SPALI: Annual Report 2006 THAI by shareinvestor shareinvestor

FINANCIAL HIGHLIGHTS

Supalai Public Company Limited

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π (FINANCIAL HIGHLIGHTS) ¢âÕ¡Ÿ≈ ”§—≠∑“ß°“√‡ß‘π Financial Data (Àπà«¬ : ≈â“π∫“∑) (Mil ion Baht) ¬Õ¥¢“¬µ“¡ —≠≠“ 1 Contractual Sales 1 °“√√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å Revenues Recognition from Sales of Real Estate √“¬‰¥â√«¡ Total Revenues °”‰√°àÕπ¿“…’‡ß‘π‰¥â Earning before Corporate Income Tax °”‰√ ÿ∑∏‘ Net Profit ‘π∑√—æ¬å√«¡ Total Assets Àπ’È ‘π√«¡ Total Liabilities à«π¢ÕßºŸ∂â Õ◊ Àÿπâ Shareholdersû Equity ®”π«πÀÿâπ (≈â“πÀÿâπ) No. of Shares (Mil ion Shares) °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Earning per Share (Baht) ¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â (∫“∑) Par Value (Baht) ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) Book Value per Share (Baht) ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µàÕÀÿâπ (∫“∑) Net Asset Value per Share (Baht) ‡ß‘πªíπº≈®à“¬µàÕÀÿâπ (∫“∑) Dividend per Shares (Baht)

2006 7,193

2005 7,381

2004 3,433

4,518

3,357

1,932

4,694

3,504

2,175

1,353

1,034

697

880

831

481

8,311

7,373

5,748

3,847

3,754

2,687

4,207

3,391

3,061

1,570.47

1,246.15

1,216.11

0.60

0.70

0.46

1.00

2.68

2.72

2.52

5.33

4.39

3.90

0.27

0.25

0.20

À¡“¬‡Àµÿ : 1 ‡©æ“–∫√‘…—∑‡∑à“π—Èπ Remark : 1 The company only

Annual Report 2006

®ÿ¥‡¥àπ∑“ß°“√‡ß‘π

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

Õ—µ√“ à«π∑“ß°“√‡ß‘π Financial Ratios Õ—µ√“ à«π°”‰√¢—Èπµâπ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å (%) Gross Profit Margin from Sales of Real Estate (%) Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) Net Profit Margin (%) Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (%) Return on Equity (%) Õ—µ√“º≈µÕ∫·∑πµàÕ ‘π∑√—æ¬å√«¡ (%) Return on Total Assets (%) Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Total Debt to Equity (Times) Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬ ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Net Gearing (Times) Õ—µ√“º≈µÕ∫·∑π¢Õß‡ß‘πªíπº≈ (%) Dividend Yield (%)

2006 42

2005 43

2004 45

0.91

1.11

0.88

0.51

0.72

0.66

7.71

8.22

7.46

¢âÕ¡Ÿ≈ ”§—≠ ”À√—∫ºŸâ∂◊ÕÀÿâπ «—πª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2550 «—π∑’Ë 27 ‡¡…“¬π 2550 ‡«≈“ 14.30 π. ≥ ÀâÕßª√–™ÿ¡™—Èπ 33 Õ“§“√»ÿ¿“≈—¬·°√π¥å∑“«‡«Õ√å ‡≈¢∑’Ë 1011 ∂ππæ√–√“¡ 3 ·¢«ß™àÕßππ∑√’ ‡¢µ¬“ππ“«“ °√ÿß‡∑æ¡À“π§√ 10120 ‡ß‘πªíπº≈‡ πÕ®à“¬ : 0.27 ∫“∑µàÕÀÿâπ «—π∑’Ë®à“¬‡ß‘πªíπº≈ : 25 æƒ…¿“§¡ 2550

Significant Information for Shareholders The Annual General Shareholdersû Meeting of year 2007 April 27,2007 at 2.30 p.m. at Supalai Grand Tower Building at Meeting Room, 33rd Floor,1011 Rama III Road, Chongnonsee District, Yannawa, Bangkok 10120. Dividend Payment : 0.27 Baht/share Dividend Payment Date : May 25,2007

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Õ—µ√“ à«π°”‰√¢—Èπµâπ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å (Gross Profit Margin from Sales of Real Estate) Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (Net Profit Margin)

Õ—µ√“ à«πÀπ’È ‘π√«¡µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (Total Debt to Equity) Õ—µ√“ à«πÀπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬ ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (Net Gearing)

FINANCIAL HIGHLIGHTS

Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (Return on Equity) Õ—µ√“º≈µÕ∫·∑πµàÕ ‘π∑√—æ¬å√«¡ (Return on Total Assets)

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

Annual Report 2006

“ åπ®“°ª√–∏“π°√√¡°“√∫√‘À“√

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

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

In this year, the Companyûs mission çGrowth with qualityé, which cover products quality, services, management as well as returns to shareholders.

Message from President

Despite political uncertainties, unrest in the South, and an increase in oil prices, interest rates and construction costs, the Company in 2006 still managed to overcome all the problems and offered a satisfactory return to shareholders. The return on equity and gross margin remained high at 21% and 42%, respectively. Revenue also increased 34% from Bt3,503.8 million in the previous year to Bt4,693.9 million in 2006. Net profit rose from Bt830.9 million to Bt880.1 million, or up 5.9%, while sale and administrative expenses dropped from 10% to 9%. The Companyûs financial position remained strong, with the lower debt to equity ratio from 1.11 times to 0.91 time. The Company also maintained high dividend yield and consistent dividend pay out ratio. In this year, the Companyûs mission çGrowth with qualityé, which cover products quality, services, management as well as returns to shareholders. We uphold the policy to further improve the product quality, from the designing stage to the maximization of the usable space as well as to respond to customersû preferences. The products are offered at the price and conditions that allow customers to make purchases easier than ever. On public services, the Company this year initiated the çEnvironment upgrade in religious sitesé project to improve the environment of temples and mosques located near the Companyûs Office or projects. This is an interesting project that has been often overlooked, but we have expertise and we are ready to be the leader to take up this job. On behalf of the Company, I would like to show my gratitude to shareholders, customers, trade partners, state agencies, directors, advisors as well as all employees who have devoted your best efforts to support the Company throughout the year 2006.

(Mr.Prateep Tangmatitham) President

Annual Report 2006

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Supalai Public Company Limited The board of directors of Supalai Public Company Limited at the 13/2005 meeting on 8 November 2005 resolved to appoint three independent directors as follows: 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 scope of their responsibility is: 1. Ensure that the companyûs financial reports are accurate and sufficient. 2. Ensure appropriate and efficient internal control. 3. Ensure that the company follows the Securities and Exchange Act, the rules and regulations of the Stock Exchange of Thailand as well as other related laws. 4. Review, select and nominate the companyûs auditor. 5. Review the companyûs disclosure on connected transactions or transactions that could incur conflicts of interest, to ensure accuracy and sufficiency of information. 6. Prepare the audit committeeûs report for the inclusion into the companyûs annual report. 7. To perform any other matters assigned to them by the board of directors with the consent of the Audit Committee. In 2006, the audit committee followed its line of responsibility, through 12 meetings which could be summarized as follows: 1. Audit the interim and annual financial statements in 2006 and resolve that the statements are accurate in line with Thai Accounting Standards. The audit committee also assures that the company discloses information that could significantly affect the companyûs financial statements in the Annual Report, before they are submitted to the Stock Exchange of Thailand and the Securities and Exchange Commission. 2. Attend 3 meetings with the auditor to hear its comment on the auditing as well as question key financial information, internal control information, and accounting changes which could significantly affect the financial statements.

AUDIT COMMITTEE REPORT 3. Revise accounting standards to conform with Thai Accounting Standards. 4. Ensure that the company follows the Securities and Exchange Act, the rules and regulations of the Stock Exchange of Thailand as well as other related laws. And follow key legal cases involving the company. 5. 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. 6. 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. 7. To consider the companyûs risk and propose to the Board of Directors for consideration. 8. Approve the annual internal control plan and recommend appropriate internal control direction, as well as follow through the inspection result and progress on the inspection recommended by the audit committee. 9. Reviewing the appointment of the certified public accountant for 2007, to propose Ernst & Young Office Limited to Board of Directors propose to general shareholdersû meeting for approval. The Audit Committee opined that in overall along the period of operation in year 2006 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 Annual Report 2006

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Supalai Premier Place

Supalai Public Company Limited

2007 Residential Market

2007 Residential Market: Adjustment to Variable Factors In the past year, the residential market had faced a series of negative factors starting from political turmoil, unrest in the three Southern provinces, high oil prices, higher interest rates and higher construction material prices. Coming late 2006 were the military coup, change in the government, the anti-baht speculation measure, and amendments to the Foreign Business Act. Plus bomb blasts on New Year Eve, foreign investors lost confidence in Thailand没s economic stability and put their investment on hold. There were a few positive factors from the government infrastructure investment including the opening of Suvarnabhumi Airport, the extended construction of the sky train route, and the softening of interest rates and oil prices later in the year. Overall, the residential market in 2006 was stagnant compared to the previous year. Only the condominium market saw continued surge in demand, reflecting in quick sales among developers. That paved way for the entry of new developers including foreign ones which focus on luxury high-rise downtown condominium projects. Due to higher competition and increasing costs of raw materials and land, property developers in 2006 registered drop in profits. The overall residential market in 2007 is expected to be hit by those problems experienced in 2006. Details are as follows:

1. Overall economy Thailand没s gross domestic product expanded 5% in 2006 from 4.5% in 2005, boosted mainly by the export sector. Public and private investment slowed down. In 2007, the economic growth would remain slow as the export sector would be hit by the stronger baht. But in the second half of this year, the government没s mega project investment should boost new investment and should energise the economy, and help push the GDP growth to 4.5%. Purchasing power in the residential market should pick up in the latter half. Graphic 1: Thailand没s annualised GDP growth (%)

Source: National Economic and Social Development Board * 2006 figure is estimate.

Annual Report 2006

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Suparaj Type

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

2007 Residential Market

The higher interest rate in 2006 has pushed down the purchasing power as consumers hesitated to make a purchase. The Bank of Thailand has slashed the 1-day repurchase rate to 4.75% on expectation that another cut of 25 percentage point would occur in March to boost spending and public investment. In response, commercial banks have cut deposit rates by 25-50 percentage points and the lending rate cut is expected to follow. By the end of this year, deposit and lending rates are expected to be cut by at least 50-100 basis points, though they could be slashed at different periods. The rate cuts wil help push up the property sector, amid the sagging economy. Graphic 2: Average MLR of Thai commercial banks

Source: Bank of Thailand

2. Population and lifestyle Data from Department of Provincial Administration showed that population in Bangkok and peripheral areas grows in a slower pace, from 9,785,136 in 2005 to 9,870,040 in 2006, or a 0.87% growth. In terms of household, the growth rate is higher due to the shrinking family size. In the area, the family size shrinks, from 2.6 persons per family in 2005 to 2.55 in 2006, as more people prefer to remain single, get married late, have the first baby at older age and have a fewer number of children. Meanwhile, it is more difficult to find a house maid. That inspires consumers to buy smaller but higher-quality residential units such as town houses and condominiums, instead of the bigger single detached houses.

Supalai Park Srinakarin

Annual Report 2006

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Supadarun Type

Supajitta Type

Supatarin Type

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Supalai Public Company Limited

2007 Residential Market

Graphic 3: Population in Greater Bangkok

Source: Department of Provincial Administration Graphic 4: Trend of family members per household - Countrywide - Greater Bangkok

Source: Department of Provincial Administration * 2006 figures are estimates. More people prefer to move inside the city areas, principally because of the higher fuel prices which increase their travelling expenses. Most consumers reduce the dependence on vehicles and switch to the sky train and MRT(Mass transportation) to avoid traffic congestion and save travelling time. Improved environment in the inner city areas also support the behaviour as air and water pollution is less serious, with more trees and public parks. Moreover, safety measures at city condominiums are generally better than those of suburban housing estates, because of better control on entries and exits. This is a major factor that encouraged consumers to buy condominiums rather than a suburban house. Annual Report 2006

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Supalai Pasak Resort

4. ¿“«–µ≈“¥ ®– —ß‡°µ‰¥â«à“ ∫â“π √â“ß‡ √Á®®¥∑–‡∫’¬π 11 ‡¥◊Õπ¢Õßªï 2549 ¡’®”π«π Ÿß°«à“∫â“π √â“ß‡ √Á®®¥∑–‡∫’¬π∑—Èßªï 2548 ∑’Ë¡’®”π«π 72,072 Àπà«¬ ”À√—∫µ—«‡≈¢∫â“π®¥∑–‡∫’¬π„πªï 2549 æÕª√–‡¡‘π‰¥â«à“ ∫â“π √â“ß‡ √Á®®¥∑–‡∫’¬πµ≈Õ¥ªï 2549 ®–Õ¬Ÿà∑’Ë√–¥—∫ 79,000 Àπà«¬ ¡’Õ—µ√“°“√‡µ‘∫‚µ¢÷Èπª√–¡“≥ 9% ®“°ªï 2548 À“°·¬°ª√–‡¿∑∑’ËÕ¬ŸàÕ“»—¬‡¡◊ËÕ‡∑’¬∫°—∫ªï 2548 ®–æ∫«à“ ∫â“π‡¥’Ë¬« √â“ß‡ √Á®®¥ ∑–‡∫’¬π≈¥≈ß ∫â“π·Ω¥ ∑“«πå‡Œâ“ å ·≈–Õ“§“√æ“≥‘™¬å ®¥∑–‡∫’¬π‡æ‘Ë¡¢÷Èπ ¢≥–∑’ËÀâÕß™ÿ¥¡’Õ—µ√“°“√¢¬“¬µ—« Ÿß∑’Ë ÿ¥„πµ≈“¥∑’ËÕ¬ŸàÕ“»—¬ ·≈–‡æ‘Ë¡ Ÿß ÿ¥µ—Èß·µà‡°‘¥«‘°ƒµ‘‡»√…∞°‘® ®”π«πÀâÕß™ÿ¥∑’Ë¢Õ®¥∑–‡∫’¬ππ‘µ‘∫ÿ§§≈Õ“§“√™ÿ¥ „π™à«ß 2 ªï∑’Ëºà“π¡“ ·¡â‰¡à‰¥â Ÿßπ—° ‡¡◊ËÕ ‡∑’¬∫°—∫™à«ß«‘°ƒµ‘‡»√…∞°‘®‡¡◊ËÕªï 2540 ·µà°Á¡’·π«‚πâ¡∑’Ë®–‡æ‘Ë¡¡“°¢÷Èπ„πÕπ“§µ ·≈–®“°°“√∑’Ëµ—«‡≈¢∫â“π‡¥’Ë¬«®¥∑–‡∫’¬π¡’®”π«π≈¥ ≈ß¡“°„π¢≥–µ—«‡≈¢°“√¢Õ®¥∑–‡∫’¬ππ‘µ‘∫ÿ§§≈Õ“§“√¡’®”π«π‡æ‘Ë¡¢÷Èπ¡“° · ¥ß„Àâ‡ÀÁπ«à“ºŸâª√–°Õ∫°“√À—π‰ªæ—≤π“∑’ËÕ¬ŸàÕ“»—¬‚¥¬ ‡ª≈’Ë¬π®“°ª√–‡¿∑∫â“π‡¥’Ë¬«‰ª‡ªìπª√–‡¿∑Õ“§“√™ÿ¥¡“°¢÷Èπ ¥—ßπ—Èπ„πªï 2550 π’È ª√–‡¿∑∑’ËÕ¬ŸàÕ“»—¬∑’Ëπà“®–‚µ¡“°∑’Ë ÿ¥®÷ß‡ªìπª√–‡¿∑ Õ“§“√™ÿ¥

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

2007 Residential Market

3. Construction material cost The costs of construction materials in 2006 compared to those of 2005 were higher, except for that of steel, due to continued rise in oil prices. In 2007, the construction material prices are expected to further climb up once the government没s mass transit investment starts late this year. Cement and steel prices could fluctuate due to the global demand, particularly the heated economic expansion in China, India, the United Arab Emirates, and etc which would spur demand for construction materials and fuel. This could push up construction material prices. Graphic 5: Average Construction Material Prices Index

Source: Bureau of Trade and Economic Indices

4. Market condition In the first 11 months of 2006, the number of registered residential units were higher than the entire 2005 which stood at 72,072 units. It is estimated that throughout 2006, a number of 79,000 units could have been registered, or a 9 per cent growth from the previous year. By sector, compared to 2005, the number of detached houses dropped, while town houses, duplex houses and shop houses registered an increase, while condominium units registered the highest growth rate - the highest since the economic crisis. In the past two years, though the number of registered condominium units was not high compared to pre-crisis in 1997, it tends to increase in the future. That the number of registered single detached houses dropped significantly against a huge increase in registered condominium units showed that most developers have refocused on condominium development. In 2007, the condominium sector is expected to show the highest growth rate.

Annual Report 2006

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Supapat Type

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Supakarun Type

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Supalai Public Company Limited

2007 Residential Market

Graphic 6: Registered Residential Units in Greater Bangkok

Source: : Real Estate Information Centre * 2006 figures are from January-November *Annualised 2006 figures are based on average monthly growth. Throughout 2006, new projects launched in the year offer a total of 66,138 units, a 4 per cent increase from the previous year. Their combined value however dropped 4.7 percent to Bt187 billion, showing the lower average unit price. Taking into account the higher housing price index due to higher construction material prices, it can be concluded that developers have provided cheaper units. From single detached houses, their focus has shifted to town house and condominium to be in line with demand and consumers没 purchasing power. Graphic 7: Number of units launched in Greater Bangkok

Source: Agency for Real Estate Affairs

Annual Report 2006

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Supalai Park Phaholyothin

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5. °ÆÀ¡“¬·≈–¢âÕ°”Àπ¥µà“ßÊ º—ß‡¡◊Õß°∑¡„À¡à∑¡’Ë º’ ≈∫—ß§—∫„™â™«à ß‡¥◊Õπæƒ…¿“§¡ „πªï∑º’Ë “à π¡“‰¥â ßà º≈µàÕ°√–∑∫„π¥â“πµâπ∑ÿπ¢ÕßºŸªâ √–°Õ∫°“√‡ªìπÕ¬à“ß¡“° ‚¥¬‡©æ“–°“√≈¥∑ÕπÕ—µ√“ à«πæ◊Èπ∑’ËÕ“§“√µàÕæ◊Èπ∑’Ë¥‘π (FAR) ·≈–°“√®”°—¥ª√–‡¿∑Õ“§“√Õ¬ŸàÕ“»—¬ ∑”„Àâ°“√„™âª√–‚¬™πå„π∑’Ë¥‘π≈¥≈ß ª√–°Õ∫°—∫®–¡’°“√ÕÕ° æ√∫. º—ß‡¡◊Õß‡©æ“–æ◊Èπ∑’Ë‚¥¬√Õ∫ ÿ«√√≥¿Ÿ¡‘§ÿ¡°“√„™âª√–‚¬™πå¢Õßæ◊Èπ∑’Ë∫√‘‡«≥π’ÈÕ’°¥â«¬ à«π‚§√ß°“√∑’ËµâÕß¬◊Ëπ√“¬ß“π«‘‡§√“–Àåº≈°√–∑∫ ‘Ëß·«¥≈âÕ¡ °Á‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°°Æ‡°≥±å∑’Ë¡’°“√ª√—∫‡ª≈’Ë¬πÕ¬Ÿà ‡ ¡Õ‚¥¬‰¡à‰¥â·®âß„ÀâºŸâª√–°Õ∫°“√∑√“∫≈à«ßÀπâ“ ∑”„Àâµâπ∑ÿπ°“√æ—≤π“‡æ‘Ë¡¢÷Èπ ·≈–√–¬–‡«≈“„π°“√æ—≤π“‚§√ß°“√¬◊¥¬“«°«à“∑’Ë §“¥‰«â 18

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

2007 Residential Market

Graphic 8: Value of new projects launched in Greater Bangkok

Source: Agency for Real Estate Affairs Graphic 9: Greater Bangkok没s single detached house/town house price index (inclusive of land price ) and land price index

Source: Real Estate Information Centre, based on data of Government Housing Bank没s collateral * 1991 base year = 100 The number of registered units each year could exceed the number of newly-launched units as the former included self-built and developer-built units while the latter covered only those developed by developers.

5. Legal restrictions The new city plans, enforced in May, largely affected developers没 business cost due mainly to the reduced floor area ratio and restrictions on types of development which reduce the land use maximisation. Moreover, there will be a city plan law to govern the use of land surrounding Suvarnabhumi Airport. Projects subject to environment evaluation are also affected from constant changes in the rules which were never made public before implementation. This raised cost of development and delayed the completion schedule.

Annual Report 2006

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Supalai Public Company Limited

2007 Residential Market

6. Governmentรปs megaproject investment Suvarnabhumi Airportรปs opening benefited the residential market in 2006 due to new investment in infrastructure particular in the east of Bangkok where more projects are expected to be unveiled in 2007. On the contrary, surrounding land especial y in the north and south along the take-off and landing lines suffers largely from noise pollution. Heavy floods last year also prompted the government to discourage development which could block water flows. The Department of Public Works and Town & Country Planning also bans development in the areas, making them unfavourable spots for residential development. Escalation in fuel prices has spurred demand for housing units along the BTS and MRT( Mass transportation) routes. In 2006, the construction of the extended parts of the sky train, from Taksin to Phetkasem and from On Nuch to Baring, encouraged developers to launch new projects along the lines. In 2007, the government also has the policy to push forward the investment in five new train routes, as approved by the Cabinet. Under the plan, two routes could kick off the construction works within 2007. The clearer investment plan would help push up the residential market in 2007 especial y in suburban areas where the BTS and MRT(Mass transportation) are leading to.

7. Foreign investment The Bank of Thailand on 19 December announced the anti-baht speculation measures, forcing foreign investors to reserve 30% of their investment at financial institutions. Amendments to the Foreign Business Act BE 1999 could lead to the redefinition of several companies as foreign companies, which will affect their land holding. These measures will lead to postponement in new investment by foreign investors due to uncertainties. Foreign investors also fear that the Thai government could implement new rules. Thus, in 2007, if these measures are maintained or will be enforced, existing foreign investors have the grace period to adjust themselves. However, new players could pull out their investment.

8. Conclusion The residential market in early 2007 could suffer from a slower growth due to lingering effects of negative effects which directly affect developers and consumersรป confidence. All parties need to adjust themselves to the changing external factors. As the economy could slow down, the public sector is boosting the economic through rate cuts as well as a push on the development of five new train routes. This should help restore the private sectorรปs confidence. Consumers tend to buy small but higher-quality residential units, like town houses and condominium units, instead of single detached houses, due to the smaller family size. More of them also tend to migrate into city areas due to the improved environment, higher safety standards, and greater proximity to facilities. They tend to buy units near the BTS and MRT (Mass transportation) to save travelling time and cut down travelling expenses. As a result of the 30% capital reserve requirement, amendments to the Foreign Business Act and bomb blasts could encourage consumers and foreign investors to delay their decision, until the situation become clearer. Developers have adjusted themselves to the economic slow down by launching fewer projects and switching to smaller and cheaper unit development. Many of them change their focus from single detached houses to town house and condominium projects, particularly on the land along the train routes. Higher competition in the condominium market would force developers to come up with new development that best fits consumersรป requirements in terms of usable space, designs and the quality of construction materials. They are also required to control the development cost and operating expenses.

Annual Report 2006

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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.

Advertising & Plublic Relation Dept.

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

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

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ΩÉ“¬‚¶…≥“·≈–ª√–™“ —¡æ—π∏å

Board of Directors and Management

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

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Assistant Managing Director ΩÉ“¬√–∫∫§ÿ≥¿“æ Quality System Dept.

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

Annual Report 2006

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

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

Chairman) Director) Director) Director) Director) Independent Director) Independent Director) Independent Director) Independent Director)

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(Mr.Tawee

Noonpakdee)

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‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑ (Secretary) π“¬°√‘™

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Chancharoensuk)

§≥–°√√¡°“√µ√«® Õ∫ (Audit Committee) π“¬ª√–°‘µ π“¬Õπ—πµå π“ßæ‘°ÿ≈

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(Mr.Prakit (Mr.Anant (Mrs.Pikul

Pradipasen Gatepithaya Hanhathya

Chairman) Member) Member)

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(Mrs.Suchawadee Supphaasa)

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(Mr.Prakit (Mr.Prasob (Dr.Virach

Pradipasen Chairman) Snongjati Director) Aphimeteetamrong Director)

Supalai Public Company Limited

Board of Directors and Management

§≥–°√√¡°“√æ‘®“√≥“§«“¡‡ ’Ë¬ß (Risk Management Committee) π“¬Õπ—πµå π“¬ª√–∑’ª π“ßÕ—®©√“ π“¬Õ∏‘ª π“¬ªÿ≥≥æ—π∏å π“ß«“√ÿ≥’ π“¬°‘µµ‘æß…å

‡°µÿæ‘∑¬“ µ—ßÈ ¡µ‘∏√√¡ µ—ßÈ ¡µ‘∏√√¡ æ’™“ππ∑å ‡Àπàß‡æÁ™√ ≈¿‘∏π“πÿ«≤— πå »‘√‘≈—°…≥åµ√–°Ÿ≈

ª√–∏“π°√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√

(Mr.Anant (Mr.Prateep (Mrs.Ajchara (Mr.Atip (Mr.Punnapan (Mrs.Varunee (Mr.Kittipong

Gatepithaya Tangmatitham Tangmatitham Bijanonda Nengpetch Lapitananuvat Sirilugtrakun

Chairman) Director) Director) Director) Director) Director) Director)

§≥–°√√¡°“√∫√‘À“√ (Executive Committee) π“¬ª√–∑’ª π“ßÕ—®©√“ π“¬Õ∏‘ª

µ—ßÈ ¡µ‘∏√√¡ µ—ßÈ ¡µ‘∏√√¡ æ’™“ππ∑å

ª√–∏“π°√√¡°“√∫√‘À“√ (Mr.Prateep √Õßª√–∏“π°√√¡°“√∫√‘À“√ (Mrs.Ajchara √Õß°√√¡°“√ºŸâ®—¥°“√ (Mr.Atip

Tangmatitham President) Tangmatitham Executive Vice President) Bijanonda Deputy Managing Director)

§≥–°√√¡°“√®—¥°“√ (Management Committee) π“¬ª√–∑’ª π“ßÕ—®©√“ π“¬Õ∏‘ª π“¬ªÿ≥≥æ—π∏å

µ—ßÈ ¡µ‘∏√√¡ µ—ßÈ ¡µ‘∏√√¡ æ’™“ππ∑å ‡Àπàß‡æÁ™√

ª√–∏“π°√√¡°“√∫√‘À“√ √Õßª√–∏“π°√√¡°“√∫√‘À“√ √Õß°√√¡°“√ºŸâ®—¥°“√ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°àÕ √â“ß π“ß«“√ÿ≥’ ≈¿‘∏π“πÿ«≤— πå ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ “¬ß“π°“√‡ß‘π·≈–∫—≠™’ π“¬°‘µµ‘æß…å »‘√‘≈—°…≥åµ√–°Ÿ≈ ºŸâÕ”π«¬°“√ ΩÉ“¬°àÕ √â“ßÕ“§“√ Ÿß

(Mr.Prateep (Mrs.Ajchara (Mr.Atip (Mr.Punnapan

Tangmatitham Tangmatitham Bijanonda Nengpetch

President) Executive Vice President) Deputy Managing Director) Assistant Managing Director of Construction) (Mrs.Varunee Lapitananuvat Assistant Managing Director of Finance and Accounting) (Mr.Kittipong Sirilugtrakun Director of High Rise Construction)

§≥–°√√¡°“√®—¥°“√

Annual Report 2006

§≥–°√√¡°“√∫√‘…—∑

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

π“¬ª√–∑’ª µ—Èß¡µ‘∏√√¡ (Mr.Prateep Tangmatitham)* ª√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ (Chairman of the Board and President) M.Arch. (Hons.) (Housing) University of Illinois at Urbana-Champaign U.S.A. ‡§¬¥”√ßµ”·Àπàß π“¬° ¡“§¡Õ“§“√™ÿ¥‰∑¬ 2 ¡—¬ Former Founder and President of Thai Condominium Association ªí®®ÿ∫—π¥”√ßµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘À“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) π“¬°°‘µµ‘¡»—°¥‘Ï ¡“§¡Õ“§“√™ÿ¥‰∑¬ Present Position President of Supalai Public Company Limited Honorable President of Thai Condominium Association

π“ßÕ—®©√“ µ—Èß¡µ‘∏√√¡ (Mrs.Ajchara Tangmatitham) * °√√¡°“√·≈–√Õßª√–∏“π°√√¡°“√∫√‘À“√ (Director and Executive Vice President) M.S. Finance at University of Illinois at Urbana-Champaign U.S.A. ªí®®ÿ∫—π¥”√ßµ”·Àπàß √Õßª√–∏“π°√√¡°“√∫√‘À“√·≈–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Present Position Director and Executive Vice President of Supalai Public Company Limited

π“¬Õ∏‘ª æ’™“ππ∑å (Mr.Atip Bijanonda) * °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ (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. ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) π“¬° ¡“§¡Õ“§“√™ÿ¥‰∑¬ Present Position Director and Deputy Managing Director of Supalai PLC. President of Thai Condominium Association

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Board of Directors

¥√.«‘√—™ Õ¿‘‡¡∏’∏”√ß (Dr.Virach Aphimeteetamrong) * °√√¡°“√ (Director) Ph.D (Finance) University of Illinois at Urbana-Champaign U.S.A. ‡§¬¥”√ßµ”·Àπàß §≥∫¥’§≥–æ“≥‘™¬»“ µ√å·≈–°“√∫—≠™’ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ Former Dean Faculty of Commerce and Accountancy, Chulalongkorn University ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√∫√‘…—∑ »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) °√√¡°“√Õ‘ √– ∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªîµÕ≈ ®”°—¥ (¡À“™π) °√√¡°“√Õ‘ √– ∫√‘…—∑ ™‘π §Õ√åªÕ‡√™—Ëπ ®”°—¥ (¡À“™π) °√√¡°“√Õ‘ √– ∫√‘…—∑ ·§≈‘øÕ√å‡π’¬ «â“« ‡ÕÁ°´åæ’‡√’¬π ®”°—¥ (¡À“™π) Present Position 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 Independent Director of Bangkok Chain Hospital Public Company Limited Independent Director of Shin Corporation Public Company Limited Independent Director of California Wow Xperience Public Company Limited

¥√.ª√–»“ πå µ—Èß¡µ‘∏√√¡ (Dr.Prasas Tangmatitham) °√√¡°“√ (Director) ª√‘≠≠“‡Õ°‡»√…∞»“ µ√å ¡À“«‘∑¬“≈—¬Œ“«“¬ À√—∞Õ‡¡√‘°“ Ph.D. (Economics) University of Hawaii at Manoa ª√‘≠≠“‚∑‡»√…∞»“ µ√å (¿“§¿“…“Õ—ß°ƒ…) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å Master of Economics (English Program), Thammasat University ª√‘≠≠“µ√’«‘»«°√√¡»“ µ√å “¢“«‘»«°√√¡ ”√«® ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ Bachelor of Engineering, Major in Survey Engineering, Chulalongkorn University ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ∫√‘¥®å ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ Present Position Director of Supalai Public Company Limited Managing Director of Bridge Development Corporation Limited

π“¬ª√– æ πÕß™“µ‘ (Mr.Prasob Snongjati) °√√¡°“√Õ‘ √– (Independent Director) 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) 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

Annual Report 2006

§≥–°√√¡°“√∫√‘…—∑

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

π“¬ª√–°‘µ ª√–∑’ª–‡ π (Mr.Prakit Pradipasen) °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ (Independent Director and Chairman of the Audit Committee) ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬‡«¬πå ‡µ∑ √—∞¡‘™‘·°π À√—∞Õ‡¡√‘°“ Master of Business Administration, Wayne State University, Detroit, Michigan, U.S.A ‡§¬¥”√ßµ”·Àπàß °√√¡°“√·≈–√ÕßºŸâ®—¥°“√„À≠à ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) ∑’Ëª√÷°…“§≥–°√√¡°“√®—¥°“√ ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) 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 ªí®®ÿ∫—π¥”√ßµ”·Àπàß °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Present Position Independent Director and Chairman of the Audit Committee of Supalai Public Company Limited

π“¬Õπ—πµå ‡°µÿæ‘∑¬“ (Mr.Anant Gatepithaya) °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ (Independent Director and Member of the Audit Committee) ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ (°“√®—¥°“√) ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘® (»»‘π∑√å) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ M.M.(Management) Sasin Graduate Institute of Business Administration Chulalongkorn University ‡§¬¥”√ßµ”·Àπàß ºŸâµ√«®°“√ Õß§å°“√‡æ◊ËÕ°“√ªØ‘√Ÿª√–∫∫ ∂“∫—π°“√‡ß‘π Former Supervision Executive of Financial Sector Restructuring Authority 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 ®”°—¥ 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 Brilliant Solution Company Limited Managing Director of A.S.G. Consultant Company Limited Director of CMEX - Exhibition Company Limited

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Board of Directors

π“ßæ‘°ÿ≈ À“≠À—∑¬“ (Mrs.Pikul Hanhathya) °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ (Independent Director and Member of the Audit Committee) æ“≥‘™¬å»“ µ√å∫—≥±‘µ (∫—≠™’) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ B.A. (Accounting) Chulalongkorn University ‡§¬¥”√ßµ”·Àπàß ºŸâ®—¥°“√ΩÉ“¬ª√–°—π¿—¬‡∫Á¥‡µ≈Á¥∫√‘…—∑ «‘√‘¬–ª√–°—π¿—¬ ®”°—¥ Former Manager Miscellaneous Accident Insurance Dept. of The Viriyah Insurance Company Limited 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 ®”°—¥ °√√¡°“√ ¡“§¡ π‘ ‘µ‡°à“æ“≥‘™¬å»“ µ√å·≈–°“√∫—≠™’ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ √Õßª√–∏“π°√√¡°“√ À“≠µ√–°Ÿ≈¡Ÿ≈π‘∏‘ 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 of Commerce and Accountancy Alumni Association of Chulalongkorn University Vice President of Hanlinage Foundation

∑’Ëª√÷°…“§≥–°√√¡°“√∫√‘…—∑ (Advisor to the Board of Director) π“¬∑«’ Àπÿπ¿—°¥’ (Mr.Tawee Noonpukdee) 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 Former Chairman of SCF Finance and Securities Public Company Limited Chairman of the Executive Board of Siam City Bank Public Company Limited Auditor General ªí®®ÿ∫—π¥”√ßµ”·Àπàß ∑’Ëª√÷°…“§≥–°√√¡°“√ ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) Present Position Advisor to the Board of Director of Supalai Public Company Limited

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

Annual Report 2006

§≥–°√√¡°“√∫√‘…—∑

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

§à“µÕ∫·∑π°√√¡°“√·≈–∑’Ëª√÷°…“§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑ ª√–®”ªï 2549 Remuneration to Companyûs Directors and Advisor to the Board of Directors and Executive Committee in 2006 §≥–°√√¡°“√ 9 ∑à“π·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ 1 ∑à“π 9 Directors and 1 Advisor

√“¬™◊ËÕ°√√¡°“√ Directors û Name

π“¬ª√–∑’ª Mr.Prateep π“ßÕ—®©√“ Mrs.Ajchara π“¬Õ∏‘ª Mr.Atip ¥√.«‘√™— Dr.Virach ¥√.ª√–»“ πå Dr.Prasas π“¬ª√– æ Mr.Prasob π“¬ª√–°‘µ Mr.Prakit π“¬Õπ—πµå Mr.Anant π“ßæ‘°ÿ≈ Mrs.Pikul π“¬∑«’ Mr.Tawee √«¡ Total

µ—ßÈ ¡µ‘∏√√¡ Tangmatitham µ—ßÈ ¡µ‘∏√√¡ Tangmatitham æ’™“ππ∑å Bijanonda Õ¿‘‡¡∏’∏”√ß Aphimeteetamrong µ—ßÈ ¡µ‘∏√√¡ Tangmatitham πÕß™“µ‘ Snongjati ª√–∑’ª–‡ π Pradipasen ‡°µÿæ‘∑¬“ Gatepithaya À“≠À—∑¬“ Hanhathya Àπÿπ¿—°¥’ Noonpakdee

√“¬ß“πª√–®”ªï 2549

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

§à“∫”‡ÀπÁ® (∫“∑) Directorsû Remuneration (Baht)

√«¡ (∫“∑) Total (Baht)

13/13

§à“‡∫’È¬ª√–™ÿ¡ (∫“∑) Meeting Allowance (Baht) 180,000

300,000

480,000

13/13

180,000

300,000

480,000

13/13

180,000

300,000

480,000

13/13

180,000

300,000

480,000

13/13

180,000

300,000

480,000

10/13

120,000

300,000

420,000

11/13

140,000

300,000

440,000

13/13

180,000

300,000

480,000

12/13

160,000

300,000

460,000

12/13

160,000

300,000

460,000

1,660,000

3,000,000

4,660,000

(Board of Directors)

Supalai Public Company Limited

§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π·≈–§≥–°√√¡°“√®—¥°“√ Audit Committee , Nomination and Remuneration Committee and Executive Committee §à“µÕ∫·∑π (∫“∑) Remuneration (Baht) 600,000 30,000

§≥–°√√¡°“√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)

62,063,640

ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ≥ «—π∑’Ë 27 °—π¬“¬π 2549 Major Shareholders as of September 27, 2006 ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 Õ—π¥—∫·√° Top 10 Shareholders 1 2 3 4 5 6 7 8 9 10

°≈ÿà¡µ√–°Ÿ≈µ—Èß¡µ‘∏√√¡ Tangmatitham Family ∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ Thai NDVR Company Limited RAFFLES NOMINEES (PTE) LIMITED SOMERS (U.K.) LIMITED MORGAN STANLEY & CO INTERNATIONAL LIMITED HSBC BANK PLC-CLIENTS GENERAL A/C π“¬∫“Àå√—∑∫Ÿ´—π °«“µ√“ Mr.Baratbusun Kluatra ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ Haadyai Nakarin Company Limited π“¬»‘√‘»—°¥‘Ï π‚ ¿≥ Mr.Sirisak Sonsopon π“ß “«π‘≈«√√≥ «‘æ—≤π°‘®‡®√‘≠ Miss Ninwan Vipattanakitcharoen √«¡ (Total)

®”π«πÀÿâπ Number of Shares 391,257,944

√âÕ¬≈–¢ÕßÀÿπâ ∑—ßÈ À¡¥ % of Total Shares

260,384,874

16.64

105,000,000 56,946,500 43,160,000 30,464,400 19,555,600

6.71 3.64 2.76 1.95 1.25

19,550,000

1.25

18,800,000

1.20

16,922,116

1.08

962,041,434

61.47

24.99

Annual Report 2006

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

BUSINESS STRUCTURE AND SHAREHOLDING IN SUBSIDIARIES

Supalai Public Company Limited 没s 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 property-related subsidiaries. 1. SUPALAI PROPERTY MANAGEMENT COMPANY LIMITED SUPALAI holds 99.89 % of registered capital of 20 million baht, provides the management services of hotels, restaurants, vil a 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 million 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 million 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 holds 69.45 % of registered capital of 153.63 million baht, develop villa projects for long lease and hotels in Phuket Province. In 2006, the company launched 7 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 Vil e Kingkaew-Srinakarin - a single detached house project on Wat Namdaeng Road, Samut Prakan. 4. Supalai River Place - a 34-storey condominium building on Charoennakorn Road, on the bank of the Chao Phraya River. 5. Supalai Vil e Sukhumvit -Srinakarin - a single detached house and town house project on Sukhumvit - Srinakarin Road 6. Supalai Park Srinakarin Bangna - a 25-storey condominium building on Srinakarin - Bangna Road. 7. Supalai Grand Tower - a 33-storey office building for rent on Rama III Road, next to Bank of Ayudhya没s headquarters. In 2007, the company has already acquired land plots and plans to launch 7 new projects as follow. 1. Supalai Phuket City Resort - a condominium and town house project in Muang district, Phuket. 2. Supalai Park Vil e 2, a town house project in Soi Ram Indra, behind Central Ram Indra Department Store, Bang Khen, Bangkok. 3. Supalai Garden Vil e, a single detached house project on Pinklao ringroad, Rama V, Nonthaburi. 4. Supalai Vil e, a town house and duplex project on Pinklao ringroad, Rama V, Nonthaburi. 5. Supalai, an 8-storey condominium project on Charansanidvongse Road, Bangkok. 6. Supalai, a condominium project in Tha Phra, Bangkok. 7. Supalai Town house, a town house project behind The Mall Ngam Wong Wan shopping complex, Nonthaburi.

Annual Report 2006

≈—°…≥–°“√¥”‡π‘π∏ÿ√°‘®·≈– —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬

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Supalai Public Company Limited

BUSINESS STRUCTURE AND SHAREHOLDING IN SUBSIDIARIES

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 servicesé. 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.

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 with accumulated losses the Company would not pay dividend as stipulated in the Companyûs book. However, the board of directors may approve an interim dividend payment with sufficient profits and shareholders at the subsequent meeting would be informed of the payment. According to the board of directorsû 9/2006 resolution on 12 September 2006, had resolved to approve interim dividend payment 0.15 baht/share on October 11,2006 and the Board of Directors ûs meeting No.3/2007 on March 9,2007 has resolved to propose to the Annual General Shareholdersû Meeting to approve the distribution of dividend for the year 2006 at 0.27 baht per share and remaining dividend payment on May 25 ,2007 will be 0.12 baht/share. However, the companyûs dividend payment policy must also accord with the borrowing contracts, the company wil 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 reserves sufficient money for principal and interest payments due in the same year. 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) 2006 Company Supalai Public Company Limited Supalai Property Management Company Limited

HaadYai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited Total

Product/Service Real Estate Development Property Management such as hotel , villa project , housing , condominium etc. Real Estate Development Real Estate Development Developing vil a project for long lease and hotel.

Shareholding (%) -

Main Business 4,341

99.89

2005 % 95.12

Main Business 3,217

93.28

1.00

2.40

49.89

164

3.60

171

4.32

96.45

0.28

69.45

4,563

100.00

3,444

100.00

Annual Report 2006

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Supalai Public Company Limited

GOOD CORPORATE GOVERNANCE

1. Policy on Corporate Governance In 2006 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 terms of both rights and duties according to the regulations of the office of Securities and Exchange Commission and the Stock Exchange of Thailand. On 21 February 2006 the company informed shareholders of the general shareholdersû meeting through the Stock Exchange of Thailand and the companyûs web site before the board of directors resolved to hold the meeting on 28 April 2006. That allowed shareholders to propose agenda for the meeting to the board of directors. The company had issued the invitation letters with agenda to shareholders at least fourteen days before Shareholdersû Meeting. The company also encouraged shareholders to assign the power of attorney to other person or independent director to attend the Shareholdersû Meeting. Furthermore, the company had allocated appropriate time and encouraged equal opportunities for shareholders to express their opinion and raise any question at the Meeting.

3. Shareholderûs Meeting The company has called for an ordinary shareholder meeting within four months after the end of the previous accounting year. In 2006, the company held the general assembly on 28 April 2006, at 2.30 p.m. at the 33rd floor of Supalai Grand Tower Building, Rama III Bangkok. Shareholders were sent invitation letter and the meeting agenda 14 days before the meeting and the company introduced the on-line and bar code 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. Stakeholdersû 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.

Annual Report 2006

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5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå §≥–°√√¡°“√·≈–§≥–Õπÿ°√√¡°“√™ÿ¥µà“ß Ê ¢Õß∫√‘…—∑ œ‰¥â°”Àπ¥«‘ —¬∑—»πå ∑—Èß√–¬– —Èπ·≈–√–¬–¬“« µ—Èß·µà°àÕµ—Èß∫√‘…—∑œ ‡æ◊ËÕ‡ªìπ·π«∑“ß„π°“√°”Àπ¥¿“√°‘® ·ºπ∏ÿ√°‘® °≈¬ÿ∑∏å ‡ªÑ“À¡“¬ ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑„π·µà≈–ªï ‡«≈“°«à“ 18 ªï∑’Ëºà“π ·≈– §«“¡ ”‡√Á®¢Õß∫√‘…—∑ œ ‰¥â‡ªìπ‡§√◊ËÕßæ‘ Ÿ®πå∂÷ß§«“¡‡ªìπ∫√‘…—∑∑’Ë¡’«‘ —¬∑—»πå°â“«‰°≈≈È”Àπâ“ ¥â«¬º≈ª√–°Õ∫°“√∑’Ë‚¥¥‡¥àπÕ¬Ÿà„π™—Èπ·π« Àπâ“ „π¿“«–‡»√…∞°‘®∑’Ë¥’ ·≈–‰¡àµâÕß‡¢â“·ºπøóôπøŸ„π¬“¡∑’Ë‡»√…∞°‘®«‘°ƒµ‘ ∫√‘…—∑ œ ‰¥â°”Àπ¥«‘ —¬∑—»πå∑’Ë®–‡ªìπ çºŸâ‡™’Ë¬«™“≠¥â“π °“√æ—≤π“∑’ËÕ¬ŸàÕ“»—¬é ‚¥¬æ—≤π“∑’ËÕ¬ŸàÕ“»—¬∑ÿ°ª√–‡¿∑ ∑—Èß ∫â“π‡¥’Ë¬« ∫â“π·Ω¥ ∑“«πå‡Œâ“ å·≈–Õ“§“√™ÿ¥ ‡æ◊ËÕ°√–®“¬§«“¡‡ ’Ë¬ß·≈– √â“ß»—°¬¿“æ„π°“√‡®√‘≠‡µ‘∫‚µ ´÷Ëß®–‡ÀÁπ‰¥â®“°º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ‰¡à«à“®–‡ªìπ¬Õ¥¢“¬À√◊Õ¬Õ¥√—∫√Ÿâ√“¬‰¥â°Áµ“¡‚¥¥‡¥àπ‡ªìπ æ‘‡»…°«à“Õÿµ “À°√√¡‡©≈’Ë¬ πÕ°®“°π’È∫√‘…—∑ œ ¬—ß‡ªìπ∫√‘…—∑·√°·≈–∫√‘…—∑‡¥’¬«„πª√–‡∑»‰∑¬∑’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¥„Àâæπ—°ß“π ºŸ∫â √‘À“√ ·≈–°√√¡°“√®–µâÕßµ—¥ ‘π„®„π°“√¥”‡π‘π∏ÿ√°‘® ‚¥¬ §”π÷ß∂÷ßª√–‚¬™πå Ÿß ÿ¥¢Õß≈Ÿ°§â“·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ œ ‡∑à“π—Èπ ∑—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

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

GOOD CORPORATE GOVERNANCE

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 to contractors for joint improvement.

Suppliers

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

Society

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

Besides, the company also has property management department to be responsible for the project environment and community services. The company provides services to clients with honesty under the çCustomer Firsté concept. On community management, there is a unit to take in complaints from clients in all projects and to coordinate with related units to solve those problems. In addition, there are: 1. Meetings with clients to improve the community environment. 2. Events inside each project where clients can get to know and familiarise themselves with others. - New Year celebration parties - Childrenûs Day activity - Alm-making ceremony in projects 3. Events where clients of different projects can get to know each others. - çCharoen Sati-Samathié activity to promote family bonds. Starting from 2002, the activity has been hosted 8 times. - çSai Yai Raké activity where clients can express gratitude to their parents. The activity is kicked off in 2007.

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 18 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, town house 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, çSub-division houses with outstanding Energy Conservationé, 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.

Annual Report 2006

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8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ §≥–°√√¡°“√¢Õß∫√‘…—∑ œ ¡’®”π«π 9 ∑à“π ·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ 1 ∑à“π ª√–°Õ∫¥â«¬ °√√¡°“√Õ‘ √– 4 ∑à“π §‘¥ ‡ªìπ —¥ à«π‡°‘π°«à“ 1 „π 3 ¢Õß°√√¡°“√∑—ÈßÀ¡¥ °√√¡°“√∑’Ë¡’ à«π‰¥â‡ ’¬ 3 ∑à“π °√√¡°“√∑’Ë¡“®“°ºŸâ∫√‘À“√ 1 ∑à“π ·≈–°√√¡°“√∑’Ë ¡’§«“¡√Ÿâ§«“¡ “¡“√∂¥â“π°“√‡ß‘π·≈–∫—≠™’ 2 ∑à“π „π°“√ª√–™ÿ¡§≥–°√√¡°“√ °√√¡°“√∑ÿ°§π‰¥â∑”Àπâ“∑’Ë¥Ÿ·≈ ·≈–§”π÷ß∂÷ß ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ œ ‚¥¬§”π÷ß∂÷ßº≈ª√–‚¬™πå∑’ËÕ“®¢—¥·¬âß°—π°—∫ºŸâ¡’ à«π‰¥â‡ ’¬ 40

√“¬ß“πª√–®”ªï 2549

GOOD CORPORATE GOVERNANCE

Supalai Public Company Limited

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 are encouraged to improve their ability. They are offered with scholarships for undergraduate and graduate studies. Salaries and other benefits are designed to be in line with leading companies.

Society

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

Ethics

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

Business expertise

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

Quick response

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

Disciplines and rule enforcement : The Company operates business under certain principles and disciplines and assures all that business decisions and the operations conform with related laws and regulations. It also honours commercial banksû ethical standards as well as a set of employee standard practices. Moreover, the company has received certification of ISO 9001 : 2000 which was audited by external auditors such as Engineering institute of Thailand and EAQA from England.

8. Balance of Power for Non-Executive Directors The company 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. Annual Report 2006

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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°§√—Èß¡µ‘µà“ß Ê ∑’Ë‰¥â√—∫Õπÿ¡—µ‘®–µâÕß‡ªìπ¡µ‘‡ ’¬ß¢â“ß¡“° ª√–∏“π°√√¡°“√®–ÕÕ°‡ ’¬ß°ÁµàÕ ‡¡◊ÕË §–·ππ‡ ’¬ß‡∑à“°—π à«π°“√µ—¥ ‘π„®„π‡√◊ÕË ß∑’ Ë ”§—≠®–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—Èπ‰¡àºà“π§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√ ·≈–°√≥’∑’Ëª√–∏“π°√√¡°“√¡’ à«π‰¥â ‡ ’¬„π«“√–π—Èπ 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‘‡»…¢ÕßºŸâ∫√‘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 ◊Õπ—¥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°§√—Èß·≈–®—¥‡°Á∫‡Õ° “√‡°’Ë¬«°—∫√“¬ß“π°“√ª√–™ÿ¡§√∫∂â«π „πªï 2549 ∫√‘…—∑ œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√√«¡∑—Èß ‘Èπ 13 §√—Èß ‚¥¬¡’°√√¡°“√∑—ÈßÀ¡¥ 9 ∑à“π ·≈–∑’Ëª√÷°…“°√√¡°“√ 1 ∑à“π ‡¢â“√à«¡ª√–™ÿ¡ “¡“√∂ √ÿª°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√ √ÿª‰¥â¥—ßπ’È √“¬™◊ËÕ°√√¡°“√

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

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

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

∑’Ëª√÷°…“°√√¡°“√ 1. π“¬∑«’ Àπÿπ¿—°¥’ 1

DCP ACP CSP DAP

: : : :

12/13

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

√“¬ß“πª√–®”ªï 2549

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

GOOD CORPORATE GOVERNANCE

Supalai Public Company Limited

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 makes decision only when votes are equal, but important matters 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. In 2006, the Board of Directors held 13 meetings, the details are as following : Directors ù 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

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

Participation/ total Meetings 13/13 13/13 13/13 13/13 13/13 10/13 11/13 13/13 12/13

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

Advisor to Board 10. Mr. Tawee Noonpakdee 1

DCP ACP CSP DAP

: : : :

12/13

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

Annual Report 2006

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

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“∑’æË ®‘ “√≥“·≈– 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‡ªìπ‰ªµ“¡¢Õ∫‡¢µ∑’‰Ë ¥â√∫— ¡Õ∫À¡“¬®“°§≥–°√√¡°“√ ∫√‘…—∑ ·≈–Õ”π“®¥”‡π‘π°“√¢Õß∫√‘…—∑

§≥–°√√¡°“√µ√«® Õ∫ ”À√—∫„πªï 2549 ∫√‘…—∑ œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫√«¡∑—Èß ‘Èπ 12 §√—Èß ‚¥¬°√√¡°“√µ√«® Õ∫∑—ÈßÀ¡¥ 3 ∑à“π √ÿª °“√‡¢â“√à«¡ª√–™ÿ¡‰¥â¥—ßπ’È √“¬™◊ËÕ°√√¡°“√µ√«® Õ∫ 1. π“¬ª√–°‘µ ª√–∑’ª–‡ π 2. π“ßæ‘°ÿ≈ À“≠À—∑¬“ 3. π“¬Õπ—πµå ‡°µÿæ‘∑¬“

°“√‡¢â“√à«¡ª√–™ÿ¡/°“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß) 11/12 12/12 11/12

§≥–°√√¡°“√ √√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 1. π“¬ª√–°‘µ ª√–∑’ª–‡ π 2. π“¬ª√– æ πÕß™“µ‘ 3. ¥√.«‘√™— Õ¿‘‡¡∏’∏”√ß ‚¥¬§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π¡’∫∑∫“∑„π°“√ √√À“·≈–æ‘®“√≥“‡°’Ë¬«°—∫°“√§—¥‡≈◊Õ°ºŸâ∫√‘À“√Õ—µ√“ §à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘À“√„π∞“π–æπ—°ß“π·≈–ºŸâ∫√‘À“√ πÕ°®“°π’È§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π¡’Àπâ“∑’Ë∑∫∑«π ¢âÕ‡ πÕ¢ÕßΩÉ“¬®—¥°“√„π°“√°”Àπ¥Õ—µ√“§à“µÕ∫·∑π¢Õßæπ—°ß“π∑—ÈßÀ¡¥ ·≈–„πªï 2549 ∫√‘…—∑ œ ‰¥â®—¥ª√–™ÿ¡§≥–°√√¡°“√ √√À“·≈–°”Àπ¥º≈µÕ∫·∑π 1 §√—Èß ‚¥¬°√√¡°“√∑ÿ°∑à“π‡¢â“√à«¡ª√–™ÿ¡

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ¥”‡π‘πß“π‚¥¬¬÷¥¡—Ëπ„πÀ≈—°¢Õß§«“¡‚ª√àß„ ´◊ËÕ —µ¬å ÿ®√‘µ ·≈–√—∫º‘¥™Õ∫ ·≈–¬÷¥∂◊Õµ“¡ ·π«∑“ß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ´÷Ëß‡ªìπ à«π ”§—≠Õ¬à“ß¬‘Ëß ∑’Ë™à«¬„Àâ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑œ ª√– ∫§«“¡ ”‡√Á® ·≈– √â“ß§«“¡ ‡™◊ËÕ¡—Ëπ·°àπ—°≈ß∑ÿπ ·≈–ºŸâ∑’Ë¡’ à«π‰¥â‡ ’¬ ∫√‘…—∑œ ¡’°“√·∫àß·¬°Àπâ“∑’Ë¢ÕßΩÉ“¬ß“π ·≈–µ”·Àπàßß“πµà“ßÊ ‰«âÕ¬à“ß™—¥‡®π ¡’°“√°√–®“¬Õ”π“® ‚¥¬°“√¡Õ∫À¡“¬ Õ”π“®Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‰«âÕ¬à“ß™—¥‡®π·≈–‡À¡“– ¡ ·≈–¡’°“√°”Àπ¥√–∫∫°“√§«∫§ÿ¡¿“¬„π ¡’°“√µ‘¥µ“¡„Àâ¡’°“√√“¬ß“π ∑“ß°“√‡ß‘πµà“ßÊ ∑’Ë™—¥‡®π ‚ª√àß„ ·≈–¡’°“√¥Ÿ·≈√—°…“∑√—æ¬å ‘π

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

GOOD CORPORATE GOVERNANCE

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 Board没s policy and direction.

Audit Committee In 2006 , the Audit Committee held 12 meetings, the details are as following : Audit Committee没s Name 1. Mr. Prakit Pradipasen 2. Mrs.Pikul Hanhathya 3. Mr. Anant Gatepithaya

Participation/Total Meetings 11/12 12/12 11/12

Nomination and Remuneration Committee The company appointed director as follow: 1. Mr. Prakit 2. Mr. Prasob 3. Dr. Virach

Nomination and Remuneration Committee comprises of 2 independent directors and one Pradipasen Snongjati 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 2006 there was 1 remuneration committee没s meeting and all directors attended this meeting.

13. Controlling System and Internal Audit Supalai Public Company Limited upholds transparency, honesty, and responsibility in line with the good governance practices, to ensure business success and assure investors and stakeholders. The Company has clear job descriptions and clear departments. Authoritative power is properly delegated accordingly to their power and responsibility. The internal control also requires clear and transparent monitoring system on the financial reports while the Company没s assets are well-guarded.

Annual Report 2006

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

„πªï 2549 π’È §≥–°√√¡°“√∫√‘…—∑ ¡’§«“¡‡ÀÁπ«à“ √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’§«“¡‡À¡“– ¡ ‡æ’¬ßæÕ ‡π◊ËÕß®“°§≥–°√√¡°“√∫√‘…—∑ ‰¥â®—¥„Àâ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë§√Õ∫§≈ÿ¡∑—Èß¥â“π°“√‡ß‘π °“√ªØ‘∫—µ‘ß“π °“√¥”‡π‘π°“√µà“ßÊ „Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ √–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕß ·≈–¡’°≈‰°°“√µ√«® Õ∫·≈–°“√∂à«ß¥ÿ≈∑’Ë‡æ’¬ßæÕ„π°“√ ª°ªÑÕß√—°…“‡ß‘π∑ÿπ¢ÕßºŸâ∂◊ÕÀÿâπ ‘π∑√—æ¬å¢Õß∫√‘…—∑œ √«¡∂÷ß ¡’°“√µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡¢âÕ —ß‡°µ‡°’Ë¬«°—∫√–∫∫§«∫§ÿ¡¿“¬„π¢Õß ºŸâ Õ∫∫—≠™’ ·≈–°“√®—¥µ—ÈßÀπà«¬ß“πµ√«® Õ∫¿“¬„π¢÷Èπ∑”Àπâ“∑’Ëµ√«® Õ∫°√–∫«π°“√ªØ‘∫—µ‘ß“π¢ÕßÀπà«¬ß“πµà“ßÊ «à“¡’°“√ªØ‘∫—µ‘ µ“¡√–‡∫’¬∫À√◊Õπ‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑ ·≈–/À√◊Õ §≥–°√√¡°“√®—¥°“√‰¥â°”Àπ¥‰«â æ√âÕ¡∑—Èßª√–‡¡‘πª√– ‘∑∏‘¿“æ¢Õß√–∫∫ ·≈–„Àâ√“¬ß“πµ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫ ‡æ◊ËÕæ‘®“√≥“„Àâ§«“¡‡ÀÁπÀ√◊Õ¢âÕ‡ πÕ·π–„π°“√ª√—∫ª√ÿß·°â‰¢ À√◊Õ°”Àπ¥·π«∑“ß ªÑÕß°—πªí≠À“‡æ‘Ë¡‡µ‘¡ πÕ°®“°π—πÈ §≥–°√√¡°“√µ√«® Õ∫¬—ß‰¥â„ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π¡’°“√µ‘¥µ“¡§«“¡§◊∫Àπâ“Õ¬à“ßµàÕ‡π◊ÕË ß„π°“√π”§«“¡‡ÀÁπ ‰ª Ÿà°“√ªØ‘∫—µ‘Õ¬à“ß‡ªìπ√Ÿª∏√√¡ ·≈–¡’°“√√“¬ß“πº≈°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫µàÕ§≥–°√√¡°“√∫√‘…—∑‡ªìπª√–®”∑ÿ°‡¥◊Õπ

14.√“¬ß“π¢Õß§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√®—¥∑”√“¬ß“π∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π ”À√—∫º≈ª√–°Õ∫°“√„π√Õ∫ªï ‡ª√’¬∫‡∑’¬∫°—∫ªï°àÕπ ∑—Èßπ’È§≥–°√√¡°“√‰¥âªØ‘∫—µ‘Àπâ“∑’Ë‚¥¬„™â§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–§«“¡√–¡—¥√–«—ß‡æ◊ËÕ„Àâ√“¬ß“π∑“ß°“√‡ß‘π ∂Ÿ°µâÕß·≈–‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ∫πæ◊Èπ∞“π¢Õß°“√ªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß‡ªî¥‡º¬√“¬ß“π¥—ß°≈à“«„π·∫∫· ¥ß √“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï¢Õß∫√‘…—∑ œ ·≈–√“¬ß“πª√–®”ªï·≈–π” àßºŸâ∂◊ÕÀÿâπ°àÕπ°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï

15.§«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ∫√‘…—∑ œ µ√–Àπ—°„π¿“√–Àπâ“∑’Ë∑’Ë®–µâÕßªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ‚¥¬‡∑à“‡∑’¬¡°—π ‚¥¬¡’°“√‡ªî¥‡º¬ “√ π‡∑»∑—Èß∑’Ë‡ªìπ “√ π‡∑» ∑“ß°“√‡ß‘π·≈–‰¡à„™à∑“ß°“√‡ß‘πÕ¬à“ß§√∫∂â«π ‡æ’¬ßæÕ ‡™◊ËÕ∂◊Õ‰¥â ·≈–∑—π‡«≈“ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ ‰¥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 ·≈–ºŸâ∂◊ÕÀÿâπ ‚¥¬‡ªî¥‡º¬¢âÕ¡Ÿ≈„Àâ∑ÿ°ΩÉ“¬ß“π∑√“∫∑—Èß°√≥’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¬åπ—Èπ®–µâÕßºà“π§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√∫√‘…—∑„π§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π·≈–‡æ’¬ßæÕ¢Õß¢âÕ¡Ÿ≈ ·≈–‡¡◊ËÕ∫√‘…—∑œ π” àß¢âÕ¡Ÿ≈ºà“πµ≈“¥À≈—°∑√—æ¬å·≈â«®÷ß®– ‡º¬·æ√à¢âÕ¡Ÿ≈ß∫°“√‡ß‘πºà“π IR Website ∑’Ë www.supalai.com ·≈– www.shareinvestor.com πÕ°®“°π’È∫√‘…—∑œ ‰¥â‡¢â“√à«¡‚§√ß°“√«—πæ∫ª–π—°≈ß∑ÿπ°—∫µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬∑ÿ°‰µ√¡“ ‚¥¬„πªï 2549 ‰¥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≈∑’Ëπ”‡ πÕ „π«—πæ∫ª–π—°≈ß∑ÿπ ‡ªìπµâπ·≈–πÕ°®“°π’È∫√‘…—∑ œ ¬—ß‰¥â®—¥∑”∫∑§«“¡· ¥ß∂÷ß«‘ —¬∑—»πå·≈–·π«‚πâ¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åµ’æ‘¡æå„π √“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ ·≈–ºà“π ◊ËÕ¡«≈™πµà“ßÊ∑—ÈßÀπ—ß ◊Õæ‘¡æåπ‘µ¬ “√µ≈Õ¥®π°“√„Àâ —¡¿“…≥åÀ√◊Õ‡¢â“√à«¡Õ¿‘ª√“¬„π ∂“π’ «‘∑¬ÿÀ√◊Õ‚∑√∑—»πå ·≈–°“√‡¢â“√à«¡‡ªìπ ¡“™‘°·≈–¡’∫∑∫“∑„π ¡“§¡µà“ßÊ ‡æ◊ËÕ√—∫„™â —ß§¡

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

GOOD CORPORATE GOVERNANCE

In 2006, the board of directors believed that the Company and subsidiariesû internal control is appropriate and sufficient. The board ensured that the Company and subsidiariesû internal control cover financial, operations and other aspects in line with related rules and regulations. It also ensured sufficient checks and balances to protect shareholdersû money and the Companyûs assets as well as procedures to follow the auditorûs advice. There is an internal control unit to ensure that all units follow code of conducts and the policies addressed by the board of directors and the management committee, as well as to assess the efficiency of the internal control system. The unit reports directly to the audit committee, which wil give advice on how to improve the system and outline more precautionary measures. Moreover, the audit committee also assigned the internal control unit to monitor the progress in implementing the advice into action. The results are included in the audit committeeûs reports which were submitted to the board of directors on a monthly basis.

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, 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.

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 will 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 IR website at www.supalai.com and www.shareinvestor.com The company actively participated çthe opportunity dayé organized by the Stock Exchange of Thailand on quarterly basis. In 2006, 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.

Annual Report 2006

π‚¬∫“¬·≈–°≈¬ÿ∑∏å¢ÕßΩÉ“¬æ—≤π“∑√—æ¬“°√¡πÿ…¬å

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®“°°“√∑’Ë∏ÿ√°‘®¢Õß∫√‘…—∑¡’°“√‡®√‘≠‡µ‘∫‚µÕ¬à“ß°â“«°√–‚¥¥ ∑”„Àâ∫√‘…—∑‰¥â‡æ‘Ë¡ ®”π«π∫ÿ§≈“°√∑—Èß√–¥—∫∫√‘À“√·≈–ªØ‘∫—µ‘°“√Õ¬à“ß√«¥‡√Á« ¥—ßπ—Èπ „π°“√ àß‡ √‘¡„Àâ ∫ÿ§≈“°√ “¡“√∂ª√—∫µ—«‡¢â“°—∫«—≤π∏√√¡·≈–§à“π‘¬¡¢ÕßÕß§å°√‰¥âÕ¬à“ß‡À¡“– ¡ ·≈– √â“ß·√ß®Ÿß„®„π°“√∑”ß“π ∫√‘…—∑œ ®÷ß¬—ß§ß‡πâπ°≈¬ÿ∑∏å„π°“√«“ß·ºπ§«“¡°â“«Àπâ“„π “¬ß“π¢Õßæπ—°ß“π·≈–ºŸâ∫√‘À“√ (EMPLOYEE CAREER DEVELOPMENT PLANING) ¥â«¬ °“√π” COMPETENCY ¡“ª√–¬ÿ°µå„™â‡æ◊ËÕ„Àâ‡°‘¥§«“¡ —¡æ—π∏å√–À«à“ß√–¥—∫∑—°…– §«“¡√Ÿâ §«“¡ “¡“√∂µ≈Õ¥®πæƒµ‘°√√¡∑’Ë‡°’Ë¬«¢âÕß°—∫ß“π ·≈– π—∫ πÿπ°“√„™âµ—«™’È«—¥À≈—°¢Õß º≈ß“π (KPIs : KEY PERFORMANCE INDICATORS) ·≈–¥”‡π‘π·ºπß“π∑’¡Ë ßÿà ‡πâπ„Àâº∫Ÿâ √‘À“√ ‰¥âµ√–Àπ—°∂÷ß∫∑∫“∑∑’Ë ”§—≠„π°“√‡ªìπ HUMAN RESOURSE MANAGER √«¡∑—Èß ∫√‘…—∑œ „Àâ ‘∑∏‘æπ—°ß“π∑ÿ°§π„π°“√‡ªìπºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕ„Àâæπ—°ß“π¡’ à«π√à«¡„π°“√‡µ‘∫‚µ „π∞“π– ‡ªìπ‡®â“¢Õß∫√‘…—∑ π‚¬∫“¬ µ≈Õ¥®π°≈¬ÿ∑∏å¥—ß°≈à“«¢â“ßµâπ “¡“√∂µÕ∫ πÕß«‘ —¬∑—»πå·≈– ‡ªÑ“À¡“¬À≈—° ∑’Ë‡ªìπ°“√æ—≤π“»—°¬¿“æ¢Õß∫ÿ§≈“°√ ‚¥¬∑”„Àâ‡°‘¥ª√– ‘∑∏‘º≈¢Õß°“√ ∑”ß“π Õ—π®–π”‰ª Ÿà§«“¡°â“«Àπâ“¢ÕßÕß§å°√‰¥âÕ¬à“ß¬—Ëß¬◊π

Supalai Resort & Spa (House Pool Vil a)

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Human Resource Policy and Strategy

Thanks to leap growth, the Company has recruited a number of employees in the management and operational levels. To facilitate their mingling to the corporate culture and values as well as motivate them towards the goals, the Company has focused on the employee career development planning. In the strategy, competency is applied to ensure coorelation of skills, knowledge, competence and work behaviors. The Company has applied the use of KPIs (KEY PERFORMANCE INDICATORS) and moved towards the plan to have executives realize their importance as human resource managers. The Company also allows employees to become shareholders, so that they are growing with the Company. The policy and the strategies have yielded satisfactory results to our mission and goal in improving employees没 skills and productivity which would lead to sustainable corporate growth.

Best Western Premier Supalai Resort& Spa (Lobby)

Annual Report 2006

§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡

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ç »ÿ¿“≈—¬ „ à„® ... √â“ß √√§å —ß§¡‰∑¬ é ¥â«¬π‚¬∫“¬¢Õß∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ∑’Ë¡ÿàß¡—Ëπ„π°“√¥”‡π‘π∏ÿ√°‘® æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å §«∫§Ÿà‰ª°—∫ °“√‰¥â¡’ à«π√à«¡ √â“ß √√§å —ß§¡‰∑¬ ®÷ß‡ÀÁπ‰¥â «à“°“√¥”‡π‘π°‘®°“√„π∑ÿ° à«πß“π¢Õß∫√‘…—∑œ ‡ªìπ°“√ªÆ‘∫—µ‘µ“¡π‚¬∫“¬¥—ß°≈à“«Õ¬à“ß Õ¥§≈âÕß ‡√‘Ë¡µ—Èß·µà°“√„™âπ‚¬∫“¬§ÿ≥¿“æ√–∫∫ ç ISO 9001 version 2000 ç ∫√‘…—∑ œ ¬—ß¡ÿàß‡πâπ„Àâ¡’ ç∫√√…—∑¿‘∫“≈é ∑’Ë¡’°“√∫√‘À“√®—¥°“√∑’Ë‚ª√àß„ ‡ªìπÕß§å°√∑’Ëæπ—°ß“π‰¥â„™â §«“¡√Ÿâ§«“¡ “¡“√∂ ∑”ß“πÕ¬à“ß‡ªìπ ÿ¢ ·≈–¡’§«“¡√Ÿâ ÷°¡—Ëπ§ß„π™’«‘µ °“√º≈‘µ ‘π§â“§◊Õ ∑’ËÕ¬ŸàÕ“»—¬∑’Ë¡’§ÿ≥¿“æ „π√“§“∑’Ë‡ªìπ∏√√¡ ‰¡à‡Õ“√—¥‡Õ“‡ª√’¬∫ºŸâ∫√‘‚¿§ ·≈–°“√∫√‘°“√ À≈—ß°“√¢“¬ √«¡∑—Èß °“√∫√‘À“√™ÿ¡™π ∑’Ë √â“ß§«“¡ ÿ¢„Àâ°—∫≈Ÿ°§â“ ‚¥¬¡’®ÿ¥¡ÿàßÀ¡“¬„π °“√ √â“ß™ÿ¡™π∑’ËÕ¬ŸàÕ“»—¬∑’Ë «¬ß“¡ √â“ß∑—»π’¬¿“æ∑’Ë¥’„Àâ°—∫∫â“π‡¡◊Õß Õ—π‡ªìπ®ÿ¥‡√‘Ë¡µâπ ¢Õß°“√ √â“ß —ß§¡∑’Ë¡’§ÿ≥¿“æ ”À√—∫°‘®°√√¡∑’ËªØ‘∫—µ‘„π à«π¢Õß¿“¬πÕ°Õß§å°√ ∫√‘…—∑œ‰¥â‡≈Áß‡ÀÁπ«à“ —ß§¡ §√Õ∫§√—«‡ªìπ√“°∞“πÕ—π ”§—≠¬‘Ëß¢Õß —ß§¡‚¥¬√«¡ ¥—ßπ—Èπ·π«∑“ß¢Õß°‘®°√√¡®÷ß¡ÿàß ‡πâπ‰ª∑’Ë°“√‡ √‘¡ √â“ß§«“¡ —¡æ—π∏å¿“¬„π§√Õ∫§√—«„Àâ·¢Áß·°√àß Õ“∑‘ √«¡æ≈§π√—°·¡à ´÷Ëß ‡ªìπ«—π∑’Ë∑ÿ°§π„π§√Õ∫§√—«‰¥â¡“∑”°‘®°√√¡∑’Ë πÿ° π“π·≈–ª√–∑—∫„®√à«¡°—π ‡æ◊ËÕµÕ°¬È” ∂÷ß§«“¡√—°§«“¡ºŸ°æ—π¿“¬„π§√Õ∫§√—«, °‘®°√√¡ ‡®√‘≠ µ‘- ¡“∏‘ ∑’Ëπ”∏√√¡–¡“™à«¬ ™‚≈¡®‘µ„®·≈–Õ“√¡≥å„ÀâºàÕß„ ∑—Èß§√Õ∫§√—« ‚¥¬¡ÿàß‡πâπ„Àâµ√–Àπ—°∂÷ßæ√–§ÿ≥¢Õß∫‘¥“ ¡“√¥“ ‡ªìπµâπ πÕ°®“°π’È¬—ß¡’°‘®°√√¡∑’Ë®—¥¢÷Èπ‡æ◊ËÕ √â“ß √√§å —ß§¡‚¥¬√«¡ Õ“∑‘ °“√‡ªìπ ºŸâ π—∫ πÿπÀ≈—°„π ß“πª√–°«¥·≈–®—¥· ¥ßº≈ß“πª√–µ‘¡“°√√¡ √à«¡°—∫ ‚¡ √‚√µ“√’Ë ∏π∫ÿ√’ ·≈–ÀÕ»‘≈ªá ¡À“«‘∑¬“≈—¬»‘≈ª“°√ ‡æ◊ËÕ √â“ß‚Õ°“ „Àâ»‘≈ªîπ∑—Ë«ª√–‡∑»‰¥â¡’‡«∑’ · ¥ßº≈ß“π ‡ªìπ°“√æ—≤π“ß“π»‘≈ª°√√¡„π√–¥—∫ª√–‡∑» ·≈–°“√®—¥ —¡¡π“‡√◊ÕË ß ÿ¢¿“æ ·≈–°“√µ√«® ÿ¢¿“æø√’ ‡æ◊ËÕ‡ªìπ∫√‘°“√·°àª√–™“™π‚¥¬∑—Ë«‰ª ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ¬—ß§ß¥”‡π‘π°‘®°√√¡ √â“ß √√§å —ß§¡„π√Ÿª·∫∫ µà“ßÊÕ¬à“ßµàÕ‡π◊ËÕß ‚¥¬‡ªÑ“À¡“¬ ¡‘„™à‡æ’¬ß°“√§◊π°”‰√ Ÿà —ß§¡ ·µà¥â«¬ ”π÷°·Ààß§«“¡ √—∫º‘¥™Õ∫µàÕ —ß§¡¢Õß∫√‘…—∑œ (Corporate Social Responsibility) ∑’ËµâÕß°“√¡’ à«π√à«¡ √â“ß √√§å§ÿ≥¿“æ —ß§¡‰∑¬ „ÀâÕ¬Ÿà√à«¡°—πÕ¬à“ß¡’§«“¡ ÿ¢Õ—π¬—Ëß¬◊πµ≈Õ¥‰ª

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Social Responsibility

çSupalai cares to create better Thai societyé Supalai Public Company Limited ûs policy and commitment in carrying out its business and social responsibility has been practiced by all operating units. Not only the company has been certified in quality policy ç ISO 9001 version 2000é, it also emphasizes in çCorporate Governanceé to ensure transparent management; the environment where employees can share their knowledge, work happily and feel secure in their work life; quality products at fair prices; and after-sales services through community management to satisfy clients and create the pleasurable communities and good environment - the beginning of quality society. Externally, the company perceives that family values are the strong foundations of Thai society. Our activities are thus designed to strengthen family bonds including çRuam Phon Khon Rak Maeé (Gathering of the Mother-Loving)é, the event where all family members join enjoyable activities to stress love and relationship; and çCharoen Sati-Samathié (Nurture Concentration) where Dharma is used to cleanse the mind of family members who are reminded of their parents’ love and devotion. Supalai Public Company Limited also holds activities for society in general, being the main sponsor of the sculpture contest and exhibition in cooperation with the Rotary Thonburi and Silpakorn Univeristyûs Art Museum whereby all artists across the country can showcase their art pieces, a way to promote domestic arts. Supalai also hosts a health seminar and provides free medical check-ups for the general public. Supalai Public Company Limited is committed to launch more social program. Our objective is not just to return profits to society but to express our corporate social responsibility out of the desire to help lift up Thai society quality for sustainable harmonious living environment.

Annual Report 2006

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Supalai Public Company Limited

RISK FACTORS AND RISK MANAGEMENT

Business risk factors Risks from raw materials On realization of risks on raw materials, the Company has entered into contracts whereby contractors are given a lump sum amount for labor and raw materials. Contractors are committed to procure most of raw materials while the Company buys some materials at discounts from manufacturers or large-sized distributors. The Company has also closely monitored raw material prices and come up with price estimates. If necessary, a large lot of the materials would be procured for higher bargaining power. Such would control construction costs, as well as the quality and standards of the completed units. The Company also studies alternatives which could replace some replaceable materials. Risk from land procurement The Company does not have the policy to acquire a large land bank, unless the land plot is of high potential to produce high return on investment. Our policy is to buy a sizeable land plot so that development and sales could be wrapped up in a short period, to reduce financial costs. Plus, the Company没s land bank is not concentrated in a particular area. It covers land plots in many areas of Bangkok where residential development is popular and located near the mass transit routes such as the electric trains. Moreover, prior to signing any land purchase agreement, the Company conducts a thorough survey and a market-financial feasibility study as well as studies legal limitations and have the title deeds thoroughly checked to minimize risks. Risk from construction and construction technology High competition makes it harder to find contractors for new projects. The Company has built up good relationship with construction companies and has enlisted several more contractors who pass the company没s test, to ensure that there is no disruption to the construction of new projects. On the technological front, the Company has tested and selected only the contractors with extensive experience and appropriate technology. Whenever high-rise building construction is involved, the Company carries out a study to improve the construction patterns through advanced tools and technology. The construction technology has always been modified to fit the ever-changing environment and market conditions. The Company also has own experts to supervise the construction works who constantly improve technology. There are training sessions for contractors and conferences where they can share opinions and discuss problems. Contractors没 works are evaluated and they are informed for further development. The Company is confident that we have solved the contractor shortage problem, ensured quality construction works, and maintained appropriate technology. Risk from increasing competition Since 2005, the residential development market has experienced increasingly fierce competition as a large number of developers, mostly listed on the Stock Exchange of Thailand, have launched a large number of projects that cover single detached houses, town houses, twin houses and condominiums. These projects, launched to expand their business, sale revenue and net profit, pose more threatening competition in terms of pricing and marketing campaigns. Importantly, this business contains a supply risk, as some types of development could exceed demand particularly at times of buyers没 behavioral changes following political uncertainties, economic slowdown, increasing interest rates and higher oil prices since 2005. Mass transit development also leads to behavioral changes as more consumers prefer condominiums priced between Bt1-Bt3 mil ion that are located along the mass-transit development lines or in city areas than single detached houses and town houses in suburban areas. The mass-transit development has sparked competition among developers who rushed to introduce residential condominium projects and this could pose risks to all in terms of supplies. Particularly, condominium units that target middle-income buyers in some locations could be oversupplied in the near future. Some developers could suffer if they can not adjust their business strategies to fit the fast-changing environment. Annual Report 2006

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

RISK FACTORS AND RISK MANAGEMENT

However, Supalai Public Company Limited has foreseen the risk. We have mapped out development policies and strategies to be in line with the political, economic and behavioral changes. We have closely monitored movements in the residential development market so that our development policies and strategies can be modified accordingly. We also have come up the strategy to focus on three types of development in which we have expertise to diversify risks. Under the strategy, Supalai has focused on middle-income condominium projects which offer units with price tags of Bt1-Bt3 mil ion (Bt33,000-Bt40,000 per square meter) Most of the new projects are located along the mass-transit development lines or in city areas. We have also focused on town houses and single detached houses development to offer units priced between Bt1-Bt3 mil ion in prime locations. These have resulted in success in wrapping sales of several projects in a short period. Among them are City Home Ratchadaphisek and City Home Sukhumvit. Even single detached houses and town house projects are sold out rapidly including Supalai Ville Rama II, Supalai Ville Kingkaeo-Srinakarin, and Supalai Vil e Srinakarin. However, due to extraordinarily high competition in the business, the company has laid down risk-averting measures. Before launching any project, we thoroughly and carefully studied the project feasibility in terms of location, type of product, target customerûs behaviors, surrounding environment, transportation networks, marketing, competition, financial viability, and etc to assure effective investment results.

Risk from pre-built development Complete houses have attracted buyersû attention and it is the policy that many developers including Supalai have employed. This is in line with the condition in the mortgage loan, whereby financial institutions tend to offer high loan amounts for pre-built houses. However, pre-built development has required huge capital and could incur risks if the market situation changes or if buyers are dissatisfied with the completed units. However, the Companyûs risk is this area is limited as the development is carried out phase by phase and the Company closely monitors the sale figures. Each phase covers about 30 units and sale activities start when some houses are completed and others are under construction. Changes could be handled if buyers fill up the purchase forms or desire to have raw materials of semi pre-built houses replaced. The Company has confidence that our experience in the business will help us adjust to the buyersû needs and competition in terms of size, quality and pricing as well in the designs to maximize customersû satisfaction, and through strict construction quality control would help reduce the risk to some extent. Risk from volatile interest rate In 2007, the downward interest rate trend should increase buyersû chances to have their loan applications approved. This should ensure that the Companyûs house transfers would be completed as planned. Legal risks Risks in this business could be seen through number of limitations. Developers may be barred from developing some types of projects on a particular land plot and they could be subject to height control, the set-back formula, legal disputes with landlords of adjacent land plots, complaints while the construction works are underway, land expropriation, legal amendments, and enactments of new rules and regulations after the land is acquired but not yet awarded the development license.

Annual Report 2006

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§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫ ¿“æ§≈àÕß®“°°“√™”√–§◊πÀπ’È ‘π‡™◊ËÕ‚§√ß°“√ (Project Finance) ·À≈àß‡ß‘π∑ÿπ à«π„À≠à„π°“√¥”‡π‘π°“√·≈–°“√¢¬“¬‚§√ß°“√¢Õß∫√‘…—∑ œ ®–¡“®“° ‘π‡™◊ËÕ‚§√ß°“√ (Project Finance) ·≈– à«π∑’Ë ‡À≈◊Õ¡“®“°‡ß‘π∑ÿπ¢Õß∫√‘…—∑ œ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑ œ ¡’‡ß‘π°Ÿâ¬◊¡∑’Ë‡ªìπ ‘π‡™◊ËÕ‚§√ß°“√®”π«π 1,349 ≈â“π∫“∑ ®“° ∂“∫—π°“√‡ß‘π ‚¥¬°”Àπ¥‡ß◊ËÕπ‰¢°“√™”√–§◊π‡ß‘π°Ÿâ§◊Õ‡¡◊ËÕ∫√‘…—∑ œ ‚Õπ°√√¡ ‘∑∏‘Ï∫â“π„Àâ≈Ÿ°§â“·≈â« „Àâ∫√‘…—∑ œ π”‡ß‘π∫“ß à«π¡“ ™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬ ¥—ßπ—Èπ¿“¬À≈—ß™”√–§◊π‡ß‘π°Ÿâ·≈â« ∫√‘…—∑ œ ¬—ß‡À≈◊Õ‡ß‘π∫“ß à«π¡“„™âÀ¡ÿπ‡«’¬π„π°“√¥”‡π‘πß“π·≈–™”√– Àπ’È ‘πÕ◊ËπÊ À“°‡¡◊ËÕ∂÷ß°”Àπ¥‚Õπ·≈â«‰¡à “¡“√∂‚Õπ°√√¡ ‘∑∏‘Ï‰¥â®–‡°‘¥§«“¡‡ ’Ë¬ß°“√¢“¥ ¿“æ§≈àÕß„π°“√¥”‡π‘πß“π Õ¬à“ß‰√°Áµ“¡ º≈°“√¥”‡π‘πß“π„πªï∑’Ëºà“π¡“‡¡◊ËÕ∂÷ß°”Àπ¥°“√‚Õπ°√√¡ ‘∑∏‘Ï ∫√‘…—∑ œ “¡“√∂‚Õπ∫â“π‰¥âµ“¡‡ªÑ“À¡“¬ ‚¥¬‡©æ“–‚§√ß°“√Õ“§“√ ™ÿ¥æ—°Õ“»—¬‚Õ‡√’¬≈∑—≈‡æ≈ ·≈–æ√’‡¡’¬√å‡æ≈ ´÷Ëß¡’¡Ÿ≈§à“‚§√ß°“√ª√–¡“≥ 2,400 ≈â“π∫“∑ “¡“√∂‚Õπ‰¥â‡°◊Õ∫ 100 % ∑”„Àâ∫√‘…—∑ œ ¡’ ¿“æ§≈àÕß à«π‡°‘π·≈–‰¥â™”√–§◊πÀπ’∫È “ß à«π°àÕπ°”Àπ¥ ”À√—∫„πªï 2550 ∫√‘…∑— œ ®–‡√‘¡Ë ‚Õπ°√√¡ ‘∑∏‘ÕÏ “§“√™ÿ¥´‘µ‚’È Œ¡√—™¥“¿‘‡…° ·≈–‚§√ß°“√»ÿ¿“≈—¬§“´“√‘«“ πÕ°®“°π’È·≈â«„πªï 2549 ∑’Ëºà“π¡“∫√‘…—∑ œ ‡ªî¥‚§√ß°“√„À¡à®”π«π 7 ‚§√ß°“√ √«¡∑—Èß‚§√ß°“√‡¥‘¡∑’Ë Õ¬Ÿà√–À«à“ß°“√°àÕ √â“ß´÷Ëß„™â‡ß‘π≈ß∑ÿπ®”π«π¡“°·µà ∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬¬—ß¥”√ßÕ—µ√“ à«πÀπ’È ‘π∑’Ë¿“√–¥Õ°‡∫’È¬ ÿ∑∏‘µàÕ à«π¢Õß ºŸâ∂◊ÕÀÿâπ (Gearing Ratio) „ÀâÕ¬Ÿà∑’Ë 51 % ∂◊Õ«à“§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π¢Õß∫√‘…—∑Õ¬Ÿà„π√–¥—∫µË”‡¡◊ËÕ‡∑’¬∫°—∫ºŸâª√–°Õ∫°“√∏ÿ√°‘® Õ —ßÀ“√‘¡∑√—æ¬å„π°≈ÿà¡∏ÿ√°‘®‡¥’¬«°—π πÕ°®“°π’È∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬¬—ßµâÕß√—°…“‡ß◊ËÕπ‰¢Õ◊ËπÊ µ“¡ —≠≠“‡ß‘π°Ÿâ¬◊¡ ‡™àπ - °“√®à“¬‡ß‘πªíπº≈ ∫√‘…—∑ œ ®–µâÕß‰¡à®à“¬‡ß‘πªíπº≈ ‰¡à«à“‡©æ“–°“≈À√◊Õª√–®”ªï À√◊Õ·®°®à“¬ „Àâº≈ª√–‚¬™πå À√◊Õº≈ µÕ∫·∑π„¥Ê ·°àºŸâ∂◊ÕÀÿâπ‰¡à«à“√“¬Àπ÷ËßÀ√◊Õ∑—ÈßÀ¡¥ ·≈–‰¡à«à“¥â«¬«‘∏’°“√„¥ ‡«âπ·µàºŸâ„Àâ°Ÿâ‡ÀÁπ«à“°“√¥”‡π‘π°“√¥—ß°≈à“«‰¡à °√–∑∫°√–‡∑◊ÕπµàÕ§«“¡ “¡“√∂„π°“√™”√–Àπ’È¢ÕßºŸâ°Ÿâ°àÕπ - °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ ∫√‘…—∑ œ ®–µâÕß‰¡à≈¥∑ÿπ®¥∑–‡∫’¬π - °“√§«∫À√◊Õ√«¡°‘®°“√°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ ∫√‘…—∑ œ ®–µâÕß‰¡à‡¢â“§«∫°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ À√◊Õ®—¥µ—ÈßÀ√◊Õ≈ß∑ÿπ„ππ‘µ‘∫ÿ§§≈Õ◊Ëπ ‡æ◊ÕË ¥”‡π‘πß“π·∑πÀ√◊Õ√à«¡°—∫π‘µ∫‘ §ÿ §≈Õ◊πË ¥â«¬ª√–°“√„¥Ê°Áµ“¡‡«âπ·µà®–‰¥â√∫— §«“¡¬‘π¬Õ¡≈à«ßÀπâ“‡ªìπÀπ—ß ◊Õ®“°ºŸ„â Àâ°°Ÿâ Õà π ·≈–π‘µ‘∫ÿ§§≈π—ÈπÊ ®–µâÕß‡¢â“√à«¡√—∫º‘¥™Õ∫„π∫√√¥“Àπ’È ‘πµ“¡ —≠≠“π’È√à«¡°—∫ºŸâ°Ÿâ¥â«¬ §«“¡‡ ’Ë¬ß„π°“√™”√–§◊πÀÿâπ°Ÿâ ‡¡◊ËÕ«—π∑’Ë 7 ¡°√“§¡ 2550 ∫√‘…—∑ œ ‰¥â™”√–§◊πÀπ’ÈÀÿâπ°Ÿâ¡’ª√–°—π®”π«π 275 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.50 µàÕªï Õ“¬ÿ 3 ªï ∑’Ë §√∫°”Àπ¥‰∂à∂Õπ ∑—ßÈ À¡¥·≈â« §ß‡À≈◊ÕÀÿπâ °Ÿ∑â ‰’Ë ¡à¡ª’ √–°—π§√∫°”Àπ¥‰∂à∂Õπ ªï 2550 µ“¡·ºπ°“√ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È 2 √“¬®”π«π‡ß‘π 234.90 ≈â“π∫“∑ ´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 2.5 µàÕªï ´÷Ëß∫√‘…—∑ œ ¡’°“√‡µ√’¬¡·ºπ°“√‡ß‘π‰«â™”√–§◊πÀÿâπ°Ÿâ¥—ß°≈à“«´÷Ëß®–§√∫°”Àπ¥ ‰∂à∂Õπ„π«—π∑’Ë 22 ‘ßÀ“§¡ 2550 §«“¡‡ ’Ë¬ß®“°°“√‡¢â“‰ª™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∫√‘…—∑ œ ¡’π‚¬∫“¬™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π‚¥¬„Àâ°Ÿâ¬◊¡·≈–§È”ª√–°—π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ´÷ËßÕ“®¡’§«“¡‡ ’Ë¬ß∑’Ë®–∑”„Àâ‡°‘¥§à“ „™â®à“¬À√◊Õ¡’¿“√–ºŸ°æ—π∂â“À“°∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß‰¡à “¡“√∂™”√–§◊πÀπ’È‰¥â Õ¬à“ß‰√°Áµ“¡°“√„Àâ§«“¡™à«¬‡À≈◊Õ¥—ß°≈à“« ∫√‘…—∑ œ ‰¥â®”°—¥‡©æ“–∫√‘…—∑∑’Ë∫√‘…—∑ œ ¡’Õ”π“®„π°“√§«∫§ÿ¡·≈–∫√‘À“√‡∑à“π—Èπ ∑—Èßπ’È‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“« ·≈–°àÕπ∑’Ë®– ∑”√“¬°“√∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π∑ÿ°§√—Èß ∫√‘…—∑ œ ®–ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πµ“¡·π«∑“ß¢Õßµ≈“¥À≈—°∑√—æ¬å °≈à“« §◊Õ ∫√‘…—∑ œ ®–‡ πÕ¢Õ§«“¡‡ÀÁπ®“°§≥–°√√¡°“√µ√«® Õ∫·≈–¢ÕÕπÿ¡—µ‘®“°§≥–°√√¡°“√∫√‘…—∑ ·≈–/À√◊Õ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π °√≥’∑’Ë‡¢â“‡°≥±åµ“¡∑’Ëµ≈“¥À≈—°∑√—æ¬åœ °”Àπ¥ πÕ°®“°π’È·≈â«À“°∫√‘…—∑ œ ·≈– / À√◊Õ ∫√‘…—∑¬àÕ¬¡’ ¿“æ§≈àÕß à«π‡°‘π ∫√‘…—∑ œ ·≈– / À√◊Õ ∫√‘…—∑¬àÕ¬®–∫√‘À“√®—¥°“√„Àâ‡°‘¥º≈ µÕ∫·∑π·≈–ª√–‚¬™πå ßŸ ÿ¥·°à°≈ÿ¡à ∫√‘…∑— ∑—ßÈ ∑“ßµ√ß·≈–∑“ßÕâÕ¡„π∞“π–∑’∫Ë √‘…∑— œ ‡ªìπºŸ∂â Õ◊ Àÿπâ „À≠à¥«â ¬°“√„Àâ°¬Ÿâ ¡◊ √–À«à“ß°—π ”À√—∫ „πªï∑’Ëºà“π¡“∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’ ¿“æ§≈àÕß à«π‡°‘π®÷ß‰¥â„Àâ§«“¡™à«¬∑“ß°“√‡ß‘π·°à∫√‘…—∑ œ ·≈– / À√◊Õ ∫√‘…—∑¬àÕ¬ ‚¥¬§‘¥Õ—µ√“¥Õ°‡∫’È¬„πÕ—µ√“∑’ËµË”°«à“µâπ∑ÿπ∑“ß°“√‡ß‘π∑’Ë∫√‘…—∑ œ ·≈– / À√◊Õ ∫√‘…—∑¬àÕ¬ °Ÿâ®“° ∂“∫—π°“√ ‡ß‘π√âÕ¬≈– 0.50

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

RISK FACTORS AND RISK MANAGEMENT

Financial Risks Risk from project financing loan repayment Most of the Company没s funds for working capital and project development comes from project finance loans. The rest comes from the cash flow. As of 31 December 2006, project finance totalling Bt1,349 million. Under the repayment condition, once completed units are transferred to clients, parts of the proceeds will be retire the principal and interest. After payment, some parts of the company is left for working capital and repay other loans. If the units could not be transferred, the Company没s liquidity could be at risk. However, last year, the Company achieved the transfer target. The transfer rate of Oriental Place and Premier Place condominiums, with combined value of Bt 2,400 million, was nearly 100%. In 2007 the Company wil start transferring units in City Home Ratchadapisek condominium and Supalai Casa Riva. Beside, in 2006, the Company launched 7 new projects which required huge funds. Despite this, the gearing ratio was 51%, showing a low financial risk compared to those in the same industry. Moreover, under loan agreements, the Company and subsidiaries are obliged to honour these conditions; - Dividend payment: No dividend, interim or annualized, would be paid and no shareholder would be rewarded of any kind unless lenders see that such payment would not jeopardize the Company没s ability to pay. - Capital reduction: the Company must not reduce registered capital. - Merger & acquisition: the Company must not be merged with other companies or enter into any legal entity or join other legal entity without written consent from lenders. The legal entities would thus be obligated to take responsibility for the Company没s liabilities. Risk from loan repayment On 7 January 2007, the Company redeemed Bt275 million 3-year secured debentures which carry 4.50% in coupon rate. Remaining are unsecured debentures which are issued under the debt restructuring plan and will mature in 2007. Valued at Bt234.90 mil ion, the debentures carry 2.5% in annual coupon rate. The Company is prepared for the redemption on 22 August 2007. Risk from financial assistance to subsidiaries or connected companies The Company has the policy to lend or provide loan guarantee to subsidiaries or connected companies, which could incur costs and obligations if the counterparties fail to repay their loans. However, such assistance is limited to the companies in which the Company has management control, to prevent the risk. Before entering into a connected transaction, the Company would follow the regulations of the Stock Exchange of Thailand: we asks for comments from the audit committee and approval from the board of directors and/or shareholders if required by the SET regulations. Moreover, in case of excess liquidity, the Company and/or subsidiaries would ensure that the amount is generating maximum returns to the entire group directly and indirectly, through cross-company lending. In the past year, Haad-Yai Nakarin Co Ltd, a subsidiary, showed excess liquidity and extended financial assistance to the Company and/or subsidiaries at a special rate - 50 basis points below the rates the Company and/or subsidiaries is charged by financial institutions.

Annual Report 2006

√“¬°“√√–À«à“ß°—π

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

√“¬°“√√–À«à“ß°—π°—∫∫ÿ§≈Õ◊Ëπ∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ¢âÕ¡Ÿ≈√–À«à“ß°—π√«¡∑—Èß¡Ÿ≈§à“¢Õß√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈Õ◊Ëπ∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‰¥â‡ªî¥‡º¬„πÀ¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π„πÀ—«¢âÕ 6 ∑—Èßπ’È„πªï∑’Ëºà“π¡“ ∫√‘…—∑ œ ¡’√“¬°“√√–À«à“ß°—π¥—ßπ’È ™◊ËÕ·≈–§«“¡ —¡æ—π∏å ∫√‘…—∑ ¿Ÿ‡°Áµ‡Õ ‡µ∑ ®”°—¥ ´÷Ëß¡’ §ÿ≥ª√–∑’ª §ÿ≥™«π ·≈–§ÿ≥Õ—≠™—π µ—ßÈ ¡µ‘∏√√¡ ‡ªìπºŸ∂â Õ◊ Àÿπâ √«¡ 10.13% πÕ°®“°π’§È ≥ÿ ª√–∑’ª ·≈– §ÿ≥™«π ‡ªìπ°√√¡°“√„π∫√‘…—∑

≈—°…≥–√“¬°“√

¡Ÿ≈§à“ §«“¡®”‡ªìπ·≈– ¡‡Àµÿ ¡º≈ (≈â“π∫“∑) §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® ∫√‘…∑— »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ≈ß∑ÿπ 15.56 Õ∫¡’§«“¡‡ÀÁπ«à“ √“¬°“√√–À«à“ß°—π∑’Ë „πÀÿπâ ‡æ‘¡Ë ∑ÿπ¢Õß∫√‘…∑— ¿Ÿ‡°Áµ‡Õ ‡µ∑ ∫√‘…—∑ œ ´◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ®”°—¥ ´÷Ëß‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° ‡Õ ‡µ∑ ®”°—¥ „π à«π∑’ËºŸâ∂◊ÕÀÿâπ‡¥‘¡ 76.82 ≈â“π∫“∑ ‡ªìπ 153.63 ≈â“π∫“∑ ≈– ‘∑∏‘´÷Ëß√«¡ à«π¢Õß∫ÿ§§≈∑’Ë‡°’Ë¬« (1 : 1 √“§“æ“√å) ‚¥¬∫√‘…—∑ »ÿ¿“≈—¬ ‚¬ß°—ππ—Èπ ∫√‘…—∑ œ „π∞“π–ºŸâ∂◊ÕÀÿâπ ®”°—¥ (¡À“™π) ≈ß∑ÿπ„πÀÿâπ‡æ‘Ë¡∑ÿπ µ“¡ —¥ à«π ·≈–„π —¥ à«π¢ÕßºŸâ∂◊Õ „À≠à¢Õß∫√‘…∑— ¿Ÿ‡°Áµ‡Õ ‡µ∑ ®”°—¥ ·≈– Àÿâπ‡¥‘¡ ≈– ‘∑∏‘√«¡∑—Èß„π à«π¢Õß ¡’ management control ‡ÀÁπ«à“∫√‘…—∑ §ÿ≥ª√–∑’ª §ÿ≥™«π ·≈– §ÿ≥Õ—≠™—π ¿Ÿ‡°Áµ‡Õ ‡µ∑ ®”°—¥ ¡’§«“¡®”‡ªìπµâÕß ¡’‡ß‘π∑ÿπ‡æ◊ËÕ¥”‡π‘πß“π„Àâ‚√ß·√¡‡ªî¥ µ—ßÈ ¡µ‘∏√√¡ ´÷ßË ∂◊Õ‡ªìπ√“¬°“√‡°’¬Ë «‚¬ß ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß ∫√‘…—∑ µ— « ‰¥â ∑— π µ“¡°”Àπ¥®÷ ß ®–π”¡“´÷Ë ß »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ‡ª≈’Ë¬π®“° §«“¡πà“‡™◊ËÕ∂◊Õ„π°“√¢“¬ villa „Àâ™“« 44.10% ‡ªìπ 69.45% À≈—ß°“√‡æ‘Ë¡ µà“ß™“µ‘¬àÕ¡‡ªìπ‡√◊ËÕß ”§—≠∑’ËµâÕß™à«¬ ∑ÿπ§√—Èßπ’È °—πº≈—°¥—π„Àâ‡°‘¥¢÷πÈ ´÷ßË ®–∑”„Àâ∫√‘…∑— œ ‡°Á∫‡°’Ë¬«º≈ª√–‚¬™πå¥—ß∑’Ë‡§¬µ—Èß¡—Ëπ‰«â ‰¥âÕ¬à“ß‡ªìπ√Ÿª∏√√¡

Best Western Premier Supalai Resort & Spa (Poolside Vil a)

√“¬ß“πª√–®”ªï 2549

Related Transactions

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.6 Last year , the company had related transaction as follow : Name and Relationship

Type of Transaction

Value

Rationale

(mil ion baht)

Phuket Estate Co.,Ltd, held 10.13% by Mr.Prateep, Mr.Chuan and Mrs.Anchan Tangmatitham. Mr.Prateep and Mr.Chuan are directors of the Company.

Supalai Public Company Limited bought new shares from Phuket Estate, which raised capital from Baht 76.82 million to Baht 153.63 mil ion, (1:1 at the par value of 10 baht per share) Supalai subscribed to the shares to maintain its holding in the company and also unsubscribed shares of other shareholders including Mr.Prateep, Mr.Chuan and Mrs.Anchan Tangmatitham, making it connected transaction. Supalai没s holding thus rose from 44.10 % to 69.45%

15.56

The board of directors and the audit committee resolved that Supalai没s purchase of shares including unsubscribed shares of other shareholders was completed as the major shareholder of Phuket Estate Co.,Ltd. Having the management control in Phuket Estate Co.,Ltd. Supalai sees the need that the subsidiary must have new capital to ensure scheduled opening of its hotel, to convince foreign buyers of the credibility of its vil as. The transaction is completed so that Supalai can reap the expected benefits.

Best Western Premier Supalai Resort & Spa (Poolside Vil a)

Annual Report 2006

√“¬°“√√–À«à“ß°—π ™◊ËÕ·≈–§«“¡ —¡æ—π∏å ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ´÷ßË ¡’§≥ÿ ª√–∑’ª §ÿ≥Õ—®©√“ §ÿ≥™«π ·≈– §ÿ≥Õ—≠™—π µ—Èß¡µ‘∏√√¡ ‡ªìπ ºŸâ∂◊ÕÀÿâπ√«¡ 10.05% πÕ°®“°π’È §ÿ≥ª√–∑’ª ·≈– §ÿ≥Õ—®©√“ ‡ªìπ °√√¡°“√„π∫√‘…—∑

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√“¬ß“πª√–®”ªï 2549

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¡Ÿ≈§à“ §«“¡®”‡ªìπ·≈– ¡‡Àµÿ ¡º≈ (≈â“π∫“∑) ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 60.39 §≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ °“√„Àâ§«“¡™à«¬ „Àâ § «“¡™à « ¬‡À≈◊ Õ ∑“ß°“√‡ß‘ π „π ∑“ß°“√‡ß‘π®–∑”„Àâ°“√∫√‘À“√‡ß‘π¢Õß ≈—°…≥–‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑ »ÿ¿“≈—¬ °≈ÿ¡à ∫√‘…∑— ‰¥â√∫— ª√–‚¬™πå ßŸ ÿ¥ °≈à“«§◊Õ ®”°—¥ (¡À“™π) ·≈–/À√◊Õ ∫√‘…∑— ¬àÕ¬ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ®–‰¥â ∑’Ë¡’°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ√à«¡°—π‚¥¬ √— ∫ º≈µÕ∫·∑π Ÿ ß °«à “ °“√≈ß∑ÿ π „π √“¬°“√¥—ß°≈à“«‡ªìπ√“¬°“√∑’Ë‡ªìπ‰ª µ√“ “√À√◊ Õ Ω“°‡ß‘ π à ß º≈„Àâ º ≈ µ“¡∏ÿ√°‘®ª°µ‘¢Õß∫√‘…—∑ œ ·≈– ª√–°Õ∫°“√¥’¢÷Èπ ¢≥–‡¥’¬«°—π∫√‘…—∑ œ ∫√‘…—∑¬àÕ¬ ·≈–¡’§«“¡ ¡‡Àµÿ ¡º≈ ‚¥¬§‘ ¥ Õ— µ √“¥Õ°‡∫’È ¬ ‰¡à ‡ °‘ π °«à “ ·≈–/À√◊Õ∫√‘…—∑¬àÕ¬ ¡’µâπ∑ÿπ∑“ß°“√ Õ—µ√“¥Õ°‡∫’È¬µË” ÿ¥∑’Ë∫√‘…—∑ »ÿ¿“≈—¬ ‡ß‘π∑’ËµË”°«à“À√◊Õ‡∑à“°—∫°“√°Ÿâ®“° ∂“∫—π ®”°—¥ (¡À“™π) À√◊Õ∫√‘…—∑¬àÕ¬°Ÿâ °“√‡ß‘ π à ß º≈∑“ßµ√ß„π¥â “ πº≈ ®“° ∂“∫—π°“√‡ß‘π‚¥¬µ√ß ª√–°Õ∫°“√∑’Ë¥’¢÷Èπ ·≈– àßº≈∑“ßÕâÕ¡ µàÕ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) „π ∞“π–ºŸâ∂◊ÕÀÿâπ„À≠à(49.89%) ¢Õß∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ·≈–∫√‘…—∑ ¬àÕ¬‡À≈à“π—πÈ °. ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) „Àâ § «“¡™à « ¬‡À≈◊ Õ ∑“ß°“√‡ß‘ π „π ≈—°…≥–‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑ »ÿ¿“≈—¬ Õ‘ “π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬∑’Ë¡’ °√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ√à«¡°—π ‚¥¬ √“¬°“√¥—ß°≈à“«‡ªìπ√“¬°“√∑’Ë‡ªìπ‰ª µ“¡∏ÿ°‘®ª°µ‘¢Õß∫√‘…—∑ œ ·≈–¡’ §«“¡ ¡‡Àµÿ ¡º≈ ‚¥¬§‘ ¥ Õ— µ √“ ¥Õ°‡∫’È¬‡∑à“°—∫À√◊Õ Ÿß°«à“µâπ∑ÿπ‡ß‘π °Ÿâ¬◊¡¢Õß∫√‘…—∑ œ ¢. ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) §È” ª√–°— π °“√°Ÿâ ‡ ß‘ π ¢Õß∫√‘ …— ∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥

106.16

161.50

§≥–°√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“°“√„Àâ§«“¡™à«¬‡À≈◊Õ ∑“ß°“√‡ß‘ π ‡ªì π √“¬°“√∑’Ë ‡ ªì π ‰ªµ“¡ ∏ÿ√°‘®ª°µ‘¢Õß∫√‘…—∑ œ ·≈–¡’§«“¡ ¡ ‡Àµÿ ¡º≈ ‚¥¬§‘¥Õ—µ√“¥Õ°‡∫’È¬‡∑à“°—∫ À√◊Õ Ÿß°«à“µâπ∑ÿπ‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑ œ à«π°“√§È”ª√–°—π°“√°Ÿâ‡ß‘π¢Õß∫√‘…—∑ »ÿ ¿ “≈— ¬ Õ‘ “π ®”°— ¥ ¡’ § «“¡‡ÀÁ π «à “ ∂“∫—π°“√‡ß‘π ºŸâ„Àâ°Ÿâ à«π„À≠à®–‡√’¬° √âÕß„Àâº∂Ÿâ Õ◊ Àÿπâ ‡ªìπºŸ§â È”ª√–°—π«ß‡ß‘π°Ÿ¥â «â ¬

Related Transactions

Supalai Public Company Limited Name and Relationship

Type of Transaction

Value

Rationale

(mil ion baht)

Haad-Yai Nakarin Co.,Ltd, held 10.05% by Mr.Prateep, Mrs.Ajchara,Mr.Chuan and Mrs.Anchan Tangmatitham. Mr.Prateep and Mrs.Ajchara are directors of the Company.

Haad-Yai Nakarin Co.,Ltd. loaned to Supalai Public Company Limited and / or subsidiaries with cross-directorship and crossshareholders, a normal and reasonable business transaction. The interest rate is not higher than the lowest rate offered by financial institutions to Supalai or subsidiaries.

60.39

The board of directors and the audit committee resolved that the financial assistance would benefit the group. Haad-Yai Nakarin Co.,Ltd,没s return would be higher than the interest rates of debentures or deposits. Meanwhile, the Company and/or subsidiaries are subject to loans with interest rates lower or equivalent to the rates offered by financial institutions. That should boost the Company没s financial return as a major shareholder of Haad-Yai Nakarin Co.,Ltd,(49.89%) and those subsidiaries.

Supalai Northeast Co.,Ltd. held 0.38% by Mr.Prateep,Mrs.Ajchara Tangmatitham, who are directors of the Company.

A. Supalai Public Company Limited loaned to Supalai Northeast Co.,Ltd. as a subsidiary with cross-directorship and crossshareholders. The loan is reasonable as the interest rate is equivalent to higher than the Company没s cost of fund. B. Supalai guaranteed a loan to Supalai Northeast Co.,Ltd.

106.16

The board of directors and the audit committee resolved that the transactions are normal and reasonable. The interest rate is equivalent or higher than the Company没s cost of fund. Meanwhile, the loan guarantee from the major shareholder is a requirement from most lending financial institutions.

161.50

Annual Report 2006

√“¬°“√√–À«à“ß°—π

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π‚¬∫“¬À√◊Õ·π«‚πâ¡„π°“√∑”√“¬°“√√–À«à“ß°—π„πÕπ“§µ ∫√‘…—∑ œ ¡’π‚¬∫“¬„π°“√∑”√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªí®®ÿ∫—πµàÕ‰ª„πÕπ“§µ ‚¥¬®–°”Àπ¥‡ß◊ËÕπ‰¢µà“ß Ê „Àâ‡ªìπ‰ªµ“¡ ≈—°…≥–°“√¥”‡π‘π∏ÿ√°‘®ª°µ‘ ·≈–‡ªìπ√“§“µ≈“¥´÷Ëß “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â°—∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈¿“¬πÕ° ∑—Èßπ’È ∫√‘…∑ œ ‰¥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√–°“» §” —Ëß 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¬‡°‘¥¢÷Èπ°—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ¡’ à«π‰¥â à«π‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„πÕπ“§µ ∫√‘…—∑ œ ®–„Àâ§≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸâ„Àâ§«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡ ®”‡ªìπ·≈–§«“¡‡À¡“– ¡¢Õß√“¬°“√π—Èπ „π°√≥’∑’Ë§≥–°√√¡°“√µ√«® Õ∫‰¡à¡’§«“¡™”π“≠„π°“√æ‘®“√≥“√“¬°“√√–À«à“ß°—π∑’ËÕ“® ‡°‘¥¢÷Èπ ∫√‘…—∑ œ ®–„ÀâºŸâ‡™’Ë¬«™“≠Õ‘ √–À√◊ÕºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ œ ‡ªìπºŸâ„Àâ§«“¡‡ÀÁπ‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π¥—ß°≈à“« ‡æ◊ËÕπ”‰ª„™â ª√–°Õ∫°“√µ—¥ ‘π„®¢Õß§≥–°√√¡°“√À√◊ÕºŸâ∂◊ÕÀÿâπµ“¡·µà°√≥’ ∑—Èßπ’È ∫√‘…—∑ œ ®–‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ ß∫°“√‡ß‘π∑’Ë‰¥â√—∫°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ œ ”À√—∫°“√„Àâ§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π„πÕπ“§µ·°à∫√‘…—∑¬àÕ¬ ∫√‘…—∑ œ ®–æ‘®“√≥“∂÷ß∞“π–°“√‡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 °“√∂◊ÕÀÿâπ ∑—Èßπ’È°“√„Àâ§«“¡™à«¬‡À≈◊Õ∑“ß°“√‡ß‘π·°à∫√‘…—∑¬àÕ¬‡À≈à“π—Èπ ∫√‘…—∑ œ ‰¥âæ‘®“√≥“∑—Èßº≈¥’·≈–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∂◊Õ Àÿâπ„À≠à ·≈–¡’Õ”π“®„π°“√§«∫§ÿ¡°“√∫√‘À“√‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ œ ∑—Èßπ’È∫√‘…—∑ œ ®–‰¡à„Àâ§«“¡™à«¬‡À≈◊Õ ∑“ß°“√‡ß‘π·°à∫√‘…—∑Õ◊Ëπ∑’Ë‰¡„™à∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ œ Supatsorn Type

√“¬ß“πª√–®”ªï 2549

Supathorn Type

Related Transactions

Supalai Public Company Limited

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 shareholders 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 company没s future connected transactions will be based on regular business patterns and comparative market prices. The company没s audit committee is also empowered to consider the appropriate price and the rationale of the connected transactions. On future connected transaction, 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 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 wil 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 will hire an independent expert or the company没s auditor to comment on the transaction. The comment will 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 will consider their financial positions, performance and ability to repay the loans, for example. The company will provide the assistance in relation to our shareholding. 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 wil not provide a similar financial assistance to non-subsidiaries.

Supiwat Type

Supakasaem Type

Annual Report 2006

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑

∫√‘ …— ∑ »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¿“≈—¬ ®”°—¥ (¡À“™π) Õ“§“√»ÿ¿“≈—¬·°√π¥å∑“«‡«Õ√å ‡≈¢∑’Ë 1011 ∂ππæ√–√“¡ 3 ·¢«ß™àÕßππ∑√’ ‡¢µ¬“ππ“«“ °√ÿß‡∑æ¡À“π§√ 10120 æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 0107535000303 0-2725-8888 0-2683-2177 Website : www.supalai.com, E-mail : mail@supalai.com 1,770,000,000 ∫“∑ 1,570,471,795 ∫“∑

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å

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

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√“¬ß“πª√–®”ªï 2549

∫√‘…—∑ »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 1,460,000 ∫“∑

Supalai Public Company Limited

SUPALAI INFORMATION

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

Supalai Public Company Limited 1011 Supalai Grand Tower Building, Rama III Road , Chongnonsee , Yannawa , Bangkok 10120 Real Estate Development 0107535000303 0-2725-8888 0-2683-2177 Website : www.supalai.com, E-mail : mail@supalai.com 1,770,000,000 Baht 1,570,471,795. Baht

OTHER REFERENCES Registrar

Telephone Fax Call Center Home Page External Auditor

Auditor没s Fee

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 1,460,000

Annual Report 2006

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∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

(≈â“π∫“∑) ªï 2549 ¬Õ¥¢“¬∑’Ë∑” —≠≠“ √“¬‰¥â√«¡ 4,693.94 √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å 4,517.90 Õ—µ√“°”‰√¢—Èπµâπ (%) 42 % §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 405.26 Õ—µ√“§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√‡∑’¬∫°—∫ √“¬‰¥â√«¡ (%) 9% °”‰√°àÕπ¿“…’‡ß‘π‰¥â 1,353.09 ¿“…’‡ß‘π‰¥â 473.01 Õ—µ√“¿“…’‡ß‘π‰¥â‡∑’¬∫°—∫°”‰√°àÕπ¿“…’ (%) 35 % °”‰√ ÿ∑∏‘ 880.08 Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) 19 % °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑)-∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° 0.60 Àπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 0.91 Àπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬ ÿ∑∏‘µàÕ à«π¢Õß ºŸâ∂◊ÕÀÿâπ (%) 51 % ¡Ÿ≈§à“∑“ß∫—≠™’µàÕÀÿâπ (∫“∑) 2.68 ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µàÕÀÿâπ (∫“∑) 5.33

ß∫°“√‡ß‘π√«¡ ªï 2548 ‡æ‘¡Ë (≈¥)% (ª√—∫ª√ÿß) 3,503.82 3,356.96 43 % 362.39 10 % 1,034.10 203.24 20 % 830.86 24 % 0.70 1.11 72 % 2.72 4.39

34 % 35 % 12 %

31 % 133 % 6%

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ªï 2549 ªï 2548 ‡æ‘¡Ë (≈¥)% (ª√—∫ª√ÿß) 7,193 7,381 (3) % 4,414.67 3,270.50 35 % 4,340.72 3,211.52 35 % 42 % 43 % 370.47 312.19 19 % 8% 1,298.08 436.40 34 % 861.68 20 % 0.58 0.90

10 % 969.34 177.20 18 % 792.14 24 % 0.65 1.06

51% 2.59 5.24

69 % 2.70 4.38

34 % 146 % 9%

·¡â«à“ªí®®—¬¿“¬πÕ°µà“ß Ê Õ“∑‘‡™àπ Õ—µ√“¥Õ°‡∫’È¬ √“§“πÈ”¡—π ·≈–‡ ∂’¬√¿“æ∑“ß°“√‡¡◊Õß ®–¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„® ´◊ÈÕ¢Õß≈Ÿ°§â“ ·µà∫√‘…—∑ œ °Áª√– ∫§«“¡ ”‡√Á®®“°°“√‡ªî¥‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬√‘¡·¡àπÈ”‡®â“æ√–¬“∑’Ë “¡“√∂∑”¬Õ¥¢“¬‰¥â°«à“ 2,000 ≈â“π∫“∑ ª√–¡“≥ 90 % ¢Õß¡Ÿ≈§à“‚§√ß°“√·≈–‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬∫π∂ππ»√’π§√‘π∑√å-∫“ßπ“∑’Ë¡’¬Õ¥¢“¬ Ÿß∂÷ß 60 % Õ¬à“ß‰√°Áµ“¡∫√‘…—∑ œ ¡’¬Õ¥¢“¬∑’Ë∑” —≠≠“·≈â«‡∑à“°—∫ 7,193 ≈â“π∫“∑ ´÷Ëß≈¥≈ß°«à“ªï°àÕπ 3 % ‡π◊ËÕß¡“®“°‚§√ß°“√Õ“§“√™ÿ¥æ—° Õ“»—¬∫π∂ππ»√’π§√‘π∑√å-∫“ßπ“‡ªî¥‚§√ß°“√™à«ßª≈“¬ªï®÷ß¡’≈Ÿ°§â“∑’Ë¬—ß‰¡à‰¥â∑” —≠≠“Õ’°ª√–¡“≥ 200 ≈â“π∫“∑ à«π§«“¡ ”‡√Á®„π °“√ àß¡Õ∫ÀâÕß™ÿ¥∑’Ë √â“ß‡ √Á®Õ—π‰¥â·°à ‚§√ß°“√‚Õ‡√’¬≈∑—≈‡æ≈ “∑√- «πæ≈Ÿ ·≈–‚§√ß°“√æ√’‡¡’¬√å‡æ≈ ∫√‘…—∑ œ àß¡Õ∫ÀâÕß™ÿ¥„Àâ ≈Ÿ°§â“‡°◊Õ∫ 100 % ·≈–‡√‘Ë¡ àß¡Õ∫ÀâÕß™ÿ¥‚§√ß°“√´‘µ’È‚Œ¡ √—™¥“¿‘‡…° ‡ø ·√° „Àâ≈Ÿ°§â“·≈â«‡¡◊ËÕ™à«ßª≈“¬ªï ∑”„Àâº≈ª√–°Õ∫°“√„πªï 2549 ‡µ‘∫‚µ®“°ªï°àÕπ¥—ß¡’√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å‡∑à“°—∫ 4,517.90 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ß«¥‡¥’¬«°—π¢Õßªï°àÕπ 1,160.95 ≈â“π∫“∑ §‘¥‡ªìπ‡æ‘Ë¡¢÷Èπ 35 % ‡ªìπº≈¡“®“°°“√ àß¡Õ∫∫â“π·≈–Õ“§“√™ÿ¥„Àâ≈Ÿ°§â“‰¥â∂÷ß®”π«π 4,829 ≈â“π∫“∑ ·≈–∫“ß à«π‡°‘¥®“°°“√√—∫√Ÿâ√“¬‰¥âµ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë ”‡√Á®¢ÕßÕ“§“√™ÿ¥∑’Ë¬—ß √â“ß‰¡à‡ √Á® ·¡â«à“√“§“«— ¥ÿ°àÕ √â“ß·≈–§à“¢π àßµ≈Õ¥®π§à“·√ßß“π®–ª√—∫µ—«‡æ‘Ë¡¢÷Èπµ≈Õ¥ªï∑’Ëºà“π¡“®π∂÷ßªí®®ÿ∫—π ·µà∫√‘…—∑ œ ·≈– ∫√‘…—∑¬àÕ¬¬—ß§ßπ‚¬∫“¬‰¡àª√—∫√“§“„π°√≥’∑’Ë‡ªìπ∫â“π √â“ß‰«â°àÕπ ·≈–ª√—∫√“§“‡∑à“∑’Ë®”‡ªìπ„π∫â“π∑’Ë √â“ß„À¡à ∑”„ÀâÕ—µ√“ °”‰√¢—Èπµâπ¢Õß∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬ ≈¥≈ß®“° 43 %¢Õßªï∑’Ëºà“π¡“Õ¬Ÿà∑’Ë√–¥—∫ 42 % Õ¬à“ß‰√°Áµ“¡°Á¬—ß “¡“√∂§ß‰«â„π Õ—µ√“∑’Ë ŸßÕ—π‡ªìπº≈¡“®“°∫√‘…—∑ œ ·≈–∫√‘…—∑¬àÕ¬¡’°“√∫√‘À“√®—¥°“√µâπ∑ÿπ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ Õ—µ√“§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√µàÕ√“¬‰¥â√«¡‡∑à“°—∫ 9% ¢≥–∑’Ëªï°àÕπ Ÿß 10 % · ¥ß„Àâ∂÷ß§«“¡ “¡“√∂„π°“√ §«∫§ÿ¡§à“„™â®à“¬‰¥â‡ªìπÕ¬à“ß¥’

√“¬ß“πª√–®”ªï 2549

Operational Result

Supalai Public Company Limited Unit : Mil ion Baht 2006

Contractual Sales Total Revenues Revenue from Sales of Real Estate Gross Profit Margin (%) Selling and Administrative Expenses Selling and Administrative Expenses to Total Revenues (%) Earning before tax Corporate Income Tax Corporate Income Tax to Earning before tax(%) Net Profit Net Profit margin (%) E.P.S. (Baht)-weighted average Debt to Equity (Times) Net Gearing Ratio (%) Book Value per share (Baht) Net Assets Value per share (Baht)

Consolidated 2005

Increase /

(Restated)

(Decrease) %

4,693.94 4,517.90 42 % 405.26

3,503.82 3,356.96 43 % 362.39

9% 1,353.09 473.01

10 % 1,034.10 203.24

35 % 880.08 19 % 0.60 0.91 51 % 2.68 5.33

20 % 830.86 24 % 0.70 1.11 72 % 2.72 4.39

2006

Company only 2005 Increase / (Restated) (Decrease) %

12 %

7,193 4,414.67 4,340.72 42 % 370.47

7,381 3,270.50 3,211.52 43 % 312.19

31 % 133 %

8% 1,298.08 436.40

10 % 969.34 177.20

34 % 861.68 20 % 0.58 0.90 51% 2.59 5.24

18 % 792.14 24 % 0.65 1.06 69 % 2.70 4.38

34 % 35 %

(3) % 35 % 35 % 19 %

34 % 146 %

Although the external factors such as interest rate , oil price and stability of politic many have some impact to the buyers没 decision, but the company was able to successfully sold over 2 billion or 90 % of total project value of one riverside condominium, and also succeeded of year 2006, in selling Condominium project on Srinakarin-Bangna Road with value around 60 % of total project value. However, the company 霉s contractual sales was 7,193 million baht, slightly decreased by 3 % from that of last year, the reason was Condominium on Srinakarin-Bangna Road opening at the end of this year, so the contract sales amounting 200 million baht not yet signed. The success of transferring units of Oriental Place - Sathorn - Suanplu Condominium and Premier Place Condominium almost 100 % to customers , and transferring units of City Home Ratchadahisek - Phase 1 at the end of this year, so the operational result of 2006 was better than previous year. The detail are as follow: Revenues from sales on real estate was 4,517.90 million baht , increased by 1,160.95 million baht or 35 % from last year resulting from revenue recognition from transferring single detached houses , town houses and completed condominiums amounting 4,829 million baht and from revenue recognition of under construction condominiums based on the percentage of completion method. In spite of construction material price , transportation cost and labor cost increase, the company and its subsidiaries stil maintained the selling price of those pre-built houses and only increase in new production ones. So the company and its subsidiaries had gross profit margin slightly decrease from 43 % of last year to 42 %. However, it stil can sustain at high level attributable to effective cost control. Selling and administrative expenses to total revenues was 9 % while last year was 10 %, this confirmed its ability in controlling expenses.

Annual Report 2006

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∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Operational Result

Interest expenses was increased from 26.17 million baht of last year to 48.12 million baht of this year due to increasing in interest rate and not capitalized interest cost in completed condominium projects. Earning before tax was1,353.09 mil ion baht , increased 318.99 million baht from last year or 31 %. Corporate income tax was 473.01, or 35 % of earning before tax while last year was only 203.24 million baht or 20 % of earning before tax. The reason is the company and its subsidiaries recorded corporate income tax in compliance with the Revenues Code, calculating revenues on the basis of installments due per the agreements. While the company recognized revenues on Thai Accounting Standard #26 ,as a percentage of completion basis, and do not apply deferred tax accounting. So, corporate income tax as presented in the earnings statement therefore does not relate to the figure for earnings before tax, due to transferring installment of condominium amounting to 2,600 million baht. Net profit was 880.08 mil ion Baht, increased by 49.22 million baht of last year or 6 %. Weighted average earning per share was 0.60 baht while last year was 0.70 baht, due to 324.32 million shares increase as a result from warrants #2 , 3 and ESOP exercised. However, net profit of the company only was 861.68 million baht , or increased by 9 % The company and subsidiaries appraised assets and projects at the end of every year, and this year net asset value per share of the company and subsidiaries was 5.33 baht , higher than that of 4.39 baht per share in 2005, while book value per share was 2.68 baht. The past records showed the efficiency of the company and its subsidiaries keeping gross profit margin above 40 % close to previous year , and debt to equity ratio was 0.91 time, decreased from 1.11 times of last year. Although the company has invested more in developing new projects, but net gearing ratio was only at 51 %, decreased from 72 % of last year. This reflects the strong financial status of the company and its subsidiaries. In addition, the company has contractual sales not yet transferred amounting 8,651 million baht on hand expecting to be able to transfer to customers no less than 3,400 million baht in 2007 and the rest to the years to come. Supamantira Type

Annual Report 2006

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Report of Independent Auditor

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 2006 and 2005, the related consolidated statements of income, 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 responsibility of the management of the Company and its subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my 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 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 2006 and 2005, and the results of their operations and cash flows for the years then ended, in accordance with generally accepted accounting principles.

Annual Report 2006

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√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Report of Independent Auditor

Without qualifying my opinion on the financial statements, I draw attention to the uncertainties with regard to litigation described in Note 33.4 to the financial statements and the changes its accounting policies described in Note 4 to the financial statements as below. a) The Company has been sued for a total of approximately Baht 85.3 million 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 million for liabilities arising as a result of these cases, based on the opinions of its legal department. b) During 2006, the Company entered into a Baht 550 million contract to purchase and to sell land with a company, under which the stipulated transfer date was 3 January 2007, and paid a deposit amounting to Baht 50 million to that company for the purchase. Subsequently, the Company learned that some parts of the land are in an area earmarked for expressway construction, and as a result of the loss of this area the Company would be unable to develop the land as planned. On December 2006, the Company therefore cancelled the contract and requested the refund of the deposit and payment of damages. On 1 February 2007, the seller has sued the Company for breach of contract and to compel the Company to accept the transfer of land ownership and pay a total of Baht 500 million plus damages. However, the Company is going to fight the case and make a counterclaim for damages. The legal department of the Company is of the opinion that the Company is likely to win such a case and receive the return of the deposit. As a result, the Company does not record allowance for loss on impairment of the deposit or provision for the contingent liability in respect of this litigation. c) During 2006, the Company and its subsidiaries changed their accounting policy for recording property and plant from the revaluation method to the cost method, and changed its accounting policy for recording investments in subsidiaries in the separate financial statements of the Company from the equity method to the cost method.

Thipawan Nananuwat Certified Public Accountant (Thailand) No. 3459 Ernst & Young Office Limited Bangkok : 20 February 2007

Annual Report 2006

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‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“ ≈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◊Ëπ 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∑÷°‚¥¬«‘∏’√“§“∑ÿπ - ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ ‚§√ß°“√√–À«à“ß°àÕ √â“ß - ÿ∑∏‘ ∑’Ë¥‘π√Õ°“√æ—≤π“ ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π¡—¥®”·≈–‡ß‘πª√–°—π Õ◊Ëπ 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“πª√–®”ªï 2549

8 6 6 8 9 10

11 6 6 12 13 14 15 6 16 33.4

ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

115,944,172 41,091 1,249,642 12,562,346 220,517,087 6,129,668,654 56,807,488 10,342,402 1,605,340

77,594,366 39,994 16,170,972 612,265,954 5,052,733,294 13,500,000 9,009,521 5,049,538

63,817,689 9,952,599 220,517,087 5,660,654,382 56,807,488 9,063,520 1,442,620

66,293,429 14,235,956 2,354,000 4,004,274 611,672,297 4,709,972,618 5,000,000 8,577,404 4,807,993

16,101,436 58,948,686 6,623,788,344

11,907,353 74,419,134 5,872,690,126

14,960,148 49,490,244 6,086,705,777

11,190,273 71,733,495 5,509,841,739

1,819,941 1,500,000 3,589,765 301,407,116 213,078,092 1,109,708,282

18,199,540 100,000 1,500,000 3,724,543 1,127,149,997 213,078,092 130,625,257

1,819,941 87,408,511 164,102,625 3,589,765 213,078,092 54,622,523 1,078,077,761

2,400,000 39,175,151 137,173,915 3,724,543 872,519,931 213,078,092 58,136,660 100,379,039

50,000,000 5,534,280 286,784 1,686,924,260 8,310,712,604

5,143,815 978,343 1,500,499,587 7,373,189,713

50,000,000 4,473,917 1,657,173,135 7,743,878,912

4,413,200 1,431,000,531 6,940,842,270

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS AT 31 DECEMBER 2006 AND 2005 (Unit : Baht) Note ASSETS CURRENT ASSETS Cash and cash equivalents 7 Current investments Investments in security held for trading Trade accounts receivable, net 8 Amounts due from related party 6 Short-term loans to related party 6 Unbil ed completed work 8 Costs of property development projects for sales, net 9 Deposits for purchase of land 10 Advances to contractors, net Advances to employees Other current assets Prepaid expenses Others TOTAL CURRENT ASSETS NON-CURRENT ASSETS Restricted bank deposits 11 Long-term loans to related party, net 6 Advances to director 6 Investments in subsidiaries accounted for under cost method, net 12 Investments in related company Other long-term investments, net 13 Projects under construction, net 14 Land held for development 15 Advances paid for share subscriptions 6 Property, plant and equipment, net 16 Other non-current assets Deposits for purchase of land 33.4 Deposits and retention Others TOTAL NON-CURRENT ASSETS TOTAL ASSETS

Consolidated 2006 2005 (Restated)

The Company Only 2006 2005 (Restated)

115,944,172 41,09 1,249,642 12,562,346 220,517,087 6,129,668,654 56,807,488 10,342,402 1,605,340

77,594,366 39,994 16,170,972 612,265,954 5,052,733,294 13,500,000 9,009,521 5,049,538

63,817,689 9,952,599 220,517,087 5,660,654,382 56,807,488 9,063,520 1,442,620

66,293,429 14,235,956 2,354,000 4,004,274 611,672,297 4,709,972,618 5,000,000 8,577,404 4,807,993

16,101,436 58,948,686 6,623,788,344

11,907,353 74,419,134 5,872,690,126

14,960,148 49,490,244 6,086,705,777

11,190,273 71,733,495 5,509,841,739

1,819,941 -

18,199,540 100,000

1,819,941 87,408,511 -

2,400,000 39,175,151 -

1,500,000 3,589,765 301,407,116 213,078,092 1,109,708,282

1,500,000 3,724,543 1,127,149,997 213,078,092 130,625,257

164,102,625 3,589,765 213,078,092 54,622,523 1,078,077,761

137,173,915 3,724,543 872,519,931 213,078,092 58,136,660 100,379,039

50,000,000 5,534,280 286,784 1,686,924,260 8,310,712,604

5,143,815 978,343 1,500,499,587 7,373,189,713

50,000,000 4,473,917 1,657,173,135 7,743,878,912

4,413,200 1,431,000,531 6,940,842,270

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫¥ÿ≈ (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

79,460,648

4,840,836

79,225,840

2,151,281

7,963,372 313,588,995 135,000,000 23,124,112 668,648,993

1,666,734 275,185,972 1,201,546 27,462,589 506,596,967

7,963,372 297,838,348 60,393,904 135,000,000 22,068,552 652,503,308

1,666,734 270,664,060 26,433,757 488,379,269

955,151,620

693,191,023

932,151,620

670,043,517

275,000,000

137,500,000

275,000,000

137,500,000

234,904,000

À¡“¬‡Àµÿ

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏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°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’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“§“√∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï à«π¢ÕßÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï à«π¢Õß‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È∑’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◊Ëπ Ê √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ‡ß‘π√—∫≈à«ßÀπâ“§à“Àÿâπ‡æ‘Ë¡∑ÿπ µ—Î«‡ß‘π®à“¬√–¬–¬“« ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√ - ÿ∑∏‘®“° à«π∑’Ë ∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ¥Õ°‡∫’È¬®à“¬√–¬–¬“«√Õµ—¥∫—≠™’ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ÿ∑∏‘®“° à«π∑’Ë ∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 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“πª√–®”ªï 2549

6 6 18

292,097,997 601,457 6,238,359 138,304,697 100,470,546 41,157,000 9,922,185 3,281,633,981

140,991,429 821,058 21,529,110 95,450,769 119,594,481 41,157,000 9,294,337 2,076,483,851

270,621,258 563,634 6,238,359 130,823,021 92,838,208 41,157,000 7,723,734 3,247,014,158

330,000 2,988,878 10,781,787

8,338,695 7,475,820 -

10,781,787

550,670,077

1,149,000,138

417,162,599

1,059,900,138

21 21

234,904,000 203,425

547,502 565,318,244 3,846,952,225

275,000,000 2,205,181 1,677,127,259 3,753,611,110

33.4

171,623 428,116,009 3,675,130,167

130,275,906 683,462 21,529,110 88,789,085 113,045,968 41,157,000 7,401,259 1,999,720,408 -

275,000,000 1,541,854 1,571,549,417 3,571,269,825

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS (Continued) AS AT 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated Note LIABILITIES AND SHAREHOLDERS没 EQUITY CURRENT LIABILITIES Bank overdrafts and short-term loans from banks Trade accounts payable and notes payable Related party Unrelated parties Amounts due to related party Short-term loan from related party Other short-term loans Other creditors Deposits and advances received from customers Current portion of long-term loans from banks Current portion of secured debentures Current portion of creditors under debt restructuring agreement 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 notes payable Long-term loans from banks, net of current portion Creditors under debt restructuring agreements, net of current portion Long-term deferred interest expenses Secured debentures, net of current portion茅 Other non-current liabilities TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES

2006

2005 (Restated)

The Company Only 2006 2005 (Restated)

79,460,648

4,840,836

79,225,840

2,151,281

8 19 20

7,963,372 313,588,995 135,000,000 23,124,112 668,648,993 955,151,620 275,000,000

1,666,734 275,185,972 1,201,546 27,462,589 506,596,967 693,191,023 137,500,000

7,963,372 297,838,348 60,393,904 135,000,000 22,068,552 652,503,308 932,151,620 275,000,000

1,666,734 270,664,060 26,433,757 488,379,269 670,043,517 137,500,000

234,904,000

292,097,997 601,457 6,238,359 138,304,697 100,470,546 41,157,000 9,922,185 3,281,633,981

140,991,429 821,058 21,529,110 95,450,769 119,594,481 41,157,000 9,294,337 2,076,483,851

270,621,258 563,634 6,238,359 130,823,021 92,838,208 41,157,000 7,723,734 3,247,014,158

130,275,906 683,462 21,529,110 88,789,085 113,045,968 41,157,000 7,401,259 1,999,720,408

330,000 2,988,878 10,781,787 550,670,077

8,338,695 7,475,820 1,149,000,138

10,781,787 417,162,599

1,059,900,138

547,502 565,318,244 3,846,952,225

234,904,000 203,425 275,000,000 2,205,181 1,677,127,259 3,753,611,110

171,623 428,116,009 3,675,130,167

234,904,000 203,425 275,000,000 1,541,854 1,571,549,417 3,571,269,825

6 6 18

33.4

19 21 21 20

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫¥ÿ≈ (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 1,770,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« Àÿâπ “¡—≠ 1,570,471,795 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (2548 : Àÿâπ “¡—≠ 1,246,150,355 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) à«π‡°‘π∑ÿπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ à«π‡°‘π∑ÿπÀÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬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¬¢Õß∫√‘…—∑¬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“πª√–®”ªï 2549

ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

13 23 24 24

1,770,000,000

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

1,570,471,795

1,246,150,355

1,570,471,795 1,246,150,355

142,024,346 51,986,594 (1,224,235)

7,084,213 33,328,529 (1,089,457)

142,024,346 (1,224,235)

7,084,213 (1,089,457)

177,000,000 2,266,571,653 4,206,830,153 256,930,226 4,463,760,379 8,310,712,604

138,447,679 73,801,024 1,967,169,784 (73,801,024) 3,391,091,103 228,487,500 3,619,578,603 7,373,189,713

177,000,000 2,180,476,839 4,068,748,745 4,068,748,745 7,743,878,912

138,447,679 1,978,979,655 3,369,572,445 3,369,572,445 6,940,842,270

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS (Continued) AS AT 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated)

Note SHAREHOLDERSû EQUITY Share capital Registered 1,770,000,000 ordinary shares of Baht 1 each Issued and paid-up 1,570,471,795 ordinary shares of Baht 1 each (2005 : 1,246,150,355 ordinary shares of Baht 1 each) Paid-in capital Share premium Premium on shares of Company held by subsidiaries Unrealised loss on changes in value of investments Retained earnings Appropriated - statutory reserve Appropriated - reserve for Companyûs shares held by subsidiary Unappropriated Companyûs shares held by subsidiary EQUITY ATTRIBUTABLE TO THE COMPANYûS SHAREHOLDERS MINORITY INTEREST - equity attributable to minority shareholders of subsidiaries TOTAL SHAREHOLDERSû EQUITY TOTAL LIABILITIES AND SHAREHOLDERSû EQUITY

The Company Only 2006 2005 (Restated)

22 1,770,000,000

1,770,000,000

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

1,570,471,795

1,246,150,355

1,570,471,795 1,246,150,355

142,024,346 51,986,594 (1,224,235)

7,084,213 33,328,529 (1,089,457)

142,024,346 (1,224,235)

7,084,213 (1,089,457)

177,000,000

138,447,679

177,000,000

138,447,679

2,266,571,653 24 4,206,830,153

73,801,024 1,967,169,784 (73,801,024) 3,391,091,103

2,180,476,839 1,978,979,655 4,068,748,745 3,369,572,445

256,930,226 4,463,760,379 8,310,712,604

228,487,500 3,619,578,603 7,373,189,713

4,068,748,745 3,369,572,445 7,743,878,912 6,940,842,270

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

√“¬‰¥â √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥â®“°°“√„Àâ‡™à“·≈–∫√‘°“√ √“¬‰¥âÕ◊Ëπ °”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ ‡ß‘πªíπº≈√—∫ °”‰√®“°°“√®”Àπà“¬∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ Õ◊Ëπ Ê √«¡√“¬‰¥â §à“„™â®à“¬ µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ §à“∏√√¡‡π’¬¡°“√‚Õπ·≈–§à“¿“…’∏ÿ√°‘®‡©æ“– ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ §à“µÕ∫·∑π°√√¡°“√ √«¡§à“„™â®“à ¬ °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈ °”‰√À≈—ß¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘ ”À√—∫ªï À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

√“¬ß“πª√–®”ªï 2549

ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

4,517,902,135 80,027,368

3,356,955,856 83,558,211

4,340,721,790 3,211,516,713 7,128,630 5,553,389

19,298,355 5,754,868 4,978,258 26,599,825 39,380,207 4,693,941,016

11,247,145 3,242,425 17,143,199 31,672,858 3,503,819,694

304,801 357,828 19,132,446 9,553,023 4,868,447 17,135,740 4,225,947 38,288,291 26,386,759 4,414,670,352 3,270,503,452

2,607,775,415 52,383,481 405,261,017 185,361,910 4,763,400 3,255,545,223 1,438,395,793 (48,121,502) (473,008,402) 917,265,889 (37,186,229) 880,079,660

1,909,967,029 35,548,249 362,394,557 142,670,592 13,936,477 2,942,000 2,467,458,904 1,036,360,790 (26,171,185) (203,235,665) 806,953,940 (25,161,520) 781,792,420

2,503,561,888 1,819,417,033 20,745,227 3,897,817 370,469,365 312,189,097 177,642,674 136,452,706 5,681,852 4,660,000 2,930,000 3,077,079,154 2,280,568,505 1,337,591,198 989,934,947 (39,508,809) (20,591,374) (436,404,159) (177,200,812) 861,678,230 792,142,761 861,678,230 792,142,761

880,079,660

49,068,759 830,861,179

861,678,230

792,142,761

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES INCOME STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated)

Note REVENUES Revenue from sales of real estate Revenue from rental and services Other income Gain on sales of investments Dividend income Gain on sales of property, plant and equipment Reversal of allowance 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 Transfer fee and specific business tax Loss on diminution in project value Directors没 remuneration TOTAL EXPENSES INCOME BEFORE INTEREST EXPENSES AND CORPORATE INCOME TAX INTEREST EXPENSES CORPORATE INCOME TAX INCOME AFTER CORPORATE INCOME TAX NET INCOME ATTRIBUTABLE TO MINORITY INTEREST NET INCOME FROM ORDINARY ACTIVITIES EXTRAORDINARY ITEM Gain from debt restructuring NET INCOME FOR THE YEAR

The Company Only 2006 2005 (Restated)

4,517,902,135 80,027,368

3,356,955,856 83,558,211

4,340,721,790 3,211,516,713 7,128,630 5,553,389

19,298,355 5,754,868 4,978,258 26,599,825 39,380,207 4,693,941,016

11,247,145 3,242,425 17,143,199 31,672,858 3,503,819,694

304,801 357,828 19,132,446 9,553,023 4,868,447 17,135,740 4,225,947 38,288,291 26,386,759 4,414,670,352 3,270,503,452

2,607,775,415 52,383,481 405,261,017 185,361,910 6 4,763,400 3,255,545,223 1,438,395,793 (48,121,502) 28 (473,008,402) 917,265,889 (37,186,229) 880,079,660

1,909,967,029 35,548,249 362,394,557 142,670,592 13,936,477 2,942,000 2,467,458,904 1,036,360,790 (26,171,185) (203,235,665) 806,953,940 (25,161,520) 781,792,420

880,079,660

49,068,759 830,861,179

861,678,230

792,142,761

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫°”‰√¢“¥∑ÿπ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

°”‰√µàÕÀÿâπ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ) °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√®“°°‘®°√√¡µ“¡ª°µ‘ √“¬°“√æ‘‡»… °”‰√®“°°“√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“πª√–®”ªï 2549

ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

29 0.60

0.65

0.60 1,460,474,453

0.05 0.70 1,193,865,035

0.56

0.61

0.56 1,583,771,307

0.04 0.65 1,285,609,650

0.58

0.65

0.58 0.65 1,484,110,553 1,226,215,035

0.54 -

0.60 -

0.54 0.60 1,607,407,466 1,317,473,525

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES INCOME STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated)

Note EARNINGS PER SHARE Basic earnings per share Income from ordinary activities Extraordinary item Gain from debt restructuring Net income Weighted average number of ordinary shares (shares) Diluted earnings per share Income from ordinary activities Extraordinary item Gain from debt restructuring Net income Weighted average number of ordinary shares (shares)

The Company Only 2006 2005 (Restated)

29 0.60

0.65

0.60 1,460,474,453

0.05 0.70 1,193,865,035

0.56

0.61

0.56 1,583,771,307

0.04 0.65 1,285,609,650

0.58

0.65

0.58 0.65 1,484,110,553 1,226,215,035

0.54 -

0.60 -

0.54 0.60 1,607,407,466 1,317,473,525

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

Annual Report 2006

√“¬ß“πª√–®”ªï 2549

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

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 - °àÕπ°“√ª√—∫ª√ÿß º≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫°“√∫—π∑÷° ¡Ÿ≈§à“∑’Ë¥‘π·≈–Õ“§“√ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 - ∑’Ëª√—∫ª√ÿß·≈â« 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 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ ¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß ‚Õπ°≈—∫ ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ÆÀ¡“¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549

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

23 31

24 24

22 22

23 31

22 22

À¡“¬‡Àµÿ

1,246,150,355 324,321,440 1,570,471,795

1,246,150,355

1,216,111,861 30,038,494 1,24 6,150,355

1,216,111,861

∑ÿπ‡√◊ÕπÀÿπâ ∑’ÕË Õ° ·≈–™”√–·≈â«

7,084,213 134,940,133 142,024,346

7,084,213

3,658,395 3,425,818 7,084,213

3,658,395

à«π‡°‘π ¡Ÿ≈§à“Àÿâπ

33,328,529 18,658,065 51,986,594

33,328,529

28,370,849 4,957,680 33,328,529

(36,280,383) -

36,280,383

(37,164,807) -

à«π‡°‘π∑ÿπ ®“°°“√µ’√“§“ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) 28,370,849 37,164,807

à«π‡°‘π∑ÿπ Àÿπâ ¢Õß∫√‘…∑— œ ∑’Ë∂◊Õ‚¥¬ ∫√‘…—∑¬àÕ¬

ß∫°“√‡ß‘π√«¡

(23,601,250) -

23,601,250

(40,999,126)é -

(1,089,457) (134,778) (1,224,235)

(1,089,457)

(1,324,081) 234,624 (1,089,457)

138,447,679 38,552,321 177,000,000

138,447,679

96,948,842 41,498,837 138,447,679

73,801,024 (73,801,024) -

73,801,024

73,801,024 73,801,024

1,967,169,784 73,801,024 880,079,660 (38,552,321) (615,926,494) 2,266,571,653

1,967,169,784

1,420,387,979 830,861,179 (41,498,837) (242,580,537) 1,967,169,784

(73,801,024) 73,801,024 -

(73,801,024)

(73,801,024) (73,801,024)

(119,343,852) 2,941,559,151 30,038,494 3,425,818 4,957,680 51,082,194 234,624 830,861,179 (242,580,537) 3,619,578,603

(23,701,995) (83,583,628) 228,487,500 3,619,578,603 324,321,440 134,940,133 18,658,065 28,442,726 28,442,726 (134,778) 73,801,024 880,079,660 (615,926,494) 256,930,226 4,463,760,379

252,189,495 3,703,162,231

(41,179,919) 177,405,306 51,082,194 228,487,500

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

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑)

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

Annual Report 2006

23 31

24 24

22 22

23 31

22 22

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

Balance as of 1 January 2006, as previously reported Cumulative effect of the change in accounting policy for recording property and plant Balance as of 1 January 2006, as restated Additional ordinary shares as a result of warrant exercise Increase in share premium as a result of warrant exercise Increase in premium on shares of Company held by subsidiary Minority interest - equity attributable to minority shareholders of subsidiaries Unrealised loss on changes in value of investments Decrease in Companyรปs shares held by subsidiary Reversal of reserve for Companyรปs shares held by subsidiary Net income for the year Statutory reserve Dividend paid Balance as of 31 December 2006

Balance as of 1 January 2005, as previously reported Cumulative effect of the change in accounting policy for recording property and plant Balance as of 1 January 2005, as restated Additional ordinary shares as a result of warrant exercise Increase in share premium as a result of warrant exercise Increase in premium on shares of Company held by subsidiary Minority interest - equity attributable to minority shareholders of subsidiaries Unrealised gain on changes in value of investments Net income for the year, as restated Statutory reserve Dividend paid Balance as of 31 December 2005

Note

7,084,213 134,940,133 142,024,346

1,246,150,355 324,321,440 1,570,471,795

7,084,213

1,246,150,355 1,246,150,355

3,658,395 3,425,818 -

3,658,395

Share premium

1,216,111,861 30,038,494 -

1,216,111,861

Issued and paid-up share capital

51,986,594

33,328,529 18,658,065

33,328,529

28,370,849 4,957,680

28,370,849

Premium on shares of Company held by subsidiaries

(36,280,383) -

36,280,383

(37,164,807) -

Revaluation surplus (Restated) 37,164,807

(23,601,250) -

23,601,250

(40,999,126) -

(134,778) (1,224,235)

(1,089,457) -

(1,089,457)

234,624 (1,089,457)

(1,324,081) -

Revaluation Unrealised gain (loss) surplus of on changes in value a subsidiary of investments (Restated) 40,999,126 (1,324,081)

Consolidated

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERSรป EQUITY FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht)

38,552,321 177,000,000

138,447,679 -

138,447,679

41,498,837 138,447,679

96,948,842 -

(73,801,024) -

73,801,024 -

73,801,024

73,801,024 -

73,801,024 880,079,660 (38,552,321) (615,926,494) 2,266,571,653

1,967,169,784 -

1,967,169,784

830,861,179 (41,498,837) (242,580,537) 1,967,169,784

1,420,387,979 -

Retained earnings Appropriated Reserve for Statutory Companyรปs shares reserve held by subsidiary Unappropriated (Restated) 96,948,842 73,801,024 1,420,387,979

73,801,024 -

(73,801,024) -

(73,801,024)

(73,801,024) -

28,442,726 28,442,726 (134,778) 73,801,024 880,079,660 (615,926,494) 256,930,226 4,463,760,379

(23,701,995) (83,583,628) 228,487,500 3,619,578,603 324,321,440 134,940,133 18,658,065

252,189,495 3,703,162,231

51,082,194 51,082,194 234,624 830,861,179 (242,580,537) 228,487,500 3,619,578,603

(41,179,919) (119,343,852) 177,405,306 2,941,559,151 30,038,494 3,425,818 4,957,680

Minority interest equity attributable to minority shareholders of subsidiaries Total (Restated) (Restated) (73,801,024) 218,585,225 3,060,903,003 Companyรปs shares held by subsidiary

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

√“¬ß“πª√–®”ªï 2549

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

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 - °àÕπ°“√ª√—∫ª√ÿß º≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫‡ß‘π≈ß∑ÿπ „π∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–°‘®°“√ º≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫°“√∫—π∑÷° ¡Ÿ≈§à“∑’Ë¥‘π·≈–Õ“§“√ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 - ∑’Ëª√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π¡Ÿ≈§à“Àÿâπ‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ ¢“¥∑ÿπ∑’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«“§¡ 2549

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 - °àÕπ°“√ª√—∫ª√ÿß º≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫‡ß‘π≈ß∑ÿπ „π∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–°‘®°“√ º≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫°“√∫—π∑÷° ¡Ÿ≈§à“∑’Ë¥‘π·≈–Õ“§“√ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548 - ∑’Ëª√—∫ª√ÿß·≈â« Àÿâπ “¡—≠‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ à«π‡°‘π¡Ÿ≈§à“Àÿâπ‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘ °”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °”‰√ ÿ∑∏‘ ”À√—∫ªï - ª√—∫ª√ÿß„À¡à ”√Õßµ“¡°ÆÀ¡“¬ ‡ß‘πªíπº≈®à“¬ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

1,246,150,355 324,321,440 1,570,471,795

23 31

22 22

23 31

1,246,150,355

1,216,111,861 30,038,494 1,246,150,355

4 22 22

1,216,111,861 4

À¡“¬‡Àµÿ

∑ÿπ‡√◊ÕπÀÿπâ ∑’ÕË Õ° ·≈–™”√–·≈â«

7,084,213 134,940,133 142,024,346

7,084,213

3,658,395 3,425,818 7,084,213

(33,328,529)

33,328,529

(28,370,849)

(36,280,383) -

36,280,383

(37,164,807) -

à«π‡°‘π∑ÿπ Àÿπâ ¢Õß∫√‘…∑— œ à«π‡°‘π∑ÿπ à«π‡°‘π ∑’Ë∂◊Õ‚¥¬ ®“°°“√µ’√“§“ ¡Ÿ≈§à“Àÿâπ ∫√‘…—∑¬àÕ¬ ‘π∑√—æ¬å∂“«√ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) 3,658,395 28,370,849 37,164,807

(23,601,250) -

23,601,250

(40,999,126) -

(1,089,457) (134,778) (1,224,235)

(1,089,457)

(1,324,081) 234,624 (1,089,457)

138,447,679 38,552,321 177,000,000

138,447,679

96,948,842 41,498,837 138,447,679

(73,801,024)

73,801,024

(73,801,024)

1,978,979,655 861,678,230 (38,552,321) (621,628,725) 2,180,476,839

11,809,871

1,967,169,784

1,474,143,843 792,142,761 (41,498,837) (245,808,112) 1,978,979,655

53,755,864

73,801,024

(73,801,024)

73,801,024

(59,881,633) 3,369,572,445 324,321,440 134,940,133 (134,778) 861,678,230 (621,628,725) 4,068,748,745

(21,518,658)

3,450,972,736

(78,163,933) 2,789,538,860 30,038,494 3,425,818 234,624 792,142,761 (245,808,112) 3,369,572,445

25,385,015

°”‰√ – ¡ à«π‡°‘π∑ÿπ °”‰√ (¢“¥∑ÿπ) ®—¥ √√·≈â« ®“°°“√µ’√“§“ ∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß ”√Õß ”À√—∫ Àÿπâ ¢Õß∫√‘…∑— œ ‘π∑√—æ¬å∂“«√ ®“°°“√‡ª≈’¬Ë π·ª≈ß ”√Õßµ“¡ Àÿπâ ¢Õß∫√‘…∑— œ ∑’Ë∂◊Õ‚¥¬ ¢Õß∫√‘…—∑¬àÕ¬ ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ °ÆÀ¡“¬ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ¬—ß‰¡à‰¥â®¥— √√ ∫√‘…—∑¬àÕ¬ √«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) 40,999,126 (1,324,081) 96,948,842 73,801,024 1,420,387,979 (73,801,024) 2,842,317,778

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

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

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

Balance as of 1 January 2006, as previously reportedé Cumulative effect of the change in accounting policy for investments in subsidiary companies in the separate financial statements Cumulative effect of the change in accounting policy for recording property and plant Balance as of 1 January 2006, as restated Additional ordinary shares as a result of warrant exercise Increase in share premium as a result of warrant exercise Unrealised loss on changes in value of investments Net income for the year Statutory reserve Dividend paid Balance as of 31 December 2006

Balance as of 1 January 2005, as previously reported Cumulative effect of the change in accounting policy for investments in subsidiary companies in the separate financial statements Cumulative effect of the change in accounting policy for recording property and plant Balance as of 1 January 2005, as restated Additional ordinary shares as a result of warrant exercise Increase in share premium as a result of warrant exercise Unrealised gain on changes in value of investments Net income for the year, as restatedé Statutory reserve Dividend paid Balance as of 31 December 2005

1,246,150,355 324,321,440 1,570,471,795

23 31

22 22

23 31

1,246,150,355

1,216,111,861 30,038,494 1,246,150,355

4 22 22

1,216,111,861 4

Note

Issued and paid-up share capital

7,084,213 134,940,133 142,024,346

7,084,213

3,658,395 3,425,818 7,084,213

3,658,395

Share premium

(33,328,529)

33,328,529

(28,370,849)

Premium on shares of Company held by subsidiaries (Restated) 28,370,849

(36,280,383) -

36,280,383

(37,164,807) -

Revaluation surplus (Restated) 37,164,807

(23,601,250) -

23,601,250

(40,999,126) -

(1,089,457) (134,778) (1,224,235)

(1,089,457)

(1,324,081) 234,624 (1,089,457)

Revaluation Unrealised gain (loss) surplus of on changes in value a subsidiary of investments (Restated) 40,999,126 (1,324,081)

the Company only

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY (Continued) FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht)

138,447,679 38,552,321 177,000,000

138,447,679

96,948,842 41,498,837 138,447,679

1,474,143,843 792,142,761 (41,498,837) (245,808,112) 1,978,979,655

53,755,864

(73,801,024)

1,978,979,655 861,678,230 (38,552,321) (621,628,725) 2,180,476,839

11,809,871

73,801,024 1,967,169,784

(73,801,024)

Retained earnings Appropriated Reserve for Statutory Companyûs shares reserve held by subsidiary Unappropriated (Restated) 96,948,842 73,801,024 1,420,387,979

(78,163,933) 2,789,538,860 30,038,494 3,425,818 234,624 792,142,761 (245,808,112) 3,369,572,445

25,385,015

73,801,024

(59,881,633) 3,369,572,445 324,321,440 134,940,133 (134,778) 861,678,230 (621,628,725) 4,068,748,745

(21,518,658)

(73,801,024) 3,450,972,736

73,801,024

Companyûs shares held by subsidiary Total (Restated) (Restated) (73,801,024) 2,842,317,778

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Annual Report 2006

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°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π : °”‰√ ÿ∑∏‘ √“¬°“√ª√—∫°√–∑∫¬Õ¥°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π : §à“‡ ◊ËÕ¡√“§“ §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (‚Õπ°≈—∫) °”‰√®“°°“√®”Àπà“¬∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å §à“‡º◊ËÕº≈¢“¥∑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¬¢Õß∫√‘…—∑¬àÕ¬ §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π ‘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◊Ëπ 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 ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘°àÕπ√“¬°“√æ‘‡»… √“¬°“√æ‘‡»… °”‰√®“°°“√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

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880,079,660

830,861,179

861,678,230

792,142,761

37,757,013 2,257,135 (4,294,016) (26,599,825) 37,186,229 926,386,196

19,701,083 (2,595,354) (17,136,443) 13,936,477 (5,908,827) 25,161,520 864,019,635

33,238,558 2,331,881 (4,184,205) (4,225,947) 13,444,991 902,283,508

14,643,377 (3,033,656) (17,135,740) 5,681,852 792,298,594

1,351,491 391,748,867 (983,510,447) (101,807,488) (1,332,881) 3,444,198 22,058,152 301,094

591,808 2,354,000 (600,628,294) (859,891,078) (13,500,000) 120,540 2,007,837 (17,798,596) (334,099)

1,951,476 128,989 2,354,000 4,290,000 391,155,210 (602,797,440) (930,378,043) (860,914,243) (101,807,488) (5,000,000) (486,116) 339,449 3,365,373 2,058,486 29,255,163 (18,458,783) (60,717) (226,037)

38,403,023 6,296,638 (1,201,546) (4,338,477) 162,052,026 (15,713,777) 178,439,040 (1,657,679) 620,918,430

43,167,661 690,285 (1,571,690) 5,558,324 246,699,382 (21,043,449) 134,717,478 (1,634,950) (216,475,206)

27,174,288 44,109,885 6,296,638 734,962 (4,365,205) 5,441,472 164,124,039 251,612,189 (15,614,004) (21,114,270) 162,494,003 119,734,717 (1,370,231) (1,800,457) 636,371,894 (289,562,487)

620,918,430

(49,068,759) (265,543,965)

636,371,894 (289,562,487)

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CASH FLOW STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated) Cash flows from operating activities : Net income Adjustments to reconcile net income to net cash provided by (paid from) operating activities : Depreciation Allowance for doubtful accounts (Reversal) Gain on sales of property, plant and equipment Allowance for loss on diminution in project value (Reversal) Gain on sales of investments in related companies Net income attributable to minority interest Allowance for loss on diminution of investments in subsidiary Income from operating activities before changes in operating assets and liabilities Operating assets decrease (increase) 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 Operating liabilities increase (decrease) Trade accounts payable and notes payable - unrelated parties Trade accounts payable - related party Amounts due to related party Other creditors Deposits and advances received from customers Accrued interest expenses Other current liabilities Other non-current liabilities Net cash before extraordinary item Extraordinary item Gain from debt restructuring Net cash flows from (used in) operating activities

The Company Only 2006 2005 (Restated)

880,079,660

830,861,179

861,678,230

792,142,761

37,757,013 2,257,135 (4,294,016) (26,599,825) 37,186,229 -

19,701,083 (2,595,354) (17,136,443) 13,936,477 (5,908,827) 25,161,520 -

33,238,558 2,331,881 (4,184,205) (4,225,947) 13,444,991

14,643,377 (3,033,656) (17,135,740) 5,681,852 -

926,386,196

864,019,635

902,283,508

792,298,594

1,351,491 391,748,867 (983,510,447) (101,807,488) (1,332,881) 3,444,198 22,058,152 301,094

591,808 2,354,000 (600,628,294) (859,891,078) (13,500,000) 120,540 2,007,837 (17,798,596) (334,099)

1,951,476 128,989 2,354,000 4,290,000 391,155,210 (602,797,440) (930,378,043) (860,914,243) (101,807,488) (5,000,000) (486,116) 339,449 3,365,373 2,058,486 29,255,163 (18,458,783) (60,717) (226,037)

38,403,023 6,296,638 (1,201,546) (4,338,477) 162,052,026 (15,713,777) 178,439,040 (1,657,679) 620,918,430

43,167,661 690,285 (1,571,690) 5,558,324 246,699,382 (21,043,449) 134,717,478 (1,634,950) (216,475,206)

27,174,288 44,109,885 6,296,638 734,962 (4,365,205) 5,441,472 164,124,039 251,612,189 (15,614,004) (21,114,270) 162,494,003 119,734,717 (1,370,231) (1,800,457) 636,371,894 (289,562,487)

620,918,430

(49,068,759) (265,543,965)

636,371,894 (289,562,487)

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫°√–· ‡ß‘π ¥ (µàÕ) ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à)

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(1,097) (1,249,642) 16,379,599 (81,983,951) 9,756,297 100,000 (172,900,575) (229,899,369)

1,617,877 (15,257,339) (19,074,922) 28,354,792 2,760,714 5,658,827 (26,950,381) (300,234,738) (323,125,170)

1,514,449 (5,793,788) (4,004,274) 580,059 542,201 (76,630,653) (6,893,582) 9,646,484 28,205,260 (8,835,691) (2,703,597) (11,836,648) (53,328,785) (11,826,315) (83,326,749) (279,281,081) (54,622,523) (58,136,660) (230,819,509) (385,912,384)

74,619,812 135,000,000 (336,369,464) (137,500,000) (8,008,695) 2,988,878 92,458,891 198 (615,926,494) (19,193,954) 459,261,573 (352,669,255) 38,349,806 77,594,366 115,944,172

(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

77,074,559 135,000,000 60,393,904 (380,629,436) (137,500,000) (621,628,725) 459,261,573 (408,028,125) (2,475,740) 66,293,429 63,817,689

(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

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CASH FLOW STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated) Cash flows from investing activities : Decrease (increase) in current investments Increase in investments in security held for trading Increase in short-term loans to related party Decrease (increase) in restricted bank deposits Acquisition of property, plant and equipment Proceeds from sales of property, plant and equipment Decrease (increase) in long-term loans to related parties Decrease in advances to director Proceeds from sales 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 flows used in investing activities Cash flows from financing activities : Increase (decrease) in bank overdrafts and short-term loans from banks Increase (decrease) in other short-term loans Increase in short-term loans from related party Increase (decrease) in long-term loans from banks Decrease in long-term loans from related paries Decrease in secured debentures Decrease in long-term loans from directors Increase in share subscriptions received in advance Proceeds from sales of Company没s share held by subsidiary Proceeds from sales 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 flows from (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

The Company Only 2006 2005 (Restated)

(1,097) (1,249,642) 16,379,599 (81,983,951) 9,756,297 100,000 (172,900,575) (229,899,369)

1,617,877 (15,257,339) (19,074,922) 28,354,792 2,760,714 5,658,827 (26,950,381) (300,234,738) (323,125,170)

74,619,812 135,000,000 (336,369,464) (137,500,000) (8,008,695) 2,988,878 92,458,891 198 (615,926,494) (19,193,954)

(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)

77,074,559 135,000,000 60,393,904 (380,629,436) (137,500,000) (621,628,725) -

459,261,573 (352,669,255) 38,349,806 77,594,366 115,944,172

33,464,312 355,762,327 (232,906,808) 310,501,174 77,594,366

459,261,573 33,464,312 (408,028,125) 447,791,834 (2,475,740) (227,683,037) 66,293,429 293,976,466 63,817,689 66,293,429

(6,459,813) (260,000,000) 1,064,095,447 (137,500,000) (245,808,112) -

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

Annual Report 2006

√“¬ß“π ·≈–ß∫°“√‡ß‘π√«¡

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ : ‡ß‘π ¥®à“¬„π√–À«à“ßªï ”À√—∫ ¥Õ°‡∫’È¬®à“¬ (ª√–°Õ∫¥â«¬¥Õ°‡∫’È¬®à“¬ ”À√—∫°“√¥”‡π‘πß“π ·≈–¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√·≈–µâπ∑ÿπÕ“§“√) 145,770,586 ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈·≈–¿“…’À—° ≥ ∑’Ë®à“¬ 321,672,110 √“¬°“√∑’Ë‰¡à„™à‡ß‘π ¥ ‚Õπ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π‡ªìπµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ 8,500,000 ´◊ÈÕÕÿª°√≥å‡æ◊ËÕ„™â„πÕ“§“√™ÿ¥‡æ◊ËÕ¢“¬·≈–∑’Ë¥‘π‚¥¬°“√ÕÕ°µ—Î«‡ß‘π®à“¬ 10,781,787 ‚Õπµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å 15,564,450 ‚Õπ‡ß‘π®à“¬≈à«ßÀπâ“§à“Àÿâπ‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‚Õπ‚§√ß°“√√–À«à“ß°àÕ √â“ß‡ªìπ∑’Ë¥‘π·≈–Õ“§“√ ·≈–µâπ∑ÿπ‚§√ß°“√ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ 998,467,257 ´◊ÈÕ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠‚¥¬À—°°—∫‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

√“¬ß“πª√–®”ªï 2549

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 (ª√—∫ª√ÿß„À¡à)

80,272,287 170,922,542

131,819,360 74,236,613 296,058,807 148,177,856

17,106,012 143,441,800 -

17,106,012 10,781,787 143,441,800 15,014,988 58,136,660 -

955,670,481 9,798,062

Supalai Public Company Limited

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES CASH FLOW STATEMENTS (Continued) FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005 (Unit : Baht) Consolidated 2006 2005 (Restated) 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 and building) Corporate income tax and withholding tax deducted at source Non-cash transactions Transfer deposits for purchase of land to costs of property development projects for sales Issue of notes payable to purchase equipment for use in condominium for sale and land Transfer cost of property development projects for sales to property, plant and equipment Transfer advances paid for share subscriptions to investments in subsidiaries Transfer projects under construction to property and plant and cost of property development projects for sale Net short-term loans to related party with purchase of investments in ordinary shares

The Company Only 2006 2005 (Restated)

145,770,586 80,272,287 131,819,360 74,236,613 321,672,110 170,922,542 296,058,807 148,177,856

8,500,000 17,106,012

17,106,012

10,781,787 143,441,800 10,781,787 143,441,800 15,564,450 -

15,014,988 58,136,660

998,467,257

955,670,481

9,798,062

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

Annual Report 2006

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª ∫√‘…—∑ »ÿ¿“≈—¬ ®”°—¥ (¡À“™π) (ç∫√‘…—∑œé) ®—¥µ—Èß¢÷Èπ‡ªìπ∫√‘…—∑¡À“™π·≈–¡’¿Ÿ¡‘≈”‡π“„πª√–‡∑»‰∑¬ ∫√‘…—∑œ¥”‡π‘π∏ÿ√°‘® À≈—°„π°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬¡’∑’ËÕ¬Ÿàµ“¡∑’Ë®¥∑–‡∫’¬π§◊Õ‡≈¢∑’Ë 1011 Õ“§“√»ÿ¿“≈—¬ ·°√π¥å∑“«‡«Õ√å ∂ππæ√–√“¡ 3 ·¢«ß ™àÕßππ∑√’ ‡¢µ¬“ππ“«“ °√ÿß‡∑æ¡À“π§√

2. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥„πæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–°“√· ¥ß√“¬°“√„πß∫ °“√‡ß‘π‰¥â∑”¢÷Èπ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™ ∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘ππ’È‰¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡‡«âπ·µà®–‰¥â‡ªî¥‡º¬‡ªìπÕ¬à“ßÕ◊Ëπ„ππ‚¬∫“¬°“√∫—≠™’

3. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ 3.1 ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¥—ßµàÕ‰ªπ’È

™◊ËÕ∫√‘…—∑

≈—°…≥–∏ÿ√°‘®

Õ—µ√“√âÕ¬≈– ¢Õß°“√∂◊ÕÀÿâπ 2549 2548 √âÕ¬≈– √âÕ¬≈–

®—¥µ—ßÈ ¢÷πÈ „π ª√–‡∑»

√âÕ¬≈–¢Õß ‘π∑√—æ¬å ∑’Ë√«¡Õ¬Ÿà„π ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 2548 √âÕ¬≈– √âÕ¬≈–

√âÕ¬≈–¢Õß√“¬‰¥â ∑’Ë√«¡Õ¬Ÿà„π√“¬‰¥â√«¡ ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2549 2548 √âÕ¬≈– √âÕ¬≈–

‚√ß·√¡ ∫√‘À“√®—¥°“√

99.89

‰∑¬

0.4

0.6

1.0

1.7

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

49.89 96.45 44.09

49.89 93.53 13.41

‰∑¬ ‰∑¬ ‰∑¬

5.0 2.6 2.5

6.6 2.7 1.1

4.8 0.8 -

5.4 0.2 -

∫√‘…—∑œ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ·≈–∫√‘…—∑ ¿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√«¡

√“¬ß“πª√–®”ªï 2549

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

SUPALAI PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2006 AND 2005

1. GENERAL INFORMATION Supalai Public Company Limited (çThe Companyé) is a public company incorporated and domiciled in Thailand. The Company is principally engaged in property development and its registered address is 1011 Supalai Grand Tower, Rama 3 Road, Chongnonsri, Yannawa, Bangkok.

2. BASIS OF PREPARATION The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E. 2547. 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. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

3. BASIS OF CONSOLIDATION 3.1

The consolidated financial statements include the financial statements of the Company and the following subsidiary companies:

Companyûs name

Nature of business

Hotel, Management

Percentage of shareholding 2006 2005 Percent Percent 99.89 99.89

Property development Property development Property development

49.89 96.45 44.09

49.89 93.53 13.41

Assets as a percentage Revenues as a percentage to the consolidated to the consolidated total Country of total assets as at revenues for the year incorporation 31 December ended 31 December 2006 2005 2006 2005 Percent Percent Percent Percent Thailand 0.4 0.6 1.0 1.7 Thailand Thailand Thailand

5.0 2.6 2.5

6.6 2.7 1.1

4.8 0.8 -

5.4 0.2 -

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

Annual Report 2006

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

3.2 „π√–À«à“ßªï 2549 ∫√‘…—∑œ¡’°“√≈ß∑ÿπ‡æ‘Ë¡‡µ‘¡·≈–°“√‡ª≈’Ë¬π·ª≈ß‚§√ß √â“ß°“√∂◊ÕÀÿâπ¥—ßπ’È °) ∫√‘…—∑œ·≈–∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ‰¥â≈ß∑ÿπ‡æ‘Ë¡„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ Õ’°√âÕ¬≈– 3.75 ·≈–√âÕ¬≈– 0.69 µ“¡≈”¥—∫ ∑”„Àâ∫√‘…—∑œ·≈–∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ¡’ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ‡ªìπ√âÕ¬≈– 17.16 ·≈–√âÕ¬≈– 26.94 µ“¡≈”¥—∫ µàÕ¡“∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ‰¥â¢“¬‡ß‘π≈ß∑ÿπ∑—ÈßÀ¡¥„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ „Àâ°∫— ∫√‘…∑— œ ∑”„Àâ ¥— à«π°“√∂◊ÕÀÿπâ ¢Õß∫√‘…∑— œ„π∫√‘…∑— ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‡æ‘¡Ë ¢÷πÈ ®“°√âÕ¬≈– 17.16 ‡ªìπ√âÕ¬≈– 44.09 ¢) ∫√‘…—∑œ‰¥â≈ß∑ÿπ‡æ‘Ë¡„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ Õ’°√âÕ¬≈– 2.92 ∑”„Àâ∫√‘…—∑œ ¡’ —¥ à«π°“√≈ß∑ÿπ„π ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ‡ªìπ√âÕ¬≈– 96.45 3.3 ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ √“¬°“√§â“√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â« 3.4 ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ‰¥âµ—¥°—∫ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬·≈â«

4. °“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’ 4.1 „π‡¥◊Õπµÿ≈“§¡ 2549 ¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 26/2549 ‡√◊ËÕß ¡“µ√∞“π°“√∫—≠™’ ©∫—∫∑’Ë 44 ‡√◊ËÕß ß∫°“√‡ß‘π√«¡·≈–°“√∫—≠™’ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ (·°â‰¢‡æ‘Ë¡‡µ‘¡§√—Èß∑’Ë 1) ‚¥¬„Àâ·°â‰¢°“√∫—π∑÷°∫—≠™’‡ß‘π ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡√à«¡ ·≈–∫√‘…—∑√à«¡„πß∫°“√‡ß‘π‡©æ“–°‘®°“√®“°«‘∏’ à«π‰¥â‡ ’¬¡“‡ªìπ«‘∏’ √“§“∑ÿπ ‚¥¬°‘®°“√∑’Ë‰¡àª√– ß§å®–„™â«‘∏’√“§“∑ÿπ„πªï 2549 °Á„Àâ„™â«‘∏’ à«π‰¥â‡ ’¬µ“¡‡¥‘¡®π∂÷ß ‘Èπªï 2549 ·≈–„Àâ„™â«‘∏’ √“§“∑ÿπ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2550 ∑—Èßπ’È∫√‘…—∑œ‡≈◊Õ°∑’Ë®–‡ª≈’Ë¬π·ª≈ß«‘∏’°“√∫—π∑÷°∫—≠™’„πªï 2549 ·≈–‰¥âª√—∫¬âÕπÀ≈—ß ß∫°“√‡ß‘πß«¥°àÕπ ‡ ¡◊Õπ«à“ ∫√‘…—∑œ∫—π∑÷°∫—≠™’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡«‘∏’√“§“∑ÿπ¡“‚¥¬µ≈Õ¥ °“√‡ª≈’Ë¬π·ª≈ßπ’È∑”„Àâß∫°“√‡ß‘π‡©æ“–°‘®°“√ · ¥ß°”‰√ ÿ∑∏‘ ”À√—∫ªï 2549 ≈¥≈ß‡ªìπ®”π«π‡ß‘π 2 ≈â“π∫“∑ ‚¥¬‰¡à¡º’ ≈°√–∑∫µàÕ°”‰√µàÕÀÿπâ ·≈–· ¥ß°”‰√ ÿ∑∏‘ ”À√—∫ ªï 2548 ≈¥≈ß‡ªìπ ®”π«π‡ß‘π 38.7 ≈â“π∫“∑ (0.03 ∫“∑µàÕÀÿâπ) º≈ – ¡¢Õß°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’¥—ß°≈à“« ‰¥â· ¥ß‰«â„πÀ—«¢âÕçº≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ „πß∫°“√‡ß‘π‡©æ“– °‘®°“√é „πß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ 4.2 „πªï 2549 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫°“√∫—π∑÷°¡Ÿ≈§à“∑’Ë¥‘π·≈–Õ“§“√®“°«‘∏’√“§“∑’Ëµ’ „À¡à¡“‡ªìπ√“§“∑ÿπ ‡π◊ËÕß®“°ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡ÀÁπ«à“¡’§«“¡‡À¡“– ¡°«à“¿“¬„µâ ∂“π°“√≥åªí®®ÿ∫—π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âª√—∫¬âÕπÀ≈—ßß∫°“√‡ß‘πªï°àÕπ‡ ¡◊Õπ«à“∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°∑’Ë¥‘π·≈–Õ“§“√‚¥¬„™â√“§“∑ÿπ ¡“‚¥¬µ≈Õ¥ °“√‡ª≈’Ë¬π·ª≈ßπ’È∑”„Àâ∫√‘…—∑œ ¡’°”‰√ ÿ∑∏‘ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ‡æ‘Ë¡¢÷Èπ‡ªìπ ®”π«π 0.9 ≈â“π∫“∑ ·≈– 0.9 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬‰¡à¡’º≈°√–∑∫µàÕ°”‰√µàÕÀÿâπ º≈ – ¡¢Õß°“√‡ª≈’Ë¬π·ª≈ß π‚¬∫“¬°“√∫—≠™’¥—ß°≈à“«‰¥â· ¥ß‰«â„πÀ—«¢âÕ çº≈ – ¡®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√∫—≠™’‡°’Ë¬«°—∫°“√∫—π∑÷°¡Ÿ≈§à“∑’Ë¥‘π ·≈–Õ“§“√é „πß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited 3.2

3.3 3.4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the year 2006, the Company has increased its investments and changed the shareholding structure of its subsidiaries as follows : a) The Company and Supalai Property Management Company Limited acquired an additional 3.75 percent and 0.69 percent of the registered ordinary shares, respectively, of Phuket Estate Company Limited. As a result the percentage shareholding of the Company and Supalai Property Management Company Limited increased to 17.16 percent and 26.94 percent, respectively. Subsequently, Supalai Property Management Company Limited has divested all of its investment in the ordinary shares of Phuket Estate Company Limited to the Company. As a result, the percentage shareholding of the Company increased from 17.16 percent to 44.09 percent. b) The Company acquired an additional 2.92 percent of registered ordinary shares of Supalai Northeast Company Limited. As a result the percentage shareholding of the Company increased to 96.45 percent. Material balances and transactions between the Company and its subsidiary companies have been eliminated from the consolidated financial statements. Investments in the subsidiary companies as recorded in the Companyûs books of account are eliminated against the equity of the subsidiary companies.

4. CHANGE IN ACCOUNTING POLICY 4.1

4.2

In October 2006, the Federation of Accounting Professions issued Notification No. 26/2006 regarding Accounting Standard No. 44 çConsolidated Financial Statements and Accounting for Investments in Subsidiariesé (Amendment No. 1), under which investments in subsidiaries, jointly controlled entities and associates are to be presented in the separate financial statements under the cost method rather than the equity method. Entities which are not ready to adopt the cost method in 2006 can continue to use the equity method through the end of 2006 and adopt the cost method as from 1 January 2007. In this regard, the Company has elected to adopt the change in 2006, and restated its prior year financial statements as though the investment in the subsidiaries had originally been recorded using the cost method. The change has the effect of decreasing net income in the separate financial statements of 2006 by Baht 2 mil ion with no effect of earnings per share and effect of decreasing net income in the separate financial statement of 2005 by Baht 38.7 million (Baht 0.03 per share). The cumulative effect of the change in accounting policy has been presented under the heading of çCumulative effect of the change in accounting policy for investments in subsidiary companies in the separate financial statementsé in the statements of changes in shareholdersû equity. In 2006, the Company and its subsidiary changed its accounting policy for recording property and plant from the revaluation method to the cost method since the management believed that this would be more appropriate under the present situation. The Company and its subsidiary have therefore restated the prior year financial statements as though property and plant had originally been accounted for under the cost method. The change has the effect of increasing net income for the year ended 31 December 2006 and 2005 by Baht 0.9 mil ion and Baht 0.9 million, respectively. There is no effect to earnings per share. The cumulative effect of the change in accounting policy has been presented under the heading of çCumulative effect of the change in accounting policy for recording property and planté in the statements of changes in shareholdersû equity.

Annual Report 2006

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5. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ 5.1°“√√—∫√Ÿ√â “¬‰¥â °) √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π·≈–∫â“πæ√âÕ¡∑’Ë¥‘π √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π·≈–∫â“πæ√âÕ¡∑’Ë¥‘π√—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕ‰¥â¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’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√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á® (Percentage-of-completion method) Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®∂◊Õµ“¡Õ—µ√“ à«π∑’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‰¡à πâÕ¬°«à“√âÕ¬≈– 40 ¢Õßæ◊Èπ∑’Ë∑’Ë‡ªî¥¢“¬·≈–‰¥â√—∫‡ß‘π™”√–¢—Èπµâπ√âÕ¬≈– 20 ¢Õß√“§“¢“¬·≈â«µ“¡«‘∏’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°“√·≈–∑’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“ ß) ¥Õ°‡∫’¬È √—∫ ¥Õ°‡∫’È¬∂◊Õ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß ®) ‡ß‘πªíπº≈√—∫ ‡ß‘πªíπº≈√—∫∂◊Õ‡ªìπ√“¬‰¥â‡¡◊ËÕ¡’ ‘∑∏‘„π°“√√—∫‡ß‘πªíπº≈ 5.2 µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å „π°“√§”π«≥À“µâπ∑ÿπ¢“¬∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π ·≈–Àπà«¬„πÕ“§“√™ÿ¥æ—°Õ“»—¬ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∑”°“√ ·∫àß √√µâπ∑ÿπ°“√æ—≤π“∑—ÈßÀ¡¥∑’Ë§“¥«à“®–‡°‘¥¢÷Èπ (‚¥¬§”π÷ß∂÷ßµâπ∑ÿπ∑’Ë‡°‘¥¢÷Èπ®√‘ß¥â«¬) „Àâ°—∫∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π·≈– Àπà«¬„πÕ“§“√™ÿ¥∑’¢Ë “¬‰¥âµ“¡‡°≥±åæπ◊È ∑’∑Ë ¢’Ë “¬ ·≈â«®÷ß√—∫√Ÿ‡â ªìπµâπ∑ÿπ¢“¬„πß∫°”‰√¢“¥∑ÿπµ“¡Õ—µ√“ à«π¢Õßß“π∑’∑Ë ”‡ √Á® µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬· ¥ßµ“¡√“§“∑ÿπ´÷Ëßª√–°Õ∫¥â«¬µâπ∑ÿπ∑’Ë¥‘π §à“ÕÕ°·∫∫ §à“ “∏“√≥Ÿª‚¿§ §à“°àÕ √â“ß ¥Õ°‡∫’È¬·≈–§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß‚¥¬µ√ß ÿ∑∏‘®“°µâπ∑ÿπ∑’Ë¥‘π ∫â“πæ√âÕ¡∑’Ë¥‘π·≈–Àπà«¬„π Õ“§“√™ÿ¥∑’Ë¢“¬·≈â« ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ (∂â“¡’) ‰«â„πß∫°”‰√¢“¥∑ÿπ 5.3 §à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¢“¬ §à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¢“¬ ‡™àπ §à“¿“…’∏ÿ√°‘®‡©æ“– §à“∏√√¡‡π’¬¡°“√‚Õπ°√√¡ ‘∑∏‘ ∫—π∑÷°‡ªìπ§à“„™â®à“¬µ“¡ —¥ à«π¢Õß°“√√—∫√Ÿâ√“¬‰¥â 5.4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√∑’Ë¡’ ¿“æ§≈àÕß Ÿß´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π ¿“¬„π√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õππ—∫®“°«—π∑’Ë‰¥â¡“·≈–‰¡à¡’¢âÕ®”°—¥„π°“√‡∫‘°„™â 5.5 ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫º≈¢“¥∑ÿπ ‚¥¬ª√–¡“≥∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√‡°Á∫‡ß‘π≈Ÿ°Àπ’È‰¡à‰¥â ´÷Ëß‚¥¬∑—Ë«‰ªæ‘®“√≥“®“°ª√– ∫°“√≥å°“√‡°Á∫‡ß‘π·≈–°“√«‘‡§√“–Àå Õ“¬ÿ≈Ÿ°Àπ’È

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. SIGNIFICANT ACCOUNTING POLICIES 5.1

5.2

5.3

5.4

5.5

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. d) Interest income Interest income is recognised as interest accrues based on the effective rate method. e) Dividends Dividends are recognised when the right to receive the dividends is established. 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 income 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 recognised loss on diminution in value of projects (if any) in the income statements. Selling expenses Selling expenses directly associated with projects, such as specific business tax and transfer fees are charged to income in proportion to the percentage of total revenue recognised. Cash and cash equivalents Cash and cash equivalents consist of cash in hand and cash at bank with an original maturity of three months or less and not subject to withdrawal restrictions. Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experiences and analysis of debtor aging. Annual Report 2006

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5.6 ‡ß‘π≈ß∑ÿπ °) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑¬àÕ¬∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“¢ÕßÀ≈—°∑√—æ¬å‡ªìπ √“¬°“√°”‰√À√◊Õ¢“¥∑ÿπ„πß∫°”‰√¢“¥∑ÿπ ¢) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀπà«¬≈ß∑ÿπ°Õß∑ÿπ√«¡ ´÷Ëß∫√‘…—∑œ∂◊Õ‡ªìπÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“À≈—°∑√—æ¬å¥—ß°≈à“«‡ªìπ√“¬°“√·¬°µà“ßÀ“°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ®π°√–∑—Ëß®”Àπà“¬À≈—° ∑√—æ¬å¥—ß°≈à“«ÕÕ°‰ª ®÷ß∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“π—Èπ„πß∫°”‰√¢“¥∑ÿπ §) ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª ´÷Ëß· ¥ß„π√“§“∑ÿπ ÿ∑∏‘®“°§à“‡º◊ËÕ°“√ ¥âÕ¬§à“ (∂â“¡’) ß) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ· ¥ß¡Ÿ≈§à“µ“¡«‘∏’√“§“∑ÿπ ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢ÕßÀπà«¬≈ß∑ÿπ §”π«≥®“°¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™â«‘∏’∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°„π°“√§”π«≥µâπ∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ 5.7 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ ·≈–§à“‡º◊ËÕ°“√ ¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (∂â“¡’) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ °“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È Õ“§“√·≈–ÀâÕß™ÿ¥ 20, 30 ªï à«πª√—∫ª√ÿßÕ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 5 ªï ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 5 ªï ‡§√◊ËÕßµ°·µàß·≈–‡§√◊ËÕß„™â ”π—°ß“π 3, 5 ªï ¬“πæ“Àπ– 5 ªï §à“‡ ◊ËÕ¡√“§“√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π 5.8 ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ ¥Õ°‡∫’È¬®à“¬∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π√–À«à“ß°“√°àÕ √â“ß‚§√ß°“√µà“ß Ê ∂◊Õ‡ªìπ à«πÀπ÷Ëß¢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 5.9 √“¬°“√∏ÿ√°‘®°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°—∫∫√‘…—∑œ À¡“¬∂÷ß ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡ ∫√‘…—∑œ À√◊Õ∂Ÿ°§«∫§ÿ¡ ‚¥¬∫√‘…—∑œ‰¡à«à“®–‡ªìπ‚¥¬∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡ À√◊ÕÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π°—∫∫√‘…—∑œ πÕ°®“°π’È∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¬—ßÀ¡“¬√«¡∂÷ß∫√‘…—∑√à«¡·≈–∫ÿ§§≈´÷Ëß¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠°—∫ ∫√‘…—∑œ ºŸâ∫√‘À“√ ”§—≠ °√√¡°“√À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ∑’Ë¡’Õ”π“®„π°“√«“ß·ºπ·≈–§«∫§ÿ¡°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ 5.10 —≠≠“‡™à“√–¬–¬“« —≠≠“‡™à“¬“πæ“Àπ–∑’Ë§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π¢Õß§«“¡‡ªìπ‡®â“¢Õß à«π„À≠à‰¥â‚Õπ‰ª„Àâ°—∫ºŸâ‡™à“∂◊Õ‡ªìπ —≠≠“ ‡™à“°“√‡ß‘π —≠≠“‡™à“°“√‡ß‘π®–∫—π∑÷°‡ªìπ√“¬®à“¬ΩÉ“¬∑ÿπ¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë‡™à“À√◊Õ¡Ÿ≈§à“ªí®®ÿ∫—π ÿ∑∏‘¢Õß ®”π«π‡ß‘π∑’ËµâÕß®à“¬µ“¡ —≠≠“‡™à“·≈â«·µà¡Ÿ≈§à“„¥®–µË”°«à“ ¿“√–ºŸ°æ—πµ“¡ —≠≠“‡™à“À—°§à“„™â®à“¬∑“ß°“√‡ß‘π®–∫—π∑÷° ‡ªìπÀπ’È ‘π√–¬–¬“« à«π¥Õ°‡∫’È¬®à“¬®–∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπµ≈Õ¥Õ“¬ÿ¢Õß —≠≠“‡™à“ ‘π∑√—æ¬å∑’Ë‰¥â¡“µ“¡ —≠≠“‡™à“ °“√‡ß‘π®–§‘¥§à“‡ ◊ËÕ¡√“§“µ≈Õ¥Õ“¬ÿ°“√„™âß“π¢Õß ‘π∑√—æ¬å∑’Ë‡™à“

100

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited 5.6

5.7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Investments a) Investments in securities held for trading are stated at fair value. Gains or losses arising from changes in the carrying amounts of securities are included in determining income. b) Long-term investments in unit trusts of mutual funds which the Company intends to hold as availablefor-sale investments, are stated at fair value. Changes in the carrying amounts of securities are recorded as separate items in shareholders没 equity until the securities are sold, when the changes are then included in determining income. c) Investments in non-marketable equity securities, which the Company classifies as other investments, are stated at cost net of allowance for loss on diminution in value (if any). d) Investments in subsidiary companies are accounted for under the cost method. The fair value of unit trusts is determined from their net asset value. The weighted average method is used for computation of the cost of investments. Property, plant and equipment / Depreciation Land is stated at cost. Building and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of building and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives: Building and condominiums Building improvement and structures Machinery and equipment Furniture, fixtures and office equipment Motor vehicles

20, 30 5 5 3, 5 5

years years years years years

Depreciation is included in determining income. No depreciation is provided on land. 5.8 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. 5.9 Related party transactions Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company. They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Company没s operations. 5.10 Long-term leases Leases of motor vehicles which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in other long-term payables, while the interest element is charged to the income statements over the lease period. The motor vehicles acquired under finance leases are depreciated over the useful life of the asset.

Annual Report 2006

101

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

5.11 ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈– Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»§ß‡À≈◊ÕÕ¬Ÿà ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ °”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—µ√“·≈°‡ª≈’Ë¬π√«¡Õ¬Ÿà„π°“√§”π«≥º≈ °“√¥”‡π‘πß“π 5.12 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∑ÿ°«—π∑’Ë„πß∫¥ÿ≈ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–∑”°“√ª√–‡¡‘π«à“¡’¢âÕ∫àß™’È´÷Ëß· ¥ß«à“ ‘π∑√—æ¬å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ¥âÕ¬§à“≈ßÀ√◊Õ‰¡à À“°¡’¢Õâ ∫àß™’¢È Õß°“√¥âÕ¬§à“ ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬®–∑”°“√ª√–¡“≥¡Ÿ≈§à“∑’§Ë “¥«à“®–‰¥â√∫— §◊π¢Õß ‘π∑√—æ¬å ·≈–À“°æ∫«à“√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬åπ—Èπ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–≈¥¡Ÿ≈§à“ ¢Õß ‘π∑√—æ¬åπ—Èπ≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ·≈–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å„πß∫°”‰√¢“¥∑ÿπ (¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å À¡“¬∂÷ß √“§“¢“¬ ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â¢Õß ‘π∑√—æ¬åπ—Èπ·≈â«·µà®”π«π„¥ ®– Ÿß°«à“) 5.13 Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ∫—π∑÷°„π√“§“∑ÿπ·≈–· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 5.14 º≈ª√–‚¬™πå¢Õßæπ—°ß“π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ ‡ß‘π‡¥◊Õπ §à“®â“ß º≈µÕ∫·∑πæ‘‡»… ·≈–‡ß‘π ¡∑∫°Õß∑ÿπª√–°—π —ß§¡·≈–°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ‡ªìπ§à“„™â®à“¬‡¡◊ËÕ‡°‘¥√“¬°“√ 5.15 ¿“…’‡ß‘π‰¥â ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¿“…’‡ß‘π‰¥â‚¥¬§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß¿“…’µ“¡°ÆÀ¡“¬ ¿“…’Õ“°√ 5.16 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß ∂“π°“√≥åΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥·≈– °“√µ—Èß ¡¡µ‘∞“π ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’Èº≈∑’Ë‡°‘¥¢÷Èπ ®√‘ß®÷ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

102

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5.11 Foreign currencies Foreign currency transactions are translated into Baht at the exchange rates ruling on the transaction dates. Assets and liabilities denominated in foreign currencies outstanding at the balance sheet date are translated into Baht at the exchange rates ruling on the balance sheet date. Gains and losses on exchange are included in determining income. 5.12 Impairment of assets The Company and its subsidiaries assess at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, the Company and its subsidiaries make an estimate of the asset没s recoverable amount. Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognised in the income statement. An asset没s recoverable amount is the higher of fair value less costs to sell and value in use. 5.13 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. 5.14 Employee benefits Salary, wages, rewards and contributions to the social security fund and provident fund are recognised as expenses when incurred. 5.15 Income tax Income tax is provided for in the accounts based on the taxable profits determined in accordance with tax legislation. 5.16 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates.

Annual Report 2006

103

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

6. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡ ‡ß◊ËÕπ‰¢∑“ß°“√§â“·≈–‡°≥±åµ“¡∑’Ëµ°≈ß°—π√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√‡À≈à“π—Èπ ´÷Ëß‡ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘®‚¥¬ “¡“√∂ √ÿª‰¥â¥—ßπ’È (Àπà«¬ : ≈â“π∫“∑) ß∫°“√‡ß‘π√«¡ 2549 2548

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) √“¬‰¥â§à“‡™à“ √“¬‰¥â§“à ∫√‘°“√ ¥Õ°‡∫’¬È √—∫

2.4 1.0 6.3

2.4 0.7 5.2

¥Õ°‡∫’È¬®à“¬

0.4

´◊ÈÕ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠

21.6

26.8 -

11.6 0.1

26.8 -

11.6 -

´◊ÈÕ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠

12.9

11.4

√“¬°“√∏ÿ√°‘®°—∫°√√¡°“√ §à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—π ´◊ÈÕ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠

1.2 4.8

0.4

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´◊ÈÕ«— ¥ÿ°àÕ √â“ß ¥Õ°‡∫’¬È √—∫

104

√“¬ß“πª√–®”ªï 2549

π‚¬∫“¬°“√°”Àπ¥√“§“

√“§“µ“¡ —≠≠“ √“§“µ“¡ —≠≠“ Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” ∂—«‡©≈’Ë¬¢Õß∏π“§“√ 4 ·Ààß Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” ∑’Ë∫√‘…—∑œ‰¥â√—∫Õπÿ¡—µ‘®“° ∏π“§“√À—°√âÕ¬≈– 0.5 µàÕªï √“§“∑ÿπ´÷Ëß Ÿß°«à“ ‘π∑√—æ¬å ÿ∑∏‘ ¢Õß∫√‘…—∑∑’Ë∂Ÿ°´◊ÈÕ „°≈â‡§’¬ß°—∫√“§“∑’Ë´◊ÈÕ®“°√“¬Õ◊Ëπ Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” ∂—«‡©≈’Ë¬¢Õß∏π“§“√ 4 ·Ààß √“§“∑ÿπ´÷Ëß Ÿß°«à“ ‘π∑√—æ¬å ÿ∑∏‘ ¢Õß∫√‘…—∑∑’Ë∂Ÿ°´◊ÈÕ √âÕ¬≈– 1 ¢Õß«ß‡ß‘π ‘π‡™◊ËÕ √“§“∑ÿπ´÷Ëß Ÿß°«à“ ‘π∑√—æ¬å ÿ∑∏‘ ¢Õß∫√‘…—∑∑’Ë∂Ÿ°´◊ÈÕ

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

6. RELATED PARTY TRANSACTIONS During the years, the Company and its subsidiaries had significant business transactions with related parties, which have been concluded on commercial terms and bases agreed upon in the ordinary course of businesses between the Company and those companies. Below is a summary of those transactions. (Unit : Million Baht) Consolidated 2006 2005

The Company Only 2006 2005

Transactions with subsidiary companies (eliminated from the consolidated financial statements) Rental income Service income Interest income Interest expenses

2.4 1.0 6.3 0.4

2.4 0.7 5.2 -

Purchases of investments in ordinary shares

21.6

26.8

11.6

26.8

11.6

Interest income Purchases of investments in ordinary shares

0.1 12.9

11.4

Transaction with directors Guarantee fees Purchases of investments in ordinary shares

1.2 4.8

0.4

Transactions with related companies Purchases of construction material

Transfer Pricing Policy

Contract price Contract price Average MLR of 4 banks MLR which the Company has been approved by bank minus 0.5 percent per annum At cost, which was higher than the net assets value at date of purchase Closed to purchasing price from third parties Average MLR of 4 banks At cost, which was higher than the net assets value at date of purchase 1 percent of credit facility At cost, which was higher than the net assets value at date of purchase

Annual Report 2006

105

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È ß∫°“√‡ß‘π√«¡ 2549 2548

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

À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘

106

√“¬ß“πª√–®”ªï 2549

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548

2,354,000 2,354,000

4,000,000 4,000,000

4,274 4,274 4,004,274

83,283,831 83,283,831

80,323,831 80,323,831

22,883,272 22,883,272 106,167,103 (18,758,592) 87,408,511

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

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The balances of the accounts as at 31 December 2006 and 2005 between the Company and those related parties are as follows: (Unit : Baht) Consolidated 2006 2005

Amounts due from related parties Subsidiary Phuket Estate Company Limited Total Short-term loans to related party Subsidiary Loan to : Supalai Property Management Company Limited Interest receivable : Supalai Property Management Company Limited Total Long-term loans to related party Subsidiary Loan to : Supalai Northeast Company Limited Interest receivable : Supalai Northeast Company Limited

Less : Allowance for doubtful accounts Long-term loans to related party, net

The Company Only 2006 2005

2,354,000 2,354,000

4,000,000 4,000,000

4,274 4,274 4,004,274

83,283,831 83,283,831

80,323,831 80,323,831

22,883,272 22,883,272 106,167,103 (18,758,592) 87,408,511

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

Annual Report 2006

107

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

‡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 (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2549 2548

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

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548

100,000 100,000

54,622,523 54,622,523

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

7,963,372 7,963,372

1,666,734 1,666,734

7,963,372 7,963,372

1,666,734 1,666,734

1,546 1,546

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

60,000,000 60,000,000

393,904 393,904 60,393,904

330,000 330,000

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

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¢Õß∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ §‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”∑’Ë ∫√‘…—∑œ‰¥â√—∫Õπÿ¡—µ‘®“°∏π“§“√À—°√âÕ¬≈– 0.5 µàÕªï à«π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√¢Õß∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ·≈–∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 108

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Short-term loans to related party and long-term loans to related party carry interest at a rate equal to the average MLR of 4 banks. (Unit : Baht) Consolidated 2006 2005 Advances to director Director of Phuket Estate Company Limited Total Advances paid for share subscriptions Subsidiaries Supalai Northeast Company Limited Phuket Estate Company Limited Total Trade accounts payable - related party Related company Durafloor Company Limited Total Amounts due to related party Related company M.K. Estate Company Limited Director of subsidiary Phuket Estate Company Limited Total Short-term loans from related party Subsidiary Loan from: Haadyai Nakarin Company Limited Interest payable: Haadyai Nakarin Company Limited Total Long-term loans from directors Directors of subsidiaries Haadyai Nakarin Company Limited Phuket Estate Company Limited Total

The Company Only 2006 2005

100,000 100,000

54,622,523 54,622,523

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

1,666,734 1,666,734

7,963,372 7,963,372

1,666,734 1,666,734

7,963,372 7,963,372

1,546 1,546

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

60,000,000 60,000,000

393,904 393,904 60,393,904

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

330,000 330,000

Short-term loans from related party of Haadyai Nakarin Company Limited carry interest at the MLR which the Company has been approved by bank minus 0.5 percent per annum. No interest is charged on the long-term loans from directors of Haadyai Nakarin Company Limited and Phuket Estate Company Limited. Annual Report 2006

109

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

„π√–À«à“ßªï 2549 ‡ß‘π„Àâ°¬Ÿâ ¡◊ √–¬– —πÈ ·°à°®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π ‡ß‘π„Àâ°¬Ÿâ ¡◊ √–¬–¬“«·°à°®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√¡’√“¬°“√‡§≈◊ËÕπ‰À«¥—ßµàÕ‰ªπ’È (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë „π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2549 ‡ß‘π∑¥√Õß®à“¬°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ 100,000 (100,000) √«¡ 100,000 (100,000) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ °√√¡°“√¢Õß∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 8,008,695 900,000 (8,908,695) ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ 330,000 330,000 √«¡ 8,338,695 900,000 (8,908,695) 330,000 (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“– ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë „π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2549 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2549 ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ 4,000,000 7,680,000 (11,680,000) 4,000,000 7,680,000 (11,680,000) ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ 4,274 388,149 (392,423) 4,274 388,149 (392,423) √«¡ 4,004,274 8,068,149 (12,072,423) ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ 80,323,831 13,660,000 (10,700,000) 83,283,831 80,323,831 13,660,000 (10,700,000) 83,283,831 ¥Õ°‡∫’È¬§â“ß√—∫ : ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ 17,007,581 5,875,691 22,883,272 17,007,581 5,875,691 22,883,272 √«¡ 97,331,412 19,535,691 (10,700,000) 106,167,103 ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡ : ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 60,000,000 60,000,000 60,000,000 60,000,000 ¥Õ°‡∫’È¬§â“ß®à“¬ : ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ 393,904 393,904 393,904 393,904 √«¡ 60,393,904 60,393,904 110

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During 2006, movements of short-term loans to related party, long-term loans to related party, advances to directors, short-term loans from related party, and long-term loans from directors were as follows: (Unit : Baht) Balance as at 1 January 2006

Advances to director Director of Phuket Estate Company Limited Total Long-term loans from directors Directors of subsidiaries Loan from : Haadyai Nakarin Company Limited Phuket Estate Company Limited Total

100,000 100,000

(100,000) (100,000)

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

900,000 900,000

(8,908,695) (8,908,695)

Balance as at 1 January 2006 Short-term loans to related party Subsidiary Loan to : Supalai Property Management Company Limited Interest receivable : Supalai Property Management Company Limited Total

Long-term loans to related party Subsidiary Loan to : Supalai Northeast Company Limited Interest receivable : Supalai Northeast Company Limited Total Short-term loans from related party Subsidiary Loan from : Haadyai Nakarin Company Limited Interest payable : Haadyai Nakarin Company Limited Total

Consolidated During the year Increase Decrease

The Company Only During the year Increase Decrease

Balance as at 31 December 2006 -

330,000 330,000 (Unit : Baht) Balance as at 31 December 2006

4,000,000 4,000,000

7,680,000 7,680,000

(11,680,000) (11,680,000)

4,274 4,274 4,004,274

388,149 388,149 8,068,149

(392,423) (392,423) (12,072,423)

80,323,831 80,323,831

13,660,000 13,660,000

(10,700,000) (10,700,000)

83,283,831 83,283,831

17,007,581 17,007,581 97,331,412

5,875,691 5,875,691 19,535,691

(10,700,000)

22,883,272 22,883,272 106,167,103

60,000,000 60,000,000

393,904 393,904 60,393,904

393,904 393,904 60,393,904 Annual Report 2006

111

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ „πªï 2549 ·≈– 2548 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π‡¥◊Õπ º≈µÕ∫·∑πæ‘‡»… §à“‡∫’È¬ª√–™ÿ¡·≈– ‡ß‘π∫”‡ÀπÁ®„Àâ·°à°√√¡°“√ ·≈–ºŸâ∫√‘À“√ ‡ªìπ®”π«π‡ß‘π 68.8 ≈â“π∫“∑ ·≈– 66.1 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ: 66.7 ≈â“π∫“∑ ·≈– 64.2 ≈â“π∫“∑) µ“¡ ≈”¥—∫ πÕ°®“°π’È „π√–À«à“ßªï 2548 ∫√‘…—∑œ‰¥â®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ®”π«π 2,000,000 Àπà«¬ „Àâ·°à °√√¡°“√¢Õß∫√‘…—∑œ‚¥¬‰¡à§‘¥¡Ÿ≈§à“ √“¬≈–‡Õ’¬¥¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 25

¿“√–§È”ª√–°—π°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑œ¡’¿“√–®“°°“√§È”ª√–°—π„Àâ°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ ß∫°“√‡ß‘π¢âÕ 33.3

7. ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ (Àπà«¬ : ∫“∑)

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

ß∫°“√‡ß‘π√«¡ 2549 2548 583,402 297,900 4,980,704 787,047 110,380,066 76,509,419 115,944,172 77,594,366

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 186,000 167,000 4,752,654 1,341,339 58,879,035 64,785,090 63,817,689 66,293,429

8. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑)

®”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∑∏‘

112

√“¬ß“πª√–®”ªï 2549

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 2549 2548 27,225,150,967 26,152,934,500 25,756,849,727 24,831,915,000 79.41 74.25 81.40 75.41 24,560,531,347 19,507,860,513 23,179,552,161 18,298,709,919 (24,544,537,455) (19,490,455,805) (23,164,546,829) (18,281,753,111) 15,993,892 17,404,708 15,005,332 16,956,808 (5,052,733) (2,720,852) (5,052,733) (2,720,852) 10,941,159 14,683,856 9,952,599 14,235,956 1,715,852 1,656,527 (94,665) (169,411) 1,621,187 1,487,116 12,562,346 16,170,972 9,952,599 14,235,956

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

Directors and management没s remuneration In 2006 and 2005 the Company and its subsidiaries paid salaries, rewards, meeting allowances and gratuities to their directors and management totaling Baht 68.8 million and Baht 66.1 million (The Company only: Baht 66.7 million and Baht 64.2 mil ion) respectively. In addition, during 2005 the Company has allocated 2,000,000 warrants to its directors without charge. The details of the warrants are presented in note 25 to the financial statements.

Guarantee obligations with related parties The Company has outstanding guarantee obligations with its related parties, as described in Note 33.3 to the financial statements.

7. CASH AND CASH EQUIVALENTS (Unit : Baht)

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

Consolidated 2006 2005 583,402 297,900 4,980,704 787,047 110,380,066 76,509,419 115,944,172 77,594,366

The Company Only 2006 2005 186,000 167,000 4,752,654 1,341,339 58,879,035 64,785,090 63,817,689 66,293,429

8. TRADE ACCOUNTS RECEIVABLE Trade accounts receivable balances as at 31 December 2006 and 2005 comprise: (Unit : Baht) Consolidated 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

2006 2005 27,225,150,967 26,152,934,500 79.41 74.25 24,560,531,347 19,507,860,513 (24,544,537,455) (19,490,455,805) 15,993,892 17,404,708 (5,052,733) (2,720,852) 10,941,159 14,683,856 1,715,852 1,656,527 (94,665) (169,411) 1,621,187 1,487,116 12,562,346 16,170,972

The Company Only 2006 2005 25,756,849,727 24,831,915,000 81.40 75.41 23,179,552,161 18,298,709,919 (23,164,546,829) (18,281,753,111) 15,005,332 16,956,808 (5,052,733) (2,720,852) 9,952,599 14,235,956 9,952,599 14,235,956

Annual Report 2006

113

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°‡°Á∫·≈–§à“ß«¥∑’Ë¬—ß‰¡à√—∫√Ÿâ‡ªìπ√“¬‰¥â ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑)

°“√√—∫√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 √«¡

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 2549 2548 24,148,861,641 19,630,829,211 22,775,525,040 18,434,672,955 (24,560,531,347) (19,507,860,513) (23,179,552,161) (18,298,709,919) (411,669,706) 122,968,698 (404,027,121) 135,963,036 220,517,087 (632,186,793) (411,669,706)

612,265,954 (489,297,256) 122,968,698

220,517,087 (624,544,208) (404,027,121)

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≈ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ·¬°µ“¡Õ“¬ÿÀπ’È‰¥â¥—ßπ’È (Àπà«¬ : ∫“∑)

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∑∏‘

114

√“¬ß“πª√–®”ªï 2549

ß∫°“√‡ß‘π√«¡ 2549 2548 12,443,041 13,776,986 2,282,792 984,789 1,205,039 787,732 1,778,872 3,511,728 17,709,744 19,061,235 (5,147,398) (2,890,263) 12,562,346 16,170,972

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 10,269,294 12,167,869 1,905,792 984,789 1,146,039 470,232 1,684,207 3,333,918 15,005,332 16,956,808 (5,052,733) (2,720,852) 9,952,599 14,235,956

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As at 31 December 2006 and 2005, çUnbilled completed worké and çUnearned incomeé comprise the following: (Unit : Baht) Consolidated 2006 2005 Accumulated amount recognised as revenue on percentage of completion basis Less : Installments due The balance comprises : Unbil ed completed work Unearned income Total

The Company Only 2006 2005

24,148,861,641 (24,560,531,347) (411,669,706)

19,630,829,211 (19,507,860,513) 122,968,698

22,775,525,040 (23,179,552,161) (404,027,121)

18,434,672,955 (18,298,709,919) 135,963,036

220,517,087 (632,186,793) (411,669,706)

612,265,954 (489,297,256) 122,968,698

220,517,087 (624,544,208) (404,027,121)

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

Unearned income is presented in the caption çDeposits and advances received from customersé in the balance sheets. The outstanding balances of trade accounts receivable as at 31 December 2006 and 2005 are classified by aging as follows: (Unit : Baht)

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

Consolidated 2006 2005

The Company Only 2006 2005

12,443,041 2,282,792 1,205,039 1,778,872 17,709,744 (5,147,398) 12,562,346

10,269,294 1,905,792 1,146,039 1,684,207 15,005,332 (5,052,733) 9,952,599

13,776,986 984,789 787,732 3,511,728 19,061,235 (2,890,263) 16,170,972

12,167,869 984,789 470,232 3,333,918 16,956,808 (2,720,852) 14,235,956

Annual Report 2006

115

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

9. µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 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∑∏‘ ¡Ÿ≈§à“µâπ∑ÿπ‚§√ß°“√ À—° : à«π∑’Ë‚Õπ‡ªìπµâπ∑ÿπ¢“¬ – ¡ à«π∑’Ë‚Õπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å à«π∑’Ë‚Õπ‡ªìπ∑’Ë¥‘π√Õ°“√æ—≤π“ à«π∑’Ë‚Õπµ’∑√—æ¬å™”√–Àπ’Èµ“¡ —≠≠“ ª√—∫‚§√ß √â“ßÀπ’È À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ÿ∑∏‘

2549 2,032,971,972 1,232,662,974 2,988,115,815 6,253,750,761 (124,082,107) 6,129,668,654

2548 1,986,277,579 1,162,132,072 2,055,005,575 5,203,415,226 (150,681,932) 5,052,733,294

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2549 2548 1,677,419,455 1,697,981,634 1,150,342,776 1,025,062,293 2,882,690,862 2,040,953,349 5,710,453,093 4,763,997,276 (49,798,711) (54,024,658) 5,660,654,382 4,709,972,618

22,381,842,548 18,713,581,828 20,862,822,526 17,403,146,561 (14,026,297,746) (11,423,937,011) (13,236,349,575) (10,738,144,415) (504,854,288) (489,289,838) (319,080,105) (304,065,117) (213,078,092) (213,078,092) (213,078,092) (213,078,092) (1,383,861,661) (1,383,861,661) (1,383,861,661) (1,383,861,661) 6,253,750,761 (124,082,107) 6,129,668,654

5,203,415,226 (150,681,932) 5,052,733,294

5,710,453,093 (49,798,711) 5,660,654,382

4,763,997,276 (54,024,658) 4,709,972,618

„π‡¥◊Õπ∏—π«“§¡ 2549 ∫√‘…—∑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 15 ∏—π«“§¡ 2549 ª√“°Æ«à“¡Ÿ≈§à“¢Õß‚§√ß°“√ Àπ÷Ëß¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ¡’¡Ÿ≈§à“µË”°«à“¡Ÿ≈§à“µ“¡∫—≠™’Õ¬Ÿà‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.4 ≈â“π∫“∑ ∫√‘…—∑œ®÷ß‰¥â∫—π∑÷° §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√®“°º≈°“√ª√–‡¡‘π√“§“¥—ß°≈à“«‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.4 ≈â“π∫“∑‰«â„π∫—≠™’‚¥¬ ∂◊Õ‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2549 „π‡¥◊Õπ¡°√“§¡ 2550 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥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 29 ¡°√“§¡ 2550 ª√“°Æ«à“¡Ÿ≈§à“ ¢Õß‚§√ß°“√¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´÷Ëß‰¥âª√–‡¡‘π‰«â‡¡◊ËÕªï 2547 Õ¬Ÿà‡ªìπ®”π«π ‡ß‘πª√–¡“≥ 22.4 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ß∫—π∑÷°‚Õπ°≈—∫§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√´÷Ëß ‡§¬∫—π∑÷°‰«â„π∫—≠™’ „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√“°Æ«à“¡Ÿ≈§à“¢Õß∫“ß ‚§√ß°“√¢Õß∫√‘…∑— œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’¡≈Ÿ §à“ Ÿß°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’´ß÷Ë ‰¥âª√–‡¡‘π‰«â‡¡◊ÕË ªï 2547 Õ¬Ÿ‡à ªìπ®”π«π‡ß‘πª√–¡“≥ 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∑÷°§à“‡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√–À«à“ßªï 2549 ·≈– 2548 ∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬‰¥â∫π— ∑÷°¥Õ°‡∫’¬È ®à“¬®”π«π‡ß‘πª√–¡“≥ 68.6 ≈â“π∫“∑ ·≈– 39.6 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 68.6 ≈â“π∫“∑ ·≈– 39 ≈â“π∫“∑) µ“¡≈”¥—∫ ‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬ ‚¥¬¡’Õ—µ√“µ—Èß¢÷Èπ¢Õß∑ÿπ‡∑à“°—∫√âÕ¬≈– 5.5 ∂÷ß√âÕ¬≈– 8.0 µàÕªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ®”π«π ‡ß‘πª√–¡“≥ 4,527 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ®”π«π‡ß‘πª√–¡“≥ 4,215.6 ≈â“π∫“∑ (31 ∏—π«“§¡ 2548 : 4,116.6 ≈â“π∫“∑ ·≈– 3,854.9 ≈â“π∫“∑) µ“¡≈”¥—∫ ‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« °“√ÕÕ°Àπ—ß ◊Õ §È”ª√–°—π ·≈–°“√Õ“«—≈µ—Î« —≠≠“„™â‡ß‘π 116

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9. COSTS OF PROPERTY DEVELOPMENT PROJECTS FOR SALES (Unit : Baht) Consolidated 2006 2005 Land costs and development costs 2,032,971,972 Houses and commercial buildings in progress 1,232,662,974 Condominiums and related land costs 2,988,115,815 Total 6,253,750,761 Less : Allowance for loss on diminution in project value (124,082,107) Costs of property development projects for sales, net 6,129,668,654 Cost of project value 22,381,842,548 Less : Accumulated amount transferred to cost of sales (14,026,297,746) Transferred to property, plant and equipment (504,854,288) Transferred to land held for development (213,078,092) Transferred to settle debts per restructuring agreements (1,383,861,661) 6,253,750,761 Less : Allowance for loss on diminution in project value (124,082,107) Costs of property development projects for sales, net 6,129,668,654

The Company Only 2006 2005

1,986,277,579 1,162,132,072 2,055,005,575 5,203,415,226 (150,681,932) 5,052,733,294 18,713,581,828 (11,423,937,011) (489,289,838) (213,078,092)

1,677,419,455 1,150,342,776 2,882,690,862 5,710,453,093 (49,798,711) 5,660,654,382 20,862,822,526 (13,236,349,575) (319,080,105) (213,078,092)

1,697,981,634 1,025,062,293 2,040,953,349 4,763,997,276 (54,024,658) 4,709,972,618 17,403,146,561 (10,738,144,415) (304,065,117) (213,078,092)

(1,383,861,661) 5,203,415,226 (150,681,932) 5,052,733,294

(1,383,861,661) 5,710,453,093 (49,798,711) 5,660,654,382

(1,383,861,661) 4,763,997,276 (54,024,658) 4,709,972,618

In December 2006, the Company hired an independent appraiser to appraise the value of the Company没s assets in various projects. According to the appraisal report dated 15 December 2006, the aggregate value of a project as at 31 December 2006 was approximately Baht 0.4 million lower than their book value. The Company set aside allowance for loss on diminution in the value of these projects amounting to approximately Baht 0.4 million based on the results of the appraisal, recording it as expense in the income statement for the year 2006. In January 2007, a subsidiary hired an independent appraiser to appraise the value of the subsidiary没s assets in the project. According to the appraisal report dated 29 January 2007, the aggregate value of the project as at 31 December 2006 was approximately Baht 22.4 million higher than its net book value as appraised in 2004. The subsidiary therefore reversed allowance for loss on diminution in value of the project recorded in its accounts in the income statement for the year 2006. In December 2005, the Company hired an independent appraiser to appraise the value of the Company没s assets in various projects. According to the appraisal report dated 30 December 2005, the aggregate value of a project as at 31 December 2005 was approximately Baht 16 million higher than their net book value as appraised in 2004. The Company therefore reversed allowance for loss on diminution in value of these projects recorded in its accounts. In addition, the Company set aside further allowance of approximately Baht 21.7 million for loss on diminution in value of another project based on management没s own estimation, recording it as an expense in the income statement for the year 2005. During the years 2006 and 2005, the Company and its subsidiary capitalized interest expenses at the rate between 5.5 - 8.0 percent per annum of approximately Baht 68.6 million and Baht 39.6 million (the Company only : Baht 68.6 mil ion and Baht 39 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 2006 amounting to approximately Baht 4,527 million, or Baht 4,215.6 million per the financial statements of the Company only (31 December 2005 : Baht 4,116.6 million and Baht 3,854.9 million), respectively, with banks as collateral for bank overdrafts, long-term loans, bank guarantees and to aval promissory notes. Annual Report 2006

117

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∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

10. ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π‡°‘¥®“°°“√∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π·≈–‰¥â®à“¬‡ß‘π¡—¥®”„Àâ°—∫ºŸâ¢“¬·≈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¬

11. ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π ¬Õ¥§ß‡À≈◊Õπ’È§◊Õ‡ß‘πΩ“°ª√–®”´÷Ëß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”‰ª«“ß‰«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π°—∫∏π“§“√æ“≥‘™¬å„π°“√ÕÕ° Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√

12. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’√“§“∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ª√–°Õ∫¥â«¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ßµàÕ‰ªπ’È (Àπà«¬ : ∫“∑)

™◊ËÕ∫√‘…—∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ∑ÿπ‡√’¬°™”√–·≈â« —¥ à«π‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ 2549 2548 2549 2548 2549 2548 ≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈– (ª√—∫ª√ÿß„À¡à) 20.0 20.0 99.89 99.89 19,977,600 19,977,600 191.5 191.5 49.89 49.89 105,370,000 105,370,000 116.3 63.4 96.45 93.53 112,152,695 59,310,035

∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ∫√‘…—∑ À“¥„À≠àπ§√‘π∑√å ®”°—¥ ∫√‘…—∑ »ÿ¿“≈—¬Õ‘ “π ®”°—¥ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ (2548: ∂◊ÕÀÿâπ‚¥¬∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ √âÕ¬≈– 26.25) 76.8 √«¡ À—°: §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’√“§“∑ÿπ - ÿ∑∏‘

58.8

44.09

13.41

38,755,025 276,255,320 (112,152,695) 164,102,625

11,826,315 196,483,950 (59,310,035) 137,173,915

‡¡◊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‡¥‘¡°àÕπ À“°‡æ‘Ë¡∑ÿπ‰¡à§√∫µ“¡®”π«π∑’Ë°”Àπ¥‰«â¥—ß°≈à“« ®÷ß®–‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπÕ◊Ëπ Ê ∑’Ë π„®®Õß´◊ÈÕ‰¥â ·≈–∑’Ëª√–™ÿ¡‰¥â¡’¡µ‘„Àâ‡√’¬°™”√–Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“«·≈â« ∫√‘…—∑œ‰¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’Ë ºŸâ∂◊ÕÀÿâπ Õ◊Ëπ Ê ‰¡à‰¥â®Õß´◊ÈÕ‡ªìπ®”π«π√«¡ 52,842,660 ∫“∑ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 93.53 ‡ªìπ√âÕ¬≈– 96.45 ∫√‘…∑— ¬àÕ¬¥—ß°≈à“«‰¥â¥”‡π‘π°“√ ®¥∑–‡∫’¬π‡æ‘¡Ë ∑ÿπ¥—ß°≈à“«°—∫ ”π—°ß“πæ“≥‘™¬å®ß— À«—¥·≈â«‡¡◊ÕË «—π∑’Ë 24 ¡°√“§¡ 2549 ‡¡◊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∑’Ë ºŸâ∂◊ÕÀÿâπÕ◊ËπÊ‰¡à‰¥â®Õß´◊ÈÕ‡ªìπ®”π«π‡ß‘π 5,250,000 ∫“∑ ·≈– 5,294,000 ∫“∑ µ“¡≈”¥—∫ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ „π∫√‘…—∑¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 26.25 ‡ªìπ√âÕ¬≈– 26.94 ·≈– —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 13.41 ‡ªìπ√âÕ¬≈– 17.16 ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫ °√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 19 ¡°√“§¡ 2549

118

√“¬ß“πª√–®”ªï 2549

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

10. 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.

11. RESTRICTED BANK DEPOSITS These represent fixed deposits pledged with the banks to secure against bank guarantees issued by these banks.

12. INVESTMENTS IN SUBSIDIARIES ACCOUNTED FOR UNDER COST METHOD These represent investments in ordinary shares in the following subsidiary companies. (Unit : Baht) The Company Only Company没s name

Paid-up capital Shareholding percentage Investments 2006 2005 2006 2005 2006 2005 Mil ion Baht Mil ion Baht Percent Percent (Restated) 20.0 20.0 99.89 99.89 19,977,600 19,977,600 191.5 191.5 49.89 49.89 105,370,000 105,370,000 116.3 63.4 96.45 93.53 112,152,695 59,310,035

Supalai Property Management Company Limited Haadyai Nakarin Company Limited Supalai Northeast Company Limited Phuket Estate Company Limited (2005 : Held 26.25 percent by Supalai Property Management Company Limited) 76.8 Total Less : Allowance for loss on diminution of investments in subsidiary Investments in subsidiaries accounted for under cost method, net

58.8

44.09

13.41

38,755,025 11,826,315 276,255,320 196,483,950 (112,152,695) (59,310,035) 164,102,625 137,173,915

On 4 October 2005, an extraordinary general meeting of the shareholders of Supalai Northeast Company Limited approved an increase in that company没s 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. As a result the percentage shareholding of the Company increased from 93.53 percent to 96.45 percent. The subsidiary registered the increase in its share capital with the Office of Commercial Affair on 24 January 2006. 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. As a result the percentage shareholding of Supalai Property Management Company Limited increased from 26.25 percent to 26.94 percent and the shareholding of the Company increased from 13.41 percent to 17.16 percent. Phuket Estate Company Limited registered the increase in its share capital with the Ministry of Commerce on 19 January 2006.

Annual Report 2006

119

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

‡¡◊ËÕ«—π∑’Ë 29 ‘ßÀ“§¡ 2549 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°∑ÿπ ®¥∑–‡∫’¬π‡¥‘¡ 76,815,200 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π„À¡à®”π«π 153,630,400 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 7,681,520 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑ ∫√‘…—∑œ‰¥â≈ß∑ÿπ‡æ‘Ë¡µ“¡ —¥ à«π‡¥‘¡·≈–„π à«π∑’ËºŸâ∂◊ÕÀÿâπÕ◊ËπÊ‰¡à‰¥â®Õß´◊ÈÕ ‚¥¬∑’Ëª√–™ÿ¡§≥–°√√¡°“√ ¢Õß∫√‘…—∑œ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ≈ß∑ÿπ‡æ‘Ë¡‡ªìπ®”π«π 72.8 ≈â“π∫“∑ ‚¥¬∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â¡’¡µ‘„Àâ‡√’¬°™”√–Àÿâπ‡æ‘Ë¡∑ÿπ·∫àßÕÕ° ‡ªìπ 4 ß«¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ‰¥â®à“¬‡ß‘π‡ªìπ®”π«π 54,622,523 ∫“∑ ·≈–‰¥â∫—π∑÷°√“¬°“√¥—ß°≈à“«‡ªìπ‡ß‘π®à“¬≈à«ß Àπâ“§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 µàÕ¡“ ∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 15 °ÿ¡¿“æ—π∏å 2550 µàÕ¡“‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2549 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑ ¬àÕ¬‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ¢“¬‡ß‘π≈ß∑ÿπ∑—ÈßÀ¡¥„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ „Àâ°—∫∫√‘…—∑œ„π√“§“µâπ∑ÿπ‡∑à“°—∫ 10.46 ∫“∑ µàÕÀÿâπ ®”π«π 2,069,026 Àÿâπ √«¡‡ªìπ‡ß‘π®”π«π 21,634,710 ∫“∑ ∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ„π∫√‘…—∑ ¿Ÿ‡°Áµ ‡Õ ‡µ∑ ®”°—¥ ‡æ‘Ë¡¢÷Èπ®“°√âÕ¬≈– 17.16 ‡ªìπ√âÕ¬≈– 44.09

13. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ —¥ à«π ‡ß‘π≈ß∑ÿπ √âÕ¬≈– ‡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 ®”°—¥ 0.67 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∑∏‘

2549

2548

4,010,000 4,010,000

4,010,000

(1,224,235) (1,089,457) 2,785,765 2,920,543 2,000,000 2,000,000 (1,196,000) (1,196,000) 804,000 804,000 3,589,765 3,724,543

4,010,000

(1,224,235) (1,089,457) 2,785,765 2,920,543 0.67

2,000,000 2,000,000 (1,196,000) (1,196,000) 804,000 804,000 3,589,765 3,724,543

14. ‚§√ß°“√√–À«à“ß°àÕ √â“ß (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2549 ∑’¥Ë π‘ Õ“§“√√–À«à“ß°àÕ √â“ß ‡øÕ√åπ‘‡®Õ√å√–À«à“ß°“√µ‘¥µ—Èß √«¡ À—° : §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‚§√ß°“√ ‚§√ß°“√√–À«à“ß°àÕ √â“ß - ÿ∑∏‘

120

√“¬ß“πª√–®”ªï 2549

185,904,216 118,932,704 304,836,920 (3,429,804) 301,407,116

2548 (ª√—∫ª√ÿß„À¡à) 343,931,548 783,039,007 3,609,246 1,130,579,801 (3,429,804) 1,127,149,997

145,315,942 723,594,743 3,609,246 872,519,931 872,519,931

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

On 29 August 2006, 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 76,815,200 to Baht 153,630,400, through the issuance of 7,681,520 new ordinary shares with a par value of Baht 10. The Company proportionally invested in its existing shareholding and in unsubscribed shares offered to other shareholders. The Board of Directors of the Company approved an increase of that company没s registered share capital a total of Baht 72.8 million. The shareholders meeting also resolved that the Company would call up the additional share capital in 4 installments. As at 31 December 2006, the Company paid an additional Baht 54,622,523 in this company and recorded this transaction as advances paid for share subscriptions as at the balance sheet date since the subsidiary is currently registering the increase in its share capital with the Ministry of Commerce. Subsequently, Phuket Estate Company Limited registered the increase in its share capital with the Ministry of Commerce on 15 February 2007. Subsequently, on 31 October 2006, the Board of Director of Supalai Property Management Company Limited, a subsidiary approved a divest all of its investment in the ordinary shares of Phuket Estate Company Limited to the Company at cost Baht 10.46 per share, 2,069,026 ordinary shares, a total of Baht 21,634,710. As a result, the percentage shareholding of the Company increased from 17.16 percent to 44.09 percent.

13. OTHER LONG-TERM INVESTMENTS (Unit : Baht) Consolidated

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

The Company Only

Percentage

owned by the Company Percent

0.67

2006

2005

4,010,000

(1,224,235) 2,785,765

(1,089,457) 2,920,543

(1,224,235) 2,785,765

(1,089,457) 2,920,543

2,000,000 (1,196,000) 804,000 3,589,765

2,000,000 (1,196,000) 804,000 3,724,543

2,000,000 (1,196,000) 804,000 3,589,765

2,000,000 (1,196,000) 804,000 3,724,543

0.67

2006

2005

14. PROJECTS UNDER CONSTRUCTION

Land Building under construction Furniture under installation Total Less : Allowance for loss on diminution in projects under construction Projects under construction, net

Consolidated 2006 2005 (Restated) 185,904,216 343,931,548 118,932,704 783,039,007 3,609,246 304,836,920 1,130,579,801 (3,429,804) 301,407,116

(3,429,804) 1,127,149,997

(Unit : Baht) The Company Only 2006 2005 -

145,315,942 723,594,743 3,609,246 872,519,931

872,519,931 Annual Report 2006

121

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß„π‚§√ß°“√√–À«à“ß°àÕ √â“ß ´÷Ëß¡’√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ®”π«π‡ß‘πª√–¡“≥ 156.2 ≈â“π∫“∑ (31 ∏—π«“§¡ 2548 : ß∫°“√‡ß‘π√«¡ ®”π«π‡ß‘πª√–¡“≥ 955.3 ≈â“π∫“∑ ·≈–ß∫°“√‡ß‘π‡©æ“– ¢Õß∫√‘…∑— œ ®”π«π‡ß‘πª√–¡“≥ 853 ≈â“π∫“∑) ‰ª ®¥®”πÕß‰«â°∫— ∏π“§“√‡æ◊ÕË ‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«®“°∏π“§“√ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ·≈–°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π

15. ∑’Ë¥‘π√Õ°“√æ—≤π“ ∫√‘…—∑œ‰¥âπ”∑’Ë¥‘π√Õ°“√æ—≤π“ ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 8 ≈â“π∫“∑ (31 ∏—π«“§¡ 2548 : 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 ·≈–°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π

16. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ à«πª√—∫ª√ÿß ‡§√◊ËÕßµ°·µàß Õ“§“√·≈– Õ“§“√·≈– ‡§√◊ËÕß®—°√·≈– ‡§√◊ËÕß„™â ∑’Ë¥‘π ÀâÕß™ÿ¥ ‘ßË ª≈Ÿ° √â“ß Õÿª°√≥å ”π—°ß“π ¬“πæ“Àπ– √«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) √“§“∑ÿπ 31 ∏—π«“§¡ 2548 31,535,016 71,553,820 88,099,685 40,182,176 62,385,003 ´◊ÈÕ‡æ‘Ë¡ 213,989 52,663,959 6,511,447 1,476,605 16,828,717 ®”Àπà“¬/µ—¥®”Àπà“¬ (507,945) (5,858,501) (4,559,972) (1,101,458) ‚Õπ‡¢â“ (‚ÕπÕÕ°) 145,458,624 778,368,925 8,870,044 ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ 7,444,576 31 ∏—π«“§¡ 2549 176,699,684 904,172,779 98,921,204 41,658,781 78,112,262 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2548 25,018,561 69,725,016 34,093,364 46,624,148 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 19,842,552 3,668,122 2,192,893 7,581,943 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ë ®”Àπà“¬/µ—¥®”Àπà“¬ (1,516,718) (4,559,891) (666,208) 31 ∏—π«“§¡ 2549 43,344,395 68,833,247 36,286,257 53,539,883 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2548 31,535,016 46,535,259 18,374,669 6,088,812 15,760,855 31 ∏—π«“§¡ 2549 176,699,684 860,828,384 30,087,957 5,372,524 24,572,379 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2548 (5 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 2549 (20.7 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√)

122

√“¬ß“πª√–®”ªï 2549

34,994,813 4,289,235 (381,335) 38,852,713

328,700,513 81,983,952 (12,409,211) 932,697,593 7,444,576 1,338,417,423

22,614,167 198,075,256 4,471,503 37,757,013 (380,311) (7,123,128) 26,705,359 228,709,141 12,330,646 130,625,257 12,147,354 1,109,708,282 19,750,644 37,757,013

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

The Company and its subsidiaries have mortgaged land and construction thereon in projects under construction with book values as at 31 December 2006 amounting to approximately Baht 156.2 million, (31 December 2005 : consolidated amounting to approximately Baht 955.3 million and the Company only amounting to approximately Baht 853 mil ion), respectively, with banks as collateral for bank overdrafts, long-term loans from banks, secured debentures and bank guarantees.

15. LAND HELD FOR DEVELOPMENT The Company has mortgaged land held for development with a net book value of approximately Baht 8 million as at 31 December 2006 (31 December 2005 : Baht 210.9 million) with banks as collateral for bank overdrafts, long-term loans, secured debentures and bank guarantees.

16. PROPERTY, PLANT AND EQUIPMENT (Unit : Baht) Consolidated Building and

Cost December 2005 Additions Disposals/write-off Transfers in (out) Capitalised interest 31 December 2006 Accumulated depreciation 31 December 2005 Depreciation for the year Depreciation on disposals/write-off

Building Furniture, improvement Machinery and fixtures and

Land (Restated)

Motor Condominiums and structures equipment office equipment vehicles (Restated) (Restated)

31,535,016 213,989 (507,945) 145,458,624 176,699,684

71,553,820 52,663,959 (5,858,501) 778,368,925 7,444,576 904,172,779

88,099,685 6,511,447 (4,559,972) 8,870,044 98,921,204

40,182,176 1,476,605 41,658,781

62,385,003 16,828,717 (1,101,458) 78,112,262

34,994,813 4,289,235 (381,335) 38,852,713

25,018,561 19,842,552 (1,516,718) 43,344,395

69,725,016 3,668,122 (4,559,891) 68,833,247

34,093,364 2,192,893 36,286,257

46,624,148 7,581,943 (666,208) 53,539,883

22,614,167 198,075,256 4,471,503 37,757,013 (380,311) (7,123,128) 26,705,359 228,709,141

Total (Restated) 328,700,513 81,983,952 (12,409,211) 932,697,593 7,444,576 1,338,417,423

31 December 2006 Net book value 31 December 2005 31,535,016 46,535,259 18,374,669 6,088,812 15,760,855 12,330,646 130,625,257 31 December 2006 176,699,684 860,828,384 30,087,957 5,372,524 24,572,379 12,147,354 1,109,708,282 Depreciation for the year 2005 (Baht 5 mil ion included in cost of rental and services, and the balance in selling and administrative expenses) 19,750,644 2006 (Baht 20.7 mil ion included in cost of rental and services, and the balance in selling and administrative expenses) 37,757,013

Annual Report 2006

123

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ à«πª√—∫ª√ÿß ‡§√◊ËÕßµ°·µàß Õ“§“√·≈– Õ“§“√·≈– ‡§√◊ËÕß®—°√·≈– ‡§√◊ËÕß„™â ∑’Ë¥‘π ÀâÕß™ÿ¥ ‘ßË ª≈Ÿ° √â“ß Õÿª°√≥å ”π—°ß“π ¬“πæ“Àπ– √«¡ (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) √“§“∑ÿπ ∏—π«“§¡ 2548 16,188,740 71,553,820 44,726,158 17,775,522 48,533,938 ´◊ÈÕ‡æ‘Ë¡ 52,663,959 4,806,555 418,606 16,000,298 ®”Àπà“¬/µ—¥®”Àπà“¬ (507,945) (5,858,501) (4,559,972) (1,096,785) ‚Õπ‡¢â“ (‚ÕπÕÕ°) 145,315,942 778,368,925 8,463,264 ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ 7,444,576 31 ∏—π«“§¡ 2549 160,996,737 904,172,779 53,436,005 18,194,128 63,437,451 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2548 25,018,561 31,066,715 16,423,311 35,338,571 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 19,842,552 2,694,403 653,855 6,578,668 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ë ®”Àπà“¬/µ—¥®”Àπà“¬ (1,516,718) (4,559,891) - (661,536) 31 ∏—π«“§¡ 2549 43,344,395 29,201,227 17,077,166 41,255,703 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2548 16,188,740 46,535,259 13,659,443 1,352,211 13,195,367 31 ∏—π«“§¡ 2549 160,996,737 860,828,384 24,234,778 1,116,962 22,181,748 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 2548 (5 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 2549 (20.7 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√)

28,543,874 2,741,235 (1,835) 31,283,274

227,322,052 76,630,653 (12,025,038) 932,148,131 7,444,576 1,231,520,374

19,095,855 126,943,013 3,469,080 33,238,558 (813) (6,738,958) 22,564,122 153,442,613 9,448,019 100,379,039 8,719,152 1,078,077,761 14,643,377 33,238,558

∫√‘…—∑œ‰¥âπ”∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å´÷Ëß¡’√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ‡ªìπ®”π«π‡ß‘π 967.3 ≈â“π∫“∑ ·≈– 3.9 ≈â“π∫“∑ µ“¡≈”¥—∫ ‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√ ‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«®“°∏π“§“√ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ·≈–°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â« ·µà ¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘πª√–¡“≥ 136.1 ≈â“π∫“∑ ·≈– 133.4 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 72 ≈â“π∫“∑ ·≈– 71.9 ≈â“π∫“∑) µ“¡≈”¥—∫

124

√“¬ß“πª√–®”ªï 2549

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

(Unit : Baht) The Company Only Building and

Cost 31 December 2005 Additions Disposals/write-off Transfers in (out) Capitalised interest 31 December 2006 Accumulated depreciation 31 December 2005 Depreciation for the year Depreciation on disposals/write-off

Building Furniture, improvement Machinery and fixtures and

Land (Restated)

Motor Condominiums and structures equipment office equipment vehicles (Restated) (Restated)

16,188,740 (507,945) 145,315,942 160,996,737

71,553,820 52,663,959 (5,858,501) 778,368,925 7,444,576 904,172,779

44,726,158 4,806,555 (4,559,972) 8,463,264 53,436,005

17,775,522 418,606 18,194,128

48,533,938 16,000,298 (1,096,785) 63,437,451

28,543,874 2,741,235 (1,835) 31,283,274

25,018,561 19,842,552 (1,516,718) 43,344,395

31,066,715 2,694,403 (4,559,891) 29,201,227

16,423,311 653,855 17,077,166

35,338,571 6,578,668 (661,536) 41,255,703

19,095,855 126,943,013 3,469,080 33,238,558 (813) (6,738,958) 22,564,122 153,442,613

Total (Restated) 227,322,052 76,630,653 (12,025,038) 932,148,131 7,444,576 1,231,520,374

31 December 2006 Net book value December 2005 16,188,740 46,535,259 13,659,443 1,352,211 13,195,367 9,448,019 100,379,039 31 December 2006 160,996,737 860,828,384 24,234,778 1,116,962 22,181,748 8,719,152 1,078,077,761 Depreciation for the year 2005 (Baht 5 mil ion included in cost of rental and services, and the balance in selling and administrative expenses) 14,643,377 2006 (Baht 20.7 mil ion included in cost of rental and services, and the balance in selling and administrative expenses) 33,238,558

The Company has mortgaged property, plant and equipment with book values as at 31 December 2006 and 2005 amounting to Baht 967.3 mil ion and Baht 3.9 million respectively, with banks as security for bank overdrafts, short-term loans from banks, long-term loans from banks, secured debentures and bank guarantees. As at 31 December 2006 and 2005, certain plant and equipment items of the Company and its subsidiaries have been fully depreciated but are stil in use. The original cost of those assets amounted to Baht 136.1 million and Baht 133.4 mil ion (the Company only : Baht 72 million and Baht 71.9 million) respectively.

Annual Report 2006

125

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

17. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√ √«¡

(Àπà«¬ : ∫“∑) Õ—µ√“¥Õ°‡∫’¬È ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ (√âÕ¬≈–µàÕªï) 2549 2548 2549 2548 MOR 4,460,648 4,840,836 4,225,840 2,151,281 MLR - 1 75,000,000 75,000,000 79,460,648 4,840,836 79,225,840 2,151,281

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß‰ª®¥®”πÕß‰«â°—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ·≈–‡ß‘π°Ÿâ ¬◊¡√–¬– —Èπ®“°∏π“§“√

18. ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ ¬Õ¥§ß‡À≈◊Õ¥—ß°≈à“«‡ªìπµ—Î«·≈°‡ß‘π´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬§‘¥≈¥√âÕ¬≈– 5.9 µàÕªï ·≈–¡’Õ“¬ÿ‰∂à∂Õπ¿“¬„π 2 ‡¥◊Õπ

19. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√ (Àπà«¬ : ∫“∑) ‡ß‘π°Ÿâ

Õ—µ√“¥Õ°‡∫’È¬

1. ªï∑’Ë 1 ·≈–ªï∑’Ë 2 √âÕ¬≈– 4.5µàÕªï ªï∑’Ë 3 √âÕ¬≈– MLR-1 µàÕªï 2. √âÕ¬≈– MLR-1 µàÕªï 3. ªï∑’Ë 1 √âÕ¬≈– 4.5 µàÕªï ªï∑’Ë 2 √âÕ¬≈– MLR-1 µàÕªï ªï∑’Ë 3 √âÕ¬≈– MLR-0.5 µàÕªï 4. √âÕ¬≈– MLR-1 µàÕªï 5. 6. 7. 8.

126

°“√™”√–§◊π ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ∏—π«“§¡ 2549 ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ ‘ßÀ“§¡ 2551 ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ ‘ßÀ“§¡ 2550

™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπµÿ≈“§¡ 2550 √âÕ¬≈– MLR-1 µàÕªï ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ ‘ßÀ“§¡ 2551 √âÕ¬≈– MLR-1 µàÕªï ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπµÿ≈“§¡ 2550 √âÕ¬≈– MLR-1 µàÕªï ™”√–§◊π‡ß‘πµâπ¿“¬„π‡¥◊Õπ°√°Æ“§¡ 2551 √âÕ¬≈– MLR-1 µàÕªï ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß √“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπµÿ≈“§¡ 2550 ªï∑’Ë 1 √âÕ¬≈– MLR-0.5 µàÕªï ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ªï∑’Ë 2 ·≈– 3 √âÕ¬≈– MLR-1 µàÕªï ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß √“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ ¿“¬„π‡¥◊Õπ∏—π«“§¡ 2549 √“¬ß“πª√–®”ªï 2549

248,351,000

83,758,199

178,240,000

83,758,199 178,240,000

75,317,000

45,590,000

75,317,000 45,590,000

93,076,000

2,932,000

8,596,000

45,595,784

120,400,000

332,464,460

93,076,000

2,932,000 8,596,000 45,595,784

120,400,000 120,400,000

332,464,460

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

17. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM BANKS (Unit : Baht) Interest rate (percent per annum)

Bank overdrafts Short-term loans from banks Total

MOR MLR - 1

Consolidated 2006 2005 4,460,648 4,840,836 75,000,000 79,460,648 4,840,836

The Company Only 2006 2005 4,225,840 2,151,281 75,000,000 79,225,840 2,151,281

The Company and the subsidiary have mortgaged parts of their project land and construction thereon with banks to secure the bank overdrafts and short-term loans from banks.

18. OTHER SHORT-TERM LOANS The outstanding balances represent bil s of exchange, which carry interest at rates 5.9 percent per annum, and mature within 2 months.

19. LONG-TERM LOANS FROM BANKS (Unit : Baht) Loan

Interest rate

First and second years: 4.5 percent per annum Third year: MLR-1% per annum MLR-1% per annum First year: 4.5% per annum Second year: MLR-1% per annum Third year: MLR-0.5% per annum MLR-1% per annum MLR-1% per annum MLR-1% per annum MLR-1% per annum MLR-1% per annum

2. 3.

4. 5. 6. 7. 8.

First year: MLR-0.5% per annum Second and third years: MLR-1% per annum

Repayment schedule Repayment within December 2006.

Consolidated 2006 2005 142,200,000

The Company Only 2006 2005 142,200,000

Repayment within August 2008. Repayment within August 2007.

83,758,199

248,351,000 178,240,000

83,758,199

248,351,000 178,240,000

Repayment within October 2007. Repayment within August 2008. Repayment within October 2007. Repayment within July 2008. 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. 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.

75,317,000 93,076,000 2,932,000 45,595,784 120,400,000

45,590,000 8,596,000 120,400,000

75,317,000 93,076,000 2,932,000 45,595,784 120,400,000

45,590,000 8,596,000 120,400,000

332,464,460

Annual Report 2006

127

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) (Àπà«¬ : ∫“∑)

‡ß‘π°Ÿâ

Õ—µ√“¥Õ°‡∫’È¬

10. √âÕ¬≈– MLR-1 µàÕªï

11. √âÕ¬≈– MLR-0.5 µàÕªï

12. √âÕ¬≈– MLR-0.5 µàÕªï

13. (1) √âÕ¬≈– MLR µàÕªï √–¬–‡«≈“µ—Èß·µà‡¥◊Õπæƒ…¿“§¡ 2548 ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2548 À√◊Õ ®π∂÷ß«—π°àÕπÀπâ“ «—π∑’Ë∫√‘…—∑œ¡’¬Õ¥¢“¬Àπà«¬„π Õ“§“√™ÿ¥„π‚§√ß°“√ – ¡‰¥â ¡“°°«à“ 21,000 µ“√“ß‡¡µ√ ·≈â«·µà√–¬–‡«≈“„¥®–π“π°«à“

(2) √âÕ¬≈– MLR-0.5 µàÕªï √–¬–‡«≈“µàÕ®“° (1) ®π∂÷ß «—π∑’Ë 31 ∏—π«“§¡ 2549 À√◊Õ ®π∂÷ß«—π°àÕπÀπâ“«—π∑’Ë∫√‘…—∑œ ¡’¬Õ¥¢“¬Àπà«¬„πÕ“§“√™ÿ¥ „π‚§√ß°“√ – ¡‰¥â¡“°°«à“ 35,000 µ“√“ß‡¡µ√ ·≈â«·µà √–¬–‡«≈“„¥®–π“π°«à“ (3) √âÕ¬≈– MLR-0.75 µàÕªï √–¬–‡«≈“µàÕ®“° (2) ®π§√∫ °”Àπ¥Õ“¬ÿ —≠≠“

128

√“¬ß“πª√–®”ªï 2549

°“√™”√–§◊π ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß √“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ ∏—π«“§¡ 2551 ™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬‡¥◊Õπ‚¥¬‰¡àµË”°«à“ ®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥ µ—Èß·µà ‡¥◊Õπ¡‘∂ÿπ“¬π 2549 ®π∂÷ß‡¥◊Õπ µÿ≈“§¡ 2556 ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß √“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ æƒ»®‘°“¬π 2552 ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 75 ·≈– √âÕ¬≈– 70 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“ ®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥„π°√≥’ ∑’Ë∫√‘…—∑œ¡’¬Õ¥¢“¬Àπà«¬„πÕ“§“√™ÿ¥ „π‚§√ß°“√ – ¡‰¥âπâÕ¬°«à“À√◊Õ ‡∑à“°—∫ 21,000 µ“√“ß‡¡µ√ ·≈–¡“°°«à“ 21,000 µ“√“ß‡¡µ√ µ“¡≈”¥—∫ ·≈–™”√– §◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π ‡¥◊Õπ∏—π«“§¡ 2551

196,500,000

160,000,000

196,500,000 160,000,000

101,359,800

43,000,000 101,359,800 43,000,000

385,000,000

230,000,000

385,000,000 230,000,000

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited Loan

Interest rate

10. MLR-1% per annum

Repayment schedule

Consolidated 2006 2005 72,085,436 75,000,000

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. 11. MLR-0.5% per annum Repayment is to be made on a monthly basis 196,500,000 between June 2006 and October 2013 and in any case not less than the amount stipulated by the bank. 12. MLR-0.5% per annum Repayment is to be made each time a plot 101,359,800 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. 13. (1) MLR per annum Repayment is to be made each time a plot 385,000,000 May 2005 until the later of either of land is redeemed from mortgage, at 75 31 December 2005 or the day prior percent of the selling price if the Company to the date on which the Company has sold condominium units with a combined has sold condominium units with a area of up to 21,000 square meters and 70 combined area of exceeding percent of the selling price when more than 21,000 square meters 21,000 square meters has been sold, and in any case not less than the amount stipulated (2) MLR-0.5% per annum by the banks. Any remaining balance is to Following (1) until the later of either be repaid within December 2008. 31 December 2006 or the day prior to the date on which the Company has sold condominium units with a combined area of exceeding 35,000 square meters

The Company Only 2006 2005 72,085,436 75,000,000

160,000,000

196,500,000

160,000,000

43,000,000

101,359,800

43,000,000

230,000,000

385,000,000

230,000,000

(3) MLR-0.75% per annum Following (2) until the end of the agreement

Annual Report 2006

129

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) (Àπà«¬ : ∫“∑)

‡ß‘π°Ÿâ

Õ—µ√“¥Õ°‡∫’È¬

14. (1) √âÕ¬≈– MLR µàÕªï √–¬–‡«≈“µ—Èß·µà‡¥◊Õπæƒ…¿“§¡ 2549 ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2549 À√◊Õ®π∂÷ß«—π°àÕπÀπâ“ «—π∑’Ë∫√‘…—∑œ¡’¬Õ¥¢“¬Àπà«¬„π Õ“§“√™ÿ¥„π‚§√ß°“√ – ¡‰¥â ¡“°°«à“ 14,000 µ“√“ß‡¡µ√ ·≈â«·µà√–¬–‡«≈“„¥®–π“π°«à“ (2) √âÕ¬≈– MLR-0.5 µàÕªï √–¬–‡«≈“µàÕ®“° (1) ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2551 À√◊Õ®π∂÷ß«—π °àÕπÀπâ“«—π∑’Ë∫√‘…—∑œ¡’ ¬Õ¥¢“¬Àπà«¬„πÕ“§“√™ÿ¥ „π‚§√ß°“√ – ¡‰¥â¡“°°«à“ 23,000 µ“√“ß‡¡µ√ ·≈â«·µà √–¬–‡«≈“„¥®–π“π°«à“ (3) √âÕ¬≈– MLR-0.75 µàÕªï √–¬–‡«≈“µàÕ®“° (2) ®π§√∫ °”Àπ¥Õ“¬ÿ —≠≠“ 15. √âÕ¬≈– MLR-1.25 µàÕªï

™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 70 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ µÿ≈“§¡ 2552 16. √âÕ¬≈– MLR µàÕªï ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 90 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë ∏π“§“√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ¡’π“§¡ 2550 17. (1) √âÕ¬≈– MLR-0.5 µàÕªï ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ √–¬–‡«≈“µ—Èß·µà‡¥◊Õπæƒ»®‘°“¬π ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 80 ¢Õß 2547 ®π∂÷ß«—π∑’Ë 30 ‡¡…“¬π 2548 √“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë À√◊Õ®π∂÷ß«—π ÿ¥∑â“¬¢Õß‡¥◊Õπ∑’Ë ∏π“§“√‰¥â°”Àπ¥ ·≈–™”√–§◊π‡ß‘πµâπ ∫√‘…—∑œ¢“¬∫â“πæ√âÕ¡∑’Ë¥‘π„π à«π∑’Ë‡À≈◊Õ∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ ‚§√ß°“√‰¥â¡“°°«à“À√◊Õ‡∑à“°—∫ µÿ≈“§¡ 2549 70 À≈—ß ·≈â«·µà√–¬–‡«≈“„¥ ®–π“π°«à“ (2) √âÕ¬≈– MLR-1 µàÕªï √–¬–‡«≈“µàÕ®“° (1) ®π§√∫ °”Àπ¥Õ“¬ÿ —≠≠“

130

√“¬ß“πª√–®”ªï 2549

73,290,000

139,349,099

6,753,096

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited Loan

Interest rate

14. (1) MLR per annum May 2006 until the later of either 31 December 2006 or the day prior to the date on which the Company has sold condominium units with a combined area of exceeding 14,000 square meters

Repayment schedule 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 banks and is to be repaid in full within December 2009.

Consolidated 2006 2005 100,000,000 -

The Company Only 2006 2005 100,000,000 -

73,290,000

139,349,099

6,753,096

(2) MLR-0.5% per annum Following (1) until the later of either 31 December 2008 or the day prior to the date on which the Company has sold condominium units with a combined area of exceeding 23,000 square meters (3) MLR-0.75% per annum Following (2) until the end of the agreement 15. MLR-1.25% per annum

16. MLR per annum

17. (1) MLR-0.5% per annum 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

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 2009. 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. Any remaining balance is to be repaid within March 2007. 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.

(2) MLR-1% per annum Following (1) until the end of the agreement

Annual Report 2006

131

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) (Àπà«¬ : ∫“∑)

‡ß‘π°Ÿâ

Õ—µ√“¥Õ°‡∫’È¬

18. √âÕ¬≈– MLR-1 µàÕªï

19. √âÕ¬≈– MLR µàÕªï

20. √âÕ¬≈– MLR µàÕªï

21. √âÕ¬≈– MLR+1 µàÕªï

√«¡ À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√ - ÿ∑∏‘

°“√™”√–§◊π ™”√–§◊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∑—ÈßÀ¡¥¿“¬„π‡¥◊Õπ ¡’π“§¡ 2549 ™”√–§◊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‡ß‘πµâπ‡ªìπ√“¬‡¥◊Õπ‚¥¬‰¡àµË”°«à“ ®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥ µ—Èß·µà ‡¥◊Õπ¡°√“§¡ 2550 ®π∂÷ß‡¥◊Õπ∏—π«“§¡ 2555 ™”√–§◊π‡ß‘πµâπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥ ∑’Ë¥‘π·µà≈–·ª≈ß„πÕ—µ√“√âÕ¬≈– 90 ∂÷ß √âÕ¬≈– 115 ¢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

2,635,510

59,378,424

7,600,000

97,129,054

101,500,000

1,505,821,697 1,842,191,161 1,349,314,219 1,729,943,655 (955,151,620) (693,191,023) (932,151,620) (670,043,517) 550,670,077 1,149,000,138 417,162,599 1,059,900,138

‡¡◊ËÕ«—π∑’Ë 24 °—π¬“¬π 2546 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â≈ßπ“¡„π —≠≠“ª√–π’ª√–πÕ¡¬Õ¡§«“¡°—∫∏π“§“√æ“≥‘™¬å„πª√–‡∑»·Ààß Àπ÷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 ·≈– ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà·≈–®–¡’„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◊ËÕπ‰¢°“√™”√–Àπ’È§◊π·°à∏π“§“√‡ªìπ‡¡◊ËÕ¡’°“√‰∂à∂Õπ‚©π¥∑’Ë¥‘π·µà≈– ·ª≈ß„πÕ—µ√“√âÕ¬≈– 80 ¢Õß√“§“¢“¬‚¥¬‰¡àµË”°«à“®”π«π‡ß‘π∑’Ë∏π“§“√‰¥â°”Àπ¥

132

√“¬ß“πª√–®”ªï 2549

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited Loan

Interest rate

18 MLR-1% per annum

19. MLR per annum

20. MLR per annum

21. MLR+1% per annum

Total Less : Current portion Long-term loans from banks, net

Repayment schedule

Consolidated 2006 2005 511,996

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. 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. Repayment is to be made on a monthly basis 59,378,424 between January 2007 and December 2012 and in any case not less than the amount stipulated by the bank. Repayment is to be made each time a plot 97,129,054 of land is redeemed from mortgage, at 90-115 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. 1,505,821,697 (955,151,620) 550,670,077

The Company Only 2006 2005 -

2,635,510

7,600,000

101,500,000

1,842,191,161 (693,191,023) 1,149,000,138

1,349,314,219 1,729,943,655 (932,151,620) (670,043,517) 417,162,599 1,059,900,138

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.

Annual Report 2006

133

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

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—Èπ ¿“¬„µâ‡ß◊ËÕπ‰¢¢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∑’Ëª√—∫‚§√ß √â“ß‰¥âµ“¡∑’Ë°”Àπ¥„π∫—π∑÷°¢âÕ µ°≈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“ßÀπ’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 ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∑’Ë¡’Õ¬Ÿà·≈–®–¡’„π¿“¬Àπâ“„π‚§√ß°“√ ·≈–§È”ª√–°—π‚¥¬ °√√¡°“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ¿“¬„µâ —≠≠“‡ß‘π°Ÿâ¬◊¡∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑“ß°“√‡ß‘π∫“ßª√–°“√ ‡™àπ °“√¥”√ßÕ—µ√“ à«πÀπ’È ‘π√«¡ µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ °“√®à“¬‡ß‘πªíπº≈ °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ ·≈–°“√§«∫À√◊Õ√«¡°‘®°“√°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ ‡ªìπµâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’«ß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡ —≠≠“‡ß‘π°Ÿâ∑’Ë¬—ß¡‘‰¥â‡∫‘°„™â‡ªìπ®”π«π 3,720.6 ≈â“π ∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 3,545.1 ≈â“π∫“∑)

20. Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ÿ∑∏‘

2549 275,000,000 (275,000,000) -

2548 412,500,000 (137,500,000) 275,000,000

‡¡◊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‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¥—ß°≈à“« ¿“¬„µâ —≠≠“Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ∫√‘…—∑œµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑“ß°“√‡ß‘π∫“ßª√–°“√ ‡™àπ °“√¥”√ßÕ—µ√“ à«πÀπ’È ‘π√«¡ µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ °“√®à“¬‡ß‘πªíπº≈ °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ ·≈–°“√§«∫À√◊Õ√«¡°‘®°“√°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ

134

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 million 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 million, of which the book value as at the payment date was Baht 206.4 mil ion. This represents a gain of Baht 61.1 million 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 million 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 income statement for the year 2005. The loans are secured by the Company and its subsidiaries没s project land, including most present and future structures thereon, an guaranteed by the Company and its subsidiaries没s directors. The loan agreements contain covenants that, among other things, require the Company and its subsidiaries to maintain certain debt to equity ratio, dividend payment, reduction of share capital and merger or consolidation with any other corporations. As at 31 December 2006, the long-term credit facilities of the Company and its subsidiaries which have not yet been drawn down amounted to Baht 3,720.6 million (the Company only : Baht 3,545.1 million).

20. SECURED DEBENTURES (Unit : Baht) Consolidated Secured debentures Less : Current portion Secured debentures, net

2006 275,000,000 (275,000,000) -

2005 412,500,000 (137,500,000) 275,000,000

The Company Only 2006 2005 275,000,000 412,500,000 (275,000,000) (137,500,000) 275,000,000

On 7 January 2004, the Company issued Baht 550 million of 3 year secured, amortising debentures (550,000 units with a face value of Baht 1,000 each) to redeem its unsecured debentures prior to maturity (as discussed in Note 21). The principal of the secured debentures is scheduled for repayment in 3 installments, with 2 installments of Baht 137.5 mil ion each to be paid in January 2005 and 2006, and the final installment of Baht 275 million to be paid in January 2007. The debentures bear interest at a fixed rate of 4.5 percent per annum, payable every 6 months throughout the life of the debentures. The Company has mortgaged project land and construction thereon and condominium units as collateral for these debentures. The secured debentures agreement contains covenants that, among other things, requires the Company to maintain certain debt to equity ratio, dividend payment, reduction of share capital and merger or consolidation with any other corporations.

Annual Report 2006

135

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

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◊ËÕπ‰¢¢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 ¿“¬„µâ —≠≠“Àÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π ∫√‘…—∑œµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑“ß°“√‡ß‘π∫“ßª√–°“√ ‡™àπ °“√≈¥∑ÿπ‡√◊ÕπÀÿâπ ·≈–°“√ §«∫À√◊Õ√«¡°‘®°“√°—∫π‘µ‘∫ÿ§§≈Õ◊Ëπ

22. ∑ÿπ‡√◊ÕπÀÿâπ „πªï 2549 ∫√‘…—∑œ‰¥â√—∫‡ß‘π§à“Àÿâπ‡æ‘Ë¡∑ÿπ®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªìπ®”π«π‡ß‘π√«¡ 459,261,573 ∫“∑ (Àÿâπ “¡—≠®”π«π 58,024,053 Àÿâπ„π√“§“Àÿâπ≈– 1 ∫“∑ Àÿâπ “¡—≠®”π«π 264,000,670 Àÿâπ„π√“§“Àÿâπ≈– 1.5 ∫“∑ ·≈–Àÿâπ “¡—≠®”π«π 2,296,717 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 324,321,440 ∫“∑ ·≈– 134,940,133 ∫“∑ µ“¡≈”¥—∫ ·≈–‰¥â¥”‡π‘π°“√®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ®“°°“√ „™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„πªï 2549 ·≈–«—π∑’Ë 11 ¡°√“§¡ 2550 ”À√—∫‡ß‘π‡æ‘Ë¡∑ÿπ∑’Ë‰¥â√—∫„π ‡¥◊Õπ∏—π«“§¡ 2549 „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

23. ”√Õßµ“¡°ÆÀ¡“¬ ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¡“µ√“ 116 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œµâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«π Àπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π ‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂π”‰ª®à“¬‡ß‘πªíπº≈‰¥â

24. Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬/°”‰√ – ¡∑’Ë®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ∫√‘…—∑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«“§¡ 2548 ∫√‘…—∑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 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π§ß‡À≈◊Õ 32,350,000 Àÿâπ ¡Ÿ≈§à“µ“¡√“§“∑ÿπ‡ªìπ®”π«π ‡ß‘π 73.8 ≈â“π∫“∑ ‚¥¬· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ¥â«¬√“§“∑ÿπ „π√–À«à“ßªï 2549 ∫√‘…—∑¬àÕ¬‰¥â®”Àπà“¬Àÿâπ∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬®”π«π 32,350,000 Àÿâπ ´÷Ëß¡Ÿ≈§à“µ“¡√“§“ ∑ÿπ‡ªìπ®”π«π‡ß‘π√«¡ 73.8 ≈â“π∫“∑ ∫√‘…—∑œ®÷ß‰¥â∫—π∑÷°‚Õπ°≈—∫√“¬°“√ ç°”‰√ – ¡∑’Ë®—¥ √√·≈â« - ”√Õß ”À√—∫Àÿâπ¢Õß∫√‘…—∑œ∑’Ë ∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬é ´÷Ëß‡§¬∫—π∑÷°‰«â„π∫—≠™’‡ªìπ®”π«π‡ß‘π 73.8 ≈â“π∫“∑

25. „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ ∫√‘…—∑œ ‰¥â®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 (SPALI-W2) ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 3 (SPALI-W3) „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°àæπ—°ß“π ºŸâ∫√‘À“√ °√√¡°“√·≈–∑’Ëª√÷°…“§≥–°√√¡°“√ (ESOP warrants) ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ √“¬≈–‡Õ’¬¥¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘¡’¥—ßπ’È

136

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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. The unsecured debentures agreement contains covenants and restrictions on the Company imposed by the lenders, related to such matters as reduction of share capital and merger or consolidation with any other corporations.

22. SHARE CAPITAL In the year 2006, the Company received payment totaling Baht 459,261,573 for the additional ordinary shares issued to support the exercise of the warrants (58,024,053 ordinary shares at a price of Baht 1 each, 264,000,670 ordinary shares at a price of Baht 1.5 each and 2,296,717 ordinary shares at a price of Baht 2.28 each). The Company recorded Baht 324,321,440 of this amount as additional ordinary shares and Baht 134,940,133 as share premium, and registered the resulting increase in capital with the Ministry of Commerce in the year 2006, and on 11 January 2007 for the additional share capital received in December 2006. 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.

23. STATUTORY RESERVE Pursuant to Section 116 of 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 income after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution.

24. COMPANYûS SHARES HELD BY SUBSIDIARY/APPROPRIATED RETAINED EARNINGS - RESERVE FOR COMPANYûS SHARES HELD BY SUBSIDIARY 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 2005, the Company has set aside approximately Baht 73.8 million to the reserve account, presented under the caption of çAppropriated retained earnings -reserve for Companyûs shares held by subsidiaryé in the balance sheet. The reserve set aside is not available for dividend distribution. As at 31 December 2005, 32,350,000 shares of the Company, with a value of Baht 73.8 million at cost, were held by a subsidiary. The shares are presented at cost a deduction in shareholdersû equity. During 2006, a subsidiary sold all of the 32,350,000 shares it held in the Company, of which the value at cost was Baht 73.8 mil ion. The Company therefore reversed the Baht 73.8 million balance of çAppropriated retained earnings - reserve for Companyûs shares held by subsidiaryé which it had previously recorded.

25. WARRANTS The Company has allocated warrants to the Companyûs existing shareholders (SPALI-W2, SPALI-W3), and to employees, executives, directors, and advisors to the Board of Directors (ESOP warrants), without specifying the offer price. A summary of the warrants granted is presented below: Annual Report 2006

137

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

Õπÿ¡—µ‘‚¥¬

«—π∑’ËÕÕ° ®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘∑’ËÕÕ° (Àπà«¬) Õ“¬ÿ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ (ªï) °”Àπ¥‡«≈“°“√„™â ‘∑∏‘ «—π∑’Ë„™â ‘∑∏‘§√—Èß ÿ¥∑â“¬ √“§“„™â ‘∑∏‘µàÕ 1 Àÿâπ “¡—≠ (∫“∑) Õ—µ√“ à«π°“√„™â ‘∑∏‘ („∫ ”§—≠· ¥ß ‘∑∏‘µàÕÀÿâπ “¡—≠)

SPALI-W2 ∑’Ëª√–™ÿ¡«‘ “¡—≠ ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2545 31 ¡’π“§¡ 2546 649,546,370 3 ∑ÿ° 3 ‡¥◊Õπ 19 ¡‘∂ÿπ“¬π 2549 1 1:1

SPALI-W3 ∑’Ëª√–™ÿ¡«‘ “¡—≠ ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 2/2547 30 ‘ßÀ“§¡ 2548 409,775,502 3 ∑ÿ° 3 ‡¥◊Õπ 29 ‘ßÀ“§¡ 2551 1.5 1:1

ESOP WARRANTS ∑’Ëª√–™ÿ¡«‘ “¡—≠ ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 2/2547 30 ‘ßÀ“§¡ 2548 9,800,000 3 ∑ÿ° 3 ‡¥◊Õπ 29 ‘ßÀ“§¡ 2551 2.28 1:1

1 : 1.0758

‰¡à‡ª≈’¬Ë π·ª≈ß

°“√‡ª≈’Ë¬π·ª≈ß®”π«πÕ—µ√“ à«π°“√„™â ‘∑∏‘ - Õ—µ√“ à«π°“√„™â ‘∑∏‘* *¡’º≈∫—ß§—∫„™âµ—Èß·µàß«¥°“√„™â ‘∑∏‘„π‡¥◊Õπ°—π¬“¬π 2548

°“√‡ª≈’Ë¬π·ª≈ß„π®”π«πÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘· ¥ß¥—ßπ’È „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√ „™â ‘∑∏‘„π√–À«à“ßªï 2546 ∂÷ßªï 2548 ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 „™â ‘∑∏‘„π√–À«à“ßªï 2549 ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549

SPALI-W2 649,546,370 (590,654,091) 58,892,279 (53,935,882) 4,956,397

SPALI-W3 409,775,502 (3,726,096) 406,049,406 (264,000,670) 142,048,736

(Àπà«¬) ESOP WARRANTS 9,800,000 (1,220,914) 8,579,086 (2,296,717) 6,282,369

„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ √ÿàπ∑’Ë 2 (SPALI-W2) ¡’°”Àπ¥°“√„™â ‘∑∏‘ §√—Èß ÿ¥∑â“¬„π«—π∑’Ë 19 ¡‘∂ÿπ“¬π 2549 ‡ªìπº≈„Àâ¬Õ¥§ß‡À≈◊Õ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠∑’Ë¬—ß‰¡à‰¥â„™â ‘∑∏‘¥—ß°≈à“«®”π«π 4,956,397 Àπà«¬ æâπ ¿“æ®“°°“√‡ªìπÀ≈—° ∑√—æ¬å®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬åµ—Èß·µà«—π∑’Ë 20 ¡‘∂ÿπ“¬π 2549 ‡ªìπµâπ‰ª ·≈–‰¡à “¡“√∂„™â ‘∑∏‘‰¥â

26. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ß∫°“√‡ß‘π√«¡ 2549 ®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (∫“∑)

445 194,204,638

2548 402 165,361,417

27. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ∫√‘…—∑œ·≈–æπ—°ß“π∫√‘…—∑œ‰¥â√à«¡°—π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¢÷Èπµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ‚¥¬ ∫√‘…—∑œ·≈–æπ—°ß“π®–®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 2 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∫√‘…—∑ À≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ ° ‘°√‰∑¬ ®”°—¥ ·≈–®–®à“¬„Àâ·°àæπ—°ß“π‡¡◊ËÕæπ—°ß“ππ—ÈπÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬°Õß∑ÿπ¢Õß∫√‘…—∑œ „π√–À«à“ßªï 2549 ∫√‘…—∑œ‰¥â®à“¬‡ß‘π ¡∑∫°Õß∑ÿπ‡ªìπ®”π«π‡ß‘π 1.4 ≈â“π∫“∑ (2548 : 1.2 ≈â“π∫“∑)

138

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

Approved by

Date of original grant No. of warrants granted (units) Life of warrants (years) Exercisable Final exercise date Exercise price per 1 ordinary share (Baht) Exercise ratio (warrants to ordinary shares)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SPALI-W2 Extraordinary General Meeting No. 1/2002 31 March 2003 649,546,370 3 Quarterly 19 June 2006 1 1:1

SPALI-W3 Extraordinary General Meeting No. 2/2004 30 August 2005 409,775,502 3 Quarterly 29 August 2008 1.5 1:1

ESOP WARRANTS Extraordinary General Meeting No. 2/2004 30 August 2005 9,800,000 3 Quarterly 29 August 2008 2.28 1:1

1 : 1.0758

No changed

Changes in exercise ratio : - Exercise ratio*

*Effective as from exercise date in September 2005 Presented below is a summary of warrant activities: (Units) No. of warrants issued Exercised during 2003 to 2005 Outstanding as at 31 December 2005 Exercised during the year 2006 Outstanding as at 31 December 2006

SPALI-W2 649,546,370 (590,654,091) 58,892,279 (53,935,882) 4,956,397

SPALI-W3 409,775,502 (3,726,096) 406,049,406 (264,000,670) 142,048,736

ESOP WARRANTS 9,800,000 (1,220,914) 8,579,086 (2,296,717) 6,282,369

The final exercise date of the SPALI-W2 warrants was 19 June 2006, and as a result the status of the 4,956,397 unexercised SPALI-W2 warrants stil outstanding had lost their status as securities listed on the Stock Exchange of Thailand, effective from 20 June 2006, and could no longer be exercised.

26. NUMBER OF EMPLOYEES AND RELATED COSTS Consolidated 2006 Number of employees at end of year (Persons) Employee costs for the year (Baht)

445 194,204,638

2005 402 165,361,417

The Company Only 2006 2005 303 265 167,095,556 140,432,242

27. PROVIDENT FUND The Company and its employees have jointly established a provident fund in accordance with Provident Fund Act B.E. 2530. Both employees and the Company contributed to the fund on a monthly basis at rates of 2 percent of basic salary. The fund, which is managed by Kasikorn Asset Management, will be paid to employees upon termination in accordance with the fund rules. During the year 2006, the Company contributed Baht 1.4 million (2005 : Baht 1.2 mil ion).

Annual Report 2006

139

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

28. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈µ“¡ª√–¡«≈√—…Æ“°√´÷Ëß§”π«≥®“°√“¬‰¥â µ“¡®”π«π‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥ ™”√–µ“¡ —≠≠“ „π¢≥–∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â∑“ß∫—≠™’µ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®‡¡◊ËÕ‡¢â“‡ß◊ËÕπ‰¢°“√√—∫√Ÿâ√“¬‰¥â ”À√—∫√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ¥—ßπ—πÈ ®”π«π¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈∑’·Ë ¥ß„πß∫°”‰√¢“¥∑ÿπ®÷ßÕ“®‰¡à Õ¥§≈âÕß°—∫°”‰√∑“ß∫—≠™’ ∑—Èßπ’È‡π◊ËÕß®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à‰¥â∫—π∑÷°¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’

29. °”‰√µàÕÀÿâπ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢Õß Àÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï °”‰√µàÕÀÿâπª√—∫≈¥§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬º≈√«¡¢Õß®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï °—∫®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑œÕ“®µâÕßÕÕ°‡æ◊ËÕ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ„Àâ‡ªìπÀÿâπ “¡—≠ ‚¥¬ ¡¡µ‘ «à“‰¥â¡’°“√·ª≈ß‡ªìπÀÿâπ “¡—≠ ≥ «—π µâπªïÀ√◊Õ ≥ «—πÕÕ°Àÿâπ “¡—≠‡∑’¬∫‡∑à“

°“√°√–∑∫¬Õ¥√–À«à“ß°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π·≈–°”‰√µàÕÀÿâπª√—∫≈¥ · ¥ß‰¥â¥—ßπ’È

°”‰√ ÿ∑∏‘ 2549 ∫“∑ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ ÿ∑∏‘ À—° : Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π∑’Ë‡ªìπ¢Õß ºŸâ∂◊ÕÀÿâπ¿“¬πÕ° º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 2 „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 3 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠∑’ËÕÕ° „Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ °”‰√µàÕÀÿπâ ª√—∫≈¥ °”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ ®“°„∫ ”§—≠· ¥ß ‘∑∏‘

140

√“¬ß“πª√–®”ªï 2549

2548 ∫“∑ (ª√—∫ª√ÿß„À¡à)

°”‰√µàÕÀÿπâ 2549 ∫“∑

2548 ∫“∑ (ª√—∫ª√ÿß„À¡à)

880,079,660 830,861,179 1,484,110,553 1,226,215,035 (23,636,100) (32,350,000) 880,079,660 830,861,179 1,460,474,453 1,193,865,035 -

12,527,079 110,612,363

157,412

0.60

0.70

0.56

0.65

42,474,728 49,269,887 -

880,079,660 830,861,179 1,583,771,307 1,285,609,650

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

28. CORPORATE INCOME TAX The Company and its subsidiaries record corporate income tax in compliance with the Revenue Code, calculating revenues on the basis of installments due per the agreements. For accounting purposes revenue is recognised on a percentage of completion basis, when certain conditions for recognition of real estate sales are met. Corporate income tax as presented in the income statement therefore does not relate to the figure for income before tax, because the Company and its subsidiaries do not apply deferred tax accounting.

29. EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net income for the year by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated by dividing net income for the year by the weighted average number of ordinary shares in issue during the year plus the weighted average number of ordinary shares which would need to be issued to convert all dilutive potential ordinary shares into ordinary shares. The calculation assumes that the conversion took place either at the beginning of the year or on the date the potential ordinary shares were issued. Reconciliation between basic earnings per share and diluted earnings per share is presented below:

Net earnings 2006 2005 Baht Baht (Restated) Basic earnings per share Net income Less : Company没s shares held by subsidiary Basic earnings per share held by third party shareholders Effect of dilutive potential ordinary shares SPALI-W2 warrants SPALI-W3 warrants ESOP warrants Diluted earnings per share Net income of ordinary shareholders assuming the conversion of warrants to ordinary shares

Consolidated Weighted average number of ordinary shares 2006 2005 Shares Shares

Earnings per share 2006 2005 Baht Baht (Restated)

880,079,660 830,861,179 1,484,110,553 1,226,215,035 (23,636,100) (32,350,000) 880,079,660 830,861,179 1,460,474,453 1,193,865,035 -

12,527,079 110,612,363 157,412

0.60

0.70

0.56

0.65

42,474,728 49,269,887 -

880,079,660 830,861,179 1,583,771,307 1,285,609,650

Annual Report 2006

141

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

°”‰√ ÿ∑∏‘ 2549 ∫“∑ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ ÿ∑∏‘ º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 2 „∫ ”§—≠· ¥ß ‘∑∏‘√ÿàπ∑’Ë 3 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠∑’ËÕÕ° „Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ °”‰√µàÕÀÿπâ ª√—∫≈¥ °”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ ®“°„∫ ”§—≠· ¥ß ‘∑∏‘

2548 ∫“∑ (ª√—∫ª√ÿß„À¡à)

861,678,230 792,142,761 1,484,110,553 1,226,215,035 -

12,527,079 110,612,422

157,412

°”‰√µàÕÀÿπâ 2549 ∫“∑

2548 ∫“∑ (ª√—∫ª√ÿß„À¡à)

0.58

0.65

0.54

0.60

42,474,728 48,783,762 -

861,678,230 792,142,761 1,607,407,466 1,317,473,525

30. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°‘®°“√„π 2 à«πß“πÀ≈—°§◊Õ (1) ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ·≈– (2) ‚√ß·√¡·≈–°“√∫√‘À“√®—¥°“√ ·≈– ¥”‡π‘π∏ÿ√°‘®„π à«πß“π∑“ß¿Ÿ¡»‘ “ µ√åÀ≈—°„πª√–‡∑» ¢âÕ¡Ÿ≈∑“ß °“√‡ß‘π®”·π°µ“¡ à«πß“π¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ¡’¥—ßµàÕ‰ªπ’È (Àπà«¬ : ∫“∑) ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ‚√ß·√¡·≈–°“√∫√‘À“√®—¥°“√ °“√µ—¥√“¬°“√∫—≠™’√–À«à“ß°—π ß∫°“√‡ß‘π√«¡ 2549 2548 2549 2548 2549 2548 2549 2548 (ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à) 4,555,530,615 3,392,994,961 42,398,888 47,519,106 4,597,929,503 3,440,514,067 2,400,000 2,400,000 (2,400,000) (2,400,000) 4,557,930,615 3,395,394,961 42,398,888 47,519,106 (2,400,000) (2,400,000) 4,597,929,503 3,440,514,067

√“¬‰¥â®“°¿“¬πÕ° √“¬‰¥â√–À«à“ß à«πß“π √“¬‰¥â∑—Èß ‘Èπ °”‰√ (¢“¥∑ÿπ) ®“°°“√¥”‡π‘πß“π µ“¡ à«πß“π 1,339,346,515 981,070,911 (11,216,990) (8,750,514) √“¬‰¥â·≈–§à“„™â®à“¬∑’Ë‰¡à‰¥âªíπ à«π : √“¬‰¥âÕ◊Ëπ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√®“°°‘®°√√¡ª°µ‘ √“¬°“√æ‘‡»… : °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È °”‰√ ÿ∑∏‘

142

√“¬ß“πª√–®”ªï 2549

1,342,384,280 973,055,163 96,011,513 (48,121,502) (473,008,402) (37,186,229) 880,079,660

63,305,627 (26,171,185) (203,235,665) (25,161,520) 781,792,420

49,068,759 880,079,660 830,861,179

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

The Company Only Weighted average number of ordinary shares 2006 2005 Shares Shares (Restated)

Net earnings 2006 2005 Baht Baht (Restated) Basic earnings per share Net income Effect of dilutive potential ordinary shares SPALI-W2 warrants SPALI-W3 warrants ESOP warrants Diluted earnings per share Net income of ordinary shareholders assuming the conversion of warrants to ordinary shares

861,678,230 792,142,761 1,484,110,553 1,226,215,035 -

12,527,079 110,612,422 157,412

Earnings per share 2006 2005 Baht Baht (Restated) 0.58

0.65

0.54

0.60

42,474,728 48,783,762 -

861,678,230 792,142,761 1,607,407,466 1,317,473,525

30. FINANCIAL INFORMATION BY SEGMENT The Company and its subsidiaries没 business operations involve 2 principal segments: (1) real estate and (2) hotel business and management. These operations are mainly carried on in Thailand. Below is the consolidated financial information for the years ended 31 December 2006 and 2005 of the Company and its subsidiaries by segment. (Unit : Baht) Real estate business 2006

2005 (Restated)

Hotel business and Elimination of management inter-segment revenues 2006 2005 2006 2005 (Restated)

Revenues from external customers 4,555,530,615 3,392,994,961 42,398,888 Inter-segment revenues 2,400,000 2,400,000 Total revenues 4,557,930,615 3,395,394,961 42,398,888 Segment income (loss) 1,339,346,515 981,070,911 (11,216,990) Unallocated income and expense : Other income Interest expenses Corporate income tax Minority interest Income from ordinary activities Extraordinary item : Gain from debt restructuring Net income

47,519,106 47,519,106 (8,750,514)

(2,400,000) (2,400,000)

Consolidation 2006

2005 (Restated)

4,597,929,503 3,440,514,067 (2,400,000) (2,400,000) 4,597,929,503 3,440,514,067 1,342,384,280 973,055,163 96,011,513 (48,121,502) (473,008,402) (37,186,229) 880,079,660

63,305,627 (26,171,185) (203,235,665) (25,161,520) 781,792,420

880,079,660

49,068,759 830,861,179

Annual Report 2006

143

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

‚§√ß°“√√–À«à“ß°àÕ √â“ß - ÿ∑∏‘ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬å «à π°≈“ß √«¡ ‘π∑√—æ¬å

∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 2549 2548 (ª√—∫ª√ÿß„À¡à) 307,505,316 1,125,575,555 1,088,625,310 110,199,296 7,242,791,872 6,429,195,496 8,638,922,498 7,664,970,347

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

‚√ß·√¡·≈–°“√∫√‘À“√®—¥°“√ 2549 2548 (ª√—∫ª√ÿß„À¡à) 21,207,924 20,625,679 14,622,782 27,022,532 35,830,706 47,648,211

°“√µ—¥√“¬°“√∫—≠™’√–À«à“ß°—π 2549 2548 (ª√—∫ª√ÿß„À¡à) (6,098,200) 1,574,442 (124,952) (199,718) (357,817,448) (340,803,569) (364,040,600) (339,428,845)

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2549 2548 (ª√—∫ª√ÿß„À¡à) 301,407,116 1,127,149,997 1,109,708,282 130,625,257 6,899,597,206 6,115,414,459 8,310,712,604 7,373,189,713

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„™â‡°≥±å„π°“√°”Àπ¥√“§“√–À«à“ß°—πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 6 31. ‡ß‘πªíπº≈ (Àπà«¬ : ∫“∑) ‡ß‘πªíπº≈ ‡ß‘πªíπº≈ª√–®”ªï ”À√—∫ªï 2547 √«¡‡ß‘πªíπº≈ ”À√—∫ªï 2548 ‡ß‘πªíπº≈ª√–®”ªï ”À√—∫ªï 2548 ‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫ªï 2549 √«¡‡ß‘πªíπº≈ ”À√—∫ªï 2549

Õπÿ¡—µ‘‚¥¬ ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 20 ‡¡…“¬π 2548 ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2549 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 12 °—π¬“¬π 2549

‡ß‘πªíπº≈®à“¬ 245,808,112 245,808,112 386,854,014

‡ß‘πªíπº≈®à“¬µàÕÀÿâπ 0.20 0.20 0.25

234,774,711 621,628,725

0.15 0.40

32. °“√´◊ÈÕ∫√‘…—∑¬àÕ¬ „π√–À«à“ßªï 2548 ∫√‘…—∑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√“°Æ¥—ßπ’È (Àπà«¬ : ∫“∑) ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 1,260,644 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË 1,035,605 ‚§√ß°“√√–À«à“ß°àÕ √â“ß 58,904,711 Õÿª°√≥å - ÿ∑∏‘ 158,704 ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 149,443 ‡ß‘π√—∫≈à«ßÀπâ“§à“Àÿâπ (5,856,000) ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (2,354,000) Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (1,088,187) (384,490) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ ‘π∑√—æ¬å ÿ∑∏‘ 51,826,430 À—° : à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (31,288,047) ‘π∑√—æ¬å ÿ∑∏‘∑’Ë‰¥â¡“ 20,538,383 ∫«° : ª√—∫ª√ÿß à«π‡°‘π¢Õß®”π«π‡ß‘π∑’Ë™”√–„π°“√´◊ÈÕ∫√‘…—∑¬àÕ¬ ‡ªìπ à«πÀπ÷Ëß¢Õß∑’Ë¥‘π 7,672,642 ®”π«π‡ß‘π∑’Ë®à“¬´◊ÈÕ∫√‘…—∑¬àÕ¬‚¥¬ : ∫√‘…—∑œ 11,826,315 ∫√‘…—∑ »ÿ¿“≈—¬ æ√Õæ‡æÕ√åµ’È ·¡‡π®‡¡âπ∑å ®”°—¥ 16,384,710 28,211,025 À—° : ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥¢Õß∫√‘…—∑¬àÕ¬ (1,260,644) °√–· ‡ß‘π ¥®à“¬ ÿ∑∏‘ ”À√—∫°“√´◊ÈÕ∫√‘…—∑¬àÕ¬ 26,950,381 144

√“¬ß“πª√–®”ªï 2549

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

(Unit : Baht) Real estate business 2006 Projects under construction, net Property, plant and equipment, net Unallocated assets Total assets

2005 (Restated)

307,505,316 1,088,625,310 7,242,791,872 8,638,922,498

Hotel business and Elimination of management inter-segment revenues 2006 2005 2006 2005 (Restated) (Restated)

1,125,575,555 110,199,296 21,207,924 6,429,195,496 14,622,782 7,664,970,347 35,830,706

(6,098,200) 1,574,442 20,625,679 (124,952) (199,718) 27,022,532 (357,817,448) (340,803,569) 47,648,211 (364,040,600) (339,428,845)

Consolidation 2006

2005 (Restated)

301,407,116 1,109,708,282 6,899,597,206 8,310,712,604

1,127,149,997 130,625,257 6,115,414,459 7,373,189,713

Transfer prices between business segments are as set out in Note 6 to the financial statements.

31. DIVIDENDS (Unit : Baht) Dividends Final dividends for 2004 Total for 2005 Final dividends for 2005 Interim dividends for 2006

Approved by Annual General Meeting of the shareholders on 20 April 2005 Annual General Meeting of the shareholders on 28 April 2006 Board of Directors没 meeting on 12 September 2006

Total for 2006

Total dividends

Dividend per share

245,808,112 245,808,112

0.20 0.20

386,854,014

0.25

234,774,711 621,628,725

0.15 0.40

32. PURCHASE OF SUBSIDIARY COMPANY During year 2005, 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: (Unit : Baht) Cash and cash equivalents 1,260,644 Other current assets 1,035,605 Project under construction 58,904,711 Equipment, net 158,704 Other non-current assets 149,443 Share subscriptions received in advance (5,856,000) Trade accounts payable - related party (2,354,000) Other current liabilities (1,088,187) Long-term loans from directors (384,490) Net assets 51,826,430 Less : Minority interest (31,288,047) Net acquired assets 20,538,383 Add : Adjustment to record excess of cost of acquisition of subsidiary as part of the cost of land 7,672,642 Cash paid for purchase of subsidiary by : The Company 11,826,315 Supalai Property Management Company Limited 16,384,710 28,211,025 Less : Cash and cash equivalents of subsidiary company (1,260,644) Cash flows used in acquisition, net 26,950,381 Annual Report 2006

145

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146

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

33. COMMITMENTS AND CONTINGENT LIABILITIES 33.1 Capital commitments a) As at 31 December 2006, the Company and its subsidiaries had outstanding commitments of approximately Baht 1,116.3 million (the Company only : Baht 1,052.9 million) in respect of project construction under contracts which the Company and its subsidiaries had already entered into with contractors. b) As at 31 December 2006, the Company and the subsidiary had outstanding capital commitments of approximately Baht 471.4 mil ion in respect of the purchase of land (the Company only : Baht 471.1 mil ion). 33.2 Long-term service commitments A subsidiary entered into license and service agreements with two companies with regards to the operation of the subsidiary没s hotel, whereby the subsidiary has been provided services and has been granted the license. The subsidiary had to comply with certain conditions stipulated in these agreements and to pay the fees in accordance with the rates, terms and bases as specified in the agreements. The agreements can be summarised as follows: a) A license agreement with a foreign company granted the license to use the trade name, trademarks, information system and other rights as specified in the agreement. The agreement between the subsidiary and this company is effective for the period of 22 June 2006 to 21 June 2011, but can be cancelled by either party with 180 days没 advance notice in writing. The subsidiary has to pay a fixed joining fee and annual fee calculated at a fixed rate per service unit and at a percentage of the service income received by the subsidiary. The fees for year 2006 amounted to approximately Baht 0.7 million. b) A service agreement with a local company whereby the latter will provide hotel management services, marketing services and also the sales promotion services for the subsidiary没s hotel. The agreement between the subsidiary and this company is effective for the period of 1 October 2006 to 30 September 2009 and automatically renews for a further period of 3 years unless cancelled with written notice not less than 90 days before the termination date. The subsidiary has to pay a fixed monthly fee plus an incentive fee calculated at a percentage of a monthly gross operating profit. The fees for year 2006 amounted to approximately Baht 0.2 mil ion. 33.3 Guarantees a) 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. b) 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: (Unit : Million Baht) Guarantees by directors

Consolidated 132

The Company Only 12

No guarantee fee has been charged by those directors except for the guarantee of a Baht 120 million credit facility of a subsidiary from a bank, for which a guarantee fee was charged as discussed in Note 6 to the financial statements.

Annual Report 2006

147

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§) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ·≈– 2548 ¡’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 187.9 ≈â“π∫“∑·≈– 204.5 ≈â“π∫“∑ (ß∫°“√‡ß‘π ‡©æ“–¢Õß∫√‘…—∑œ: 160.7 ≈â“π∫“∑·≈– 185.2 ≈â“π∫“∑) µ“¡≈”¥—∫ ·≈–‡æ◊ËÕ§È”ª√–°—π°—∫‡®â“Àπ’È°“√§â“‡ªìπ®”π«π‡ß‘π 26.4 ≈â“π∫“∑·≈– 21.1 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ: 26.4 ≈â“π∫“∑·≈– 21.1 ≈â“π∫“∑) µ“¡≈”¥—∫ 33.4 §¥’øÑÕß√âÕß °) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 ∫√‘…—∑œ‰¥â∂Ÿ°øÑÕß√âÕß„π§¥’µà“ß Ê ‡°’Ë¬«°—∫°“√º‘¥ —≠≠“ °“√‡≈‘° —≠≠“ °“√‡√’¬°‡ß‘π§◊π ·≈– §à“‡ ’¬À“¬ ´÷Ëß¡’∑ÿπ∑√—æ¬å√«¡‡ªìπ®”π«π‡ß‘πª√–¡“≥ 85.3 ≈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◊ÕË Àπ’ È π‘ ∑’ÕË “®®–‡°‘¥¢÷πÈ ®“°§¥’§«“¡®”π«π 41.2 ≈â“π∫“∑ µ“¡§«“¡‡ÀÁπ ¢ÕßΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…—∑œ ¢) „πªï 2549 ∫√‘…—∑œ‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥π‘ °—∫∫√‘…—∑·ÀàßÀπ÷Ëß®”π«π 550 ≈â“π∫“∑ ·≈–‰¥â®à“¬™”√–‡ß‘π¡—¥®”§à“∑’Ë ¥‘π®”π«π 50 ≈â“π∫“∑„Àâ·°àºŸâ¢“¬·≈â« ´÷Ëß¡’°”Àπ¥®–µâÕß√—∫‚Õπ∑’Ë¥‘π∑—ÈßÀ¡¥„π«—π∑’Ë 3 ¡°√“§¡ 2550 µàÕ¡“∫√‘…—∑œæ∫ «à“∑’Ë¥‘π¥—ß°≈à“«Õ¬Ÿà„π·π«‡¢µ°“√°àÕ √â“ß∑“ßæ‘‡»…∑”„Àâ‡π◊ÈÕ∑’Ë¥‘π¢“¥À“¬‰ª®π‰¡à “¡“√∂æ—≤π“„Àâ ¡ª√–‚¬™πåµ“¡ ‚§√ß°“√∑’Ë«“ß‰«â ®÷ß‰¥â∑”°“√∫Õ°‡≈‘° —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π¥—ß°≈à“«„π‡¥◊Õπ∏—π«“§¡ 2549 ·≈–‡√’¬°‡ß‘π§◊π®“°ºŸâ¢“¬ æ√âÕ¡§à“‡ ’¬À“¬ ‡¡◊ËÕ«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2550 ºŸâ¢“¬‰¥âøÑÕß∫√‘…—∑œ«à“º‘¥ —≠≠“·≈–„Àâ√—∫‚Õπ°√√¡ ‘∑∏‘∑’Ë¥‘π¥—ß°≈à“« æ√âÕ¡∑—Èß™”√–‡ß‘π®”π«π 500 ≈â“π∫“∑ ·≈–§à“‡ ’¬À“¬ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ®–¥”‡π‘π°“√µàÕ Ÿâ§¥’ ·≈–øÑÕß·¬âß‡√’¬°§à“ ‡ ’¬À“¬ ∑—Èßπ’ÈΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…—∑œ‡ÀÁπ«à“®–¡’‚Õ°“ ™π–§¥’·≈–‰¥â‡ß‘π§◊π Ÿß ¥—ßπ—Èπ∫√‘…—∑œ®÷ß‰¡à‰¥â∫—π∑÷°§à“‡º◊ËÕ°“√ ¥âÕ¬§à“¢Õß‡ß‘π¡—¥®”·≈– ”√Õß§à“§«“¡‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ®“°§¥’¥—ß°≈à“«

34. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π 34.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß µ“¡¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 48 ‡√◊ËÕß°“√· ¥ß√“¬°“√·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë ”§—≠∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬ √“¬°“√¥—ßµàÕ‰ªπ’È ‘π∑√—æ¬å∑“ß°“√‡ß‘π Àπ’È ‘π∑“ß°“√‡ß‘π - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ - ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√ - ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“ - ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ - ≈Ÿ°Àπ’È°“√§â“ - ‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ‡ß‘π®à“¬≈à«ßÀπâ“ºŸâ√—∫‡À¡“ - ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π - ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ - ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ - ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π - ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È - ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°√√¡°“√ - µ—Î«‡ß‘π®à“¬√–¬–¬“« - ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß∑’Ë‡°’Ë¬«¢âÕß°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π¥—ß°≈à“« ·≈–¡’π‚¬∫“¬„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥—ßπ’È

148

√“¬ß“πª√–®”ªï 2549

Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

c) As at 31 December 2006 and 2005, there were outstanding bank guarantees amounting to Baht 187.9 mil ion and Baht 204.5 mil ion (the Company only : Baht 160.7 million and Baht 185.2 million), respectively, issued is the name of the Company and its subsidiaries in favor of certain government agencies to guarantee utilities usage and amounting to Baht 26.4 million and Baht 21.1 million (the Company only : Baht 26.4 mil ion and Baht 21.1 million), respectively, to provide guarantees to trade creditors. 33.4 Litigation a) As at 31 December 2006, the Company has been sued for a total of approximately Baht 85.3 million 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. b) During 2006, the Company entered into a Baht 550 million contract to purchase and to sell land with a company, under which the stipulated transfer date was 3 January 2007, and paid a deposit amounting to Baht 50 mil ion to that company for the purchase. Subsequently, the Company learned that some parts of the land are in an area earmarked for expressway construction, and as a result of the loss of this area the Company would be unable to develop the land as planned. On December 2006, the Company therefore cancelled the contract and requested the refund of the deposit and payment of damages. On 1 February 2007, the seller has sued the Company for breach of contract and to compel the Company to accept the transfer of land ownership and pay a total of Baht 500 million plus damages. However, the Company is going to fight the case and make a counterclaim for damages. The legal department of the Company is of the opinion that the Company is likely to win such a case and receive the return of the deposit. As a result, the Company does not record allowance for loss on impairment of the deposit or provision for the contingent liability in respect of this litigation.

34. FINANCIAL INSTRUMENTS 34.1 Financial risk management The Companyûs and its subsidiaries financial instruments, as defined under Thai Accounting Standard No. 48 çFinancial Instruments: Disclosure and Presentationsé, principally comprise as follow: Financial assets Financial liabilities - Cash and cash equivalents - Bank overdrafts and short-term loans from banks - Investments in security held for trading - Trade accounts payable and notes payable - Trade accounts receivable - Amounts due to related party - Advances to contractors - Short-term loans from related party - Restricted bank deposits - Other short-term loans - Long-term loans to related party - Deposit and advances received from customers - Investments in related company - Secured debentures - Other long-term investments - Creditors under debt restructuring agreements - Long-term loans from directors - Long-term notes payable - Long-term loans from banks The financial risks associated with these financial instruments and how they are managed is described below.

Annual Report 2006

149

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

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150

√“¬ß“πª√–®”ªï 2549

Õ—µ√“ √«¡ ¥Õ°‡∫’È¬ (√âÕ¬≈–µàÕªï)

0.2 0.7 0.9

65.9 1.1 67.0

49.8 1.2 12.6 10.3 1.5 3.6 79.0

115.9 0.25 - 3.50 1.2 12.6 10.3 1.8 0.75 - 4.00 1.5 3.6 146.9

135.0 275.0 234.9 644.9

79.5 1,505.8 1,585.3

321.6 668.6 0.3 10.8 1,001.3

79.5 7.00 - 8.00 321.6 135.0 5.90 668.6 275.0 4.50 234.9 2.50 0.3 10.8 1,505.8 6.75 - 8.00 3,231.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

Credit risk The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts receivable and loans to. The Company and its subsidiaries manage the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company and its subsidiaries do not have high concentration of credit risk since they have a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of receivables and loans to as stated in the balance sheet. Interest rate risk The Company没s and its subsidiaries没 exposure to interest rate risk relate primarily to their cash at banks, bank overdrafts, short-term loans from banks, secured debentures and long-term loans from banks with interest. However, since most of the Company没s and the subsidiaries没 financial assets and liabilities bear floating interest rates or fixed interest rates which wil reach maturity in the near future, the interest rate risk is expected to be minimal. Significant financial assets and liabilities as at 31 December 2006 classified by type of interest rates are summarised in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date or, the repricing date if this occurs before the maturity date. (Unit: Million Baht) Consolidated Fixed interest rates Within More than Over Floating Non-interest 1 year 1 - 5 years 5 years interest rate bearing Total Interest rate (% p.a.) Financial Assets Cash and cash equivalents Investments in security held for trading Trade accounts receivable Advances to contractors Restricted bank deposits Investments in related company Other long-term investments Financial liabilities Bank overdrafts and short-term loans from banks Trade accounts payable and notes payable Other short-term loans Deposits and advances received from customers Secured debentures Creditors under debt restructuring agreements Long-term loans from directors Long-term notes payable Long-term loans from banks

0.2

0.9

65.9 1.1 67.0

49.8 1.2 12.6 10.3 1.5 3.6 79.0

115.9 0.25 - 3.50 1.2 12.6 10.3 1.8 0.75 - 4.00 1.5 3.6 146.9

135.0 275.0 234.9 644.9

79.5 1,505.8 1,585.3

321.6 668.6 0.3 10.8 1,001.3

79.5 7.00 - 8.00 321.6 135.0 5.90 668.6 275.0 4.50 234.9 2.50 0.3 10.8 1,505.8 6.75 - 8.00 3,231.5

0.7 -

Annual Report 2006

151

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π) (Àπà«¬ : ≈â“π∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë Õ—µ√“¥Õ°‡∫’È¬ ¿“¬„π ¡“°°«à“ ¡“°°«à“ ª√—∫¢÷Èπ≈ß ‰¡à¡Õ’ µ— √“ 1 ªï 1 ∂÷ß 5 ªï 5 ªï µ“¡√“§“µ≈“¥ ¥Õ°‡∫’È¬

‘π∑√—æ¬å∑“ß°“√‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È°“√§â“ ‡ß‘π®à“¬≈à«ßÀπâ“ºŸâ√—∫‡À¡“ ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ Àπ’È ‘π∑“ß°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√ ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬– —ÈπÕ◊Ëπ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‡®â“Àπ’Èµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È µ—Î«‡ß‘π®à“¬√–¬–¬“« ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√

152

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Õ—µ√“ √«¡ ¥Õ°‡∫’È¬ (√âÕ¬≈–µàÕªï)

0.7 0.7

14.6 1.1 87.4 103.1

49.2 10.0 9.1 3.6 71.9

63.8 0.25 - 0.75 10.0 9.1 1.8 0.75 - 4.00 87.4 7.88 3.6 175.7

135.0 275.0 234.9 644.9

79.2 60.4 1,349.3 1,488.9

305.8 652.5 10.8 969.1

79.2 7.00 - 8.00 305.8 60.4 6.75 135.0 5.90 652.5 275.0 4.50 234.9 2.50 10.8 1,349.3 6.75 - 8.00 3,102.9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supalai Public Company Limited

(Unit: Million Baht) The Company Only Fixed interest rates Within More than Over Floating Non-interest 1 year 1 - 5 years 5 years interest rate bearing Total Interest rate (% p.a.) Financial Assets Cash and cash equivalents Trade accounts receivable Advances to contractors Restricted bank deposits Long-term loans to related parties Other long-term investments Financial liabilities Bank overdrafts and short-term loans from banks Trade accounts payable and notes payable Short-term loans from related party Other short-term loans Deposits and advances received from customers Secured debentures Creditors under debt restructuring agreements Long-term notes payable Long-term loans from banks

0.7

14.6 1.1 87.4 103.1

49.2 10.0 9.1 3.6 71.9

63.8 0.25 - 0.75 10.0 9.1 1.8 0.75 - 4.00 87.4 7.88 3.6 175.7

135.0 275.0 234.9 644.9

79.2 60.4 1,349.3 1,488.9

305.8 652.5 10.8 969.1

79.2 7.00 - 8.00 305.8 60.4 6.75 135.0 5.90 652.5 275.0 4.50 234.9 2.50 10.8 1,349.3 6.75 - 8.00 3,102.9

0.7 -

Annual Report 2006

153

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘ …— ∑ »ÿ ¿ “≈— ¬ ®”°— ¥ (¡À“™π)

§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬æ‘®“√≥“«à“‰¡à¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ‡π◊ËÕß®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’∏ÿ√°√√¡∑’Ë‡ªìπ‡ß‘πµ√“ µà“ßª√–‡∑»∑’Ë¡’ “√– ”§—≠ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’ ‘π∑√—æ¬å∑“ß°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈ Õ¬à“ß‰√ °Áµ“¡ ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“ª√–‡∑»§ß‡À≈◊Õ ≥ «—π∑’Ë„πß∫¥ÿ≈ ·µà‡ªìπ®”π«π‡ß‘π∑’Ë‰¡à¡’ “√– ”§—≠ 34.2 ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ ·≈– ‘π∑√—æ¬å ·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ §◊Õ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π°Ÿâ¬◊¡´÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬„°≈â‡§’¬ß°—∫Õ—µ√“¥Õ° ‡∫’È¬„πµ≈“¥ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ßª√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π„°≈â‡§’¬ß°—∫¡Ÿ≈§à“µ“¡∫—≠™’∑Ë’ · ¥ß„π ß∫¥ÿ≈ ¡Ÿ≈§à“¬ÿµ∏‘ √√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ºË ´Ÿâ Õ◊È ·≈–ºŸ¢â “¬µ°≈ß·≈°‡ª≈’¬Ë π ‘π∑√—æ¬å°π— „π¢≥–∑’∑Ë ß—È ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿâ ·≈– ‡µÁ¡„®„π°“√·≈°‡ª≈’Ë¬π·≈– “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π≈—°…≥–∑’Ë‰¡à¡’§«“¡‡°’Ë¬«¢âÕß°—π «‘∏’°“√°”Àπ¥¡Ÿ≈§à“ ¬ÿµ‘∏√√¡¢÷ÈπÕ¬Ÿà°—∫≈—°…≥–¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ¡Ÿ≈§à“¬ÿµ‘∏√√¡®–°”Àπ¥®“°√“§“µ≈“¥≈à“ ÿ¥ À√◊Õ°”Àπ¥¢÷Èπ‚¥¬„™â‡°≥±å °“√«—¥¡Ÿ≈§à“∑’Ë‡À¡“– ¡

35. °“√®—¥ª√–‡¿∑√“¬°“√„πß∫°“√‡ß‘π ‰¥â¡’°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 „À¡à ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√ ®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õßªïªí®®ÿ∫—π ´÷Ëß‰¡à¡’º≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢ÕßºŸâ∂◊ÕÀÿâπµ“¡∑’Ë‰¥â√“¬ß“π‰ª·≈â«

36. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√—∫Õπÿ¡—µ‘„ÀâÕÕ°‚¥¬§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 20 °ÿ¡¿“æ—π∏å 2550

154

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Supalai Public Company Limited

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Foreign currency risk The Company and its subsidiaries do not consider themselves exposed to foreign currency risk because they have no significant foreign currency transactions, and no financial assets denominated in foreign currencies outstanding at the balance sheet date. A subsidiary had financial liabilities denominated in foreign currencies outstanding at the balance sheet date but the amount was immaterial. 34.2 Fair values of financial instruments Since the majority of the Companyûs and its subsidiariesû financial assets and liabilities are short-term and the significant financial assets and liabilities of the Company and its subsidiaries comprise loans to and loans from bearing interest at rates close to market rates. The fair values of these financial assets and liabilities are not expected to differ material y from the amounts presented in the balance sheets. A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, wil ing parties in an armûs length transaction. The fair value is determined by reference to the market price of the financial instrument or by using and appropriate valuation technique, depending on the nature of the instrument.

35. RECLASSIFICATION Certain amounts in the financial statements for the year ended 31 December 2005 have been reclassified to conform to the current yearûs classifications, with no effect on previously reported net income or shareholdersû equity.

36. APPROVAL OF FINANCIAL STATEMENTS These financial statements were authorised for issue by the Companyûs Board of Directors on 20 February 2007.

Annual Report 2006

155

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

156

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