statutory ...Companyûs shares ... . . . . . . . . . . . . ... share capital ... premium ...by subsidiaries ... surplus ... a subsidiary ... of investments ... reserve ...held by subsidiary ...Unappropriated ...by subsidiary ... of subsidiaries ... Total .. .. .. .. .. .. .. .. .. .. .. .. ... 729,095,340 ... 3,658,395 ... ... 282,633,289 ... 40,999,126 ... (1,072,351) ... 72,909,534 ... ...2,067,757,476 ... (52,281,343) ... 115,663,057 ... 3,259,362,523 (87,366,909) . 87,366,909 . .. .. .. .. .. .. .. .. .. . .. . ... ... ... ... ... ... ... ... ... ... ... ... .. .. .. 26,969,054 ... .. .. .. .. .. (26,969,054) ... .. .. ... ... ... .. (244,584,058) ... ... ... ... ... .. ... ... (244,584,058) . (326,760,454) .. . . (326,760,454) .. .. .. .. .. .. .. .. .. . .. .. ... 729,095,340 ... 3,658,395 ... 26,969,054 ... 38,049,231 ... 40,999,126 ... (1,072,351) ... 72,909,534 ... . . . . 1,626,661,059 . (52,281,343) . 203,029,966 . 2,688,018,011 . . . . . . . . .. . . . ... 487,016,521 ... ... ... ... ... ... ... ... .. .. .. 487,016,521 . . . .. .. .. 1,401,795 ... .. .. .. .. .. .. .. .. 1,401,795 ... ... ... .. (884,424) ... ... ... ... ... 884,424 ... ... ... ... ... ... ... ... ... ... ... ... ... ... 15,555,259 ... 15,555,259 .. .. .. .. .. .. (251,730) ... .. .. .. .. .. (251,730) ... ... ... ... ... ... .. ... ... ... 630,319 ... ... 630,319 . . . . . . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. ... . . . . . . . . . . . (22,150,000) . (22,150,000) . .. .. .. .. .. .. .. .. .. . .. ... ... ... ... ... ... ... ... ... 480,786,151 ... ... ... 480,786,151 .. .. .. .. .. .. .. 24,039,308 ... .. (24,039,308) .. .. .. ... ... ... ... ... ... ... .. 73,801,024 ... (73,801,024) ... ... ... .. .. .. .. .. .. .. .. .. (590,103,323) .. .. .. (590,103,323) ... 1,216,111,861 ... 3,658,395 ... 28,370,849 ... 37,164,807 ... 40,999,126 ... (1,324,081) ... 96,948,842 ... 73,801,024 ...1,420,387,979 ... (73,801,024) ... 218,585,225 ... 3,060,903,003 . . . . . . . . . . .. 30,038,494 ... .. .. .. .. .. .. .. .. .. .. 30,038,494 ... . . . . . . . . . . . 3,425,818 . 3,425,818 . .. . .. .. .. .. .. .. .. .. .. ... ... ... 4,957,680 ... ... ... ... ... ... ... ... ... 4,957,680 .. .. .. .. (884,424) ... .. .. .. .. 884,424 ... .. .. ... ... ... ... .. (17,397,876) ... ... ... ... .. ... ... (17,397,876) . . . . . . . . . . 33,604,270 .. 33,604,270 .. .. .. .. .. .. .. .. .. .. .. . ... . . . . . . . . . . . . . . . 234,624 .. . . . . .. 234,624 .. . . . . . . . . . . . .. .. .. .. .. .. .. .. 829,976,755 .. .. .. 829,976,755 ... ... ... ... ... ... ... 41,498,837 ... ... (41,498,837) ... ... ... ... ... ... ... ... ... ... ... ... (242,580,537) ... ... ... (242,580,537) .. 1,246,150,355 .. 7,084,213 .. 33,328,529 .. 36,280,383 .. 23,601,250 .. (1,089,457) .. 138,447,679 .. 73,801,024 ..1,967,169,784 .. (73,801,024) .. 252,189,495 . 3,703,162,231

FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

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

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - °àÕπ°“√ª√—∫ª√ÿß √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫°”‰√®“°°“√®”Àπà“¬ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ √“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 - ∑’Ëª√—∫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∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘ µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ØÀ¡“¬ ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π¡Ÿ≈§à“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‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß °”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ØÀ¡“¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

.. ... .. ... ... . ∑ÿπ‡√◊ÕπÀÿâπ . ... ∑’ÕË Õ° ... À¡“¬‡Àµÿ ... ·≈–™”√–·≈â«... .. .. ... 729,095,340 ... 37.1 .. - .. ... .. ... 37.2 .. . . 37.4 .. .. . . 37.3 .. .. ... 729,095,340 ... 22 .. 487,016,521 .. . . .. .. . . 23 .. .. ... ... .. .. ... ... . .. .. ... . . . .. 24 .. . . . 25 .. - .. . . 28 .. .. ... 1,216,111,861 ... 22 .. 30,038,494 .. . . 22 .. .. .. . . .. 23 ... ... 16 .. .. ... ... . . .. .. . . 24 .. . .. 28 .. . . . .. 1,246,150,355 .. 3,658,395 3,425,818 7,084,213

3,658,395 -

à«π‡°‘π ¡Ÿ≈§à“Àÿâπ

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ... à«π‡°‘π∑ÿπ ... .. .. .. .. .. ... à«π‡°‘π∑ÿπ ... °”‰√ (¢“¥∑ÿπ) ... .Àÿπâ ¢Õß∫√‘…—∑œ . à«π‡°‘π∑ÿπ . ®“°°“√µ’√“§“. ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß. ... ∑’∂Ë Õ◊ ‚¥¬ ...®“°°“√µ’√“§“... ‘π∑√—æ¬å∂“«√ ... ®“°°“√‡ª≈’Ë¬π·ª≈ß... ”√Õßµ“¡ . . . . . ... ∫√‘…—∑¬àÕ¬ ... ‘π∑√—æ¬å∂“«√ ... ¢Õß∫√‘…—∑¬àÕ¬... ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ... °ÆÀ¡“¬ . . . . .. .. 282,633,289 ... 40,999,126 ... (1,072,351) ... 72,909,534 ... . . .. .. .. .. ... ... ... ... ... .. 26,969,054 ... .. .. .. ... .. (244,584,058) ... ... ... .. .. .. .. .. ... 26,969,054 ... 38,049,231 ... 40,999,126 ... (1,072,351) ... 72,909,534 .. .. .. .. .. ... ... ... ... ... . 1,401,795 .. . . . ... .. (884,424) ... ... ... .. .. .. .. (251,730) ... ... ... ... ... .. ... ... ... ... ... . . . . .. .. .. .. .. ... . . . . . .. .. .. .. ... ... ... ... ... 24,039,308 .. .. .. .. .. ... ... ... ... ... .. 28,370,849 ... 37,164,807 ... 40,999,126 ... (1,324,081) ... 96,948,842 ... .. .. .. .. ... ... ... ... ... . . . .. 4,957,680 ... .. .. .. ... . . . . . .. (884,424) ... .. .. ... ... .. (17,397,876) ... ... .. .. .. .. 234,624 ... ... ... ... ... .. ... ... ... ... ... 41,498,837 .. .. .. .. .. ... 33,328,529 ... 36,280,383 ... 23,601,250 ... (1,089,457) ... 138,447,679

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 . . °”‰√ – ¡ .. .. . . .. ”√Õß ”À√—∫.. ..Àÿπâ ¢Õß∫√‘…—∑œ .. ... Àÿπâ ¢Õß∫√‘…—∑œ ... ... ∑’∂Ë Õ◊ ‚¥¬ ... . . . . ... ∑’∂Ë Õ◊ ‚¥¬∫√‘…—∑¬àÕ¬ ...¬—ß‰¡à ‰¥â®—¥ √√ ... ∫√‘…—∑¬àÕ¬ ... √«¡ . . . .. .. 2,067,757,476 ... (52,281,343) ... 3,143,699,466 ... . . .. (87,366,909) ... .. (87,366,909) ... ... .. ... .. .. (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) . . . .. .. .. 630,319 ... 630,319 ... ... ... . . .. .. .. .. ... ... ... (22,150,000) ... (22,150,000) .. .. 480,786,151 .. .. 480,786,151 ... ... (24,039,308) ... ... .. 73,801,024 .. (73,801,024) .. .. ... ... (590,103,323) ... ... (590,103,323) .. 73,801,024 ... 1,420,387,979 ... (73,801,024) ... 2,842,317,778 ... .. .. .. 30,038,494 ... ... ... ... 3,425,818 . . . .. .. .. .. 4,957,680 ... . . . 884,424 .. . .. .. ... ... ... ... (17,397,876) 234,624 .. .. .. .. ... ... 829,976,755 ... ... 829,976,755 .. .. (41,498,837) .. .. ... ... (242,580,537) ... ... (242,580,537) . . . . .. 73,801,024 .. 1,967,169,784 .. (73,801,024) .. 3,450,972,736

(Àπà«¬ : ∫“∑)

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

√“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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 Prior year adjustment relating to gain on disposal of the Companyûs shares held by subsidiaries Prior year adjustment relating to revaluation surplus Prior year adjustment relating to cost of borrowing Balance as of 1 January 2004, as restated Additional ordinary shares as a result of warrant exercise Increase in premium on shares of Company held by subsidiaries Amortisation of revaluation surplus Unrealised loss on changes in value of investments Decrease in Companyûs shares held by subsidiary Additional shares of Company held by subsidiary as a result of warrant exercise Net earnings for the year Statutory reserve Reserve for Companyûs shares held by subsidiary Dividend paid Balance as of 31 December 2004 Additional ordinary shares as a result of warrant exercise Additional share premium as a result of warrant exercise Increase in premium on shares of Company held by subsidiary Amortisation of revaluation surplus Decrease in revaluation surplus of a subsidiary Unrealised gain on changes in value of investments Net earnings for the year Statutory reserve Dividend paid Balance as of 31 December 2005

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

24 28

23 16

22 22

24 25 28

37.2 37.4 37.3

37.1

Note

.. ... .. ... ... Issued and . . .. ... paid-up ... ... share capital... .. 729,095,340 ... ... .. ... ... .. .. ... ... .. .. ... ... .. 729,095,340 .. ... 487,016,521 ... .. .. ... ... . .. .. ... . . .. ... ... .. .. ... ... .. .. . ... . . .. ... ... ..1,216,111,861 .. ... 30,038,494 ... .. .. ... ... . .. .. ... . . .. ... ... .. .. ... ... .. .. ...1,246,150,355 ... 3,658,395 3,425,818 7,084,213

3,658,395 -

Share premium

(Unit : Baht) The Company Only . . . . . . . Retained earnings ...Premium on ... .. .. Unrealised ... .. .. . . . . .. Reserve for .. .. shares of .. .. Revaluation .. gain (loss) on .. .. Companyûs .. ...Company held ...Revaluation ... surplus of ... changes in value ... Statutory ...Companyûs shares ... ... shares held ... . . . . . . . . . ...by subsidiaries ... surplus ... a subsidiary ... of investments ... reserve ...held by subsidiary ...Unappropriated ...by subsidiary ... Total . . . . . . . . .. .. 282,633,289 ... 40,999,126 ... (1,072,351) ... 72,909,534 ... .. 2,067,757,476 ... (52,281,343) ... 3,143,699,466 ... . . . .. .. .. .. .. .. (87,366,909) ... .. (87,366,909) ... ... ... ... ... ... ... .. ... . . . . . (26,969,054) .. . .. 26,969,054 ... .. .. .. .. .. . .. ... . . . . . . . . (244,584,058) . (244,584,058) . . . . . . . . . . .. .. .. .. .. .. .. (326,760,454) ... .. (326,760,454) ... 26,969,054 ... 38,049,231 ... 40,999,126 ... (1,072,351) ... 72,909,534 ... . . . . . . . . .. 1,626,661,059 ... (52,281,343) ... 2,484,988,045 487,016,521 ... ... ... ... ... ... ... .. .. ... 1,401,795 ... ... ... ... ... ... ... ... 1,401,795 .. .. (884,424) ... .. .. .. .. 884,424 ... .. ... ... .. ... (251,730) ... ... ... .. ... (251,730) .. .. .. .. .. .. .. .. 630,319 ... 630,319 ... ... ... ... ... ... ... ... .. ... ... ... ... ... ... ... ... (22,150,000) ... (22,150,000) . . . . . . . . .. .. .. .. .. .. .. 480,786,151 ... .. 480,786,151 ... . . . . . . . 24,039,308 . (24,039,308) . . .. .. .. .. . .. . .. ... ... ... ... ... ... 73,801,024 ... (73,801,024) ... ... .. .. .. .. .. .. .. (590,103,323) .. .. (590,103,323) ... 28,370,849 ... 37,164,807 ... 40,999,126 ... (1,324,081) ... 96,948,842 ... 73,801,024 ... 1,420,387,979 ... (73,801,024) ... 2,842,317,778 . . . . . . . . 30,038,494 .. .. .. .. .. .. .. .. .. ... . . . . . . . . 3,425,818 . .. .. .. .. .. .. .. .. ... 4,957,680 ... ... ... ... ... ... ... ... 4,957,680 .. .. (884,424) ... .. .. .. .. 884,424 ... .. ... ... .. (17,397,876) ... ... ... ... .. ... (17,397,876) .. .. .. .. 234,624 ... .. .. .. .. 234,624 ... ... ... ... .. ... ... 829,976,755 ... ... 829,976,755 . . . . . . . . .. .. .. .. .. 41,498,837 ... .. (41,498,837) ... .. ... . . . . . . (242,580,537) . (242,580,537) . . . . . . . . . . . . . . . . .. 33,328,529 .. 36,280,383 .. 23,601,250 .. (1,089,457) .. 138,447,679 .. 73,801,024 .. 1,967,169,784 .. (73,801,024) .. 3,450,972,736

FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Report and consolidated financial statements

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

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À¡“¬‡Àµÿ °√–· ‡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≠ (‚Õπ°≈—∫) ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ °”‰√®“°°“√®”Àπà“¬ ‘π∑√—æ¬å∂“«√ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ (‚Õπ°≈—∫) ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ (‚Õπ°≈—∫) °”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ ‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°‡°Á∫ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π®à“¬≈à«ßÀπâ“ºŸâ√—∫‡À¡“ ‡ß‘π∑¥√Õß®à“¬æπ—°ß“π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊πË Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ - °‘®°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’ÈÕ◊Ëπ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ ¥Õ°‡∫’È¬§â“ß®à“¬ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘°àÕπ√“¬°“√æ‘‡»… √“¬°“√æ‘‡»… °”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’È µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥ °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡¥”‡π‘πß“π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

.. .. ß∫°“√‡ß‘. π√«¡ . . 2548 .. 2547 ... .. .. .. .. .. 829,976,755 .. 480,786,151 .... .. .. .. .. .. .. .. . 20,585,507 .. 20,434,651 ... (2,595,354) ... 4,173,308 ... .. . .. 24,769,014 ... (17,136,443) ... (56,520,182) ... .. 469,679 .... .. 13,936,477 ... (19,164,904) ... .. (5,908,827) ... . .. 25,161,520 .. 20,358,269 .... .. .. .. . 864,019,635 ... 475,305,986 .... .. .. .. . 591,808 .. (12,228,388) ... 2,354,000 .... (2,354,000) .... (600,628,294) ... 18,686,334 ... (859,891,078) .... (1,235,093,363) .... (13,500,000) ... (15,106,012) ... 120,540 ... 6,044,015 ... 2,007,837 .... 13,062,542 .... (17,798,596) ... (2,086,084) ... (334,099) .... (1,641,534) .... .. .. .. . 43,167,661 .. (226,479) ... 690,285 .... 15,112,518 .... .. (1,571,690) ... . .. 5,558,324 .. (8,718,763) .... 246,699,382 ... 219,612,445 ... (21,043,449) ... (9,491,172) ... 134,717,478 .... 23,766,968 .... (1,634,950) ... (759,689) ... (216,475,206) .... (516,114,676) .... .. .. .. .. .. .. .. - .. (140,376,163) .... (49,068,759) ... - ... .. (265,543,965) . (656,490,839) ...

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547

.. .. 829,976,755 .... 480,786,151 .. .. .. . 15,527,801 ... 15,201,498 (3,033,656) ... 4,098,562 .. .. 22,806,975 (17,135,740) ... (56,345,140) .. (56,000) .. 5,681,852 ... 22,299,785 .. .. . .. (48,271,441) ... (39,223,997) 782,745,571 .... 449,567,834 .. . 128,989 ... (12,442,077) 13,843,023 .... (1,867,489) (602,797,440) ... 16,174,138 (860,914,243) .... (1,107,898,596) (5,000,000) ... (17,106,012) 339,449 ... 6,257,223 2,058,486 .... 13,253,438 (18,458,783) ... (1,313,232) (226,037) .... (568,083) .. . 44,109,885 ... (7,257,047) 734,962 .... 10,077,218 .. .. . 5,441,472 .. (8,251,905) 251,612,189 ... 209,106,801 (21,114,270) ... (9,545,550) 119,734,717 .... 38,452,741 (1,800,457) ... (568,476) (289,562,487) .... (423,929,074) .. .. .. - .... (140,376,163) - ... .. (289,562,487) . (564,305,237)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

CASH FLOWS STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note 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 (Reversal) Loss on impairment of other non-current assets Gain on disposal of fixed assets Loss on diminution in value of investment (Reversal) Loss on diminution in project value (Reversal) Gain on sale of investments in related companies Net earnings in respect of minority interest Share of profit from investments accounted for under equity method Decrease (increase) in operating assets : Trade accounts receivable Amounts due from related parties Unbil ed completed work Costs of property development projects for sales Deposits for purchase of land Advances to contractors Advances to employees Other current assets Other non-current assets Increase (decrease) in operating liabilities : Trade accounts payable and notes payable - unrelated parties Trade accounts payable - related parties Amounts due to related parties Other creditors Deposits and advances received from customers Accrued interest expenses Other current liabilities Other non-current liabilities Net cash before extraordinary items Extraordinary items Gain from redemption of debentures and repayment of restructured debt prior to maturity Gain from debt restructuring Net cash used in operting activities

.. .. Consolidated .. . 2005 .. 2004 ... .. .. .. .. .. 829,976,755 .. 480,786,151 .... .. .. .. .. .. .. .. . 20,585,507 .. 20,434,651 ... (2,595,354) ... 4,173,308 ... .. . .. 24,769,014 ... (17,136,443) ... (56,520,182) ... .. 469,679 .... .. 13,936,477 ... (19,164,904) ... .. (5,908,827) ... . .. 25,161,520 .. 20,358,269 .... .. .. .. . 864,019,635 ... 475,305,986 .... .. .. .. . 591,808 .. (12,228,388) ... 2,354,000 .... (2,354,000) .... (600,628,294) ... 18,686,334 ... (859,891,078) .... (1,235,093,363) .... (13,500,000) ... (15,106,012) ... 120,540 ... 6,044,015 ... 2,007,837 .... 13,062,542 .... (17,798,596) ... (2,086,084) ... (334,099) .... (1,641,534) .... .. .. .. . 43,167,661 .. (226,479) ... 690,285 .... 15,112,518 .... .. (1,571,690) ... . .. 5,558,324 .. (8,718,763) .... 246,699,382 ... 219,612,445 ... (21,043,449) ... (9,491,172) ... 134,717,478 .... 23,766,968 .... (1,634,950) ... (759,689) ... .. (216,475,206) .. (516,114,676) .... .. .. .. .. .. .. .. . .. (140,376,163) ... .. (49,068,759) ... . .. (265,543,965) . (656,490,839) ...

(Unit : Baht) The Company Only . 2005 ... 2004

.. .. 829,976,755 .... 480,786,151 .. .. .. . 15,527,801 ... 15,201,498 (3,033,656) ... 4,098,562 .. .. 22,806,975 (17,135,740) ... (56,345,140) .. (56,000) .. 5,681,852 ... 22,299,785 .. .. . .. (48,271,441) ... (39,223,997) 782,745,571 .... 449,567,834 .. . 128,989 ... (12,442,077) 13,843,023 .... (1,867,489) (602,797,440) ... 16,174,138 (860,914,243) .... (1,107,898,596) (5,000,000) ... (17,106,012) 339,449 ... 6,257,223 2,058,486 .... 13,253,438 (18,458,783) ... (1,313,232) (226,037) .... (568,083) .. . 44,109,885 ... (7,257,047) 734,962 .... 10,077,218 .. .. . 5,441,472 .. (8,251,905) 251,612,189 ... 209,106,801 (21,114,270) ... (9,545,550) 119,734,717 .... 38,452,741 (1,800,457) ... (568,476) .. (289,562,487) .. (423,929,074) .. .. .. .. .. (140,376,163) .. .. . (289,562,487) . (564,305,237)

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫°√–· ‡ß‘π ¥ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ °√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ : ‡ß‘π≈ß∑ÿπ™—Ë«§√“«≈¥≈ß ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) ´◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π ¥®à“¬®“°°“√≈ß∑ÿπ‡æ‘Ë¡„π∫√‘…—∑¬àÕ¬ ‡ß‘π ¥®à“¬ ÿ∑∏‘ ”À√—∫°“√´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 32) ‚§√ß°“√√–À«à“ß°àÕ √â“ß‡æ‘Ë¡¢÷Èπ ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ‡æ‘Ë¡¢÷Èπ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π : ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√≈¥≈ß ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ≈¥≈ß ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π‡æ‘Ë¡¢÷Èπ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È≈¥≈ß Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π√—∫≈à«ßÀπâ“§à“Àÿâπ‡æ‘Ë¡∑ÿπ‡æ‘Ë¡¢÷Èπ ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬„∫ ”§—≠· ¥ß ‘∑∏‘¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬„ÀâºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ‡ß‘π ¥√—∫®“°°“√‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß ÿ∑∏‘ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªï ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπªï

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. ß∫°“√‡ß‘. π√«¡ . . 2548 .. 2547 ... .. .. .. .. .. 1,617,877 .. 491,545 .... .. .. .. . (15,257,339) ... (1,238,981) .... (19,074,922) ... (23,159,468) ... 901,760 .... 2,243,211 .... 27,453,032 ... 95,415,582 ... 2,760,714 .... (136,216) .... .. 5,658,827 ... .. .. .. .. .. . .. (26,950,381) .. .. (300,234,738) .. (61,428,569) .... .. (1,257,709) .. . . (323,125,170) .... 10,929,395 .... .. .. .. . (11,802,695) ... (56,667,600) .... (260,000,000) ... (125,000,000) ... 980,008,591 .... 457,367,370 .... (48,045) ... (4,010,126) ... .. . .. (757,521,824) ... (137,500,000) ... 550,000,000 ... (6,319,823) .... 670,528 .... .. 5,179,821 ... . .. 2,032,114 .... .. .. 4,957,680 ... . .. (242,580,537) .. (590,103,323) .... .. (9,596,977) ... . .. 33,464,312 .. 464,866,521 .... 355,762,327 ... (58,366,340) ... (232,906,808) .... (703,927,784) .... 310,501,174 ... 1,014,428,958 ... 77,594,366 ... 310,501,174 ...

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547

.. .. 1,514,449 .... (4,004,274) ... 542,201 .... (6,893,582) ... 752,228 .... 27,453,032 ... (2,703,597) .... .. . (53,328,785) .... (11,826,315) ... (279,281,081) .... (58,136,660) ... (385,912,384) .... .. . (6,459,813) .... (260,000,000) ... 1,064,095,447 .... .. .. .. . (137,500,000) ... .. .. .. .. .. .. .. (245,808,112) .... .. . 33,464,312 .... 447,791,834 ... (227,683,037) .... 293,976,466 ... 66,293,429 ...

493,607 (1,438,981) (15,133,385) 2,238,411 95,368,853 (75,869,223) (61,428,569) (55,769,287) (64,700,036) (125,000,000) 454,635,798 (757,521,824) 550,000,000 (598,173,031) 487,016,521 (53,742,572) (673,817,096) 967,793,562 293,976,466

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

CASH FLOWS STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note Cash flows from (used in) investing activities : Decrease in current investments Increase in short-term loans to related party Decrease (increase) in restricted bank deposits Purchases of property, plant and equipment Proceeds from disposal of property, plant and equipment Proceeds from disposal of property, plant and equipment for rent Decrease (increase) in long-term loans to related parties Proceed from sale of investments in related companies Cash paid for acquisition of additional investments in subsidiary Cash paid for investment in subsidiary (Note 32) Increase in projects under construction Increase in advances paid for share subscriptions Net cash from (used in) investing activities Cash flows from (used in) financing activities : Decrease in bank overdrafts Decrease in other short-term loans Increase in long-term loans from financial institutions Decrease in long-term loans from related parties Decrease in creditors under debt restructuring agreements Increase (decrease) in secured debentures Increase (decrease) in long-term loans from directors Increase in share subscriptions received in advance Proceeds from disposal of Company没s share held by subsidiary Proceeds from disposal of Company没s warrants held by subsidiary Dividend paid Dividend paid for minority interest Cash received from additional ordinary shares as a result of warrant exercise Net cash from (used in) financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Consolidated . 2005 ... 2004 1,617,877 (15,257,339) (19,074,922) 901,760 27,453,032 2,760,714 5,658,827 (26,950,381) (300,234,738) (323,125,170) (11,802,695) (260,000,000) 980,008,591 (48,045) (137,500,000) (6,319,823) 5,179,821 4,957,680 (242,580,537) (9,596,977) 33,464,312 355,762,327 (232,906,808) 310,501,174 77,594,366

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) The Company Only . 2005 ... 2004

491,545 1,514,449 (4,004,274) (1,238,981) 542,201 (23,159,468) (6,893,582) 2,243,211 752,228 95,415,582 27,453,032 (136,216) (2,703,597) (53,328,785) (11,826,315) (61,428,569) (279,281,081) (1,257,709) (58,136,660) 10,929,395 (385,912,384) (56,667,600) (125,000,000) 457,367,370 (4,010,126) (757,521,824) 550,000,000 670,528 2,032,114 (590,103,323) 464,866,521 (58,366,340) (703,927,784) 1,014,428,958 310,501,174

(6,459,813) (260,000,000) 1,064,095,447 (137,500,000) (245,808,112) 33,464,312 447,791,834 (227,683,037) 293,976,466 66,293,429

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

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

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

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

ß∫°√–· ‡ß‘π ¥ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

À¡“¬‡Àµÿ ¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ : ‡ß‘π ¥®à“¬„π√–À«à“ßªï ¥Õ°‡∫’È¬®à“¬ (ª√–°Õ∫¥â«¬¥Õ°‡∫’È¬®à“¬ ”À√—∫°“√¥”‡π‘πß“π ·≈–¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√) ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈·≈–¿“…’À—° ≥ ∑’Ë®à“¬ √“¬°“√∑’Ë‰¡à„™à‡ß‘π ¥ ‚Õπ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π·≈–∑’Ë¥‘π„Àâ‡™à“‡ªìπµâπ∑ÿπ ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ´◊ÈÕÕÿª°√≥å‡æ◊ËÕ„™â„πÕ“§“√™ÿ¥‡æ◊ËÕ¢“¬ ·≈–∑’Ë¥‘π‚¥¬°“√ÕÕ°µ—Î«‡ß‘π®à“¬

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

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 ... 2547

80,272,287 170,922,542

17,106,012 143,441,800

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

129,568,726 203,894,871

23,308,706 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ . 2548 ... 2547

74,236,613 148,177,856

17,106,012 143,441,800

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

125,753,651 174,177,894

23,308,706 -

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

CASH FLOWS STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2005 AND 2004

Note 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) Corporate income tax and withholding tax deducted at source Non-cash transactions Transfer deposits for purchase of land and land for rent to costs of property development projects for sales Issue of notes payable to purchase equipment for use in condominium for sale and land

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated . 2005 ... 2004

80,272,287 170,922,542

17,106,012 143,441,800

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

129,568,726 203,894,871

23,308,706 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only . 2005 ... 2004

74,236,613 148,177,856

17,106,012 143,441,800

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

125,753,651 174,177,894

23,308,706 -

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

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 1. ¢âÕ¡Ÿ≈∑—Ë«‰ª ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ®—¥µ—Èß¢÷Èπ‡ªìπ∫√‘…—∑®”°—¥µ“¡°ÆÀ¡“¬‰∑¬·≈–‰¥â®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥µ“¡ °ÆÀ¡“¬«à“¥â«¬∫√‘…—∑¡À“™π®”°—¥‡¡◊ËÕ«—π∑’Ë 26 æƒ»®‘°“¬π 2535 ∫√‘…—∑œ ª√–°Õ∫°‘®°“√„πª√–‡∑»‰∑¬ ‚¥¬¡’∏ÿ√°‘®À≈—° §◊Õ°“√ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑œµ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà ≥ ‡≈¢∑’Ë 175 Õ“§“√»ÿ¿“≈—¬‡æ≈ ´Õ¬ ÿ¢ÿ¡«‘∑ 39 ∂ππ ÿ¢ÿ¡«‘∑ ·¢«ß§≈Õßµ—π‡Àπ◊Õ ‡¢µ«—≤π“ °√ÿß‡∑æ¡À“π§√ 2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 2.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¢Õß∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬´÷Ëß®—¥µ—Èß„πª√–‡∑»‰∑¬ (´÷ËßµàÕ‰ªπ’È‡√’¬°«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 ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ (∂◊ÕÀÿâπ‚¥¬∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √âÕ¬≈– 26.25)

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Õ—µ√“√âÕ¬≈–¢Õß °“√∂◊ÕÀÿâπ. ‚¥¬∫√‘…—∑œ .. 2548 2547 .. .. √âÕ¬≈– ... √âÕ¬≈– .. 99.89 99.89 .. .. .. 49.89 49.89 .. . 93.53 49.86 .. .. .. 13.41 . .

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

≈—°…≥–∏ÿ√°‘® ‚√ß·√¡ ∫√‘À“√®—¥°“√ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

∫√‘…—∑œ ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ·≈–∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‡π◊ËÕß®“°°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ∂◊ÕÀÿâπ·≈–‡ªìπ°√√¡°“√¢Õß∫√‘…—∑¥—ß°≈à“«·≈–®– π—∫ πÿπ∫√‘…—∑œ „π°“√§«∫§ÿ¡∫√‘…—∑¥—ß°≈à“« ®÷ß ‰¥âπ”ß∫°“√‡ß‘π¢Õß∫√‘…—∑¥—ß°≈à“«√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬ ´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡ §‘¥‡ªìπ®”π«π √âÕ¬≈–‚¥¬ª√–¡“≥¥—ßπ’È :-

∫√‘…—∑¬àÕ¬ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ 84

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Õ—µ√“√âÕ¬≈–¢Õß¬Õ¥ ‘π∑√—æ¬å√«¡ ¢Õß∫√‘…—∑¬àÕ¬∑’Ë√«¡Õ¬Ÿà„π ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 0.6 6.6 2.7 1.1

.. .. .. .. .. .. .. .. .. .. ..

2547 0.7 9.4 3.1 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Õ—µ√“√âÕ¬≈–¢Õß¬Õ¥√“¬‰¥â√«¡ ¢Õß∫√‘…—∑¬àÕ¬∑’Ë√«¡Õ¬Ÿà„π ß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31. ∏—π«“§¡ .. 2548 2547 .. .. .. 1.7 2.6 .. . 5.4 4.8 .. .. .. 0.2 1.8 .. . .

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Notes to Financial Statements 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 2005 and 2004 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 2005 2004 .. . Percent ... Percent .. Supalai Property Management Company Limited 99.89 99.89 .. .. Haadyai Nakarin Company Limited 49.89 49.89 .. .. .. Supalai Northeast Company Limited 93.53 49.86 .. . Phuket Estate Company Limited 13.41 .. (Held 26.25 percent by Supalai Property Management Company Limited)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Principal activities Hotel, Management Property development Property development Property development

The Company has control over Haadyai Nakarin Company Limited, Supalai Northeast Company Limited and Phuket Estate Company Limited because the directors of the Company are also directors and shareholders of such companies, and wil support the Company in exercising control over the companies. The financial statements of these companies are therefore consolidated. As at 31 December 2005 and 2004, the total assets and revenues of the subsidiaries as a percentage to the consolidated totals are as follows :-

Subsidiaries Supalai Property Management Company Limited Haadyai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited

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Subsidiaries total assets as a percentage to the consolidated total as at 31 December 2005 0.6 6.6 2.7 1.1

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2004 0.7 9.4 3.1 -

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Subsidiaries total revenues as a percentage to the consolidated total for the years ended. 31 December .. 2005 2004 .. .. 1.7 2.6 .. .. .. 5.4 4.8 .. .. 0.2 1.8 .. . .. -

Report and consolidated financial statements

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2.2 „π√–À«à“ßªï 2548 ∫√‘…—∑œ¡’°“√≈ß∑ÿπ‡æ‘Ë¡‡µ‘¡·≈–°“√‡ª≈’Ë¬π·ª≈ß‚§√ß √â“ß°“√∂◊ÕÀÿâπ¥—ßπ’È °) „π√–À«à“ß‰µ√¡“ ∑’Ë Õß¢Õßªïªí®®ÿ∫—π ∫√‘…—∑œ ‰¥â≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ §‘¥‡ªìπ√âÕ¬≈– 13.41 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“« ·≈–∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ‰¥â≈ß∑ÿπ‡æ‘Ë¡„π Àÿâπ “¡—≠¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ Õ’°√âÕ¬≈– 9.14 ∑”„Àâ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ¡’ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“«√âÕ¬≈– 26.25 πÕ°®“°π—Èπ¬—ß¡’°√√¡°“√¢Õß∫√‘…—∑œ ∂◊ÕÀÿâπ„π∫√‘…—∑¥—ß°≈à“«∫“ß à«π Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß®“° ∫√‘…—∑œ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑œ®÷ß∂◊Õ«à“∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‡ªìπ∫√‘…∑— ¬àÕ¬·≈–‰¥âπ”ß∫°“√‡ß‘π¢Õß∫√‘…∑— ¥—ß°≈à“«√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ´÷ßË ≥ «—π´◊ÕÈ ¡Ÿ≈§à“ ¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ¡’®”π«π Ÿß°«à“¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘‡π◊ËÕß®“°∑’Ë¥‘π¢Õß∫√‘…—∑¥—ß°≈à“«¡’ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ Ÿß°«à“¡Ÿ≈§à“µ“¡∫—≠™’ ¥—ßπ—Èπ„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ∫√‘…—∑œ®÷ß‰¥âª√—∫ª√ÿß à«π‡°‘π¢Õß®”π«π‡ß‘π ∑’Ë™”√–„π°“√´◊ÈÕ∫√‘…—∑¬àÕ¬∑’Ë Ÿß°«à“¡Ÿ≈§à“µ“¡∫—≠™’¥—ß°≈à“«‡ªìπ à«πÀπ÷Ëß¢Õß∑’Ë¥‘π„πß∫°“√‡ß‘π√«¡ ¢) „π‡¥◊Õπæƒ…¿“§¡·≈–‡¥◊Õπ°√°Æ“§¡ 2548 ∫√‘…—∑œ ‰¥â≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ Õ’°√âÕ¬≈– 34.52 ·≈–√âÕ¬≈– 9.15 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¥—ß°≈à“«µ“¡≈”¥—∫ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 49.86 ‡ªìπ√âÕ¬≈– 93.53 2.3 ¬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°“√∫—≠™’¿“¬„µâæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È 3.1 °“√√—∫√Ÿâ√“¬‰¥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™”√–¢—Èπµâπ·≈â« ‡ß‘π¢—Èπµâπ∑’Ë√—∫™”√–°”Àπ¥‰«â∑’Ë √âÕ¬≈– 20 ¢Õß√“§“¢“¬ ‡æ◊ËÕ‡ªìπ‡ß◊ËÕπ‰¢„π°“√√—∫√Ÿâ√“¬‰¥â √“¬‰¥â®“°°“√¢“¬∑’¥Ë π‘ ·≈–∫â“πæ√âÕ¡∑’¥Ë π‘ √—∫√Ÿµâ “¡«‘∏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∑’Ëª√–‡¡‘π‚¥¬«‘»«°√ºŸâ§«∫§ÿ¡‚§√ß°“√ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â ”À√—∫ —≠≠“®–´◊ÈÕ®–¢“¬∑’Ëº‘¥π—¥™”√–‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π ¢) √“¬‰¥â®“°°“√¢“¬Àπà«¬„πÕ“§“√™ÿ¥ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬Àπà«¬„πÕ“§“√™ÿ¥ ‡¡◊ËÕ‰¥â¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬„π®”π«π∑’Ë ‰¡àπâÕ¬°«à“√âÕ¬≈– 40 ¢Õßæ◊Èπ∑’Ë∑’Ë‡ªî¥¢“¬·≈–‰¥â√—∫‡ß‘π™”√–¢—Èπµâπ√âÕ¬≈– 20 ¢Õß√“§“¢“¬·≈â«µ“¡«‘∏’Õ—µ√“ à«π¢Õß ß“π∑’Ë∑”‡ √Á® (Percentage-of-completion method) Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®∂◊Õµ“¡Õ—µ√“ à«π∑’Ëª√–‡¡‘π‚¥¬ «‘»«°√ºŸâ§«∫§ÿ¡‚§√ß°“√·≈–∑’Ëª√÷°…“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â ”À√—∫ —≠≠“®–´◊ÈÕ®–¢“¬∑’Ëº‘¥π—¥™”√–‡°‘π°«à“ 3 ß«¥µ‘¥µàÕ°—π §) √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√∑’Ë‡°’Ë¬«¢âÕß®–√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß √“¬‰¥â§à“‡™à“√—∫≈à«ßÀπâ“®–∫—π∑÷°‡ªìπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

2.2 During the year 2005, the Company has increased its investments and changed the shareholding structure of its subsidiaries as follows :a) During the second quarter of the current year, the Company acquired 13.41 percent of the registered ordinary shares of Phuket Estate Company Limited, and Supalai Property Management Company Limited acquired an additional 9.14 percent of the registered ordinary shares of Phuket Estate Company Limited, increasing its equity interest to 26.25 percent. A director of the Company also holds ordinary shares in such company. However, since the Company has control over Phuket Estate Company Limited, Phuket Estate Company Limited is now a subsidiary company and therefore its financial statements are included for the purpose of consolidation. As of the acquisition date, the cost of the investment in Phuket Estate Company Limited exceeded the net asset value attributable to the investment since the fair value of that company没s land exceeds its book value. Therefore the Company has recorded the excess of the acquisition cost of the subsidiary over its attributable net book value as part of the cost of the land in consolidated financial statements. b) In May and July 2005, the Company acquired an additional 34.52 percent and 9.15 percent, respectively, of the registered ordinary shares of Supalai Northeast Company Limited. As a result the percentage shareholding of the Company increased from 49.86 to 93.53 percent. 2.3 Outstanding balances between the Company and its 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 enunciated under the Accounting Profession Act B.E. 2547. 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 method 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 method with the percentage of completion determined from certain estimations made by the project engineer and consultant. No income is recognised from contracts under which more than three consecutive installments are overdue. c) Revenue from rental and services 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. Report and consolidated financial statements

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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 directly related interest and expenses, net of the cost of real estate sales. The Company and its subsidiaries recognise 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 initial y recorded at cost. For each subsequent year, the investments are adjusted to incorporate the Companyûs 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 subsidiaryé 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 and its subsidiaries hold as other investment, are valued at cost. The Company and its subsidiaries recognise 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. Report and consolidated financial statements

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3.8 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’¥Ë π‘ Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ÕË ¡√“§“ – ¡ §à“‡ ◊ÕË ¡√“§“¢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∑’‰Ë ¥â π‘ ∑√—æ¬å¡“ Õ¬à“ß‰√ °Áµ“¡À≈—ß®“°π—πÈ ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‰¥â®¥— „Àâ¡°’ “√ª√–‡¡‘π√“§“∑’¥Ë π‘ ·≈–Õ“§“√¥—ß°≈à“«‚¥¬ºŸªâ √–‡¡‘π√“§“Õ‘ √–·≈– ∫—π∑÷° ‘π∑√—æ¬å¥—ß°≈à“«„π√“§“∑’Ëµ’„À¡à ∑—Èßπ’È∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ §√—Èß§√“« ‡æ◊ËÕ¡‘„Àâ√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë„πß∫¥ÿ≈·µ°µà“ß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡Õ¬à“ß¡’ “√– ”§—≠ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷° à«πµà“ß´÷Ëß‡°‘¥®“°°“√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¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈ Õ¬à“ß‰√°Áµ“¡ À“° ‘π∑√—æ¬åπ—Èπ‡§¬¡’°“√µ’√“§“≈¥≈ß·≈– ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫√Ÿâ√“§“∑’Ë≈¥≈ß‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ·≈â« à«π∑’Ë‡æ‘Ë¡®“°°“√µ’√“§“„À¡àπ’È ®–∂Ÿ°√—∫√Ÿâ‡ªìπ√“¬‰¥â‰¡à‡°‘π®”π«π∑’Ë‡§¬≈¥≈ß´÷Ëß‰¥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“ß‰√°Áµ“¡À“° ‘π∑√—æ¬åπ—Èπ‡§¬¡’°“√µ’√“§“‡æ‘Ë¡¢÷Èπ·≈–¬—ß¡’¬Õ¥§ß§â“ß¢Õß∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é Õ¬Ÿ„à π à«π¢ÕßºŸ∂â Õ◊ Àÿπâ 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´÷Ëß‡§¬µ’√“§“‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬å™π‘¥‡¥’¬«°—π ·≈– à«π∑’Ë‡°‘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°√≥å§”π«≥®“°√“§“∑ÿπÀ√◊Õ√“§“∑’Ëµ’„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∑’Ëµ’√“§“‡æ‘Ë¡ ‚§√ß°“√√–À«à“ß°àÕ √â“ß ·≈– ß“π√–À«à“ß°àÕ √â“ß §à“‡ ◊ËÕ¡√“§“‰¥â√«¡§”π«≥Õ¬Ÿà„πº≈°“√¥”‡π‘πß“π à«π‡°‘π∑ÿπ®“°°“√µ’√“§“Õ“§“√®–∑¬Õ¬µ—¥®”Àπà“¬‚¥¬ «‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π∑’Ë‡À≈◊ÕÕ¬Ÿà¢Õß ‘π∑√—æ¬åπ—Èπ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–æ‘®“√≥“∫—π∑÷°¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ À“°¡’¢âÕ∫àß™’È«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÕ“® µË”°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 3.10 ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ ¥Õ°‡∫’¬È ®à“¬∑’‡Ë °‘¥®“°°“√°Ÿ¬â ¡◊ ‡æ◊ÕË „™â„π√–À«à“ß°“√°àÕ √â“ß‚§√ß°“√µà“ßÊ∂◊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“∑’§Ë “¥«à“®–‰¥â√∫— §◊πÀ¡“¬∂÷ß√“§“¢“¬ ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â¢Õß ‘π∑√—æ¬åππ—È ·≈â«·µà®”π«π„¥ ®– Ÿß°«à“´÷ßË ¡Ÿ≈§à“∑’§Ë “¥«à“®–‰¥â√∫— §◊π¥—ß°≈à“«¡“®“°°“√ª√–‡¡‘π¢ÕßºŸªâ √–‡¡‘π√“§“Õ‘ √–À√◊Õª√–¡“≥°“√¢ÕßΩÉ“¬∫√‘À“√ „π°√≥’∑√’Ë “§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ßŸ °«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¬ŸàÕ’°µàÕ‰ªÀ√◊Õ¬—ß§ß¡’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß 90

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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 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 appraiser. 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 its subsidiaries recognise impairment loss if events or changes in circumstances indicate the carrying value may not be recoverable. 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 its 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 assetûs 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 its subsidiaries recognise an impairment loss in the earnings statements whenever the carrying value of an assets exceeds its realisable value. The Company and its subsidiaries wil 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. Report and consolidated financial statements

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ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 297,900 ... 248,967 .. 787,047 ... 2,159,391 76,509,419 .... 308,092,816 . 77,594,366 ... 310,501,174

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. . 2548 2547 .. .. 167,000 ... 132,585 .. 1,341,339 ... 1,768,962 64,785,090 .... 292,074,919 . 66,293,429 ... 293,976,466

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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 wil 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 Financial instruments The Company and its subsidiaries have no policy to speculate in or engage in the trading of any financial derivative instruments. Financial instruments carried in the balance sheets include cash, bank deposits, accounts receivable, accounts payable, lendings, borrowings, bank overdrafts, notes payable and debentures. The particularly recognition methods adopted are disclosed in the individual policy statements associated with each item. 3.16 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. 4. CASH AND CASH EQUIVALENTS

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .. 297,900 .... 248,967 .. 787,047 .. 2,159,391 . 76,509,419 .... 308,092,816 77,594,366 .... 310,501,174

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 .. 167,000 .... 132,585 .. 1,341,339 .. 1,768,962 . 64,785,090 .... 292,074,919 66,293,429 .... 293,976,466

Report and consolidated financial statements

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5. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ª√–°Õ∫¥â«¬

®”π«π‡ß‘πµ“¡∑’Ë‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬·≈â« —¥ à«π√âÕ¬≈–¡Ÿ≈§à“√«¡¢Õß‚§√ß°“√ §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– À—° : ‡ß‘π√—∫™”√–·≈â« ≈Ÿ°Àπ’È§à“ß«¥∑’Ë§â“ß™”√– À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - Õ —ßÀ“√‘¡∑√—æ¬å ( ÿ∑∏‘) ≈Ÿ°Àπ’È°“√§â“ - ∏ÿ√°‘®‚√ß·√¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ∏ÿ√°‘®‚√ß·√¡ ( ÿ∑∏‘) √«¡≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 26,152,934,500 ... 18,948,447,794 . 74.25 .... 64.60 .. 19,507,860,513 .. 16,515,864,611 . (19,490,455,805) .... (16,498,138,214) 17,404,708 .... 17,726,397 . (2,720,852) .... (5,754,508) .. 14,683,856 .. 11,971,889 . 1,656,527 .... 2,364,948 .. (169,411) .. (169,411) .. 1,487,116 ... 2,195,537 .. 16,170,972 .. 14,167,426

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. .. 2548 2547 .. .. 24,831,915,000 .. 17,747,823,583 . 75.41 .... 63.92 .. 18,298,709,919 .. 15,448,324,936 . (18,281,753,111) .... (15,431,239,138) 16,956,808 .... 17,085,798 . (2,720,852) .... (5,754,508) 14,235,956 .... 11,331,290 .. .. .. .. .. .. .. .. 14,235,956 .. 11,331,290

¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°‡°Á∫·≈–§à“ß«¥∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ª√–°Õ∫¥â«¬

°“√√—∫√Ÿâ√“¬‰¥âµ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® À—° : §à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√– √“¬°“√¥—ß°≈à“«ª√–°Õ∫¥â«¬ ¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°‡°Á∫ §à“ß«¥∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â √«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘. π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. .. .. 2548 2547 2548 2547 .. .. .. 19,630,829,211 ... 16,283,248,711 18,434,672,955 .... 15,232,531,598 . . (19,507,860,513) .... (16,515,864,611) (18,298,709,919) .... (15,448,324,936) 122,968,698 .... (232,615,900) 135,963,036 .... (215,793,338) 612,265,954 (489,297,256) 122,968,698

.. .. .. .. .. .. .. .. .

11,637,660 (244,253,560) (232,615,900)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

611,672,297 (475,709,261) 135,963,036

§à“ß«¥∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â· ¥ß√«¡Õ¬Ÿà„π∫—≠™’‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“„πß∫¥ÿ≈

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .

8,874,857 (224,668,195) (215,793,338)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

5. TRADE ACCOUNTS RECEIVABLE Trade accounts receivable balances as at 31 December 2005 and 2004 comprise :

Total value of contracts signed Percentage of total project sale value Installments due Less : Cash received Installments receivable Less : Allowance for doubtful accounts Trade accounts receivable - real estate, net Trade accounts receivable - hotel Less : Allowance for doubtful accounts Trade accounts receivable - hotel, net Total trade accounts receivable, net

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .. .. 26,152,934,500 .. 18,948,447,794 . 74.25 .... 64.60 .. 19,507,860,513 .. 16,515,864,611 . (19,490,455,805) .... (16,498,138,214) 17,404,708 .... 17,726,397 . (2,720,852) .... (5,754,508) .. 14,683,856 .. 11,971,889 . 1,656,527 .... 2,364,948 .. (169,411) .. (169,411) .. 1,487,116 ... 2,195,537 .. 16,170,972 .. 14,167,426

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 .. .. 24,831,915,000 .. 17,747,823,583 . 75.41 .... 63.92 .. 18,298,709,919 .. 15,448,324,936 . (18,281,753,111) .... (15,431,239,138) 16,956,808 .... 17,085,798 . (2,720,852) .... (5,754,508) 14,235,956 .... 11,331,290 .. .. .. .. .. . .. .. 14,235,956 ... 11,331,290

As at 31 December 2005 and 2004, çUnbil ed completed worké and çUnearned incomeé comprise the following: .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 . .

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 . .

.. .. Accumulated amount recognised as revenue .. .. .. on percentage of completion basis 19,630,829,211 .. 16,283,248,711 18,434,672,955 .... 15,232,531,598 . . Less : Installments due (19,507,860,513) .... (16,515,864,611) (18,298,709,919) .... (15,448,324,936) 122,968,698 .... (232,615,900) 135,963,036 .... (215,793,338) .. .. .. .. The balance comprises : .. .. Unbil ed completed work 612,265,954 .... 11,637,660 611,672,297 .... 8,874,857 .. .. Unearned income (489,297,256) .. (244,253,560) (475,709,261) .. (224,668,195) . . Total 122,968,698 ... (232,615,900) 135,963,036 ... (215,793,338)

Unearned income is presented in the caption çDeposits and advances received from customersé in the balance sheets.

Report and consolidated financial statements

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≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’≈Ÿ°Àπ’È°“√§â“·¬°µ“¡Õ“¬ÿÀπ’È‰¥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√«¡ .. 2548 2547 .. .. 13,776,986 ... 11,268,578 984,789 .... 888,653 .. 787,732 ... 954,200 .. 3,511,728 .. 6,979,914 .. 19,061,235 ... 20,091,345 . (2,890,263) .... (5,923,919) .. 16,170,972 . 14,167,426

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. . 2548 2547 .. .. 12,167,869 ... 8,409,677 .. 984,789 .. 818,753 .. 470,232 ... 952,200 .. 3,333,918 .. 6,905,168 .. 16,956,808 ... 17,085,798 . (2,720,852) .... (5,754,508) 14,235,956 ... 11,331,290

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“®”π«π§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∑’Ë‰¥â∫—π∑÷°‰«â„π∫—≠™’¡’§«“¡‡æ’¬ßæÕ „π ∂“π°“√≥åªí®®ÿ∫—π 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 ∏—π«“§¡ 2548 ·≈– 2547 ª√–°Õ∫¥â«¬547

µâπ∑ÿπ∑’Ë¥‘π·≈–§à“æ—≤π“∑’Ë¥‘π ∫â“π·≈–Õ“§“√æ“≥‘™¬å√–À«à“ß°àÕ √â“ß Õ“§“√™ÿ¥·≈–∑’Ë¥‘π∑’Ë‡°’Ë¬«¢âÕß √«¡ À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 1,986,277,579 ... 1,938,716,518 1,162,132,072 .... 1,016,946,018 . 2,055,005,575 .... 1,240,635,713 5,203,415,226 .... 4,196,298,249 . (150,681,932) .... (136,745,455) 5,052,733,294 .... 4,059,552,794 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. .. 2548 2547 .. 1,697,981,634 .... 1,625,137,677 1,025,062,293 .... 928,320,106 . 2,040,953,349 .... 1,204,914,237 4,763,997,276 .... 3,758,372,020 . (54,024,658) .... (48,342,806) 4,709,972,618 .... 3,710,029,214 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

¡Ÿ≈§à“µâπ∑ÿπ‚§√ß°“√ 18,713,581,828 15,798,288,853 17,403,146,561 14,579,895,304 À—° : à«π∑’Ë‚Õπ‡ªìπµâπ∑ÿπ¢“¬ – ¡ (11,423,937,011) (9,515,761,013) (10,738,144,415) (8,920,518,414) à«π∑’Ë‚Õπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ (246,830,522) (246,830,522) (234,803,056) (234,803,056) à«π∑’Ë‚Õπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å (242,459,316) (242,459,316) (69,262,061) (69,262,061) à«π∑’Ë‚Õπ‡ªìπ∑’Ë¥‘π√Õ°“√æ—≤π“ (213,078,092) (213,078,092) (213,078,092) (213,078,092) à«π∑’Ë‚Õπµ’∑√—æ¬å™”√–Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È (1,383,861,661) (1,383,861,661) (1,383,861,661) (1,383,861,661) 5,203,415,226 4,196,298,249 4,763,997,276 3,758,372,020 À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ (150,681,932) (136,745,455) (54,024,658) (48,342,806) µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘ 5,052,733,294 4,059,552,794 4,709,972,618 3,710,029,214

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

As at 31 December 2005 and 2004, 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 .. .. 2005 2004 .. 13,776,986 .... 11,268,578 984,789 .... 888,653 .. 787,732 ... 954,200 .. 3,511,728 .. 6,979,914 .. 19,061,235 ... 20,091,345 (2,890,263) .... (5,923,919) .. 16,170,972 .. 14,167,426

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) The Company Only .. .. 2005 2004 .. 12,167,869 .... 8,409,677 .. 984,789 .. 818,753 .. 470,232 ... 952,200 .. 3,333,918 .. 6,905,168 .. 16,956,808 ... 17,085,798 (2,720,852) .... (5,754,508) . 14,235,956 ... 11,331,290

The Company and its subsidiaries believe that the allowance for doubtful accounts as set aside in the accounts is adequate at this time. 6. COSTS OF PROPERTY DEVELOPMENT PROJECTS FOR SALES As at 31 December 2005 and 2004, costs of property development projects for sales comprise the following :(Unit : Baht) .. .. Consolidated The Company Only .. .. .. .. .. .. .. .. .. .. 2005 2004 2005 2004 .. .. .. .. . . . . Land costs and development costs .. 1,986,277,579 .. 1,938,716,518 .. 1,697,981,634 .. 1,625,137,677 . . . . Houses and commercial buildings in progress .... 1,162,132,072 .... 1,016,946,018 .... 1,025,062,293 .... 928,320,106 .. . . . .. 2,055,005,575 ... 1,240,635,713 ... 2,040,953,349 ... 1,204,914,237 Condominiums and related land costs .. . . . .. 5,203,415,226 ... 4,196,298,249 ... 4,763,997,276 ... 3,758,372,020 Total .. .. .. .. Less : Provision for loss on diminution in project value .... (150,681,932) .... (136,745,455) .... (54,024,658) .... (48,342,806) Costs of property development projects for sales, net .... 5,052,733,294 .... 4,059,552,794 .... 4,709,972,618 .... 3,710,029,214 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Cost of project value 18,713,581,828 15,798,288,853 17,403,146,561 14,579,895,304 Less : Accumulated amount transferred to cost of sales (11,423,937,011) (9,515,761,013) (10,738,144,415) (8,920,518,414) Transferred to property, plant and equipment for rent (246,830,522) (246,830,522) (234,803,056) (234,803,056) Transferred to property, plant and equipment (242,459,316) (242,459,316) (69,262,061) (69,262,061) Transferred to land held for development (213,078,092) (213,078,092) (213,078,092) (213,078,092) Transferred to settle debts per restructuring agreements (1,383,861,661) (1,383,861,661) (1,383,861,661) (1,383,861,661) 5,203,415,226 4,196,298,249 4,763,997,276 3,758,372,020 Less : Provision for loss on diminution in project value (150,681,932) (136,745,455) (54,024,658) (48,342,806) Costs of property development projects for sales, net 5,052,733,294 4,059,552,794 4,709,972,618 3,710,029,214 Report and consolidated financial statements

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„π‡¥◊Õπ∏—π«“§¡ 2548 ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬é ‚¥¬ ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π¢ÕßºŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 30 ∏—π«“§¡ 2548 ª√“°Ø«à“¡Ÿ≈§à“¢Õß ∫“ß‚§√ß°“√¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´÷Ëß‰¥âª√–‡¡‘π‰«â‡¡◊ËÕªï 2547 Õ¬Ÿà‡ªìπ®”π«π‡ß‘π ª√–¡“≥ 16 ≈â“π∫“∑ ∫√‘…—∑œ®÷ß‰¥â∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√´÷Ëß‡§¬∫—π∑÷°‰«â„π∫—≠™’ πÕ°®“°π—Èπ ∫√‘…—∑œ ‰¥â∫—π∑÷° ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√‡æ‘Ë¡‡µ‘¡®“°°“√ª√–¡“≥¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ”À√—∫ ‚§√ß°“√Àπ÷Ëß‡ªìπ®”π«π‡ß‘πª√–¡“≥ 21.7 ≈â“π∫“∑ ‰«â„π∫—≠™’‚¥¬∂◊Õ‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2548 „π‡¥◊Õπ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬é ‚¥¬ ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π¢ÕßºŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 30 ∏—π«“§¡ 2547 ª√“°Ø«à“¡Ÿ≈§à“¢Õß ∫“ß‚§√ß°“√¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¡Ÿ≈§à“µË”°«à“¡Ÿ≈§à“µ“¡∫—≠™’Õ¬Ÿà‡ªìπ®”π«π‡ß‘πª√–¡“≥ 19.3 ≈â“π∫“∑ ∫√‘…—∑œ ®÷ß‰¥â∫—π∑÷° ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√®“°º≈°“√ª√–‡¡‘π√“§“¥—ß°≈à“«·≈–®“°°“√ª√–¡“≥¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√ ¢Õß∫√‘…—∑œ ”À√—∫‚§√ß°“√Àπ÷ËßÕ’°ª√–¡“≥ 29 ≈â“π∫“∑ √«¡‡ªìπ®”π«π‡ß‘πª√–¡“≥ 48.3 ≈â“π∫“∑‰«â„π∫—≠™’‚¥¬∂◊Õ‡ªìπ§à“„™â®à“¬ „πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2547 „π‡¥◊Õπ∏—π«“§¡ 2547 ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ‰¥â®¥— „Àâ¡°’ “√ª√–‡¡‘π√“§“¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ÕË ¢“¬é ‚¥¬ ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π¢ÕßºŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 28 ¡°√“§¡ 2548 ª√“°Ø«à“¡Ÿ≈§à“¢Õß ‚§√ß°“√¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´÷Ëß‰¥âª√–‡¡‘π‰«â‡¡◊ËÕªï 2546 Õ¬Ÿà‡ªìπ®”π«π‡ß‘π ª√–¡“≥ 33.2 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√´÷Ëß‡§¬∫—π∑÷°‰«â„π∫—≠™’ „π√–À«à“ßªï 2548 ·≈– 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°¥Õ°‡∫’È¬®à“¬®”π«πª√–¡“≥ 39.6 ≈â“π∫“∑ ·≈– 10.4 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 39.0 ≈â“π∫“∑ ·≈– 9.6 ≈â“π∫“∑) µ“¡≈”¥—∫ ‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π ·≈– ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®”π«π ‡ß‘πª√–¡“≥ 4,116.6 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ®”π«π‡ß‘πª√–¡“≥ 3,854.9 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 2,697.1 ≈â“π ∫“∑ ·≈– 2,469.8 ≈â“π∫“∑) µ“¡≈”¥—∫ ‰ª®¥®”πÕß‰«â°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘π‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡ √–¬–¬“« Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π °“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π ·≈–°“√Õ“«—≈µ—Î« —≠≠“„™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÷Ëß¢Õßµâπ∑ÿπ∑’Ë¥‘π‡¡◊ËÕ∑’Ë¥‘π‡À≈à“π—Èπ‰¥â∂Ÿ°‚Õπ°√√¡ ‘∑∏‘‡ªìπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ 8. ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‰¥âπ”‡ß‘πΩ“°ª√–®”°—∫∏π“§“√æ“≥‘™¬å„πª√–‡∑»®”π«πª√–¡“≥ 18.2 ≈â“π∫“∑ ·≈– 2.9 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 2.4 ≈â“π∫“∑ ·≈– 2.9 ≈â“π∫“∑) µ“¡≈”¥—∫ ‰ª«“ß‰«â‡ªìπÀ≈—°∑√—æ¬å §È”ª√–°—π°—∫∏π“§“√æ“≥‘™¬å„π°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

In December 2005, the Company hired an independent appraiser to appraise the value of the Companyûs assets in various projects. According to the appraisal report dated 30 December 2005, the aggregate value of some projects as at 31 December 2005 was approximately Baht 16 mil ion higher than their net book value as appraised in 2004. The Company therefore reversed provision for loss on diminution in value of these projects recorded in its accounts. In addition, the Company set aside further provision of approximately Baht 21.7 mil ion for loss on diminution in value of another project based on managementûs own estimation, recording it as an expense in the earnings statement for the year 2005. In December 2004, the Company hired an independent appraiser to appraise the value of the Companyûs assets in various projects. According to the appraisal report dated 30 December 2004, the aggregate value of some projects as at 31 December 2004 was approximately Baht 19.3 mil ion lower than their 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 mil ion based on managementûs own estimation, for a total of approximately Baht 48.3 mil ion, recording it as expense in the earnings statement for the year 2004. In December 2004, a subsidiary hired an independent appraiser to appraise the value of the subsidiaryûs assets in the project. According to the appraisal report dated 28 January 2005, the aggregate value of the project as at 31 December 2004 was approximately Baht 33.2 mil ion higher than its net book value as appraised in 2003. The subsidiary therefore reversed provision for loss on diminution in value of the project recorded in its accounts in the earnings statement for the year 2004. During the years 2005 and 2004, the Company and its subsidiary capitalized interest expenses of approximately Baht 39.6 mil ion and Baht 10.4 mil ion (the Company only : Baht 39.0 mil ion and Baht 9.6 mil ion), respectively, 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 2005 amounting to approximately Baht 4,116.6 million, or Baht 3,854.9 million per the financial statements of the Company only (31 December 2004 : Baht 2,697.1 mil ion and Baht 2,469.8 mil ion), respectively, with banks and financial institutions as collateral for bank overdrafts, long-term loans, secured debentures and bank guarantees and to aval the Companyûs 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 its subsidiaries. 8. RESTRICTED BANK DEPOSITS As at 31 December 2005 and 2004, fixed deposits with local commercial banks of the Company and its subsidiary amounting to Baht 18.2 mil ion and Baht 2.9 mil ion (the Company only : Baht 2.4 mil ion and Baht 2.9 mil ion), respectively, were pledged to secure against bank guarantees issued by these banks.

Report and consolidated financial statements

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

9. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ (´÷Ëß‰¥âµ—¥ÕÕ°·≈â«„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡) ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (´÷Ëß‡°’Ë¬«¢âÕß°—π‚¥¬°“√∂◊ÕÀÿâπ·≈–/À√◊Õ°“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ¡’°√√¡°“√√à«¡°—π) ·≈–°√√¡°“√ √“¬°“√¥—ß°≈à“« ‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–‡°≥±å∑’Ë‰¥âµ°≈ß√à«¡°—π√–À«à“ß∫√‘…—∑œ ·≈–°‘®°“√‡À≈à“π—Èπ √“¬°“√¥—ß°≈à“« “¡“√∂ √ÿª‰¥â¥—ßπ’È (Àπà«¬ : ≈â“π∫“∑)

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) √“¬‰¥â§à“‡™à“ √“¬‰¥â§à“∫√‘°“√ ¥Õ°‡∫’¬È √—∫ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π √“¬‰¥â§à“∫√‘°“√ ´◊ÈÕ«— ¥ÿ°àÕ √â“ß ¥Õ°‡∫’¬È √—∫ ´◊ÈÕ‡ß‘π≈ß∑ÿπ √“¬°“√∏ÿ√°‘®°—∫°√√¡°“√ §à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—π ´◊ÈÕ‡ß‘π≈ß∑ÿπ

100

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

”À√—∫ªï ‘Èπ ÿ¥«—.π∑’Ë 31 ∏—π«“§¡ .. ..ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ π‚¬∫“¬°“√°”Àπ¥ ß∫°“√‡ß‘. π√«¡ . . .. 2548 .. 2547 .... 2548 .... 2547 √“§“√–À«à“ß°—π

11.6 0.1 12.9 1.2 4.8

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2.2 4.9 0.1 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2.4 0.7 5.2

11.6 11.4 0.4

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2.5 7.3 2.4

2.2 4.9 -

√“§“µ“¡ —≠≠“ √“§“µ“¡ —≠≠“ Õ—µ√“¥Õ°‡∫’¬È ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË” ∂—«‡©≈’¬Ë ¢Õß∏π“§“√ 4 ·Ààß √“§“µ“¡ —≠≠“ „°≈â‡§’¬ß°—∫√“§“∑’Ë´◊ÈÕ®“°√“¬Õ◊Ëπ Õ—µ√“¥Õ°‡∫’¬È ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË” ∂—«‡©≈’¬Ë ¢Õß∏π“§“√ 4 ·Ààß √“§“∑’Ëµ°≈ß°—π √âÕ¬≈– 1 ¢Õß«ß‡ß‘π ‘π‡™◊ËÕ √“§“∑’Ëµ°≈ß°—π

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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), related companies (related by the way of shareholding and/ or common shareholders and/or common directors) and directors. Such transactions, which have been concluded on the term and the basis agreed between the relevant parties, are summarised below :(Unit : Million Baht) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

For the years ended 31 December .. .. The Company Only Consolidated .. .. . 2005 ... 2004 .... 2005 .... 2004 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Transactions with subsidiaries (eliminated from the consolidated financial statements) Rental income Service income Interest income Transactions with related companies Service income 2.2 Purchases of construction material 11.6 4.9 Interest income Purchases of investments Transaction with director Guarantee fee Purchases of investments

0.1 12.9 1.2 4.8

0.1 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2.4 0.7 5.2 11.6 11.4 0.4

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2.5 7.3 2.4 2.2 4.9 -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Pricing policy

Contract price Contract price Average MLR of 4 banks Contract price Closed to purchasing price from third parties Average MLR of 4 banks Agreed price 1 percent of credit facility Agreed price

Report and consolidated financial statements

101

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

¬Õ¥§ß§â“ß¢Õß√“¬°“√¥—ß°≈à“«¢â“ßµâπ‰¥â· ¥ß·¬°µà“ßÀ“°„πß∫¥ÿ≈¿“¬„µâ√“¬°“√µà“ßÊ ¥—ßπ’È

≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (¥ŸÀ¡“¬‡Àµÿ 10) ÿ∑∏‘ (1)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

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

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548

102

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. . 2548 2547 ..

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

4,000,000 4,000,000 4,274 4,274 4,004,274

80,323,831 80,323,831 17,007,581 17,007,581 97,331,412 (58,156,261) 39,175,151

4,280,000 10,000 4,290,000 2,354,000 2,354,000 6,644,000

82,821,078 82,821,078 11,806,736 11,806,736 94,627,814 (94,627,814) -

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

The outstanding balances of the above transactions have been separately shown in the balance sheets, as follows :-

Amounts due from related parties Subsidiaries Haadyai Nakarin Company Limited Supalai Property Management Company Limited Phuket Estate Company Limited(1) Related company Phuket Estate Company Limited(1) Total amounts due from related parties Short-term loans to related party Subsidiary Loan to : Supalai Property Management Company Limited Total loan to Interest receivable : Supalai Property Management Company Limited Total interest receivable 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

Consolidated .. .. 2005 2004 .

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

(Unit : Baht) The Company Only .. . 2005 2004 ..

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

4,000,000 4,000,000 4,274 4,274 4,004,274

80,323,831 80,323,831 17,007,581 17,007,581 97,331,412 (58,156,261) 39,175,151

4,280,000 10,000 4,290,000 2,354,000 2,354,000 6,644,000

82,821,078 82,821,078 11,806,736 11,806,736 94,627,814 (94,627,814) -

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005. Report and consolidated financial statements

103

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2,362,500 2,362,500 398,214 398,214 2,760,714 2,760,714

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. 2548 ... 2547 39,175,151

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

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

‡ß‘π∑¥√Õß®à“¬°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ °√√¡°“√¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡‡ß‘π∑¥√Õß®à“¬°√√¡°“√ ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ Œ‘≈≈å ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àâ“ßÀÿâπ à«π®”°—¥ Õ¡√‘π∑√å«‘»«°√√¡ ∫√‘…—∑ ¥Ÿ√“ø≈Õ√å ®”°—¥ √«¡‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (1)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. 100,000 100,000

1,666,734 1,666,734

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

1,915,590 1,915,590

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

1,501,677 931,772 2,433,449

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548

104

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. 2548 ... 2547 -

52,842,660 5,294,000 58,136,660 58,136,660

1,666,734 1,666,734

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

3,800,000 3,800,000 3,800,000

931,772 931,772

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Consolidated .. .. 2005 2004 . -

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

2,362,500 2,362,500 398,214 398,214 2,760,714 2,760,714

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) The Company Only .. .. 2005 2004 . 39,175,151

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Short-term loans to related party and long-term loans to related parties carry interest at a rate equal to the average MLR of 4 banks.

Advances to directors Director of Supalai Northeast Company Limited Director of Phuket Estate Company Limited(1) Total advances to directors Advances paid for share subscriptions Subsidiaries Supalai Northeast Company Limited Phuket Estate Company Limited(1) Related companies Southern Hil Company Limited Phuket Estate Company Limited(1) Total advances paid for share subscriptions Trade accounts payable - related parties Related parties Amarin Engineering Limited Partnership Durafloor Company Limited Total trade accounts payable - related parties

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 . 100,000 100,000

1,666,734 1,666,734

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

1,915,590 1,915,590

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

1,501,677 931,772 2,433,449

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 . -

52,842,660 5,294,000 58,136,660 58,136,660

1,666,734 1,666,734

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

3,800,000 3,800,000 3,800,000

931,772 931,772

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005. Report and consolidated financial statements

105

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ °√√¡°“√¢Õß∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 .... 2547

1,546 1,546 1,200,000 1,200,000 1,201,546

8,008,695 330,000 8,338,695

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

419,236 419,236 419,236

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. 2548 ... 2547

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(1)

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ·≈–∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ §‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬ ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË”∫«°√âÕ¬≈– 1 (MLR+1%) µàÕªï à«π‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« ®“°°√√¡°“√¢Õß∫√‘…∑— À“¥„À≠àπ§√‘π∑√å ®”°—¥ ‰¡à¡°’ “√§‘¥¥Õ°‡∫’¬È

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àâ“ßÀÿâπ à«π®”°—¥ Õ¡√‘π∑√å«‘»«°√√¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 .... 2547

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬

106

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. ..

48,045 48,045

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. 2548 ... 2547

.. .. .. .. .. .. .. .. ..

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Amounts due to related parties Related companies Phuket Estate Company Limited(1) M.K. Estate Company Limited Director of subsidiary Phuket Estate Company Limited(1) Total amounts due to related parties Long-term loans from directors Directors of subsidiaries Loans from : Haadyai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited(1) Total long-term loans from directors

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .

1,546 1,546 1,200,000 1,200,000 1,201,546

8,008,695 330,000 8,338,695

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

419,236 419,236 419,236

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 .

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005.

Long-term loans from directors of Supalai Northeast Company Limited and Phuket Estate Company Limited carry interest at the minimum loan rate plus 1 percent (MLR+1%) per annum. No interest is charged on the long-term loans from directors of Haadyai Nakarin Company Limited.

Long-term loans from related party Related party Amarin Engineering Limited Partnership

.. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .

.. .. .. .. .. .. .. .. ..

48,045 48,045

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. . 2005 2004 ..

.. .. .. .. .. .. .. .. ..

No interest is charged on the long-term loans from related party.

Report and consolidated financial statements

107

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

„π√–À«à“ßªï ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¡’√“¬°“√‡§≈◊ËÕπ‰À«¥—ßµàÕ‰ªπ’È (Àπà«¬ : ∫“∑) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . (1) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ ¡—Ëπ§ß‡Õ ‡µ∑ ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫ ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ °√√¡°“√¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) √«¡‡ß‘π°Ÿ¬â ¡◊ ¥Õ°‡∫’È¬§â“ß®à“¬ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß®à“¬

(1)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548

2,362,500 2,362,500 398,214 398,214 2,760,714 1,915,590 1,915,590

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

48,045 48,045

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘π√«¡ „π√–À«à“ßªï .. .. ‡æ‘Ë¡¢÷Èπ ≈¥≈ß .

53,965 53,965 53,965 2,525,993 100,000 2,625,993

9,400,000 384,490 9,784,490 157,451 157,451 9,941,941

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548

108

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(2,362,500) (2,362,500) (452,179) (452,179) (2,814,679) (4,441,583) (4,441,583)

(6,245,333) (9,420,000) (54,490) (15,719,823) (157,451) (157,451) (15,877,274)

(48,045) (48,045)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

100,000 100,000

8,008,695 330,000 8,338,695 8,338,695

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

During the year, movements of short-term loans to related party, long-term loans to related parties, advances to directors, long-term loans from directors, and long-term loans from related party were as follows :(Unit : Baht)

Long-term loans to related parties Related company Loan to : M. K. Estate Company Limited Total loan to Interest receivable : M. K. Estate Company Limited Total interest receivable

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . (1) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Advances to directors Director of Supalai Northeast Company Limited Director of Phuket Estate Company Limited Long-term loans from directors Directors of subsidiaries Loan from : Haadyai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited(1) Total loan from Accrued interest expenses : Supalai Northeast Company Limited Total accrued interest expenses Long-term loans from related party Related party Amarin Engineering Limited Partnership

Balance as at 1 January 2005

2,362,500 2,362,500 398,214 398,214 2,760,714 1,915,590 1,915,590

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

48,045 48,045

Consolidated During the year . Increase .... Decrease

53,965 53,965 53,965 2,525,993 100,000 2,625,993

9,400,000 384,490 9,784,490 157,451 157,451 9,941,941

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(2,362,500) (2,362,500) (452,179) (452,179) (2,814,679) (4,441,583) (4,441,583)

(6,245,333) (9,420,000) (54,490) (15,719,823) (157,451) (157,451) (15,877,274)

(48,045) (48,045)

Balance as at 31 December 2005

100,000 100,000

8,008,695 330,000 8,338,695 8,338,695

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005. Report and consolidated financial statements

109

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(Àπà«¬ : ∫“∑)

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ √«¡¥Õ°‡∫’È¬§â“ß√—∫

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548

82,821,078 82,821,078 11,806,736 11,806,736 94,627,814

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

4,850,000 4,850,000 4,274 4,274 4,854,274

17,502,753 17,502,753 5,200,845 5,200,845 22,703,598

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(850,000) (850,000) (850,000)

(20,000,000) (20,000,000) (20,000,000)

∫√‘…—∑œ ‰¥â§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∏π“§“√„Àâ·°à∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ „π«ß‡ß‘π 161.5 ≈â“π∫“∑

110

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

4,000,000 4,000,000 4,274 4,274 4,004,274

80,323,831 80,323,831 17,007,581 17,007,581 97,331,412

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

(Unit : Baht)

Short-term loans to related party Subsidiary Loan to : Supalai Property Management Company Limited Total Interest receivable : Supalai Property Management Company Limited Total interest receivable 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

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Balance as at 1 January 2005

82,821,078 82,821,078 11,806,736 11,806,736 94,627,814

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

The company Only During the year .. Increase ... Decrease

4,850,000 4,850,000 4,274 4,274 4,854,274

17,502,753 17,502,753 5,200,845 5,200,845 22,703,598

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(850,000) (850,000) (850,000)

(20,000,000) (20,000,000) (20,000,000)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Balance as at 31 December 2005

4,000,000 4,000,000 4,274 4,274 4,004,274

80,323,831 80,323,831 17,007,581 17,007,581 97,331,412

The Company has guaranteed the loan facilities of Supalai Northeast Company Limited from a bank totaling Baht 161.5 mil ion.

Report and consolidated financial statements

111

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10. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬/ ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ (Àπà«¬ : ∫“∑)

™◊ËÕ°‘®°“√

∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) (∂◊ÕÀÿâπ‚¥¬∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √âÕ¬≈– 26.25) √«¡ · ¥ß‡ªìπ - §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 9)

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

∑ÿπ™”√– ·≈â« ≈â“π∫“∑ 20.0 191.5 63.4

58.8

.. .. Õ—µ√“√âÕ¬≈– ... .. . ..¢Õß°“√∂◊ÕÀÿâπ ... .. . .. ‚¥¬∫√‘…—∑œ ... .. .. .. .. .. . .. √âÕ¬≈– ... .. .. .. .. .. 99.89 .. .. .. .. 49.89 .. .. .. .. 93.53 .. .. .. .. .. .. .. .. .. .. .. .. 13.41 .. .. ..

‡ß‘π≈ß∑ÿπ .

«‘∏’√“§“∑ÿπ .... «‘∏’ à«π‰¥â‡ ’¬ .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

19,977,600 31,584,203 105,370,000 140,547,777 59,310,035 -

11,826,315 10,161,843 196,483,950 182,293,823

.. . .. ”√Õß‡º◊ÕË ... .. . .. º≈¢“¥∑ÿπ∑’Ë ... .. . ‡ß‘πªíπº≈√—∫ .. ‡°‘π°«à“‡ß‘π≈ß∑ÿπ ... .. . .. „π∫√‘…—∑¬àÕ¬ ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. 9,553,023 .. . .. 39,397,670 ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 39,397,670 .. 9,553,023 .. .. .. .. .. . .. (39,397,670) ... .. .. .. .. -

(1)

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548 (Àπà«¬ : ∫“∑)

™◊ËÕ°‘®°“√

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

∑ÿπ™”√– ·≈â« ≈â“π∫“∑

∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ 20.0 ∫√‘…—∑ 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¬≈– ... .. . ..¢Õß°“√∂◊ÕÀÿâπ ... .. . .. ‚¥¬∫√‘…—∑œ ... .. .. .. .. .. . .. √âÕ¬≈– ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. ..

99.89 49.89 49.86

‡ß‘π≈ß∑ÿπ .

«‘∏’√“§“∑ÿπ .... «‘∏’ à«π‰¥â‡ ’¬ .. .. .. .. .. .. .. .. .. .. .. .

.. . .. ”√Õß‡º◊ÕË ... .. . .. º≈¢“¥∑ÿπ∑’Ë ... .. . ‡ß‘πªíπº≈√—∫ .. ‡°‘π°«à“‡ß‘π≈ß∑ÿπ ... .. . .. „π∫√‘…—∑¬àÕ¬ ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .

19,977,600 29,297,377 105,370,000 137,694,374 4,776,512 8,725,000 122,556,495 134,072,600 166,991,751 122,556,495 4,776,512 (75,869,223) 46,687,272

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ¡’º≈¢“¥∑ÿπ – ¡®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß∑’Ë Ÿß°«à“√“§“∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ´÷Ëß · ¥ß‰«â‡ªìπ ç ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é „πß∫¥ÿ≈ 112

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

10. INVESTMENTS IN SUBSIDIARIES ACCOUNTED FOR UNDER EQUITY METHOD / PROVISION FOR LOSS ON INVESTMENT IN SUBSIDIARY (Unit : Baht)

Company没s name

Supalai Property Management Company Limited Haadyai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited(1) (Held 26.25 percent by Supalai Property Management Company Limited) Total Presented as - Allowance for doubtful accounts on long-term loans to subsidiary (Note 9)

.. .. .. .. .. .. .. .. Paid-up .. .. capital .. .. .. .. Million Baht .. .. 20.0 .. .. .. 191.5 .. 63.4 .. .. .. .. .. .. 58.8 ..

The Company Only As at 31 December 2005

.. .. .. . ..Percentage of ... Investments .. . ..shares held by ... .. . . .. the Company ... .. .. Cost method ...Equity method .. .. . .. .. Percent ... .. .. .. .. .. . .. 99.89 .. 19,977,600 ... 31,584,203 .. .. . .. 49.89 .. 105,370,000 ... 140,547,777 .. .. . .. 93.53 .. 59,310,035 ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. 13.41 .. 11,826,315 ... 10,161,843 .. . .. 196,483,950 ... 182,293,823

.. .. Provision for .. .. loss on .. .. investment .. .. in subsidiary .. .. .. .. .. .. .. .. .. 39,397,670 .. .. .. .. .. .. .. .. 39,397,670 .. .. .. .. (39,397,670) .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Dividend

9,553,023 -

9,553,023

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005. (Unit : Baht) .. .. The Company Only .. As at 31 December 2004 .. .. .. .. .. .. .. .. Provision for .. .. Percentage of .. .. .. Investments .. .. loss on .. Paid-up .. ..shares held by.. .. .. Company没s name .. .. investment .. capital .. .. the Company .. . .. . .. .. Cost method .. Equity method ... in subsidiary .. .. .. .. .. .. .. .. .. Million Baht .. Percent .. .. .. .. .. .. .. .. .. .. .. Supalai Property Management Company Limited .. .. .. .. .. .. .. .. .. .. Haadyai Nakarin Company Limited .. .. .. .. .. .. .. .. .. .. Supalai Northeast Company Limited . .. .. .. .. .. .. Total . . .. .. Presented as - Allowance for doubtful accounts .. .. on long-term loans to subsidiary (Note 9) .. .. .

20.0 191.5 17.5

99.89 49.89 49.86

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Dividend

19,977,600 29,297,377 105,370,000 137,694,374 4,776,512 8,725,000 122,556,495 134,072,600 166,991,751 122,556,495 4,776,512 (75,869,223) 46,687,272

As at 31 December 2004, the accumulated share of loss from investment in a subsidiary exceeded the total cost of that investment. The Company recorded the excess as 莽Provision for loss on investment in subsidiary茅 in the balance sheets. Report and consolidated financial statements

113

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

‡¡◊ËÕ«—π∑’Ë 3 æƒ»®‘°“¬π 2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„Àâ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ ¥—ß°≈à“«®“° 17,500,000 ∫“∑ (875,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 20 ∫“∑) ‡ªìπ 4,375,000 ∫“∑ (875,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 5 ∫“∑) ‚¥¬°“√≈¥¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â®“°Àÿâπ≈– 20 ∫“∑ ‡ªìπÀÿâπ≈– 5 ∫“∑ ∫√‘…—∑¬àÕ¬‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π≈¥∑ÿπ¥—ß°≈à“«°—∫ °√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 9 ¡’π“§¡ 2548 ∑”„Àâ∫√‘…—∑œ µâÕß∫—π∑÷°≈¥¡Ÿ≈§à“‡ß‘π≈ß∑ÿπµ“¡«‘∏’√“§“∑ÿπ®“°‡¥‘¡ 8,725,000 ∫“∑ ‡À≈◊Õ 2,181,250 ∫“∑ §‘¥‡ªìπ√âÕ¬≈– 49.86 ¢Õß∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¬àÕ¬µ“¡ —¥ à«π‡¥‘¡∑’Ë‰¥â≈ß∑ÿπ‰«â ‡¡◊ËÕ«—π∑’Ë 8 ‡¡…“¬π 2548 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ ¥—ß°≈à“«®“° 4,375,000 ∫“∑ ‡ªìπ 26,286,210 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 4,382,242 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 5 ∫“∑ „Àâ·°à ºŸ∂â Õ◊ Àÿπâ ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ‡¥‘¡°àÕπ À“°‡æ‘¡Ë ∑ÿπ ‰¡à§√∫µ“¡®”π«π∑’°Ë ”Àπ¥‰«â¥ß— °≈à“« ®÷ß®–‡ªî¥‚Õ°“ „Àâº∂Ÿâ Õ◊ Àÿπâ Õ◊πË Ê ∑’ Ë π„®®Õß´◊ÕÈ ‰¥â ·≈–∑’ªË √–™ÿ¡‰¥â¡¡’ µ‘„Àâ‡√’¬°™”√–Àÿπâ ‡æ‘¡Ë ∑ÿπ¥—ß°≈à“« „π‡¥◊Õπæƒ…¿“§¡2548∫√‘…∑— œ‰¥â≈ß∑ÿπ‡æ‘¡Ë µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’ºË ∂Ÿâ Õ◊ Àÿπâ Õ◊πË Ê ‰¡à‰¥â®Õß´◊ÈÕ‡ªìπ®”π«π‡ß‘π√«¡ 20,000,000 ∫“∑ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 49.86 ‡ªìπ √âÕ¬≈– 84.38 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â¥”‡π‘π°“√ ®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 24 æƒ…¿“§¡ 2548 ‡¡◊ËÕ«—π∑’Ë 29 ¡‘∂ÿπ“¬π 2548 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„Àâ ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ ¥—ß°≈à“«®“° 26,286,210 ∫“∑ ‡ªìπ 63,414,995 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 7,425,757 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 5 ∫“∑ „Àâ ·°àº∂Ÿâ Õ◊ Àÿπâ ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ‡¥‘¡°àÕπ À“°‡æ‘¡Ë ∑ÿπ‰¡à§√∫µ“¡®”π«π∑’°Ë ”Àπ¥‰«â¥ß— °≈à“« ®÷ß®–‡ªî¥‚Õ°“ „Àâº∂Ÿâ Õ◊ Àÿπâ Õ◊πË Ê ∑’ Ë π„® ®Õß´◊ÈÕ‰¥â ·≈–∑’Ëª√–™ÿ¡‰¥â¡’¡µ‘„Àâ‡√’¬°™”√–Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“« „π‡¥◊Õπ°√°Æ“§¡ 2548 ∫√‘…—∑œ‰¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’Ë ºŸ∂â Õ◊ Àÿπâ Õ◊πË Ê ‰¡à‰¥â®Õß´◊ÕÈ ‡ªìπ®”π«π‡ß‘π√«¡ 37,128,785 ∫“∑ ∑”„Àâ ¥— à«π°“√∂◊ÕÀÿπâ ¢Õß∫√‘…∑— œ „π∫√‘…∑— ¬àÕ¬¥—ß°≈à“«‡æ‘¡Ë ¢÷πÈ ®“°√âÕ¬≈– 84.38 ‡ªìπ√âÕ¬≈– 93.53 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 11 ‘ßÀ“§¡ 2548 µàÕ¡“‡¡◊ËÕ«—π∑’Ë 4 µÿ≈“§¡ 2548 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ‰¥â¡’¡µ‘„Àâ ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß ∫√‘…∑— ¥—ß°≈à“«®“° 63,414,995 ∫“∑ ‡ªìπ 116,275,475 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 10,572,096 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 5 ∫“∑ „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ‡¥‘¡°àÕπÀ“°‡æ‘Ë¡∑ÿπ‰¡à§√∫µ“¡®”π«π∑’Ë°”Àπ¥‰«â¥—ß°≈à“« ®÷ß®–‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ Õ◊πË Ê ∑’ Ë π„®®Õß´◊ÕÈ ‰¥â ·≈–∑’ªË √–™ÿ¡‰¥â¡¡’ µ‘„Àâ‡√’¬°™”√–Àÿπâ ‡æ‘¡Ë ∑ÿπ¥—ß°≈à“«·≈â« ∫√‘…∑— œ ‰¥â≈ß∑ÿπ‡æ‘¡Ë µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’ºË ∂Ÿâ Õ◊ Àÿπâ Õ◊πË Ê ‰¡à‰¥â®Õß´◊ÈÕ‡ªìπ®”π«π√«¡ 52,842,660 ∫“∑ ·≈–‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡π◊ËÕß®“° ∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 14 °—π¬“¬π 2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°∑ÿπ ®¥∑–‡∫’¬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“ ∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑ „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ‡¥‘¡°àÕπ À“°‡æ‘Ë¡∑ÿπ‰¡à§√∫µ“¡®”π«π∑’Ë°”Àπ¥‰«â¥—ß°≈à“« ®÷ß®–‡ªî¥ ‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπÕ◊ËπÊ ∑’Ë π„®®Õß´◊ÈÕ‰¥â ·≈–∑’Ëª√–™ÿ¡‰¥â¡’¡µ‘„Àâ‡√’¬°™”√–Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“« „πªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ‰¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’ËºŸâ∂◊ÕÀÿâπÕ◊ËπÊ ‰¡à‰¥â®Õß´◊ÈÕ √«¡∂÷ß°“√´◊ÈÕÀÿâπ®“°ºŸâ∂◊ÕÀÿâπ‡¥‘¡‡ªìπ®”π«π‡ß‘π √«¡ 8,000,000 ∫“∑ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ „π∫√‘…—∑¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 17.11 ‡ªìπ√âÕ¬≈– 26.25 πÕ°®“°π—πÈ ∫√‘…∑— œ‰¥â´Õ◊È Àÿπâ “¡—≠¢Õß∫√‘…∑— ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ®“°ºŸ∂â Õ◊ Àÿπâ ‡¥‘¡‡ªìπ®”π«π‡ß‘π√«¡11,826,315 ∫“∑ §‘¥‡ªìπ√âÕ¬≈– 13.41 ¢Õß∑ÿπ®¥∑–‡∫’¬π„À¡à ∫√‘…∑— ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘¡Ë ∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å ·≈â«‡¡◊ËÕ«—π∑’Ë 2 ¡‘∂ÿπ“¬π 2548 114

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

On 3 November 2004, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved the reduction of that companyรปs 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 registered the reduction of share capital with the Ministry of Commerce on 9 March 2005. The Company had to proportionally reduce the value of its investment under the cost method, from Baht 8,725,000 to Baht 2,181,250, maintaining its previous 49.86 percent shareholding. On 8 April 2005, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved an increase of that companyรปs registered share capital from Baht 4,375,000 to Baht 26,286,210, through the issuance of 4,382,242 new ordinary shares with a par value of Baht 5 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. In May 2005, the Company invested a total of Baht 20,000,000 in shares offered in proportion to its existing shareholding and in unsubscribed shares offered to other shareholders. As a result the percentage shareholding of the Company increased from 49.86 percent to 84.38 percent. The subsidiary registered the increase in its share capital with the Ministry of Commerce on 24 May 2005. On 29 June 2005, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved an increase in that companyรปs registered share capital from Baht 26,286,210 to Baht 63,414,995, through the issuance of 7,425,757 new ordinary shares with a par value of Baht 5 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. In July 2005, the Company invested a total of Baht 37,128,785 in shares offered in proportion to its existing shareholding and in unsubscribed shares offered to other shareholders. As a result the percentage shareholding of the Company increased from 84.38 percent to 93.53 percent. The subsidiary registered the increase in its share capital with the Ministry of Commerce on 11 August 2005. Subsequently, on 4 October 2005, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved an increase in that companyรปs registered share capital from Baht 63,414,995 to Baht 116,275,475, through the issuance of 10,572,096 new ordinary shares with a par value of Baht 5 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. The Company invested a total of Baht 52,842,660 in shares offered in proportion to its existing shareholding and in unsubscribed shares offered to other shareholders. The amount is recorded as advance payment of share subscription as at the balance sheet date since the subsidiary is currently registering the increase in its share capital with the Ministry of Commerce. On 14 September 2004, an extraordinary general meeting of the shareholders of Phuket Estate Company Limited approved an increase of that companyรปs 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. In the year 2005, Supalai Property Management Company Limited invested a total of Baht 8,000,000 in shares offered in proportion to its existing shareholding, in unsubscribed shares offered to other shareholders, and in the purchase of shares from existing shareholders. As a result the shareholding of Supalai Property Management Company Limited increased from 17.11 percent to 26.25 percent. Furthermore, the Company purchased registered ordinary shares totaling Baht 11,826,315 in Phuket Estate Company Limited from existing shareholders, or 13.41 percent of the current share capital. Phuket Estate Company Limited registered the increase in its share capital with the Ministry of Commerce on 2 June 2005.

Report and consolidated financial statements

115

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

µàÕ¡“‡¡◊ËÕ«—π∑’Ë 12 æƒ…¿“§¡ 2548 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π ®“°∑ÿπ®¥∑–‡∫’¬π‡¥‘¡ 58,813,200 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à®”π«π 76,815,200 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 1,800,200 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ·≈–∫√‘…—∑œ‰¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π‡¥‘¡·≈– „π à«π∑’ËºŸâ∂◊ÕÀÿâπÕ◊ËπÊ ‰¡à‰¥â®Õß´◊ÈÕ‡ªìπ®”π«π‡ß‘π 5,250,000 ∫“∑ ·≈– 5,294,000 ∫“∑ µ“¡≈”¥—∫ ·≈–‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπ ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡π◊ËÕß®“°∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫ °√–∑√«ßæ“≥‘™¬å 11. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (Àπà«¬ : ∫“∑)

™◊ËÕ°‘®°“√

Inter United Investment Inc. Mancon Investment Group Company Limited ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥(1) ∫√‘…—∑ ‡´“∑å‡∑Õ√åπ Œ‘≈≈å ®”°—¥ √«¡ À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘

.. .. ß∫°“√‡ß‘π√«¡ .. .. ≥ «—π.∑’Ë 31 ∏—π«“§¡ .. .. .. .. . .. ..Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ... .. .. .. ≈—°…≥–∏ÿ√°‘® .. ∑ÿπ™”√–·≈â« .. .. .. .. .. ‚¥¬∫√‘…—∑¬àÕ¬ .. .. .. . .. .. .. 2548 .. 2547 ... .. . .. .. . .. .. .. √âÕ¬≈– ... √âÕ¬≈– ... .. .. . . .. . .. .. 22.00 ... ∏ÿ√°‘®≈ß∑ÿπ ... 8,000,000 ¥Õ≈≈“√å À√—∞œ ... .. . . .. . .. .. 22.00 ... ∏ÿ√°‘®≈ß∑ÿπ ... 2,000,000 ¥Õ≈≈“√åŒàÕß°ß ... .. . . .. . ..æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ... 49,011,000 ∫“∑ ... .. 17.11 ... .. . . . .. .. ∏ÿ√°‘® π“¡°Õ≈åø ... 135,000,000 ∫“∑ ... 2.22 ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .

‡ß‘π≈ß∑ÿπ .

2548 ... 2547 . ∫“∑ ... ∫“∑ .. .. 4,400 .. .. 44,000 .. .. 8,384,710 . 1,500,000 ... . 1,500,000 ... 8,433,110 .. .. (1,003,950) . 1,500,000 .... 7,429,160

(1)

‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ∫√‘…—∑¬àÕ¬„π‰µ√¡“ ∑’Ë Õß¢Õßªï 2548

12. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - Àπà«¬≈ß∑ÿπ Àπà«¬≈ß∑ÿπ°Õß∑ÿπ√«¡ À—° : ¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√ ‡ª≈’Ë¬π·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“¢Õß‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘

116

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

—¥ à«π ‡ß‘π≈ß∑ÿπ √âÕ¬≈–

0.67

.. ß∫°“√‡ß‘π√«¡ .. .. . .. 2548 ... .. .. .. .. .. .. .. .. .. . .. 4,010,000 ... .. .. .. .. .. . .. (1,089,457) ... .. . .. 2,920,543 ... .. .. .. . .. 2,000,000 ... .. . .. (1,196,000) ... .. 804,000 .... .. .. . .. 3,724,543 ...

2547

4,010,000 (1,324,081) 2,685,919 2,000,000 (1,196,000) 804,000 3,489,919

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.67

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

4,010,000 (1,089,457) 2,920,543 2,000,000 (1,196,000) 804,000 3,724,543

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

4,010,000 (1,324,081) 2,685,919 2,000,000 (1,196,000) 804,000 3,489,919

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Subsequently, on 12 May 2005, an extraordinary general meeting of the shareholders of Phuket Estate Company Limited approved an increase of that company没s registered share capital from Baht 58,813,200 to Baht 76,815,200, through the issuance of 1,800,200 new ordinary shares with a par value of Baht 10. Supalai Property Management Company Limited and the Company invested a total of Baht 5,250,000 and Baht 5,294,000, respectively, in shares offered in proportion to its existing shareholding and in unsubscribed shares offered to other shareholders. The amount is recorded as advance payment of share subscription as at the balance sheet date since the subsidiary is currently registering the increase in its share capital with the Ministry of Commerce. 11. INVESTMENTS IN RELATED COMPANIES (Unit : Baht)

Company没s name

Inter United Investment Inc. Mancon Investment Group Company Limited Phuket Estate Company Limited(1) Southern Hil Company Limited Total Less : Allowance for impairment of investments Investments in related companies, net

.. .. .. .. . .. .. Nature of business ... .. .. .. .. .. .. .. .. .. .. .. Investment .... .. .. Investment ... .. ..Property development... .. . ..Golf operations business... .. .. .. .. .. .. .. .. .. ..

Consolidated As at 31 December .. Percentage of shares .. Paid-up capital ... held by a subsidiary ... Investments .. .. . .. 2005 .. 2004 .. 2005 ... 2005 . . .. . .. Percent ... Percent ... Baht ... Baht . . . . USD 8,000,000 .... - .... 22.00 .... - .... 4,400 HKD 2,000,000 ... - ... 22.00 ... - ... 44,000 . Baht 49,011,000 .. - ... 17.11 ... - ... 8,384,710 .. Baht 135,000,000 .. 2.22 .... - .... 1,500,000 .... .. .. .. 1,500,000 .. 8,433,110 .. .. .. . - ... (1,003,950) .. .. .. .. .. .. . .. .. .. 1,500,000 ... 7,429,160

(1)

Change status from a related company to a subsidiary company in the second quarter of 2005.

12. OTHER LONG-TERM INVESTMENTS (Unit : Baht) .. Consolidated . .. .. .. .. . .. .. Percentage .. .. .. owned by .. 2005 .. .. .. .. .. the Company .. .. .. .. .. .. Percent .. .. .. .. Investments in available for sale securities - Unit trusts .. .. . .. .. 4,010,000 ... Unit trusts in mutual funds .. .. .. .. .. Less : Unrealised loss on changes in value ... .. . .. .. (1,089,457) ... of investments .. .. . .. .. 2,920,543 ... Fair value .. .. .. .. Investment in other company .. .. .. .. . Samakki Cement Company Limited 0.67 .. 2,000,000 .... .. .. (1,196,000) .. Less : Allowance for devaluation of investment ... .. .. .. .. .. Investment in other company, net 804,000 .. .. . .. .. 3,724,543 ... Other long-term investments, net .

2004

4,010,000 (1,324,081) 2,685,919 2,000,000 (1,196,000) 804,000 3,489,919

.. The. Company Only .. .. . .. .. .. Percentage ... . .. owned by .. 2005 ... 2004 .. .. .. .. the Company .. .. .. .. .. .. Percent .. .. .. .. .. .. .. .. .. 4,010,000 ... 4,010,000 .. .. .. .. .. .. .. .. . .. .. (1,089,457) ... (1,324,081) .. .. . .. .. 2,920,543 ... 2,685,919 .. .. .. .. .. .. .. .. 0.67 .. 2,000,000 .... 2,000,000 .. .. .. (1,196,000) .. (1,196,000) .. .. .. .. .. .. 804,000 804,000 .. .. . .. .. 3,724,543 ... 3,489,919

Report and consolidated financial statements

117

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13. ‚§√ß°“√√–À«à“ß°àÕ √â“ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ‚§√ß°“√√–À«à“ß°àÕ √â“ß¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

∑’¥Ë π‘ Õ“§“√√–À«à“ß°àÕ √â“ß ‡øÕ√åπ‘‡®Õ√å√–À«à“ß°“√µ‘¥µ—Èß √«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 178,067,789 ... 145,315,942 778,373,907 .... 445,139,363 . 3,609,246 .... 2,783,545 .. 960,050,942 .. 593,238,850

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. . 2548 2547 .. .. 145,315,942 ... 145,315,942 723,594,743 .... 445,139,363 . 3,609,246 .... 2,783,545 .. 872,519,931 .. 593,238,850

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√√–À«à“ß°àÕ √â“ß ´÷Ëß¡’√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ®”π«π‡ß‘πª√–¡“≥ 932.9 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ®”π«π‡ß‘πª√–¡“≥ 853 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 586.2 ≈â“π∫“∑ ·≈– 586.2 ≈â“π∫“∑) µ“¡≈”¥—∫ ‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—πµ“¡ ∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 19 ·≈– 20 µ“¡≈”¥—∫ 14. ∑’¥Ë π‘ √Õ°“√æ—≤π“ „π‡¥◊Õπ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“¢Õß ç∑’Ë¥‘π√Õ°“√æ—≤π“é ‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π ¢ÕßºŸâª√–‡¡‘π√“§“µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 30 ∏—π«“§¡ 2547 ª√“°Ø«à“¡Ÿ≈§à“¢Õß ç∑’Ë¥‘π√Õ°“√æ—≤π“é ¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´÷Ëß‰¥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°“√´÷Ëß‡§¬∫—π∑÷°‰«â„π∫—≠™’ ∫√‘…—∑œ ‰¥âπ”∑’Ë¥‘π√Õ°“√æ—≤π“ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 210.9 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 210.9 ≈â“π∫“∑) ‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ·≈–Àÿâπ°Ÿâ™π‘¥ ¡’À≈—°ª√–°—π

118

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

13. PROJECTS UNDER CONSTRUCTION As at 31 December 2005 and 2004, projects under construction comprise the following :-

Land Building under construction Furniture under installation Total

.. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .. 178,067,789 ... 145,315,942 . 778,373,907 .... 445,139,363 3,609,246 .... 2,783,545 .. 960,050,942 ... 593,238,850

.. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 .. 145,315,942 ... 145,315,942 . 723,594,743 .... 445,139,363 3,609,246 .... 2,783,545 .. 872,519,931 ... 593,238,850

The Company and its subsidiaries have mortgaged land and construction thereon in projects under construction with book values as at 31 December 2005 amounting to approximately Baht 932.9 mil ion, or Baht 853 mil ion per the financial statements of the Company only (31 December 2004 : Baht 586.2 mil ion and Baht 586.2 mil ion), respectively, with banks as collateral for long-term loans and secured debentures, as discussed in Note 19 and 20, respectively. 14. LAND HELD FOR DEVELOPMENT In December 2004, the Company hired an independent appraiser to appraise the value of the Companyûs çLand held for development.é According to the appraisal report dated 30 December 2004, the aggregate value of çLand held for developmenté as at 31 December 2004 was approximately Baht 26 mil ion higher than its net book value as appraised in 2003. The Company 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. The Company has mortgaged land held for development with a net book value of approximately Baht 210.9 mil ion as at 31 December 2005 (31 December 2004 : Baht 210.9 mil ion) with banks as collateral for bank overdrafts, long-term loans and secured debentures.

Report and consolidated financial statements

119

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15. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 ®”Àπà“¬ ‚ÕπÕÕ° 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2547 2548

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 ®”Àπà“¬ 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2547 2548 120

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ∑’¥Ë π‘ 6,840,354 (1,366,887) 5,473,467 6,840,354 5,473,467

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘. π√«¡ .. ß ÀâÕß™ÿ¥ .... ‡§√◊ÀâËÕÕßµ°·µà ß™ÿ ¥ .. 58,745,021 (14,365,881) 44,379,140 9,557,367 2,778,725 (3,477,946) 8,858,146 49,187,654 35,520,994

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

6,626,649 (1,253,808) 5,372,841 5,091,779 1,034,490 (1,155,068) 4,971,201 1,534,870 401,640

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

√«¡ 72,212,024 (15,619,689) (1,366,887) 55,225,448 14,649,146 3,813,215 (4,633,014) 13,829,347 57,562,878 41,396,101 5,298,946 3,813,215

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘ π‡©æ“–¢Õß∫√‘.…—∑œ .. . . ß .... ÀâÕß™ÿ¥ .... ‡§√◊ÀâËÕÕßµ°·µà √«¡ ß™ÿ¥ ... .. 58,745,021 (14,365,881) 44,379,140 9,557,367 2,778,725 (3,477,946) 8,858,146 49,187,654 35,520,994

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

6,626,649 (1,253,808) 5,372,841 5,091,779 1,034,490 (1,155,068) 4,971,201 1,534,870 401,640

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

65,371,670 (15,619,689) 49,751,981 14,649,146 3,813,215 (4,633,014) 13,829,347 50,722,524 35,922,634 5,298,946 3,813,215

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

15. PROPERTY, PLANT AND EQUIPMENT FOR RENT .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) Land

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Consolidated .. . .. Furniture ... Condominiums .... and fixtures of .... .. . .. condominiums ...

Cost 31 December 2004 6,840,354 58,745,021 Disposals (14,365,881) Transfer out (1,366,887) 31 December 2005 5,473,467 44,379,140 Accumulated depreciation 31 December 2004 9,557,367 Depreciation for the year 2,778,725 Depreciation on disposals (3,477,946) 31 December 2005 8,858,146 Net book value 31 December 2004 6,840,354 49,187,654 31 December 2005 5,473,467 35,520,994 Depreciation charges of the years as included in the earnings statements 2004 2005 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

6,626,649 (1,253,808) 5,372,841 5,091,779 1,034,490 (1,155,068) 4,971,201 1,534,870 401,640

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Total 72,212,024 (15,619,689) (1,366,887) 55,225,448 14,649,146 3,813,215 (4,633,014) 13,829,347 57,562,878 41,396,101 5,298,946 3,813,215 (Unit : Baht)

The Company Only. .. .. Furniture ... Condominiums .... and fixtures of .... .. . .. Condominiums ...

Cost 31 December 2004 58,745,021 Disposals (14,365,881) 31 December 2005 44,379,140 Accumulated depreciation 31 December 2004 9,557,367 Depreciation for the year 2,778,725 Depreciation on disposals (3,477,946) 31 December 2005 8,858,146 Net book value 31 December 2004 49,187,654 31 December 2005 35,520,994 Depreciation charges of the years as included in the earnings statements 2004 2005

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

6,626,649 (1,253,808) 5,372,841 5,091,779 1,034,490 (1,155,068) 4,971,201 1,534,870 401,640

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Total 65,371,670 (15,619,689) 49,751,981 14,649,146 3,813,215 (4,633,014) 13,829,347 50,722,524 35,922,634 5,298,946 3,813,215

Report and consolidated financial statements

121

122

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 ´◊ÕÈ ‡æ‘¡Ë ®”Àπà“¬ µ’√“§“∑’Ë¥‘π≈¥≈ß ‘π∑√—æ¬å¢Õß∫√‘…—∑¬àÕ¬ 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“¬ §à“‡ ◊ËÕ¡√“§“¢Õß∫√‘…—∑¬àÕ¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2547 2548

16. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

.. ... .. ... .. ... .. ... .. .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

5,832,729 6,088,812

32,532,147 2,156,885 (623,998) 28,330 34,093,364

38,364,876 2,383,448 (624,008) 57,860 40,182,176

‡§√◊ËÕß®—°√·≈– Õÿª°√≥å

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

14,281,052 15,359,215

36,297,095 5,345,772 (468) 10,548 41,652,947

50,578,147 7,426,543 (1,048,014) 55,486 57,012,162

.. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ..

14,763,317 12,330,646

18,544,837 4,195,900 (201,178) 74,608 22,614,167

33,308,154 1,826,659 (350,000) 160,000 34,944,813

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑ÿ π ... ‡§√◊ÕË ßµ°·µàß .. . ·≈–‡§√◊ËÕß„™â ... ¬“πæ“Àπ– . ”π—°ß“π ... .. ... √–∫∫ .. ... . “∏“√≥Ÿª‚¿§ ... .. ... .. 37,909,846 ... 610,112 .. ... .. ... . ... . ... 38,519,958 .. ... .. ... 35,568,639 ... 1,204,567 . ... .. ... . ... 36,773,206 . ... .. ... 2,341,207 . ... 1,746,752 .

.. ... .. ... .. ... ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

4,665,100 4,665,100

ß“π√–À«à“ß °àÕ √â“ß

ß∫°“√‡ß‘π√«¡ .. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

292,852,281 264,804,641

292,852,281 6,828,160 (34,875,800) 264,804,641

∑’Ë¥‘π

.. ... .. ... ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

38,785,841 34,916,673

55,657,046 3,869,168 59,526,214

94,442,887 94,442,887

Õ“§“√·≈– ‘ßË ª≈Ÿ° √â“ß

‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑’ Ëµ’ „À¡à . .. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .

15,135,705 16,772,292

373,521,527 339,911,839

178,599,764 16,772,292 (825,644) 113,486 194,659,898

552,121,291 19,074,922 (2,022,022) (34,875,800) 273,346 534,571,737

√«¡

(Àπà«¬ : ∫“∑)

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

√“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

.. ... .. ... .. ...Machinery and .. ... equipment .. .. ... .. 38,364,876 ... 2,383,448 .. ... (624,008) .. ... . ... 57,860 . ... 40,182,176 .. ... .. ... 32,532,147 ... 2,156,885 . ... (623,998) .. ... 28,330 . ... 34,093,364 . ... .. ... 5,832,729 . ... 6,088,812 .

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

14,763,317 12,330,646

18,544,837 4,195,900 (201,178) 74,608 22,614,167

33,308,154 1,826,659 (350,000) 160,000 34,944,813

Assets presented at cost ... Furniture .. . fixture and ... Vehicles . equipment ...

.. Cost ... 31 December 2004 50,578,147 ... . Additions 7,426,543 ... . Disposals (1,048,014) ... .. Revaluation of land - decrease ... Assets of subsidiary 55,486 .... . 31 December 2005 57,012,162 ... .. Accumulated depreciation ... 31 December 2004 36,297,095 ... . Depreciation for the year 5,345,772 .... . Depreciation on disposals (468) ... . Depreciation of subsidiary 10,548 ... . 31 December 2005 41,652,947 ... .. Net book value ... . 31 December 2004 14,281,052 ... . 31 December 2005 15,359,215 ... Depreciation charges of the years as included in the earnings statements 2004 2005

16. PROPERTY, PLANT AND EQUIPMENT

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

2,341,207 1,746,752

35,568,639 1,204,567 36,773,206

37,909,846 610,112 38,519,958

Utilities system

.. Assets presented at .reappraised value. ... ... .. .. .. ... Building and ... ... Construction in ... Land .. .. .. .. ... ... structures ... ... progress ... ... ... ... .. .. .. .. ... ... ... ... .. 4,665,100 .... 292,852,281 .... 94,442,887 .... ... . . . .. 6,828,160 ... .. ... ... . . . .. .. ... ... ... ... .. .. (34,875,800) ... .. ... ... .. ... .. .. .. .. ... ... ... ... 4,665,100 .. 264,804,641 .. 94,442,887 .. .. ... .. .. .. ... .. ... ... .. .. .. 55,657,046 ... ... ... ... . 3,869,168 .... ... ... ... .. .. .. .. ... ... ... ... .. .. .. .. ... ... ... ... 59,526,214 .. .. .. .. ... ... ... .. .. .. .. ... . . . .. 4,665,100 ... 292,852,281 ... 38,785,841 ... ... . . . . 4,665,100 ... 264,804,641 ... 34,916,673 ... .. .. ... .. ... . ..

Consolidated

15,135,705 16,772,292

373,521,527 339,911,839

178,599,764 16,772,292 (825,644) 113,486 194,659,898

552,121,291 19,074,922 (2,022,022) (34,875,800) 273,346 534,571,737

Total

(Unit : Baht)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Report and consolidated financial statements

123

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 ´◊ÕÈ ‡æ‘¡Ë ®”Àπà“¬ 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“¢Õß à«π∑’Ë®”Àπà“¬ 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ 2547 2548

.. ... .. ... .. ... .. ... .. .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... ..

.. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... ..

.. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ..

124

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

1,726,368 1,352,211

15,805,443 628,981 (11,113) 16,423,311

17,531,811 254,826 (11,115) 17,775,522

11,001,075 12,793,727

26,104,392 4,263,446 (468) 30,367,370

37,105,467 6,090,956 (35,326) 43,161,097

12,133,311 9,448,019

15,862,763 3,233,092 19,095,855

27,996,074 547,800 28,543,874

45,194,632 45,194,632

35,537,266 31,948,199

54,052,052 3,589,067 57,641,119

89,589,318 89,589,318

9,902,552 11,714,586

105,592,652 100,736,788

111,824,650 11,714,586 (11,581) 123,527,655

217,417,302 6,893,582 (46,441) 224,264,443

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ . .. ‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑ÿπ ‘π∑√—æ¬å´÷Ëß· ¥ßµ“¡√“§“∑’Ëµ’ „À¡à . ... ... .. ... .. .. ‡§√◊ÕË ßµ°·µàß .. ... .. ... ‡§√◊ËÕß®—°√·≈– .. .. .. Õ“§“√·≈– ... .. ∑’Ë¥‘π √«¡ ... ·≈–‡§√◊ËÕß„™â ... ¬“πæ“Àπ– ... ... Õÿª°√≥å . ‘ßË ª≈Ÿ° √â“ß ... . . . .. ”π—°ß“π .. .. .. ..

(Àπà«¬ : ∫“∑)

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

√“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

Cost 31 December 2004 Additions Disposals 31 December 2005 Accumulated depreciation 31 December 2004 Depreciation for the year Depreciation on disposals 31 December 2005 Net book value 31 December 2004 31 December 2005 Depreciation charges of the years as included in the earnings statements 2004 2005

.. ... .. Assets presented at cost ... .. .. ... Furniture ... ... .. Machinery and ... fixture and ... ... .. equipment ... .. equipment ... ... .. .. .. ... ... ... .. .. .. ... 17,531,811 ... 37,105,467 ... . . .. 254,826 ... 6,090,956 ... ... . . . (11,115) .... (35,326) .... ... . . .. 17,775,522 ... 43,161,097 ... ... . .. .. ... ... ... .. 15,805,443 ... 26,104,392 ... ... . . 628,981 .... 4,263,446 .... ... . . .. (11,113) ... (468) ... ... . . . 16,423,311 ... 30,367,370 ... ... . .. .. ... ... ... .. 1,726,368 .... 11,001,075 .... ... . . . 1,352,211 ... 12,793,727 ... ..

12,133,311 9,448,019

15,862,763 3,233,092 19,095,855

27,996,074 547,800 28,543,874

Vehicles

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .

45,194,632 45,194,632

Land

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .

35,537,266 31,948,199

54,052,052 3,589,067 57,641,119

89,589,318 89,589,318

Building and structures

.. ... .. ... . ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... .. ... . ..

9,902,552 11,714,586

105,592,652 100,736,788

111,824,650 11,714,586 (11,581) 123,527,655

217,417,302 6,893,582 (46,441) 224,264,443

Total

The Company Only .. Assets presented at reappraised value ..

(Unit : Baht)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Report and consolidated financial statements

125

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

À“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬· ¥ß¡Ÿ≈§à“¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¥â«¬«‘∏’√“§“∑ÿπ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 µ“¡«‘∏’√“§“∑ÿπ®–‡ªìπ¥—ßπ’È :(Àπà«¬ : ∫“∑)

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ (µ“¡«‘∏’√“§“∑ÿπ) : 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ (µ“¡«‘∏’√“§“∑ÿπ) : 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .

∑’¥Ë π‘

181,159,399 187,987,559

.. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘π√«¡ Õ“§“√·≈– ‘ßË ª≈Ÿ° √â“ß 30,626,927 27,642,182

.. .. .. .. .. .. .. .. .. .. .. ..

√«¡

211,786,326 215,629,741 (Àπà«¬ : ∫“∑)

∑’¥Ë π‘

15,680,795 15,680,795

√«¡

27,378,352 24,673,709

43,059,147 40,354,504

.. .. .. .. .. .. ..

„π√–À«à“ßªï 2542 ∂÷ßªï 2543 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“„À¡à¢Õß∑’Ë¥‘π Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß ‚¥¬ ºŸâª√–‡¡‘π√“§“Õ‘ √– ´÷Ëß¡Ÿ≈§à“µ“¡√“¬ß“π¢ÕßºŸâª√–‡¡‘π√“§“Õ‘ √–¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’‡ªìπ®”π«π‡ß‘π 143.8 ≈â“π∫“∑ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¥â∫—π∑÷°‡ªìπ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√‚¥¬· ¥ß‰«â„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈ µàÕ¡“„π‡¥◊Õπ∏—π«“§¡ 2548 ·≈–¡°√“§¡ 2549 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“„À¡à ”À√—∫∑’Ë¥‘π Õ“§“√ ·≈– ‘Ëßª≈Ÿ° √â“ß ‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– º≈°“√ª√–‡¡‘π¢ÕßºŸâª√–‡¡‘π√“§“´÷Ëß„™â‡°≥±å√“§“µ≈“¥µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß «—π∑’Ë 10 ¡°√“§¡ 2549 ·≈–«—π∑’Ë 10 °ÿ¡¿“æ—π∏å 2549 ª√“°Ø«à“∑’Ë¥‘π Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß¥—ß°≈à“«¢Õß∫√‘…—∑œ ¡’√“§“ Ÿß°«à“ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’∑’Ë‡§¬µ’√“§“‰«â‡¥‘¡ª√–¡“≥ 49.8 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œæ‘®“√≥“«à“®–‰¡à√—∫√Ÿâ à«π‡°‘π∑ÿπ ®“°°“√µ’√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡æ‘Ë¡¢÷ÈπÕ’°„π∫—≠™’‚¥¬¬÷¥À≈—°§«“¡√–¡—¥√–«—ß√Õ∫§Õ∫ à«π√“§“ª√–‡¡‘π„À¡à¢Õß∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬ ¡’¡Ÿ≈§à“µË”°«à“¡Ÿ≈§à“µ“¡∫—≠™’∑’Ë‡§¬µ’√“§“‰«â‡¥‘¡®”π«π‡ß‘πª√–¡“≥ 34.9 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â∫—π∑÷°∑’Ë¥‘πµ“¡√“§“∑’Ëµ’„À¡à ·≈–ª√—∫≈¥∫—≠™’ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é ´÷Ëß¡’º≈„Àâ ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑¬àÕ¬é ≈¥≈ß 17.4 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑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 131.2 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 71.9 ≈â“π∫“∑) ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß´÷Ëß¡’√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘π 32.8 ≈â“π ∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ®”π«π‡ß‘π 3.9 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 37.9 ≈â“π∫“∑ ·≈– 4.2 ≈â“π∫“∑) µ“¡≈”¥—∫ ‰ª ®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√ 126

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

Had these assets been presented at cost, their net book value as of 31 December 2005 and 2004 on cost basis would have been as follows :(Unit : Baht)

Net book value (presented at cost) : 31 December 2004 31 December 2005

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Net book value (presented at cost) : 31 December 2004 31 December 2005

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Land

181,159,399 187,987,559

.. .. .. .. .. .. .. .. .. .. .. ..

Consolidated Building and structures 30,626,927 27,642,182

.. .. .. .. .. .. .. .. .. .. .. ..

Total

211,786,326 215,629,741 (Unit : Baht)

Land

15,680,795 15,680,795

.. .. .. .. .. .. .. .. .. .. .. ..

The Company Only Building and structures 27,378,352 24,673,709

.. .. .. .. .. .. .. .. .. .. .. ..

Total

43,059,147 40,354,504

In the year 1999 to 2000, the Company and its subsidiaries hired an independent appraiser to appraise the value of their land and building and structures. According to the appraisal report, the aggregate values of these assets were Baht 143.8 mil ion higher than their net book values. The Company and its subsidiaries recorded this amount as çRevaluation surplusé in shareholderûs equity in the balance sheets. Subsequently, in December 2005 and January 2006, the Company and the subsidiaries hired an independent appraiser to reappraise the value of their land and buildings and structures. According to the appraisal reports, dated 10 January 2006 and 10 February 2006, the reappraised values of the Companyûs land and building and structures, based on the open market approach, were approximately Baht 49.8 mil ion higher than their net book values, as previously appraised. However, the Companyûs management decided not to recognize the additional revaluation surplus in the accounts, on the principle of conservatism. The reappraised value of the subsidiaryûs land was approximately Baht 34.9 mil ion lower than its book value, as previously appraised. The subsidiary therefore recorded its land at the reappraised value by adjusting çrevaluation surplus.é As a result the balance of çrevaluation surplus of a subsidiaryé decreased by Baht 17.4 mil ion. As at 31 December 2005, certain plant and equipment items of the Company and its subsidiaries have been fully depreciated but are stil in use. The original cost, before deducting accumulated depreciation, of those assets amounted to Baht 131.2 mil ion (the Company only : Baht 71.9 mil ion). The Company and the subsidiary have mortgaged land and a building with book values as at 31 December 2005 amounting to Baht 32.8 mil ion, or Baht 3.9 mil ion per the financial statements of the Company only (31 December 2004 : Baht 37.9 mil ion and Baht 4.2 mil ion), respectively, with banks as security for bank overdrafts and loans from banks. Report and consolidated financial statements

127

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

17. ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√∫“ß à«π‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π‡∫‘°‡°‘π ∫—≠™’∏π“§“√ 18. ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ ¬Õ¥§ß‡À≈◊Õ¥—ß°≈à“«‡ªìπµ—Î«·≈°‡ß‘π´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬§‘¥≈¥√–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‘π°Ÿâ¬◊¡®“°∏π“§“√ ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π √«¡ À—° : à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ 2548 .... 2547 .. 1,842,191,161 ... 795,327,690 .. .. 115,923,639 . 1,842,191,161 .... 911,251,329 (693,191,023) 1,149,000,138

.. .. .. .. .. .. .. .. ..

(291,430,039) 619,821,290

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘ …—∑œ .. . 2548 2547 .. .. 1,729,943,655 ... 549,924,569 .. .. 115,923,639 . 1,729,943,655 .... 665,848,208 (670,043,517) 1,059,900,138

.. .. .. .. .. .. .. .. ..

(289,230,039) 376,618,169

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫¥â«¬‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘π „πª√–‡∑» ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È (°) ∫√‘…—∑œ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 168 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 4.5 µàÕªï ”À√—∫ªï∑’Ë 1 ·≈–ªï∑’Ë 2 ·≈–Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ”À√—∫ªï∑’Ë 3 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“« §È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√Àπ÷Ëß¢Õß∫√‘…—∑œ ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ¿“¬„π ‡¥◊Õπ∏—π«“§¡ 2549 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ®”π«π 142.2 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 168 ≈â“π∫“∑) (¢) ∫√‘…—∑œ ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„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°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ”À√—∫ªï∑’Ë 2 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π ‚¥¬°“√®¥®”πÕß∑’¥Ë π‘ æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß„π‚§√ß°“√Àπ÷ßË ¢Õß∫√‘…∑— œ ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ ‘ßÀ“§¡ 2549 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ ¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ®”π«π 178.2 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 134 ≈â“π∫“∑) (§) ∫√‘…—∑œ ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 408.4 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬‡ß‘π °Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 0.5 (MLR-0.5%) µàÕªï ”À√—∫ªï∑’Ë 1 ·≈–Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ”À√—∫ªï∑’Ë 2 ·≈–ªï∑’Ë 3 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∑’Ë¡’Õ¬Ÿà·≈–®–¡’„π ¿“¬Àπâ“„π‚§√ß°“√Àπ÷Ëß¢Õß∫√‘…—∑œ ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“ 128

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

17. BANK OVERDRAFTS The Company and the subsidiary have mortgaged parts of their project land and construction thereon with banks to secure the bank overdrafts. 18. OTHER SHORT-TERM LOANS The outstanding balances represent 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

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

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Consolidated . 2005 .... 2004 .. 1,842,191,161 ... 795,327,690 .. .. 115,923,639 . 1,842,191,161 .... 911,251,329 . (693,191,023) .... (291,430,039) 1,149,000,138 ... 619,821,290

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. . 2005 2004 .. .. 1,729,943,655 ... 549,924,569 .. .. 115,923,639 . 1,729,943,655 .... 665,848,208 . (670,043,517) .... (289,230,039) 1,059,900,138 ... 376,618,169

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 a long-term loan agreement under which it was granted a loan facility of Baht 168 mil ion subject to interest at a rate of 4.5 percent per annum for the first and the second years and the minimum loan rate minus 1 percent (MLR-1%) per annum for the third year. The loan is secured by the mortgage of the Company没s project land and construction thereon and repayment is to be made within December 2006. As at 31 December 2005, the outstanding balance of the loan was Baht 142.2 mil ion (31 December 2004 : Baht 168 mil ion). (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 secured by the mortgage of the Company没s project land and construction thereon and repayment is to be made within August 2006. As at 31 December 2005, the outstanding balance of the loan was Baht 178.2 mil ion (31 December 2004 : Baht 134 mil ion). (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 the Company没s project land, including most present and future Report and consolidated financial statements

129

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130

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within December 2006. As at 31 December 2005, the Company had drawn down Baht 332.5 mil ion of such facility (31 December 2004 : Baht 107.5 mil ion). (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 of 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 Company没s project land, including most present and future structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price and in any case not less than the amount 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 mil ion. The Company repaid the loan during the year 2005. (e) The Company entered into a long-term loan agreement 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 the Company没s project land, including most present and future structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 80 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within October 2006. As at 31 December 2005, the outstanding balance of the loan was Baht 6.8 mil ion (31 December 2004 : Baht 115.9 mil ion). (f) The Company entered into a syndicated long-term loan agreement with two banks under which it was granted a loan facility totaling Baht 1,310 mil ion, subject to interest as follows :Interest rates (per annum) Period of interest charge (1) Minimum loan rate (MLR) May 2005 until the later of either 31 December 2005 or the day prior to the date on which the Company has sold condominium units with a combined area of exceeding 21,000 square meters (2) Minimum loan rate minus Following (1) until the later of either 31 December 2006 or the day prior 0.5 percent (MLR-0.5%) to the date on which the Company has sold condominium units with a combined area of exceeding 35,000 square meters (3) Minimum loan rate minus Following (2) until the end of the agreemen 0.75 percent (MLR-0.75%) The loan is secured by the mortgage of the Company没s project land, including most present and future structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 75 percent of the selling price if the Company has sold condominium units with a combined area of up to 21,000 square meters and 70 percent of the selling price when more than 21,000 square meters has been sold, and in any case not less than the amount stipulated by the banks. Any remaining balance is to be repaid within December 2008. As at 31 December 2005, the Company had drawn down Baht 230 mil ion from this facility. Report and consolidated financial statements

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√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

(g) The Company entered into a long-term loan agreement with a financial institution under which it was granted a loan facility of Baht 607 mil ion subject to interest at the minimum loan rate (MLR) per annum. The loan is secured by the mortgage of parts of the Companyûs project land, including most present and future structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 90 percent of the selling price and in any case not less than the amount stipulated by the financial institution. Any remaining balance is to be repaid within March 2007. As at 31 December 2005, the outstanding balance of the loan was Baht 139.3 mil ion. (h) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 420 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum. The loan is secured by the mortgage of the Companyûs project land, including most present and future structures thereon and repayment is to be made within August 2008. As at 31 December 2005, the Company had drawn down Baht 248.4 mil ion of such facility. (i) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 400 mil ion subject to interest at the one-year time deposit rate for an individual person plus 4 percent per annum. The loan is secured by the second of mortgage of the Companyûs project land, together with most present and future structures thereon and repayment is to be made between June 2006 and October 2013. As at 31 December 2005, the Company had drawn down Baht 160 mil ion of such facility. (j) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 146.3 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum. The loan is secured by the mortgage of the Companyûs project land and construction thereon and repayment is to be made within October 2007. As at 31 December 2005, the outstanding balance of the loan was Baht 45.6 mil ion. (k) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 33.4 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum. The loan is secured by the mortgage of the Companyûs project land and construction thereon and repayment is to be made within October 2007. As at 31 December 2005, the outstanding balance of the loan was Baht 8.6 mil ion. (l) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 370.7 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum. The loan is secured by the mortgage of the Companyûs project land, including most present and future structures thereon and repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within October 2007. As at 31 December 2005, the outstanding balance of the loan was Baht 120.4 mil ion. (m)The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 220 mil ion subject to interest at the minimum loan rate minus 1 percent (MLR-1%) per annum. The loan is secured by the mortgage of the Companyûs project land, including most present and future structures thereon and repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within December 2008. As at 31 December 2005, the outstanding balance of the loan was Baht 75 mil ion. (n) The Company entered into a long-term loan agreement under which it was granted a loan facility of Baht 471 mil ion subject to interest at the minimum loan rate minus 0.5 percent (MLR-0.5%) per annum. The loan is secured by the mortgage of the Companyûs project land, including most present and future structures thereon and repayment is to be made each time a plot of land is redeemed from mortgage, at 70 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within November 2009. As at 31 December 2005, the outstanding balance of the loan was Baht 43 mil ion. Report and consolidated financial statements

133

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(≤)∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 48 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬ ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË”À—°√âÕ¬≈– 1 (MLR-1%) µàÕªï ·≈–§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’¥Ë π‘ æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß„π‚§√ß°“√Àπ÷ßË ¢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 π“§“√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’‡Ë À≈◊Õ∑—ßÈ À¡¥¿“¬„π‡¥◊Õπ ¡’π“§¡ 2549 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ®”π«π 0.5 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 23.6 ≈â“π∫“∑) (≥)∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 35 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬ ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË” (MLR) µàÕªï ·≈–§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’¥Ë π‘ „π‚§√ß°“√Àπ÷ßË ¢Õß∫√‘…∑— ¬àÕ¬·Ààßπ—πÈ ‡ß‘π°Ÿ¬â ¡◊ ¥—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∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπµÿ≈“§¡ 2549 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬¡’¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“« ‡ªìπ®”π«π 2.6 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 12.4 ≈â“π∫“∑) (¥) ‡¡◊ËÕ«—π∑’Ë 24 °—π¬“¬π 2546 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â≈ßπ“¡„π —≠≠“ª√–π’ª√–πÕ¡¬Õ¡§«“¡°—∫∏π“§“√æ“≥‘™¬å„π ª√–‡∑»·ÀàßÀπ÷Ëß ”À√—∫‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√¥—ß°≈à“«®”π«π 209.5 ≈â“π∫“∑ ´÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 2 µàÕªï ”À√—∫ªï∑’Ë 1 √âÕ¬≈– 4 µàÕªï ”À√—∫ªï∑’Ë 2 ·≈–Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” (MLR) µàÕªï ”À√—∫ªï∑’Ë 3 ∂÷ßªï∑’Ë 7 ·≈– ¡’°”Àπ¥™”√–§◊π‡ß‘πµâπµ—Èß·µà‡¥◊Õπ°—π¬“¬π 2548 ®π∂÷ß‡¥◊Õπ ‘ßÀ“§¡ 2553 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…—∑œ °√√¡°“√¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¥—ß°≈à“« ·≈–°“√®¥®”πÕß∑’¥Ë π‘ ·≈– ‘ßË ª≈Ÿ° √â“ß∫π∑’¥Ë π‘ ∑’¡Ë Õ’ ¬Ÿ·à ≈–®–¡’„π¿“¬Àπâ“ ¢Õß∫√‘…—∑¬àÕ¬·Ààßπ—Èπ µàÕ¡“‡¡◊ËÕ«—π∑’Ë 8 ‡¡…“¬π 2548 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â≈ßπ“¡„π —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È °—∫∏π“§“√¥—ß°≈à“« ‚¥¬‡æ‘¡Ë ‡ß◊ÕË π‰¢°“√™”√–Àπ’§È π◊ ·°à∏π“§“√‡ªìπ‡¡◊ÕË ¡’°“√‰∂à∂Õπ‚©π¥∑’¥Ë π‘ ·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 80 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥ µàÕ¡“‡¡◊ËÕ«—π∑’Ë 27 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â≈ßπ“¡„π∫—π∑÷°¢âÕµ°≈ßµàÕ∑â“¬ —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È °—∫∏π“§“√æ“≥‘™¬å·Ààßπ—πÈ ¿“¬„µâ‡ß◊ÕË π‰¢¢Õß∫—π∑÷°¢âÕµ°≈ß¥—ß°≈à“« ∏π“§“√‰¥âµ°≈ß„Àâ∫√‘…∑— ¬àÕ¬™”√–Àπ’ È «à π∑’‡Ë À≈◊Õ §◊π·°à∏π“§“√∫“ß à«π‡ªìπ®”π«π‡ß‘π 145.3 ≈â“π∫“∑ ‚¥¬®–µâÕß™”√–„Àâ§√∫∂â«π¿“¬„π«—π∑’Ë 30 ∏—π«“§¡ 2548 ·≈– À≈—ß®“°π—Èπ∏π“§“√µ°≈ßª≈¥Àπ’È à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥„Àâ°—∫∫√‘…—∑¬àÕ¬ „π«—π∑’Ë 29 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬‰¥â™”√– §◊πÀπ’∑È ª’Ë √—∫‚§√ß √â“ß‰¥âµ“¡∑’°Ë ”Àπ¥„π∫—π∑÷°¢âÕµ°≈ß¥—ß°≈à“«‚¥¬™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’¬È ‡ªìπ®”π«π‡ß‘π√«¡145.3 ≈â“π∫“∑ ´÷Ëß‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’¡Ÿ≈§à“µ“¡∫—≠™’ ≥ «—π®à“¬™”√–§◊π®”π«π 206.4 ≈â“π∫“∑ ∑”„Àâ‡°‘¥°”‰√®“°°“√ ™”√–‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È‡ªìπ®”π«π 61.1 ≈â“π∫“∑ ‚¥¬∫√‘…—∑¬àÕ¬‰¥âπ”°”‰√®“°°“√ª√—∫‚§√ß √â“ß Àπ’È„π à«π¢Õß°“√‰¥â√—∫¬°‡«âπ¥Õ°‡∫’È¬®”π«π 12 ≈â“π∫“∑‰ªª√—∫≈¥§à“¥Õ°‡∫’È¬´÷Ëß‡§¬∫—π∑÷°‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ ‚§√ß°“√®”π«π 12 ≈â“π∫“∑ ·≈–· ¥ß°”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È à«π∑’Ë‡À≈◊Õ®”π«π 49.1 ≈â“π∫“∑‡ªìπ√“¬°“√ æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2548 (µ) ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«„π«ß‡ß‘π®”π«π 110 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’¬È „πÕ—µ√“¥Õ°‡∫’¬È ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” (MLR) µàÕªï ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“« ·≈–°“√ ®¥®”πÕß∑’¥Ë π‘ æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß∫π∑’¥Ë π‘ ∑’¡Ë Õ’ ¬Ÿ·à ≈–®–¡’„π¿“¬Àπâ“¢Õß∫√‘…∑— ¬àÕ¬·Ààßπ—πÈ ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ ‡ªìπ√“¬‡¥◊Õπµ—Èß·µà‡¥◊Õπ¡°√“§¡ 2550 ®π∂÷ß‡¥◊Õπ∏—π«“§¡ 2555 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π °Ÿâ¬◊¡¥—ß°≈à“«·≈â«‡ªìπ®”π«π 7.6 ≈â“π∫“∑

134

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

(o) A subsidiary entered into a long-term loan agreement under which it was granted 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 the subsidiary没s project land and construction thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 60 percent of the selling price and in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within March 2006. As at 31 December 2005, the outstanding balance of the loan was Baht 0.5 mil ion (31 December 2004 : Baht 23.6 mil ion). (p) A subsidiary entered into a long-term loan agreement under which it was granted a loan facility of Baht 35 mil ion subject to interest at the minimum loan rate (MLR) per annum and secured by the mortgage of the subsidiary没s 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 2005, the outstanding balance of the loan was Baht 2.6 mil ion (31 December 2004 : Baht 12.4 mil ion). (q) 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 provided 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. Subsequently, on 8 April 2005, the subsidiary entered into a debt restructuring agreement with the bank, under which additional repayment is to be made each time a plot of land is redeemed from mortgage, at 80 percent of the selling price and in any case not less than the amount stipulated by the bank. Subsequently, on 27 December 2005, the subsidiary entered into an addendum to the debt restructuring agreement, under which the bank agreed the subsidiary to pay the part of the remaining balance of Baht 145.3 mil ion within 30 December 2005 and consequently, the bank agreed to waive any remaining debts for the subsidiary. On 29 December 2005, the subsidiary repaid the restructuring debts as stipulated in the addendum by payment the principal and interest totaling Baht 145.3 mil ion, of which the book value as at the payment date was Baht 206.4 mil ion. This represents a gain of Baht 61.1 mil ion on payment of debt restructuring and the subsidiary recorded such gain, which derived from the interest forgiving and the subsidiary capitalized as part of the project, of Baht 12 mil ion as a deduction against the related project costs. The remaining amount of gain from debt restructuring of Baht 49.1 mil ion is presented as an extraordinary item in the earnings statement for the year 2005. (r) A subsidiary entered into a long-term loan agreement under which it was granted a loan facility of Baht 110 mil ion subject to interest at the minimum loan rate (MLR) per annum. The loan is secured by guarantees provided by the directors of the Company and the subsidiary and the mortgage of the subsidiary没s project land, including most present and future structures thereon. Repayment is to be made between January 2007 and December 2012. As at 31 December 2005, the subsidiary had drawn down Baht 7.6 mil ion of such facility. Report and consolidated financial statements

135

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

(∂) ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ¬◊¡√–¬–¬“«„π«ß‡ß‘π®”π«π 161.5 ≈â“π∫“∑ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”∫«°√âÕ¬≈– 1 (MLR+1%) µàÕªï ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…—∑œ ·≈–°“√®¥®”πÕß∑’Ë¥‘π æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß∫π∑’¥Ë π‘ ∑’¡Ë Õ’ ¬Ÿ·à ≈–®–¡’„π¿“¬Àπâ“¢Õß∫√‘…∑— ¬àÕ¬·Ààßπ—πÈ ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡¡◊ÕË ¡’°“√‰∂à∂Õπ ‚©π¥∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 90 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥ ·≈–®à“¬™”√–§◊π ‡ß‘πµâπ∑ÿ°Ê 6 ‡¥◊Õπ„π®”π«π‡ß‘π‰¡àµË”°«à“∑’Ë∏π“§“√°”Àπ¥·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ ∏—π«“§¡ 2551 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ®”π«π 101.5 ≈â“π∫“∑ —≠≠“‡ß‘π°Ÿâ¬◊¡ à«π„À≠à‰¥â√–∫ÿ¢âÕªØ‘∫—µ‘·≈–¢âÕ®”°—¥∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕß∂◊ÕªØ‘∫—µ‘∫“ßª√–°“√ ‡™àπ °“√®à“¬ ‡ß‘πªíπº≈ °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ °“√§«∫À√◊Õ√«¡°‘®°“√°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ ·≈–°“√¥”√ßÕ—µ√“ à«πÀπ’È ‘π√«¡µàÕ à«π¢ÕßºŸâ∂◊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÷Ëßªï Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ÿ∑∏‘®“° à«π∑’Ë∂÷ß °”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 412,500,000 ... 550,000,000 (137,500,000) 275,000,000

.. .. .. .. .. .. .. .. ..

(137,500,000) 412,500,000

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. ..

(137,500,000) 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 Àπà«¬ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀπà«¬≈– 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¥∑â“¬®”π«π 275 ≈â“π∫“∑„π‡¥◊Õπ¡°√“§¡ 2550 Àÿâπ°Ÿâ¥—ß°≈à“«¡’Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë √âÕ¬≈– 4.5 µàÕªï ‚¥¬®à“¬™”√–∑ÿ° 6 ‡¥◊Õπµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ ∫√‘…—∑œ ‰¥â®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π·≈–Õ“§“√™ÿ¥‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¥—ß°≈à“« 21. ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ∫√‘…—∑œ ‰¥â≈ßπ“¡„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß à«π„À≠à‡°‘¥¢÷Èπ„πªï 2543 ∂÷ß 2545 ¿“¬„µâ‡ß◊ÕË π‰¢¢Õß —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’¥È ß— °≈à“« ‡®â“Àπ’‰È ¥âµ°≈ß≈¥‡ß‘πµâπ·≈–¥Õ°‡∫’¬È „Àâ∫“ß à«π ∫√‘…∑— œ¡’°“√‚Õπ∑√—æ¬å™”√–Àπ’È ¡’°“√·ª≈ßÀπ’È‡ªìπÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–·ª≈ßÀπ’È‡ªìπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π ¬Õ¥§ß‡À≈◊Õ¥—ß°≈à“«‡ªìπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ´÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– 2.5 µàÕªï ‚¥¬¥Õ°‡∫’È¬ ¥—ß°≈à“«‰¥â√«¡Õ¬Ÿà„π¡Ÿ≈§à“‰∂à∂Õπ·≈–®–§√∫°”Àπ¥‰∂à∂Õπ„πªï 2550

136

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

(s) A subsidiary entered into a long-term loan agreement under which it was granted a loan facility of Baht 161.5 mil ion subject to interest at the minimum loan rate plus 1 percent (MLR+1%) per annum. The loan is secured by guarantees provided by the Company and the mortgage of the subsidiary没s project land, including most present and future structures thereon. Repayment is to be made each time a plot of land is redeemed from mortgage, at 90 percent of the selling price and in any case not less than the amount stipulated by the bank and further principal repayment is to be made every 6 months in any case not less than the amount stipulated by the bank. Any remaining balance is to be repaid within December 2008. As at 31 December 2005, the subsidiary had drawn down Baht 101.5 mil ion of such facility. 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

Secured debentures Less : Current portion of secured debentures Secured debentures, net of current portion

.. .. .. .. .. .. .. .. .. .. .. .

Consolidated . 2005 .... 2004 .. 412,500,000 ... 550,000,000 . (137,500,000) .... (137,500,000) 275,000,000 .... 412,500,000

.. .. .. .. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. . 2005 2004 .. .. 412,500,000 ... 550,000,000 . (137,500,000) .... (137,500,000) 275,000,000 .... 412,500,000

On 7 January 2004, the Company issued Baht 550 mil ion 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 mil ion each to be paid in January 2005 and 2006, and the final installment of Baht 275 mil ion 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. 21. CREDITORS UNDER DEBT RESTRUCTURING AGREEMENTS The Company entered into debt restructuring agreements with various banks and financial institutions between 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 represent unsecured debentures bearing interest at a rate of 2.5 percent per annum, with such interest inherent in the redemption price, and maturing in the year 2007. Report and consolidated financial statements

137

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„π√–À«à“ß‰µ√¡“ ∑’ËÀπ÷Ëß¢Õßªï 2547 ∫√‘…—∑œ‰¥â™”√–§◊πÀπ’È∑’Ëª√—∫‚§√ß √â“ß‰¥â§√∫∂â«π°àÕπ°”Àπ¥·≈–‰¥â®à“¬¥Õ°‡∫’È¬∫“ß à«πµ“¡∑’Ë°”Àπ¥„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ‡®â“Àπ’È ∂“∫—π°“√‡ß‘π®÷ß‰¥â¬°Àπ’È¥Õ°‡∫’È¬§â“ß®à“¬„Àâ‡ªìπ®”π«π 27.6 ≈â“π∫“∑ ´÷Ëß ∫√‘…—∑œ‰¥â∫—π∑÷°‡ªìπ°”‰√®“°°“√™”√–‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥‚¥¬· ¥ß‰«â‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’ËÀπ÷Ëß¢Õßªï 2547 „π‡¥◊Õπ¡°√“§¡ 2547 ∫√‘…—∑œ‰¥â∑”°“√‰∂à∂ÕπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¡Ÿ≈§à“ 745.8 ≈â“π∫“∑ ´÷ËßÀÿâπ°Ÿâ¥—ß°≈à“«¡’¡Ÿ≈§à“µ“¡∫—≠™’ ≥ «—π‰∂à∂Õπ®”π«π 683.3 ≈â“π∫“∑ ‚¥¬ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π®”π«π 550 ≈â“π∫“∑ ´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.5 µàÕªï„Àâ·°à ‡®â“Àπ’È ∂“∫—π°“√‡ß‘π‡¥‘¡ ∑”„Àâ‡°‘¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 133.3 ≈â“π∫“∑ ∫√‘…—∑œ‰¥â∫—π∑÷°¥Õ°‡∫’È¬¢ÕßÀÿâπ°Ÿâ„À¡à∑’Ë ®–µâÕß®à“¬„πÕπ“§µ‡ªìπ¥Õ°‡∫’È¬®à“¬√Õµ—¥∫—≠™’®”π«π 55.8 ≈â“π∫“∑„πß∫¥ÿ≈·≈–‰¥âπ”‰ª≈¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«¢â“ßµâπ ‚¥¬· ¥ß‡ªìπ ç°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥é ®”π«π 44.2 ≈â“π∫“∑ ( ÿ∑∏‘®“° ¿“…’‡ß‘π‰¥â∑’Ë‡°’Ë¬«¢âÕß®”π«π 33.3 ≈â“π∫“∑) ‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’ËÀπ÷Ëß¢Õßªï 2547 „π‡¥◊Õπ°—π¬“¬π 2547 ∫√‘…—∑œ‰¥â∑”°“√‰∂à∂ÕπÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¡Ÿ≈§à“ 141.1 ≈â“π∫“∑°àÕπ°”Àπ¥ ‚¥¬°“√®à“¬™”√–‡ß‘π ®”π«π 105.8 ≈â“π∫“∑ ∑”„Àâ‡°‘¥°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«®”π«π 35.3 ≈â“π∫“∑ ‚¥¬· ¥ß‡ªìπ ç°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ ·≈–™”√–‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥é ®”π«π 24.7 ≈â“π∫“∑ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’Ë‡°’Ë¬«¢âÕß®”π«π 10.6 ≈â“π∫“∑) ‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ ”À√—∫‰µ√¡“ ∑’Ë “¡¢Õßªï 2547 22. ∑ÿπ‡√◊ÕπÀÿâπ ‡¡◊ËÕ«—π∑’Ë 1 ∏—π«“§¡ 2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ¥”‡π‘π°“√„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È 1. ¬°‡≈‘°Àÿâπ “¡—≠®”π«π 700,737,660 Àÿâπ ´÷Ëß‰¡à‰¥â‡ªìπÀÿâπ “¡—≠∑’Ë ”√Õß‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘ „¥Ê ‚¥¬«‘∏’°“√≈¥∑ÿπ ®¥∑–‡∫’¬π®“° 2,000,000,000 ∫“∑ ‡ªìπ 1,299,262,340 ∫“∑ ‚¥¬°“√µ—¥Àÿâπ∑’Ë¬—ß¡‘‰¥âπ”ÕÕ°®”Àπà“¬®”π«π 700,737,660 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ 2. ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ®”π«π‰¡à‡°‘π 433,087,447 Àπà«¬ „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡¢Õß∫√‘…—∑œ µ“¡ —¥ à«π®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà 3 Àÿâπ‡¥‘¡µàÕ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘ ‚¥¬‰¡à¡’√“§“ ‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–‡ πÕ¢“¬ ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘§◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ “¡“√∂„™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“∑’Ëµ√“‰«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 Àπà«¬ „Àâ·°àæπ—°ß“π ºŸ∫â √‘À“√ °√√¡°“√ ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–‡ πÕ¢“¬ ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘§◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ “¡“√∂„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“ à«π≈¥√âÕ¬≈– 15 ®“°√“§“ªî¥¢ÕßÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∑”°“√´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°„π™à«ß√–¬–‡«≈“ 30 «—π °àÕπ«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ´÷Ëß‡∑à“°—∫Àÿâπ≈– 2.28 ∫“∑ 5. ®—¥ √√Àÿâπ‡æ‘Ë¡∑ÿπ®”π«π‰¡à‡°‘π 10,000,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) 6. ®—¥ √√Àÿâπ‡æ‘Ë¡∑ÿπ®”π«π‰¡à‡°‘π 27,650,213 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√ª√—∫ ‘∑∏‘„∫ ”§—≠· ¥ß ‘∑∏‘ ∑’®Ë –´◊ÕÈ Àÿπâ “¡—≠¢Õß∫√‘…∑— œ √ÿπà ∑’Ë 2 (SPALI-W2) Õ—π‡π◊ÕË ß¡“®“°°“√ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠ ¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ·≈–°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) 138

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

During the first quarter of the year 2004, 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 27.6 mil ion 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 year 2004. In January 2004, the Company redeemed Baht 745.8 mil ion of unsecured debentures, of which the book value as at the redemption date was Baht 683.3 mil ion, by issuing Baht 550 mil ion of secured debentures to its existing financial institution creditor, bearing interest at a fixed rate of 4.5 percent per annum. This represents a gain of Baht 133.3 mil ion on redemption of the debentures. The interest to be paid on the secured debentures in the future, amounting to Baht 55.8 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 44.2 mil ion (net of related income tax of Baht 33.3 mil ion) is presented under çGain from redemption of debentures and repayment of restructured debt prior to maturity,é as an extraordinary item in the earnings statement for the first quarter of the year 2004. In September 2004, the Company redeemed Baht 141.1 mil ion of unsecured debentures prior to maturity, paying a total of Baht 105.8 mil ion. This resulted in a gain of Baht 35.3 mil ion on redemption of the debentures. Of this amount, Baht 24.7 mil ion (net of related income tax of Baht 10.6 mil ion) is presented under the caption çGain from redemption of debentures and repayment of restructured debt prior to maturity,é as an extraordinary item in the earnings statement of the third quarter of the year 2004. 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 no 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 (ESOP warrants). 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 (ESOP warrants). Report and consolidated financial statements

139

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7. ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®”π«π 470,737,660 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ √«¡‡ªìπ∑ÿπ ®¥∑–‡∫’¬π∑’Ë‡æ‘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 ∏—π«“§¡ 2547 ·≈–µàÕ¡“ ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à 1,770,000,000 ∫“∑ ‡¡◊ËÕ«—π∑’Ë 7 ∏—π«“§¡ 2547 µàÕ¡“∫√‘…—∑œ ‰¥â√—∫ °“√Õπÿ¡—µ‘°“√ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠√ÿàπ∑’Ë 3 (SPALI-W3) ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠„Àâ·°à æπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) ®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈– µ≈“¥À≈—°∑√—æ¬å‡√’¬∫√âÕ¬·≈â«‡¡◊ËÕ«—π∑’Ë 11 ‘ßÀ“§¡ 2548 µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 26 „πªï 2548 ∫√‘…—∑œ ‰¥â√—∫‡ß‘π§à“Àÿâπ‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªìπ®”π«π‡ß‘π√«¡ 33,464,312 ∫“∑ (Àÿâπ “¡—≠®”π«π 25,091,484 Àÿâπ„π√“§“Àÿâπ≈– 1 ∫“∑ Àÿâπ “¡—≠®”π«π 3,726,096 Àÿâπ„π√“§“Àÿâπ≈– 1.5 ∫“∑ ·≈– Àÿâπ “¡—≠®”π«π 1,220,914 Àÿâπ„π√“§“Àÿâπ≈– 2.28 ∫“∑) ´÷Ëß∫√‘…—∑œ ‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπÀÿâπ “¡—≠·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ∑’Ë ‡æ‘Ë¡¢÷Èπ„π√–À«à“ßªï‡ªìπ®”π«π‡ß‘π 30,038,494 ∫“∑ ·≈– 3,425,818 ∫“∑ µ“¡≈”¥—∫ ·≈–‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„πªï 2548 ·≈–«—π∑’Ë 11 ¡°√“§¡ 2549 ”À√—∫‡ß‘π‡æ‘Ë¡∑ÿπ∑’Ë‰¥â√—∫„π ‡¥◊Õπ∏—π«“§¡ 2548 „πªï 2547 ∫√‘…—∑œ ‰¥â√—∫‡ß‘π§à“Àÿâπ‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªìπ®”π«π‡ß‘π 487,016,521 ∫“∑ (Àÿâπ “¡—≠®”π«π 487,016,521 Àÿâπ„π√“§“Àÿâπ≈– 1 ∫“∑) ´÷Ëß∫√‘…—∑œ ‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπÀÿâπ “¡—≠∑’Ë‡æ‘Ë¡¢÷Èπ „π√–À«à“ßªï ·≈–‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„πªï 2547 ·≈–«—π∑’Ë 7 ¡°√“§¡ 2548 ”À√—∫‡ß‘π‡æ‘Ë¡∑ÿπ∑’Ë‰¥â√—∫„π‡¥◊Õπ∏—π«“§¡ 2547 23. à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√

¬Õ¥§ß‡À≈◊Õµâπªï - °àÕπ°“√ª√—∫ª√ÿß °“√ª√—∫ª√ÿßªï°àÕπ (À¡“¬‡Àµÿ 37) ¬Õ¥§ß‡À≈◊Õ∑’Ëª√—∫ª√ÿß·≈â« ≈¥≈ß®“°°“√µ’√“§“∑’Ë¥‘π (À¡“¬‡Àµÿ 16) ®”π«πµ—¥®”Àπà“¬ ”À√—∫ªï ¬Õ¥§ß‡À≈◊Õª≈“¬ªï

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2548 78,163,933 78,163,933 (17,397,876) (884,424) 59,881,633

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Àπà«¬ : ∫“∑) 2547 323,632,415 (244,584,058) 79,048,357 (884,424) 78,163,933

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√–®”ªïÀ≈—ß®“°À—°¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“ ”√Õß¥—ß°≈à“«¡’®”π«π‡∑à“°—∫√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡ °ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¥â

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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. 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. In addition, the Securities and Exchange Commission has approved the issue and offer of the SPALI-W3 and the ESOP warrants on 11 August 2005, as discussed in Note 26. In the year 2005, the Company received payment totaling Baht 33,464,312 for the additional ordinary shares issued to support the exercise of the warrants (25,091,484 ordinary shares at a price of Baht 1 each, 3,726,096 ordinary shares at a price of Baht 1.5 each and 1,220,914 ordinary shares at a price of Baht 2.28 each). The Company recorded Baht 30,038,494 of this amount as additional ordinary shares and Baht 3,425,818 as share premium, and registered the resulting increase in capital with the Ministry of Commerce in the year 2005, and on 11 January 2006 for the additional share capital received in December 2005. In the year 2004, the Company received payment totaling Baht 487,016,521 for the additional ordinary shares issued to support the exercise of the warrants (487,016,521 ordinary shares at a price of Baht 1 each). The Company recorded these transactions as the issue of additional ordinary shares during the year and registered the resulting increase in its capital with the Ministry of Commerce in the year 2004, and on 7 January 2005 for the additional share capital received in December 2004. 23. REVALUATION SURPLUS

Balance at beginning of year - before adjustment Prior year adjustment (Note 37) Balance, as restated Decrease from revaluation of land (Note 16) Amortisation of the year Balance at end of year

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

2005 78,163,933 78,163,933 (17,397,876) (884,424) 59,881,633

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

(Unit : Baht) 2004 323,632,415 (244,584,058) 79,048,357 (884,424) 78,163,933

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.

Report and consolidated financial statements

141

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25. Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬/°”‰√ – ¡∑’Ë®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π§ß‡À≈◊Õ 32,350,000 Àÿâπ (31 ∏—π«“§¡ 2547 : 32,350,000 Àÿâπ) ¡Ÿ≈§à“µ“¡√“§“∑ÿπ‡ªìπ®”π«π‡ß‘π 73.8 ≈â“π∫“∑ (31 ∏—π«“§¡ 2547 : 73.8 ≈â“π∫“∑) ‚¥¬· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ¥â«¬√“§“∑ÿπ ∫√‘…—∑œ ‰¥â°—π°”‰√ – ¡‰«â‡ªìπ‡ß‘π ”√Õß‡∑à“°—∫®”π«π‡ß‘π∑’Ë∫√‘…—∑¬àÕ¬‰¥â®à“¬´◊ÈÕÀÿâπ¢Õß∫√‘…—∑œ ®π°«à“∫√‘…—∑¬àÕ¬®–¡’°“√ ®”Àπà“¬Àÿâπ¥—ß°≈à“«‰¥âÀ¡¥ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â°—π°”‰√ – ¡‡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 ”√Õß¥—ß°≈à“«∫√‘…—∑œ®–‰¡àπ”¡“®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ 26. „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ SPALI-W2 ‡¡◊ËÕ«—π∑’Ë 27 °—π¬“¬π 2545 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¡’¡µ‘Õπÿ¡—µ‘„ÀâÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕ Àÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 (SPALI-W2) „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡√“¬™◊ËÕ ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬π¢Õß∫√‘…—∑œ §◊Õ«—π∑’Ë 31 ¡’π“§¡ 2546 ®”π«π 649,546,370 Àπà«¬ „πÕ—µ√“ à«πÀÿâπ “¡—≠‡¥‘¡ 1 Àÿâπ µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠ · ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘ §◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π √“§“°“√„™â ‘∑∏‘ 1 ∫“∑ ·≈–¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ°Ê 3 ‡¥◊Õπ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‰¥â√—∫„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 (SPALI-W2) ®”π«π 649,546,370 Àπà«¬‡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∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2548 ‰¥â¡’ºŸâ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π√«¡ 579,660,791 Àπà«¬ ‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠ ®”π«π 579,660,791 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 1 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 579.7 ≈â“π∫“∑ ‡¡◊ËÕ«—π∑’Ë 7 °—π¬“¬π 2548 ∫√‘…—∑œ‰¥â¡’°“√·°â‰¢‡ª≈’Ë¬π·ª≈ßÕ—µ√“°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 2 (SPALI-W2) Õ—π‡π◊ËÕß¡“®“°°“√ÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ‡ªìπ„∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 2 (SPALI-W2) 1 Àπà«¬ “¡“√∂´◊ÈÕÀÿâπ “¡—≠‰¥â 1.0758 Àÿâπ „π√“§“Àÿâπ≈– 1 ∫“∑ µàÕÀÿâπ “¡—≠ 1 Àÿâπ „π‡¥◊Õπ°—π¬“¬π ·≈–∏—π«“§¡ 2548 ‰¥â¡’ºŸâ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π√«¡ 10,993,300 Àπà«¬ ‡æ◊ËÕ ´◊ÈÕÀÿâπ “¡—≠®”π«π 11,826,584 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 1 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 11.8 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §ß‡À≈◊ÕÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 (SPALI-W2) ∑’Ë¬—ß‰¡à‰¥â „™â ‘∑∏‘‡ªìπ®”π«π 58,892,279 Àπà«¬ (31 ∏—π«“§¡ 2547 : 83,150,479 Àπà«¬) SPALI-W3 ‡¡◊ËÕ«—π∑’Ë 1 ∏—π«“§¡ 2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¡’¡µ‘Õπÿ¡—µ‘„ÀâÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕ Àÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡√“¬™◊ËÕ ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬π¢Õß∫√‘…—∑œ §◊Õ«—π∑’Ë 30 ‘ßÀ“§¡ 2548 ®”π«π‰¡à‡°‘π 433,087,447 Àπà«¬ „πÕ—µ√“ à«πÀÿâπ “¡—≠‡¥‘¡ 3 Àÿâπ µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠ · ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘ §◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π √“§“°“√„™â ‘∑∏‘ 1.5 ∫“∑ ·≈–¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ°Ê 3 ‡¥◊Õπ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‰¥â√∫— „∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë –´◊ÕÈ Àÿπâ “¡—≠¢Õß∫√‘…∑— œ √ÿπà ∑’Ë 3 (SPALI-W3) ®”π«π 409,775,502 Àπà«¬ (‚¥¬°“√µ—¥„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë¡‘‰¥âÕÕ°®”π«π 23,311,945 Àπà«¬) ‡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 21 °—π¬“¬π 2548 ‡ªìπµâπ‰ª ‚¥¬ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ√ÿàπ∑’Ë 3 (SPALI-W3) “¡“√∂„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ‰¥â§√—Èß·√°„π «—π∑’Ë 30 ∏—π«“§¡ 2548 142

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

25. COMPANYûS SHARES HELD BY SUBSIDIARY/APPROPRIATED RETAINED EARNINGS - RESERVE FOR COMPANYûS SHARES HELD BY SUBSIDIARY As at 31 December 2005, 32,350,000 shares of the Company, with a value of Baht 73.8 mil ion at cost, were held by a subsidiary (31 December 2004 : 32,350,000 shares with a value of Baht 73.8 mil ion). 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 mil ion 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 SPALI-W2 On 27 September 2002, an extraordinary general meeting of the Companyûs shareholders approved the issue and the offer 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 SPALI-W2 warrants to be traded on the SET, commencing from 4 July 2003. Up to June 2005, warrantholders exercised 579,660,791 warrants to purchase 579,660,791 ordinary shares at an exercise price of Baht 1 each, a total of Baht 579.7 mil ion. On 7 September 2005, as a result of the issue and offer of the SPALI-W3 warrants, the Company adjusted the exercise ratio of the SPALI-W2 warrants to a ratio of 1 warrant to 1.0758 ordinary shares at the exercise price of Baht 1 per 1 ordinary share. In September and December 2005, warrantholders exercised 10,993,300 warrants to purchase 11,826,584 ordinary shares at an exercise price of Baht 1 each, a total of Baht 11.8 mil ion. As of 31 December 2005, there were a total of 58,892,279 outstanding, unexercised SPALI-W2 warrants (31 December 2004 : 83,150,479 outstanding, unexercised warrants). SPALI-W3 On 1 December 2004, an extraordinary general meeting of the Companyûs shareholders approved the issue and the offer no more than 433,087,447 warrants (SPALI-W3 warrants) to the existing shareholders listed in the Companyûs share register as at 30 August 2005, in a ratio of 1 warrant for each 3 existing ordinary shares, 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 1.5 per share. The Stock Exchange of Thailand (SET) approved the issue of 409,775,502 of these SPALI-W3 warrants (with the cancellation of the 23,311,945 unissued SPALI-W3 warrants) to be traded on the SET, commencing from 21 September 2005. The first exercise date was 30 December 2005. Report and consolidated financial statements

143

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

„π‡¥◊Õπ∏—π«“§¡ 2548 ‰¥â¡’ºŸâ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 3,726,096 Àπà«¬‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠®”π«π 3,726,096 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 1.5 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 5.6 ≈â“π∫“∑ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¢ÕßÀÿâπ “¡—≠¥—ß°≈à“« °—∫°√–∑√«ßæ“≥‘™¬å·≈â«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 22 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §ß‡À≈◊ÕÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) ∑’Ë¬—ß‰¡à‰¥â „™â ‘∑∏‘‡ªìπ®”π«π 406,049,406 Àπà«¬ ESOP WARRANTS ‡¡◊ËÕ«—π∑’Ë 1 ∏—π«“§¡ 2547 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ¡’¡µ‘Õπÿ¡—µ‘„ÀâÕÕ°·≈–‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕ Àÿâπ “¡—≠¢Õß∫√‘…—∑œ ®”π«π‰¡à‡°‘π 10,000,000 Àπà«¬ „Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√ ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ 3 ªï π—∫·µà«—π∑’ËÕÕ°·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘ §◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“°“√„™â ‘∑∏‘ 2.28 ∫“∑ ·≈–¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ°Ê 3 ‡¥◊Õπ ·≈– ”π—°ß“π§≥–°√√¡°“√ °”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å‰¥âÕπÿ¡—µ‘°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«®”π«π 9,800,000 Àπà«¬ (‚¥¬°“√µ—¥„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë¡‘‰¥âÕÕ°®”π«π 200,000 Àπà«¬) ‡¡◊ËÕ«—π∑’Ë 11 ‘ßÀ“§¡ 2548 „∫ ”§—≠· ¥ß ‘∑∏‘π’È¡’√–¬–‡«≈“·≈– —¥ à«π°“√„™â ‘∑∏‘µ“¡‡ß◊ËÕπ‰¢∑’Ë √–∫ÿ‰«â ‚¥¬ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“« “¡“√∂„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ‰¥â§√—Èß·√°„π«—π∑’Ë 30 ∏—π«“§¡ 2548 „π‡¥◊Õπ∏—π«“§¡ 2548 ‰¥â¡’ºŸâ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 1,220,914 Àπà«¬‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠®”π«π 1,220,914 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 2.28 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 2.8 ≈â“π∫“∑ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¢ÕßÀÿâπ “¡—≠¥—ß°≈à“« °—∫°√–∑√«ßæ“≥‘™¬å·≈â«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 22 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 §ß‡À≈◊ÕÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ (ESOP warrants) ∑’Ë¬—ß‰¡à‰¥â„™â ‘∑∏‘‡ªìπ®”π«π 8,579,086 Àπà«¬ 27. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π

®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (∫“∑)

.. .. .. .. .. .. .. .. .

ß∫°“√‡ß‘. π√«¡ .. 2548 2547 .. .. 402 ... 383 .. 165,361,417 . 130,209,321

.. .. .. .. .. .. .. .. .

28. ‡ß‘πªíπº≈ ‡¡◊ËÕ«—π∑’Ë 20 ‡¡…“¬π 2548 ∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ „πÕ—µ√“Àÿâπ≈– 0.20 ∫“∑ √«¡‡ªìπ‡ß‘π 245.8 ≈â“π∫“∑ ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2547 ∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ ®“°º≈°“√¥”‡π‘πß“πªï 2546 „πÕ—µ√“Àÿâπ≈– 0.50 ∫“∑ √«¡‡ªìπ‡ß‘π 598.2 ≈â“π∫“∑ 29. §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ µ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√ 144

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

In December 2005, warrantholders exercised 3,726,096 warrants to purchase 3,726,096 ordinary shares at an exercise price of Baht 1.5 each, a total of Baht 5.6 mil ion. 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 2005, there were a total of 406,049,406 outstanding, unexercised SPALI-W3 warrants. ESOP WARRANTS On 1 December 2004, an extraordinary general meeting of the Companyûs shareholders approved the issue and the offer no more than 10,000,000 warrants to employees, executives, directors, and advisors to the Board of Directors (ESOP warrants), 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 2.28 per share. The Securities and Exchange Commission approved the issue of 9,800,000 of these ESOP warrants (with the cancellation of the 200,000 unissued ESOP warrants) on 11 August 2005. The exercise period and exercise ratio for the warrants are in accordance with the specified conditions, with the first exercise date being 30 December 2005. In December 2005, warrantholders exercised 1,220,914 warrants to purchase 1,220,914 ordinary shares at an exercise price of Baht 2.28 each, a total of Baht 2.8 mil ion. 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 2005, there were a total of 8,579,086 outstanding, unexercised ESOP warrants. 27. NUMBER OF EMPLOYEES AND RELATED COSTS

Number of employees at end of year (Persons) Employee costs for the year (Baht)

.. .. .. .. .. .. .. .. .

Consolidated .. .. 2005 2004 .. 402 .... 383 .. 165,361,417 . 130,209,321

.. .. .. .. .. .. .. .. .

(Unit : Baht) The Company Only .. .. 2005 2004 .. 265 .... 245 .. 140,432,242 . 107,446,826

28. DIVIDEND On 20 April 2005, the Annual General Meeting of the Companyûs shareholders approved the payment of dividend of Baht 0.20 per share to the Companyûs shareholders, a total of Baht 245.8 mil ion. On 30 April 2004, the Annual General Meeting of the Companyûs shareholders approved the payment of dividend of Baht 0.50 per share from the operating results of the year 2003 to the Companyûs shareholders, a total of Baht 598.2 mil ion. 29. DIRECTORSû REMUNERATION Directorsû remuneration represents benefits paid to the Companyûs directors in accordance with Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors. Report and consolidated financial statements

145

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

30. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈∑’Ë· ¥ßÕ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß∫—≠™’À≈—ß®“°ª√—∫ª√ÿß¥â«¬√“¬‰¥â·≈–√“¬®à“¬µ“¡∑’Ë °√¡ √√æ“°√°”Àπ¥ ´÷Ëß√«¡∂÷ß‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–·≈–ª√–¡“≥°“√µâπ∑ÿπ∑’Ë‡°’Ë¬«¢âÕß à«π∑’Ë¬—ß‰¡à‰¥â∫—π∑÷°∫—≠™’°”‰√¢“¥∑ÿπ ·≈–º≈¢“¥∑ÿπ®“°°“√‚Õπ∑√—æ¬å ‘π‡æ◊ËÕ™”√–Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È„πªïÕ¥’µ®”π«π‡ß‘πª√–¡“≥ 229 ≈â“π∫“∑ 31. °“√°√–∑∫¬Õ¥°”‰√µàÕÀÿâπª√—∫≈¥ .. .. .. .. .. .. .. .. .. .. .. .. °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π .. .. °”‰√ ÿ∑∏‘ .. À—° : Àÿâπ “¡—≠¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ .... .. .. °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π∑’Ë‡ªìπ¢Õß .. .. ºŸ∂â Õ◊ Àÿπâ ¿“¬πÕ° .. .. º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ .. . „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 2 ®”π«π 58,892,279 Àπà«¬ ... .. .. (2547 : 83,150,479 Àπà«¬) .. „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 3 ®”π«π 406,049,406 Àπà«¬ ... .. .. °”‰√µàÕÀÿπâ ª√—∫≈¥ .. .. °”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ .. .. ¡¡µ‘«à“¡’°“√·ª≈ß‡ªìπÀÿâπ “¡—≠ .

146

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

°”‰√ ÿ ∑∏‘ .. . 2548 .. 2547 . ∫“∑ .... ∫“∑

.. .. .. . 829,976,755 ... .. .. .. .. .. 829,976,755 .... .. .. .. .. .. .. .. .. .. .. .. .. .. .. 829,976,755 ...

480,786,151 480,786,151

480,786,151

.. .. .. .. ∂à « ßπÈ ” Àπ— ° .. .. .. .. 2548 .. 2547 .. .. .. .. .. .. .. Àÿπâ Àÿπâ .. .. .. .. .. .. .. .. .. .. .. .. .. .. . ..1,226,215,035 ..1,081,826,327 ... .. . . .. (32,350,000)... (27,157,923) ... .. .. .. .. .. .. .. .. .. .. .. . ..1,193,865,035 ..1,054,668,404 ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. 42,474,728 .. 160,963,075 ... .. . .. .. 49,269,887 ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .1,285,609,650 .1,215,631,479 ..

°”‰√µà. ÕÀÿâπ . 2548 ... 2547 . ∫“∑ .... ∫“∑

0.70

0.65

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

0.46

0.40

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

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 recognised in the earnings statement for accounting purposes and losses amounting to approximately Baht 229 mil ion on the transfer of assets in recent years to settle debts per debt restructuring agreements. 31. RECONCILIATION OF DILUTED EARNINGS PER SHARE

Basic earnings per share Net earnings Less : Company没s shares held by subsidiary Basic earnings per share held by third party shareholders Effect of dilutive potential ordinary shares 58,892,279 SPALI-W2 warrants (2004 : 83,150,479 warrants) 406,049,406 SPALI-W3 warrants Diluted earnings per share Net earnings of ordinary shareholders assuming conversion of dilutive potential ordinary shares

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .

Weighted average

.. . .. number of ordinary shares ... Net earnings .. .. .. .. 2005 ... 2004 ... 2005 ... 2004 ... . . . . Baht .... Baht .... Shares .... Shares .... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 829,976,755 .. 480,786,151 ..1,226,215,035 ..1,081,826,327 ... .. .. . . .. .. (32,350,000) ... (27,157,923) ... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 829,976,755 .. 480,786,151 ..1,193,865,035 ..1,054,668,404 .... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. 42,474,728 .. 160,963,075 ... .. .. .. .. .. .. .. .. .. .. 49,269,887 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 829,976,755 .. 480,786,151 ..1,285,609,650 ..1,215,631,479 ...

Earnings per share .. 2005 ... 2004 . Baht .... Baht

0.70

0.65

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

0.46

0.40

Report and consolidated financial statements

147

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

32. °“√´◊ÈÕ∫√‘…—∑¬àÕ¬ „π√–À«à“ß‰µ√¡“ ∑’Ë Õß¢Õßªïªí®®ÿ∫—π ∫√‘…—∑œ ·≈–∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ‰¥â≈ß∑ÿπ„πÀÿâπ “¡—≠ ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‚¥¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕ·≈–Àπ’È ‘π∑’Ë√—∫¿“√–¡“ª√“°Ø¥—ßπ’È :-

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË ‚§√ß°“√√–À«à“ß°àÕ √â“ß Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π√—∫≈à«ßÀπâ“§à“Àÿâπ ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ‘π∑√—æ¬å ÿ∑∏‘ À—° : à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ‘π∑√—æ¬å ÿ∑∏‘∑’Ë‰¥â¡“ ∫«° : ª√—∫ª√ÿß à«π‡°‘π¢Õß®”π«π‡ß‘π∑’Ë™”√–„π°“√´◊ÈÕ∫√‘…—∑¬àÕ¬ ‡ªìπ à«πÀπ÷Ëß¢Õß∑’Ë¥‘π ®”π«π‡ß‘π∑’Ë®à“¬´◊ÈÕ∫√‘…—∑¬àÕ¬‚¥¬ : ∫√‘…—∑œ ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ À—° : ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥¢Õß∫√‘…—∑¬àÕ¬ °√–· ‡ß‘π ¥®à“¬ ÿ∑∏‘ ”À√—∫°“√´◊ÈÕ∫√‘…—∑¬àÕ¬

(Àπà«¬ : ∫“∑) 1,260,644 1,035,605 58,904,711 158,704 149,443 (5,856,000) (2,354,000) (1,088,187) (384,490) 51,826,430 (31,288,047) 20,538,383 7,672,642 11,826,315 16,384,710

28,211,025 (1,260,644) 26,950,381

33. Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¡’Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√„ππ“¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„Àâ°—∫ Õß§å°“√√—∞∫“≈‡æ◊ËÕ§È”ª√–°—π√–∫∫ “∏“√≥Ÿª‚¿§‡À≈◊ÕÕ¬Ÿà‡ªìπ®”π«π‡ß‘π 208.5 ≈â“π∫“∑·≈– 158.7 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß ∫√‘…—∑œ : 189.2 ≈â“π∫“∑·≈– 155.9 ≈â“π∫“∑) µ“¡≈”¥—∫ ·≈–‡æ◊ËÕ§È”ª√–°—π°—∫‡®â“Àπ’È°“√§â“‡ªìπ®”π«π‡ß‘π 17.1 ≈â“π∫“∑·≈– 12.1 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 17.1 ≈â“π∫“∑·≈– 12.1 ≈â“π∫“∑) µ“¡≈”¥—∫ 34. ¿“√–§È”ª√–°—π√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¿“√–§È”ª√–°—π√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È 34.1 ∫√‘…—∑œ¡’¿“√–ºŸ°æ—πµàÕ∏π“§“√‡°’Ë¬«°—∫°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√„Àâ·°à∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ®”π«π‡ß‘π 161.5 ≈â“π∫“∑ ‚¥¬∑—Ë«‰ª°“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—πµàÕ∫√‘…—∑œ π“π‡∑à“∑’Ë¿“√–Àπ’È ‘π¬—ß‰¡à‰¥â™”√–‚¥¬ ∫√‘…—∑¬àÕ¬¥—ß°≈à“« ∫√‘…—∑œ ‰¡à¡’°“√§‘¥§à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—π¥—ß°≈à“« 148

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

32. PURCHASE OF SUBSIDIARY COMPANY During the second quarter of the current year, the Company and Supalai Property Management Company Limited acquired ordinary shares in Phuket Estate Company Limited. The fair value of the assets acquired and liabilities assumed are as follows :-

Cash and cash equivalents Other current assets Project under construction Equipment, net Other non-current assets Share subscriptions received in advance Trade accounts payable - related party Other current liabilities Long-term loans from directors Net assets Less : Minority interest Net acquired assets Add :Adjustment to record excess of cost of acquisition of subsidiary as part of the cost of land Cash paid for purchase of subsidiary by : The Company Supalai Property Management Company Limited Less : Cash and cash equivalents of subsidiary company Cash flows used in acquisition, net

(Unit : Baht) 1,260,644 1,035,605 58,904,711 158,704 149,443 (5,856,000) (2,354,000) (1,088,187) (384,490) 51,826,430 (31,288,047) 20,538,383 7,672,642 11,826,315 16,384,710

28,211,025 (1,260,644) 26,950,381

33. BANK GUARANTEES As at 31 December 2005 and 2004, there were outstanding bank guarantees amounting to Baht 208.5 mil ion and Baht 158.7 mil ion (the Company only : Baht 189.2 mil ion and Baht 155.9 mil ion), 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 17.1 mil ion and Baht 12.1 mil ion (the Company only : Baht 17.1 mil ion and Baht 12.1 mil ion), respectively, to provide guarantees to trade creditors. 34. RELATED PARTY GUARANTEES As at 31 December 2005, there are related party guarantees as follows :34.1 The Company has provided guarantees to a bank against certain obligations of a subsidiary of Baht 161.5 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. Report and consolidated financial statements

149

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

34.2 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’«ß‡ß‘π ‘π‡™◊ËÕ∑’Ë‰¥â√—∫®“°∏π“§“√´÷Ëß‰¥â√—∫°“√§È”ª√–°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ °“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—ππ“π‡∑à“∑’Ë¿“√–Àπ’È ‘π®“°°“√§È”ª√–°—π¬—ß‰¡à‰¥â™”√–‚¥¬∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ®”π«π‡ß‘π ¢Õß°“√§È”ª√–°—π √ÿª‰¥â¥—ßπ’È :-

¿“√–§È”ª√–°—π‚¥¬°√√¡°“√

.. .. .. .. ..

ß∫°“√‡ß‘π√«¡ 289.0

.. .. .. .. ..

°√√¡°“√¥—ß°≈à“«‰¡à¡’°“√§‘¥§à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—π ¬°‡«âπ°“√§È”ª√–°—π«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√¢Õß∫√‘…—∑¬àÕ¬ ·ÀàßÀπ÷Ëß®”π«π‡ß‘π 120 ≈â“π∫“∑ ´÷Ëß§‘¥§à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—πµ“¡∑’Ë√–∫ÿ‰«â„πÀ¡“¬‡Àµÿ 9 35. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¥—ßπ’È 35.1 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ —≠≠“°àÕ √â“ß‚§√ß°“√µà“ßÊ ∑’Ë‰¥â∑” —≠≠“°—∫ºŸâ√∫— ‡À¡“‰«â·≈â«‡ªìπ®”π«π ‡ß‘πª√–¡“≥ 1,436 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 1,388 ≈â“π∫“∑) 35.2 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π∑’Ë‡°’Ë¬«¢âÕß°—∫°“√´◊ÈÕ∑’Ë¥‘π‡ªìπ®”π«π‡ß‘πª√–¡“≥ 175.1 ≈â“π∫“∑ (ß∫°“√‡ß‘π ‡©æ“–¢Õß∫√‘…—∑œ : 135 ≈â“π∫“∑) 35.3 ∫√‘…—∑œ ‰¥âÕÕ°‡™Á§‰¡à√–∫ÿ«—π∑’Ë„Àâ°—∫∏π“§“√®”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 36. §¥’øÑÕß√âÕß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…∑— œ‰¥â∂Ÿ°øÑÕß√âÕß„π§¥’µà“ßÊ ‡°’Ë¬«°—∫°“√º‘¥ —≠≠“ °“√‡≈‘° —≠≠“ °“√‡√’¬°‡ß‘π§◊π ·≈–§à“ ‡ ’¬À“¬ ´÷Ëß¡’∑ÿπ∑√—æ¬å√«¡‡ªìπ®”π«π‡ß‘πª√–¡“≥ 86.5 ≈â“π∫“∑ ªí®®ÿ∫—π»“≈™—Èπµâπ‰¥â¡’§”æ‘æ“°…“„Àâ∫√‘…—∑œ™¥„™â§à“‡ ’¬À“¬„π§¥’ Àπ÷Ëß‡ªìπ®”π«π‡ß‘πª√–¡“≥ 5 ≈â“π∫“∑æ√âÕ¡¥Õ°‡∫’È¬ ¢≥–π’È§¥’¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å à«π§¥’Õ◊ËπÊ Õ¬Ÿà „π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å·≈–»“≈Æ’°“ Õ¬à“ß‰√°Áµ“¡ ∫√‘…∑— œ ‰¥âª√–¡“≥°“√§«“¡‡ ’¬À“¬∑’ÕË “®‡°‘¥¢÷πÈ ·≈–‰¥â∫π— ∑÷° ”√Õß ‡º◊ËÕÀπ’È π‘ ∑’ËÕ“®®–‡°‘¥¢÷Èπ®“°§¥’§«“¡®”π«π 41.2 ≈â“π∫“∑ µ“¡§«“¡‡ÀÁπ¢ÕßΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…—∑œ 37. √“¬°“√ª√—∫ª√ÿßªï°àÕπ 37.1 „πÕ¥’µ∫√‘…—∑œ √—∫√Ÿâ¢“¥∑ÿπ®“°∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëßµ“¡ —¥ à«π¢Õß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ Õ¬à“ß‰√°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„π‰µ√¡“ ∑’ËÀπ÷Ëß¢Õßªï 2547 ∫√‘…—∑œ ®÷ß‰¥âª√—∫ª√ÿß°”‰√ – ¡µâπªï º≈ – ¡¢Õß°“√ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ßµâπªï‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿßªï°Õà π‡°’¬Ë «°—∫º≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ „π∫√‘…—∑¬àÕ¬é „πß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

150

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

34.2 Certain obligations of the Company and its subsidiary are guaranteed by directors of the Company and the subsidiary. These guarantees are effective so long as the underlying obligations have not been discharged by the Company and the subsidiary. The amount of those guarantees are summarised below :-

Guarantees by directors

.. .. .. .. ..

Consolidated 289.0

.. .. .. .. ..

(Unit : Million Baht) The Company Only 169.0

No guarantee fee has been charged by those directors except for the guarantee of a Baht 120 mil ion credit facility of a subsidiary from a bank, for which a guarantee fee was charged as discussed in Note 9. 35. COMMITMENTS AND CONTINGENT LIABILITIES As at 31 December 2005, the Company and its subsidiaries had the following outstanding commitments and contingent liabilities: 35.1 The Company and its subsidiaries had outstanding commitments of approximately Baht 1,436 million (the Company only : Baht 1,388 mil ion) in respect of project construction under contracts which the Company and its subsidiaries had already entered into with contractors. 35.2 The Company and the subsidiary had outstanding capital commitments of approximately Baht 175.1 mil ion in respect of the purchase of land (the Company only : Baht 135 mil ion). 35.3 The Company had issued undated cheques for Baht 387.2 mil ion to a bank to secure the release from mortgage of project land so that it could arrange for the land没s division. 36. LITIGATION As at 31 December 2005, the Company has been sued for a total of approximately Baht 86.5 mil ion in various cases, in respect of breach of contract, cancellation of contract, refund claims and damage claims. The Court of First Instance has ordered the Company to pay compensation of approximately Baht 5 mil ion plus interests in one case, which is currently being heard by the Court of Appeals, while the other cases are 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. 37. PRIOR YEAR ADJUSTMENTS 37.1 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 the first quarter of the year 2004, the Company therefore adjusted the brought forward balance of retained earnings. The cumulative effect of the adjustment was presented under the caption of 莽Prior year adjustment relating to loss from investment in subsidiar茅 in the statements of changes in shareholders没 equity. Report and consolidated financial statements

151

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π)

37.2 „πªï 2546 ∫√‘…—∑¬àÕ¬ Õß·Ààß‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ·≈–¡’°”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ®”π«π 30.4 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑œ ‰¥â√—∫√Ÿâ‡ªìπ°”‰√¢Õßªï 2546 Õ¬à“ß‰√°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¢ÕßºŸâ∂◊ÕÀÿâπ ¥—ßπ—Èπ„π‰µ√¡“ ∑’ËÀπ÷Ëß¢Õßªï 2547 ∫√‘…—∑œ®÷ß‰¥âª√—∫ª√ÿß°”‰√ – ¡µâπªï º≈ – ¡¢Õß°“√ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ßµâπªï ‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿßªï°Õà π‡°’¬Ë «°—∫°”‰√®“°°“√®”Àπà“¬Àÿπâ ¢Õß∫√‘…∑— œ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ç „πß∫· ¥ß °“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ 37.3 ∫√‘…∑— œ ‰¥â∫π— ∑÷°§à“¥Õ°‡∫’¬È ´÷ßË ‡ªìπµâπ∑ÿπ°“√°Ÿ¬â ¡◊ ‡æ◊ÕË „™â„π°“√°àÕ √â“ß‡ªìπ à«πÀπ÷ßË ¢Õßµâπ∑ÿπ‚§√ß°“√ ´÷ßË ¥Õ°‡∫’¬È ∑’∫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∫√‘…—∑œ‰¥â√—∫°“√≈¥ ·≈–¬°‡«âπ¥Õ°‡∫’¬È ∫“ß à«π ·≈–∫√‘…∑— œ ‰¥â∫π— ∑÷°®”π«π¥—ß°≈à“«‡ªìπ°”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È Õ¬à“ß‰√°Áµ“¡ ‡π◊ÕË ß®“° ¿“√–¥Õ°‡∫’È¬∑’Ë∫√‘…—∑œ ™”√–®√‘ßπâÕ¬°«à“®”π«π∑’Ë∫—π∑÷°„πµâπ∑ÿπ‚§√ß°“√‡ªìπ®”π«π¡“° ¥—ßπ—Èπ„π‰µ√¡“ ∑’ËÀπ÷Ëß¢Õß ªï 2547 ∫√‘…—∑œ ®÷ß‰¥âª√—∫ª√ÿß≈¥µâπ∑ÿπ‚§√ß°“√·≈–ª√—∫ª√ÿß°”‰√ – ¡µâπªï º≈ – ¡¢Õß°“√ª√—∫ª√ÿß®“°Õ¥’µ®π∂÷ß µâπªï‰¥â· ¥ß‰«â„πÀ—«¢âÕ ç√“¬°“√ª√—∫ª√ÿßªï°àÕπ‡°’Ë¬«°—∫µâπ∑ÿπ°“√°Ÿâ¬◊¡é „πß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ 37.4 „πÕ¥’µ∫√‘…∑— œ ‰¥âª√–‡¡‘π√“§“∑’¥Ë π‘ „π‚§√ß°“√√–À«à“ß°àÕ √â“ß‚¥¬ºŸªâ √–‡¡‘π√“§“Õ‘ √– ´÷ßË ®“°°“√ª√–‡¡‘π ∑’¥Ë π‘ ¡’¡≈Ÿ §à“ Ÿß°«à“√“§“∑ÿπ ∫√‘…—∑œ ‰¥â∫—π∑÷°¡Ÿ≈§à“∑’Ë¥‘π‡æ‘Ë¡¢÷Èπ·≈–∫—π∑÷° à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑’Ë¥‘π„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’¬Õ¥§ß‡À≈◊Õ®”π«π 244.6 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß®“°‚§√ß°“√¥—ß°≈à“«‰¥âÀ¬ÿ¥°“√°àÕ √â“ß ¡“‡ªìπ√–¬–‡«≈“Àπ÷ßË ·≈â« ·≈–∫√‘…∑— œ ¬—ß‰¡à‰¥â„™âª√–‚¬™πå®“° ‘π∑√—æ¬å¥ß— °≈à“« ¥—ßπ—πÈ „π‰µ√¡“ ∑’ÀË π÷ßË ¢Õßªï 2547 ∫√‘…∑— œ ®÷ßª√—∫ª√ÿß√“¬°“√¥—ß°≈à“«ÕÕ°®“°∫—≠™’ ç‚§√ß°“√√–À«à“ß°àÕ √â“ßé ·≈– ç à«π‡°‘π∑ÿπ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√é 38. °“√‡ πÕ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®‡©æ“–„πª√–‡∑»‰∑¬„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ·≈–‚√ß·√¡·≈–°“√∫√‘À“√®—¥°“√¢âÕ¡Ÿ≈ ∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¢Õßß∫°”‰√¢“¥∑ÿπ√«¡‡ªìπ¥—ßπ’È

√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ µâπ∑ÿπ¢“¬·≈–∫√‘°“√ °”‰√¢—πÈ µâπ °”‰√®“°°“√¥”‡π‘πß“π §à“„™â®à“¬ à«π°≈“ß °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… :°”‰√®“°°“√‰∂à∂ÕπÀÿâπ°Ÿâ·≈–™”√–‡®â“Àπ’È µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°àÕπ°”Àπ¥ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â∑’Ë‡°’Ë¬«¢âÕß ®”π«π 43,893,519 ∫“∑) °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘

152

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

.. . . ¡∑√—æ¬å ... ‚√ß·√¡·≈–°“√∫√‘ À“√®—¥°“√ ... .. ∏ÿ√°‘®Õ —ßÀ“√‘ . . .. 2548 .. 2547 ... 2548 ... 2547 ... .. .. .. 3,395,394,961 .. 1,989,418,242 ... 47,519,106 ... 48,718,557 ... . .. . . . ..(1,918,267,583)...(1,064,170,439) ... (29,647,695) ... (29,323,530) ... .. 1,477,127,378 .. 925,247,803 .. 17,871,411 .. 19,395,027 ..

(Àπà«¬ : ∫“∑)

.. √“¬°“√µ—. ¥∫—≠™’ √«¡ .. . 2548 ... 2547 ... 2548 ... 2547 (2,400,000)... (2,520,000)... 3,440,514,067 ... 2,035,616,799 2,400,000 ... 2,400,000 ...(1,945,515,278)...(1,091,093,969) .. (120,000)... 1,494,998,789 ... 944,522,830 . .. . .. 1,558,304,416 ... 1,083,425,688 .. (522,828,050).. (448,544,148) .. . .. 1,035,476,366 ... 634,881,540 .. (26,171,185).. (13,964,188) .. . .. (203,235,665)... (216,255,576) .. 806,069,516 .. 404,661,776 .. . .. (25,161,520)... (20,358,269) .. 780,907,996 .. 384,303,507 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 96,482,644 .. 49,068,759 ... .. . . 829,976,755 .. 480,786,151

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

37.2 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 first quarter of the year 2004, the Company therefore adjusted the brought forward balance of retained earnings. 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 statements of changes in shareholdersû equity. 37.3 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 in the first quarter of the year 2004. The cumulative effect of adjustments from the past to the beginning of year is presented under the caption of çPrior year adjustment relating to cost of borrowingé in the statements of changes in shareholdersû equity. 37.4 In the past, 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 first quarter of the year 2004. 38. FINANCIAL INFORMATION BY SEGMENT The Company and its subsidiariesû operations are carried on in a single geographic area in Thailand and involve the real estate and hotel business and management. The financial information by business segment in the consolidated earnings statements for the years ended 31 December 2005 and 2004 is as follows :.. . . management ... .. Real estate. business ... Hotel business and . .. 2005 .. 2004 ... 2005 ... 2004 ... .. .. .. 3,395,394,961 .. 1,989,418,242 ... 47,519,106 ... 48,718,557 ... . .. . . . ..(1,918,267,583)...(1,064,170,439) ... (29,647,695) ... (29,323,530) ... .. 1,477,127,378 .. 925,247,803 .. 17,871,411 .. 19,395,027 ..

Revenues from sales and services Costs of sales and services Gross profit 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 items :Gain from redemption of debentures and repayment of restructured debt prior to maturity (net of related income tax of Baht 43,893,519) Gain from debt restructuring Net earnings

(Unit : Baht)

.. Eliminated Total .. .. . 2005 .. 2004 ... 2005 ... 2004 (2,400,000)... (2,520,000)... 3,440,514,067 ... 2,035,616,799 2,400,000 ... 2,400,000 ...(1,945,515,278)...(1,091,093,969) .. (120,000)... 1,494,998,789 ... 944,522,830 . .. . .. 1,558,304,416 ... 1,083,425,688 .. (522,828,050).. (448,544,148) .. . .. 1,035,476,366 ... 634,881,540 .. (26,171,185).. (13,964,188) .. . .. (203,235,665)... (216,255,576) .. 806,069,516 .. 404,661,776 .. . .. (25,161,520)... (20,358,269) .. 780,907,996 .. 384,303,507 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 96,482,644 .. 49,068,759 ... .. .. 829,976,755 480,786,151 . .

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.. . . .. ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ... ‚√ß·√¡·≈–°“√∫√‘À“√®—¥°“√ ... .. .. .. .. .. .. .. .. . . 2548 2547 2548 2547 .. .. .. .. .. .. .. .. .. .. .. 41,396,101 .. 57,562,878 .. .. .. .. .. .. .. .. .. 952,378,300 .. 593,238,850 .. .. .. .. .. .. .. .. .. .. .. .. . .. 325,584,078 .. 366,729,418 .. 20,625,679 .. 13,164,793 ... .. . . . . .. 6,513,713,074 ... 5,035,028,995 ... 23,762,868 ... 24,115,530 ... .. . . . . .. 7,833,071,553 ... 6,052,560,141 ... 44,388,547 ... 37,280,323 ... . . . . .

.. .. √“¬°“√µ—¥∫—≠™’ √«¡ .. .. . . 2548 .. 2547 .. 2548 ... 2547 .. .. .. .. .. . .. .. 41,396,101 ... 57,562,878 . .. . .. 960,050,942 ... 593,238,850 7,672,642 ... .. .. .. (6,297,918)... (6,372,684)... 339,911,839 ... 373,521,527 . . . (422,061,483)... (335,106,976)...6,115,414,459 ...4,724,037,549 .. .. .. (420,686,759)... (341,479,660)...7,456,773,341 ...5,748,360,804

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

The financial information by business segment in the consolidated balance sheets as at 31 December 2005 and 2004 is as follow :(Unit : Baht) .. . . .. .. Real estate business ... Hotel business and management... .. Eliminated Total .. .. .. .. . . . . . .. 2004 ... 2005 ... 2004 ... 2005 ... 2004 ... 2005 ... 2004 .. 2005 ... .. .. .. .. .. .. .. .. . .. .. .. .. .. Property, plant and equipment for rent, net ... 41,396,101 ... 57,562,878 ... 41,396,101 .. .. .. .. .. 57,562,878 .. .. .. .. .. .. .. . .. 952,378,300 .. 593,238,850 .. .. .. 7,672,642 .. .. 960,050,942 ... 593,238,850 Projects under construction .. . . . . . . . .. 325,584,078 ... 366,729,418 ... 20,625,679 ... 13,164,793 ... (6,297,918)... (6,372,684)... 339,911,839 ... 373,521,527 Property, plant and equipment, net .. . . . . . . . ..6,513,713,074 ...5,035,028,995 ... 23,762,868 ... 24,115,530 ... (422,061,483)... (335,106,976)...6,115,414,459 ... 4,724,037,549 Other assets .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Total assets 7,833,071,553 6,052,560,141 44,388,547 37,280,323 (420,686,759) (341,479,660) 7,456,773,341 .. .. .. .. .. .. .. .. 5,748,360,804

39. 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 wil 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 2005 amounted to Baht 1.2 mil ion (2004 : Baht 1.1 mil ion). 40. FINANCIAL INSTRUMENTS 40.1 Financial risk management policies The Company and its subsidiaries are exposed to risks from changes in market interest rates and from non-performance of contractual obligations by counterparties. The Company and its subsidiaries do not use derivative instruments to manage such risks and do not hold or issue derivative instruments for speculative or trading purposes. 40.2 Interest rate risk The interest rate risk is the risk that future movements in market interest rates wil affect the results of the Companyûs and its subsidiariesû operations and their cash flows. The Companyûs and its subsidiariesû exposure to interest rate risk relates primarily to their deposits with financial institutions, bank overdrafts, other short-term loans, long-term loans from financial institutions and debentures. The Company and its 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. 40.3 Credit risk The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts. However, due to the large number of entities comprising the Company and its 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. Report and consolidated financial statements

155

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REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Annual Report 2005 Supalai Public Company Limited

40.4 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 Companyû and its subsidiariesû financial assets and liabilities do not material y differ from their carrying value. 41. RECLASSIFICATION 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 2004 have been reclassified to conform to the current yearûs classifications, with no effect on previously reported net earnings or shareholdersû equity. 42. APPROVAL OF FINANCIAL STATEMENTS These financial statements were authorised for issue by the Board of Directors on 21 February 2006. »ÿ¿∏“√‘π∑√å Excellence

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»ÿ¿“≈—¬ §“´“ √‘«“ / Supalai Casa Riva §Õπ‚¥œ À√Ÿ √‘¡·¡àπÈ”‡®â“æ√–¬“ µ‘¥∂ππ„À≠à „®°≈“ß°√ÿß‡∑æœ §Õπ‚¥¡‘‡π’¬¡ 1-4 ÀâÕßπÕπ ¢π“¥ 44-421 µ√.¡. √“§“‡√‘Ë¡µâπ 2.4-28 ≈â“π∫“∑ Tel. 02-689-2772 »ÿ¿“≈—¬ ª“√å§ / Supalai Park §Õπ‚¥œ À√Ÿ ∑à“¡°≈“ß∏√√¡™“µ‘ √‘¡∂ππæÀ≈‚¬∏‘π ¢â“ß‡´Áπ∑√—≈ ≈“¥æ√â“« §Õπ‚¥¡‘‡π’¬¡ 1-3 ÀâÕßπÕπ ¢π“¥ 85-143 µ√.¡. √“§“‡√‘Ë¡µâπ 3.5-6.9 ≈â“π∫“∑ Tel. 02-939-6681 »ÿ¿“≈—¬ ‚Õ‡√’¬π∑—≈ ‡æ≈ / Supalai Oriental Place ∫â“π¢Õß§π∑—π ¡—¬ „®°≈“ß “∑√ §Õπ‚¥¡‘‡π’¬¡ (Sold Out) Home Office 1 ¬Ÿπ‘µ √“§“ 9 ≈â“π∫“∑ Tel. 02-677-5858 »ÿ¿“≈—¬ ÕÕ√å§‘¥ ª“√å§ «—™√æ≈ / Supalai Orchid Park Watcharapol ∫â“πÀ√Ÿ ∑à“¡°≈“ßÕÿ∑¬“π°≈â«¬‰¡â°≈“ß‡¡◊Õß √‘¡∂ππ«—™√æ≈ ∫â“π‡¥’Ë¬« ¢π“¥ 60-117 µ√.«“ √“§“‡√‘Ë¡µâπ 3.89-9.2 ≈â“π∫“∑ Tel. 02-533-3210 »ÿ¿“≈—¬ ÕÕ√å§‘¥ ª“√å§ 2 / Supalai Orchid Park 2 ∫â“πÀ√Ÿ ∑à“¡°≈“ßÕÿ∑¬“π°≈â«¬‰¡â°≈“ß°√ÿß ∂.«ß·À«π-ªîòπ‡°≈â“ ®√—≠ π‘∑«ß»å 13 ∫â“π‡¥’Ë¬« ¢π“¥ 60-176 µ√.«“ √“§“‡√‘Ë¡µâπ 4.0-17.5 ≈â“π∫“∑ Tel. 02-865-1515

»ÿ¿“≈—¬ æ√’‡¡’¬√å ‡æ≈ / Supalai Premier Place ∫â“π¢Õß§π√ÿàπ„À¡à „®°≈“ßÕ‚»° §Õπ‚¥¡‘‡π’¬¡ (Sold Out) Shop 1 ¬Ÿπ‘µ ¢π“¥ 64 µ√.¡. √“§“ 7.8 ≈â“π∫“∑ Tel. 02-259-2929 »ÿ¿“≈—¬ √‘‡«Õ√å ‡æ≈ / Supalai River Place §Õπ‚¥œ ∑—π ¡—¬ ‰µ≈å‚¡‡¥‘√åπ ´‘µ’È √’ Õ√å∑ √‘¡·¡àπÈ”‡®â“æ√–¬“ „°≈â√∂‰øøÑ“ ∂.‡®√‘≠π§√ §Õπ‚¥¡‘‡π’¬¡·∫∫ Studio 1-3 ÀâÕßπÕπ Tel. 02-259-2929 »ÿ¿“≈—¬ ·°√π¥å ∑“«‡«Õ√å / Supalai Grand Tower Õ“§“√ ”π—°ß“π„Àâ‡™à“ ∂ππæ√–√“¡ 3 æ√âÕ¡ “¢“∏π“§“√‰∑¬æ“≥‘™¬å ‡ªî¥∫√‘°“√ ™—Èπ Lobby Tel. 02-259-2929 »ÿ¿“≈—¬ ÕÕ√å§‘¥ ª“√å§ æ√–√“¡ 2 / Supalai Orchid Park Rama II ∫â“πÀ√Ÿ „πÕÿ∑¬“π°≈â«¬‰¡â·Ààß„À¡à ∂.æ√–√“¡ 2 „°≈â‡´Áπ∑√—≈ æ√–√“¡ 2 ∫â“π‡¥’Ë¬« ¢π“¥ 71-164 µ√.«“ √“§“‡√‘Ë¡µâπ 3.9-10.9 ≈â“π∫“∑ Tel. 02-896-4141-3 »ÿ¿“≈—¬ ·°√π¥å ‡≈§ / Supalai Grand Lake ∫â“π∫√√¬“°“»√’ Õ√å∑°≈“ß°√ÿß æ√âÕ¡∑–‡≈ “∫„À≠à „°≈â π“¡∫‘π ÿ«√√≥¿Ÿ¡‘ ∂.√“¡§”·Àß- ÿ«‘π∑«ß»å ∫â“π‡¥’Ë¬« ¢π“¥ 60-153 µ√.«“ √“§“‡√‘Ë¡µâπ 3.98-6.56 ≈â“π∫“∑ Tel. 02-914-8262

»ÿ¿“≈—¬ «‘≈≈å æ√–√“¡ 2 / Supalai Ville Rama II ∫â“π¢Õß§π√ÿàπ„À¡à..∑—π ¡—¬ ∑’Ë „°≈â°«à“ ∂.æ√–√“¡ 2 „°≈â‡´Áπ∑√—≈ æ√–√“¡ 2 ∫â“π‡¥’Ë¬« ¢π“¥ 50 µ√.«“ ¢÷Èπ‰ª √“§“‡√‘Ë¡µâπ 2.4-4 ≈â“π∫“∑ Tel. 02-896-4141-3

»ÿ¿“≈—¬ ÿ«√√≥¿Ÿ¡‘ / Supalai Suvarnabhumi §ƒÀ“ πåÀ√Ÿ §Ÿà π“¡∫‘ππ“π“™“µ‘„À¡à ¢π“¥ 70-186 µ√.«“ √“§“‡√‘Ë¡µâπ 6.59-15.99 ≈â“π∫“∑ Tel. 02-727-9090

»ÿ¿“≈—¬ ∫ÿ√’ / Supalai Buri —ß§¡ ¡∫Ÿ√≥å·∫∫ ∑à“¡°≈“ß§«“¡ –¥«° ∫“¬ ¬à“π√—ß ‘µ ∂.√—ß ‘µ-§≈Õß 4 ∫â“π‡¥’Ë¬« ¢π“¥ 59-160 µ√.«“ √“§“‡√‘Ë¡µâπ 2.59-6 ≈â“π∫“∑ Tel. 02-577-3963

»ÿ¿“≈—¬ æ“√å§«‘≈≈å / Supalai Park Ville ∫â“πµ‘¥ «π„À≠à „®°≈“ß°√ÿß‡∑æœ À≈—ß‡´Áπ∑√—≈ √“¡Õ‘π∑√“ ∫â“π‡¥’Ë¬« ¢π“¥ 50-83 µ√.«“ √“§“‡√‘Ë¡µâπ 3 ≈â“π∫“∑‡»… Tel. 02-900-4343

»ÿ¿“≈—¬ «‘≈≈å «ß·À«π-√—µπ“∏‘‡∫»√å / Supalai Ville Outer Ring Road-Rattanatibeth ∫â“π¢Õß§π√ÿàπ„À¡à „°≈â√∂‰øøÑ“ ∫â“π‡¥’Ë¬« ¢π“¥ 50-92 µ√.«“ √“§“‡√‘Ë¡µâπ 2 ≈â“π∫“∑‡»… Tel. 02-526-8668

»ÿ¿“≈—¬ «‘≈≈å °‘Ëß·°â«-»√’π§√‘π∑√å / Supalai ville Kingkaeo-Srinakarin ∫â“πÀ√Ÿ ∫π∑”‡≈·Ààß»—°¬¿“æ ∫â“π‡¥’Ë¬« ¢π“¥ 50-88 µ√.«“ √“§“‡√‘Ë¡µâπ 2 ≈â“π∫“∑‡»… Tel. 02-383-9484

»ÿ¿“≈—¬ «‘≈≈å ÿ¢ÿ¡«‘∑-»√’π§√‘π∑√å / Supalai Ville Sukhumvit-Srinakarin ÿ¢ÿ¡«‘∑ 107-»√’π§√‘π∑√å ∑“«πå‡Œâ“ å 3 ™—Èπ ∫â“π·Ω¥ 3 ™—Èπ ·≈–∫â“π‡¥’Ë¬« 2 ™—Èπ Tel. 02-383-9484

»ÿ¿“≈—¬ «‘≈≈å √—µπ“∏‘‡∫»√å / Supalai Ville Rattanatibeth „®°≈“ß‡¡◊Õß „°≈â∑“ß¥à«π ·§√“¬-ß“¡«ß»å«“π ∑“«πå‡Œâ“ å ¢π“¥ 16-46 µ√.«“ ∫â“π‡¥’Ë¬« ¢π“¥ 63-72 µ√.«“ √“§“‡√‘Ë¡µâπ 1.8-8.8 ≈â“π∫“∑ Tel. 02-950-2324

»ÿ¿“≈—¬ «‘≈≈å √—™¥“¿‘‡…° / Supalai Ville Ratchadaphisek „®°≈“ß‡¡◊Õß °≈“ß„®§ÿ≥ π«¡‘π∑√å-√—™¥“¿‘‡…° ∑“«πå‡Œâ“ å ¢π“¥ 17-45 µ√.«“ √“§“‡√‘Ë¡µâπ 3.09-4.9 ≈â“π∫“∑ Tel. 02-930-0153 ª“≈å¡ ª√‘ß å 1 / Palm Springs 1 ®. ß¢≈“ ∑“«πå‡Œâ“ å 3 ™—Èπ 17.2-42.4 µ√.«“ √“§“ 1.7-3.6 ≈â“π∫“∑ Õ“§“√æ“≥‘™¬å 4 ™—Èπ 21.7-25 µ√.«“ √“§“ 3.9 ≈â“π∫“∑¢÷Èπ‰ª Tel. 074-428040-4

»ÿ¿“≈—¬ «‘≈≈å ‡Õ°¡—¬-√“¡Õ‘π∑√“ / Supalai Ville Ekamai-Ramindra „®°≈“ß‡¡◊Õß µ√ß„®§ÿ≥ ‡Õ°¡—¬-√“¡Õ‘π∑√“ (π«≈®—π∑√å) ∫â“π‡¥’Ë¬« ¢π“¥ 50-73 µ√.«“ ∑“«πå‡Œâ“ å ¢π“¥ 19-30 µ√.«“ √“§“‡√‘Ë¡µâπ 2.5-6.5 ≈â“π∫“∑ Tel. 02-944-5858 »ÿ¿“≈—¬ √Õ¬—≈ √‘‡«Õ√å / Supalai Royal River ∫â“π «¬ °—∫∏√√¡™“µ‘∫√‘ ÿ∑∏‘Ï √‘¡Ωíòß·¡àπÈ”™’ ®.¢Õπ·°àπ ∫â“π‡¥’Ë¬« ¢π“¥ 50-409.6 µ√.«“ √“§“‡√‘Ë¡µâπ 1.69-12.4 ≈â“π∫“∑ Tel. 043-262-021-2

ª“≈å¡ ª√‘ß å 2 / Palm Springs 2 ®. ß¢≈“ ∫â“π‡¥’Ë¬« 69-100 µ√.«“ √“§“ 2.9-3.5 ≈â“π∫“∑ ∑“«πå‡Œâ“ å 20-30 µ√.«“ √“§“ 1.7-2.2 ≈â“π∫“∑ Tel. 074-428040-4

ª“≈å¡ ª√‘ß «‘≈≈å / Palm Spring Ville ®. ß¢≈“ ∫â“π‡¥’Ë¬« 52-133 µ√.«“ √“§“ 3-6.9 ≈â“π∫“∑ Tel. 074-428040-4

‚√ß·√¡»ÿ¿“≈—¬ ªÉ“ —° √’ Õ√å∑ / Supalai Pasak Resort ∑’Ë ÿ¥¢Õß√’ Õ√å∑ «¬ √‘¡·¡àπÈ”ªÉ“ —° ®. √–∫ÿ√’ Tel. 036-306270-3

»ÿ¿“≈—¬ ¿Ÿ‡°Áµ √’ Õ√å∑ ‚Œ‡∑≈ ·Õπ¥å ª“ / Supalai Phuket Resort Hotel and Spa ®.¿Ÿ‡°Áµ Tel. 02-258-9494