:: Annual Report 2005 ::

√“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√äÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

V § « “ ¡ ‡ ªì π ¡ “ ¢ Õ ß ∫ √‘ …— ∑ orporate Profile

∞“π–∑’Ë‡ªìπ∫√‘…—∑∑’Ë¡’§«“¡‡§≈◊ËÕπ‰À«·≈–‡ªìπºŸâ√‘‡√‘Ë¡ ‘Ëß„À¡àÊ µ≈Õ¥¡“ ‚°≈‡¥âπ·≈π¥å„Àâ§”¡—πË —≠≠“«à“®– √â“ß¡Ÿ≈§à“„π√–¬–¬“«‡æ◊ÕË ºŸ∂â Õ◊ Àÿπâ ·≈– √â“ß¡“µ√∞“π Ÿ§à «“¡‡ªìπ‡≈‘»„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å∑°ÿ ¥â“π∑’°Ë ”≈—ß¥”‡π‘π°“√Õ¬Ÿà ¥â«¬ª√– ∫°“√≥å∑‰Ë’ ¥â√∫— °“√¬Õ¡√—∫ ‚°≈‡¥âπ·≈π¥å®ß÷ ‡ªìπºŸæâ ≤ — π“Õ —ßÀ“√‘¡∑√—æ¬å ™—Èππ”¢Õß‡¡◊Õß‰∑¬ „π°“√ √â“ß √√§å‚§√ß°“√∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë¥’∑’Ë ÿ¥„π °√ÿß‡∑æœ ´÷Ëßπ—∫‡ªìπ§«“¡ ”‡√Á®Õ¬à“ßµàÕ‡π◊ËÕß¬“«π“π¥â«¬π«—µ°√√¡∑“ß¥â“π°“√ °àÕ √â“ß·≈–°“√ÕÕ°·∫∫Õ“§“√ ∑—Èßπ’È‡æ√“–‡ªÑ“À¡“¬¢Õß‡√“ §◊Õ°“√√—ß √√§å‚§√ß°“√ ∑’Ëæ—°Õ“»—¬∑’Ë§ß§ÿ≥§à“∑—Èß∑“ß¥â“πª√–‚¬™πå„™â Õ¬ √Ÿª·∫∫¢Õß ∂“ªíµ¬°√√¡∑’Ë≈ßµ—« §«“¡æ÷ßæÕ„® ·≈–√ π‘¬¡∑’‡Ë ªìπ‡Õ°≈—°…≥å‡©æ“–µ—«¢Õß≈Ÿ°§â“ πÕ°®“°π’‡È √“¬—ß„™â¡“µ√∞“π ·Ààß§«“¡‡ªìπ‡≈‘»„π°“√®—¥°“√¿“¬„π·≈–°“√‡≈◊Õ° √√æ—π∏¡‘µ√§Ÿà§â“ ‡æ◊ËÕ§ß‰«â´÷Ëß «‘ ¬— ∑—»πå¢ÕßºŸæâ ≤ — π“Õ —ßÀ“√‘¡∑√—æ¬å∑¡Ë’ §’ «“¡À≈“°À≈“¬·≈–¡’ª√– ‘∑∏¿“æ ∑ÿ°‚§√ß°“√ ∫â“π¢Õß‚°≈‡¥âπ·≈π¥å‡ªìπ∑’Ë®—∫µ“¡Õß„π∞“π–‚§√ß°“√∑’Ë “¡“√∂®—¥µ—ÈßÕ¬Ÿà∫π∑”‡≈¥’∑’Ë ÿ¥ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß„π°√ÿß‡∑æœ ‡√“¡ÿàß‡πâπ∑”‡≈‡æ◊ËÕ √â“ß —ß§¡∑’Ë¥’¢Õß°≈ÿà¡≈Ÿ°§â“∑’Ë‡ªìπ §√Õ∫§√—« À√◊Õ‚§√ß°“√„π‡¢µ∏ÿ√°‘®™—Èπ„π‡æ◊ËÕ«‘∂’™’«‘µÀ√Ÿ¢Õß§π‡¡◊Õß ‡√“‡™◊ËÕ«à“¥â«¬∑”‡≈∑’Ë ¡’»°— ¬¿“æ º “π°—∫¡“µ√∞“π™—πÈ Ÿß„π°“√°àÕ √â“ß °“√ÕÕ°·∫∫¿“¬πÕ°·≈–°“√µ°·µàß ¿“¬„π §◊Õ§ÿ≥§à“Õ—π¡—Ëπ§ß∑—Èß„π¥â“π°“√≈ß∑ÿπ ·≈–§ÿ≥¿“æ™’«‘µ∑’Ë‡√“¡Õ∫„Àâ°—∫≈Ÿ°§â“ πÕ°®“°π’·È µà≈–‚§√ß°“√√«¡∂÷ß‚§√ß°“√∫â“π‡¥’¬Ë «µà“ß –∑âÕπ„Àâ‡ÀÁπ∂÷ß§«“¡‚¥¥‡¥àπ„π°“√ ‡≈◊Õ° √√∑”‡≈ °“√ √â“ß √√§å ß— §¡§ÿ≥¿“æ ·≈–°“√µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ºà“π °“√„ à„®„π√“¬≈–‡Õ’¬¥¢Õß°“√ÕÕ°·∫∫ §«“¡√◊Ëπ√¡¬å¢Õß∑—»π’¬¿“æ ∂“ªíµ¬°√√¡·≈– ¡—≥±π»‘≈ªá ´÷ßË ºà“π°“√°≈—πË °√Õß„π°“√ÕÕ°·∫∫¡“Õ¬à“ß¥’ ∑—ßÈ π’‡È æ◊ÕË ‡ √‘¡ √â“ß§«“¡ß¥ß“¡ ·≈– –∑âÕπ‰≈øá ‰µ≈å„Àâ°—∫ºŸâ‡ªìπ‡®â“¢Õß

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a dynamic and innovative company, Golden Land is committed

to creating long-term value for our shareholders while setting the benchmark for the highest standards in all areas of our operations. As the creator of Bangkok’s finest housing and high-rise developments, Golden Land has a successful history of building and designing innovative and luxurious homes of exceptional quality. Our goal is to create homes of enduring value using superior design and finishes to satisfy the needs and tastes of our discriminating customers. This overall standard in excellence is shared throughout the entire organization and with our partners as we continue our mission to be a diversified and cost effective property developer. Every Golden Land home is located in Thailand’s most exclusive locations. They represent the best settings in Bangkok’s most sought after destinations for exclusive private gated family communities or prime, central downtown areas for our urban clientele. We believe that a prime location, coupled with the finest standard of construction, architecture and interior design, offers solid value to our clientele in both investment and quality living. In addition, each project and the individual homes within each enclave reflect its unique location, neighbourhood setting, and client aspirations. Comprehensive design details, amenities, landscaping, architecture and interior design have been thoughtfully planned to enhance the prestige and lifestyle of our owners.

“√®“°ª√–∏“π°√√¡°“√ hairwoman’s Statement

®“°

°“√∑’ËÕ—µ√“¥Õ°‡∫’È¬‡æ‘Ë¡¢÷ÈπÀ≈“¬§√—Èß √“§“πÈ”¡—π Ÿß¢÷Èπ ‡ªìπº≈„Àâ§à“«— ¥ÿ°àÕ √â“ß ‡æ‘¡Ë ¢÷πÈ ∑”„Àâµ≈“¥Õ —ßÀ“√‘¡∑√—æ¬å‰¡à ¥„ ‡∑à“∑’§Ë «√ Õ¬à“ß‰√°Á¥’ ∫√‘…∑— ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ‰¥â “¡“√∂ª√– ∫º≈ ”‡√Á®„π°“√‡ªî¥µ—«‚§√ß°“√ ç¥‘ Õ‘πøîπ‘µ’Èé (The Infinity) ´÷Ëß‡ªìπÕ“§“√§Õπ‚¥¡‘‡π’¬¡ Ÿß√–¥—∫ 6 ¥“« ∫π∂ππ “∑√ “¡“√∂ ªî¥°“√¢“¬‰¥â„π‡«≈“‰¡à∂÷ß 3 ‡¥◊Õπ Õ’°∑—Èß‚§√ß°“√∫â“π‡¥’Ë¬« √–¥—∫‡°√¥ A °Á¬—ß “¡“√∂ªî¥°“√ ¢“¬‰¥â¥’ ∫√‘…—∑œ ‰¥â¡’°“√‡ª≈’Ë¬π·ª≈ßºŸâ∫√‘À“√√–¥—∫ Ÿß∂÷ß 3 ∑à“π „πª≈“¬ªï 2548 ∑ÿ°∑à“πæ√âÕ¡ ∑’Ë®–‡¥‘πÀπâ“π”∫√‘…—∑œ ‰ª Ÿà§«“¡‡ªìπ‡≈‘»µ“¡ª≥‘∏“π¢Õß‡√“∑ÿ°ª√–°“√ ¥‘©π— „ππ“¡ª√–∏“π°√√¡°“√∫√‘…∑— œ ¢Õ∂◊Õ‚Õ°“ π’È ¢Õ∫§ÿ≥ºŸ∂â Õ◊ Àÿπâ ∑’‡Ë ªìπ°”≈—ß„®„Àâ‡√“ ·≈–¢Õ∫§ÿ≥°√√¡°“√ ∑’¡ß“π∫√‘À“√ ·≈–æπ—°ß“π∑ÿ°∑à“π ∑’Ë∑ÿà¡‡∑°”≈—ß°“¬·≈–°”≈—ß§«“¡§‘¥ Õ¬à“ß‡µÁ¡§«“¡ “¡“√∂

(§ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å) ª√–∏“π°√√¡°“√

a result of several increases in interest rates and rising oil prices, during 2005 construction costs have risen tremendously, causing the property sector not to

shine as brightly as it should. However, despite this Golden Land Property Development PLC (“the Company”) managed to successfully launch its six star condominium project “The Infinity” on Sathorn Road, and was also able to maintain sales at several of our grade A housing projects that continued to receive positive feedback from the market. The Company has undergone a change in top management at the end of the year. Our three new top management will lead the Company towards successes in all our areas of business. As the Chairwoman of the Board, I would like to take this opportunity to thank our Shareholders for giving us their continued support. I also thank our Directors, management team, and all our staff for their effort, their dedication and their valuable contributions.

Khunying Sasima Srivikorn Chairwoman of the Board

‚ § √ ß √â “ ß Õ ß §å ° √ rganization Chart ¢âÕ¡Ÿ≈ ≥ «—π∑’Ë 31 ¡’π“§¡ 2549 as at 31st March, 2006 is as follows:

§ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å ª√–∏“π°√√¡°“√ Khunying Sasima Srivikorn Chairwoman of the Board

π“¬«‘≈‡≈’Ë¬¡ ®ÕÀåπ «‘≈øÕß ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ Mr. William John Wilfong Chief Executive Officer

π“¬«—π™—¬ »√’À‘√—≠√—»¡’ ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬°“√‡ß‘π

π“¬‡°«‘π ≈Ÿ ¬’ ‡À≈’¬ß ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬ªØ‘∫—µ‘°“√

Mr. Vanchai Sriherunrusmee

Mr. Gavin Lu Yee Liang

Chief Financial Officer

Chief Operating Officer

√ “ ¬ π “ ¡ § ≥ – ° √ √ ¡ ° “ √ · ≈ – § ≥ – ºŸâ ∫ √‘ À “ √ oard of Directors and Management Team

§≥–°√√¡°“√∫√‘…—∑ ≥ «—π∑’Ë 31 ¡’π“§¡ / The Board of Directors as at 31th March, 2006 is as follows: §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å

ª√–∏“π°√√¡°“√

Khunying Sasima Srivikorn

Chairwoman of the Board

π“¬«‘≈‡≈’Ë¬¡ ®ÕÀåπ «‘≈øÕß

°√√¡°“√

Mr. William John Wilfong

Director

π“¬«—π™—¬ »√’À‘√—≠√—»¡’

°√√¡°“√

Mr. Vanchai Sriherunrusmee

Director

π“¬‡™“ ‰§« ‡™’¬ß

°√√¡°“√

Mr. Chow Kwai Cheung

Director

π“ß “«§√‘ µ‘πà“ ·≈¡ ¬‘¡ §‘ß

°√√¡°“√

Ms. Christina Lam Yim King

Director

π“¬§√‘ ‚µ‡øÕ√å ‰¡‡§‘≈ ¥’≈“π’

°√√¡°“√

Mr. Christopher Michael Delaney

Director

»“ µ√“®“√¬å ¥√. ∫ÿ≠‡ √‘¡ «’ °ÿ≈

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

Dr. Boonserm Weesakul

Director / Independent Director / Chairman of the Audit Committee

»“ µ√“®“√¬å √.Õ.°ƒ…Æ“ Õ√ÿ≥«ß…å ≥ Õ¬ÿ∏¬“

°√√¡°“√ / °√√¡°“√Õ‘ √– / °√√¡°“√µ√«® Õ∫

Prof. Krisda Arunvongse

Director / Independent Director / Member of the Audit Committee

√.µ.µ.‡°√’¬ß»—°¥‘Ï ‚≈À–™“≈–

°√√¡°“√ / °√√¡°“√Õ‘ √– / °√√¡°“√µ√«® Õ∫

Pol. Sub. Lt. Kriengsak Lohachala

Director / Independent Director / Member of the Audit Committee

§≥–ºŸâ∫√‘À“√ / The Management Team §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å

ª√–∏“π°√√¡°“√

Khunying Sasima Srivikorn

Chairwoman of the Board

π“¬«‘≈‡≈’Ë¬¡ ®ÕÀåπ «‘≈øÕß

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

Mr. William John Wilfong

Chief Executive Officer

π“¬«—π™—¬ »√’À‘√—≠√—»¡’

ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬°“√‡ß‘π

Mr. Vanchai Sriherunrusmee

Chief Financial Officer

π“¬‡°«‘π ≈Ÿ ¬’ ‡À≈’¬ß

ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬ªØ‘∫—µ‘°“√

Mr. Gavin Lu Yee Liang

Chief Operating Officer

¢â Õ ¡Ÿ ≈ ° “ √ ‡ ß‘ π ¢ Õ ß ∫ √‘ …— ∑ inancial Data of The Company

∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 FINANCIAL STATEMENT AS OF 31 DECEMBER 2005

Àπà«¬æ—π∫“∑ (Unit : Thousand Baht) 2547 / 2004 2546 / 2003

2548 / 2005 ‘π∑√—æ¬å√«¡ / Total Assets Àπ’È ‘π√«¡ / Total Liabilities ∑ÿπ®¥∑–‡∫’¬π / Registered Capital ∑ÿπ™”√–·≈â« / Paid-up Capital à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Shareholdersû Equity º≈°“√¥”‡π‘πß“π / OPERATING PERFORMANCE √“¬‰¥â√«¡ / Total Revenue µâπ∑ÿπ·≈–§à“„™â®à“¬ / Total Costs and Expenses °”‰√°àÕπ√“¬°“√æ‘‡»… / Net Profit Before Extra Ordinary Items √“¬°“√æ‘‡»… / Extra Ordinary Items °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ / Net Profit (Loss) Õ—µ√“ à«π∑“ß°“√‡ß‘π / FINANCIAL RATIO ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) / Book value per share (Baht) ¡Ÿ≈§à“∑’Ëµ√“‰«âµàÕÀÿâπ (∫“∑) / Par value (Baht) °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) / Earnings per share (Baht) ‡ß‘πªíπº≈µàÕÀÿâπ (∫“∑) / Dividend per share (Baht)

¢âÕ¡Ÿ≈∫√‘…—∑ / Financial Data of The Company 15

14,006,150 7,935,673 7,087,821 6,300,821 6,070,477

13,149,232 7,437,467 7,087,821 6,298,821 5,711,764

2,722,598 3,025,108 19,911 322,421 (302,510)

4,135,052 3,782,007 353,045

2,415,186 1,961,655 453,531

9.16 10 (0.48) -

9.63 10 0.56 -

9.07 10 0.72 -

º≈°“√¥”‡π‘πß“π / Operating Performance 2548 / 2005 2547 / 2004 2546 / 2003

3.78

0.45 0.35 (0.30)

-1

1.96

à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholdersû Equity

∑ÿπ™”√–·≈â« Paid-up Capital

∑ÿπ®¥∑–‡∫’¬π Registered Capital

Àπ’È ‘π√«¡ Total Liabilities

1 ‘π∑√—æ¬å√«¡ Total Assets

2.42

2.72

5.71 6.07 5.77

6.30 6.30 6.30

7.09 7.09 7.09

7.44 7.94 7.74

3.03

5 4.14

2548 / 2005 2547 / 2004 2546 / 2003

13.15 14.01 13.51

13,507,056 7,735,215 7,087,821 6,300,821 5,771,840

√“¬‰¥â√«¡

µâπ∑ÿπ·≈–§à“„™â®à“¬

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘

Total Revenue

Total Costs and Expenses

Net Profit (Loss)

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∫ ∑ √ÿ ª ‚ § √ ß ° “ √ ∫â “ π ®— ¥ √ √ 2 5 4 8 ousing Overview 2005

À√—∫ªï 2548 ‚°≈‡¥âπ·≈π¥å¬—ß§ß‡πâπ°“√æ—≤π“∑’Ë¥‘π„π‚§√ß°“√‡¥‘¡∑’Ë¡’Õ¬Ÿà„Àâ¡’ §ÿ≥¿“æ¥’‡¬’Ë¬¡Õ¬à“ßµàÕ‡π◊ËÕß ‚¥¬‡πâπ‰ª∑’Ë∑”‡≈∑’Ëµ—Èß¢Õß‚§√ß°“√ ´÷Ëßµ—ÈßÕ¬Ÿà„π ‡¢µ°√ÿß‡∑æ¡À“π§√ Àà“ß®“°‡¢µ∏ÿ√°‘®™—Èπ„π‡æ’¬ß 10-15 °¡. ·≈–‡πâπ∑’Ë°“√ÕÕ°·∫∫ º≈‘µ¿—≥±å·≈–°“√∫√‘°“√ºŸâ∫√‘‚¿§¥â«¬§«“¡‡Õ“„®„ à¥â«¬¥’µ≈Õ¥¡“ ∫√‘…—∑œ ¡’‚§√ß°“√ §ÿ≥¿“æ Ÿß 4 ‚§√ß°“√ ´÷Ëßµ—ÈßÕ¬Ÿà«ß·À«π√Õ∫πÕ°Ωíòßµ–«—πµ° 2 ‚§√ß°“√ §◊Õ ‚§√ß°“√ ‚°≈‡¥âπ ‡ŒÕ√‘‡∑® (ªîòπ‡°≈â“µ—¥„À¡à) ·≈– ‚§√ß°“√ ‚°≈‡¥âπ ‡≈‡®π¥å ( “∑√µ—¥„À¡à) ·≈– «ß·À«π√Õ∫πÕ°Ωíòßµ–«—πÕÕ° Õ’° 2 ‚§√ß°“√ §◊Õ ‚§√ß°“√‚°≈‡¥âπ π§√“ (æ√–√“¡‡°â“ µ—¥„À¡à) ·≈–‚§√ß°“√·°√π¥å ‚¡π“‚§ (∫“ßπ“ °.¡.8) „π™à«ßªï 2548 ‚°≈‡¥âπ ‡≈‡®π¥å ‰¥â‡ªî¥µ—« ‡¥Õ–ª“≈å¡ ‚´π ‚¥¬¡’§ƒÀ“ πå®”π«π 20 À≈—ß ∫πæ◊Èπ∑’Ë 17 ‰√à ´÷Ëß¬—ß§ß‡ªìπ∑’Ë π‘¬¡·≈–‰¥â√—∫°√–· °“√µÕ∫√—∫®“°°≈ÿà¡ºŸâ∫√‘‚¿§„π —ß§¡√–¥—∫ Ÿß ·≈–‚§√ß°“√‚°≈‡¥âπ π§√“ ‰¥â‡ªî¥µ—«‡¥Õ– ‰æ√‡«∑ ∫’™ ´÷Ëß§Õπ‡´Áªµå‡ªìπ √–«à“¬πÈ”¢π“¥„À≠à∑’Ë„Àâ§«“¡√Ÿâ ÷° ‡À¡◊Õπ§ÿ≥‰¥â —¡º— ·≈–‰¥â‚µâ§≈◊Ëπ ≥ ™“¬∑–‡≈®√‘ß µàÕ¡“ª≈“¬ªï 2548 ‚§√ß°“√ ‰¥â°àÕ √â“ßÕÿ‚¡ß§å≈Õ¥ºà“π∑“ß√∂‰ø‡æ◊ËÕ‡™◊ËÕ¡µàÕ∂ππ¡Õ‡µÕ√å‡«¬å ·≈–·≈â«‡ √Á®„πµâπªï 2549 ‡æ◊ËÕÕ”π«¬§«“¡ –¥«°·≈–‡æ‘Ë¡§«“¡ª≈Õ¥¿—¬ ”À√—∫ºŸâ∫√‘‚¿§„π°“√‡¥‘π∑“ß¡“° ¬‘Ëß¢÷Èπ ·≈–‚§√ß°“√ ·°√π¥å ‚¡π“‚§ ‰¥â‡ªî¥µ—« Lake Zone (∑–‡≈ “∫æ√âÕ¡ Boat & Country Club) ‚¥¬¬—ß§ß¡’ºŸâ∫√‘‚¿§„Àâ§«“¡ π„®‚§√ß°“√Õ¬à“ßµàÕ‡π◊ËÕß®π∂÷ßªí®®ÿ∫—π

”

olden Land’s strategic concept for Single Detached Housing Development continues to focus on central locations in the Greater Bangkok Area within a

10-15 km radius from the Central Business District, superior product design and excellent customer service. Four of our quality projects proved to be continuing successes during 2005-Golden Heritage (Pinklao-New Road) and Golden Legend (Sathorn-New Road) on the Western Outer-Ring Road, and Golden Nakara (New Rama IX Road) and Grande Monaco (Bangna-trad Road Km.8) on the Eastern OuterRing Road. During 2005, Phase 3 of Golden Legend was successfully launched under the name “The Palms”, while the Private Beach at Golden Nakara continued to draw enthusiastic response from buyers. Golden Nakara’s direct tunnel link to the Rame IX motorway has been completed early in 2006, further enhancing the attractiveness of this project, while the new Lake Zone at Grande Monaco was also well received by consumers in the fourth quarter of 2005.

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‚ § √ ß ° “ √ ∫â “ π ®— ¥ √ √ ousing Projects

™◊ËÕ‚§√ß°“√ ∂“π∑’Ëµ—Èß ‡ø 1 ‡ø 2 ‡ø 3 ‡ø 4 ‡π◊ÈÕ∑’Ë√«¡ ®”π«πÀ≈—ß√«¡ ○

○

: : : : : : : : ○

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™◊ËÕ‚§√ß°“√ ∂“π∑’Ëµ—Èß ‡ø 1 ‡ø 2 ‡π◊ÈÕ∑’Ë√«¡ ®”π«πÀ≈—ß√«¡ ○

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™◊ËÕ‚§√ß°“√ ∂“π∑’Ëµ—Èß ‡ø 1 ‡ø 2 ‡π◊ÈÕ∑’Ë√«¡ ®”π«πÀ≈—ß√«¡

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‚°≈‡¥âπ ‡ŒÕ√‘‡∑® ∂ππªîòπ‡°≈â“µ—¥„À¡à 108 À≈—ß, 93 ‰√à 326 À≈—ß, 163 ‰√à 256 ‰√à 434 À≈—ß ○

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: ‚°≈‡¥âπ π§√“ : ∂ππæ√–√“¡‡°â“ µ—¥„À¡à : 248 À≈—ß, 142 ‰√à : 300 À≈—ß, 144 ‰√à : 286 ‰√à : 548 À≈—ß

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™◊ËÕ‚§√ß°“√ ∂“π∑’Ëµ—Èß

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‚°≈‡¥âπ ‡≈‡®π¥å ∂ππ “∑√µ—¥„À¡à 140 À≈—ß, 80 ‰√à 100 À≈—ß, 65 ‰√à 20 À≈—ß, 17 ‰√à 18 À≈—ß, 12 ‰√à 174 ‰√à 278 À≈—ß

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Project Name

Golden Legend

Location

Sathorn-New Road

Phase I

140 Units, 80 Rai

Phase II

100 Units, 65 Rai

Phase III

20 Units, 17 Rai

Phase IV

18 Units, 12 Rai

Total Area

174 Rai

Total Units

278 Units

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Project Name

Golden Heritage

Location

Pinklao-New Road

Phase I

108 Units, 93 Rai

Phase II

326 Units,163 Rai

Total Area

256 Rai

Total Units

434 Units

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Project Name

Golden Nakara

Location

New Rama IX

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Road

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·°√π¥å ‚¡π“‚§ ∂ππ∫“ßπ“ °¡. 8 175 À≈—ß, 68 ‰√à 325 À≈—ß, 130 ‰√à 198 ‰√à 500 À≈—ß

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Phase I

248 Units, 142 Rai

Phase II

300 Units, 144 Rai

Total Area

286 Rai

Total Units

548 Units

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Project Name

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Grande Monaco

Location

Bangna-Ring Road

Phase I

175 Units; 68 Rai

Phase II

325 Units ; 130 Rai

Total Area

198 Rai

Total Units

500 Units

Western Outer Ring Rd.

‚°≈‡¥âπ ‡≈‡®π¥å ‡ªìπ‚§√ß°“√§ƒÀ“ πåÀ√Ÿ¢π“¥„À≠à ‚§√ß°“√·√° ∑’µË ß—È Õ¬Ÿ∫à π∑”‡≈¥’‡¬’¬Ë ¡∫π∂ππ “∑√µ—¥„À¡à Ωíßò ∏π∫ÿ√’ Àà“ß®“°‡¢µ∏ÿ√°‘®™—Èπ„π¢Õß°√ÿß‡∑æ¡À“π§√‡æ’¬ß 8 °‘‚≈‡¡µ√ ‡∑à “ π—È π ´÷Ë ß ·√ß∫— π ¥“≈„®¢Õß ∂“ªí µ ¬°√√¡·≈–√Ÿ ª ·∫∫¢Õß ‚§√ß°“√π’È‰¥â¡“®“°Õß§åª√–°Õ∫·≈–∫√√¬“°“»¢Õß§ƒÀ“ πåÀ√Ÿ „π·∂∫∑–‡≈‡¡¥‘‡µÕ√å‡√‡π’¬π∑“ßµÕπ„µâ¢Õß¬ÿ‚√ª ‚¥¬π”‡Õ“ §«“¡≈–‡¡’¬¥≈–‰¡·≈–ß¥ß“¡¢ÕßÕ“√¬∏√√¡µ–«—πµ°„πÕ¥’µ ∑’Ë –∑âÕπ∂÷ß™’«‘µ∑’Ë¡’√ π‘¬¡ ¡“º ¡º “πÕ¬à“ß≈ßµ—«°—∫ ‘ËßÕ”π«¬ §«“¡ –¥«°∑’Ë∑—π ¡—¬µà“ßÊ ‰¡à«à“®–‡ªìπ √–«à“¬πÈ”¢π“¥„À≠à ÀâÕßÕÕ°°”≈—ß°“¬√–¥—∫¡“µ√∞“π À√◊Õ·¡â°√–∑—Ëß à«π π“¡ ‡¥Á°‡≈àπ„π‚§√ß°“√ ´÷Ëß¡’º≈„Àâ‚§√ß°“√‚°≈‡¥âπ ‡≈‡®π¥å ‡ªìπ∑’Ë √Ÿâ®—°°—π¥’„π∑âÕßµ≈“¥ ·≈–¬—ß‡ªìπ∑’Ë°≈à“«∂÷ß®π∂÷ß∑ÿ°«—ππ’È ‡ø 1 “¡“√∂¢“¬À¡¥„π‡«≈“Õ—π√«¥‡√Á« ‡™àπ‡¥’¬«°—∫‡ø 2 ´÷ßË ¡’∑ß—È À¡¥ 100 À≈—ß ´÷Ëß°”≈—ß‰¥â√—∫§«“¡ π„®Õ¬à“ß Ÿß®“°°≈ÿà¡≈Ÿ°§â“Õ¬à“ß µàÕ‡π◊ËÕß®÷ß∑”„Àâ„πªï 2548 ∫√‘…—∑‰¥â‡ªî¥‚§√ß°“√ ‡ø 3 „π™◊ËÕ ç‡¥Õ–ª“≈å¡é

Golden Legend enjoys an exceptionally prime location on the Thonburi side of the Chao Praya River, just five minutes from the Sathorn Bridge. The design of Golden Legend is inspired by the style and character of Mediterranean villas, incorporating all of the latest modern conveniences as well as amenities such as a Grand Villa Pool, a world-class Fitness Centre and a Children’s Village. Phase I with 140 units was quickly sold out, while the 100 units in Phase II are currently being marketed with excellent results, leading the company to launch Phase III under the name “The Palms” during 2005.

‚°≈‡¥âπ ‡ŒÕ√‘‡∑® µ—ÈßÕ¬Ÿà∫π∂ππ√“™æƒ°…å (‡æ™√‡°…¡ - √—µπ“∏‘‡∫»√å) “¡“√∂‡¥‘π∑“ß∂÷ß„®°≈“ß¢Õß°√ÿß‡∑æœ „π ‡«≈“‡æ’¬ß‰¡à°’Ëπ“∑’ ´ÿâ¡ª√–µŸ∑“ß‡¢â“ ÿ¥À√Ÿπ”∑à“πºà“π·π« µâπ‰¡â∑’Ë‡√’¬ß√“¬ 2 ¢â“ß∑“ß Ÿà —ß§¡Õ¿‘ ‘∑∏‘Ï à«πµ—« ·«¥≈âÕ¡ ‰ª¥â«¬‡ πàÀå¢Õß∏√√¡™“µ‘∑’Ë¬—ß‰¡à∂Ÿ°√∫°«π ∑ÿ°·∫∫∫â“π¢Õß ‚°≈‡¥âπ ‡ŒÕ√‘‡∑® ∂Ÿ°ÕÕ°·∫∫Õ¬à“ßª√–≥’µ ¡’√Ÿª·∫∫æ‘‡»… Õ≈—ß°“√‰¡à‡À¡◊Õπ„§√ ‚¥¬π”‡Õ“ ‰µ≈å°“√„™â™’«‘µ ¡—¬„À¡à √«¡‡¢â“°—∫√Ÿª·∫∫≈“¬‡ âπ ∂“ªíµ¬°√√¡¬ÿ§§≈“ ‘° æ◊Èπ∑’Ë „™â Õ¬¿“¬„π∂Ÿ°ÕÕ°·∫∫æ‘‡»…¥â«¬‡æ¥“π Ÿß∂÷ß 3.2 ‡¡µ√ ·≈–Àπâ “ µà “ ß™¡«‘ « ·∫∫æ“‚π√“¡“ ‡æ◊Ë Õ º “π∫√√¬“°“» ∏√√¡™“µ‘‡¢’¬«¢®’‡¢â“°—∫°“√„™â™’«‘µ„π∫â“π‰¥âÕ¬à“ß√◊Ëπ√¡¬å ∫â“π ∑ÿ°À≈—ßæ√âÕ¡ √√æ¥â«¬ÀâÕß¢π“¥„À≠à ∑ÿ°ÀâÕßµ°·µàßÕ¬à“ß¡’ √ π‘¬¡¥â«¬æ◊ÈπÀ‘πÕàÕππ”‡¢â“ √“«∫—π‰¥‡À≈Á°¥’‰´πå «¬ ·≈– Õà“ß®“°ÿ´´’Ë ‚§√ß°“√‚°≈‡¥âπ ‡ŒÕ√‘‡∑® ‡ø 1 ‰¥â√—∫§«“¡ π„® ®“°ºŸâ∫√‘‚¿§‡ªìπÕ¬à“ß¡“° ·≈–‡ø 2 °”≈—ß®–‡ªî¥µ—«¥â«¬ ·π«§‘¥§Õπ‡´Áªµå„À¡àª≈“¬ªï 2549 Golden Heritage is situated on Rachapruek Road (Petchkasem-Rattanatibeth), just minutes away from the Central Business District. An elegant entrance leads to a Western Outer Ring Rd.

large gated community surrounded by undisturbed nature. The Golden Heritage home models are striking in design, incorporating a sense of contemporary lifestyle while still instilling an unmistakable feeling of luxury and traditional classical architecture. The interiors are masterfully designed with 3.2 meter-high ceilings and panoramic-view windows to integrate indoor living with outdoor greenery. All the houses offer spacious rooms and lavish finishing such as imported marble floors, wrought iron railings, and Jacuzzi tubs. Phase II of Golden Heritage is now under development, with a new and exciting concept to be launched during 2006.

The building of Suvarnabhumi International Airport has made the Eastern Side of Bangkok one of the most sought after residential locations in the city. Golden Land had foreseen this opportunity and has created the Golden Nakara project on a prime site of nearly 300 rai. Being the only estate on the New Rama IX

Road, Golden Nakara is the only housing development to receive direct benefit from the construction and expansion of the adjacent highway and mass-transit systems and also the City Rail Link, which will run between Payathai and Suvarnabhumi with a stop near the entrance, making this prestigious project perfect for a city lifestyle. The houses of Golden Nakara are designed to match this modern lifestyle and have top-class specifications such as luxurious French windows and Jacuzzi tubs. More impressive still is the Private Beach, a unique beach pool complete with waterfalls, water slides and other amenities for various recreational activities. Together with the serenity of a Bali-style resort environment, the project is a “Village of Dreams”, where families can spend precious moments together and truly “get away from it all”. In early 2006, the direct tunnel link to the Rama IX Motorway was completed, further enhancing Golden Nakara and putting it within minutes of the CBD by car.

On Nut

Eastern

°“√°àÕ √â“ß π“¡∫‘ππ“π“™“µ‘ ÿ«√√≥¿Ÿ¡‘∑“ßµ–«—πÕÕ° ¢Õß°√ÿß‡∑æœ π—Èπ∑”„Àâæ◊Èπ∑’Ë∫√‘‡«≥√Õ∫ π“¡∫‘π·≈–„°≈â‡§’¬ß °≈“¬‡ªìπ∑”‡≈∑Õß¢÷Èπ¡“„π∑—π∑’ ∫√‘‡«≥‚¥¬√Õ∫®–°≈“¬‡ªìπ‡¢µ ∏ÿ√°‘®·Ààß„À¡à∑’Ë®–‡°‘¥¢÷Èπ‡æ◊ËÕ√Õß√—∫∏ÿ√°‘®µà“ßÊ ·≈–∫ÿ§≈“°√ ®”π«π¡“° ‚°≈‡¥âπ·≈π¥å ‰¥â‡≈Áß‡ÀÁπ∂÷ß‚Õ°“ ·≈–»—°¬¿“æ„π °“√‡µ‘∫‚µ ®÷ß‰¥â√—ß √√§å‚§√ß°“√‚°≈‡¥âπ π§√“ ¢÷Èπ¡“∫πæ◊Èπ∑’Ë°«à“ 300 ‰√à „®°≈“ß°√ÿß‡∑æœ Ωíòßµ–«—πÕÕ°Àà“ß®“° ’Ë·¬°æ√–√“¡‡°â“»√’π§√‘π∑√å ‡æ’¬ß 3 °¡. ·≈–‡π◊ËÕß®“°‡ªìπ‚§√ß°“√‡¥’¬«∑’Ëµ—ÈßÕ¬Ÿà∫π ∂ππæ√–√“¡‡°â“µ—¥„À¡à ´÷Ëß¡’∑“ß‡¢â“ÕÕ°‚§√ß°“√‡ªìπÕÿ‚¡ß§å≈Õ¥ ºà“π∑“ß√∂‰ø ‡æ◊ËÕ‡™◊ËÕ¡µàÕ°—∫ Motorway ∑”„Àâ‚°≈‡¥âπ π§√“ ‡ªìπ‚§√ß°“√∫â“π®—¥ √√‚§√ß°“√‡¥’¬«∑’Ë‰¥â√—∫º≈ª√–‚¬™πå‚¥¬µ√ß ®“°°“√æ—≤π“‚§√ß¢à“¬§¡π“§¡·≈– “∏“√≥Ÿª‚¿§¡Ÿ≈§à“°«à“ 3 · π≈â“π∫“∑®“°√—∞∫“≈ πÕ°‡Àπ◊Õ®“°π’È√–∫∫¢π àß¡«≈™π ç√∂‰øøÑ“‡™◊ËÕ¡∑à“Õ“°“»¬“π ÿ«√√≥¿Ÿ¡‘é (Airport Link) ¬—ß‰¥â¡’ °“√ √â“ß ∂“π’√—∫ àßºŸâ‚¥¬ “√Àπâ“∑“ß‡¢â“‚§√ß°“√Õ’°¥â«¬ ∫â“π„π ‚§√ß°“√∑ÿ ° ·∫∫®÷ ß ∂Ÿ ° ÕÕ°·∫∫Õ¬à “ ß≈ßµ— « ”À√— ∫ ‰≈øá ‰µ≈å ¡—¬„À¡à µ°·µàß¥â«¬«— ¥ÿ™—Èπ‡¬’Ë¬¡ ‡™àπ æ◊ÈπÀ‘πÕàÕπ ·≈–Õà“ß®“°ÿ´´’Ë ‡ªìπµâπ æ‘‡»…°«à“π—Èπ‚§√ß°“√¬—ß¡’ ‰æ√‡«∑ ∫’™ ÿ¥Õ≈—ß°“√ æ√âÕ¡ √√æ¥â«¬ ‘ËßÕ”π«¬§«“¡ –¥«°¡“°¡“¬∑à“¡°≈“ß∫√√¬“°“» ∏√√¡™“µ‘ ‰µ≈å∫“À≈’√’ Õ√å∑ ∑”„Àâ‚°≈‡¥âπ π§√“ ‡ªìπ‚§√ß°“√ ∫â“π‡¥’Ë¬«∑’Ë„Àâ∑à“π‰¥âæ—°ºàÕπ„π∫√√¬“°“»∏√√¡™“µ‘Õ¬à“ß·∑â®√‘ß „π™à«ßµâπªï 2549 ∑“ß‡¢â“ÕÕ°Õÿ‚¡ß§å≈Õ¥„µâ∑“ß√∂‰ø‡æ◊ËÕ‡™◊ËÕ¡µàÕ °—∫∂ππ¡Õ‡µÕ√å‡«¬å ‰¥â°àÕ √â“ß‡ √Á® ¡∫Ÿ√≥å ∑”„Àâ “¡“√∂‡¥‘π ∑“ß∂÷ß„®°≈“ß∏ÿ√°‘®‰¥â¿“¬„π‡«≈“‰¡à°’Ëπ“∑’

On Nut

‚§√ß°“√·°√π¥å ‚¡π“‚§ ‡ªìπ‚§√ß°“√∑’Ëµ—ÈßÕ¬Ÿà∫π∑”‡≈ ™—Èπ‡¬’Ë¬¡¢Õß°√ÿß‡∑æœ Ωíòßµ–«—πÕÕ° µ‘¥∂ππ„À≠àÀà“ß®“°∂ππ ∫“ßπ“-µ√“¥ °¡.8 ‡æ’¬ß 1 °‘‚≈‡¡µ√‡»…‡∑à“π—Èπ ∑—Èß¬—ß‰¥â√—∫º≈ ª√–‚¬™πå®“°°“√æ—≤π“ “∏“√≥Ÿª‚¿§‚¥¬√Õ∫¢Õß π“¡∫‘π π“π“™“µ‘ ÿ«√√≥¿Ÿ¡‘ ¥â«¬ß∫ª√–¡“≥°«à“ 3 · π≈â“π∫“∑ ®“°√—∞∫“≈ ∑”„Àâ·°√π¥å ‚¡π“‚§ ‡ªìπ∑’Ë∑’Ë∑à“π “¡“√∂ —¡º— ∑—Èß§«“¡À√ŸÀ√“ –¥«° ∫“¬ ‰µ≈å™’«‘µ§π‡¡◊Õß ·≈–∏√√¡™“µ‘ Õ—π «¬ ¥ß¥ß“¡‰¥â„π∑’Ë‡¥’¬«°—π ·π«§‘¥‚§√ß°“√‰¥â√—∫·√ß ∫—π¥“≈„®®“°§«“¡‚ª√àß‚≈àß·≈–‚ÕàÕà“‡©æ“–µ—« ‰µ≈å√’ Õ√å∑ ¢Õß¬ÿ‚√ª ®“°·∂∫√‘‡«’¬√à“„πµÕπ„µâ¢ÕßΩ√—ßË ‡» ´÷ßË ®–‡ÀÁπ‰¥â®“° ´ÿâ¡ª√–µŸ∑“ß‡¢â“·≈–§≈—∫‡Œ“ å¢π“¥„À≠à √“§“ 100 ≈â“π∫“∑ ∑’Ë¡’¥’‰´πåªŸπªíôπ·°– ≈—°·≈–‚§¡‰øÕ—πÕàÕπ™âÕ¬ß¥ß“¡ √«¡‰ª ∂÷ß √–«à“¬πÈ” ÿ¥Õ≈—ß°“√·≈– «π «¬‚¥¬√Õ∫ ‡¡◊ÕË ‡¢â“ Ÿ‚à §√ß°“√ ‡ ¡◊Õπ∑à“π‰¥â‰ª‡¬◊Õπª√–‡∑»‚¡π“‚§Õ¬à“ß·∑â®√‘ß πÕ°®“°π’È ¬—ß¡’ Grand Boulevard ∂ππÀ≈—°¢Õß‚§√ß°“√∑’Ë¢π“∫¢â“ß¥â«¬ µâπ‰¡â 2 ¢â“ß∑“ß π”∑à“π Ÿ∑à –‡≈ “∫¢π“¥„À≠à °«à“ 10 ‰√à ∫â“π∑—ßÈ 8 ·∫∫ µ°·µàß¥â«¬«— ¥ÿ ÿ¥À√Ÿ Õ“∑‘ æ◊ÈπÀ‘πÕàÕπ °√Õ∫ª√–µŸ Àπâ“µà“ßÕ–≈Ÿ¡‘‡π’¬¡ ·≈–Õà“ß®“°ÿ´´’Ë ‡ªìπµâπ

Grand Monaco provides the grandeur and luxury of life on the French Riviera in the heart of the city. Located in an exceptionally prime location in Eastern Bangkok, Grande Monaco is only 1 kilometer from the Eastern Outer Ring Road, near the new Suvarnabhumi International Airport, and also enjoys access from Bangna-Trad Road. The design inspiration for this gated community is the glamour and opulence of Monaco, international magnet for the global jet-set. Entry is via arched, Chateau-style gates opening onto a classical pool, a formal garden and the spectacular Palais de Monte Carlo, a 100 million baht clubhouse modeled on Monaco’s world-famous Casino. A tree-lined avenue with broad sidewalks leads to a central lake where a Boat and Country Club will be situated. Eight model show homes and their amenities are elegantly designed, with the luxurious yet casual air of a European resort. Grande Monaco is currently being marketed with excellent sales success.

∫ ∑ √ÿ ª ¢ Õ ß ‚ § √ ß ° “ √ „ π ‡ ¢ µ ∏ÿ √ °‘ ® ™—È π „ π 2 5 4 8 BD Overview 2005

°“√µà“ßÊ ¢Õß‚°≈‡¥âπ·≈π¥å „π‡¢µ∏ÿ√°‘®™—Èπ„π ¢Õß°√ÿß‡∑æ¡À“π§√ ‰¡à«à“®–‡ªìπ§Õπ‚¥¡‘‡π’¬¡ æ—°Õ“»—¬ Õ“§“√ ”π—°ß“π À√◊Õ‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å ≈â«π‰¥â√—∫ °“√§—¥‡≈◊Õ°Õ¬à“ß¥’‡¬’Ë¬¡ ®“°∑”‡≈∑’Ëµ—Èß∫√‘‡«≥„®°≈“ß‡¡◊Õß ·≈– »—°¬¿“æ„π°“√æ—≤π“¢Õß‚§√ß°“√ ´÷Ëßµà“ß –∑âÕπ∂÷ß¡“µ√∞“π ‡Àπ◊ Õ √–¥— ∫ ∑—È ß „π¥â “ π°“√ÕÕ°·∫∫ ∂“ªí µ ¬°√√¡‚§√ß°“√ °“√µ°·µàß¿“¬„π∑’ËÀ√ŸÀ√“ ·≈– ‘ËßÕ”π«¬§«“¡ –¥«°Õ¬à“ß §√∫§√—π ∫√‘…—∑¡’‚§√ß°“√Õ —ßÀ“√‘¡∑√—æ¬å„π‡¢µ∏ÿ√°‘®™—Èπ„π¢Õß °√ÿß‡∑æœ ∑’Ë‚¥¥‡¥àπ‡ªìπ‡Õ°≈—°…≥å¥â«¬§ÿ≥¿“æ¡“µ√∞“π Ÿß ÿ¥ À≈“¬‚§√ß°“√¥â«¬°—π Õ“∑‘‡™àπ ‚§√ß°“√ ‡¥Õ– ‡¡¬å·ø√å ·¡√‘ÕÕ∑ ‡ÕÁ§‡´Á§§‘«∑’ø ‡√ ´‘‡¥π´å, Õ“§“√ ”π—°ß“π‚°≈‡¥âπ·≈π¥å, ‚§√ß°“√ §Õπ‚¥¡‘‡π’¬¡∑’ËÀ√ŸÀ√“, ¥‘ ·Õ §Õ∑ “∑√ ·∫ß§Õ°, ¥‘ Õ‘πøîπ‘µ’È ‡√ ´‘‡¥π´å ·≈–‚§√ß°“√∑’Ë°”≈—ß®–‡ªî¥µ—« «—π “∑√ ·§«√å „πªï 2548 ∫√‘…—∑‰¥â‡ªî¥µ—«‚§√ß°“√ ¥‘ Õ‘πøîπ‘µ’È ¥â«¬√“§“ ¢“¬∑’Ë Ÿß ÿ¥„π°≈ÿà¡§Õπ‚¥¡‘‡π’¬¡„®°≈“ß‡¡◊Õß ·≈–‰¥â√—∫§«“¡ ”‡√Á®Õ¬à“ß¡“° ‚¥¬ “¡“√∂¢“¬‰ª‰¥â°«à“ 85% ¢Õß®”π«πÀâÕß æ—° 122 ÀâÕß „π√–¬–‡«≈“‡æ’¬ß‰¡à°’Ë —ª¥“Àå

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hosen for their prime locations and high development potential, Golden Land’s projects in Bangkok’s central

business district reflect the very highest standards, in refinement of architectural and interior design, luxury amenities, and first class interior finishing. The Company’s quality portfolio of CBD properties and developments includes upscale service apartments the Mayfair Marriott and The Ascott Sathorn, Bangkok, luxury condominium The Infinity, and office tower Goldenland Building as well as the upcoming mixed-use mega project One Sathorn Square and The Polo Residences. During 2005 The Infinity was launched at the highest selling price of any condominium in Bangkok history, and was a huge success, selling out 85% of its 122 residences in less than a month.

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™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà ≈—°…≥–‚§√ß°“√ æ◊Èπ∑’Ë ®”π«πÀâÕß ○

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‡¡¬å·ø√å ·¡√‘ÕÕ∑ ´Õ¬À≈—ß «π °√ÿß‡∑æœ ‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å 16,000 µ“√“ß‡¡µ√ 164 ○

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: Õ“§“√‚°≈‡¥âπ·≈π¥å : ´Õ¬¡À“¥‡≈Á°À≈«ß 1 ∂ππ√“™¥”√‘ °√ÿß‡∑æœ ≈—°…≥–‚§√ß°“√ : Õ“§“√ ”π—°ß“π æ◊Èπ∑’Ë : 11,000 µ“√“ß‡¡µ√ ○

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™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà ≈—°…≥–‚§√ß°“√ æ◊Èπ∑’Ë ®”π«πÀâÕß ○

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: : : : : ○

™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà ≈—°…≥–‚§√ß°“√ æ◊Èπ∑’Ë ®”π«πÀâÕß ○

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: : : : :

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™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà ≈—°…≥–‚§√ß°“√ æ◊Èπ∑’Ë‚§√ß°“√

○

: : : :

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‚ª‚≈ ‡√ ´‘‡¥π´å ∂ππ«‘∑¬ÿ °√ÿß‡∑æœ ∑’Ëæ—°Õ“»—¬ 54,400 µ“√“ß‡¡µ√

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Soi Langsuan, Bangkok

Serviced Apartment

Square Meters

16,000 sq.m.

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: ○

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164 units ○

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Project Name

Goldenland Building

Address

Soi Mahardlekluang 1,

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Usage

Office building

Square Meters

11,000 sq.m.

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Project Name

The Ascott Sathorn Bangkok

Address

187 South Sathorn Road, Bangkok

Usage

Serviced Apartment

Square Meters

25,000 sq.m (rentable)

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: ○

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177 units ○

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Project Name

Sky Villas

Address

187 South Sathorn Road, Bangkok

Usage

Condominium

Square Meters

19,000 sq.m.

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: ○

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132 units ○

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Project Name

The Infinity

Address

Narathiwas Road

Usage

Luxury high end condominium

Square Meters

2,896 sq.m. (site area)

Total Units ○

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: ○

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122 units ○

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Upcoming Projects

‚§√ß°“√∑’Ë„°≈â®–‡ªî¥µ—« ™◊ËÕ‚§√ß°“√ : «—π “∑√ ·§«√å ∑’ËÕ¬Ÿà : ∂ππ “∑√‡Àπ◊Õ °√ÿß‡∑æœ ≈—°…≥–‚§√ß°“√ : ™ÁÕªªîôß‡´Áπ‡µÕ√å ‚√ß·√¡ ∑’Ëæ—°Õ“»—¬·≈–Õ“§“√ ”π—°ß“π æ◊Èπ∑’Ë‚§√ß°“√ : 15,644 µ“√“ß‡¡µ√ ○

Usage

Total Units ○

¥‘ Õ‘πøîπ‘µ’È ∂πππ√“∏‘«“ √“™π§√‘π∑√å §Õπ‚¥¡‘‡π’¬¡√–¥—∫À√Ÿ 2,896 µ“√“ß‡¡µ√ 122 ○

Address

Total Units ○

°“¬ «‘≈≈à“ å 187 ∂ππ “∑√„µâ °√ÿß‡∑æœ §Õπ‚¥¡‘‡π’¬¡ 19,000 µ“√“ß‡¡µ√ 132 ○

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Mayfair Marriott

Rajdamri Road, Bangkok

¥‘ ·Õ §Õ∑ “∑√ ·∫ß§Õ° 187 ∂ππ “∑√„µâ °√ÿß‡∑æœ ‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å 25,000 µ“√“ß‡¡µ√ (æ◊Èπ∑’Ë‡™à“) 177

: : : : :

™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà ≈—°…≥–‚§√ß°“√ æ◊Èπ∑’Ë‚§√ß°“√ ®”π«πÀâÕß ○

○

Total Units ○

™◊ËÕ‚§√ß°“√ ∑’ËÕ¬Ÿà

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Project Name

One Sathorn Square

Address

North Sathorn Road, Bangkok

Usage

Office, hotel, residential units and retail

Square Meters ○

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Project Name

: ○

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15,644 sq.m. (site area) ○

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The Polo Residences

Address

Wireless Road, Bangkok

Usage

Residential units

Square Meters

54,400 sq.m. (site area)

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‡¥Õ– ‡¡¬å·ø√å ·¡√‘ÕÕ∑ ‡ÕÁ§‡´Á§§‘«∑’ø ‡√ ´‘‡¥π´å ®—¥‡ªìπ‡´Õ√å« ‘ Õæ“√å∑‡¡âπ∑å∑ÀË’ √ŸÀ√“∑’ Ë ¥ÿ ·ÀàßÀπ÷ßË ¢Õß°√ÿß‡∑æœ ‚¥¬‚°≈‡¥âπ·≈π¥å‰¥â¡Õ∫§«“¡‰«â«“ß„®„Àâ°≈ÿà¡ ·¡√‘ÕÕ∑ Õ‘π ‡µÕ√å ‡π™—Ëπ·π≈ ´÷Ëß‡ªìπ∫√‘…—∑∫√‘À“√ß“π¥â“π°“√‚√ß·√¡™—Èππ” ¢Õß‚≈° ∑’Ë¡’ª√– ∫°“√≥å¥â“π°“√‚√ß·√¡°«à“ 70 ªï ‡ªìπ ºŸâ∫√‘À“√‚§√ß°“√ ‡¡¬å·ø√å ·¡√‘ÕÕ∑ µ—ÈßÕ¬Ÿà„π∑”‡≈„®°≈“ß °√ÿß‡∑æœ ∫√‘‡«≥∂ππÀ≈—ß «π µ—«Õ“§“√ Ÿß 25 ™—Èπ ª√–°Õ∫ ¥â«¬ÀâÕßæ—° 164 ¬Ÿπ‘µ ¢π“¥¢ÕßÀâÕßπÕπ¡’µ—Èß·µà 1-3 ÀâÕßπÕπ ¡’√Ÿª·∫∫ÀâÕß„Àâ‡≈◊Õ°∂÷ß 11 ·∫∫ µ“¡§«“¡‡À¡“– ¡¢Õß°“√ „™â™’«‘µ∑’Ë·µ°µà“ß°—πÕÕ°‰ª ºŸâæ—°Õ“»—¬∑’Ë‡¡¬å·ø√å ·¡√‘ÕÕ∑ ®–‰¥â√—∫∫√√¬“°“»À√ŸÀ√“‡ ¡◊ÕπÕ¬Ÿà„π‚√ß·√¡™—ÈπÀπ÷Ëß ·µà¬—ß §ß‰¥â —¡º— §«“¡Õ∫Õÿàπ –¥«° ∫“¬‡À¡◊Õπ°“√Õ¬Ÿà∫â“π¥â«¬ ∫√‘°“√∑’Ë‡ªìπ°—π‡Õß πÕ°®“°π’È∑’Ëπ’Ë¬—ßæ√—Ëßæ√âÕ¡¥â«¬ —π∑π“°“√ µà“ßÊ ‰¡à«à“®–‡ªìπ √–«à“¬πÈ” ÿ¥À√Ÿ™—Èπ¥“¥øÑ“ øîµ‡π ‡´Áπ‡µÕ√å æ√âÕ¡Õÿª°√≥å§√∫§√—π∑—π ¡—¬ ∫√‘°“√ ª“¿“¬„πÀâÕßæ—° ∫‘ ‚∑√‡≈“®πå∑’Ë‡ªî¥∫√‘°“√µ≈Õ¥ 24 ™—Ë«‚¡ß ∫√‘°“√Õ‘π‡µÕ√å‡πÁµ §«“¡‡√Á« Ÿß √«¡∑—Èß√â“πÕ“À“√Õ‘µ“‡≈’¬π ¡’™◊ËÕ ç§“≈‡¥Õ√“´‚´é ∑”„Àâ‡¡¬å·ø√å ·¡√‘ÕÕ∑ ‡ªìπ∑’Ë¬Õ¡√—∫¢ÕßºŸâæ—°Õ“»—¬∑—Èß®“°„π ·≈–πÕ°ª√–‡∑»

Marriott International, the world’s leading hotel management company, in partnership with Golden Land as the operator and service provider of this project, brings 70 years of hospitality experience to the Mayfair Marriott Executive Apartments. Designed as one of Bangkok’s most luxurious serviced residences, this 25 storey tower offers 164 one, two and three bedroom residences with a choice of 11 different layouts to suit a variety of lifestyles. Centrally located on 60 Langsuan Road, the Mayfair enjoys the best location Bangkok has to offer. Residents of the Mayfair enjoy all the amenities of a first class hotel, and the warm and friendly service provides for a cosy and warm residential feel. The spectacular roof top pool with beautiful views, well equipped fitness centre, room spa services, catered Lounge for all day dining, “Calderazzo Bistro” in the building forecourt, and state-of-the-art entertainment and internet connections in the suites, all add to making The Mayfair the preferred choice for many expatriates.

Õ“§“√ ”π—°ß“π‚°≈‡¥âπ·≈π¥å µ—ÈßÕ¬Ÿà∫π∑”‡≈™—Èπ‡¬’Ë¬¡ „®°≈“ß‡¢µ∏ÿ√°‘®™—Èπ„π¢Õß°√ÿß‡∑æ¡À“π§√ ∫π∂ππ√“™¥”√‘ Õ“§“√ ”π—°ß“π·Ààßπ’È‡ªìπ∑’Ëµ—Èß¢Õß∫√‘…—∑·ºàπ¥‘π∑Õßæ√äÕæ ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ◊ËπÊ „π‡§√◊Õ µ—«Õ“§“√ Ÿß 8 ™—Èπ ¡’‡π◊ÈÕ∑’Ë„Àâ‡™à“∑—ÈßÀ¡¥ª√–¡“≥ 11,000 µ“√“ß‡¡µ√ “¡“√∂‡¥‘π Ÿà ∂“π’√∂‰øøÑ“ BTS ™‘¥≈¡·≈– √“™¥”√‘ ‰ ¥â „ π‡«≈“ 1 π“∑’ ´÷Ë ß “¡“√∂‡™◊Ë Õ ¡‚¬ß‚§√ß¢à “ ¬ §¡π“§¡ Ÿ¬à “à π∏ÿ√°‘®°“√§â“·À≈àß™ÁÕªªîßô ™—πÈ π”„®°≈“ß°√ÿß‡∑æœ ‰¥âÕ¬à“ß –¥«° ∫“¬ ∑—Èß∑“ß∂ππ ∑“ß¥à«π À√◊Õ‡™◊ËÕ¡µàÕ°—∫ √∂‰øøÑ“„µâ¥‘π ∑”„ÀâÕ“§“√·Ààßπ’È‡ª√’¬∫‡ ¡◊Õπ®ÿ¥¬ÿ∑∏»“ µ√å ∑“ß∏ÿ√°‘® ”À√—∫ºŸâ‡™à“

space over 8 floors, the Goldenland Building is only minutes away from the Skytrain stations of Chidlom and Rajdamri, on each of the two overhead lines. Direct skytrain and road links to the key retail and

Located strategically in the heart of the CBD district,

commercial areas throughout the central area, and

just off Rajdamri Road, this office building is home to

connections to the underground rail system, together with

Golden Land Property Development and its related

nearby connections to the expressway network, give this

businesses. With approximately 11,000 sq.m of prime office

building an unrivalled strategic location for its tenants.

¥‘ ·Õ §Õ∑ “∑√ ·∫ß§Õ° ‡ªìπ∑’æË °— √–¥—∫À√Ÿµß—È Õ¬Ÿ„à ®°≈“ß ¬à“π∏ÿ√°‘®¢Õß°√ÿß‡∑æ¡À“π§√ ∫π∂ππ “∑√ “¡“√∂‡¥‘π∑“ß‰ª ¬—ß·À≈àß™ÁÕªªîôß¬Õ¥π‘¬¡·≈–¬à“π∏ÿ√°‘® ”§—≠ ‚¥¬√∂‰øøÑ“ ‰¥â‡æ’¬ß‰¡à°’Ëπ“∑’ ¡’°“√∫√‘À“√ß“π‚¥¬∑’¡ß“π√–¥—∫‚≈° °≈ÿà¡ ¥‘ ·Õ §Õ∑ °√ÿäª ´÷Ëß‡ªìπ°≈ÿà¡ºŸâ∫√‘À“√¥â“π‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å∑’Ë „À≠à∑’Ë ÿ¥„π‚≈° ‚§√ß°“√ ¥‘ ·Õ §Õ∑ “∑√ ·∫ß§Õ° ‡ªìπ ‚§√ß°“√∑’ËµàÕ®“°‚§√ß°“√·Õ §Õ∑Õ◊ËπÊ ∑’Ë ≈Õπ¥Õπ ‘ß§‚ª√å °—«≈“≈—¡‡ªÕ√å ‡´’Ë¬ß‰Œâ ªí°°‘Ëß ®“°“√åµâ“ ·≈–‚Õä§·≈π¥å ¥â«¬ ÀâÕßæ—°∑’Ë «¬ß“¡ §«“¡ –¥«° ∫“¬¥â“π§«“¡∫—π‡∑‘ß √–∫∫ Õ‘π‡µÕ√å ‡πÁµ·∫∫‰√â “¬√«¡∂÷ß ç§“ ·§Á∑ §≈—∫é ∑’Ë¡’æ◊Èπ∑’Ë∂÷ß 3,500 µ√.¡. (37,300 µ√.øÿµ) ª√–°Õ∫¥â«¬øîµ‡π ‡´Áπ‡µÕ√å ¢π“¥„À≠à ª“√–¥—∫‚≈° ç°√’π≈’øé ¿—µµ“§“√ ‰µ≈å‡¡¥‘‡µÕ√å ‡√‡π’¬π çÕ—≈‚¥âé √–«à“¬πÈ” §“∫“πà“ ”À√—∫æ—°ºàÕπ π“¡ ‡¥Á°‡≈àπ·¬°‡ªìπ —¥ à«π πÕ°‡Àπ◊Õ®“°π’ÈºŸâæ—°Õ“»—¬¬—ß‰¥â√—∫ §«“¡ –¥«° ∫“¬®“°√â “ π –¥«°´◊È Õ „π‚§√ß°“√ ∑—È ß À¡¥π’È §◊Õ‡Õ°≈—°…≥å¢Õß‰≈øá ‰µ≈å∑’Ë·µ°µà“ß ∑’Ëæ‘ Ÿ®πå„Àâ‡ÀÁπ·≈â««à“ ·Õ §Õ∑ “∑√ ‡ªìπ∑’ËÀπ÷Ëß„π„®¢Õß·¢° ºŸâæ—°Õ“»—¬ „π‡¢µ∏ÿ√°‘® ™—Èπ„π¢Õß°√ÿß‡∑æœ

Located in the heart of Bangkok’s CBD on Sathorn Road, this 35 storey, 177 unit prime property is minutes away from the popular Silom and Sukhumvit shopping and business districts and within walking distance to the Chong Nonsi and Surasak skytrain stations. Managed by The Ascott Group, the world’s largest operator of serviced apartments, The Ascott Sathorn, Bangkok is one of only a handful of properties worldwide deemed worthy to carry the Group’s flagship “Ascott” name, joining her sister properties in London, Singapore, Kuala Lumpur, Shanghai, Beijing, Jakarta and Auckland. The beautifully appointed rooms of The Ascott feature state-of-the-art entertainment, WIFI and broad-brand connectivity, and form part of a residential tower whose amenities include the 3,500 square metre Cascade Club complete with a large Fitness Centre, “The Green Leaf” day spa, Juice bar and “Aldo’s” Mediterranean Restaurant. It is also supported by a large pool set amidst cabanas for dining and relaxation and a children’s play area. All of this makes The Ascott Sathorn, Bangkok a unique lifestyle complex that is proving to be the preferred choice for expatriates in the CBD area.

°“¬ «‘≈≈à“ å ‚§√ß°“√Õæ“√å∑‡¡âπ∑å√–¥—∫Àâ“¥“« ”À√—∫ °≈ÿà¡ºŸâ´◊ÈÕ∑’Ë¡Õß°“√≥å‰°≈ µ—ÈßÕ¬Ÿà∫π™—Èπ∑’Ë 21 ∂÷ß 35 ¢Õß ¥‘ ·Õ §Õ∑ “∑√ ·∫ß§Õ° ∑ÿ°ÀâÕßæ—°∑—Èß·∫∫ Àπ÷Ëß Õß “¡ÀâÕßπÕπÀ√◊ÕÀâÕß ‡æπ∑å‡Œâ“ å Õß™—Èπ ≈â«π‰¥â√—∫°“√µ°·µàßÕ¬à“ßÀ√ŸÀ√“·≈–¡’√ π‘¬¡ ‰¡à«“à ®–‡ªìπ√–∫∫‡§√◊ÕË ßª√—∫Õ“°“» æ√¡ªŸæπ◊È ·≈–æ◊πÈ ‰¡âª“√å‡°âÕ¬à“ß¥’ À√◊Õ·¡â°√–∑—ËßÀâÕß§√—«æ√âÕ¡Õÿª°√≥å§√∫™ÿ¥ ÀâÕßπÈ”∑’ËÕÕ°·∫∫ µ°·µàß®“°¡—≥±π“°√¡◊ÕÕ“™’æ ¿—µµ“§“√™—Èπ‡≈‘» øîµ‡π ª“ ·≈– √–«à“¬πÈ”‡Àπ◊Õ√–¥—∫¢Õß §“ ·§Á∑ §≈—∫ ∑—ÈßÀ¡¥π’È≈â«π ÕÕ°·∫∫¡“‡æ◊ËÕµÕ∫ πÕß√ π‘¬¡™—Èπ‡≈‘»¢ÕßºŸâæ—°Õ“»—¬ ·≈–‡Àπ◊Õ ¬‘Ëß°«à“¥â«¬∑”‡≈∑’Ë¥’∑’Ë ÿ¥„®°≈“ß°√ÿß‡∑æ¿“¬„µâ°“√¥Ÿ·≈¢Õß°≈ÿà¡ ¥‘ ·Õ §Õ∑ °√ÿªä ´÷ßË ‡ªìπºŸπâ ”∑“ß¥â“π°“√∫√‘À“√‡´Õ√å« ‘ Õæ“√å∑‡¡âπ∑å ‚§√ß°“√π’È‰¥â√—∫°“√µÕ∫√—∫‡ªìπÕ¬à“ß¥’®“°ºŸâ∫√‘‚¿§ °“√¢“¬ª√– ∫ §«“¡ ”‡√Á®Õ¬à“ß Ÿß ´÷Ëß¢≥–π’È¢“¬‰ª‰¥â 85% ·≈â«

Located in between the 21st and 35th floors of The Ascott Sathorn Bangkok, the Sky Villas offer world class luxury apartment living for discerning buyers. The one, two, three bedroom and duplex penthouse residences offer luxury finishes such as plush carpeting, hardwood floors, gourmet kitchens, and designer bathrooms. A prestigious address and the benefits of a world class operator, fine dining restaurants, and The Cascade Club with its fitness, spa and pool facilities have been thoughtfully designed for our homeowners. Sales have been very successful and the Sky Villas are more than 85% sold out, with just a few units remaining.

¥‘ Õ‘ π øî π‘ µ’È ‡ªì π ‚§√ß°“√·√°„π — ß §¡Õ¿‘ ‘ ∑ ∏‘Ï ¢ Õß «—π “∑√ ·§«√å µ—«Õ“§“√∂Ÿ°ÕÕ°·∫∫¡“„Àâ‡ªìπ§Õπ‚¥¡‘‡π’¬¡ Õ¬ŸàÕ“»—¬‡Àπ◊Õ√–¥—∫∑’ËÀ√ŸÀ√“∑’Ë ÿ¥„π°√ÿß‡∑æœ ‚¥¬µ—ÈßÕ¬Ÿà∫π ∑”‡≈∑’Ë¥’‡¬’Ë¬¡ ∫√‘‡«≥À—«¡ÿ¡∂ππ “∑√ µ—¥°—∫∂πππ√“∏‘«“ √“™π§√‘π∑√å ´÷Ëß∑”„ÀâÕ“§“√ Ÿß 35 ™—Èππ’È‰¥â√—∫«‘«·∫∫æ“‚π √“¡“ “¡“√∂‡ÀÁπ°√ÿß‡∑æœ ‰¥â‚¥¬√Õ∫∑‘» ¥‘ Õ‘πøîπ‘µ’È ‰¥â√—∫ °“√ÕÕ°·∫∫®“°∫√‘…—∑ ∂“ªπ‘°™◊ËÕ¥—ß√–¥—∫‚≈° ª“≈å¡‡¡Õ√å ·Õπ¥å ‡∑‘√åπ‡πÕ√å ‚¥¬¡’·√ß∫—π¥“≈„®¡“®“°¥Õ°°≈â«¬‰¡â¢Õß ‰∑¬ ´÷Ëß¡’≈—°…≥–·≈–√Ÿª·∫∫∑’Ë‡ªìπ‡Õ°≈—°…≥å‡©æ“–µ—« ÀâÕß æ—°Õ“»—¬∑—Èß 122 ¬Ÿπ‘µ ¡’‚§√ß √â“ß‡ ¡◊Õπ°≈’∫¥Õ°°≈â«¬‰¡â ∑’Ë ¬◊ËπÕÕ°¡“®“°‚§√ß √â“ßÀ≈—°¢Õßµ—«Õ“§“√ ∑”„ÀâºŸâæ—°Õ“»—¬ ‰¥â —¡º— °—∫«‘«‚¥¬√Õ∫Õ¬à“ß„°≈â™‘¥ ·≈–‡ªìπ à«πµ—« ∑ÿ°ÀâÕß ‰¥â√—∫°“√µ°·µàß¿“¬„πÕ¬à“ß‡Àπ◊Õ™—Èπ·≈–¡’√ π‘¬¡ ¥â«¬«— ¥ÿ ™—Èπ‡¬’Ë¬¡ Õ“∑‘ À‘πÕàÕππ”‡¢â“®“°ª√–‡∑»Õ‘µ“≈’ æ◊Èπ‰¡âª“√å‡°â ‡°√¥æ‘‡»… ‡æ¥“π∑’Ë Ÿß∂÷ß 3 ‡¡µ√ ·≈–∑’Ë‡ªìπ‡Õ°≈—°…≥å ”§—≠ ¢ÕßÀâ Õ ß∑ÿ ° Àâ Õ ß§◊ Õ Àâ Õ ßπÈ” ∑’Ë Õ Õ°·∫∫„Àâ “¡“√∂ — ¡ º— ∫√√¬“°“»¿“¬πÕ°‰¥â°«â“ß∂÷ß 270 Õß»“ ‚§√ß°“√ ¥‘ Õ‘πøîπ‘µ’È ¢“¬À¡¥¿“¬„π√–¬–‡«≈“Õ—π√«¥‡√Á« π—∫®“°°“√‡ªî¥µ—«·≈– ‡√‘¡Ë °àÕ √â“ß„πªï 2548 ‚§√ß°“√ ¥‘ Õ‘πøîπµ‘ È’ ®–‡√‘¡Ë √—∫√Ÿ√â “¬‰¥â„πªï 2549 ·≈–æ√âÕ¡‡¢â“Õ¬Ÿà„πªï 2552

The Infinity at One Sathorn Square is destined to become Bangkok’s most luxurious condominium residence. Located at a prestigious address on Narathiwas Road near Sathorn, this freehold 35 storey building has sweeping panoramic city views. Designed by the world renowned architectural firm Palmer and Turner, The Infinity was inspired by the Thai orchid in this building’s unique design and shape. Extending from the central core and frame of the building, The Infinity’s living spaces and rooms act as natural petals of an orchid and graciously open out, offering the owner both privacy and intimate views. From imported Italian marble to solid wood floors, 3 metre high ceilings and a signature Infinity bathroom, all 122 residences will enjoy the quiet sophistication and understated beauty of its interior finishings. The Infinity sold out within weeks of its launch, and construction commenced in 2005.

& The Ascott Sathorn Bangkok

The Infinity will begin contributing to Golden Land’s revenue and profits in 2006, and will be ready for occupation by the middle of 2008.

‚§√ß°“√ «—π “∑√ ·§«√å ¡’æ◊Èπ∑’Ë∑—ÈßÀ¡¥ 15,644 µ“√“ß‡¡µ√ µ—ÈßÕ¬Ÿà∫π∑”‡≈∑’Ë¥’∑’Ë ÿ¥∫π∂ππ “∑√ ∫√‘‡«≥À—«¡ÿ¡ ’Ë·¬° “∑√-π√“∏‘«“ œ π—∫‡ªìπÀπ÷Ëß„π‚§√ß°“√ —ßÀ“√‘¡∑√—æ¬å ¢π“¥¬—°…å‡æ’¬ß‰¡à°’Ë‚§√ß°“√ ∑’Ë¡’»—°¬¿“æ∑—Èß¥â“π¢π“¥æ◊Èπ∑’Ë ·≈–∑”‡≈∑’Ëµ—Èß„π°“√∑’Ë®–æ—≤π“‡ªìπ§Õ¡‡æ≈Á°´å »Ÿπ¬å°≈“ß ∏ÿ√°‘®°“√§â“ ·≈–∑’Ëæ—°Õ“»—¬°≈“ß‡¢µ∏ÿ√°‘®™—Èπ„π¢Õß°√ÿß‡∑æœ √Ÿª·∫∫‚§√ß°“√‰¥âπ”‡Õ“µ÷°ª√–«—µ»‘ “ µ√å ( ∂“π±Ÿµ√— ‡´’¬‡°à“) ∑’Ë¡’Õ¬Ÿà¥—Èß‡¥‘¡ ¡“√«¡‡ªìπ à«πÀπ÷Ëß¢Õßß“π ∂“ªíµ¬°√√¡ À≈—ß ®“°∑’Ë∫√‘…—∑œ ‰¥â¢âÕ √ÿª‡∫◊ÈÕßµâπ·≈â« ‡√“‡™◊ËÕ¡—Ëπ«à“‚§√ß°“√ «—π “∑√ ·§«√å ´÷Ëß¬—ß§ß√—°…“µ÷° ∂“π∑Ÿµ√— ‡´’¬‡°à“‰«â°≈“ß ‚§√ß°“√ ®–‰¡à‰¥â‡ªìπ‡æ’¬ß»Ÿπ¬å°≈“ß∏ÿ√°‘®¢π“¥„À≠à·Ààß„À¡à ‡∑à“π—Èπ ·µà¬—ß‡ªìπ·≈π¥å¡“√å§∑’Ë ”§—≠·ÀàßÀπ÷Ëß ”À√—∫π§√ °√ÿß‡∑æœ Õ’°¥â«¬‚§√ß°“√·Ààßπ’È¡’§«“¡‰¥â‡ª√’¬∫∑—Èß¥â“π∑”‡≈ ∑’Ëµ—Èß·≈–°“√‡ªìπ∑’Ë√Ÿâ®—° ‡æ√“–¡’ ∂“π’√∂‰ø≈Õ¬øÑ“ BTS Àπâ“ ‚§√ß°“√·≈–‡ªìπ ∂“π∑’Ë∑’Ë¡’ª√–«—µ‘¬“«π“π ‚¥¬ à«πµà“ßÊ ¢Õß‚§√ß°“√®–·∫àß‡ªìπÕ“§“√ ”π—°ß“π¢π“¥„À≠à ‚√ß·√¡ ÿ¥À√Ÿ√–¥—∫ 5 ¥“« ‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å ·≈–§Õπ‚¥¡‘‡π’¬¡ æ—°Õ“»—¬ √«¡‰ª∂÷ß»Ÿπ¬å°≈“ß°“√™ÁÕªªîôß·≈–·À≈àß∫—π‡∑‘ß À≈“°À≈“¬ ´÷ßË §«“¡ ”‡√Á®„π°“√¢“¬Õ—π√«¥‡√Á«¢Õß ¥‘ Õ‘πøîπµ‘ È’ „π‡ø ·√° ·≈–°“√µÕ∫√—∫∑’Ë¥’®“°°≈ÿà¡≈Ÿ°§â“ ∂◊Õ‡ªìπ‡§√◊ËÕß ∫àß∫Õ°«à“‚§√ß°“√ «—π “∑√ ·§«√å ·Ààßπ’È ‡ªìπ‚§√ß°“√∑’Ë‰¥â√—∫ §«“¡ π„®®“°µ≈“¥·≈–ª√– ∫§«“¡ ”‡√Á®Õ¬à“ß·πàπÕπ

This 15,644 square metre site at the prominent corner of Sathorn Road and Narathiwas Road is one of few large premier sites available for a mixed-use development in the heart of Bangkok’s CBD. Various design alternatives incorporating the historical buildings on site have been studied and as the options are narrowed, it is evident the Golden Land will have the opportunity to create both a commercially viable complex and to provide Bangkok with a landmark development, with the preserved ex-Russian Embassy building at its centre. This prestigious development will take advantage of its strategic location next to the Skytrain station, its historical significance and the large concentration of office accommodation, 5-star luxury hotel, executive serviced apartments, residential condominiums, retail and entertainment outlets in the area. The runaway sales success of the adjacent residential Infinity Tower, and keen customer interest before launch, are indicators of the future attraction and commercial success of One Sathorn Square.

¢â Õ ¡Ÿ ≈ ∑—Ë « ‰ ª ∫ √‘ …— ∑ eneral Information

™◊ËÕ / Name ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ○

○

Golden Land Property Development Public Company Limited

∑’ËÕ¬Ÿà ”π—°ß“π„À≠à / Head Office ™—Èπ 8 Õ“§“√‚°≈‡¥âπ·≈π¥å 153/3 ´Õ¬¡À“¥‡≈Á°À≈«ß 1 ∂ππ√“™¥”√‘ ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π °√ÿß‡∑æ¡À“π§√ 10330 ‚∑√»—æ∑å 0 2652 1111 À√◊Õ 0 2652 1401 ‚∑√ “√ 0 2652 1500 ○

○

8th Fl., Goldenland Building, 153/3 Soi Mahardlekluang 1, Rajdamri Road, Kwaeng Lumpini, Khet Pathumwan, Bangkok 10330 Tel: 66 2652 1111 or 66 2652 1401 Fax: 66 2652 1500 Website: www.goldenlandplc.com E-mail: info@goldenlandplc.com

®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π / Public Company Registration «—π∑’Ë 17 ¡‘∂ÿπ“¬π 2537 (∫¡®. ‡≈¢∑’Ë 0107537002273) ○

○

June 17, 1994 (PLC no. 0107537002273)

ª√–‡¿∑∏ÿ√°‘® / Type of Business æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ○

○

Real Estate and Property Development

∑ÿπ®¥∑–‡∫’¬π / Registered Capital 7,087,820,690 ∫“∑ ª√–°Õ∫¥â«¬Àÿâπ “¡—≠ 708,782,069 Àÿâπ Àÿâπ≈– 10.00 ∫“∑ ○

○

Baht 7,087,820,690 consisting of 708,782,069 shares at Baht 10 par value

∑ÿπ™”√–·≈â« / Paid-up Share Capital 6,300,820,690 ∫“∑ ª√–°Õ∫¥â«¬Àÿâπ “¡—≠ 630,082,069 Àÿâπ Àÿâπ≈– 10.00 ∫“∑ ○

○

Baht 6,300,820,690 consisting of 630,082,069 shares at Baht 10 par value

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√“¬≈–‡Õ’¬¥‚¥¬¬àÕ¢Õß°√√¡°“√ §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å ª√–∏“π°√√¡°“√ °“√»÷°…“ ª√‘≠≠“‚∑ √—∞ª√–»“ π»“ µ√å ¡À“«‘∑¬“≈—¬Œ“√å«“√å¥ ª√–‡∑» À√—∞Õ‡¡√‘°“ µ”·ÀπàßÕ◊Ëπ„πªí®®ÿ∫—π ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ Õÿµ “À°√√¡æ√¡‰∑¬ ®”°—¥ (¡À“™π) ë °√√¡°“√ ∫√‘…—∑ ‰∑¬-‡¬Õ√¡—π ‡´√“¡‘§ Õ‘π¥— ∑√’Ë ®”°—¥ (¡À“™π) ë √Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ‡æ√ ‘‡¥âπ∑å ‚Œ‡µÁ≈ ·Õπ¥å ∑“«‡«Õ√å ®”°—¥ ª√– ∫°“√≥å∑’Ëºà“π¡“ °√√¡°“√ ∫√‘…—∑ °“√∫‘π‰∑¬ ®”°—¥ (¡À“™π) —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑ 2,990,227 Àÿâπ π“¬«‘≈‡≈’Ë¬¡ ®ÕÀåπ «‘≈øÕß °√√¡°“√ / ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ °“√»÷°…“ Master of Business Administration, Real Estate and International Business, Walter A. Haas School of Business, University of California at Berkeley ë Bachelor of Arts, History, Columbia College, Columbia University, New York, N.Y. ª√– ∫°“√≥å∑’Ëºà“π¡“ Senior Vice President, Millenia Hotel Private Limited, Singapore ë Senior Vice President, Pontiac Marina Private Limited, Singapore ë Director of Operations, Realty-Vest Financial Corporation, New York, N.Y. ë Urban Land Institute, Member, South Asia Council —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑ ‰¡à‰¥â∂◊ÕÀÿâπ∫√‘…—∑ π“¬«—π™—¬ »√’À‘√—≠√—»¡’ °√√¡°“√ / ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬°“√‡ß‘π °“√»÷°…“ ª√‘≠≠“‚∑ ( “¢“°“√‡ß‘π) Long Island University, New York, U.S.A. ë ª√–°“»π’¬∫—µ√™—Èπ Ÿß∑“ß°“√ Õ∫∫—≠™’ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ë ª√‘≠≠“µ√’ ( “¢“∫—≠™’) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ë ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ë Õ∫√¡‡°’Ë¬«°—∫∫∑∫“∑Àπâ“∑’Ë·≈–∑—°…–¢Õß°“√‡ªìπ°√√¡°“√®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑ (IOD) ª√– ∫°“√≥å∑’Ëºà“π¡“ √Õßª√–∏“π°√√¡°“√ / °√√¡°“√∫√‘À“√ / °√√¡°“√∫√‘À“√ΩÉ“¬°“√‡ß‘π ∫√‘…—∑ ‡π™—Ëπ ¡—≈µ‘¡’‡¥’¬ °√ÿäª ®”°—¥ (¡À“™π) —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑ ‰¡à‰¥â∂◊ÕÀÿâπ∫√‘…—∑ π“¬‡™“ ‰§« ‡™’¬ß °√√¡°“√ °“√»÷°…“ µ”·ÀπàßÕ◊Ëπ„πªí®®ÿ∫—π ª√– ∫°“√≥å∑’Ëºà“π¡“ —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑

Post-Secondary Director, New World Development Company Limited, Hong Kong ¡’ª√– ∫°“√≥å°“√∑”ß“π√«¡ 40 ªï „π∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‰¡à‰¥â∂◊ÕÀÿâπ∫√‘…—∑

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§≥–°√√¡°“√µ√«® Õ∫™ÿ¥ªí®®ÿ∫—π¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ‚¥¬®– ‘Èπ ÿ¥≈ß„π«—π∑’Ë 11 °ÿ¡¿“æ—π∏å 2552 Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫ ¢Õ∫‡¢µ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ·≈–°“√√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑ ¡’¥—ßµàÕ‰ªπ’È 1. ¥Ÿ·≈„Àâ∫√‘…—∑¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß ·≈–‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ 2. ¥Ÿ·≈„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘¿“æ 3. æ‘®“√≥“§—¥‡≈◊Õ°·≈–‡ πÕ·µàßµ—ÈßºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ √«¡∂÷ßæ‘®“√≥“‡ πÕ§à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’ 4. ¥Ÿ·≈„Àâ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å 5. ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫ ‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑ 6. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬ 7. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√‡°’Ë¬«‚¬ßÀ√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡ ∂Ÿ°µâÕß·≈–§√∫∂â«π °“√ √√À“ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ √√À“ ·≈–·µàßµ—Èß°√√¡°“√µ√«® Õ∫

§≥–Õπÿ°√√¡°“√°”Àπ¥§à“µÕ∫·∑π 1. »“ µ√“®“√¬å ¥√. ∫ÿ≠‡ √‘¡ «’ °ÿ≈ ª√–∏“π°√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π 2. »“ µ√“®“√¬å √.Õ.°ƒ…Æ“ Õ√ÿ≥«ß…å ≥ Õ¬ÿ∏¬“ °√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π 3. √.µ.µ.‡°√’¬ß»—°¥‘Ï ‚≈À–™“≈– °√√¡°“√æ‘®“√≥“§à“µÕ∫·∑π Õ”π“®Àπâ“∑’Ë¢Õß§≥–Õπÿ°√√¡°“√°”Àπ¥§à“µÕ∫·∑π §≥–Õπÿ°√√¡°“√°”Àπ¥§à“µÕ∫·∑π¡’Àπâ“∑’Ë‡ πÕπ‚¬∫“¬·≈–À≈—°‡°≥±å°“√®à“¬§à“µÕ∫·∑π ”À√—∫°√√¡°“√ ª√–∏“π‡®â“Àπâ“∑’ËΩÉ“¬ ∫√‘À“√ ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–Õπÿ°√√¡°“√™ÿ¥µà“ßÊ ∑’Ë§≥–°√√¡°“√·µàßµ—Èß ·≈–æ‘®“√≥“°”Àπ¥§à“µÕ∫·∑πª√–®”ªï¢Õß°√√¡°“√ °“√ ª√—∫Õ—µ√“‡ß‘π‡¥◊Õπª√–®”ªï °“√‡ª≈’¬Ë π·ª≈ß‡ß‘π‡¥◊Õπ ·≈–º≈µÕ∫·∑π∑ÿ°ª√–‡¿∑¢Õß°√√¡°“√ ª√–∏“π‡®â“Àπâ“∑’ΩË “É ¬∫√‘À“√ Õπÿ°√√¡°“√ ™ÿ¥µà“ßÊ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß °“√ √√À“ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ √√À“·≈–·µàßµ—Èß§≥–Õπÿ°√√¡°“√°”Àπ¥§à“µÕ∫·∑π

2.1 §à“µÕ∫·∑π°√√¡°“√·≈–ºŸ∫â √‘À“√ ”À√—∫§à“µÕ∫·∑π„πªï 2548 ∫√‘…∑— ‰¥â¡Õ∫§à“µÕ∫·∑π (‡∫’¬È ª√–™ÿ¡) „Àâ°√√¡°“√ ·≈–°√√¡°“√Õ‘ √– √«¡ 5 ∑à“π ‡∑à“°—∫ 470,000 ∫“∑ §à“µÕ∫·∑π„π√Ÿª‡ß‘π‡¥◊Õπ·≈–‚∫π— ¢ÕßºŸâ∫√‘À“√√–¥—∫ Ÿß √«¡ 10 ∑à“π ‡∑à“°—∫ 55.56 ≈â“π∫“∑ §à“µÕ∫·∑πÕ◊ËπÊ 1. ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï §√—Èß∑’Ë 9/2545 ¢Õß∫√‘…—∑ ´÷Ëßª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 14 æƒ…¿“§¡ 2545 ‰¥â¡’¡µ‘„Àâ®—¥ √√ „∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 29,000,000 Àπà«¬ „Àâ·°à°√√¡°“√ ·≈–/À√◊Õæπ—°ß“π¢Õß∫√‘…—∑ 2. ∑’Ëª√–™ÿ¡§≥–°√√¡°“√ §√—Èß∑’Ë 1/2546 ¢Õß∫√‘…—∑ ´÷Ëßª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 20 ¡°√“§¡ 2546 ‰¥â¡’¡µ‘„Àâ®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 28,183,335 Àπà«¬ „Àâ·°à°√√¡°“√ ·≈–/À√◊Õæπ—°ß“π¢Õß∫√‘…∑— (®“°∑’‰Ë ¥â√∫— Õπÿ¡µ— µ‘ “¡¡µ‘∑ª’Ë √–™ÿ¡ “¡—≠ºŸ∂â Õ◊ Àÿπâ ª√–®”ªï §√—Èß∑’Ë 9/2545 ·≈–∫√‘…—∑‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π¥—ß°≈à“«‡¡◊ËÕ«—π∑’Ë 21 ¡°√“§¡ 2546)

°√√¡°“√·≈–ºŸâ∫√‘À“√´÷Ëß‰¥â√—∫°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“« ¡’¥—ßπ’È ®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë‰¥â√—∫ (Àπà«¬) ªï 2546 √«¡

√“¬π“¡ / µ”·Àπàß

1. §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å ª√–∏“π°√√¡°“√

2,000,000

2.2 §à“µÕ∫·∑πºŸâ Õ∫∫—≠™’ 2.2.1 §à“µÕ∫·∑π®“°°“√ Õ∫∫—≠™’ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬§à“µÕ∫·∑π°“√ Õ∫∫—≠™’·°à ”π—°ß“π Õ∫∫—≠™’ ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ „π √Õ∫ªï∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 7,040,000 ∫“∑ 2.2.2 §à“∫√‘°“√Õ◊πË ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–µâÕß®à“¬§à“µÕ∫·∑π¢Õßß“π∫√‘°“√Õ◊Ëπ ‰¥â·°à Connection with Agreed - Upon Procedures Review ·°à ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ „πÕπ“§µ ¡’®”π«π‡ß‘π√«¡ 1,400,000 ∫“∑ °“√∂◊Õ§√ÕßÀÿâπ‚¥¬°√√¡°“√∫√‘…—∑·≈–ºŸâ∫√‘À“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 √“¬π“¡

®”π«πÀÿâπ “¡—≠ ªï 2548 ªï 2547

µ”·Àπàß

°√√¡°“√∫√‘…—∑ §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å π“¬‡™“ ‰§« ‡™’¬ß π“ß “«§√‘ µ‘πà“ ·≈¡ ¬‘¡ §‘ß π“¬§√‘ ‚µ‡øÕ√å ‰¡‡§‘≈ ¥’≈“π’ »“ µ√“®“√¬å ¥√. ∫ÿ≠‡ √‘¡ «’ °ÿ≈ »“ µ√“®“√¬å √.Õ.°ƒ…Æ“ Õ√ÿ≥«ß…å ≥ Õ¬ÿ∏¬“ √.µ.µ.‡°√’¬ß»—°¥‘Ï ‚≈À–™“≈– ¥√.»ÿ¿«ÿ≤‘ “¬‡™◊ÈÕ * π“¬‡≈’¬·§Á∑ ÿ≈µà“π ·¥π®’È * π“¬∏ß™—¬ §ÿ≥“°√ª√¡—µ∂å * π“¬™“≠™—¬ ∫—«™ÿ¡ *

ª√–∏“π°√√¡°“√ 2,990,227 °√√¡°“√ °√√¡°“√ 868,900 °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ / ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ °√√¡°“√ / ºŸâÕ”π«¬°“√ ΩÉ“¬æ—≤π“∏ÿ√°‘®·≈–°“√≈ß∑ÿπ °√√¡°“√ / ª√–∏“π ‡®â“Àπâ“∑’ËΩÉ“¬∫—≠™’·≈–°“√‡ß‘π -

‡ª≈’Ë¬π·ª≈ß

2,990,227 -

868,900 -

* °√√¡°“√≈“ÕÕ°

√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫ºŸâ∫√‘À“√·≈–ºŸâ¡’Õ”π“®§«∫§ÿ¡¢Õß∫√‘…—∑ · ¥ß¢âÕ¡Ÿ≈°“√¥”√ßµ”·Àπàß¢ÕßºŸâ∫√‘À“√·≈–ºŸâ¡’Õ”π“®§«∫§ÿ¡∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ¡’π“§¡ 2549 √“¬π“¡

∫√‘…—∑ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

1. §ÿ≥À≠‘ß»»‘¡“ »√’«‘°√¡å 2. π“¬«‘≈‡≈’Ë¬¡ ®ÕÀåπ «‘≈øÕß 3. π“¬«—π™—¬ »√’À‘√—≠√—»¡’ 4. π“¬‡™“ ‰§« ‡™’¬ß 5. π“ß “«§√‘ µ‘πà“ ·≈¡ ¬‘¡ §‘ß 6. π“¬§√‘ ‚µ‡øÕ√å ‰¡‡§‘≈ ¥’≈“π’ 7. »“ µ√“®“√¬å ¥√. ∫ÿ≠‡ √‘¡ «’ °ÿ≈ 8. »“ µ√“®“√¬å √.Õ. °ƒ…Ø“ Õ√ÿ≥«ß…å ≥ Õ¬ÿ∏¬“ 9. √.µ.µ.‡°√’¬ß»—°¥‘Ï ‚≈À–™“≈– 10. π“¬‡°«‘π ≈Ÿ ¬’ ‡À≈’¬ß À¡“¬‡Àµÿ

/ = °√√¡°“√

// = °√√¡°“√∫√‘À“√

X, // // // / / / / / / //

// // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // // //

// // // // // // // // // // // // //

// // // // // //

// //

x = ª√–∏“π°√√¡°“√ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

∫√‘…—∑ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.

= = = = = = = = = = = = = = = = = =

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hareholding and Management Structure

1. SHAREHOLDING STRUCTURE The Company’s top ten largest shareholders as of 30th December, 2005 are as follows: No.

Name

Number of Shares

% Total Shares

Thailand Securities Depository Co., Ltd. for Depositors (1)

315,579,099

50.09

Thailand Securities Depository Co., Ltd. for Depositors

308,737,813

49.00

Khunying Sasima Srivikorn

2,990,227

0.47

(2)

Mr. Sriraj Srikuraecha

500,000

0.08

Mrs. Sanhapit Bodiratnangkura

295,300

0.05

Mr. Chalermbhand Srivikorn

176,700

0.03

Krabi Estate Co., Ltd.

164,000

0.03

Mr. Pisit Pleukphaiboon

162,925

0.03

Mr. Suthin Jiramaneekul

139,722

0.02

10.

Mrs. Are-reenun Sawadpanich Total

134,200

0.02

628,879,986

99.82

(1) Thai Depositors (2) Foreign Depositors

2. MANAGEMENT STRUCTURE The Management structure of the Company comprises of the Board of Directors, the Executive Board, the Audit Committee, and the Compensation Committee. Details of each are as follows:

THE BOARD OF DIRECTORS

as at 1st March, 2006 is as follows:

1. Khunying Sasima Srivikorn

Chairwoman of the Board

2. Mr. William John Wilfong

Executive Director

3. Mr. Vanchai Sriherunrusmee

Executive Director

4. Mr. Chow Kwai Cheung

Outside Director

5. Ms. Christina Lam Yim King

Outside Director

6. Mr. Christopher Michael Delaney

Outside Director

7. Dr. Boonserm Weesakul

Outside Director / Independent Director / Chairman of the Audit Committee

8. Prof. Krisda Arunvongse

Outside Director / Independent Director / Member of the Audit Committee

9. Pol. Sub. Lt. Kriengsak Lohachala

Outside Director / Independent Director / Member of the Audit Committee

• Mr. Christopher Michael Delaney was appointed as Director effective from 19th October, 2005. • Mr. William John Wilfong was appointed as Director and Chief Executive Officer as of 4th January, 2006. • Mr. Vanchai Sriherunrusmee was appointed as Director and Chief Financial Officer as of 4th January, 2006. Dr. Supavud Saicheua resigned as Director effective as of 30th December, 2005. Mr. Chanchai Buachoom resigned as Director and Chief Financial Officer as of 30th December, 2005. Mr. Liakat Sultan Dhanji resigned as Director and Chief Executive Officer as of 3rd October, 2005. Mr. Thongchai Kunakornporamut resigned as Director and Head of Housing Department effective as of 28th February, 2005.

Khunying Sasima Srivikorn Chairwoman of the Board Education

Master of Public Administration (MPA), Harvard University, U.S.A.

Other Current Position (s)

Executive Chairman, Thailand Carpet Manufacturing Public Company Limited • Director, ThaiGerman Ceramic Industry Public Company Limited • Vice Chairman, President Hotel and Tower Company Limited

Past Experience

Director, Thai Airways International Public Company Limited

No. of Shares Held as at Dec. 31, 05 2,990,227 shares

Mr. William John Wilfong Director / Chief Executive Officer Education

Master of Business Administration, Real Estate and International Business, Walter A. Haas School of Business, University of California at Berkeley • Bachelor of Arts, History, Columbia College, Columbia University, New York, N.Y.

Past Experience

Senior Vice President, Millenia Hotel Private Limited, Singapore • Senior Vice President, Pontiac Marina Private Limited, Singapore • Director of Operations, Realty-Vest Financial Corporation, New York, N.Y. • Urban Land Institute, Member, South Asia Council

No. of Shares Held as at Dec. 31, 05 None

Mr. Vanchai Sriherunrusmee Director / Chief Financial Officer Education

Master of Business Administration, Finance, Long Island University, New York, U.S.A. • Higher Diploma in auditing (MS-Auditing), Thammasat University, Bangkok • Bachelor of Science, Accounting, Thammasat University, Bangkok • Certified Public Accountant issued by Ministry of Commerce, Thailand • Directors Certification Program from Thai Institute of Director Association

Past Experience

Vice Chairman / Executive Director / Chief Financial Officer, Nation Multimedia Group Public Company Limited

No. of Shares Held as at Dec. 31, 05 None

Mr. Chow Kwai Cheung Director Education

Post-Secondary

Other Current Position (s)

Director, New World Development Company Limited, Hong Kong

Past Experience

40 years of experience in real estate development business

No. of Shares Held as at Dec. 31, 05 None

Ms. Christina Lam Yim King Director Education Other Current Position (s)

University Graduate

Past Experience

30 years of experience in real estate development business

Assistant to Managing Director, New World Development Company Limited, Hong Kong

No. of Shares Held as at Dec. 31, 05 868,900 shares

Mr. Christopher Michael Delaney Director Education

Graduate, Financial Management, Cornell University, New York, U.S.A. • Associate Member, Institute of Transport (Degree Level Course), U.K.

Past Experience

Consultant to Diethelm, New Owners of S.F.S. • Founder, Managing Director/CEO, Siam Food Services Co., Ltd.

No. of Shares Held as at Dec. 31, 05 None

Prof. Dr. Boonserm Weesakul Director / Independent Director / Chairman of the Audit Committee Education Ph.D. (Statistics), University of Western Australia • M.A. (Statistics), Columbia University • B.Sc. (Honors), M.Sc. (Physics), Liverpool University Other Current Position (s)

President Emeritus, Dhurakijpundit University • Board of Director and Manager of Srivikorn School and Srivikorn Business School • Board of Directors of Srivikorn Group Holding Co., Ltd.

Past Experience

Vice President for Administration, National Isstitute of Development Administration • Governor of Provincial Water Authority • Director of Mass Communication Organization of Thailand

No. of Shares Held as at Dec. 31, 05 None

Prof. Krisda Arunvongse Director / Independent Director / Member of the Audit Committee Education M.Arch, Massachusetts Institute of Technology (M.I.T.), U.S.A. • B.Arch, Massachusetts Institute of Technology (M.I.T.), U.S.A. Other Current Position (s) Chairman of the Board, Casa Co., Ltd. Past Experience

Governor of Bangkok • Deputy Governor of Bangkok • Dean of the Faculty of Architecture, Chulalongkorn University

No. of Shares Held as at Dec. 31, 05 None

Pol. Sub. Lt. Kriengsak Lohachala Director / Member of the Audit Committee Education Kent State University, U.S.A. • Master of Public Administration, Kent State University, U.S.A. • Bachelor of Law, Thammasat University Past Experience

Permanent Secretary of Bangkok Metropolitan Administration • Deputy Permanent Secretary of Bangkok Metropolitan Administration • Director of Social Welfare Depart, Bangkok Metropolitan Administration

No. of Shares Held as at Dec. 31, 05 None

• •

The Company’s Board of Directors consists of Executive Directors are involved in the day-to-day operations and they are the authorized directors. Non-Executive Directors who are: - Independent Directors are defined as directors who do not hold any positions in the management and are not employees of the company. They must not be executive directors or authorized directors. They must be independent of any major shareholders, their management, and any other related persons. They have the responsibility to determine matters that may effect the equitable treatment of shareholders. They are also responsible for considering any transactions that may lead to a conflict of interest between a listed company and related persons. - Outside Directors are defined as directors who do not hold any position in the management or/and are not employees of the company. They must not represent any major shareholders but they may represent stakeholders, such as customers, suppliers, or creditors, etc.

The Authorized Directors of the Company are as follows: Either Mr. William John Wilfong or Khunying Sasima Srivikorn jointly sign with Mr. Vanchai Sriherunrusmee, totalling two persons with the Company’s seal being affixed.

Selection of Board Members The members of the Board of Directors shall select persons with suitable knowledge and attributes to become Directors of the Company by recommending such persons for nomination at a shareholders’ meeting for approval in accordance with the following criteria and procedures: 1. Each shareholder shall have one vote for each share that he holds; 2. A shareholder shall exercise the right to elect one or more persons to be members of the Board of Directors; provided, however, that a vote shall not be divisible; 3. Nominated candidates who have the most votes shall be elected to the Board of Directors in respective order up to the number of directors to be elected at that time. In case of two or more candidates having an equality of votes, exceeding the number of directors vacancy at that time, the Chairman shall have a casting vote in order to reach the number of directors to be elected at that time. Therefore all shareholders have a right to select a director by attending the shareholders’ meeting and voting in accordance with the Articles of Association. At every annual general meeting, one-third of the directors, or, if their number is not a multiple of three, then the number nearest to one-third, shall retire from office. In every subsequent year, the directors who have been in office the longest shall retire. A Director who retires by rotation may be eligible for re-appointment. In the event that there is any vacancy in the Board of Directors which has occurred other than by retirement by rotation, the Board of Directors shall elect a person who is qualified and not prohibited by law to fill the vacancy at the subsequent Board of Directors’ meeting, except in the event that the period of time the Director is entitled to retain his/her office is less than 2 months. The resolution of the Board of Directors shall consist of at least three-quarter of the votes of the remaining directors. The person who is elected to fill the vacancy shall remain in office only for such period of time as the predecessor director was entitled to remain in office. The shareholders’ meeting may adopt a resolution to dismiss any director by three-quarters of the votes of all shareholders attending the meeting and entitled to vote, with the total number of votes not less than one half of all shares held by the shareholders attending the meeting and entitled to vote.

THE MANAGEMENT EXECUTIVES

as at 1st March, 2006 is as follows:

1. 2. 3. 4.

Chairwoman of the Board Executive Director / Chief Executive Officer Executive Director / Chief Financial Officer Chief Operating Officer

Khunying Sasima Srivikorn Mr. William John Wilfong Mr. Vanchai Sriherunrusmee Mr. Gavin Lu Yee Liang

Duties and Responsibilities of the Management Executives 1. To oversee the business operations of the Company as directed by the Board of Directors. 2. To propose policies, operation plans, and guidelines for operating the business of the Company to the Board of Directors. 3. To screen and submit for the approval of the Board of Directors any strategic matters that are beyond their granted authority. √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

Selection of the Management Executives The Board of Directors is empowered to appoint the management executives.

THE AUDIT COMMITTEE

as at 1st March, 2006 is as follows:

1. Dr. Boonserm Weesakul

Chairman

2. Prof. Krisda Arunvongse

Member

3. Pol. Sub. Lt. Kriengsak Lohachala

Member

4. Mr. Chatchai Anawan

Secretary to the Committee

The Audit committee serves for a 3 year term that will end on 11th February, 2009.

Duties and Responsibilities of the Audit Committee The areas of responsibility and duties of the Audit Committee and its accountability to the Board of Directors of the Company are as follows: 1. To review the sufficiency and credibility of the Company’s financial reports. 2. To review the adequacy and efficiency of the Company’s internal control and internal audit. 3. To consider, select and nominate the Company’s auditors and to propose their remuneration. 4. To ensure that the Company complies with the securities and exchange laws, the regulations of the Stock Exchange, or the laws relating to the Company’s business. 5. To prepare a report of the Company’s performance in its supervisory role and to disclose it in the Company’s annual report. 6. To perform any other functions as may be assigned by the Company’s Board of Directors subject to the approval of the Audit Committee. 7. To consider compliance with all related transaction disclosures, or conflict-of-interest disclosures.

Selection Process The Board of Directors is responsible for appointing the members of the Audit Committee.

THE COMPENSATION COMMITTEE

as at 1st March, 2006 is as follows:

1. Dr. Boonserm Weesakul

Chairman

2. Prof. Krisda Arunvongse

Member

3. Pol. Sub. Lt. Kriengsak Lohachala

Member

Duties and Responsibilities of the Compensation Committee The Compensation Committee is responsible for advising on policies and the rules concerning remuneration for the Board of Directors, the Chief Executive Officer, the Executive Officers and Committees appointed by the Board of Directors which include establishing annual remuneration and annual salary adjustment for the Chief Executive Officer and the Executive Officers.

Selection Process The Board of Directors is responsible for appointing the members of the Compensation Committee.

2.1 DIRECTORS’ AND MANAGEMENT REMUNERATION In 2005, the remuneration for 2 directors and 3 independent directors totaled Baht 470,000. The remuneration in form of salary and bonus for top management totaling 10 persons amounted to Baht 55.56 million.

Other Remuneration 1.

According to a resolution of the 9/2002 Annual General Meeting of Shareholders held on 14th May, 2002, the

The Meeting of the Board of Directors No. 1/2003 held on 20th January, 2003 resolved to approve an allotment

Company’s directors and employees were entitled to the allotment of 29,000,000 units of warrants. of warrants representing 28,183,335 units to the Company’s Directors and/or employees, in accordance with the resolution of the Annual General Meeting of Shareholders No. 9/2002. The Company issued the warrants on 21st January, 2003.

A list of the Directors and Executives entitled to the allotment of warrants is set out below. Number of Warrants (unit) Name / Position

Total

1. Khunying Sasima Srivikorn

2,000,000

Chairwoman of the Board / Executive Director

2.2 AUDITORS’ REMUNERATIONS 2.2.1 Audit Fee In the year 2005, total remuneration of the Company and its subsidiaries paid to the auditors, Ernst & Young Office Limited, was Baht 7,040,000.

2.2.2 Non-audit Fee Total remuneration for non-audit service, in connection with an Agreed - Upon Procedures Review, of the Company and its subsidiaries paid to Ernst & Young Office Limited was Baht 1,400,000.

Number of Shares Held By the Board of Directors and Executive Officers As at December 31, 2005 Shares of Common Stock Name

Position

Year 2005

Year 2004

Change

Khunying Sasima Srivikorn

Chairwoman of the Board

2,990,227

Mr. Chow Kwai Cheung

Director

Ms. Christina Lam Yim King

Director

868,900

Pol. Sub. Lt. Kriengsak Lohachala

Director

Dr. Boonserm Weesakul

Director

Board of Directors

Prof. Krisda Arunvongse

Director

Dr. Supavud Saicheua *

Director

Mr. Liakat Sultan Dhanji *

Director -

Mr. Thongchai Kunakornporamut *

Director -

Mr. Chanchai Buachoom *

Director -

Chief Executive Officer Head of Housing Chief Financial Officer

* Resigned Director

INFORMATION ABOUT THE COMPANY’S DIRECTORS AND EXECUTIVES Job titles of the Directors and Executives of the Company and its subsidiaries as at 31st March, 2006 is as follow: Name

1. Khunying Sasima Srivikorn

Company 1

10 11 12 13 14 15 16 17

X, //

2. Mr. William John Wilfong

3. Mr. Vanchai Sriherunrusmee

4. Mr. Chow Kwai Cheung

5. Ms. Christina Lam Yim King

6. Mr. Christopher Michael Delaney

7. Dr. Boonserm Weesakul

8. Prof. Krisda Arunvongse

9. Pol. Sub. Lt. Kriengsak Lohachala

10. Mr. Gavin Lu Yee Liang

Remarks: / = Director // = Executive Director X = Chairwoman of the Board √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

Company=

Golden Land Property Development Public Company Limited

Baan Chang Estate Co., Ltd.

Narayana Pavilion Co., Ltd.

United Homes Co., Ltd.

Sathorn Thong Co., Ltd.

North Sathorn Realty Co., Ltd.

Walker Homes Co., Ltd.

Golden Land Development Co., Ltd.

S.R.E. F. (Managers) Co., Ltd.

Sathorn Supsin Co., Ltd.

10.

Golden Land (Mayfair) Co., Ltd.

11.

Ritz Village Co., Ltd.

12.

Golden Land (Retail) Co., Ltd.

13.

Golden Land Polo Co., Ltd.

14.

Golden Land (Nichada Thani) Co., Ltd.

15.

MSGL Property Co., Ltd.

16.

Golden Habitation Co., Ltd.

17.

Golden Property Services Co., Ltd.

2.3 CORPORATE GOVERNANCE The Company recognizes the importance of good corporate governance and compliance with the Stock Exchange of Thailand’s principles as follows:

POLICY ON GOOD CORPORATE GOVERNANCE (PRINCIPLE 1) The Board of Directors recognizes the significance of good corporate governance in the belief that good corporate governance plays an essential part in strengthening the efficiency and sustainable growth of the Company. Accordingly, the Board of Directors makes a great effort to reach its goal of corporate governance in order to enhance the transparency of the Company’s operations and investor confidence, thereby adding value to shareholders, investors and all other related persons. For that purpose, the Board of Directors determines the direction and policy of internal control and internal audit strictly, to monitor and follow up on management’s performance with the objective of ensuring that management efficiently performs its duties and responsibilities on behalf of the Company, for the long term benefit of shareholders, and in accordance with legal requirements and business ethics.

SHAREHOLDERS : RIGHTS AND EQUITABLE TREATMENT (PRINCIPLE 2) The Company emphasizes equitable treatment of shareholders, as follows:

•

The right to obtain information All shareholders shall obtain notice and details of meetings together with the Board of Directors’ opinion on such matters

not less than 7 days prior to the meeting date to ensure that shareholders have timely and sufficient information regarding the issues to be decided at the meeting.

•

Voting rights All shareholders have the right to attend a shareholder meeting and vote in accordance with the Articles of Association of

the Company. In addition, the Company also provides proxy forms to shareholders who cannot attend the meeting to appoint an independent director as a grantee, in which the shareholder can specify their vote for each agenda item in the proxy form.

•

The right to be treated equally All shareholders shall be treated equally concerning the rights and benefits that they deserve. In 2005, the Company arranged one shareholders meeting, the Annual General Meeting of Shareholders which was held

at The Four Seasons Hotel. Before the date of the meeting, a notice of invitation to the meeting, together with supporting information concerning the matters on the agenda, was sent to all shareholders 7 business days in advance. The Board’s

opinions on each matter on the agenda were specified in the notice of invitation and the minutes of the meeting were duly recorded for shareholders’ records. The Company has initiated a policy whereby shareholders could appoint the independent directors to act as their proxy in the event that they were unable to attend the meeting.

RIGHTS OF VARIOUS GROUPS OF STAKEHOLDERS (PRINCIPLE 3) The Company recognizes the right of all groups of stakeholders as follows:

•

Employees The Company ensures that all employees are properly treated on an equitable and fair basis and enjoy appropriate remuneration. The Company also issues an employee’s manual for employees’ information about the Company’s policies, benefits and welfare.

•

Customers The Company strives to ensure that the highest quality of services and code of ethics are provided to customers at all times. Claims or suggestions from customers shall be reviewed and responded to prompty.

•

Competitors The Company competes in the market fairly, in an appropriate manner, and in strict adherence to established ethics, avoiding any dishonest business practices.

•

Lenders The Company is committed and determined to comply with all the conditions of its loan agreements.

•

Community The Company has raised environmental awareness concerning the impact of our construction activities in nearby communities. To fulfill that purpose, the Company has complied with all applicable laws, rules, regulations, notifications and orders of related regulatory bodies such as the Pollution Control Division and the Ministry of Industry.

SHAREHOLDERS’ MEETINGS (PRINCIPLE 4) The Company organizes Shareholders’ Meetings with equitable treatment for all participants and in strict accordance with legal procedures, from meeting invitations, distribution of meeting documents to informing all concerned of the meeting agendas. Meeting procedures as well as the submission of meeting reports have been in compliance with the Stock Exchange of Thailand’s requirements. At the 2005 annual general meeting of shareholders held last year, there were 6 Directors present, including the Chairwoman and Member of the Audit Committee. The presiding Chairwoman proposed that all shareholders have the right to inspect and monitor the Company’s performance and to express any queries, comments and suggestions from time to time. Executive Directors, Management, Member of Audit Committee, External Auditor and Lawyers shall attend the shareholders’ meeting to answer questions. The minutes of the meeting were presented at the next shareholders’ meeting to certify and to be kept securely and be accessible by all concerned parties.

LEADERSHIP AND VISION (PRINCIPLE 5) The Board of Directors provides leadership, vision and has freedom to make decisions for the maximum benefit to the Company, and the shareholders as a whole. The Board participates in specifying and giving approval on vision, strategy, targets, business plans and budgets of the Company; as well as supervising and monitoring the management to execute according to the business plans and budgets so set efficiently and effectively.

Duties and Responsibilities of the Board of Directors 1. To oversee and manage the Company in compliance with the laws, the Company’s objectives, the Company’s Articles of Association and the resolutions of the shareholders with honesty while preserving the Company’s interest. 2. To supervise the Management such that the Management has effectively and efficiently proceeded in accordance with the stipulated policies. 3. To appoint the Executive Directors and the Directors and authorize them to sign on behalf of the Company. 4. To elect Board members to replace the positions vacated due to causes other than by rotation, by electing persons who

have met the required qualifications as replacements in a subsequent meeting of the Board of Directors, except when the remaining tenure of the vacating Board member is less than 2 months. The Board’s resolution for that purpose must comprise not less than three-quarters of the remaining Board members. The replacement Board member shall hold office for such period as the vacating Board member would have served.

Duties and Responsibilities of the Chief Executive Officer (CEO) The CEO has powers, duties and responsibilities in relation to the day-to-day business operations and management of the Company, including: 1. To supervise the administrative officers to perform their duties in accordance with the policies approved by the Board of Directors. 2. To monitor and supervise the financial officers, to determine efficient financial policies and to monitor their performance. 3. To consider general administrative policy. 4. To review the investments or proposals made by the management, other than those specified in the investment plans or policies set by the Board of Directors, in order to propose them to the Board of Directors for further consideration and approval. 5. To appoint the management, including to employ and to remove any employees/staff of the Company. The scope of duties of the CEO will not include any transaction in which the CEO is in conflict, or has any interest, as against the interest in whatever nature of the Company, or any of its subsidiaries in the light of the Stock Exchange of Thailand’s rules and regulations. Accordingly, such transactions must be proposed to the Board of Directors for consideration and approval.

CONFLICT OF INTEREST (PRINCIPLE 6) The Board of Directors has a clearly stated process to eliminate conflicts of interest amongst members of the Board during their terms in office. During any session when a conflict may arise, they are not permitted to attend or vote.

BUSINESS ETHICS (PRINCIPLE 7) The Company urged the Board of Directors, management, and employees to honestly, loyally and fairly perform their activities, duties and responsibilities for the benefit of the Company, for all interested persons and for the public.

THE BALANCE OF THE POWER OF GOVERNORS (PRINCIPLE 8) AND THE AGGREGATION OR SEGREGATION OF POSITIONS (PRINCIPLE 9) There are 9 Directors in the Company’s Board of Directors, with the Chairwoman of the Board, Chief Executive Officer and Chief Financial Officer as Executive Directors. The composition of the Company’s Board of Directors can be further specified as 3 groups, namely, Non-Executive Directors, Executive Directors and Independent Directors who are all capable and knowledgeable personnel. The Directors are free to make comments as well as object to any issues, based on their own viewpoints, with no intervention. Currently, one-third of the Board of Directors are Independent Directors. In all Board meetings, Directors remain free of undue influence and are not limited in any way they may wish to exercise their duties. The Company’s Board of Directors has efficiently overseen the effectiveness of the Company and protected the assets of all the Company’s stakeholders.

DIRECTORS AND MANAGEMENT REMUNERATIONS (PRINCIPLE 10) At the 2005 Annual General Meeting of Shareholders, the shareholders approved the remunerations of the directors as proposed by the Company’s Board of Directors. From 2005 onwards, Non-Executive Directors will receive Baht 20,000 per meeting attendance and Members of the Audit Committee are to receive Baht 50,000 per Audit Committee meeting (in addition to their regular payment as directors).

BOARD OF DIRECTORS’ MEETINGS (PRINCIPLE 11) The Board of Directors ordinarily meet once every three months. These Meetings have specific agendas and relevant documents are sent to the Directors prior to the Meeting, so as to allow sufficient time for them to review data and information. In 2005, the Board of Directors held 6 ordinary meetings and the minutes of every meeting have been properly recorded and kept for further reference. Records of board attendance are summarized as follows:-

No. of Attendance / Name

Position

Total No. of Meeting

Khunying Sasima Srivikorn

Chairwoman of the Board

Mr. Chow Kwai Cheung

Director

6/6 -

Ms. Christina Lam Yim King

Director

4/6

Mr. Christopher Michael Delaney

Director

Pol. Sub. Lt. Kriengsak Lohachala

Director

6/6

Dr. Boonserm Weesakul

Director / Independent Director

6/6

Prof. Krisda Arunvongse

Director / Independent Director

4/6

Dr. Supavud Saicheua *

Director / Independent Director

1/6

Mr. Liakat Sultan Dhanji *

Executive Director

5/5

Mr. Thongchai Kunakornporamut *

Executive Director

1/1

Mr. Chanchai Buachoom *

Executive Director

4/4

* Resigned Director

COMMITTEES (PRINCIPLE 12) The Board of Directors is responsible for appointing the members of the Compensation Committee. The Compensation Committee consists of both Non-Executive Directors and Independent Directors and to serve for a 3-year term.

SYSTEM OF CONTROL AND INTERNAL AUDITING (PRINCIPLE 13) As the Company views internal control as very important at the levels of both management and operations, it constantly reviews the duties and responsibilities of its executives in relation to the supervision and assessment of personnel in order to achieve a system of checks and balances. The internal control reviews also extend to a review of the financial reporting system whereby financial matters are directly reported to the executive officers in charge. The Board of Directors also place emphasis on risk management. Discussions with the Company’s advisors have been made to analyze risk factors, establish risk prevention and management measures, and to ensure compliance with the relevant laws, notifications, rules and regulations.

RELATIONSHIP WITH INVESTORS (PRINCIPLE 14) The Board of Directors recognizes that prospective investors and other interested persons need to have access to information, whether financial or non-financial, relating to the Company. Accordingly, it has urged the management to ensure that the disclosure of information be true, accurate, reliable, regular and punctual. Investors may gain access to the information relating to the Company at the Regular Set Information Management System (RSIMS), the Company’s website, Press Releases, etc.

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2. ∏ÿ√°‘®„Àâ∫√‘°“√·≈–∑’Ëª√÷°…“¥â“πÕ —ßÀ“√‘¡∑√—æ¬å (1) (2) (3) (4)

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ature of Operations

BACKGROUND Golden Land Property Development Public Company Limited (The “Company”) was first established in 1978 to operate the business of property development. The Company was listed on the Stock Exchange of Thailand on 29th March, 1994 and converted from a private limited company into a public limited company on 17th June, 1994. At the end of 1998 and the beginning of 1999, the Company increased its capital by way of the private placement of 270,050,000 new shares at the value of Baht 10-12 per share. After the increase of capital, the Company undertook an internal re-organization and initiated new projects aimed at the upper end of the property market, in the belief that this market segment could sustain the Company. The continuous improvement of the country’s economy, as well as the support of government policies in launching a wide variety of efficient stimuli from 1999 through 2004, have brought about the rapid recovery of the real estate industry. In 2005, the Company continued to launch successfully new projects of single-detached houses for upscale customers together with deluxe residential condominiums and serviced apartments in the central business districts of Bangkok. Set out below is a summary of the Company’s performance during the past 3 years: Year January 2003

Significant events The Company launched Phase I of its Baan Sathorn Project, under the name of “Golden Legend”, with recreational facilities such as a clubhouse, swimming pool and playground. This project comprises 2-storey single detached Mediterranean houses with luxurious interiors and exterior designs with each unit covering an area of 100-120 square wah. The target group for this project is upper-middle class and top-class income earners. The location is 8 km. from the Sathorn Road Bridge and 3.5 km. from the BTS station on New Sathorn Road.

June 2003

The Company launched the grand opening of The Mayfair Marriott Executive Apartments on Lang Suan Road, located in the Central Business District of Bangkok. Every unit of the serviced apartments has interior design of the highest standard, with full facilities, including modern entertainment equipment and fully functional kitchens. This project also offers a roof deck swimming pool, sauna, jacuzzi and restaurants. Marriott International Corporation, a well-known operator of hotels and serviced aparments, is the manager and service provider of this project.

August 2003

The Company issued 1,100,000 secured and unsubordinated amortizing debentures due 2008, at 3.20% per annum, worth Baht 1,100,000,000, with a 5 year term.

October 2003

The Company launched Phase I of its Baan Pinklao Project under the name of “Golden Heritage”. This project comprises 2-storey single detached houses, each unit covering an area of 100-200 square wah, and has a total of 105 land plots in Phase I. The target group for this project is upper-middle class and topclass income earners. The location is off the Petchkasem-Ratanathibet Road near the Boromratchonnani Elevated Road.

February 2004

The Company officially launched the Sky Villas Project which has apartments for long-term lease in The Ascott Piriya Tower on Sathorn Road, located in the Central Business District in Bangkok. The project is comprised of 132 units, offering ultra luxurious private residences for long-term ownership.

Year May 2004

Significant events The Company officially launched The Ascott Sathorn Serviced Apartment in the Ascott Piriya Tower, in the same building as the Sky Villas Apartments, located in the Central Business District in Bangkok. The serviced apartments have interior design of the highest standard, with full facilities including fully functional kitchens and the latest in entertainment and IT systems. The Ascott Group, the world’s largest operator of serviced apartments, is the manager and service provider of this project.

August 2004

The Company launched Phase I of its Baan Bangna Project under the name of “Grande Monaco”. This project is comprised of 2-storey single detached houses, each unit covering an area of 75-210 square wah, and has a total of 175 land plots. The target group for this project is upper-middle class and top-class income earners. The location is off the Bangna-Trad Road near km.8.

February 2005

The company launched “The Infinity” project which is the most luxurious six star condominium residence in Bangkok and achieved the highest selling prices per square metre of any condominium in Bangkok. This 37 storey building contains 122 units with areas of 85 - 360 sq.m., located on prestigious Narathiwas Road near Sathorn Road. The Infinity’s living spaces and rooms will be decorated with the most elegant and luxurious interior finishing, with state-of-the-art electronic facilities. The Infinity has been extremely well received with 119 units sold by the end of December 2005.

February 2005

The company launched “Golden Legend” Phase 3 under the concept name of “The Palms”. The 35 houses, which have land areas of 100-350 sq.w., are designed in a Mediterranean style. Its location is in an exceptionally prime and prestigious area on Sathorn-New Road, conveniently just five minutes from Sathorn Bridge and 3.5 kilometers away from the BTS station on New Sathorn Road.

October 2005

The Company redeemed THB 1,100,000 secured amortizing fixed-rate debentures issued in 2002.

NATURE OF OPERATIONS OF THE COMPANY/ITS SUBSIDIARY COMPANIES The current operations of the Company and its subsidiary companies may divided into 3 main segments as follows: 1. Property Development Business (1) Single detached housing communities; (2) CBD residential project; and (3) CBD commercial projects 2. Property Development Management and Consultancy (1) Property Development management (2) Property Development consultancy & Engineering consultancy (3) Fund Advisory (4) Investment in Property Funds

¿ “ æ √ « ¡ ° “ √ ª √ – ° Õ ∫ ∏ÿ √ °‘ ® ¢ Õ ß ∫ √‘ …— ∑ ∫ √‘ …— ∑ ¬à Õ ¬ · ≈ – ∫ √‘ …— ∑ √à « ¡ verview of the operations of the company, its subsidiary companies and associated companies

¢âÕ¡Ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 Information as of December 31, 2005

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Golden Land Property Development Public Company Limited

∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å Property Development Business ‚§√ß°“√∑’Ëæ—°Õ“»—¬ª√–‡¿∑∫â“π®—¥ √√ Single Detached IIousing Projects ∫®. ∫â“π©“ß‡Õ ‡µ∑ 100% (∑ÿπ‡√’¬°™”√– 30 ≈â“π∫“∑)

Baan Chang Estate Co., Ltd. Paid up capital-THB 30 Million ∫®. ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å 100% (∑ÿπ‡√’¬°™”√– 50 ≈â“π∫“∑)

United Homes Co., Ltd. Paid up capital-THB 50 Million ∫®. √‘∑´å «‘≈‡≈® 100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Ritz Village Co., Ltd. Paid up capital-THB 1 Million ∫®.‚°≈‡¥âπ·≈π¥å (π‘™¥“) 100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Golden Land (Nichada) Co., Ltd. Paid up capital-THB 1 Million ∫®. “∏√∑Õß 79% (∑ÿπ‡√’¬°™”√– 220 ≈â“π∫“∑)

Sathorn Thong Co., Ltd. Paid up capital-THB 220 Million

∑’Ëª√÷°…“Õ —ßÀ“√‘¡∑√—æ¬å Property Advisory Services

‚§√ß°“√∑’æË °— Õ“»—¬ª√–‡¿∑Õ“§“√ Ÿß CBD Projects

Grand Paradise Property Co., Ltd. Paid up capital-THB 1 Million

Golden Land (Mayfair) Co., Ltd. Paid up capital-THB 11 Million °Õß∑ÿπ√«¡‚°≈‡¥âπ·≈π¥åøíπ¥å Õß 90% (∑ÿπ‡√’¬°™”√– 710 ≈â“π∫“∑)

Golden Land Fund II Paid up capital-THB 710 Million ∫®. °Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑ 60% (∑ÿπ‡√’¬°™”√– ≈â“π∫“∑)

Siam Real Estate Fund Paid up capital-THB Million ∫®. “∏√∑√—æ¬å ‘π 60% (∑ÿπ‡√’¬°™”√– 500 ≈â“π∫“∑)

Sathorn Supsin Co., Ltd. Paid up capital-THB 500 Million ∫®. πÕ√å∑ “∏√ ‡√’¬≈µ’È 100% (∑ÿπ‡√’¬°™”√– 639 ≈â“π∫“∑)

North Sathorn Realty Co., Ltd. Paid up capital-THB 639 Million ∫®. ∫â“π‡®’¬√π—¬ 50% (∑ÿπ‡√’¬°™”√– 20 ≈â“π∫“∑)

Baan Jearanai Co., Ltd. Paid up capital-THB 20 Million

∫®. «Õ§‡°Õ√å ‚Œ¡ å 50% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Walker Homes Co., Ltd. Paid up capital-THB 1 Million ∫®. ‚°≈‡¥âπ·Œ∫‘™‡∑™—Ëπ 100% (∑ÿπ‡√’¬°™”√– 5 ≈â“π∫“∑)

Golden Habitation Co., Ltd. Paid up capital-THB 5 Million

‚§√ß°“√Õ“§“√‡™‘ßæ“≥‘™¬å CBD Commercial Projects ∫®. ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å

∫®.‚°≈‡¥âπ ·≈π¥å (‡¡¬å·ø√å) 100% (∑ÿπ‡√’¬°™”√– 11 ≈â“π∫“∑)

∫®. ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È 100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

∑ÿπ®¥∑–‡∫’¬π 7,087 ≈â“π∫“∑ ∑ÿπ‡√’¬°™”√– 6,300 ≈â“π∫“∑ Restricted capital = Baht 7,087 million Paid-up capital = Baht 6,300 million

100% ∫®.π“√“¬≥å æ“«‘≈‡≈’Ë¬π

(∑ÿπ‡√’¬°™”√– 475 ≈â“π∫“∑) Narayana Pavilion Co., Ltd. Paid up capital-THB 475 Million

100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Golden Land Development Co., Ltd. Paid up capital-THB Million 1 ∫®. ‚°≈‡¥âπ·≈π¥å ‚ª‚≈ 100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Golden Land Polo Co.,Ltd. Paid up capital-THB Million 1 ∫®. ‡Õ .Õ“√å.Õ’.‡Õø (·¡‡π‡®Õ√å) 70% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

S.R.E.F. (Managers) Co., Ltd. Paid up capital-THB Million 1 ∫®. ‚°≈‡¥âπ·≈π¥å (√’‡∑≈) 100% (∑ÿπ‡√’¬°™”√– 1 · π∫“∑)

Golden Land (Retail) Co., Ltd. Paid up capital-THB Million 100,000 ∫®. ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ 100% (∑ÿπ‡√’¬°™”√– 1 ≈â“π∫“∑)

Golden Land Property Services Co., Ltd. Paid up capital-THB Million 1

\ ‡ ß‘ π ≈ ß ∑ÿ π „ π ∫ √‘ …— ∑ ¬à Õ ¬ · ≈ – ∫ √‘ …— ∑ √à « ¡

nvestment in Subsidiary and Associated Companies ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡

≈—°…≥–∏ÿ√°‘®

∑ÿπ®¥∑–‡∫’¬π (∫“∑)

% °“√∂◊ÕÀÿâπ

Subsidiary and Associated Company

Principal Activities

Registered Capital (Baht)

% Holding

1. ∫√‘…—∑ ∫â“π©“ß ‡Õ ‡µ∑ ®”°—¥ Baan Chang Estate Co., Ltd.

2. ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ North Sathorn Realty Co., Ltd.

3. ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ United Homes Co., Ltd.

4. ∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ Ritz Village Co., Ltd.

5. ∫√‘…—∑ ‚°≈‡¥âπ ·≈π¥å ‚ª‚≈ ®”°—¥ Golden Land Polo Limited

6. ∫√‘…—∑ ‚°≈‡¥âπ ·≈π¥å (π‘™¥“ ∏“π’) ®”°—¥ Golden Land (Nichada Thani) Co., Ltd.

7. ∫√‘…—∑ ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ Grand Paradise Property Co., Ltd.

8. ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ Golden Habitation Co., Ltd.

9. ∫√‘…—∑ “∏√∑Õß ®”°—¥ Sathorn Thong Co., Ltd.

10. ∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥ Baan Jearanai Co., Ltd.

11. ∫√‘…—∑ «Õ§‡°Õ√å ‚Œ¡ å ®”°—¥ Walker Homes Co., Ltd.

12. ∫√‘…—∑ ‚°≈‡¥âπ ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ Golden Land (Mayfair) Co., Ltd.

13. ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ Sathorn Supsin Co., Ltd.

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

30,000,000

100

638,600,000

100

50,000,000

100

1,000,000

100

1,000,000

100

1,000,000

100

1,000,000

100

5,000,000

100

154,000,000

20,000,000

1,000,000

11,000,000

100

500,000,000

475,000000

100

1,000,000

100

100,000

100

1,000,000

100

∫√‘°“√„Àâ§”ª√÷°…“∑“ß¥â“π∫√‘À“√ß“π°Õß∑ÿπ√«¡ 1,000,000

Property Development

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

„Àâ‡™à“Õ“§“√æ—°Õ“»—¬ Residential Building Rental

14. ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’Ë¬π ®”°—¥

„Àâ‡™à“Õ“§“√ ”π—°ß“π

Narayana Pavilion Co., Ltd.

Office Building Rental

15. ∫√‘…—∑ ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ ®”°—¥ Golden Property Services Co., Ltd.

16. ∫√‘…—∑ ‚°≈‡¥âπ ·≈π¥å (√’‡∑≈) ®”°—¥ Golden Land (Retail) Co., Ltd.

17. ∫√‘…—∑ ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ Golden Land Development Co., Ltd.

18. ∫√‘…—∑ ‡Õ .Õ“√å.Õ’.‡Õø. (·¡‡π‡®Õ√å) ®”°—¥ S.R.E.F. (Manager) Co., Ltd.

19. °Õß∑ÿπ√«¡‚°≈‡¥âπ·≈π¥åøíπ¥å Õß

∫√‘°“√°“√∫√‘À“√Õ —ßÀ“√‘¡∑√—æ¬å Property Development Management

∫√‘°“√„Àâ§”ª√÷°…“¥â“πæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å Property Development Consultancy

∫√‘°“√„Àâ§”ª√÷°…“¥â“π«‘»«°√√¡ Engineering Consultancy Fund Advisor

≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬À√◊Õ„Àâ‡™à“

Golden Land Fund Two

Investment in Property for Sale or Rent

20. °Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑

≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬À√◊Õ„Àâ‡™à“

Siam Real Estate Fund

Investment in Property for Sale or Rent

710,079,516

60,000,000

¿ “ « –Õÿµ “À°√√¡·≈–°“√·¢àß¢—π 1. ¿“«–Õÿµ “À°√√¡¢Õß∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å „πªï 2548 ∑’ËÕ¬ŸàÕ“»—¬„À¡à∑’Ë √â“ß‡ √Á®„π‡¢µ°√ÿß‡∑æœ ·≈–ª√‘¡≥±≈Õ“®¡’®”π«πª√–™“°√ 65,300 Àπà«¬ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 4 ®“°ªï°àÕπ Àπâ“ ¢≥–∑’Ë„πªï 2549 Õ“®¡’®”π«πª√–¡“≥ 65,000 - 67,000 Àπà«¬ ∑√ßµ—«„π√–¥—∫∑’Ë„°≈â‡§’¬ß°—∫ªï 2548 ‚¥¬Õ—µ√“°“√¢¬“¬µ—«Õ“®Õ¬Ÿà„π ™à«ß≈¥≈ß‡≈Á°πâÕ¬ ∂÷ß‡µ‘∫‚µª√–¡“≥√âÕ¬≈– 3 ”À√—∫¡Ÿ≈§à“µ≈“¥∑’ËÕ¬ŸàÕ“»—¬„À¡à∑—Ë«ª√–‡∑»„πªï 2549 §“¥«à“°“√°àÕ √â“ß∑’ËÕ¬ŸàÕ“»—¬Õ“®¡’¡Ÿ≈§à“ª√–¡“≥ 222,000 ≈â“π∫“∑ ‡∑’¬∫ °—∫¡Ÿ≈§à“ª√–¡“≥ 199,800 ≈â“π∫“∑„πªï 2548 ‚¥¬Õ—µ√“‡µ‘∫‚µ ≥ √“§“§ß∑’Ë §“¥«à“Õ¬Ÿà∑’Ëª√–¡“≥√âÕ¬≈– 6 ™–≈Õ≈ß®“°ªï 2548 ∑’Ë¡’ Õ—µ√“°“√¢¬“¬µ—«ª√–¡“≥√âÕ¬≈– 12.5 ”À√—∫·π«‚πâ¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πªï 2549 §“¥«à“Õ“®¬—ß§ß¡’∑‘»∑“ß∑’Ë™–≈Õµ—« ∑’Ë ”§—≠‡π◊ËÕß®“°°“√™–≈Õµ—«¢Õß∏ÿ√°‘®∑’ËÕ¬ŸàÕ“»—¬ ‚¥¬§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬Õ“®‡º™‘≠ªí®®—¬≈∫®“°·√ß°¥¥—π¥â“π¿“√–√“¬®à“¬¢ÕßºŸâ∫√‘‚¿§∑’Ë¬—ßÕ¬Ÿà„π√–¥—∫∑’Ë Ÿß ¢≥–∑’ËÕ—µ√“¥Õ°‡∫’È¬¡’ ·π«‚πâ¡ª√—∫¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ”À√—∫Õ —ßÀ“√‘¡∑√—æ¬åª√–‡¿∑æ“≥‘™¬°√√¡·≈–Õÿµ “À°√√¡§“¥«à“Õ“®®–¢¬“¬µ—«‰¥â„π‡°≥±å¥’ ∂â“¿“«– ‡»√…∞°‘®ª√—∫µ—«‰ª„π∑‘»∑“ß∑’Ë¥’¢÷Èπµ“¡∑’Ë§“¥‰«â ‚¥¬∏ÿ√°‘®À≈“¬ª√–‡¿∑¬—ß¡’§«“¡µâÕß°“√≈ß∑ÿπ¢¬“¬°”≈—ßº≈‘µ √«¡∑—Èßπ—°≈ß∑ÿπµà“ß™“µ‘ ‰¥â„Àâ§«“¡ π„®∑’®Ë –‡¢â“¡“≈ß∑ÿπ„πª√–‡∑»‰∑¬‡æ‘¡Ë ¢÷πÈ µ“¡ª√–¡“≥°“√„π°√≥’æπ◊È ∞“π∑’‡Ë »√…∞°‘®‰∑¬„πªï 2549 ¢¬“¬µ—«‰¥â„°≈â‡§’¬ß√âÕ¬≈– 5 ·≈–§“¥«à“°“√≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬å‚¥¬√«¡Õ“®®–¡’¡Ÿ≈§à“ª√–¡“≥ 370,000 ≈â“π∫“∑„πªï 2549 §‘¥‡ªìπÕ—µ√“°“√¢¬“¬µ—« ≥ √“§“ §ß∑’Ëª√–¡“≥√âÕ¬≈– 8 µË”≈ß‡≈Á°πâÕ¬®“°ªï 2548 ∑’Ë¡“ : ∫√‘…—∑ »Ÿπ¬å«‘®—¬° ‘°√‰∑¬ ®”°—¥

2. ®ÿ¥‡¥àπ¥â“π°“√µ≈“¥∑’Ë„™â„π°“√·¢àß¢—π ®ÿ¥‡¥àπ¥â“π°“√µ≈“¥∑’Ë∫√‘…—∑„™â„π°“√ª√–°Õ∫∏ÿ√°‘®®π∑”„Àâ∫√‘…—∑ª√– ∫§«“¡ ”‡√Á® §◊Õ (1) ‚§√ß°“√∫â“π‡¥’Ë¬« ·≈–‚§√ß°“√Õ“§“√ Ÿß¢Õß∫√‘…—∑„π‡§√◊Õ‡πâπ∑”‡≈„°≈â‡¡◊Õß ¿“¬„π√—»¡’ 15-20 °‘‚≈‡¡µ√ ®“°¬à“π∏ÿ√°‘®°≈“ß ‡¡◊Õß·≈–‡ªìπ∑”‡≈∑’Ë„°≈â‚§√ß¢à“¬§¡π“§¡∑’Ë –¥«° ∫“¬„π°“√µ‘¥µàÕ‡¥‘π∑“ß ‡™àπ ∑“ß¥à«π √∂‰øøÑ“ √∂‰ø„µâ¥‘π ∂ππ«ß·À«π (2) √Ÿª·∫∫·≈–°“√ÕÕ°·∫∫∫â“π∑’Ë∑—π ¡—¬ ·≈–‡À¡“– ¡°—∫ª√–‚¬™πå„™â Õ¬ ´÷Ëß§ÿ≥¿“æ¢Õß‚§√ß°“√‡ªìπ§ÿ≥¿“æ∑’Ë‰¥â¡“µ√∞“π √«¡ ∑—Èßº≈ß“π„πÕ¥’µ∑’Ëºà“π¡“ ‡ªìπ∑’Ë¬Õ¡√—∫¢Õß«ß°“√·≈– “∏“√≥™π∑—Ë«‰ª ·≈–®“°°“√∑’Ë∫√‘…—∑œ ª√– ∫§«“¡ ”‡√Á®Õ¬à“ß Ÿß„π ‚§√ß°“√∑’Ëºà“π¡“°Á‡ª√’¬∫‡ ¡◊ÕπÀπ÷Ëß°“√ª√–™“ —¡æ—π∏å∑’Ë¥’∑’Ë≈Ÿ°§â“π”‰ª∫Õ°°≈à“«µàÕ°—π∂÷ß§ÿ≥¿“æ ‘π§â“∑’Ë∑“ß∫√‘…—∑œ π”‡ πÕ ·≈–∑’Ë ”§—≠∑”„Àâ≈Ÿ°§â“¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ‡ªìπÕ¬à“ß¡“°„π‚§√ß°“√µàÕÊ ¡“ (3) ∫√‘…—∑œ ¡’π‚¬∫“¬‡πâπ°“√∫√‘°“√·°à≈Ÿ°§â“ ´÷Ëß∂â“≈Ÿ°§â“‡°‘¥ªí≠À“°Á®–‰¥â√—∫°“√·°â‰¢∑—π∑’ ∑—Èßπ’È ∫√‘…—∑œ ‡πâπÀπ—°„π‡√◊ËÕß√–∫∫°“√ ¥”‡π‘πß“π∑’Ë„Àâ‡°‘¥ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ µÕ∫ πÕß ·≈–‡Õ◊ÈÕª√–‚¬™πå·°à≈Ÿ°§â“ ∑—Èß„π¥âà“π§ÿ≥¿“æ·≈–°“√∫√‘°“√À≈—ß°“√¢“¬∑’Ë¥’‡≈‘» ∑“ß∫√‘…∑— œ ‡¢â“„®∂÷ßªí≠À“°“√·¢àß¢—πÕ¬à“ß Ÿß„π∑“ß∏ÿ√°‘®∫√‘…∑— œ ®÷ß‡πâπÀπ—°¥â“πæ—≤π“∫ÿ§≈“°√Õ¬à“ßµàÕ‡π◊ÕË ß ‡πâπ°“√∑”ß“π‡ªìπ∑’¡ ·≈–„™â«‘∏’°“√∫√‘À“√ß“π∑’Ë·ª≈°„À¡à ∫√‘…—∑œ ®–∑”°“√ª√—∫ª√ÿß‚§√ß √â“ß·≈–°“√ªØ‘∫—µ‘ß“π∑’Ë®– “¡“√∂∑”„Àâß“π¥”‡π‘π‰ª Õ¬à“ß§≈àÕßµ—« ·≈–‡æ◊ËÕ∑’Ë®–µÕ∫ πÕß°—∫ ¿“«–¢Õß∏ÿ√°‘®∑’Ë‡ª≈’Ë¬π·ª≈ßÕ¬Ÿàµ≈Õ¥‡«≈“ ∫√‘…—∑œ ¡’∑’¡ºŸâ∫√‘À“√ß“π¡◊ÕÕ“™’æ ∑’Ë¡’ ª√– ∫°“√≥å §«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–¡’§«“¡¡ÿàß¡—Ëπ∑’Ë®–¢¬“¬ß“π·≈–º≈—°¥—π∫√‘…—∑œ „Àâ∫√√≈ÿ¿“√°‘®·≈–‡ªÑ“À¡“¬ „Àâ‡°‘¥ ª√–‚¬™πå Ÿß ÿ¥„π°“√ª√–°Õ∫∏ÿ√°‘® (4) ∫√‘…—∑œ ¡’π‚¬∫“¬°“√µ—Èß√“§“∫π§«“¡‡ ¡Õ¿“§·≈– ¡‡Àµÿ ¡ÿº≈ °“√°”Àπ¥√“§“¢÷ÈπÕ¬Ÿà°—∫ªí®®—¬À≈“¬Ê Õ¬à“ß ´÷Ëß‡ªìπ‰ªµ“¡ ¿“«–¢Õß‡»√…∞°‘® √“§“∫â“π¢Õß∫√‘…—∑œ ®–Õ¬Ÿà„π√–¥—∫ª“π°≈“ß®π∂÷ß§àÕπ¢â“ß Ÿß ∑—Èßπ’È ¢÷ÈπÕ¬Ÿà°—∫∑’Ëµ—Èß¢Õß‚§√ß°“√ ´÷Ëß°“√µ—Èß √“§“∫â“π¢Õß∫√‘…—∑œ °Á Õ¥§≈âÕß°—∫°≈ÿà¡‡ªÑ“À¡“¬¢Õß∫√‘…—∑œ ∑’Ë à«π„À≠à®–‡ªìπ≈Ÿ°§â“∑’Ë°”≈—ß®– √â“ß§√Õ∫§√—«„À¡à ·≈– à«π Àπ÷Ëß®–‡ªìπ≈Ÿ°§â“∑’Ë¡’√“¬‰¥â√–¥—∫ª“π°≈“ß‰ª∂÷ß§àÕπ¢â“ß Ÿß (5) ∫√‘…—∑œ ®–‡¢â“∂÷ß°≈ÿà¡≈Ÿ°§â“¥â«¬«‘∏’°“√„™âµ—«·∑π®”Àπà“¬ ◊ËÕ‚¶…≥“∑“ß‚∑√∑—»πå Àπ—ß ◊Õæ‘¡æå ·≈– ‘Ëßæ‘¡æåµà“ßÊ ”À√—∫µ—«·∑π ®”Àπà“¬¢Õß∫√‘…—∑œ °Á®–‡ªìπæπ—°ß“π¢“¬¢Õß∫√‘…—∑œ ‡Õß ·≈–∫√‘…—∑ Agency ™—Èππ”À≈“¬∫√‘…—∑ ≈Ÿ°§â“ à«π„À≠à¢Õß∫√‘…—∑œ ®– ‡ªìπ≈Ÿ°§â“∑’Ë‡§¬´◊ÈÕ∫â“π„π‚§√ß°“√¢Õß∫√‘…—∑œ ·≈â« ·≈–·π–π”‡æ◊ËÕπ ≠“µ‘æ’ËπâÕß ·≈–§π√Ÿâ®—°„Àâ¡“‡ªìπ≈Ÿ°§â“¢Õß∫√‘…—∑œ ∫√‘…—∑œ °–ª√–¡“≥«à“‰¥â≈Ÿ°§â“√“¬„À¡à®“°°“√·π–π”¥—ß°≈à“«¢â“ßµâπ®”π«πª√–¡“≥√âÕ¬≈– 30 ¢Õß≈Ÿ°§â“∑—ÈßÀ¡¥ (6) ∫√‘…—∑œ ‰¥âπ”‡Õ“√–∫∫‡ß‘π¥“«πå Escrow ¡“„™â‡ªìπ§√—Èß·√°„πª√–‡∑»‰∑¬ ∑”„ÀâºŸâ´◊ÈÕ¡—Ëπ„®‰¥â«à“‡ß‘π∑’Ë®à“¬‡¢â“∫—≠™’ Escrow ‰«â°—∫ ∏π“§“√®–‰¥â√—∫°“√¥Ÿ·≈Õ¬à“ß¥’®π°«à“®–‰¥â√—∫°“√¡Õ∫∫â“π √«¡∑—ßÈ ¬—ß‰¥â„™â√–∫∫°“√æ‘®“√≥“Õπÿ¡—µ‘ ‘π‡™◊ËÕ≈à«ßÀπâ“°àÕπ∑” —≠≠“ 56

´◊ÈÕ-¢“¬ (Pre Approved Mortgage) ·≈â«¥â«¬√–∫∫ºŸâ§«∫§ÿ¡ß“π§ÿ≥¿“æ√–¥—∫ ISO 9001 ‡æ◊ËÕ§«∫§ÿ¡ß“π°“√°àÕ √â“ß∑ÿ°¢—ÈπµÕπ ¢Õß∫â“π (International Standard Quality Surveyor) ®“°®ÿ¥‡¥àπ¥—ß°≈à“«¢â“ßµâπ∑”„Àâ∏ÿ√°‘®¢Õß∫√‘…—∑œ ‚¥¬‡©æ“–¥â“π∫â“π®—¥ √√‰¥â√—∫°“√µÕ∫√—∫∑’Ë¥’ ‚§√ß°“√∫â“π®—¥ √√¢Õß∫√‘…—∑„π ‡§√◊Õ‡√“ “¡“√∂ªî¥°“√¢“¬‚§√ß°“√‰¥â„π‡«≈“Õ—π√«¥‡√Á« ∑”„ÀâµâÕßæ—≤π“‡ªî¥‚§√ß°“√µàÕ‰ª ∑—Èßπ’È à«πÀπ÷Ëß¢Õß≈Ÿ°§â“‰¥â¡’°“√∫Õ°µàÕ°—π‰ª ∂÷ß§«“¡ª√–∑—∫„®∑’Ë‰¥â‡¢â“¡“´◊ÈÕ∫â“π„π‚§√ß°“√ ´÷Ëß‡§√¥‘µ‡À≈à“π’È‡ª√’¬∫‡ ¡◊ÕπÀπ÷Ëß°“√ª√–™“ —¡æ—π∏å∑’Ë¥’«à“ ‚§√ß°“√¢Õß∫√‘…—∑œ π—Èπ¡’ §ÿ≥¿“æ‡ªìπ∑’Ëª√–∑—∫„®¢Õß≈Ÿ°§â“

3. °“√®—¥À“º≈‘µ¿—≥±å (1) ≈—°…≥–°“√®—¥À“«—µ∂ÿ¥‘∫ «—µ∂ÿ¥‘∫∑’Ë ”§—≠ ª√–°Õ∫¥â«¬ ∑’Ë¥‘π : ∫√‘…—∑œ ¡’π‚¬∫“¬„π°“√‡≈◊Õ°´◊ÈÕ∑’Ë¥‘π¿“¬„π√—»¡’ 15-20 °‘‚≈‡¡µ√ π—∫®“°‡¢µ°√ÿß‡∑æœ ™—Èπ„π ∑—Èßπ’È∫√‘…—∑œ ¡’∑’¡ß“π∑’Ë¡’ ª√– ∫°“√≥å„π°“√‡≈◊Õ°∑”‡≈∑’Ë¥‘π‚¥¬¡’«‘∏’°“√®—¥À“ ¥—ßπ’È - „Àâæπ—°ß“π¢Õß∫√‘…—∑œ µ‘¥µàÕ‰ª∑“ßºŸâ¢“¬‚¥¬µ√ß - µ‘¥µàÕºà“π∫√‘…—∑À√◊Õ∫ÿ§§≈∑’Ë‡ªìππ“¬Àπâ“´◊ÈÕ-¢“¬∑’Ë¥‘π «— ¥ÿ°àÕ √â“ß : ∫√‘…—∑œ ‰¥â„Àâ∫√‘…—∑ºŸâ√—∫‡À¡“°àÕ √â“ß‡ªìπºŸâ®—¥´◊ÈÕ«— ¥ÿ‡Õß ´÷Ëß√“¬≈–‡Õ’¬¥ ·≈–√“§“¢Õß«— ¥ÿ°àÕ √â“ß∑—ÈßÀ¡¥¢Õß ‚§√ß°“√‰¥â∂Ÿ°√–∫ÿ‰«â„π —≠≠“°“√√—∫‡À¡“°àÕ √â“ß ·≈–∫√‘…—∑œ ‰¥âµ°≈ß°—∫ºŸâ√—∫‡À¡“°“√°àÕ √â“ß∑’Ë®–‰¡à√—∫§«“¡‡ ’¬À“¬®“°°“√ Ÿ≠‡ ’¬ «— ¥ÿ°àÕ √â“ß∑’Ë‡°‘π°«à“ß∫ª√–¡“≥ À√◊Õ°“√¢÷Èπ√“§“¢Õß«— ¥ÿ°àÕ √â“ß√–À«à“ß°“√°àÕ √â“ß·µàÕ¬à“ß‰√ ∑—Èßπ’È∫√‘…—∑ºŸâ√—∫‡À¡“°ààÕ √â“ß¡’°“√µ‘¥ µàÕ·≈– —Ëß´◊ÈÕº≈‘µ¿—≥±å«— ¥ÿ°àÕ √â“ß®”π«π¡“°®“°ºŸâ®”Àπà“¬‡ªìπª√–®” ®÷ß∑”„Àâ∫√‘…—∑ºŸâ√—∫‡À¡“°àÕ √â“ß¡’Õ”π“®µàÕ√Õß§àÕπ¢â“ß Ÿß °“√ ®—¥°“√‡™àππ’È®÷ß∑”„Àâ‡ªìπº≈¥’µàÕ∑—Èß∫√‘…—∑œ ·≈–ºŸâ√—∫‡À¡“°àÕ √â“ß (2) ¢—ÈπµÕπ°“√¥”‡π‘π‚§√ß°“√ - ‚§√ß°“√∫â“π‡¥’Ë¬« ‡¡◊ËÕ∫√‘…—∑œ ‰¥â´◊ÈÕ∑’Ë¥‘πµ“¡∑”‡≈∑’ËµâÕß°“√‰¥â·≈â« ∫√‘…—∑œ ®–«à“®â“ß∑’Ëª√÷°…“¿“¬πÕ°∑”ß“π√à«¡°—∫∑’¡ß“π¢Õß∫√‘…—∑œ ‚¥¬‡√‘Ë¡ µ—Èß·µà°“√ÕÕ°·∫∫√Ÿª·∫∫¢Õß‚§√ß°“√ °“√ÕÕ°·∫∫µ—«∫â“π °“√ÕÕ°·∫∫¿“¬„π ß“π°àÕ √â“ß ®π∂÷ß°“√µ√«® Õ∫ß“π ‚§√ß°“√·≈–ÕÕ°·∫∫µ—«Õ“§“√ π—°ÕÕ°·∫∫¿“¬„π «‘»«°√ ºŸâ√—∫‡À¡“°àÕ √â“ß·≈–ºŸâµ√«® Õ∫ß“π‚¥¬°“√‡ªî¥ª√–¡Ÿ≈√“§“„π·µà≈– à«π¢Õßß“π ºŸâ∑’Ë™π–°“√ª√–¡Ÿ≈®–∑” —≠≠“°“√°àÕ √â“ß·∫∫∑—Èß‚§√ß°“√·≈–¡’°“√√—∫ª√–°—π√“§“

4. º≈°√–∑∫µàÕ ‘Ëß·«¥≈âÕ¡ ”À√—∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å √–∫∫°“√®—¥ √â“ß “∏“√≥Ÿª‚¿§¢Õß‚§√ß°“√µà“ßÊ Õ“®¡’º≈°√–∑∫µàÕ ‘Ëß·«¥≈âÕ¡ ∑’Ë ”§—≠§◊Õ √–∫∫√–∫“¬πÈ”¢Õß‚§√ß°“√Õ“®¡’º≈°√–∑∫∑”„Àâ‡°‘¥πÈ”‡ ’¬µàÕ·À≈àßπÈ” “∏“√≥–‰¥â À“°√–∫∫∫”∫—¥‰¡à¥æ’ Õ Õ¬à“ß‰√°Áµ“¡∫√‘…∑— ‰¥â„Àâ§«“¡ ”§—≠Õ¬à“ß¡“°„π°“√®—¥„Àâ¡√’ –∫∫°“√°”®—¥πÈ”‡ ’¬„π∫â“π·µà≈–À≈—ß∑’∫Ë √‘…∑— √â“ß¢÷Èπ°àÕπ∑’®Ë –√–∫“¬πÈ”∑’‰Ë ¥â√â ∫— °“√∫”∫—¥·≈â«≈ß∫àÕæ—° À√◊Õ ∑“ßπÈ” “∏“√≥–µàÕ‰ª ‡æ◊ËÕ¡‘„Àâ¡’º≈°√–∑∫µàÕ·À≈àßπÈ” “∏“√≥–

ndustry Situation and competition

1. REAL ESTATE INDUSTRY CONDITIONS In the year 2005, the total number of houses completed in Greater Bangkok and its vicinity totaled approximately 65,300 units, showing a year-to-year increase of 4 percent. In the year 2006, there are expected to be 65,000 - 67,000 units, maintaining roughly the same level of activity as the year 2005. The total market value of new residential properties in the year 2006 is expected to be 222,000 Million Baht, compared to 199,800 Million Baht in the year 2005. The growth rate in 2006 at constant prices is expected to be 6 percent, a slower pace than last year’s figure of 12.5 percent. Looking ahead, the real estate sector may see a slowdown this year, due chiefly to sluggishness in the housing business. Demand for homes may be plagued with higher expense burdens for consumers amid a rising trend in interest rates. Still, commercial and industrial real estate may exhibit healthy performance, if the economy achieves expected growth. As a matter of fact, scores of businesses need to expand their production capacities, while foreign investors have expressed interest in increasing their investments in Thailand. In a base case scenario where the Thai economy is projected to grow close to 5 percent, the investment in the real estate sector may gross some THB370 billion in 2006, increasing by some 8 percent, at constant prices, a slightly lower rate of increase than the year before. Source : Kasikorn Thai Research Center Co., Ltd.

2. MARKETING STRENGTHS The marketing strengths that have proven highly beneficial to the growth and success of the Company are set out as follows: (1) The Company has strategically chosen to locate almost all of its detached housing projects in an area of approximately 15-20 km. away from the Central Business District (the “CBD”) and in proximity to mass transportation facilities, such as, expressways, sky train routes, subways, ring roads, etc. For its CBD projects, the Company has chosen sites that are centrally located, regularly shaped and in prestigious locations. (2) Modern practical and high-quality designs and construction materials, as well as previous projects, have made the Company’s name well-known to the public. Successful projects in the past have promoted the Company’s reputation as a reliable and high quality property developer. As a result, the Company’s new projects are increasingly welcomed in the market. (3) Teamwork plays an important role in the Company’s customer service activities. In respect of after-sales service, the emphasis has been on efficiently tackling customers’ problems. As the Company has an experienced and professional management team, it believes that its contemplated business goals and tasks can be profitably achieved. (4) The Company’s pricing policy is based on the principles of fairness and reasonableness, but is also conditional on other factors, such as the country’s economic condition, location of the projects, etc. The Company’s major target groups are upper middle-income to high-income buyers. (5) The Company’s projects have sold well by word of mouth, because existing customers have advised their friends and colleagues of the good quality of the Company’s products. According to the statistical records, these new customers have accounted for 30% of the total coustomers of the Company. By virtue of the strengths stated above, the property developments of the Company and its subsidiaries have been warmly welcomed by consumers. The credit for the Company’s high-quality products has spread by word of mouth. Accordingly, the Company has been encouraged to further develop new projects to serve the market.

3. PROCUREMENT OF PRODUCTS (1) Procurement of raw materials Land: It is the Company’s policy to purchase land for single detached housing projects in the area of approximately 15-20 km. away from the CBD. For CBD projects, the Company purchases the best, most centrally located sites it can procure at a reasonable price. The land procurement process has been by the following means:

- Direct dealing with prospective sellers: and/or - Hire property agents or brokers to procure land. Raw materials: It is the Company’s policy to designate outsourcing contractors to procure raw materials for the construction work. Details about the price of all raw materials are specified in the construction contracts. The construction contracts also provide that the Company will not be liable for any damage arising from the loss of raw materials in excess of the budget, or from the rise in the cost of raw materials at any time during the ongoing construction work. As the contractors regularly deal with suppliers for the purchase of large amount of raw materials, the contractors will have strong bargaining power. Such practice will benefit both the Company and the contractors. (2) Management process - Detached housing projects Upon the procurement of land, the Company will place contracts with design firms and contractors to coordinate with the Company’s working team to carry out the design of the project and interior design, followed by construction works and final inspection. The Company will open a pricing bid for the construction of its projects. The bid winner will enter into a fixed priced construction contract with the Company.

4. ENVIRONMENTAL IMPACT The Company is fully aware of environmental issues in relation to the public utilities of its projects, especially in the water supply system. For this reason, it carefully designs the water supply facilities in each unit to ensure that there is a proper wastewater disposal system, and that the post-treatment wastewater disposed from its projects does not affect the public water sources.

§Ì “ Õ ∏‘ ∫ “ ¬ · ≈ – ° “ √ «‘ ‡ § √ “ – Àå ¢ Õ ß ΩÉ “ ¬ ®— ¥ ° “ √ 1. º≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ 1.1 ¿“æ√«¡¢Õßº≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“ „π™à«ßªï 2-3 ∑’Ëºà“π¡“ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â¡’°“√øóôπµ—«¢÷Èπ®“°¿“«–∂¥∂Õ¬´÷Ëß‰¥â√—∫º≈°√–∑∫®“°¿“«–‡»√…∞°‘® ·≈–¿“§√—∞ °Á ‰ ¥â ¡’ à « π™à « ¬‡À≈◊ Õ ¥â « ¬°“√¡’ ¡ “µ√°“√ à ß ‡ √‘ ¡ ∏ÿ √ °‘ ® Õ — ß À“√‘ ¡ ∑√— æ ¬å ª√–°Õ∫°— ∫ ¿“«–Õ— µ √“¥Õ°‡∫’È ¬ ∑’Ë µË” ®÷ ß à ß º≈„Àâ ∏ÿ √ °‘ ® Õ —ßÀ“√‘¡∑√—æ¬å¡’°“√øóôπµ—«¢÷ÈπÕ¬à“ß™—¥‡®π ‚¥¬‡©æ“–„π™à«ßªï 2546 ∑’Ëºà“π¡“¡’°“√¢¬“¬µ—«‡æ‘Ë¡¡“°¢÷Èπ ”À√—∫„π à«π¢Õß∫√‘…—∑œ ‰¥â¡’ °“√ª√—∫‡ª≈’Ë¬π·π«∑“ß„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑‡√◊ËÕ¬¡“µ—Èß·µàªï 2544 µ—Èß·µà°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ‰¡à«à“®–‡ªìπ°“√ª√—∫‚§√ß √â“ßÀπ’È°—∫‡®â“Àπ’ÈÀ√◊Õ°“√‡æ‘Ë¡»—°¬¿“æ∑“ß°“√‡ß‘π‚¥¬°“√‡æ‘Ë¡∑ÿπ¢Õß∫√‘…—∑ À√◊Õ°“√ √â“ß —¡æ—π∏¿“æ∑’Ë¥’°—∫ ∂“∫—π°“√‡ß‘πµà“ßÊ à«π °“√∫√‘À“√ ∫√‘…—∑œ ¡’ºŸâ∫√‘À“√‚§√ß°“√∑’Ë¡’§«“¡√Ÿâ·≈–§«“¡™”π“≠ √«¡∂÷ß°“√æ—≤π“∑’¡ß“π„Àâ¡’ª√– ‘∑∏‘¿“æ ®÷ß‡ªìπº≈„Àâ∫√‘…—∑œ ¡’ √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å‡æ‘Ë¡¢÷Èπµ≈Õ¥¡“ ‚¥¬‡√‘Ë¡µ—Èß·µà√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å„π‚§√ß°“√‡°à“™à«ßªï 2542 - 2543 ·≈– √“¬‰¥â∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√æ—≤π“‚§√ß°“√„À¡àÊ „π™à«ßªï 2544 - 2548

1.2 º≈°“√¥”‡π‘πß“π∑’ºË “à π¡“¢Õß·µà≈–°≈ÿ¡à ∏ÿ√°‘® 1.2.1 √“¬‰¥â®“°¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ¿“¬À≈— ß ®“°∫√‘ …— ∑ œ ‰¥â ¡’ ° “√ª√— ∫ ‡ª≈’Ë ¬ π‚§√ß √â “ ß°“√¥”‡π‘ π ∏ÿ √ °‘ ® „πªï 2544 ∫√‘ …— ∑ œ ¡’ √ “¬‰¥â ® “°°“√¢“¬ Õ —ßÀ“√‘¡∑√—æ¬å‡ªìπ√“¬‰¥âÀ≈—°¢Õß∫√‘…—∑ ”À√—∫ªï 2544 ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ®”π«π 1,204 ≈â“π∫“∑ ‚¥¬¡“®“° ‚§√ß°“√∫â“π≈“¥æ√â“« ´÷Ëß‡ªìπ‚§√ß°“√„À¡à¢Õß∫√‘…—∑œ ∑’Ëª√– ∫§«“¡ ”‡√Á®®“°°“√¢“¬‡ªìπÕ¬à“ß¥’ ·≈–µàÕ¡“∫√‘…—∑œ ‰¥âæ—≤π“·≈–¢“¬ ‚§√ß°“√„À¡à‡æ‘Ë¡Õ’° 2 ‚§√ß°“√„πªï 2545 §◊Õ ‚§√ß°“√∫â“π≈“¥æ√â“« Exclusive 1 ·≈–‚§√ß°“√∫â“π√“¡Õ‘π∑√“ ∑”„Àâ∫√‘…—∑œ ¡’√“¬‰¥â ®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ®”π«π 1,394 ≈â“π∫“∑ ‡æ‘Ë¡ Ÿß¢÷Èπ§‘¥‡ªìπÕ—µ√“√âÕ¬≈– 15.78 ®“°™à«ß‡¥’¬«°—π¢Õßªï°àÕπ ”À√—∫ªï 2546 ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ®”π«π 1,948 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ®“°ªï 2545 √âÕ¬≈– 28.41 ´÷Ëß‡ªìπ√“¬‰¥â∑’Ë‰¥â®“°‚§√ß°“√ ‚°≈‡¥âπ ≈â“ππ“„π —¥ à«πª√–¡“≥√âÕ¬≈– 50 ‚§√ß°“√‚°≈‡¥âπ ‡≈‡®π∑å „π —¥ à«πª√–¡“≥√âÕ¬≈– 30 à«π∑’Ë‡À≈◊Õª√–¡“≥√âÕ¬≈– 20 ‡ªìπ √“¬‰¥â®“°‚§√ß°“√∫â“π≈“¥æ√â“« Exclusive ·≈–‚§√ß°“√∫â“π√“¡Õ‘π∑√“ „πªï 2547 ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å ‡ªìπ®”π«π 3,523 ≈â“π∫“∑ ´÷Ëß‡æ‘Ë¡¢÷Èπ®“°ªï 2546 √âÕ¬≈– 44.72 ´÷Ëß‡ªìπ√“¬‰¥â∑’Ë‰¥â®“°°“√¢“¬‚§√ß°“√‚°≈‡¥âπ ≈’‡®π∑å „π —¥ à«πª√–¡“≥√âÕ¬≈– 33 ‚§√ß°“√‚°≈‡¥âπ π§√“ „π —¥ à«πª√–¡“≥√âÕ¬≈– 22 ‚§√ß°“√‚°≈‡¥âπ ‡ŒÕ√å√‘‡∑® „π —¥ à«π√âÕ¬≈–ª√–¡“≥ 19 ‚§√ß°“√ °“¬«‘≈≈à“ „π —¥ à«πª√–¡“≥√âÕ¬≈– 24 à«π∑’Ë‡À≈◊ÕÕ’°ª√–¡“≥√âÕ¬≈– 2 ‡ªìπ√“¬‰¥â®“°‚§√ß°“√‚°≈‡¥âπ≈“ππ“·≈–‚§√ß°“√∫â“π≈“¥æ√â“« Exclusive „πªï 2548 ∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å‡ªìπ®”π«π 2,255 ≈â“π∫“∑ ≈¥≈ß®“°ªï 2547 √âÕ¬≈– 36.01 ‡π◊ËÕß®“°∫√‘…—∑°”≈—ßÕ¬Ÿà„π™à«ß°“√¢¬“¬‚§√ß°“√„π‡ø „À¡à¢Õß‚§√ß°“√ ‚°≈‡¥âπ∑å ≈’‡®π∑å ‡ø 2 ·≈– 3 ‚°≈‡¥âπ π§√“ ·≈–‚§√ß°“√ ·°√π¥å ‚¡π“‚§ 1.2.2 √“¬‰¥â®“°°“√‡™à“·≈–∫√‘°“√ ∫√‘…—∑œ ¡’√“¬‰¥â®“°°“√‡™à“·≈–∫√‘°“√Õ¬à“ßµàÕ‡π◊ËÕß „πªï 2545 ∫√‘…—∑œ ¡’√“¬‰¥â®”π«π 40.66 ≈â“π∫“∑ ”À√—∫„πªï 2546 ∫√‘…—∑œ ¡’√“¬‰¥â®”π«π 87.32 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï∑’Ëºà“π¡“§‘¥‡ªìπÕ—µ√“√âÕ¬≈– 114.76 ´÷Ëß‡ªìπ√“¬‰¥â®“°°“√‡ªî¥„Àâ‡™à“Õ“§“√‚°≈‡¥âπ æ“«‘≈‡≈’Ë¬π À≈—ß®“°‰¥â¡’°“√ªî¥‡æ◊ËÕª√—∫ª√ÿß„πªï 2545 „πªï 2547 ∫√‘…—∑œ ¡’√“¬‰¥â®”π«π 230.60 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï∑’Ëºà“π¡“√âÕ¬≈– 164.08 ”À√—∫„πªï 2548 ∫√‘…—∑œ ¡’√“¬‰¥â®”π«π 366.57 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2547 √âÕ¬≈– 8.96 ´÷Ëß‡ªìπ√“¬‰¥â®“°‚§√ß°“√‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å ‡¥Õ– ‡¡¬åå·ø√å·¡√‘ÕÕ∑ ‡ÕÁ°‡´§§‘«∑’æ Õæ“√å∑‡¡âπ∑å ´Õ¬À≈—ß «π ·≈–‚§√ß°“√‡´Õ√å«‘ Õæ“√å∑‡¡âπ∑å ¥‘ ·Õ §Õ√å∑ “∑√ ´÷Ëß ‡ªî¥¥”‡π‘πß“π‡µÁ¡√Ÿª·∫∫·≈â« 1.2.3 √“¬‰¥â®“°°‘®°“√ π“¡°Õ≈åø ∫√‘…—∑œ ¡’√“¬‰¥â®“°°‘®°“√ π“¡°Õ≈åø„π√–¬– 3 ªï ∑’Ëºà“π¡“ ‚¥¬„πªï 2546 ¡’√“¬‰¥â®”π«π 25.63 ≈â“π∫“∑ ‡æ‘Ë¡ Ÿß¢÷Èπ §‘¥‡ªìπÕ—µ√“√âÕ¬≈– 18.73 ªï 2547 ¡’√“¬‰¥â®”π«π 23.53 ≈â“π∫“∑ ≈¥≈ß§‘¥‡ªìπ√âÕ¬≈– 8.19 ·≈–„πªï 2548 ¡’√“¬‰¥â®”π«π 22.67 ≈â“π∫“∑ ≈¥≈ß§‘¥‡ªìπÕ—µ√“√âÕ¬≈– 3.65 ‡π◊ËÕß®“°ª√– ∫ªí≠À“¢“¥·§≈ππÈ”„π™à«ßÀπâ“·≈âß„πªï∑’Ëºà“π¡“∑”„Àâ∫√‘…—∑œ µâÕß¡’§à“„™â®à“¬„π°“√∫”√ÿß √—°…“¡“°¢÷Èπ

1.2.4 µâπ∑ÿπ·≈–§à“„™â®“à ¬„π°“√¢“¬·≈–∫√‘°“√ ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥âæ—≤π“·≈–¢“¬‚§√ß°“√„À¡à‡æ‘Ë¡¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ®÷ß∑”„Àâ¡’µâπ∑ÿπ·≈–§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘°“√ ∑’‡Ë æ‘¡Ë Ÿß¢÷πÈ µ“¡ ¥—ß‡ÀÁπ‰¥â®“°„πªï 2546 ¡’µπâ ∑ÿπ·≈–§à“„™â®“à ¬√«¡®”π«π 1,798 ≈â“π∫“∑ „πªï 2547 ¡’µπâ ∑ÿπ·≈–§à“„™â®“à ¬√«¡®”π«π 3,304 ≈â“π∫“∑ „πªï 2548 ¡’µâπ∑ÿπ·≈–§à“„™â®à“¬√«¡ 2,730 ≈â“π∫“∑ ≈¥≈ß§‘¥‡ªìπ√âÕ¬≈– 17.37 ®“°ªï°àÕπ ´÷Ëß‡ªìπº≈¡“®“°√“¬‰¥â®“°°“√¢“¬ Õ —ßÀ“√‘¡∑√—æ¬å∑’Ë≈¥≈ß 1.2.5 °”‰√ „π™à«ßªï 2545-2547 ∫√‘…—∑œ ¡’°”‰√ ÿ∑∏‘ 252 ≈â“π∫“∑ 453 ≈â“π∫“∑ ·≈– 353 ≈â“π∫“∑µ“¡≈”¥—∫ ”À√—∫ªï 2548 ∫√‘…—∑œ ¡’º≈°”‰√®“°°“√¥”‡π‘πß“π 314.6 ≈â“π∫“∑ ®“°‚§√ß°“√∫â“π‡¥’Ë¬«·≈–‚§√ß°“√µ÷° Ÿß ‡¡◊ËÕ√«¡√“¬°“√æ‘‡»… 322.4 ≈â“π∫“∑ ®“°√“¬°“√ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–µ—¥®”Àπà“¬ ‘π∑√—æ¬å·≈–√“¬°“√µ—Èß ”√Õß§à“„™â®à“¬®“°º≈¢Õß§¥’§«“¡ ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â 7.8 ≈â“π∫“∑ ·≈–‡¡◊ËÕ√«¡√“¬°“√¥Õ°‡∫’È¬®à“¬®”π«π 262 ≈â“π∫“∑·≈–¿“…’œ ®”π«π 87 ≈â“π∫“∑ ®÷ß∑”„Àâ∫√‘…—∑œ ¡’º≈¢“¥∑ÿπ ÿ∑∏‘À≈—ß¿“…’ 302 ≈â“π∫“∑

2. ∞“π–°“√‡ß‘π 2.1 ‘π∑√—æ¬å√«¡ 2.1.1 ∫√‘…—∑œ ¡’ ‘π∑√—æ¬å à«π„À≠à„π°“√æ—≤π“‚§√ß°“√µà“ßÊ ≥ 31 ∏—π«“§¡ 2548 ¥—ßπ’È ë µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬- ÿ∑∏‘ ‡∑à“°—∫ 747,857,750 ∫“∑ ë ∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“- ÿ∑∏‘ ‡∑à“°—∫ 3,726,194,970 ∫“∑ ë ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å„Àâ‡™à“- ÿ∑∏‘ ‡∑à“°—∫ 3,438,925,930 ∫“∑ 2.1.2 ‡π◊ËÕß®“°∑’Ëºà“π¡“∫√‘…—∑œ ¡’°“√¢“¬‚§√ß°“√„À¡àÊ ‡æ‘Ë¡‡µ‘¡ ´÷Ëß¡’√“¬≈–‡Õ’¬¥≈Ÿ°Àπ’È°“√§â“¥—ßπ’È ‚¥¬„πªï 2546 ∫√‘…—∑¡’ ≈Ÿ°Àπ’È°“√§â“®”π«π 592 ≈â“π∫“∑ „πªï 2547 ∫√‘…—∑¡’≈Ÿ°Àπ’È°“√§â“®”π«π 1,4448 ≈â“π∫“∑ ”À√—∫ªï 2548 ∫√‘…—∑¡’≈Ÿ°Àπ’È°“√§â“®”π«π 995 ≈â“π∫“∑ ‡π◊ËÕß®“°≈Ÿ°§â“¢Õß∫√‘…—∑œ à«π„À≠à‡ªìπ≈Ÿ°§â“™—Èπ¥’®÷ß∑”„Àâ‰¡à¡’ªí≠À“‡√◊ËÕß°“√™”√–‡ß‘π ∫√‘…—∑°”≈—ßÕ¬Ÿà„π™à«ß°“√¢¬“¬ ‚§√ß°“√„π‡ø „À¡à¢Õß‚§√ß°“√ ‚°≈‡¥âπ ‡≈‡®π∑å ‡ø 2 ·≈– 3 ‚°≈‡¥âπ π§√“ ·≈–‚§√ß°“√ ·°√π¥å ‚¡π“‚§ √“¬≈–‡Õ’¬¥°“√™”√–‡ß‘π¢Õß‚§√ß°“√∑’Ë¥”‡π‘π°“√Õ¬Ÿà„πªí®®ÿ∫—π ≥ «—π∑’Ë 31‹ ∏—π«“§¡ 2548 ™◊ËÕ‚§√ß°“√

‚°≈‡¥âπ‡≈‡®âπ∑å 1 ‚°≈‡¥âπ‡≈‡®âπ∑å 2 ‚°≈‡¥âπ‡≈‡®âπ∑å 3 ‚°≈‡¥âππ§√“ ‚°≈‡¥âπ‡ŒÕ√å√‘‡∑® 1 ‚°≈‡¥âπ‡ŒÕ√å√‘‡∑® 2 ·°√π¥å‚¡π“‚§ √«¡

¡Ÿ≈§à“∑’Ë¢“¬·≈â« ‡ß‘π∑’Ë∂÷ß°”Àπ¥™”√– – ¡ (≈â“π∫“∑) (1) (2) ≈â“π∫“∑ √âÕ¬≈–¢Õß ¡Ÿ≈§à“¢Õß ∑’Ë¢“¬·≈â«

1,943.72 948.78 196.90 1,789.85 1,793.67 161.16 1,046.73 7,880.81

1,736.37 618.45 44.43 1,306.80 1,058.12 26.82 293.85 5,084.87

89% 65% 23% 73% 59% 17% 28% 65%

‡ß‘π∑’Ë™”√–·≈â« – ¡ (3) ≈â“π∫“∑ √âÕ¬≈–¢Õß‡ß‘π ∑’∂Ë ß÷ °”Àπ¥ ™”√– – ¡

1,734.69 616.23 42.02 1,303.04 1,054.41 24.75 271.73 5,049.87

100% 100% 95% 100% 100% 92% 92% 99%

‡ß‘π∑’Ë§â“ß™”√– – ¡

§ß‡À≈◊Õ®”π«π∑’Ë¬—ß‰¡à∂÷ß °”Àπ¥™”√– (2)-(3) (1)-(2) ≈â“π∫“∑ √âÕ¬≈–¢Õß‡ß‘π ≈â“π∫“∑ √âÕ¬≈–¢Õß ∑’∂Ë ß÷ °”Àπ¥ ¡Ÿ≈§à“ ™”√– – ¡ ∑’Ë¢“¬·≈â«

1.68 2.22 2.41 3.76 3.74 2.06 22.12 38.00

0.10% 207.35 0.36% 330.33 5.43% 152.47 0.29% 483.05 0.35% 735.52 7.69% 134.34 7.53% 752.88 0.75% 2,795.95

11% 35% 77% 27% 41% 83% 72% 35%

√“¬≈–‡Õ’¬¥‡ß‘π§â“ß™”√– – ¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ™◊ËÕ‚§√ß°“√

‚°≈‡¥âπ‡≈‡®âπ∑å 1 ‚°≈‡¥âπ∑å‡≈‡®π∑å 2 ‚°≈‡¥âπ∑å‡≈‡®π∑å 3 ‚°≈‡¥âππ§√“ ‚°≈‡¥âπ‡ŒÕ√å√‘‡∑® 1 ‚°≈‡¥âπ‡ŒÕ√å√‘‡∑® 2 ·°√π¥å‚¡π“‚§ √«¡

‡ß‘π§â“ß™”√– – ¡ ®”π«π√“¬ ≈â“π∫“∑

3 5 2 9 5 3 29 56

1.68 2.22 2.41 3.76 3.74 2.06 22.12 38.00

§â“ß™”√– 1-3 ‡¥◊Õπ ®”π«π√“¬ ≈â“π∫“∑

3 4 2 6 5 2 15 37

1.68 1.97 2.41 2.11 3.74 0.30 7.94 20.15

§â“ß™”√– 3-6 ‡¥◊Õπ ®”π«π√“¬ ≈â“π∫“∑

1 3 1 14 19

0.25 1.65 1.76 14.18 17.85

2.2 ¿“æ§≈àÕß „πªï 2544 ∫√‘…—∑œ ‡ªî¥¢“¬‚§√ß°“√∫â“π≈“¥æ√â“« ®÷ß∑”„Àâ¡’√“¬‰¥â‡æ‘Ë¡¢÷Èπ æ√âÕ¡°—∫≈Ÿ°Àπ’È°“√§â“·≈–‡ß‘π≈ß∑ÿπ™—Ë«§√“«∑’Ë¡’¿“√– ºŸ°æ—π∑’Ë‡ªìπ∫—≠™’‡Õ ‚§√«å‡æ‘Ë¡‚¥¬«—µ∂ÿª√– ß§å¢Õß∫—≠™’‡Õ ‚§√«å §◊Õ°“√√—∫™”√–‡ß‘π®“°≈Ÿ°§â“µ“¡ —≠≠“®–´◊ÈÕ®–¢“¬∫â“π·≈–∑’Ë¥‘π °“√ ‡∫‘°∂Õπ‡ß‘π®“°∫—≠™’‡Õ ‚§√«å®–µâÕß‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥∑’‰Ë ¥â√–∫ÿ‰«â„π —≠≠“‡Õ ‚§√«å ¢≥–‡¥’¬«°—π∫√‘…∑— œ °àÕ √â“ß‚§√ß°“√∫â“π√“¡Õ‘π∑√“ ·≈–´◊ÈÕ∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“‡æ‘Ë¡‡µ‘¡ ®÷ß∑”„Àâ∫√‘…—∑œ ¡’°“√„™â‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π‡æ‘Ë¡ Ÿß¢÷Èπ πÕ°®“°π’È∫√‘…—∑œ ¡’°“√‡æ‘Ë¡∑ÿπ‡æ‘Ë¡‡µ‘¡ ®÷ß∑”„ÀâÕ—µ√“ à«π ¿“æ§≈àÕß ‡æ‘Ë¡¢÷÷Èπ‡ªìπ 1.12 ‡∑à“ „π 6 ‡¥◊Õπ·√°¢Õßªï 2545 ∫√‘…—∑œ ‡ªî¥¢“¬‚§√ß°“√∫â“π√“¡ Õ‘π∑√“ ·≈–°àÕ √â“ß‚§√ß°“√∫â“π√“¡§”·Àß ®÷ß∑”„Àâ∫√‘…—∑œ ¬—ß§ß„™â‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π‡æ◊ËÕ¥”‡π‘π°‘®°“√ ·≈–¡’Õ—µ√“ à«π ¿“æ§≈àÕß‡æ‘Ë¡¢÷Èπ‡ªìπ 1.2 ‡∑à“ „πªï 2546 ∫√‘…∑— œ ‰¥â¡°’ “√‡ªî¥µ—«‚§√ß°“√„À¡àÊ ‡æ‘¡Ë ¢÷πÈ Õ’°À≈“¬‚§√ß°“√ Õ“∑‘‡™àπ ‚§√ß°“√∫â“π “∏√À√◊Õ‚§√ß°“√ ‚°≈‡¥âπ∑å ‡≈‡®π∑å ‚§√ß°“√∫â“πªîòπ‡°≈â“À√◊Õ‚§√ß°“√ ‚°≈‡¥âπ ‡ŒÕ√å√‘‡∑® πÕ°®“°π’È ∫√‘…—∑œ ¬—ß‰¥â¡’°“√´◊ÈÕ∑’Ë¥‘π‡æ◊ËÕæ—≤π“‡ªìπ‚§√ß°“√‡æ‘Ë¡¢÷Èπ¥â«¬ ®÷ß àßº≈ „Àâ∫√‘…∑— µâÕß¡’‡ß‘π∑ÿπ‡æ◊ÕË „™â„π°“√∫√‘À“√‚§√°“√ ‡ß‘π∑ÿπ„π°“√´◊ÕÈ ∑’¥Ë π‘ ·≈–æ—≤π“‚§√ß°“√‡æ‘¡Ë ¡“°¢÷πÈ ‚¥¬ à«ππ’πÈ Õ°®“°∫√‘…∑— œ ®–‰¥â¥”‡π‘π °“√¢Õ ‘π‡™◊ËÕ®“° ∂“∫—π°“√‡ß‘π‡æ◊ËÕ„™â„π‚§√ß°“√µà“ßÊ ·≈â« ∫√‘…—∑¬—ß‰¥â¥”‡π‘π°“√ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ°Ÿâ‡¡◊ËÕª≈“¬ªï 2546 ‡æ◊ËÕ„™â‡ªìπ ‡ß‘π∑ÿπ„π°“√´◊ÈÕ∑’Ë¥‘π·≈–æ—≤π“‚§√ß°“√„À¡àÊ ‡æ‘Ë¡‡µ‘¡Õ’°¥â«¬ ´÷Ëß®–∑”„Àâ∫√‘…—∑œ ¡’ ¿“æ§≈àÕß∑“ß°“√‡ß‘π‡æ‘Ë¡¢÷Èπ „πªï 2547 ∫√‘…—∑œ ‰¥â¡’ °“√‡ªî¥µ—«‚§√ß°“√∫“ßπ“ À√◊Õ‚§√ß°“√·°√π¥å‚¡π“‚§ ∫√‘‡«≥∂ππ∫“ßπ“-µ√“¥ °¡. 8 ·≈–‰¥â√—∫«ß‡ß‘π ‘π‡™◊ËÕ‡æ‘Ë¡‡µ‘¡®“°∏π“§“√ ‡æ◊ËÕ „™â„π°“√¥”‡π‘π°“√ ∫√‘…—∑œ ¡’°√–· ‡ß‘π ¥„π™à«ß 3 ªï∑’Ëºà“π¡“ ¥—ßπ’È Àπà«¬ : ≈â“π∫“∑ 2548 2547 2546 °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 1,188 (524) (2,373) °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ (106) 13 (790) °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π (1,150) 425 3,133

2.3 ¿“√–Àπ’ È π‘ ¿“√–§È”ª√–°—π·≈–¿“√–ºŸ°æ—π ∫√‘…—∑œ ¡’¿“√–§È”ª√–°—π„Àâ·°à∫√‘…—∑¬àÕ¬ §◊Õ ∫®. “∏√∑√—æ¬å ‘π ´÷Ëß¥”‡π‘π‚§√ß°“√ ¥‘ ·Õ §Õ√å∑ “∑√ ·∫ß§Õ° ®”π«π 540 ≈â“π∫“∑ ∑—Èßπ’ÈÀ“°∫√‘…—∑¥—ß°≈à“«‰¡à “¡“√∂™”√–Àπ’È„Àâ·°à‡®â“Àπ’È‰¥â ∫√‘…—∑œ ®–µâÕß√—∫º‘¥™Õ∫µ“¡®”π«π∑’Ë„Àâ°“√§È”ª√–°—π‰«â ‚§√ß°“√ ¥—ß°≈à“«‡√‘Ë¡¥”‡π‘π°“√¢“¬„π‡¥◊Õπæƒ…¿“§¡ 2547 ·≈–§“¥«à“®–¡’√“¬‰¥â‡æ’¬ßæÕ∑’Ë®–™”√–Àπ’È‰¥â ∫√‘…—∑œ ¡’¿“√–ºŸâæ—π°—∫∏π“§“√‡°’Ë¬«°—∫°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√„Àâ·°à ∫®. ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ·≈–∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”π«π 3,686 ≈â“π∫“∑ ·≈– 176 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬∑—Ë«‰ª°“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—πµàÕ∫√‘…—∑œ π“π‡∑à“∑’Ë¿“√–Àπ’È ‘π ¬—ß‰¡à‰¥â™”√–‚¥¬∫√‘…—∑¬àÕ¬¥—ß°≈à“«

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ —≠≠“´◊ÈÕ∑’Ë¥‘π·≈–Õ“§“√¡“‡æ◊ËÕæ—≤π“‚§√ß°“√‡ªìπ®”π«π‡ß‘π 103 ≈âà“π∫“∑ ∫√‘…—∑œ ¡’¿“√–ºŸ°æ—π∑’Ë ”§—≠ µ“¡À¡“¬‡Àµÿß∫°“√‡ß‘π ¢âÕ 28 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¥—ßπ’È§◊Õ ¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ —≠≠“ °“√ÕÕ°·∫∫·≈–°“√°àÕ √â“ß¢Õß∫√‘…∑— ¬àÕ¬ ‡ªìπ®”π«πª√–¡“≥ 2,694 ≈â“π∫“∑ ‚¥¬®–∑¬Õ¬™”√–‡ß‘πµ“¡√âÕ¬≈–¢Õßß“π∑’ Ë √â“ß‡ √Á® Õ¬à“ß ‰√°Áµ“¡∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â√—∫«ß‡ß‘π°Ÿâ ”À√—∫‚§√ß°“√®“°∏π“§“√æ“≥‘™¬å ‡æ◊ËÕ™”√–§à“„™â®à“¬µà“ßÊ ‰«â‡√’¬∫√âÕ¬·≈â« ∫√‘…—∑œ ¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ à«π¢Õß‡ß‘π≈ß∑ÿπ∑’Ë¬—ß‰¡à‡√’¬°™”√–„π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‡ªìπ®”π«π‡ß‘πª√–¡“≥ 52 ≈â“π∫“∑

2.4 √“¬®à“¬≈ß∑ÿπ µ—Èß·µàªï 2544 ‡ªìπµâπ¡“ ∫√‘…—∑œ ¡’·ºπ°“√≈ß∑ÿπ„π°“√´◊ÈÕ∑’Ë¥‘π∑’Ë¡’»—°¬¿“æ „π°“√æ—≤π“‚§√ß°“√„À¡àÊ ´÷Ëß‰¥â¡’°“√»÷°…“§«“¡ ‡ªìπ‰ª‰¥â≈à«ßÀπâ“‰«â·≈â«‡∑à“π—Èπ

2.5 ·À≈àß∑’¡Ë “¢Õß‡ß‘π∑ÿπ ∫√‘…—∑œ ¡’Õ—µ√“Àπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ 31 ∏—π«“§¡ 2548 ‡∑à“°—∫ 1.34 ‡∑à“ ‡π◊ËÕß®“°„πªï 2542 ·≈– 2544 ∫√‘…—∑œ ‰¥â¡’°“√ ‡æ‘¡Ë ∑ÿπ‡ πÕ¢“¬Àÿπâ „Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ‡¥‘¡·≈–π—°≈ß∑ÿπª√–‡¿∑ ∂“∫—π µàÕ¡“„πªï 2545 ∫√‘…∑— œ ‰¥â¡°’ “√ÕÕ°·≈–‡ πÕ¢“¬Àÿπâ °Ÿªâ √–‡¿∑‰¡à¥Õâ ¬ ‘∑∏‘ ·≈–¡’À≈—°ª√–°—π ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ ·≈–¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ 1,100,000,000 ∫“∑ ·≈–„πªï 2546 ∫√‘…—∑œ ‰¥â¡’°“√ÕÕ° ·≈–‡ πÕ¢“¬Àÿâπ°Ÿâª√–‡¿∑‰¡à¥âÕ¬ ‘∑∏‘ ·≈–¡’À≈—°ª√–°—π ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ ·≈–¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ 1,100,000,000 ∫“∑ „πªï 2547 ·≈–ªï 2548∫√‘…—∑‰¥â√—∫Õπÿ¡—µ‘«ß‡ß‘π ‘π‡™◊ËÕ√–¬–¬“«‡æ‘Ë¡‡µ‘¡®“°∏π“§“√‡æ◊ËÕ„™â„π‚§√ß°“√µà“ßÊ ∑’Ë‡æ‘Ë¡¢÷Èπ

xplanation and Analysis by Management

1. OPERATING RESULTS OF THE COMPANY AND ITS SUBSIDIARIES 1.1 OVERVIEW OF OPERATING RESULTS Over the past three years. the property industry has seen a recovery from the country’s economic downturn a result of various measures implemented by the government, including low interest rates. By 2003, the country’s economy had significantly recovered from the Asian Financial Crisis. From 2001 until now, the Company has focused on its business strategy by improving its financial structure through debt restructuring, enhancing its capital strength through capital increases, and establishment of good relations with financial institutions. With the top management having extensive expertise and experience in this industry and the creation and promotion of good teamwork, all played a part in enhancing the Company’s potential growth. For the above reasons, the Company achieved increasing sales growth every year from 2001 through 2004 before a decline last year.

1.2 OPERATING RESULTS OF EACH BUSINESS GROUP 1.2.1 Income from property sales After the Company’s reorganisation in 2001, the Company’s total income of Baht 1,204 million was earned from property sales, mainly the Baan Ladprao Project, a new project which was successfully welcomed by consumers. In 2002, the Company constructed and introduced two more projects for sale, namely Baan Ladprao Exclusive I and Baan Ramindra. The sale of property under these two projects allowed the Company to earn income in the amount of Baht 1,394 million, representing a 15.78% increase on sales over the previous year. In 2003, the Company received proceeds from property sales of Baht 1,948 million, representing a 28.41% increase compared with the same period in 2002. Such proceeds reflect the earnings derived from the sale of (i) Golden Lanna, (ii) Golden Legend and (iii) Baan Ladprao Exclusive I and Baan Ramindra projects in the following ratio: 50/30/20. In 2004, the Company received the proceeds from property sales of Baht 3,523 million, representing a 44.72% increase compared with the same period in 2003. Such proceeds reflect the earnings derived from the sale of (i) Golden Legend 33% (ii) Golden Nakara 22% (iii) Golden Heritage 19% (iv) Golden Lanna and Baan Ladprao Exclusive 2% and (v) Sky Villas 24% In 2005, the company received proceeds from property sales of Baht 2,255 million, representing a 36.01% decrease compared with the same period in 2004. Sales proceeds from The Infinity have not been recognized in 2005.

1.2.2 Income from lease and service business The Company earned income from its lease and service business in the amount of Baht 40.66 million and Baht 87.32 million in 2002 and 2003 respectively, increasing by 114.76% for the Golden Pavilion Building which had been re-opened after closure for renovation. The company gained Baht 230.60 million in 2004 and Baht 366.57 million in 2005, increasing by 164.08% from 2003 and 8.96% from 2004 respectively as the Mayfair Marriott Executive Apartment on Lang Suan Road was fully operational and The Ascott Sathorn Service Apartment become fully operational in May 2004.

1.2.3 Income from golf course business In 2003, the income from this business was Baht 25.63 million, representing an 18.73% increase from 2002. However, the income of Baht 23.53 million in 2004 represented an 8.19% decrease from that achieved in 2003. In 2005, the company earned Baht 22.67 million in income, representing a 3.65% decrease from the previous year because of water depletion in dry season, requiring the Company to pay more for water supply and maintenance expenses.

1.2.4 Costs and expenses in relation to sales and services The Company’s additional sale and development of projects gave rise to costs and expenses in relation to its sale and services. The Company’s total expenses in 2003, 2004 and 2005 were Baht 1,798 million, Baht 3,304 million and Baht 2,730 million respectively, with the 2005 total respresenting a 17.37% decrease from the previous year in line with the decrease in property sales.

1.2.5 Profit In 2002, 2003 and 2004, the Company earned a net profit of Baht 252 million, Baht 453 million and Baht 353 million respectively. In 2005, the Company had an operating profit of Baht 314.6 million from housing and CBD projects. However, the Company had a loss from impairment and write-off of assets and loss as a result of litigation in the amount of Baht 322.4 million, resulting in a loss before interest expense and income tax of Baht 7.8 million. In addition, with interest expense of Baht 262 million and corporate income tax of Baht 87 million, the company suffered in a net loss for the year 2005 after corporate income tax of Baht 302 million.

2. FINANCIAL STATUS 2.1 TOTAL ASSETS 2.1.1 The Company’s assets under various development projects as of 31st December, 2005 are as follows: •

Cost of property development projects for sale-net : Baht 747,857,750

•

Land and leasehold land for future development-net : Baht 3,726,194,970

•

Land, building and equipment for lease-net : Baht 3,438,925,930

2.1.2 The Company has accounts receivable of Baht 592 million, Baht 1,488 million and Baht 995 million in 2003, 2004 and 2005 respectively. The decrease in A/R in 2005 is in line with the 2005 decline in sales. Details of payments for houses under the existing projects as of 31st December, 2005 are shown in the table below. Project

Sale value (MB)

Amount due

Amount paid

Outsanding amount

Due balance

(1)

(2)

(3)

(2)-(3)

(1)-(2)

Golden Legend 1

1,943.72

1,736.37

89%

1,734.69

100%

1.68

0.10%

207.35

11%

Golden Legend 2

948.78

618.45

65%

616.23

100%

2.22

0.36%

330.33

35%

Golden Legend 3

196.90

44.43

23%

42.02

95%

2.41

5.43%

152.47

77%

Golden Nakara

1,789.85

1,306.80

73%

1,303.04

100%

3.76

0.29%

483.05

27%

Golden Heritage 1

1,793.67

1,058.12

59%

1,054.41

100%

3.74

0.35%

735.52

41%

Golden Heritage 2

161.16

26.82

17%

24.75

92%

2.06

7.69%

134.34

83%

Grand Monaco

1,046.73

293.85

28%

271.73

92%

22.12

7.53%

752.88

72%

Total

7,880.81

5,084.87

65%

5,049.87

99%

38.00

0.75%

2,795.95

35%

Details of accrued payments as of 31st December, 2005 are shown in the table below. Project

Unpaid Amount No. of debtors

Golden Legend 1

1-3 months Outstanding No. of debtors

No. of debtors

1.68

1.97

0.25

2 6 5 2 15

2.41 2.11 3.74 0.30 7.94

3 1 14

1.65 1.76 14.18

20.15

17.85

1.68

Golden Legend 2

2.22

Golden Legend 3

Grand Monaco

2 9 5 3 29

2.41 3.76 3.74 2.06 22.12

Total

38.00

Golden Nakara Golden Heritage 1 Golden Heritage 2

3-6 months Outstanding

2.2 FINANCIAL LIQUIDITY In 2003, the Company launched housing new projects Baan Sathorn (Golden Legend) and Baan Pinklao (Golden Heritage), and also purchased additional plots of land to serve the future projects. As a result, the Company needed working capital to manage the existing projects, procure additional land plots and develop future projects. Apart from requesting loans from financial institutions to financially support the said projects, the Company also proceeded with the issue of debentures by public offering so that the Company would have financial liquidity to pursue its projects in the future. In 2004, the Company launched a further new project : Baan Bangna (Grand Monaco) on Bangna-Trad Road km.8 with financial support for the project from a commercial bank. As the Company has launched Baan Bangna (Grand Monaco) and has succeeded in generating sales, the cashflow from operations improved in 2005. The Company’s cash flow in the past three years is as follows: Unit:MB Cash flow from operation Cash flow from investment Cash flow from fund raising

2005

2004

1,188

(524)

(106)

(1,150)

425

2003 (2,373) (790) 3,133

2.3 LIABILITIES, GUARANTEES AND OBLIGATIONS The Company is obliged to guarantee its subsidiary called Sathorn Supsin Co., Ltd., which is undertaking The Ascott Sathorn Bangkok Project that is worth Baht 540 million. If Sathorn Supsin Co., Ltd., fails to service its debts, the Company will be liable for the debt under the guarantee. However, The Ascott Project commenced trading in May 2004 and is expected to earn sufficient funds for debt payments. The Company is obliged to guarantee the loan and credit facility borrowed by its subsidiary. United Homes Co., Ltd.,and Ritz Village Co.,Ltd., in the amount of Baht 3,686 and 176 million respectively from a bank. This guarantee will bind the Company as long as the loan and the credit facility are not repaid to the bank by the subsidiary. The Company and its subsidiaries are bound to service the sum of Baht 103 million under an agreement to sell and purchase land buildings for property development projects. The Company has a significant obligation under Clause 28 of the footnotes to its financial statement as of 31st December, 2005 to ensure that the company services debts in the approximate amounts of Baht 2,694 million under a design and construction agreement by making installment payments based on the percentage of construction work completed. However, this subsidiary has already been granted a credit facility to cover any expenses incurred in the construction of the project from a commercial bank. The Company is bound to make a payment of approximately Baht 52 million in relation to an uncalled investment in one of its subsidiaries.

2.4 CAPITAL EXPENDITURE The Company plans to purchase land as a raw material for new projects, for which feasibility studies have been prepared in advance.

2.5 FUNDING SOURCES The Company’s debt to equity ratio as of 31st December, 2005 was 1.34. In 2002 and 2003, the Company pursued two separate issues and offerings of secured and unsubordinated amortising debentures worth Baht 1,100,000,000 for each offering. In 2005 the company has been granted many long term loan credit facilities from commercial banks to support its projects.

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1.3 §«“¡‡ ’Ë¬ß®“°°“√ªØ‘∫—µ‘º‘¥¢âÕµ°≈ß∑“ß°“√‡ß‘πµ“¡Àÿâπ°Ÿâ ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2545 ∫√‘…—∑œ ‰¥âÕÕ°Àÿâπ°Ÿâª√–‡¿∑‰¡à¥âÕ¬ ‘∑∏‘·≈–¡’À≈—°ª√–°—π ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ ·≈–¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ Õ“¬ÿ 3 ªï ¡Ÿ≈§à“√«¡ 1,100 ≈â“π∫“∑ §√∫°”Àπ¥‰∂à∂Õπªï æ.». 2548 Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.95 µàÕªï „π‡¥◊Õπµÿ≈“§¡ 2548 ∫√‘…—∑‰¥â ‰∂à∂ÕπÀÿâπ°Ÿâ§√∫µ“¡®”π«π·≈â« √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

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1.6 §«“¡‡ ’Ë¬ß‡√◊ËÕßº≈°√–∑∫µàÕ —¥ à«π°“√∂◊ÕÀÿâπ ∫√‘…—∑œ ‰¥â¡’°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π∑—Èß ‘Èπ 70.45 ≈â“πÀπà«¬ ´÷Ëß‰¥â®—¥ √√„Àâ°—∫π—°≈ß∑ÿπª√–‡¿∑ ∂“∫—π®”π«π 30 ≈â“π Àπà«¬ ·≈–„Àâ°—∫°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ ®”π«π 40.45 ≈â“πÀπà«¬ ¥—ßπ—πÈ ∫√‘…—∑œ ®÷ß ”√ÕßÀÿâπ “¡—≠‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘®”π«π 79 ≈â“πÀÿâπ ´÷ËßÀ“°ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘„™â ‘∑∏‘„π°“√´◊ÈÕÀÿâπ “¡—≠∑—Èß®”π«π®–∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢ÕßºŸâ∂◊ÕÀÿâπ≈¥≈ß (Dilution Effect) ª√–¡“≥√âÕ¬≈– 10.06 Õ¬à“ß‰√°Áµ“¡ —¥ à«π°“√∂◊ÕÀÿπâ ¥—ß°≈à“«®–≈¥≈ß¡“°À√◊ÕπâÕ¬¢÷πÈ Õ¬Ÿ°à ∫— ®”π«π°“√„™â ∑‘ ∏‘¢ÕßºŸ∂â Õ◊ „∫ ”§—≠· ¥ß ‘∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 „∫ ”§—≠· ¥ß ‘∑∏‘„π à«π¢Õß°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ ‡À≈◊ÕÕ¬Ÿà®”π«π 2.4 ≈â“πÀπà«¬ ∑’Ë “¡“√∂„™â ‘∑∏‘‰¥â‡π◊ËÕß®“°‰¥â¡’°“√æâπ ¿“æ®“°°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑ ¥—ßπ—Èπ —¥ à«π°“√∂◊ÕÀÿâπ¢ÕßºŸâ∂◊ÕÀÿâπ (Dilution Effect) ®÷ß ≈¥≈ßµ“¡ —¥ à«π¥—ß°≈à“«

1.7 §«“¡‡ ’Ë¬ß‡√◊ËÕß√“§“µâπ∑ÿπ«— ¥ÿ°àÕ √â“ß (°) ‚§√ß°“√∫â“π‡¥’¬Ë « ‚§√ß°“√∫â“π®—¥ √√¢Õß ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·≈–∂◊ÕÀÿâπ‚¥¬∫√‘…—∑œ √âÕ¬≈– 100 ‰¥â√—∫§«“¡ π„®®“°≈Ÿ°§â“‡ªìπÕ—π¡“° ‡¡◊ËÕ≈Ÿ°§â“‡¢â“∑” —≠≠“´◊ÈÕ¢“¬∫â“π·≈–∑’Ë¥‘π ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ®–„™â‡«≈“„π°“√°àÕ √â“ß∫â“π‡ªìπ ‡«≈“ª√–¡“≥ 8-10 ‡¥◊Õπ ´÷Ëß ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ‰¥âæ¬“¬“¡≈¥§«“¡‡ ’Ë¬ß∑“ß¥â“π«— ¥ÿ°àÕ √â“ß‚¥¬®–æ—≤π“·≈–¢“¬‚§√ß°“√ ‡ªìπ‡ø ‡æ◊ËÕ∑”„Àâ√–¬–‡«≈“°“√°àÕ √â“ß¡’§«“¡™—¥‡®π¢÷Èπ ·≈–∑”„Àâ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ “¡“√∂ª√–‡¡‘π√“§“µâπ∑ÿπ«— ¥ÿ °àÕ √â“ß‰¥âÕ¬à“ß·¡àπ¬”°àÕπ∑’Ë®–¡’°“√°”Àπ¥√“§“¢“¬ πÕ°®“°π’È ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ‰¥â∑” —≠≠“√—∫‡À¡“·∫∫‡∫Á¥‡ √Á®°—∫ ∫√‘…—∑√—∫‡À¡“®“°¿“¬πÕ° ´÷Ëß‡ªìπ∫√‘…—∑√—∫‡À¡“√“¬„À≠à∑’Ë¡’§«“¡æ√âÕ¡„π°“√¥”‡π‘πß“π ·≈–√“§“§à“°àÕ √â“ß‰¥â¡’°“√°”Àπ¥‰«â·πàπÕπ ≈à«ßÀπâ“ ´÷Ëß√«¡∂÷ßµâπ∑ÿπ«— ¥ÿ°àÕ √â“ß¥â«¬ ∑”„Àâ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ¡’§«“¡‡ ’Ë¬ß∑“ß¥â“ππ’ÈπâÕ¬ (¢) ‚§√ß°“√∑’Ë‡ªìπÕ“§“√ Ÿß ‚§√ß°“√∑’Ë‡ªìπÕ“§“√ Ÿß ∫√‘…—∑¬àÕ¬‰¥â«à“®â“ßºŸâ√—∫‡À¡“√“¬„À≠à∑’Ë¡’§«“¡æ√âÕ¡„π°“√¥”‡π‘πß“π ·≈–¡’°“√°”Àπ¥√“§“§à“ °àÕ √â“ß·≈–«— ¥ÿ°àÕ √â“ß‰«â·πàπÕπ ®÷ß∑”„Àâ∫√‘…—∑¬àÕ¬‰¡à¡’§«“¡‡ ’Ë¬ß∑“ß¥â“ππ’È

1.8 §«“¡‡ ’¬Ë ß‡√◊ÕË ß°“√§â“ß√—∫™”√–‡ß‘π®“°≈Ÿ°§â“ (°) ‚§√ß°“√∫â“π‡¥’¬Ë « ∏ÿ√°‘®∫â“π®—¥ √√¡—°®–„™â«∏‘ „’ Àâ≈°Ÿ §â“ºàÕπ™”√–‡ß‘π¥“«πå„π√–À«à“ß∑’‚Ë §√ß°“√‡√‘¡Ë °àÕ √â“ß ‚¥¬°”Àπ¥°“√ºàÕπ¥“«πå‡ªìπß«¥Ê ·≈–¡—°®–°”Àπ¥ß«¥°“√ºàÕπÕ¬Ÿà√–À«à“ß 8-10 ß«¥ ´÷Ëß°“√ºàÕπ¥“«πå¥—ß°≈à“«®–§√∫°”Àπ¥æÕ¥’°—∫°“√°àÕ √â“ß·≈â«‡ √Á®æ√âÕ¡‚Õπ ¥—ßπ—Èπ ®÷ßÕ“®‡°‘¥ªí≠À“§â“ß™”√–‡ß‘π¥“«πåÀ√◊Õ‰¡à¡’‡ß‘π ”À√—∫°“√™”√–ß«¥ ÿ¥∑â“¬‡æ◊ËÕ√—∫‚Õπ∫â“π àßº≈„ÀâÀ≈“¬Ê ‚§√ß°“√∑’Ë‰¡à¡’‡ß‘π∑ÿπ‡æ’¬ßæÕ µâÕßÀ¬ÿ¥°“√°àÕ √â“ß À√◊Õ¡’ªí≠À“ √â“ß‡ √Á®æ√âÕ¡‚Õπ·µà‰¡à “¡“√∂‚Õπ‰¥â‡π◊ËÕß®“°≈Ÿ°§â“‰¡à¡’‡ß‘π‚Õπ®π°àÕ„Àâ‡°‘¥ªí≠À“„π«ß°“√∫â“π ®—¥ √√¡“°æÕ ¡§«√ „πªí®®ÿ∫—π∫√‘…—∑‰¥â‡ª≈’Ë¬ππ‚¬∫“¬®“°‡¥‘¡ §◊Õ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ¥”‡π‘π°“√„Àâ∏π“§“√æ“≥‘™¬åÀ≈“¬·Ààß ´÷Ëß‡ªìπ ºŸæâ ®‘ “√≥“Õπÿ¡µ— ‘ π‘ ‡™◊ÕË „Àâ·°à≈°Ÿ §â“ ¥”‡π‘π°“√æ‘®“√≥“Õπÿ¡µ— ‘ π‘ ‡™◊ÕË ≈à«ßÀπâ“°àÕπ≈Ÿ°§â“‡¢â“∑” —≠≠“´◊ÕÈ ¢“¬∫â“π ∑”„Àâ ∫√‘…∑— ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ¡—Ëπ„®‰¥â«à“≈Ÿ°§â“¡’»—°¬¿“æ·≈–§«“¡æ√âÕ¡„π°“√™”√–√“§“§à“∫â“π Õ’°∑—Èß ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ π”‡Õ“√–∫∫‡ß‘π¥“«πå Escrow ¡“„™â‡ªìπ√“¬·√°„πª√–‡∑»‰∑¬ ‚¥¬„Àâ≈Ÿ°§â“ºàÕπ™”√–‡ß‘π¥“«πå‡¢â“∫—≠™’ Escrow ´÷Ëß ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ®–‰¥â√—∫‡ß‘π ¥“«πå®“°∫—≠™’ Escrow µàÕ‡¡◊ËÕ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ‰¥â √â“ß∫â“π‡ √Á®‡√’¬∫√âÕ¬ ·≈– àß¡Õ∫„Àâ°—∫≈Ÿ°§â“´÷Ëß∑”„Àâ≈Ÿ°§â“∑’Ë´Õ◊È ∫â“π ¡—Ëπ„®‰¥â«à“‡ß‘π∑’Ë®à“¬‡¢â“∫—≠™’ Escrow ‰«â°—∫∏π“§“√®–‰¥â√—∫°“√¥Ÿ·≈Õ¬à“ß¥’ ®π°«à“®–‰¥â√—∫¡Õ∫∫â“π (¢) ‚§√ß°“√∑’Ë‡ªìπÕ“§“√ Ÿß ‚§√ß°“√∑’Ë‡ªìπÕ“§“√ Ÿß¢Õß∫√‘…—∑∑’Ë‡ªî¥¥”‡π‘π°“√·≈â« ∫√‘…—∑‰¥â¡’°“√«à“®â“ß∫√‘…—∑®—¥°“√´÷Ëß¡’™◊ËÕ‡ ’¬ß·≈–¡’√–∫∫°“√ ∑”ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ Ÿß¡“‡ªìπºŸâ∫√‘À“√®—¥°“√Õ“§“√ ‚¥¬∫√‘…—∑®–¡Õ∫À¡“¬„Àâ‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫°“√®—¥°“√‡√◊ËÕßµà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß°—∫ Õ“§“√√«¡∂÷ß°“√„Àâ∫√‘°“√·≈–°“√®—¥‡°Á∫§à“∫√‘°“√·∑π∫√‘…—∑ ”À√—∫Õ“§“√∑’ËÕ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√°àÕ √â“ß ∫√‘…—∑¬—ß‰¡à¡’°“√π” Õ“§“√ÕÕ°„Àâ∫√‘°“√ ®÷ß¬—ß‰¡à¡§’ «“¡‡ ’¬Ë ß‡√◊ÕË ß°“√§â“ß√—∫™”√–‡ß‘π®“°≈Ÿ°§â“ πÕ°®“°π’È ∫√‘…∑— ¬àÕ¬‰¥â¥”‡π‘π°“√„Àâ∏π“§“√æ“≥‘™¬å„πª√–‡∑» „Àâ∫√‘°“√¥â“π√–∫∫‡ß‘π¥“«πå Escrow ‡™àπ‡¥’¬«°—∫‚§√ß°“√∫â“π‡¥’Ë¬« ®“°°“√¥”‡π‘π°“√¥—ß°≈à“« ∫√‘…—∑®÷ß‰¡à¡’§«“¡‡ ’Ë¬ß‡√◊ËÕß°“√§â“ß ™”√–‡ß‘π®“°≈Ÿ°§â“∑’Ë¡’π—¬ ”§—≠

isk Factors

A subsidiary company is established for the purpose of carrying out each new project or new area of the Company’s business, as the Company thinks fit. The subsidiary company will be responsible for the efficient and effective management and operations of the project. Its responsibilities will include requesting financial support from financial institutions, and seeking co-investment with other investors. The Company forms a specialised working team which coordinates with reliable consultants to carry out the necessary studies, research, and analysis of the risk factors relating to that project, and to establish suitable measures to control or alleviate any risks which may occur. A summary of events and consequences of the risk factors involved with the real estate industry, other than those which may occur in the ordinary course of business, are set out below:

1.1 LATE DELIVERY OF FINISHED PRODUCTS The housing projects of the Company’s subsidiries are mostly sold as pre-sale units. After entering into a sales agreement with each customer, the subsidiary company will begin to build the house to the customer’s specifications, and deliver it within 8-10 months. In Thailand, the Company was the first property company to pioneer the use of an escrow account. Subject to the principles of the escrow account, the subsidiary company will receive down-payments from the customers from the escrow account only upon completion of the construction, and delivery of the finished product to the customers. This is to assure the customers that their down-payments are held safety at all times, in the escrow accounts opened with commercial banks, until the delivery of the houses. If the subsidiary company fails to complete the building and deliver the finished product to the customer within the agreed timeframe, that customer may immediately terminate the sales agreement and claim refund of the down-payment kept in the escrow account. In the ordinary course of business, the subsidiary companies usually outsource the construction work. If the contractor fails to perform its obligations under a construction contract with the subsidiary company, the contractor will be liable for damages arising form the delayed work. In an attempt to prevent any delay, the subsidiary company will also hire an engineering consultant to oversee the construction work, and to report on the progress of the work to the subsidiary company from time to time. By following these procedures, the subsidiary companies rarely face difficulties arising from delayed construction work. The Company and its subsidiary companies use the following criteria to select suitable contractors: •

Experience, job background and financial viability

•

Human resources, size/quality of labour force

•

Size of business, in terms of their assets of capital funds

•

Competitiveness on Price

1.2 LEASEHOLD RIGHTS All of the land in the CBD leased by the Company for the construction of its projects is under long-term lease agreements covering a period of 30-50 years. Even though the lease agreements are long-term, the Company has to always keep in mind the conditions relating to leasehold rights, in particular, it is usual that the lessor may terminate the agreement if the Company is in breach, before expiry of the lease term. Thus, the Company always tries to avoid performing any act that is in breach of the lease agreement, which may give rise to the termination of the agreement, or a fine. Additionally, as specified in the lease agreements, the construction work is usually due for completion within 3-5 years. Failure to meet the specified timetable may cause the Company to carry a substantial burden of increased costs and expenses related to such projects. For example, in respect of the Polo Park Project (a project involving rental properties operated by the Golden Land Fund II), in the event of delayed construction work, the rental fee increases to an amount equal to two times the current rate. This area is still awaiting a favourable zoning change as part of the revised Bangkok Metropolitan Authority Master Plan, and the lessee is in negotiations with the lesser to extend the construction period in order to protect the company against the violation of the lease contract.

1.3 EVENTS OF DEFAULT CONCERNING FINANCIAL COVENANTS IN RESPECT OF DEBENTURES On 9th October, 2002, the Company issued secured and unsubordinated amortising debentures with a trustee worth Baht 1,100,000,000 due 2005, at the interest rate of 4.95% per annum. This debenture was redeemed in October 2005.

On 20th August, 2003, the Company again issued secured and unsubordinated amortising debentures with a trustee worth Baht 1,100,000,000 due 2008, at the interest rate of 3.20% per annum. Under the terms and conditions governing both debentures, the Company is required to maintain a maximum ratio of Debt to Equity as set out in the consolidated financial statements of 1.5:1 as of the end of each quarter of the accounting period. “Debt”

means all liabilities as shown in the consolidated financial statements including financial obligations/commitments and all contingent liabilities that may incur from any guarantee, avals or other similar obligations given by the Company. However, Debt will not include (i) all deposits from customers, (ii) all accrued expenses other than accrued interest, (iii) trade creditors and (iv) guarantee obligations of the Company for the purpose of securing the liabilities of the subsidiaries, to the extent that those liabilities have been shown in the consolidated financial statements.

“Equity” means shareholders’ equity of the Company as shown in the consolidated financial statements (including all issued share capital, share premium and retained earnings). Currently, the required ratio of liability still conforms to the terms and conditions of the debentures. If, upon the assessment of the Company’s assets in the future, the assessment value of any assets is lower than their book value, the Company will be obligated to set aside a reserve for the loss on those assets. On the other hand, in the event that the assessment value is higher than the book value, such assessment value connot be applied to reduce the projected loss. At result, the Company may have a retained loss on depreciation of assets as a result of the assessment, thereby decreasing the shareholders’ equity and affecting the ratio of Debt to Equity. Under these circumstances, if the maximum ratio of 1.5:1 is breached, the debenture holders are entitled to immediately claim for repayment of the principal amount of all debentures which have become due, together with interest. The Debt Ratio as of December 31, 2005 was 0.97.

1.4 FINANCIAL OBLIGATIONS OWED TO FINANCIAL INSTITUTIONS Financial institutions have supplied the Company and its subsidiary companies with total loans of Baht 5,268 million. The loans serve as working capital for existing projects. These loan agreements have terms of 4-5 years. Failure to repay debts within the timeframe would give rise to the seizure of the Company’s assets placed as security and materially affect the ongoing operations of the Company’s projects, including the Company’s operating results. The Company has begun to realise the income derived from sales of housing projects, rental fees and other related service charges. As a result, the Company is in a position to repay the loans on time. Company

Outstanding loans

Nature of loan and

(Million Baht)

payment conditions

Security

Working loans for the operation of the Company’s ongoing projects: 1,100

5-year secured and unsubordinated

Land and buildings of Mayfair Marriott

amortising debentures with trustees

Executive Apartment Project

260

Loan in the form of bills of exchange

110

5-year loan in the form of promissory notes

700

3-year loan from Siam commercial Bank PCL.

Land and buiding of Inchcape Land of Voyage, Prachuab, Chiengrai

14 United Homes Co., Ltd.

368

Overdraft facility from Bangkok Bank PLC.

Loan borrowed by for Golden Nakara Project

Land of the Golden Nakara Project

from Siam City Bank PLC. 169

Loan borrowed by the Golden Legend Project Land of the Golden Legend Project from Asia Bank PLC.

863

Loan borrowed by the Golden Heritage Project Land of the Golden Heritage Project from Siam City Bank PLC.

Company

Outstanding loans

Nature of loan and

(Million Baht)

payment conditions

568

Security

Loan borrowed by the Grand Monaco Project

Land of the Grand Monaco Project

from Kasikorn Bank PLC. 153

Loan borrowed by the Rama II Project

Land of the Rama II Project

from Bank Thai PLC. Ritz Village Co.,Ltd.

Loan borrowed by the Golden Nakara Project

Land of the Golden Nakara Project

from Siam City Bank PLC. Sathorn Subsin Co.,Ltd. Total

900

9-year loan

Building of The Ascott Sathorn / Sky Villas Project

5,268

1.5 GUARANTEE (a) Sathorn Supsin Co., Ltd. The Company has provided a guarantee for various loans to Sathorn Supsin Co., Ltd. a subsidiary company in which the company holds 60% of the registered capital, in the amount of Baht 500 million. The project involving Sathorn Supsin Co., Ltd. is The Ascott Sathorn Bangkok Project which is combination of a luxury serviced apartments and sky villa apartments for sale on a long term lease, located on South Sathorn Road. The construction of this project has been completed in 2004 and it has been operational since May 2004. The Company strongly believes that luxury serviced apartments located in the CBD will provide Sathorn Supsin co., Ltd. with the necessary capacity to repay the loan to the Bank from sales proceeds and rental income from the property.

(b) United Homes Co., Ltd. The Company has provided a guarantee for various loans to United Homes Co., Ltd., a wholly-owned subsidiary company with registered capital of Baht 50 Million. Originally the total loans granted by the financial institution amounted to Baht 4,357 million. Now a total amount of Baht 1,648 million in loans remains outstanding is under the guarantee. These loans have been used for the development of United Homes Co., Ltd. housing projects, namely Golden Legend, Golden Heritage, Golden Nakara and Grand Monaco.

(C) Ritz Village Co., Ltd. The company has provided a guarantee for various loans to Ritz Village Co., Ltd., a wholly-owned subsidiary company with registered capital of Baht 1 million. Total loans granted by the financial institution amounted to Baht 354 million. Now a total amount of Baht 79 million remains outstanding under the guarantee. These loans hare been used for the development of housing projects such as Golden Nakara The guarantee provided by the Company covers the total amount of the loans. If United Homes Co., Ltd. and Ritz Village Co.,Ltd. are in default of payments, the Company may be liable under the guarantee for a sum equal to the guaranteed amount. However the Company believes that United Homes Co., Ltd. and Ritz Village Co.,Ltd. have the ability to complete the construction and sale of its projects within the required timeframe. It is unlikely that any delayed construction would affect United Homes Co., Ltd.’s capacity to repay the loans.

1.6 DILUTION EFFECT When the Company issued 70.45 million units of warrants, 30 million units were allotted to institutional investors and the remaining 40.45 million units were apportioned among the Company’s directors and employees. Accordingly 79 million shares would be issued to accommodate the exercise of warrants. If the warrants are exercised 100% to purchase all shares reserved, a dilution effect may arise, with the result that the shareholding percentage may decrease by 10.06%. However, the severity of dilution would depend on how many warrants were exercised. As at 31st December 2005, the remaining outstanding warrants of directors and employees are 2.4 million warrants.

1.7 COST OF CONSTRUCTION MATERIALS (a) Detached housing projects The detached housing projects operated by United Homes Co., Ltd., a wholly-owned subsidiary of the Company, have been selling well in the merket. After entering into sales agreements with the customers, United Homes Co., Ltd. would carry out the construction of the detached houses in the subsequent 8-10 months. In an attempt to hedge against fluctuations in construction material costs, United Homes Co., Ltd. chooses to develop and sell the projects in phases, so that they can more accurately evaluate the cost of construction materials before determining the selling price of the finished units. Regarding the construction work, United Homes Co., Ltd. contracls with reputable contractors on a fixed price basis. Under these agreements, the construction fees and cost of construction materials are fixed, and any risks concerning the cost of construction materials are minimized.

(b) High-rise building projects Construction of the company’s high-rise buildings is procured using a fixed price lump sum contract with the main contractor which fixes the price of construction materials and labour for the duration of the contract and thereby eliminates the risks associated with any price fluctuations.

1.8 DEFAULTED PAYMENTS BY CUSTOMERS (a) Detached housing projects To sell a detached house, market practice is that customers to pay the price of the house in 8-10 installments. The final installment usually coincides with the completion of the house construction, when the house is ready for transfer. However, the problem that frequently occurred in the past was that sometimes the final installments were not paid. These non-payments meant that the companies either had to suspend the construction, or face the problem of failure to transfer the house. This has been a common problem of the housing projects. Presently, United Homes Co.,Ltd. has changed its policy in relation to house payment collections. United Homes Co., Ltd. would ask commercial banks to pre-approve customers before the customers enter into sales agreements with United Homes Co., Ltd. This process assures United Homes Co., Ltd. of the customers’ capacity to pay for the finished units. Subject to the principles of the escrow accounts, United Homes would receive payment in full from the escrow account only upon the completion and delivery of the finished units to the customers. Therefore, customers can be confident that their down-payments are safely held by the commercial banks in the escrow accounts, until the delivery of the finished units.

(b) High-rise building projects The Company has engaged leading management companies, which use highly efficient working systems, to manage the Company’s high-rise building projects which have been completed. The Company has designated such management companies to manage various matters relating to the buildings, including providing services and collecting services fees on behalf of the Company. Additionally, the subsidiary companies have asked local commercial banks to provide escrow accounts, which will operate in the same way as those used in the detached housing projects. Therefore, the Company is not at risk of any material payment defaults by custormers.

√ “ ¬ ° “ √√–À«à“ß°—π 1. √“¬°“√√–À«à“ß∫√‘…∑— °—∫∫√‘…∑— „π‡§√◊Õ ß∫°“√‡ß‘π√«¡ 2548 2547

≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ∫√‘…—∑ «Õ§‡°Õ√å ‚Œ¡ å ®”°—¥ ∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ √«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ √«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≈Ÿ°Àπ’ÕÈ πË◊ °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ “∏√∑Õß ®”°—¥ √«¡ ‡ß‘π„Àâ°¬âŸ ¡◊ ·≈–‡ß‘π∑¥√Õß·°à°®‘ °“√ ∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß√—∫) ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ∫â“π©“ß‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

2,140,082,000 27,000,000 87,862,000 1,284,000 19,260,000 2,275,488,000 (11,808,685) 2,263,679,315

1,827,000,000 27,000,000 38,000,000 2,568,000 17,334,000 1,911,902,000 (26,401,332) 1,885,500,668

67,426,168 67,426,168

279,125,194 204,878,795

∫√‘…—∑ ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥

72,412 838,664,185

∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å ‚ª‚≈ ®”°—¥

1,516,535 106,191,128

∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (√’‡∑≈) ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (π‘™¥“∏“π’) ®”°—¥ ∫√‘…—∑ ‡Õ .Õ“√å.Õ’.‡Õø. (·¡‡π‡®Õ√å) ®”°—¥ ∫√‘…—∑ “∏√∑Õß ®”°—¥ ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ∫√‘…—∑ «Õ§‡°Õ√å ‚Œ¡ å ®”°—¥

14,747,355 2,386,663 1,337 19,199,823 631,151,308 141,105,040

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

284,023,316 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 744,444,261 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547: §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ √âÕ¬≈– 3.2-4.25 µàÕªï) 72,112 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 923,212,793 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547: §‘¥¥Õ°‡∫’È¬‡©æ“– ‡ß‘π°Ÿâ∑’Ë‡∫‘°‡æ‘Ë¡µ—Èß·µàªï 2546 „πÕ—µ√“√âÕ¬≈– 3.2-3.95 µàÕªï) 1,516,535 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 99,482,663 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”) 14,747,055 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 2,386,363 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 1,037 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 19,199,373 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 1,034,001,295 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” 135,622,795 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬)

ß∫°“√‡ß‘π√«¡ 2548 2547

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥

426,731,100

∫√‘…—∑ ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬ ¢Õß∫√‘…—∑¬àÕ¬) √«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ √«¡ ∫√‘…∑— √à«¡ ∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥

35,600 353,507

9,201,630 - 2,675,361,612 - (206,907,833) - 2,468,453,779

70,256,049

∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬ ¢Õß∫√‘…—∑¬àÕ¬) √«¡ 70,256,049 À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (25,000,000) √«¡ 45,256,049 ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ 375,775 √«¡ 375,775 √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ 45,631,824 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’°È ®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ ®”°—¥ √«¡ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®“° °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß®à“¬) ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ “∏√∑Õß ®”°—¥ -

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

413,820,512 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547: §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”) 35,600 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 165,507 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬

- ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 3,672,731,217 (177,565,592) 3,495,165,625

70,202,370

49,508,935

49,455,257 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”)

97,251,629 167,453,999 (25,000,000) 142,453,999

49,508,935 (17,000,000) 32,508,935

9,200,471 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 58,655,728 (17,000,000) 41,655,728

656,498 656,498

58,902 58,902

58,902 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 58,902

143,110,497 2,568,447,784

74,172,901 3,000,000 2,922,552 69,798 80,165,251

305,367,102 63,475,745

3,604,306,423

57,072,077 3,000,000 3,904,427 63,976,504

310,477,987 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 65,709,485 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : Õ—µ√“¥Õ°‡∫’È¬ ‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”)

ß∫°“√‡ß‘π√«¡ 2548 2547

∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ √«¡ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊Ëπ √«¡ ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π

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

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

32,546,900 160,000,000 4,950,000 566,339,747

55,546,900 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ - ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ - ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 431,734,372

110,000,000

467,510 467,510 170,000,000

110,000,000

- ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 170,000,000 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡ ¢—ÈπµË” ·µà‰¡à‡°‘π √âÕ¬≈– 15 µàÕªï

(60,000,00) 50,000,000

(60,000,000) 110,000,000

(60,000,000) 50,000,000

(60,000,000) 110,000,000

50,000,000

110,467,510

696,504,998

605,710,876

2. §«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π §≥–°√√¡°“√µ√«® Õ∫‰¥âæ‘®“√≥“‡¢â“∑”√“¬°“√√–À«à“ß°—π¥—ß°≈à“« ·≈–¡’§«“¡‡ÀÁπ«à“°“√∑”√“¬°“√√–À«à“ß°—π¡’§«“¡®”‡ªìπ ·≈– §«“¡ ¡‡Àµÿ ¡º≈„π°“√∑”√“¬°“√ ‡æ◊ËÕ°àÕ„Àâ‡°‘¥ ¿“æ§≈àÕß·≈–ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑ ‚¥¬§≥–°√√¡°“√µ√«® Õ∫‰¥â„Àâ§«“¡‡ÀÁπ«à“ ∫√‘…—∑‰¥â√—∫™”√–Õ—µ√“¥Õ°‡∫’È¬‰¡àπâÕ¬°«à“Õ—µ√“°Ÿâ¬◊¡¢—ÈπµË”¢Õß∏π“§“√æ“≥‘™¬å ·≈–∫√‘…—∑™”√–‡ß‘π°Ÿâ„π‡ß◊ËÕπ‰¢·≈–Õ—µ√“¥Õ°‡∫’È¬¢—ÈπµË”°«à“ Õ—µ√“°Ÿâ¬◊¡¢—ÈπµË”¢Õß∏π“§“√æ“≥‘™¬å ´÷ËßÕ—µ√“¥Õ°‡∫’È¬¥—ß°≈à“« ¡‡Àµÿ ¡º≈„π°“√∑’Ë∫√‘…—∑‡¢â“∑”√“¬°“√¥—ß°≈à“« ‡π◊ËÕß®“°∫√‘…—∑‰¥â√—∫ §à“µÕ∫·∑π„π√“§“¬ÿµ‘∏√√¡ ·≈–‰¡à∑”„Àâ∫√‘…—∑‡ ’¬ª√–‚¬™πå·µàÕ¬à“ß„¥

3. ¡“µ√°“√/¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π ∫√‘…—∑œ ®–ªØ‘∫—µ‘µ“¡¢âÕ∫—ß§—∫ ª√–°“» §” —Ëß À√◊Õ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ √«¡∂÷ß°“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥ ‡°’Ë¬«°—∫°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°“√√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–°“√‰¥â¡“À√◊Õ®”Àπà“¬‰ª´÷Ëß ‘π∑√—æ¬å∑’Ë ”§—≠¢Õß∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ „π°“√æ‘®“√≥“√–¥—∫§≥–°√√¡°“√ À“°°√√¡°“√¡’ à«π‡°’Ë¬«¢âÕß °√√¡°“√∑’Ë¡’ à«π‰¥â‡ ’¬®–ß¥ÕÕ°‡ ’¬ß„π¡µ‘¥—ß°≈à“« ∂â“√“¬°“√¥—ß °≈à“«¡’¡≈Ÿ §à“µ“¡°Æ‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑®–π”¡µ‘§≥–°√√¡°“√‡ πÕµàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘ ‚¥¬∫√‘…∑— œ ®–¥”‡π‘π°“√„Àâ∑ª’Ë √÷°…“∑“ß°“√‡ß‘π„Àâ§«“¡‡ÀÁπ™Õ∫‡°’¬Ë «°—∫§«“¡¬ÿµ∏‘ √√¡ ·≈–§«“¡ ¡‡Àµÿ ¡º≈„π°“√‡¢â“∑”√“¬°“√¥—ß°≈à“« ·≈–®–·®âß‰«â„πÀπ—ß ◊Õπ—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ∂÷ß√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ´÷Ëß¡’ à«π‰¥â‡ ’¬∑’Ë‰¡à¡’ ‘∑∏‘„π°“√ÕÕ°‡ ’¬ß≈ß§–·ππ

4. π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π ∫√‘…—∑œ ®–„Àâ§≥–°√√¡°“√µ√«® Õ∫ À√◊ÕºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ À√◊ÕºŸâ‡™’Ë¬«™“≠Õ‘ √– æ‘®“√≥“µ√«® Õ∫ ·≈–„Àâ§«“¡‡ÀÁπ∂÷ß§«“¡ ‡À¡“– ¡ ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√¥—ß°≈à“« ‚¥¬®–¡’°“√°”Àπ¥‡ß◊ËÕπ‰¢µà“ßÊ „Àâ‡ªìπ‰ªµ“¡≈—°…≥–°“√¥”‡π‘π°“√§â“ µ“¡ª°µ‘„π√“§“µ≈“¥ ´÷Ëß “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â°—∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈¿“¬πÕ° √“¬°“√√–À«à“ß°—π∑’ÕË “®‡°‘¥¢÷πÈ „πÕπ“§µπ—πÈ §≥–°√√¡°“√®–ªØ‘∫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‡°’Ë¬«°—∫°“√‡ªî¥‡º¬ ¢âÕ¡Ÿ≈°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–°“√‰¥â¡“À√◊Õ®”Àπà“¬‰ª´÷Ëß ‘π∑√—æ¬å∑’Ë ”§—≠¢Õß∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬

ransaction betweem the company and its subsidiaries (Unit : Baht) CONSOLIDATED

THE COMPANY ONLY

2005

2004

2005

2,140,082,000 27,000,000 87,862,000 1,284,000 19,260,000 2,275,488,000 (11,808,685) 2,263,679,315

1,827,000,000 27,000,000 38,000,000 2,568,000 17,334,000 1,911,902,000 (26,401,332) 1,885,500,668

67,426,168 67,426,168

279,125,194 204,878,795

284,023,316 744,444,261

INTEREST POLICY

2004

Amount due from related parties Subsidiaries United Homes Co., Ltd. Walker Homes Co., Ltd. Ritz Village Co., Ltd. Golden Property Services Co., Ltd. Sathorn Supsin Co., Ltd. Total Less : Allowance for doubtful accounts Total amounts due from related parties - net Long-term loans to related parties Other receivable from related parties Subsidiary Sathorn Thong Co., Ltd. Total Loans and advances to related parties (including interest receivable) Subsidiaries Baan Chang Estate Co., Ltd. United Homes Co., Ltd.

No interest charge No interest charge, (2004 : interest is charged at the rate of 3.2-4.25 percent per annum)

Golden Land Development Co., Ltd. Golden Land (Mayfair) Co., Ltd

72,412 838,664,185

72,112 923,212,793

No interest change No interest charge (2004 : for an additional drawn-down since 2003, on which interest is charged at the rate of 3.2-3.95 percent per annum)

Ritz Village Co., Ltd. Golden Land Polo Co., Ltd.

1,516,535 106,191,128

1,516,535 99,482,663

No interest change

14,747,355 2,386,663

14,747,055 2,386,363

No interest charge

Average Loan Rate (2004 : Minimum Loan Rate)

Golden Land (Retail) Co., Ltd. Golden Land (Nichada Thani) Co., Ltd.

Average Loan Rate (2004 : Minimun Loan Rate)

S.R.E.F (Manager) Co., Ltd. Sathorn Thong Co., Ltd.

1,337 19,199,823

1,037 19,199,373

No interest charge No interest charge

(Unit : Baht) CONSOLIDATED

Sathorn Supsin Co., Ltd. Walker Homes Co., Ltd.

THE COMPANY ONLY

2005

2004

2005

631,151,308 141,105,040

INTEREST POLICY

2004

1,034,001,295 135,622,795

Minimum Loan Rate Average Loan Rate (2004 : No interest chage)

North Sathorn Realty Co., Ltd.

426,731,100

413,820,512

No interest charge (2004 : Minimum Loan Rate)

Grand Paradise Property Co., Ltd.

Golden Habitation Co., Ltd. MSGL Property Co., Ltd.

35,600 353,507 9,201,630

35,600 165,507 -

2,675,361,612 (206,907,833) 2,468,453,779

3,672,731,217 (177,565,592) 3,495,165,625

49,508,935

49,455,257

No interest charge No interest charge No interest charge

(Changed to a subsidiary of a subsidiary in 2005) Total

Less : Allowance for doubtful accounts Total Associated companies Baan Jearanai Co., Ltd.

70,256,049

70,202,370

No interest charge

(2004 : Minimum Loan Rate) MSGL Property Co., Ltd. (Changed to a subsidiary of a subidiary in 2005) Total Less : Allowance for doubtful accounts Total

9,200,471 No interest charge 58,655,728 (17,000,000) 41,655,728

70,256,049 (25,000,000) 45,256,049

97,251,629 167,453,999 (25,000,000) 142,453,999

49,508,935 (17,000,000) 32,508,935

375,775 375,775

656,498 656,498

58,902 58,902

143,110,497 2,568,447,784

3,604,306,423

Related companies Others Total

No interest charge

Total long-term loans to related parties - net

45,631,824

Long-term loans from related parties Amounts due to related parties Subsidiaries Narayana Pavilion Co., Ltd. Golden Land (Mayfair) Co., Ltd. Sathorn Supsin Co., Ltd. Golden Property Services Co., Ltd. Total

74,172,901 3,000,000 2,922,552 69,798 80,165,251

57,072,077 3,000,000 3,904,427 63,976,504

305,367,102

310,477,987

Long-term loans and advances from related parties (including interest payable) Subsidiaries Narayana Pavilion Co., Ltd.

No interest charge

(Unit : Baht) CONSOLIDATED

Sathorn Thong Co., Ltd.

THE COMPANY ONLY

2005

2004

2005

63,475,745

INTEREST POLICY

2004

65,709,485

Average Loan Rate (2004 : Minimun Loan Rate)

32,546,900 160,000,000 4,950,000 566,339,747

55,546,900 431,734,372

No interest charge

110,000,000

467,510 467,510 170,000,000

110,000,000

170,000,000

No interest charge

Ritz Village Co.,Ltd. North Sathorn Realty Co.,Ltd. Golden Habitation Co.,Ltd. Total

No interest charge No interest charge

Related companies Others Total Related person

Minimum Loan Rate but not exceeding 15 percent per annum

Less : Current portion of long-term loan (60,000,00) Total

50,000,000

(60,000,000) 110,000,000

(60,000,000) 50,000,000

(60,000,000) 110,000,000

50,000,000

110,467,510

696,504,998

605,710,876

Total long-term loans from related parties

2. OPINIONS OF AUDIT COMMITTEE ON RELATED TRANSACTIONS The Audit Committee reviewed the transactions and were of the opinion that it is necessary and reasonable or the Company to enter into the related transactions which are beneficial to the Company. The Company has earned interest at the rate of not less that MIR. The Company is obligated to repay the loans, on conditions and at the reasonable rate of interest no less favourable than those offered by commercial banks. according, the Company has received reasonable consideration and the Company’s benefits and interest are not prejudice.

3. MEASURES/PROCEDURES FOR APPROVING RELATED TRANSACTIONS The Company will comply with all applicable regulations notifications order requirements of the Stock Exchange of Thailand, including the information disclosure requirements in relation to connected transactions and acquisition or disposal of substantial assets of the Company, riots subsidiaries. At the Board’s meeting if a director has any interest in the transaction, that director will not cast a vote on that resolution. It the value of the transaction reaches the statutory threshold under the regulations at the Stock Exchange of Thailand, the Company will propose the value to the shareholders’ meeting for approval. Additionally the Company will procure a financial adviser to give opinion on the fairness and reasonableness of the transaction and will notify the names of the interest shareholders who are not entitled to cast a vote, in the notice of the shareholder’s meeting.

4. POLICIES OR TRENDS IN RELATION TO CONNECTED TRANSACTIONS The Company will request the Audit committee, or the Company’s auditors, or an independent expert to examine and give opinion on the fairness and reasonableness of the related transactions. The transactors will be in the ordinary course of business, and arm’s linguistic The Company will comply with the securities and exchange law, notification, orders or any other rules of the Stock Exchange of Thailand, including the disclosure requirements in relation to connected transactions and acquisitor or disposal of substantial assets of the Company its subsidiaries.

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(¥√. ∫ÿ≠‡ √‘¡ «’ °ÿ≈) ª√–∏“π°√√¡°“√µ√«® Õ∫

udit Committee’s Report for 2005 The Audit Committee of Golden Land Property Development Public Company Limited, consists 3

independent directors: Dr. Boonserm Weesakul is committee chairman, Prof. Krisda Arunvongse and Pol. Sub. Lt. Kriengsak Lohachala are committee members. In the year 2005, the Audit Committee had meetings to fulfill its role and responsibilities in oversight of the financial reporting practices in order that the company’s Financial reports are sufficient and fairly presented, in oversight of the internal control system in order that the system is adequate and efficient and in oversight of transactions that might cause conflict of interest, the assessment of risk in order that management of risk is suitable, adequate and efficient. The Audit Committee asked further information and discussed process of the company financial reports. The Audit Committee is of the opinion that the company annual financial reports for the year 2005 as fairly presented and no transactions are found that might materially affect the financial reports. The Audit Committee has considered and proposed to the Board of Directors that the KPMG Phoomchai Audit Ltd. be appointed as the Company’s auditors for the fiscal year 2006 at the forthcoming annual general meeting of shareholders.

(Dr. Boonserm Weesakul) Chairman of the Audit Committee

√ “ ¬ ß “ πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡ πÕµàÕºŸâ∂◊ÕÀÿâπ·≈–§≥–°√√¡°“√¢Õß ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï πÈ‘ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…∑— ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµÈ’ ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈– ∫√‘…—∑¬àÕ¬ ·≈–‰¥âµ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷Ëß ºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß §«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ‰¥â §«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫ À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â ·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ´÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√ · ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡ ‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“– ¢Õß∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬¡‘‰¥â‡ªìπ°“√· ¥ß§«“¡‡ÀÁπÕ¬à“ß¡’‡ß◊ËÕπ‰¢µàÕß∫°“√‡ß‘π¢â“ßµâπ ¢â“æ‡®â“¢Õ„Àâ —ß‡°µ‡°’Ë¬«°—∫§«“¡‰¡à·πàπÕπ·≈–‡Àµÿ°“√≥åµà“ßÊ ¥—ßµàÕ‰ªπ’È :°) µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 13 °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·ÀàßÀπ÷Ëß ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ¡’ ç ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“é ´÷Ëß¡’¡Ÿ≈§à“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 781 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑¬àÕ¬ ¡’‚§√ß°“√®–æ—≤π“‡æ◊ÕË °“√æ“≥‘™¬å Õ¬à“ß‰√°Áµ“¡‰¥â¡°’ “√‡≈◊ÕË πª√–°“»°“√„™âºß— ‡¡◊Õß„À¡à¢Õß°√ÿß‡∑æ¡À“π§√ ´÷ßË ¬—ß‰¡à∑√“∫º≈ √ÿª„π¢≥–π’È ‡Àµÿ°“√≥åπ’È®÷ßÕ“®¡’º≈°√–∑∫µàÕ¡Ÿ≈§à“∑’Ë®–‰¥â√—∫§◊π„πÕπ“§µ¢Õß ‘π∑√—æ¬å¥—ß°≈à“« ¢) µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 11 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠´÷Ëß à«π„À≠à‡°’Ë¬«‡π◊ËÕß°—∫°“√ ∫√‘°“√·≈–°“√„Àâ°Ÿâ¬◊¡‡ß‘π·≈–‡ß‘π∑¥√Õß®à“¬°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·≈–∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π √“¬°“√∏ÿ√°‘®¥—ß°≈à“« ‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢·≈–‡°≥±å∑’Ëµ°≈ß√à«¡°—π√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬°—∫∫ÿ§§≈·≈–∫√‘…—∑‡À≈à“π—Èπ

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

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿß‡∑æœ : 28 °ÿ¡¿“æ—π∏å 2549

eport of Independent Auditor

TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF GOLDEN LAND PROPERTY DEVELOPMENT PUBLIC COMPANY LIMITED I have audited the accompanying consolidated balance sheets of Golden Land Property Development Public Company Limited and its subsidiaries as at 31 December 2005 and 2004, and the related consolidated statements of earnings, changes in shareholders’ equity and cash flows for the years then ended, and the separate financial statements of Golden Land Property Development Public Company Limited for the same periods. These financial statements are the responsibility of the Company’s management 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 positions of Golden Land Property Development Public Company Limited and its subsidiaries and of Golden Land Property Development Public Company Limited as at 31 December 2005 and 2004, the results of their operations and cash flows for the years then ended in accordance with generally accepted accounting principles. Without qualifying my opinion on the above financial statements, I draw attention to the uncertainties and the following matters :a) As described in Note 13 to the financial statements, a property fund, which is a subsidiary, and another subsidiary have “Leasehold land held for future development” with book values of Baht 781 million as at 31 December 2005, which the subsidiaries plan to develop as commercial projects. However, the announcement of the new city plan for Bangkok has been postponed and the outcomes is not yet known. This could affect the future recoverable value of these assets. b) As described in Note 11 to the financial statements, the Company and its subsidiaries had significant business transactions with its subsidiaries, associated and related companies and related person, principally relating to the provision of services, loans and advances. Such transactions have been concluded on the terms and basis agreed between these parties.

Thipawan Nananuwat Certified Public Accountant (Thailand) No. 3459

Ernst & Young Office Limited Bangkok : 28 February 2006

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

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

À¡“¬‡Àµÿ

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

ß∫°“√‡ß‘π√«¡ 2548 2547

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

4 5.1 6

426,323,393 1,001,282,998 994,722,852

495,966,018 747,422,685 1,447,789,868

24,190,361 3,104,930

17,270,515 11,406,808

2,682,411,381

2,078,816,478

17,041,971 29,565,237 92,472,414 51,560,965 1,770,399 7,235,176 50,987,184 61,016,239 82,322,820 229,326,765 5,187,063,444 4,999,321,814

1,770,399 1,208,526 2,978,925 30,274,216

51,560,965 7,235,176 6,653,084 65,449,225 94,126,548

5.2

95,966,591

112,118,532

8,018,773

22,181,816

8 9 10

55,163,949 55,163,949 45,631,824 747,857,750 3,726,194,970 3,438,925,930 135,008,999

774,402,636 774,402,636 143,110,497 755,452,122 3,529,633,277 3,474,618,588 141,101,159

2,414,811,669 55,163,949 2,469,975,618 2,263,679,315 2,568,447,784 558,022,298 269,808,079 779,844,479 97,798,757

1,798,851,875 774,402,636 2,573,254,511 1,885,500,668 3,604,306,423 558,022,298 298,305,831 787,246,589 102,103,917

16,394,989 12,396,766 16,394,989 16 58,847,163 63,995,010 210,001 75,242,152 76,391,776 16,604,990 8,319,992,165 9,006,828,587 9,032,200,093 13,507,055,609 14,006,150,401 9,062,474,309

12,396,766 200,001 12,596,767 9,843,518,820 9,937,645,368

11 11 12 13 14 15

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

ß ∫ ¥ÿ ≈

À¡“¬‡Àµÿ

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ∂“∫—π°“√‡ß‘π °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àÿâπ°Ÿâ∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ¥Õ°‡∫’È¬§â“ß®à“¬ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“ ‡ß‘πª√–°—πº≈ß“π§â“ß®à“¬ §à“„™â®à“¬§â“ß®à“¬ ¿“…’¢“¬§â“ß®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§â“ß®à“¬ Õ◊Ëπ Ê √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ∂“∫—π°“√‡ß‘π °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àÿâπ°Ÿâ - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡®â“Àπ’È§à“Àÿâπ - ∫√‘…—∑¬àÕ¬ ¥Õ°‡∫’È¬§â“ß®à“¬√–¬–¬“« º≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ”√Õß§à“„™â®à“¬®“°º≈¢Õß§¥’§«“¡ Õ◊Ëπ Ê

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

273,648,248 234,765,455

859,361,261 246,007,652

273,648,248 473,285

859,361,261 6,049,442

19 11 20 18

1,641,000,000 60,000,000 396,000,000 334,960,036

644,507,945 60,000,000 803,000,000 635,416,473

300,000,000 60,000,000 396,000,000 -

104,507,945 60,000,000 803,000,000 -

73,465,049 55,785,212 8,086,849 24 1,164,161,465 387,031,963 95,720,522 112,445,432 198,095 54,679,895 41,298,568 11,143,332 154,126,648 130,730,955 148,952,299 36,416,057 156,183,726 16,393,187 151,466,217 90,509,415 12,912,929 1,730,035,853 973,985,271 197,686,691 4,670,409,592 4,222,278,602 1,227,808,224

17,034,012 198,095 2,383,332 125,556,606 67,664,072 13,052,208 225,888,325 2,058,806,973

19 11 20

2,141,185,000 50,000,000 704,000,000

400,000,000 696,504,998 704,000,000

605,710,876 1,100,000,000

21 19 8 31

152,999,890 53,000,000 38,031,220 166,000,000 166,000,000 3,620,794 10,095,543 1,197,462 169,620,794 63,095,543 358,228,572 3,064,805,794 3,713,394,931 2,158,733,570 7,735,215,386 7,935,673,533 3,386,541,794

162,999,890 24,012,932 7,672,212 194,685,034 1,900,395,910 3,959,202,883

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È 86

ß∫°“√‡ß‘π√«¡ 2548 2547

2,439,831,878 110,467,510 1,100,000,000

ß ∫ ¥ÿ ≈

À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 708,782,069 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ∑ÿπÕÕ°®”Àπà“¬·≈–‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« Àÿâπ “¡—≠ 630,082,069 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ “¡—≠ °”‰√ (¢“¥∑ÿπ) – ¡ ®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ (¢“¥∑ÿπ – ¡) √«¡ 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

ß∫°“√‡ß‘π√«¡ 2548 2547

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

7,087,820,690

6,300,820,690 (505,787,876)

24,033,280 (143,133,579) 5,675,932,515 95,907,708

24,033,280 159,376,391 5,978,442,485 92,034,383

24,033,280 (143,133,579) 5,675,932,515 -

24,033,280 159,376,391 5,978,442,485 -

5,771,840,223

6,070,476,868 5,675,932,515

5,978,442,485

13,507,055,609 14,006,150,401 9,062,474,309

9,937,645,368

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

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

À¡“¬‡Àµÿ

√“¬‰¥â √“¬‰¥â®“°°“√¢“¬Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π√Õ°“√æ—≤π“ √“¬‰¥â®“°°“√„Àâ‡™à“·≈–∫√‘°“√ √“¬‰¥â®“°°‘®°“√ π“¡°Õ≈åø à«π·∫àßº≈°”‰√ (¢“¥∑ÿπ) ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ √“¬‰¥âÕ◊Ëπ √“¬‰¥â§à“°“√®—¥°“√ ¥Õ°‡∫’È¬√—∫ ‚Õπ°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å Õ◊Ëπ Ê √«¡√“¬‰¥â §à“„™â®“à ¬ µâπ∑ÿπ¢“¬Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ¢“¬∑’Ë¥‘π√Õ°“√æ—≤π“ µâπ∑ÿπ°“√„Àâ‡™à“·≈–∫√‘°“√ µâπ∑ÿπ°‘®°“√ π“¡°Õ≈åø §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬å §à“µÕ∫·∑π°√√¡°“√ §à“„™â®à“¬®“°º≈¢Õß§¥’§«“¡ √«¡§à“„™â®à“¬ °”‰√ (¢“¥∑ÿπ) °àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√ (¢“¥∑ÿπ) °àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢“¥∑ÿπ (°”‰√) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªï °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ) °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ)

2,255,464,782 366,570,799 22,674,317 10,128,021

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

3,524,168,295 237,000,000 230,601,758 23,532,253 (7,423,236)

20,633,676 22,674,317 (95,212,023)

237,000,000 36,480,237 23,532,253 87,189,562

658,669 7,424,624 11,127,878 43,000,000 11 59,676,806 73,044,983 67,760,099 127,172,861 2,722,598,018 4,135,051,931

344,401,399 55,470,284 28,412,312 428,283,995 376,379,965

452,050,321 109,019,540 43,000,000 27,841,113 631,910,974 1,016,113,026

1,343,861,877 2,176,417,818 88,819,605 215,467,775 160,436,706 5,792,196 22,249,394 842,083,602 848,190,951 156,421,127 7,315,000 730,000 330,000 166,000,000 2,730,356,577 3,303,759,474 (7,758,559) 831,292,457 (261,739,150) (255,131,593) (86,736,517) (219,448,347) (356,234,226) 356,712,517 53,724,256 (3,667,635) (302,509,970) 353,044,882

15,525,401 5,792,195 266,695,480 83,420,149 730,000 166,000,000 538,163,225 (161,783,260) (110,759,032) (29,967,678) (302,509,970) (302,509,970)

88,819,605 22,311,570 22,249,394 289,270,998 330,000 422,981,567 593,131,459 (141,653,854) (98,432,723) 353,044,882 353,044,882

11 11

9, 10, 13 25 31

27 (0.48) 630,082,069

0.56 630,068,408

(0.48) 630,082,069

0.56 630,068,408

(0.48) 630,082,069

0.56 630,068,408

(0.48) 630,082,069

0.56 630,068,408

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È 88

ß∫°“√‡ß‘π√«¡ 2548 2547

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß ∫ · ¥ ß ° “ √ ‡ ª ≈’Ë ¬ π · ª ≈ ß à « π ¢ Õ ß ºŸâ ∂◊ Õ Àÿâ π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 (Àπà«¬ : ∫“∑)

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 6,298,820,690 ‡æ‘Ë¡∑ÿπ√–À«à“ßªï 2,000,000 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ °”‰√ ÿ∑∏‘∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ØÀ¡“¬‡æ‘Ë¡¢÷Èπ (À¡“¬‡Àµÿ 22) ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547 6,300,820,690 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ ¢“¥∑ÿπ ÿ∑∏‘∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2548 6,300,820,690

à«πµË”°«à“ ¡Ÿ≈§à“Àÿâπ

(505,787,876) (505,787,876) (505,787,876)

ß∫°“√‡ß‘π√«¡ °”‰√(¢“¥∑ÿπ) – ¡ ”√Õß ¬—ß‰¡à‰¥â®—¥ √√ µ“¡°ÆÀ¡“¬ (¢“¥∑ÿπ)

15,644,225 8,389,055 24,033,280 24,033,280

(185,279,436) 353,044,882 (8,389,055) 159,376,391 (302,509,970) (143,133,579)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

√«¡

88,366,608 5,711,764,211 2,000,000 140 140 3,667,635 3,667,635 353,044,882 92,034,383 6,070,476,868 57,597,581 57,597,581 (53,724,256) (53,724,256) - (302,509,970) 95,907,708 5,771,840,223

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

¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2546 ‡æ‘Ë¡∑ÿπ√–À«à“ßªï °”‰√ ÿ∑∏‘ ”À√—∫ªï ”√Õßµ“¡°ØÀ¡“¬‡æ‘Ë¡¢÷Èπ (À¡“¬‡Àµÿ 22) ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2547 ¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï ¬Õ¥§ß‡À≈◊Õª≈“¬ªï 2548

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

à«πµË”°«à“ ¡Ÿ≈§à“Àÿâπ

6,298,820,690 2,000,000 6,300,820,690 6,300,820,690

(505,787,876) (505,787,876) (505,787,876)

°”‰√(¢“¥∑ÿπ) – ¡ ”√Õß ¬—ß‰¡à‰¥â®—¥ √√ µ“¡°ÆÀ¡“¬ (¢“¥∑ÿπ)

15,644,225 8,389,055 24,033,280 24,033,280

√«¡

(185,279,436) 5,623,397,603 2,000,000 353,044,882 353,044,882 (8,389,055) 159,376,391 5,978,442,485 (302,509,970) (302,509,970) (143,133,579) 5,675,932,515

∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

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

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π : °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªï ª√—∫°√–∑∫°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π : √“¬‰¥âµ—¥∫—≠™’ §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ √“¬°“√‚Õπ°≈—∫§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å à«π·∫àß¢“¥∑ÿπ (°”‰√) ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ Àπ’È ß —¬®– Ÿ≠ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬å ”√Õß§à“„™â®à“¬®“°º≈¢Õß§¥’§«“¡ °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß : ≈Ÿ°Àπ’È°“√§â“ §à“„™â®à“¬®à“¬≈à«ßÀπâ“ ¥Õ°‡∫’È¬®à“¬≈à«ßÀπâ“ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ ≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ‘∑∏‘°“√‡™à“∑’Ë¥‘π·≈–‚§√ß°“√√–À«à“ß°àÕ √â“ß ∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) : ‡®â“Àπ’È°“√§â“ µâπ∑ÿπæ—≤π“‚§√ß°“√§â“ß®à“¬ ¥Õ°‡∫’È¬§â“ß®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§â“ß®à“¬ ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“ Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È 90

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

(302,509,970)

353,044,882

(302,509,970)

353,044,882

(54,223) 132,926,510 (10,128,021) 1,529,601 156,421,127 166,000,000 (53,724,256) 90,460,768

(55,049) 155,661,299 (43,000,000) 7,423,236 7,315,000 3,667,635 484,057,003

(54,223) 19,555,534 95,212,023 971,326 83,420,149 166,000,000 62,594,839

(55,049) 49,000,174 (43,000,000) (87,189,562) 271,800,445

454,664,653 (855,120,915) 18,040,641 5,464,777 27,987,806 17,704,175 (9,874,223) 15,249,127 (1,221,862,234) 480,213,860 (119,462,486) 514,719,738 1,149,623 (36,871,233)

7,330,552 5,464,777 (1,336,508) (363,586,000) (33,000) (4,008,222)

2,122,075 25,766,840 822,968 (469,902,000) 88,819,605 6,669,882

(5,576,157) (8,947,162) (51,270,886) 32,016,414 (6,420,527) (333,771,880)

4,042,910 (6,863,262) 38,523,271 31,502,162 830,099 (5,865,005)

(11,242,197) (35,320,163) (119,767,669) 777,129,501 118,080,900 (6,420,526) 1,187,690,483

(24,869,849) (81,055,420) 1,390,848 127,042,925 (4,873,285) 56,224,319 830,100 (524,019,919)

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ß∫°“√‡ß‘π√«¡ 2548 2547

°√–· ‡ß‘π ¥®“°(„™â‰ª„π)°‘®°√√¡≈ß∑ÿπ : ‡ß‘π≈ß∑ÿπ™—Ë«§√“«∑’Ë¡’¿“√–ºŸ°æ—π‡æ‘Ë¡¢÷Èπ ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–§È”ª√–°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π®à“¬≈à«ßÀπâ“‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π·≈–Õ“§“√≈¥≈ß ‡ß‘πªíπº≈√—∫®“°°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ‡ß‘π ¥√—∫®“°°“√≈¥∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß®à“¬·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å·≈–∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“‡æ‘Ë¡¢÷Èπ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°(„™â‰ª„π)°‘®°√√¡®—¥À“‡ß‘π : ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π≈¥≈ß ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢Õß∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®à“¬®“°°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π ¥®à“¬®“°°“√™”√–§◊πÀÿâπ°Ÿâ ‡ß‘π ¥√—∫®“°°“√‡æ‘Ë¡∑ÿπ ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏‘ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªï ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπªï ¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ :‡ß‘π ¥®à“¬„π√–À«à“ßªï :¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ √“¬°“√∑’Ë‰¡à„™à‡ß‘π ¥ ‚Õπ‡ß‘π¡—¥®”´◊ÈÕ∑’Ë¥‘π‡ªìπµâπ∑ÿπ‚§√ß°“√æ—≤π“ Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬-‚§√ß°“√„À¡à ‚Õπ ‘∑∏‘°“√‡™à“·≈–‚§√ß°“√√–À«à“ßæ—≤π“ ‡ªìπ∑’Ë¥‘πÕ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ ‚Õπ∑’Ë¥‘π√Õ°“√æ—≤π“‡ªìπ‚§√ß°“√æ—≤π“ Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ‚§√ß°“√„À¡à ‚Õπµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ‚§√ß°“√„À¡à‡ªìπ∑’Ë¥‘πÕ“§“√ ·≈–Õÿª°√≥å„Àâ‡™à“ ‚Õπ ‘π∑√—æ¬åÕ◊Ëπ‡ªìπ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“

(253,860,313) 16,151,941 683,106 9,349,529 45,000,000 97,478,673 (21,537,241) (106,734,305)

(241,789,214) (13,929,628) 51,504,835 120,000,000 (7,000,000) 157,666,584 (52,734,199) 13,718,378

14,163,043 9,349,529 45,000,000 (13,000,000) 1,006,516,397 (4,446,560) 1,057,582,409

(14,231,300) 120,000,000 (7,000,000) (6,000,000) 996,435,079 (4,750,235) 1,084,453,544

(585,713,013)

(809,601,668)

(585,713,013)

(650,638,739)

(300,456,437)

143,963,630

(21,036,370)

(159,274,530) 697,845,177 (803,000,000) (1,150,598,803) (69,642,625) 495,966,018 426,323,393

(135,782,490) 1,521,991,989 (297,000,000) 2,000,000 425,571,461 (84,730,080) 580,696,098 495,966,018

76,330,275 595,492,055 (803,000,000) (716,890,683) 6,919,846 17,270,515 24,190,361

(64,229,618) (44,907,178) (297,000,000) 2,000,000 (1,075,811,905) 2,776,634 14,493,881 17,270,515

250,241,715 106,493,949

210,295,285 56,435,871

104,189,879 91,920,478

145,750,921 56,121,951

3,437,500

101,446,591

3,437,500

1,447,368,134

629,427,725

1,068,809,836

65,257,666 57,214,787

Golden Land Property Development Public Company Limited and Its Subsidiaries

BALANCE SHEETS As at 31 December 2005 and 2004 (Unit : Baht) Note

CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

ASSETS CURRENT ASSETS Cash and cash equivalents

426,323,393

495,966,018

24,190,361

17,270,515

5.1

1,001,282,998

747,422,685

Trade accounts receivable - net

994,722,852

1,447,789,868

3,104,930

11,406,808

Property development projects for sale - new projects

2,682,411,381

2,078,816,478

17,041,971

29,565,237

92,472,414

51,560,965

1,770,399

7,235,176

1,770,399

7,235,176

50,987,184

61,016,239

1,208,526

6,653,084

82,322,820

229,326,765

2,978,925

65,449,225

5,187,063,444

4,999,321,814

30,274,216

94,126,548

5.2

95,966,591

112,118,532

8,018,773

22,181,816

Investments in subsidiaries

2,414,811,669

1,798,851,875

Investments in associated companies

55,163,949

774,402,636

55,163,949

774,402,636

55,163,949

774,402,636

2,469,975,618

2,573,254,511

Short-term investments subject to restrictions - saving deposits

Other current assets Advance payment for land and building purchase - net Input tax refundable Accrued interest income Prepaid interest expenses Others

TOTAL CURRENT ASSETS NON - CURRENT ASSETS Restricted bank deposits Investments accounted for under equity method

Investments in property funds

Amounts due from related parties - net

2,263,679,315

1,885,500,668

Long - term loans to related parties - net

45,631,824

143,110,497

2,568,447,784

3,604,306,423

Property development projects for sale - net

747,857,750

755,452,122

558,022,298

3,726,194,970

3,529,633,277

269,808,079

298,305,831

Property, plant and equipment for rent - net

3,438,925,930

3,474,618,588

779,844,479

787,246,589

Property, plant and equipment - net

135,008,999

141,101,159

97,798,757

102,103,917

16,394,989

12,396,766

16,394,989

12,396,766

58,847,163

63,995,010

210,001

200,001

75,242,152

76,391,776

16,604,990

12,596,767

8,319,992,165

9,006,828,587

9,032,200,093

9,843,518,820

13,507,055,609 14,006,150,401

9,062,474,309

9,937,645,368

Land and leasehold land held for future development - net

Other non-current assets Deferred expenses Others

TOTAL NON-CURRENT ASSETS TOTAL ASSETS The accompanying notes are an integral part of the financial statements.

Golden Land Property Development Public Company Limited and Its Subsidiaries

BALANCE SHEETS

(Continued)

As at 31 December 2005 and 2004 (Unit : Baht) Note

CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions

Trade accounts payable

273,648,248

859,361,261

273,648,248

859,361,261

234,765,455

246,007,652

473,285

6,049,442

Current portion of long-term loans Financial institutions

1,641,000,000

644,507,945

300,000,000

104,507,945

Related parties

60,000,000

Current portion of debentures

396,000,000

803,000,000

396,000,000

803,000,000

Short-term loan from minority interest of subsidiary

334,960,036

635,416,473

73,465,049

55,785,212

8,086,849

17,034,012

1,164,161,465

387,031,963

Accrued retention

95,720,522

112,445,432

198,095

Accrued expenses

54,679,895

41,298,568

11,143,332

2,383,332

Accrued output vat

154,126,648

130,730,955

148,952,299

125,556,606

36,416,057

156,183,726

16,393,187

67,664,072

151,466,217

90,509,415

12,912,929

13,052,208

1,730,035,853

973,985,271

197,686,691

225,888,325

4,670,409,592

4,222,278,602

1,227,808,224

2,058,806,973

Other current liabilities Accrued interest expenses Deposits and cash received in advance

Corporate income tax payable Others TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-term loans - net of current portion Financial institutions

2,141,185,000

2,439,831,878

400,000,000

Related parties

50,000,000

110,467,510

696,504,998

605,710,876

704,000,000

1,100,000,000

704,000,000

1,100,000,000

Share subscription payable to subsidiary

152,999,890

162,999,890

Long-term interest payable

53,000,000

38,031,220

24,012,932

166,000,000

3,620,794

10,095,543

1,197,462

7,672,212

169,620,794

63,095,543

358,228,572

194,685,034

TOTAL NON-CURRENT LIABILITIES

3,064,805,794

3,713,394,931

2,158,733,570

1,900,395,910

TOTAL LIABILITIES

7,735,215,386

7,935,673,533

3,386,541,794

3,959,202,883

Debentures - net of current portion Other non-current liabilities

Excess loss over cost of investment in subsidiaries Allowance for losses as a result of litigation Others

The accompanying notes are an integral part of the financial statements. √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

Golden Land Property Development Public Company Limited and Its Subsidiaries

BALANCE SHEETS

(Continued)

As at 31 December 2005 and 2004 (Unit : Baht) Note

CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

SHAREHOLDERS’ EQUITY Share capital Registered share capital 708,782,069 ordinary shares of Baht 10 each

7,087,820,690

6,300,820,690

(505,787,876)

24,033,280

(143,133,579)

159,376,391

(143,133,579)

159,376,391

5,675,932,515

5,978,442,485

5,675,932,515

5,978,442,485

95,907,708

92,034,383

5,771,840,223

6,070,476,868

5,675,932,515

5,978,442,485

13,507,055,609 14,006,150,401

9,062,474,309

9,937,645,368

Issued and paid - up share capital 630,082,069 ordinary shares of Baht 10 each Discount on ordinary share Retained earnings (deficit) Appropriated - statutory reserve

Unappropriated (deficit) EQUITY ATTRIBUTABLE TO COMPANY’S SHAREHOLDERS MINORITY INTEREST - EQUITY ATTRIBUTABLE TO MINORITY SHAREHOLDERS OF SUBSIDIARIES TOTAL SHAREHOLDERS’ EQUITY TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

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

Golden Land Property Development Public Company Limited and Its Subsidiaries

EARNINGS STATEMENTS For the years ended 31 December 2005 and 2004 (Unit : Baht) Note

CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

REVENUES Revenue from sales of real estate Revenue from sales of land held for future development Revenue from rental and services Revenue from golf course operation

2,255,464,782

3,524,168,295

237,000,000

366,570,799

230,601,758

20,633,676

36,480,237

22,674,317

23,532,253

22,674,317

23,532,253

10,128,021

(7,423,236)

(95,212,023)

87,189,562

Share of gain (loss) from investments accounted for under equity method Other income Management fee income

658,669

344,401,399

452,050,321

Interest income

7,424,624

11,127,878

55,470,284

109,019,540

43,000,000

59,676,806

73,044,983

28,412,312

27,841,113

67,760,099

127,172,861

428,283,995

631,910,974

2,722,598,018

4,135,051,931

376,379,965

1,016,113,026

1,343,861,877

2,176,417,818

88,819,605

215,467,775

160,436,706

15,525,401

22,311,570

5,792,196

22,249,394

5,792,195

22,249,394

842,083,602

848,190,951

266,695,480

289,270,998

9, 10, 13

156,421,127

7,315,000

83,420,149

Directors’ remuneration

730,000

330,000

730,000

330,000

Loss as a result of litigation

166,000,000

2,730,356,577

3,303,759,474

538,163,225

422,981,567

(7,758,559)

831,292,457

(161,783,260)

593,131,459

(261,739,150)

(255,131,593)

(110,759,032)

(141,653,854)

(86,736,517)

(219,448,347)

(29,967,678)

(98,432,723)

(356,234,226)

356,712,517

(302,509,970)

353,044,882

Reversal of impairment loss on assets Others

TOTAL REVENUES EXPENSES Cost of real estate sales Cost of sales of land held for development Cost of rental and services Cost of golf course operation Selling and administrative expenses Loss from impairment and write-off of assets

TOTAL EXPENSES EARNINGS (LOSS) BEFORE INTEREST EXPENSES AND INCOME TAX INTEREST EXPENSES CORPORATE INCOME TAX

EARNINGS (LOSS) BEFORE MINORITY INTEREST NET LOSS (GAINS) IN RESPECT OF MINORITY INTEREST

53,724,256

NET EARNINGS (LOSS) FOR THE YEAR BASIC EARNINGS PER SHARE

(302,509,970)

353,044,882

(302,509,970)

353,044,882

(0.48)

0.56

(0.48)

0.56

630,082,069

630,068,408

630,082,069

630,068,408

(0.48)

0.56

(0.48)

0.56

630,082,069

630,068,408

630,082,069

630,068,408

Net earnings (loss) Weighted average number of ordinary share (shares) DILUTED EARNINGS PER SHARE

(3,667,635)

Net earnings (loss) Weighted average number of ordinary share (shares) The accompanying notes are an integral part of the financial statements.

Golden Land Property Development Public Company Limited and Its Subsidiaries

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY For the years ended 31 December 2005 and 2004 (Unit : Baht) CONSOLIDATED Retained earnings (deficit) Issued and fully paid share capital Share discount

Balance - end of year 2003 Ordinary shares issued during the year

6,298,820,690

(505,787,876)

Statutory

Unappropriated

Minority

reserve

(deficit)

interest

15,644,225

(185,279,436)

Total

88,366,608

5,711,764,211

2,000,000

Increase in minority interest

140

Net gain in respect of minority interest

3,667,635

Net earnings for the year

353,044,882

Increase in statutory reserve (Note 22)

8,389,055

Balance - end of year 2004

6,300,820,690

(505,787,876)

24,033,280

159,376,391

92,034,383

6,070,476,868

Increase in minority interest

57,597,581

Net loss in respect of minority interest

(53,724,256)

Net loss for the year

(302,509,970)

24,033,280

(143,133,579)

95,907,708

Balance - end of year 2005

6,300,820,690

(505,787,876)

(8,389,055)

(302,509,970) 5,771,840,223

(Unit : Baht) THE COMPANY ONLY Retained earnings (deficit) Issued and fully paid share capital Share discount

Statutory

Unappropriated

reserve

(deficit)

Total

6,298,820,690

(505,787,876)

15,644,225

(185,279,436)

5,623,397,603

2,000,000

Net earnings for the year

353,044,882

Increase in statutory reserve (Note 22)

8,389,055

(8,389,055)

24,033,280

159,376,391

5,978,442,485

(302,509,970)

24,033,280

(143,133,579)

5,675,932,515

Balance - end of year 2003 Ordinary shares issued during the year

Balance - end of year 2004

6,300,820,690

Net loss for the year Balance - end of year 2005

6,300,820,690

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

(505,787,876) (505,787,876)

Golden Land Property Development Public Company Limited and Its Subsidiaries

CASH FLOW STATEMENTS For the years ended 31 December 2005 and 2004 (Unit : Baht) CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

Cash flows from (used in) operating activities : Net earnings (loss) for the year

(302,509,970)

353,044,882

(302,509,970)

353,044,882

(54,223)

(55,049)

19,555,534

49,000,174

(43,000,000)

7,423,236

95,212,023

(87,189,562)

1,529,601

971,326

Loss from impairment and write-off of assets

156,421,127

7,315,000

83,420,149

Loss as a result of litigation

166,000,000

Net gain (loss) in respect of minority interest

(53,724,256)

3,667,635

90,460,768

484,057,003

62,594,839

271,800,445

454,664,653

(855,120,915)

7,330,552

2,122,075

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities : Amortisation of unearned income Depreciation and amortisation Reversal of impairment loss on assets

(54,223) 132,926,510 -

(55,049) 155,661,299

Share of loss (gain) from investments accounted for under equity method Allowance for doubtful account

(10,128,021)

(Increase) decrease in operating assets : Trade accounts receivable Prepaid expenses Prepaid interest expenses Other current assets Amounts due from related parties Property development projects for sale Leasehold land and projects under construction Land and leasehold land held for future development Other non-current assets

18,040,641

5,464,777

27,987,806

5,464,777

25,766,840

17,704,175

(9,874,223)

(1,336,508)

822,968

(363,586,000)

(469,902,000)

15,249,127 (1,221,862,234) (119,462,486)

480,213,860

514,719,738

(33,000)

88,819,605

1,149,623

(36,871,233)

(4,008,222)

6,669,882

(11,242,197)

(24,869,849)

(5,576,157)

4,042,910

Increase (decrease) in operating liabilities : Trade accounts payable Project development costs payable Accrued interest expenses

(81,055,420)

(35,320,163)

1,390,848

(8,947,162)

(6,863,262)

Corporate income tax payable

(119,767,669)

127,042,925

(51,270,886)

38,523,271

Deposits and cash received in advance

777,129,501

(4,873,285)

Other current liabilities

118,080,900

56,224,319

32,016,414

31,502,162

Other non-current liabilities Net cash from (used in) operating activities

(6,420,526) 1,187,690,483

830,100 (524,019,919)

(6,420,527) (333,771,880)

830,099 (5,865,005)

Golden Land Property Development Public Company Limited and Its Subsidiaries

CASH FLOW STATEMENTS

(Continued)

For the years ended 31 December 2005 and 2004 (Unit : Baht) CONSOLIDATED 2005 2004

THE COMPANY ONLY 2005 2004

Cash flows from (used in) investing activities : Increase in current investments subject to restrictions (Increase) decrease in restricted bank deposits Decrease in advance payment for purchase of land and building Dividend received from investment in property fund Cash received from reduction of capital in property fund Cash paid for investment in property fund Cash paid for investment in subsidiary Decrease in loans and advances to related parties Increase in property, plant and equipment and property for rent Net cash from (used in) investing activities

(253,860,313)

(241,789,214)

16,151,941

(13,929,628)

14,163,043

(14,231,300)

683,106

51,504,835

9,349,529

45,000,000

120,000,000

45,000,000

120,000,000

(7,000,000)

97,478,673

157,666,584

1,006,516,397

(13,000,000)

(21,537,241)

(52,734,199)

(4,446,560)

(106,734,305)

13,718,378

(585,713,013)

(809,601,668)

(300,456,437)

143,963,630

(159,274,530)

(135,782,490)

697,845,177

1,521,991,989

(803,000,000)

(297,000,000)

1,057,582,409

(7,000,000) (6,000,000) 996,435,079 (4,750,235) 1,084,453,544

Cash flows from (used in) financing activities : Decrease in bank overdrafts and short-term loans from financial institutions

(585,713,013)

(650,638,739)

Increase (decrease) in short-term loans from the Company’s shareholder and minority interest of subsidiaries

(21,036,370)

76,330,275

(64,229,618)

Increase (decrease) in long-term loans and advances from related parties Increase (decrease) in long-term loans Cash paid for repayment bond Cash received from increase in share capital Net cash from (used in) by financing activities

2,000,000

(1,150,598,803)

425,571,461

595,492,055

(44,907,178)

(803,000,000)

(297,000,000)

2,000,000

(716,890,683) (1,075,811,905)

Net increase (decrease) in cash and cash equivalents

(69,642,625)

(84,730,080)

6,919,846

2,776,634

Cash and cash equivalents at beginning of the year

495,966,018

580,696,098

17,270,515

14,493,881

Cash and cash equivalents at end of the year

426,323,393

495,966,018

24,190,361

17,270,515

Interest expenses

250,241,715

210,295,285

104,189,879

145,750,921

Corporate income tax

106,493,949

56,435,871

91,920,478

56,121,951

3,437,500

101,446,591

3,437,500

1,447,368,134

629,427,725

1,068,809,836

65,257,666

57,214,787

Supplemental disclosures of cash flows information :Cash paid during the year for :-

Non-cash transactions Transfer deposits for purchase of land to property development projects for sale-new projects Transfer leasehold land and project under construction to property, plant and equipment for rent Transfer land held for future development to property development projects for sale-new projects Transfer property development projects for salenew projects to property, plant and equipment for rent Transfer other assets to property, plant and equipment for rent The accompanying notes are an integral part of the financial statements.

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πâÕ¬°«à“√âÕ¬≈– 50 „πÕπ“§µÕ—π„°≈â ´÷Ëß®–∑”„Àâ∫√‘…—∑œ ‰¡à¡’Õ”π“®§«∫§ÿ¡°Õß∑ÿπ√«¡π’È Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ‰¥â∫—π∑÷°‡ß‘π ≈ß∑ÿπ„π°Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑ µ“¡«‘∏’ à«π‰¥â‡ ’¬ ( à«π·∫àßº≈°”‰√/¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡¥—ß°≈à“«§‘¥‡ªìπ Õ—µ√“µË”°«à“√âÕ¬≈– 1 ¢Õß°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õßß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547) ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¥âµ°≈ß¬°‡≈‘° —≠≠“°“√√à«¡∑ÿπ°—∫∫√‘…—∑·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑π—Èπ µ°≈ß∑’Ë®–‚ÕπÀÿâπ¢Õß∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ∑’∂Ë Õ◊ ‚¥¬∫√‘…∑— ¥—ß°≈à“«∑—ßÈ À¡¥„Àâ∫√‘…∑— ¬àÕ¬ ´÷ßË ∑”„Àâ∫√‘…∑— ¬àÕ¬¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…∑— ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ ‡æÕ√åµ’È ®”°—¥ ¥—ßπ—Èπ ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ‰¥â‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑√à«¡¢Õß∫√‘…—∑¬àÕ¬ ‡ªìπ∂◊ÕÀÿâπ‚¥¬∫√‘…—∑ ¬àÕ¬√âÕ¬≈– 100 ´÷Ëß¢≥–π’È∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑π—Èπ°”≈—ßÕ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√‚ÕπÀÿâπ¥—ß°≈à“« ¬Õ¥§ß§â“ß√–À«à“ß°—π ·≈–√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠¢Õß∫√‘…—∑œ °—∫∫√‘…—∑¬àÕ¬ ‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â« ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¥âµ—¥°—∫ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π´◊ÈÕÀÿâπ º≈µà“ß‰¥â· ¥ß‰«â‡ªìπ ç à«π‡°‘π¢Õß ‡ß‘π≈ß∑ÿπ∑’Ë Ÿß°«à“¡Ÿ≈§à“µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬é ´÷Ëß√«¡Õ¬Ÿà„π ç ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπé „πß∫¥ÿ≈√«¡ ·≈–µ—¥®”Àπà“¬¿“¬„π √–¬–‡«≈“ 10 ªï π—∫®“°«—π∑’Ë´◊ÈÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬ „πªï 2541 ∫√‘…—∑œ‰¥âµ—¥®”Àπà“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ Õß·Ààßª√–°Õ∫¥â«¬∫√‘…—∑ À≈—ß «π·≈π¥å ®”°—¥ ·≈– ∫√‘…—∑ ‚°≈‡¥âπ ‡°∑ æ≈“´à“ ®”°—¥ ´÷Ëß∫√‘…—∑œ ¡’‡ß‘π≈ß∑ÿπ‡ªìπ®”π«π‡ß‘π 12.3 ≈â“π∫“∑ ·≈– 10.0 ≈â“π∫“∑µ“¡≈”¥—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à‰¥â ‡ªìπºŸâ§È”ª√–°—πÀ√◊Õ„Àâ°“√ π—∫ πÿπ∑“ß°“√‡ß‘π·°à∫√‘…—∑¥—ß°≈à“«∑—Èß„πªí®®ÿ∫—π·≈–Õπ“§µ ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß °“√ª√—∫‚§√ß √â“ßÀπ’È·≈–¥”‡π‘πß“π¿“¬„µâ¢âÕ®”°—¥Õ¬à“ß‡¢â¡ß«¥‡ªìπ‡«≈“π“π ´÷Ëß∑”„Àâ‰¡à “¡“√∂‚Õπ‡ß‘π„Àâ·°à∫√‘…—∑œ ‰¥â ¥—ßπ—Èπ ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ®÷ß‰¡à√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑¥—ß°≈à“«

3. √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’¿“¬„µâæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È

3.1 °“√√—∫√Ÿ√â “¬‰¥â °) √“¬‰¥â®“°°“√¢“¬∫â“πæ√âÕ¡∑’Ë¥‘π √“¬‰¥â®“°°“√¢“¬∫â“πæ√âÕ¡∑’¥Ë π‘ √—∫√Ÿ‡â ªìπ√“¬‰¥â‡¡◊ÕË ‰¥â¡°’ “√∑” —≠≠“®–´◊ÕÈ ®–¢“¬∫â“πæ√âÕ¡∑’¥Ë π‘ ·≈–‰¥â√∫— ‡ß‘π™”√–¢—πÈ µâπ·≈â« ‡ß‘π¢—Èπµâπ∑’Ë√—∫™”√–°”Àπ¥‰«â∑’Ë√âÕ¬≈– 20 ”À√—∫ —≠≠“®–´◊ÈÕ®–¢“¬µ—Èß·µà«—π∑’Ë 1 ‡¡…“¬π 2537 ‡ªìπµâπ‰ª ‡æ◊ËÕ‡ªìπ‡ß◊ËÕπ‰¢„π°“√√—∫√Ÿâ √“¬‰¥â √“¬‰¥â®“°°“√¢“¬∫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¥ ∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√„Àâ‡™à“Àπà«¬„πÕ“§“√™ÿ¥∑’Ë°àÕ √â“ß∫π∑’Ë¥‘π‡™à“µ“¡ —≠≠“‡™à“√–¬–¬“«∑’Ë‚Õπ à«π„À≠à¢Õß §«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π‰ª„ÀâºŸâ‡™à“‡ªìπ√“¬°“√¢“¬Àπà«¬„πÕ“§“√™ÿ¥ ‚¥¬√—∫√Ÿâ√“¬‰¥â‡¡◊ËÕ¡’°“√∑” —≠≠“´◊ÈÕ¢“¬ÀâÕß™ÿ¥ „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® (Percentageof-completion method) Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®∂◊Õµ“¡Õ—µ√“ à«π∑’Ëª√–‡¡‘π‚¥¬ºŸâ§«∫§ÿ¡‚§√ß°“√·≈–∑’Ëª√÷°…“ ∫√‘…—∑œ √—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬Àπà«¬„πÕ“§“√™ÿ¥ ‡¡◊ËÕ‰¥â¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬„π®”π«π∑’Ë‰¡àπâÕ¬°«à“√âÕ¬≈– 40 ¢Õß æ◊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√÷°…“ §) √“¬‰¥â®“°°“√¢“¬∑’¥Ë π‘ √Õ°“√æ—≤π“ √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π√Õ°“√æ—≤π“√—∫√Ÿâ‡ªìπ√“¬‰¥â∑—Èß®”π«π‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘Ï‰ª„ÀâºŸâ´◊ÈÕ·≈â« ß) √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√∑’Ë‡°’Ë¬«¢âÕß„π∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å„Àâ‡™à“®–√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß √“¬‰¥â ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ µ—¥∫—≠™’‡ªìπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“

101

®) √“¬‰¥â®“°°‘®°“√ π“¡°Õ≈åø √“¬‰¥â§à“ ¡“™‘° π“¡°Õ≈åø√Õµ—¥∫—≠™’ √—∫√Ÿâ‡ªìπ√“¬‰¥â¿“¬„π√–¬–‡«≈“ 10 ªï

3.2 µâπ∑ÿπ¢“¬ µâπ∑ÿπ¢“¬∫â“πæ√âÕ¡∑’Ë¥‘π/Àπà«¬„π‚§√ß°“√Õ“§“√™ÿ¥ §”π«≥¢÷Èπ‚¥¬°“√·∫àß √√µâπ∑ÿπ°“√æ—≤π“∑—ÈßÀ¡¥∑’Ë§“¥«à“®–‡°‘¥¢÷Èπ„Àâ °—∫∫â“πæ√âÕ¡∑’¥Ë π‘ /Àπà«¬„π‚§√ß°“√Õ“§“√™ÿ¥∑’¢Ë “¬‰¥â·≈â«µ“¡‡°≥±å√“§“¢“¬·≈â«®÷ß∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπµ“¡ —¥ à«π¢Õß°“√√—∫√Ÿ√â “¬‰¥â µâπ∑ÿπ°“√æ—≤π“· ¥ßµ“¡√“§“∑ÿπ´÷Ëßª√–°Õ∫¥â«¬µâπ∑ÿπ∑’Ë¥‘π §à“ÕÕ°·∫∫ §à“ “∏“√≥Ÿª‚¿§ §à“°àÕ √â“ß·≈–¥Õ°‡∫’È¬∑’Ë‡°’Ë¬«¢âÕß

3.3 §à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¢“¬ §à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√¢“¬ ‡™àπ §à“∏√√¡‡π’¬¡°“√∫√‘À“√‚§√ß°“√ ∫—π∑÷°‡ªìπ§à“„™â®à“¬µ“¡ —¥ à«π¢Õß°“√√—∫√Ÿâ√“¬‰¥â

3.4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬§«“¡√«¡∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π„π√–¬–‡«≈“‰¡à ‡°‘π 3 ‡¥◊Õπ ·≈–ª√“»®“°¿“√–ºŸ°æ—π

3.5 ≈Ÿ°Àπ’È°“√§â“·≈–‡ß‘π„Àâ°Ÿâ¬◊¡·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“·≈–‡ß‘π„Àâ°Ÿâ¬◊¡·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â√—∫ §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ª√–¡“≥¢÷Èπ®“° ®”π«πÀπ’∑È ÕË’ “®‡°‘¥®“°°“√‡√’¬°‡°Á∫‡ß‘π≈Ÿ°Àπ’‰È ¡à‰¥â ´÷ßË Õ“»—¬ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π„πÕ¥’µ·≈–µ“¡ ∂“π–ªí®®ÿ∫π— ¢Õß≈Ÿ°Àπ’§È ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈

3.6 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ („πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ) ·≈–∫√‘…—∑√à«¡· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å· ¥ßµ“¡¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘´÷Ëß‰¡à√«¡°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®“°°“√ª√–‡¡‘π√“§“¢Õß Õ —ßÀ“√‘¡∑√—æ¬å¢Õß°Õß∑ÿπ

3.7 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å„Àâ‡™à“§”π«≥ ®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥ 5 - 50 ªï ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π„Àâ‡™à“·≈–ß“π√–À«à“ß°àÕ √â“ß

3.8 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ ·≈–§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å §à“‡ ◊ËÕ¡√“§“¢Õß Õ“§“√·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬„™â«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥ 5 - 20 ªï ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π

3.9 §à“µ—¥®”Àπà“¬ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ à«π≈¥¥Õ°‡∫’È¬®“°°“√ª√—∫‚§√ß √â“ßÀπ’È√Õµ—¥∫—≠™’‡æ◊ËÕÀ—°≈â“ß°—∫¥Õ°‡∫’È¬®à“¬„πÕπ“§µ¢Õß‡ß‘π°Ÿâ§ß ‡À≈◊ÕÀ≈—ß®“°ª√—∫‚§√ß √â“ßÀπ’Èµ“¡ —¥ à«π¢Õß‡ß‘πµâπ∑’Ë®à“¬™”√– ‡æ◊ËÕ„Àâ¥Õ°‡∫’È¬®à“¬„πÕπ“§µ‡ªìπ‰ªµ“¡Õ—µ√“¥Õ°‡∫’È¬®à“¬∑’Ë·∑â®√‘ß

3.10 ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ ¥Õ°‡∫’È¬®à“¬∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π√–À«à“ß°“√°àÕ √â“ß‚§√ß°“√µà“ßÊ ∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ¢Õß‚§√ß°“√·≈–®–À¬ÿ¥ ∫—π∑÷°‡¡◊ËÕ°“√¥”‡π‘π°“√ à«π„À≠à∑’Ë®”‡ªìπ„π°“√‡µ√’¬¡ ‘π∑√—æ¬å„ÀâÕ¬Ÿà„π ¿“ææ√âÕ¡∑’Ë®–„™â‰¥âµ“¡ª√– ß§å À√◊Õæ√âÕ¡∑’Ë®–¢“¬‰¥â‡ √Á® ‘Èπ ≈ßÀ√◊ÕÀ¬ÿ¥™–ß—°≈ß®π°«à“®–¡’°“√¥”‡π‘π°“√æ—≤π“µàÕ‰ª

3.11 ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑»´÷ßË ‡°‘¥¢÷πÈ √–À«à“ßªï‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕµ— √“·≈°‡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≈‰¥â·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‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π 102

3.12 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ Õ∫∑“π°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥ «à“®–‰¥â√—∫§◊π ¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÀ¡“¬∂÷ß√“§“¢“¬ ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â¢Õß ‘π∑√—æ¬åπ—Èπ·≈â«·µà®”π«π„¥®– Ÿß°«à“ ´÷Ëß¡Ÿ≈§à“∑’Ë §“¥«à“®–‰¥â√—∫§◊π¥—ß°≈à“«¡“®“°°“√ª√–‡¡‘π¢ÕßºŸâª√–‡¡‘π√“§“Õ‘ √–À√◊Õª√–¡“≥°“√¢ÕßΩÉ“¬∫√‘À“√ „π°√≥’∑’Ë√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–√—∫√Ÿâ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ ¢Õß ‘π∑√—æ¬å„πß∫°”‰√¢“¥∑ÿπ ·≈–®–∫—π∑÷°°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√≈¥¡Ÿ≈§à“¥—ß°≈à“«‰¡à¡’Õ¬Ÿà Õ’°µàÕ‰ªÀ√◊Õ¬—ß§ß¡’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß

3.13 °”‰√µàÕÀÿâπ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π √–À«à“ßªï °”‰√µàÕÀÿâπª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªïÀ≈—ß®“°ª√—∫ª√ÿßº≈°√–∑∫¢Õß√“¬°“√∑’Ë‡°’Ë¬«°—∫Àÿâπ “¡—≠ ‡∑’¬∫‡∑à“ª√—∫≈¥¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï∫«°¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑œ µâÕßÕÕ°‡æ◊ËÕ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ„Àâ‡ªìπÀÿâπ “¡—≠

3.14 °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë¡’ªí≠À“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∂◊ÕªØ‘∫—µ‘π‚¬∫“¬°“√∫—≠™’ ”À√—∫°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë¡’ªí≠À“ ‚¥¬„π°√≥’∑’Ë‡®â“Àπ’È≈¥Àπ’È„Àâ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°®”π«πÀπ’È∑’Ë‰¥â√—∫°“√≈¥Àπ’È‡©æ“– à«π∑’Ë‡°‘π°«à“®”π«π¢Õß¥Õ°‡∫’È¬∑’ËµâÕß®à“¬∑—ÈßÀ¡¥µ≈Õ¥Õ“¬ÿµ“¡ —≠≠“„À¡à‡ªìπ °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‚¥¬· ¥ß‡ªìπ√“¬°“√æ‘‡»…„πß∫°”‰√¢“¥∑ÿπ

3.15 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ª√–¡“≥°“√√“¬°“√∫—≠™’∫“ß√“¬°“√ ´÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’Èº≈∑’Ë‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ß®÷ßÕ“®·µ°µà“ß‰ª ®“°®”π«π∑’Ëª√–¡“≥‰«â

4. ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ß∫°“√‡ß‘π√«¡

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

2548

2547

537,188 2,326,058 420,460,147 3,000,000 426,323,393

393,206 16,391,834 479,180,978 495,966,018

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

121,400 109,700 23,959,261 24,190,361

135,029 2,875,853 14,259,633 17,270,515

5. ‡ß‘π≈ß∑ÿπ™—Ë«§√“«∑’Ë¡’¿“√–ºŸ°æ—π 5.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ß‘πΩ“°∏π“§“√ª√–‡¿∑ÕÕ¡∑√—æ¬å¢Õß∫√‘…—∑¬àÕ¬®”π«πª√–¡“≥ 1,001 ≈â“π∫“∑ (2547 : 747 ≈â“π∫“∑) ‡ªìπ∫—≠™’‡Õ ‚§√«å´÷Ëß¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ°“√√—∫™”√–‡ß‘π®“°≈Ÿ°§â“µ“¡ —≠≠“®–´◊ÈÕ®–¢“¬∫â“π·≈–∑’Ë¥‘π °“√‡∫‘°∂Õπ‡ß‘π®“°∫—≠™’ ‡Õ ‚§√«å®–µâÕß‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥∑’Ë‰¥â√–∫ÿ‰«â„π —≠≠“‡Õ ‚§√«å ∫√‘…—∑¬àÕ¬‰¥â‚Õπ ‘∑∏‘°“√√—∫‡ß‘π®“°∫—≠™’‡Õ ‚§√«å∫“ß à«π„Àâ °—∫∏π“§“√‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑¬àÕ¬ 5.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ß‘πΩ“°∏π“§“√ª√–‡¿∑ÕÕ¡∑√—æ¬å·≈–Ω“°ª√–®” “¡‡¥◊Õπ°—∫∏π“§“√æ“≥‘™¬å„πª√–‡∑»¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®”π«π√«¡ª√–¡“≥ 96 ≈â“π∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ®”π«π‡ß‘πª√–¡“≥ 8 ≈â“π∫“∑ (2547 : 112 ≈â“π ∫“∑·≈– 22 ≈â“π∫“∑ µ“¡≈”¥—∫) ‰¥â∂°Ÿ π”‰ª«“ß‰«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π°—∫∏π“§“√æ“≥‘™¬å„π°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√ √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

103

6. ≈Ÿ°Àπ’È°“√§â“ ß∫°“√‡ß‘π√«¡ 2548

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

2547

14,800,393,154 11,493,278,692 (10,010,697,233) (8,835,558,731) 4,789,695,921 2,657,719,961 10,010,697,233 8,835,558,731 (8,993,357,216) (7,303,126,781) 1,017,340,017 1,532,431,950 27,126,381 13,044,835 1,044,466,398 1,545,476,785 (52,968,133) (89,244,699) 991,498,265 1,456,232,086 26,932,343 25,265,500 1,018,430,608 1,481,497,586 (23,707,756) (33,707,718) 994,722,852 1,447,789,868 142,017,453 849,480,812 991,498,265

660,284,586 795,947,500 1,456,232,086

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

322,044,925 (322,044,925) 322,044,925 (303,733,497) 18,311,428 18,311,428 18,311,428 4,076,256 22,387,684 (19,282,754) 3,104,930

322,044,925 (322,044,925) 322,044,925 (303,733,497) 18,311,428 18,311,428 18,311,428 11,406,808 29,718,236 (18,311,428) 11,406,808

18,311,428 18,311,428

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ·¬°µ“¡Õ“¬ÿÀπ’È‰¥â¥—ßπ’È :√–¬–‡«≈“§â“ß™”√–

≈Ÿ°Àπ’È°“√§â“ - Õ —ßÀ“√‘¡∑√—æ¬å ≈Ÿ°Àπ’È∑’Ë∂÷ß°”Àπ¥ ‰¡à‡°‘π 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ - 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª ¡Ÿ≈§à“ß“π∑’Ë‡ √Á®·µà¬—ß‰¡à‰¥â‡√’¬°™”√–

104

ß∫°“√‡ß‘π√«¡ 2548 2547

53,568,208 12,790,752 40,594,110 35,064,383 142,017,453 849,480,812 991,498,265

615,578,021 44,706,565 660,284,586 795,947,500 1,456,232,086

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

18,311,428 18,311,428 18,311,428

√–¬–‡«≈“§â“ß™”√–

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

ß∫°“√‡ß‘π√«¡ 2548 2547

√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√§â“ß√—∫ ‰¡à‡°‘π 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ - 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª

19,857,352 868,629 1,298,826 4,907,536 26,932,343 1,018,430,608 (23,707,756) 994,722,852

≈Ÿ°Àπ’È°“√§â“∑—ÈßÀ¡¥ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

15,965,483 3,468,628 1,354,302 4,477,087 25,265,500 1,481,497,586 (33,707,718) 1,447,789,868

2,813,012 120,424 631,573 511,247 4,076,256 22,387,684 (19,282,754) 3,104,930

7,604,898 2,303,991 849,391 648,528 11,406,808 29,718,236 (18,311,428) 11,406,808

‡π◊ÕË ß®“°¡’§«“¡≈à“™â“„π°“√·∫àß·¬°‚©π¥·ª≈ß¬àÕ¬ ∑”„Àâ∫√‘…∑— ¬àÕ¬µâÕß‡≈◊ÕË π°“√‚Õπ∫â“π∑’ Ë √â“ß‡ √Á®·≈â«„Àâ·°à≈°Ÿ §â“ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬Õ¬Ÿà„π√–À«à“ß‡√àß¥”‡π‘π°“√ ≈Ÿ°Àπ’È§à“ß«¥´÷Ëßº‘¥π—¥™”√–‡°‘π 3 ß«¥ ·≈–À¬ÿ¥√—∫√Ÿâ√“¬‰¥â ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’®”π«π 6 √“¬ ·≈–¡’¡Ÿ≈§à“ —≠≠“ª√–¡“≥ 47 ≈â“π∫“∑

7. µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ - ‚§√ß°“√„À¡à (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π ‘∑∏‘°“√‡™à“∑’Ë¥‘π §à“°àÕ √â“ß ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ Õ◊Ëπ Ê √«¡

2548

2547

1,196,040,121 54,751,793 1,128,313,272 105,369,753 197,936,442 2,682,411,381

812,385,276 63,558,305 1,025,778,805 87,058,488 90,035,604 2,078,816,478

∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà à«π„À≠à·≈–®–¡’„π¿“¬Àπâ“‰ª®¥®”πÕß‰«â°—∫ ∂“∫—π°“√‡ß‘π‡æ◊ËÕ„™â‡ªìπÀ≈—° ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√¢Õß∫√‘…—∑¬àÕ¬ πÕ°®“°π’È∫√‘…—∑¬àÕ¬‰¥â‚Õπ°√√¡ ‘∑∏‘Ï„π∑’Ë¥‘π∫“ß à«π„Àâ·°àºŸâ´◊ÈÕµ“¡ —≠≠“ ®–´◊ÈÕ®–¢“¬·≈–„π°√≥’∑’ËºŸâ´◊ÈÕº‘¥‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ‰«â„π —≠≠“ ºŸâ´◊ÈÕ®–µâÕß‚Õπ°√√¡ ‘∑∏‘Ï„π∑’Ë¥‘π¥—ß°≈à“«§◊π„Àâ·°à∫√‘…—∑¬àÕ¬

8. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬/º≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡ß‘π≈ß∑ÿπ «‘∏’√“§“∑ÿπ Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ∑ÿπ™”√–·≈â« ‚¥¬∫√‘…∑— œ 2548 2547 2548 2547 2548 ≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈– ∫“∑

∫√‘…—∑ ∫â“π©“ß‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥

30 475 50

100 100 100

2547 ∫“∑

«‘∏’ à«π‰¥â‡ ’¬ º≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ ÿ∑∏‘ „π∫√‘…∑— ¬àÕ¬ 2548 2547 2548 2547 ∫“∑ ∫“∑ ∫“∑ ∫“∑

100 30,000,000 30,000,000 - (60,301,398) (48,489,777) 100 475,217,909 475,217,909 819,614,785 832,687,655 100 49,999,930 49,999,930 419,763,651 339,684,834 √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

105

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡ß‘π≈ß∑ÿπ «‘∏’√“§“∑ÿπ Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ∑ÿπ™”√–·≈â« ‚¥¬∫√‘…∑— œ 2548 2547 2548 2547 2548 ≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈– ∫“∑

2547 ∫“∑

∫√‘…—∑ ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ 1 1 100 100 999,930 999,930 648,223 716,588 ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ 11 11 100 100 10,999,940 10,999,940 - (37,948,360) (31,086,281) ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ 639 639 100 100 549,044,441 549,044,441 492,443,619 527,430,084 ∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ 1 1 100 100 999,940 999,940 4,959,310 - (27,917,867) ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å ‚ª‚≈ ®”°—¥ (√«¡∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ´÷Ëß∂◊ÕÀÿâπ‚¥¬∫√‘…—∑¬àÕ¬√âÕ¬≈– 100) 1 1 100 100 999,930 999,930 - (27,919,989) (11,006,910) ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (√’‡∑≈) ®”°—¥ 0.1 0.1 100 100 99,920 99,920 - (14,547,567) (14,477,788) ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (π‘™¥“∏“π’) ®”°—¥ 1 1 100 100 999,930 999,930 - (1,566,907) (1,499,344) ∫√‘…—∑ ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ 1 1 100 100 999,940 999,940 - (21,332,620) (16,293,734) ∫√‘…—∑ ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ ®”°—¥ 1 1 100 100 999,940 999,940 3,380,593 2,353,856 ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ 5 5 100 100 4,999,930 4,999,930 - (17,087,706) (7,920,305) °Õß∑ÿπ√«¡‚°≈‡¥âπ·≈π¥å øíπ¥å Õß 710 90 - 709,800,000 - 629,103,777 ∫√‘…—∑ “∏√∑Õß ®”°—¥ 154 154 79 79 121,659,951 121,659,951 - (13,823,615) (11,138,895) ∫√‘…—∑ ‡Õ . Õ“√å. Õ’. ‡Õø. (·¡‡π‡®Õ√å) ®”°—¥ 1 1 70 70 699,900 699,900 265,814 341,296 ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ 500 500 60 51 269,463,656 254,999,810 44,631,897 95,637,562 ∫√‘…—∑ «Õ§‡°Õ√å ‚Œ¡ å ®”°—¥ (∫√‘…—∑œ∂◊ÕÀÿâπ √à«¡°—∫∫√‘…—∑¬àÕ¬√«¡‡ªìπ√âÕ¬≈– 100) 1 1 50 50 499,930 499,930 - (62,219,576) (58,148,955) √«¡ 2,228,485,117 1,504,221,271 2,414,811,669 1,798,851,875 (256,747,738) (227,979,856) · ¥ß‡ªìπ-§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫≈Ÿ°Àπ’È·≈–‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 11) (218,716,518) (203,966,924) √«¡ (38,031,220) (24,012,932)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 à«π·∫àßº≈¢“¥∑ÿπ – ¡®“°‡ß‘π≈ß∑ÿπ„π∫√‘…∑— ¬àÕ¬∫“ß∫√‘…∑— ¡’¡≈Ÿ §à“ Ÿß°«à“√“§“∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ ∫√‘…—∑œ ®÷ß‰¥â∫—π∑÷° à«π‡°‘ππ’È„π∫—≠™’ ”√Õß‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫≈Ÿ°Àπ’È·≈–‡ß‘π„Àâ°Ÿâ¬◊¡∑’Ë∫√‘…—∑œ „Àâ·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“« (À¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 11) ¢“¥∑ÿπ à«π∑’Ë‡À≈◊Õ‰¥â· ¥ß‡ªìπ çº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é „πß∫¥ÿ≈ „π√–À«à“ßªï 2548 ·≈– 2547 ∫√‘…—∑¬àÕ¬‰¡à¡’°“√ª√–°“»®à“¬‡ß‘πªíπº≈

9. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ≈—°…≥–∏ÿ√°‘®

∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬ ¢Õß∫√‘…—∑¬àÕ¬) æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

106

ß∫°“√‡ß‘π√«¡/ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊ÕÀÿâπ ‡ß‘π≈ß∑ÿπ ∑ÿπ™”√–·≈â« ‚¥¬∫√‘…∑— œ «‘∏√’ “§“∑ÿπ «‘∏ ’ «à π‰¥â‡ ’¬ 2548 2547 2548 2547 2548 2547 2548 2547 æ—π∫“∑ æ—π∫“∑ √âÕ¬≈– √âÕ¬≈– ∫“∑ ∫“∑ ∫“∑ ∫“∑

20,000

9,230,000

50,930 9,280,930

„π√–À«à“ßªïªí®®ÿ∫—π ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¥âµ°≈ß¬°‡≈‘° —≠≠“°“√√à«¡∑ÿπ°—∫∫√‘…—∑·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑π—Èπµ°≈ß∑’Ë®–‚ÕπÀÿâπ ¢Õß∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¥—ß°≈à“«∑—ÈßÀ¡¥„Àâ∫√‘…—∑¬àÕ¬ ´÷Ëß∑”„Àâ∫√‘…—∑¬àÕ¬¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ¥—ßπ—Èπ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ‰¥â‡ª≈’Ë¬π ∂“π–®“°∫√‘…—∑√à«¡¢Õß∫√‘…—∑¬àÕ¬‡ªìπ∂◊ÕÀÿâπ ‚¥¬∫√‘…—∑¬àÕ¬√âÕ¬≈– 100 ´÷Ëß¢≥–π’È∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑π—Èπ°”≈—ßÕ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√‚ÕπÀÿâπ¥—ß°≈à“« ·≈–º≈®“°°“√¬°‡≈‘° —≠≠“¥—ß°≈à“« ∫√‘…—∑œ ‰¥â∫—π∑÷°¢“¥∑ÿπ®“°°“√µ—¥®”Àπà“¬ à«π¢Õß‡ß‘π≈ß∑ÿπ∑’Ë Ÿß°«à“¡Ÿ≈§à“µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬®”π«π‡ß‘πª√–¡“≥ 11 ≈â“π∫“∑ „πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï 2548 ¿“¬„µâ ç¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬åé ‡π◊ËÕß®“°§“¥«à“®–‰¡à‰¥â √—∫ª√–‚¬™πå„πÕπ“§µ „π√–À«à“ßªï 2548 ·≈– 2547 ∫√‘…—∑√à«¡‰¡à¡’°“√ª√–°“»®à“¬‡ß‘πªíπº≈

10. ‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ≈—°…≥–∏ÿ√°‘®

°Õß∑ÿπ√«¡‚°≈‡¥âπ ·≈π¥åøíπ¥å Õß (‡ª≈’Ë¬π ∂“π–‡ªìπ ∫√‘…—∑¬àÕ¬„πªï 2548) °Õß∑ÿπ√«¡ ¬“¡ ‡√’¬≈‡Õ ‡µ∑

ß∫°“√‡ß‘π√«¡/ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ Õ—µ√“√âÕ¬≈–¢Õß°“√∂◊Õ ∑ÿπ™”√–·≈â« Àπà«¬≈ß∑ÿπ‚¥¬∫√‘…—∑œ 2548 2547 2548 2547 ≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈–

√“§“∑ÿπ 2548 ∫“∑

‡ß‘π≈ß∑ÿπ ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘¢ÕßÀπà«¬≈ß∑ÿπ 2547 2548 2547 ∫“∑ ∫“∑ ∫“∑

≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬À√◊Õ„Àâ‡™à“

707

706,800,000

- 675,017,179

≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬À√◊Õ„Àâ‡™à“

9,000,000

55,163,949 99,385,457

715,800,000

55,163,949 774,402,636

‡¡◊ËÕ«—π∑’Ë 4 °ÿ¡¿“æ—π∏å 2548 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√°“√≈ß∑ÿπ§√—Èß∑’Ë 1/2548 ¢Õß°Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑‰¥âÕπÿ¡—µ‘°“√®à“¬ ‡ß‘πªíπº≈„ÀâºŸâ∂◊ÕÀπà«¬≈ß∑ÿπ„πÕ—µ√“Àπà«¬≈– 1 ∫“∑ √«¡‡ªìπ‡ß‘πªíπº≈∑—Èß ‘Èπª√–¡“≥ 15.6 ≈â“π∫“∑ ´÷Ëßµ“¡ —¥ à«π¢Õß∫√‘…—∑œ §‘¥‡ªìπ ®”π«π‡ß‘πª√–¡“≥ 9.4 ≈â“π∫“∑ πÕ°®“°π—Èπ∑’Ëª√–™ÿ¡§≥–°√√¡°“√°“√≈ß∑ÿπ¬—ß‰¥â≈ß¡µ‘„Àâ≈¥‡ß‘π∑ÿπ¢Õß°Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑ ®”π«π 75 ≈â“π∫“∑ ‚¥¬‡¡◊ËÕ«—π∑’Ë 18 °√°Æ“§¡ 2548 °Õß∑ÿπ√«¡ ¬“¡‡√’¬≈‡Õ ‡µ∑ ‰¥â‡©≈’Ë¬‡ß‘π®”π«π¥—ß°≈à“«„Àâ·°àºŸâ∂◊ÕÀπà«¬≈ß∑ÿπ ´÷Ëß µ“¡ —¥ à«π¢Õß∫√‘…—∑œ ‰¥â√—∫§◊π∑ÿπ¡“‡ªìπ®”π«π‡ß‘π 45 ≈â“π∫“∑ „π√–À«à“ßªïªí®®ÿ∫—π ∫√‘…—∑œ ‰¥â¬°‡≈‘° —≠≠“´◊ÈÕ¢“¬Àπà«¬≈ß∑ÿπ°Õß∑ÿπ√«¡‚°≈‡¥âπ·≈π¥åøíπ¥å Õß °—∫ MS Thai Investment Partner, Inc. ´÷Ëß∑”„Àâ∫√‘…—∑œ ¡’Õ”π“®„π°“√§«∫§ÿ¡°Õß∑ÿπ√«¡‚°≈‡¥âπ·≈π¥åøíπ¥å Õß ®÷ß∂◊Õ«à“°Õß∑ÿπ√«¡¥—ß°≈à“«‡ªìπ∫√‘…—∑¬àÕ¬·≈–‰¥â√«¡ ß∫°“√‡ß‘π¢Õß°Õß∑ÿπ√«¡¥—ß°≈à“«„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–º≈®“°°“√¬°‡≈‘° —≠≠“¥—ß°≈à“« ∫√‘…—∑œ ‰¥â∫—π∑÷°¢“¥∑ÿπ ®“°°“√µ—¥®”Àπà“¬¥Õ°‡∫’È¬§â“ß√—∫®“° MS Thai Investment Partner, Inc. ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 51 ≈â“π∫“∑ „πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2548 ·≈–∫√‘…∑— œ ‰¥â∫π— ∑÷°¢“¥∑ÿπ®“°°“√µ—¥®”Àπà“¬ à«π¢Õß‡ß‘π≈ß∑ÿπ∑’ Ë ßŸ °«à“¡Ÿ≈§à“µ“¡∫—≠™’¢Õß∫√‘…∑— ¬àÕ¬®”π«π‡ß‘πª√–¡“≥ 46 ≈â“π ∫“∑ „πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï 2548 ¿“¬„µâ ç¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬åé ‡π◊ËÕß®“°§“¥«à“®–‰¡à‰¥â√—∫ ª√–‚¬™πå„πÕπ“§µ „π√–À«à“ßªï 2547 °Õß∑ÿπ√«¡‰¡à¡’°“√ª√–°“»®à“¬ªíπº≈

11. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß‡°’Ë¬«¢âÕß°—π‚¥¬°“√¡’ºŸâ∂◊ÕÀÿâπ∫“ß à«π√à«¡ °—πÀ√◊ÕÕ¬Ÿ¿à “¬„µâ°“√§«∫§ÿ¡¢Õß°√√¡°“√√à«¡°—π (πÕ°‡Àπ◊Õ®“°√“¬°“√√–À«à“ß∫√‘…∑— œ °—∫∫√‘…∑— ¬àÕ¬∑’µË ¥— ÕÕ°„π°“√∑”ß∫°“√‡ß‘π√«¡·≈â«) ß∫°“√‡ß‘ππ’®È ß÷ · ¥ß∂÷ßº≈¢Õß√“¬°“√¥—ß°≈à“«µ“¡æ◊πÈ ∞“π∑’‰Ë ¥âµ°≈ß√à«¡°—π (∫“ß à«π‰¡à¡ ’ ≠ — ≠“) √–À«à“ß∫√‘…∑— œ·≈–∫√‘…∑— ‡À≈à“π—πÈ √“¬°“√ ¥—ß°≈à“« “¡“√∂ √ÿª‰¥â¥—ßπ’È

107

ß∫°“√‡ß‘π√«¡ 2548 2547

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ¥Õ°‡∫’È¬√—∫ √“¬‰¥â§à“°“√®—¥°“√ ¥Õ°‡∫’È¬®à“¬ §à“‡™à“®à“¬ §à“ “∏“√≥Ÿª‚¿§®à“¬ §à“®—¥°“√®à“¬ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ¥Õ°‡∫’È¬√—∫ √“¬‰¥â§à“°“√®—¥°“√ √“¬‰¥âÕ◊Ëπ √“¬°“√∏ÿ√°‘®°—∫∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π ¥Õ°‡∫’È¬®à“¬

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

55.1 344.4 1.8 15.0 2.1 0.9

108.8 452.1 2.6 12.9 2.1 -

0.7 1.5

7.0 1.8

8.3

11.7

8.3

11.7

∫√‘…—∑œ ‰¥â‡¢â“∑” —≠≠“∫√‘°“√°—∫∫√‘…—∑¬àÕ¬ (∂◊ÕÀÿâπ‚¥¬∫√‘…—∑œ „πÕ—µ√“ à«π√âÕ¬≈– 100 ·≈–√âÕ¬≈– 60) ”À√—∫°“√„Àâ∫√‘°“√ ‡°’¬Ë «°—∫°“√®—¥°“√ß“π¥â“π∏ÿ√°“√∑—«Ë ‰ª ·≈–ß“π∫√‘À“√ ∫√‘…∑— œ ∫—π∑÷°√“¬‰¥â§“à °“√®—¥°“√‡ªìπ®”π«π‡ß‘π 344.4 ≈â“π∫“∑ „πß∫°”‰√¢“¥∑ÿπªï 2548 (2547: 452.1 ≈â“π∫“∑) √“¬°“√¥—ß°≈à“«‰¥â∂Ÿ°µ—¥ÕÕ°„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡·≈â«∑—Èß®”π«π ¬Õ¥§ß§â“ß¢Õß√“¬°“√¥—ß°≈à“«¢â“ßµâπ‰¥â· ¥ß·¬°µà“ßÀ“°„πß∫¥ÿ≈¿“¬„µâ√“¬°“√ ç≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πé ç‡ß‘π„Àâ°Ÿâ¬◊¡ √–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πé ·≈– ç‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πé ¥—ßπ’È :ß∫°“√‡ß‘π√«¡ 2548 2547

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≈Ÿ°Àπ’ÕÈ πË◊ °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ “∏√∑Õß ®”°—¥ √«¡

108

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

2,140,082,000 1,827,000,000 27,000,000 27,000,000 87,862,000 38,000,000 1,284,000 2,568,000 19,260,000 17,334,000 2,275,488,000 1,911,902,000 (11,808,685) (26,401,332) 2,263,679,315 1,885,500,668

67,426,168 67,426,168

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

ß∫°“√‡ß‘π√«¡ 2548 2547

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

‡ß‘π„Àâ°¬âŸ ¡◊ ·≈–‡ß‘π∑¥√Õß·°à°®‘ °“√ ∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß√—∫) ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ∫â“π©“ß‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥

279,125,194 204,878,795

∫√‘…—∑ ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥

72,412 838,664,185

∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å ‚ª‚≈ ®”°—¥

1,516,535 106,191,128

14,747,355 2,386,663 1,337 19,199,823 631,151,308 141,105,040

∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥

426,731,100

∫√‘…—∑ ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑¬àÕ¬) √«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (À¡“¬‡Àµÿ 8) √«¡ ∫√‘…∑— √à«¡ ∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥ 70,256,049

35,600 353,507

70,202,370

49,508,935

∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑¬àÕ¬)

97,251,629

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

284,023,316 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 744,444,261 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ √âÕ¬≈– 3.2-4.25 µàÕªï) 72,112 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 923,212,793 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547 : §‘¥¥Õ°‡∫’È¬‡©æ“–‡ß‘π°Ÿâ ∑’Ë‡∫‘°‡æ‘Ë¡µ—Èß·µàªï 2546 „πÕ—µ√“ √âÕ¬≈– 3.2 -3.95 µàÕªï) 1,516,535 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 99,482,663 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”) 14,747,055 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 2,386,363 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 1,037 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 19,199,373 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 1,034,001,295 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË” 135,622,795 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬) 413,820,512 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”) 35,600 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 165,507 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬

9,201,630 - ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ - 2,675,361,612 3,672,731,217 - (206,907,833) (177,565,592) - 2,468,453,779 3,495,165,625 49,455,257 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ (2547 : §‘¥¥Õ°‡∫’È¬„πÕ—µ√“ ¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”) 9,200,471 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬

109

ß∫°“√‡ß‘π√«¡ 2548 2547

√«¡ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ √«¡ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ √«¡ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’°È ®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ æ√ÁÕæ‡æÕ√åµ’È ‡´Õ√å«‘ ‡´ ®”°—¥ √«¡ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®“° °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß®à“¬) ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ “∏√∑Õß ®”°—¥

∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ √«¡ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ √«¡ ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π ·µà‰¡à‡°‘π√âÕ¬≈– 15 µàÕªï À—° : à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï √«¡ √«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

110

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

70,256,049 167,453,999 (25,000,000) (25,000,000) 45,256,049 142,453,999 375,775 375,775

656,498 656,498

49,508,935 (17,000,000) 32,508,935 58,902 58,902

(Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥¥Õ°‡∫’È¬

58,655,728 (17,000,000) 41,655,728 58,902 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 58,902

45,631,824 143,110,497 2,568,447,784 3,604,306,423

74,172,901 3,000,000 2,922,552 69,798 80,165,251

57,072,077 3,000,000 3,904,427 63,976,504

305,367,102 63,475,745

32,546,900 160,000,000 4,950,000 566,339,747

310,477,987 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 65,709,485 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡©≈’Ë¬ (2547 : Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ ¬◊¡¢—ÈπµË”) 55,546,900 ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ - ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ - ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 431,734,372

467,510 467,510 110,000,000 170,000,000

110,000,000

- ‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬ 170,000,000 Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”

(60,000,00) (60,000,000) (60,000,000) (60,000,000) 50,000,000 110,000,000 50,000,000 110,000,000 50,000,000 110,467,510 696,504,998 605,710,876

‡¡◊ËÕ«—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“™”√–Àπ’È°—∫∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑√à«¡®–®à“¬™”√– §◊π‡ß‘π°Ÿâ∑’Ë‰¥â√—∫®“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡ªìπ®”π«π‡ß‘π 35 ≈â“π∫“∑ ( ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®”π«π 25 ≈â“π∫“∑) ‚¥¬°“√‚Õπ °√√¡ ‘∑∏‘Ï„πÕ“§“√™ÿ¥ Õ¬à“ß‰√°Áµ“¡ ¢≥–π’È∫√‘…—∑√à«¡¬—ß‰¡à‰¥â‚Õπ°√√¡ ‘∑∏‘Ï„πÕ“§“√™ÿ¥¥—ß°≈à“«„Àâ·°à∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π§‘¥¥Õ°‡∫’È¬‡∑à“°—∫Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”·µà‰¡à‡°‘π√âÕ¬≈– 15 µàÕªï ·≈–¡’°”Àπ¥ ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ®”π«π 60 ß«¥ ‚¥¬¡’°”Àπ¥®à“¬§◊πß«¥·√°„π«—π∑’Ë 30 ∏—π«“§¡ 2545 ·≈–ß«¥ ÿ¥∑â“¬„π«—π∑’Ë 30 ∏—π«“§¡ 2550 „π√–À«à“ßªï ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß√—∫) ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®“° °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (√«¡¥Õ°‡∫’È¬§â“ß®à“¬) ¡’°“√‡§≈◊ËÕπ‰À« ¥—ßµàÕ‰ªπ’È :(Àπà«¬ : ∫“∑) ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑√à«¡ ∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥ ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫√‘…—∑¬àÕ¬) ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ

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

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

70,202,370

55,693

(2,014)

70,256,049

97,251,629

(97,251,629)

656,498 168,110,497

2,897,487 2,953,180

(3,178,210) (100,431,853)

375,775 70,631,824

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ 467,510 ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π 170,000,000 170,467,510

(467,510) (60,000,000) (60,467,510)

110,000,000 110,000,000 (Àπà«¬ : ∫“∑)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548

‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ∫â“π©“ß‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ‚Œ¡ å ®”°—¥ ∫√‘…—∑ ·ºàπ¥‘π∑Õß ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ ∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å ‚ª‚≈ ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (√’‡∑≈) ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (π‘™¥“∏“π’) ®”°—¥ ∫√‘…—∑ ‡Õ .Õ“√å.Õ’.‡Õø. (·¡‡π‡®Õ√å) ®”°—¥ ∫√‘…—∑ “∏√∑Õß ®”°—¥

284,023,316 744,444,261 72,112 923,212,793 1,516,535 99,482,663 14,747,055 2,386,363 1,037 19,199,373

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ „π√–À«à“ßªï ‡æ‘¡Ë ¢÷πÈ ≈¥≈ß

7,001,878 206,134,097 300 251,392 6,708,465 300 300 300 450

(11,900,000) (745,699,563) (84,800,000) -

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

279,125,194 204,878,795 72,412 838,664,185 1,516,535 106,191,128 14,747,355 2,386,663 1,337 19,199,823

111

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ „π√–À«à“ßªï ‡æ‘¡Ë ¢÷πÈ ≈¥≈ß

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2548

∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ∫√‘…—∑ «Õ§‡°Õ√å ‚Œ¡ å ®”°—¥ ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ∫√‘…—∑ ·°√π¥å æ“√“‰¥ å æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ ∫√‘…—∑ ‡ÕÁ¡‡Õ ®’·Õ≈ æ√ÁÕæ‡æÕ√åµ’È ®”°—¥ (ªï 2548 ‡ª≈’Ë¬π ∂“π–‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑¬àÕ¬) ∫√‘…—∑√à«¡ ∫√‘…—∑ ∫â“π‡®’¬√π—¬ ®”°—¥ ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π Õ◊ËπÊ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π∑¥√Õß®“° °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ π“√“¬≥å æ“«‘≈‡≈’¬π ®”°—¥ ∫√‘…—∑ “∏√∑Õß ®”°—¥ ∫√‘…—∑ √‘∑´å «‘≈‡≈® ®”°—¥ ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ∫√‘…—∑ ‚°≈‡¥âπ ·Œ∫‘‡∑™—Ëπ ®”°—¥ ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

1,034,001,295 135,622,795 413,820,512 35,600 165,507

46,847,016 5,482,245 12,938,185 193,604

(449,697,003) (27,597) (5,604)

631,151,308 141,105,040 426,731,100 35,600 353,507

9,200,471

1,159

9,201,630

49,455,257

55,692

(2,014)

49,508,935

58,902 3,731,445,847

285,615,383

(1,292,131,781)

58,902 2,724,929,449

310,477,987 65,709,485 55,546,900 170,000,000 601,734,372

4,003,568 1,784,491 2,000,000 732,425,572 4,950,000 745,163,631

(9,114,453) (4,018,231) (25,000,000) (572,425,572) (60,000,000) (670,558,256)

305,367,102 63,475,745 32,546,900 160,000,000 4,950,000 110,000,000 676,339,747

12. µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π §à“°àÕ √â“ß ¥Õ°‡∫’È¬®à“¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ Õ◊Ëπ Ê À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß¡Ÿ≈§à“‚§√ß°“√ ¡Ÿ≈§à“‚§√ß°“√ ÿ∑∏‘

2548

2547

515,785,851 180,550,729 33,307,060 39,242,472 768,886,112 (21,028,362) 747,857,750

518,781,347 182,978,221 33,307,060 41,413,856 776,480,484 (21,028,362) 755,452,122

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

452,323,835 58,280,118 28,277,910 19,140,435 558,022,298 558,022,298

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’ºŸâª√–‡¡‘π√“§“Õ‘ √–∑”°“√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‡æ◊ËÕ¢“¬é ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ´÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ¡’¡Ÿ≈§à“µ“¡∫—≠™’ (°àÕπÀ—°§à“‡º◊ËÕ°“√¥âÕ¬§à“) ®”π«πª√–¡“≥ 730 ≈â“π ∫“∑ (2547 : 738 ≈â“π∫“∑) ‚¥¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬é µ“¡√“¬ß“π¢ÕßºŸâª√–‡¡‘π√“§“Õ‘ √– 112

¡’¡Ÿ≈§à“ Ÿß°«à“√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å„π‚§√ß°“√∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â‡ªìπ®”π«π‡ß‘π 10 ≈â“π∫“∑‰«â„π∫—≠™’·≈â« ”À√—∫ çµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ◊ÕË ¢“¬é à«π∑’‡Ë À≈◊Õ¢Õß∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ´÷ßË ¡’√“§“∑ÿπª√–¡“≥ 38 ≈â“π∫“∑ ∫√‘…∑— ¬àÕ¬‰¥âæ‘®“√≥“§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‚§√ß°“√´÷ËßΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑¬àÕ¬‰¥âª√–¡“≥¢÷Èπ‚¥¬‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ√«¡µàÕÀπà«¬¢Õß ‚§√ß°“√°—∫¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–¢“¬‰¥âµàÕÀπà«¬ ∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‚§√ß°“√®”π«π‡ß‘πª√–¡“≥ 11 ≈â“π∫“∑‰«â „π∫—≠™’·≈â« ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà à«π„À≠à·≈–®–¡’„π¿“¬Àπâ“‰ª®¥®”πÕß‰«â°—∫ ∂“∫—π°“√‡ß‘π ‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

13. ∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“ / ‡ß‘π®à“¬≈à«ßÀπâ“‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π·≈–Õ“§“√ ∑’¥Ë π‘ ·≈– ‘∑∏‘°“√‡™à“∑’¥Ë π‘ √Õ°“√æ—≤π“ ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π à«πª√—∫ª√ÿß∑’Ë¥‘π ‘∑∏‘°“√‡™à“ ¥Õ°‡∫’È¬∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ Õ◊Ëπ Ê À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘∑∏‘°“√‡™à“∑’Ë¥‘π ∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“ - ÿ∑∏‘

2548

2547

1,944,527,527 16,129,307 1,322,416,752 150,929,544 324,160,092 3,758,163,222 (31,968,252) 3,726,194,970

2,609,118,852 16,129,307 626,873,976 150,929,544 126,581,598 3,529,633,277 3,529,633,277

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

236,468,782 990,478 31,968,252 20,877,336 11,471,483 301,776,331 (31,968,252) 269,808,079

233,031,282 990,478 31,968,252 20,877,336 11,438,483 298,305,831 298,305,831

‡¡◊ËÕ«—π∑’Ë 6 ¡‘∂ÿπ“¬π 2539 ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â‡¢â“∑” —≠≠“‡™à“∑’Ë¥‘π°—∫ ”π—°ß“π∑√—æ¬å ‘π à«πæ√–¡À“°…—µ√‘¬å (ç ”π—°ß“π∑√—æ¬å ‘πœé) ‡æ◊ËÕ‡™à“ √â“ßÕ“§“√ ”π—°ß“π·≈–Õ“§“√æ—°Õ“»—¬ ´÷Ëß‡¥‘¡ ∂“π‡Õ°Õ—§√√“™∑Ÿµ Àæ—π∏å √— ‡´’¬ (ç ∂“π∑Ÿµœé) ‡ªìπºŸâ‡™à“∑’Ë¥‘π¥—ß°≈à“« ‚¥¬ ∂“π∑Ÿµœ ‰¥â∫Õ°‡≈‘° —≠≠“‡™à“∑’Ë¥‘π°—∫ ”π—°ß“π∑√—æ¬å ‘πœ ‡æ◊ËÕ„Àâ ”π—°ß“π∑√—æ¬å ‘πœ ¬° ‘∑∏‘°“√‡™à“∑’Ë¥‘π¥—ß°≈à“«„Àâ°—∫∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ‡æ◊ËÕ„Àâ‰¥â¡“´÷Ëß ‘∑∏‘°“√‡™à“∑’Ë¥‘π ¥—ß°≈à“« ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ‰¥âµ°≈ß™”√–§à“„™â®à“¬µà“ßÊ „π°“√¬â“¬ ∂“π∑Ÿµœ ®“° ∂“π∑’Ë·Ààß‡¥‘¡‰ª¬—ß ∂“π∑’Ë·Ààß„À¡à ‚¥¬¡’§à“„™â®à“¬√«¡∑—Èß ‘Èπª√–¡“≥ 745 ≈â“π∫“∑ ´÷Ëßª√–°Õ∫¥â«¬µâπ∑ÿπ ‘∑∏‘°“√‡™à“ §à“„™â®à“¬·≈–¥Õ°‡∫’È¬∑’Ë‡°’Ë¬«¢âÕß∑’Ë∂◊Õ‡ªìπµâπ∑ÿπ ∫√‘…—∑œ ‰¥â∫—π∑÷° ç à«π‡°‘π¢Õß¡Ÿ≈§à“ ÿ∑∏‘ µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ Ÿß°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπé ¢Õß∫√‘…—∑œ®”π«π√«¡ª√–¡“≥ 156 ≈â“π∫“∑‰ªÀ—°®“°µâπ∑ÿπ‡æ◊ËÕ„Àâ‰¥â¡“´÷Ëß ‘∑∏‘°“√‡™à“ ¥—ß°≈à“« ‚¥¬· ¥ß√«¡„π ç ‘∑∏‘°“√‡™à“é „πß∫°“√‡ß‘π√«¡ µ“¡∑’Ë√–∫ÿ„π —≠≠“‡™à“∑’Ë¥‘π ∫√‘…—∑ πÕ√å∑ “∏√ ‡√’¬≈µ’È ®”°—¥ ®–µâÕß ¬° °√√¡ ‘∑∏‘Ï„π ‘Ëß°àÕ √â“ßæ√âÕ¡∑—Èß à«π§«∫„Àâ·°à ”π—°ß“π∑√—æ¬å ‘πœ ‡¡◊ËÕ‰¥â°àÕ √â“ß‡ √Á® ·≈–‡¡◊ËÕ«—π∑’Ë 7 µÿ≈“§¡ 2545 ∫√‘…—∑¬àÕ¬¥—ß°≈à“« ‰¥âµàÕÕ“¬ÿ —≠≠“‡™à“¥—ß°≈à“«‚¥¬¡’°”Àπ¥‡«≈“ 34 ªï Õ¬à“ß‰√°Áµ“¡ ‡¡◊ËÕ«—π∑’Ë 15 æƒ»®‘°“¬π 2547 ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡™à“‡æ‘Ë¡‡µ‘¡°—∫ ”π—°∑√—æ¬å ‘π à«πæ√–¡À“°…—µ√‘¬å‚¥¬¡’ “√– ”§—≠§◊Õ°“√‡≈◊ËÕπ°“√™”√–§à“‡™à“∑’Ë¥‘π‰ªÕ’° 2 ªï ·≈–¢¬“¬Õ“¬ÿ —≠≠“°“√‡™à“ÕÕ°‰ª‡ªìπ √–¬–‡«≈“√«¡ 36 ªï ( ‘Èπ ÿ¥‡¥◊Õπµÿ≈“§¡ 2581) °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·ÀàßÀπ÷Ëß´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’ ‘∑∏‘°“√‡™à“√Õ°“√æ—≤π“´÷Ëß¡’¡Ÿ≈§à“µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 781 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑¬àÕ¬¡’‚§√ß°“√®–æ—≤π“‡æ◊ËÕ°“√æ“≥‘™¬å Õ¬à“ß‰√°Áµ“¡‰¥â¡’°“√ ‡≈◊ËÕπª√–°“»°“√„™âº—ß‡¡◊Õß„À¡à¢Õß°√ÿß‡∑æ¡À“π§√ ´÷Ëß¬—ß‰¡à∑√“∫º≈ √ÿª„π¢≥–π’È „π√–À«à“ßªïªí®®ÿ∫—π ∫√‘…—∑œ ‰¥â∫—π∑÷°§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘∑∏‘°“√‡™à“∑’Ë¥‘π√Õ°“√æ—≤π“´÷Ëß§“¥«à“®–‰¡à°àÕ„Àâ‡°‘¥ª√–‚¬™πå„π Õπ“§µ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 32 ≈â“π∫“∑ „πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2548 ¿“¬„µâ ç¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬åé ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∫“ß à«π‰ª®¥®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π¢Õß ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 17 ·≈– 19 √“¬ß“πª√–®”ªï 2548 ∫√‘…—∑ ·ºàπ¥‘π∑Õß æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) Annual Report 2005 Golden Land Property Development PLC.

113

‡ß‘π®à“¬≈à«ßÀπâ“‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π·≈–Õ“§“√ „πªïªí®®ÿ∫—π ∫√‘…—∑¬àÕ¬‰¥âµ—¥®”Àπà“¬‡ß‘π®à“¬≈à«ßÀπâ“‡æ◊ËÕ´◊ÈÕ∑’Ë¥‘π·≈–Õ“§“√ª√–¡“≥ 16 ≈â“π∫“∑ ·≈–∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπ √«¡ ”À√—∫ªï 2548 ¿“¬„µâ ç¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬åé ‡π◊ËÕß®“°§“¥«à“®–‰¡à‰¥â√—∫ª√–‚¬™πå„πÕπ“§µ®“°‡ß‘π ®à“¬≈à«ßÀπâ“¥—ß°≈à“«

14. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ∑’Ë¥‘π

‘∑∏‘°“√‡™à“

Õ“§“√

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 735,763,350 867,467,995 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ ‚Õπ‡¢â“ 31 ∏—π«“§¡ 2548 735,763,350 867,467,995 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 - 146,661,225 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï - 32,004,904 §à“‡ ◊ËÕ¡√“§“-®”Àπà“¬ 31 ∏—π«“§¡ 2548 - 178,666,129 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 735,763,350 720,806,770 31 ∏—π«“§¡ 2548 735,763,350 688,801,866 §à“‡ ◊ËÕ¡√“§“´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2547 2548

Õÿª°√≥å

1,920,663,870 21,450,135 - 1,229,191 78,542,301 1,999,206,171 22,679,326

‡§√◊ËÕßµ°·µàß ß“π√–À«à“ß ·≈–µ‘¥µ—Èß °àÕ √â“ß

√«¡

262,806,818 1,542,056 3,809,694,224 7,023,212 8,252,403 (190,800) (190,800) 43,930,152 - 122,472,453 313,569,382 1,542,056 3,940,228,280

126,128,316 8,631,148 73,611,190 4,089,049 199,739,506 12,720,197

53,654,947 56,607,431 (85,860) 110,176,518

1,794,535,554 12,818,987 1,799,466,665 9,959,129

209,151,871 203,392,864

335,075,636 166,312,574 (85,860) 501,302,350

1,542,056 3,474,618,588 1,542,056 3,438,925,930 123,099,342 166,312,574 (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡§√◊ËÕßµ°·µàß ß“π√–À«à“ß Õ“§“√ Õÿª°√≥å ·≈–µ‘¥µ—Èß °àÕ √â“ß

∑’Ë¥‘π

√“§“∑ÿπ : 31 ∏—π«“§¡ 2547 ´◊ÈÕ‡æ‘Ë¡ 31 ∏—π«“§¡ 2548 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 31 ∏—π«“§¡ 2548 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 31 ∏—π«“§¡ 2548 114

707,510,880 707,510,880

147,777,234 147,777,234

1,902,574 1,902,574

2,694,495 1,542,056 2,694,495 1,542,056

69,618,905 7,388,862 77,007,767

1,868,998 11,589 1,880,587

2,692,747 1,659 2,694,406

707,510,880 707,510,880

78,158,329 70,769,467

33,576 21,987

√«¡

861,427,239 861,427,239

74,180,650 7,402,110 81,582,760

1,748 1,542,056 89 1,542,056

787,246,589 779,844,479

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ ‡§√◊ËÕßµ°·µàß ß“π√–À«à“ß Õ“§“√ Õÿª°√≥å ·≈–µ‘¥µ—Èß °àÕ √â“ß

∑’Ë¥‘π

√«¡

§à“‡ ◊ËÕ¡√“§“´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2547 2548

7,407,401 7,402,110

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â« ·µà ¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡¢Õß ‘π∑√—æ¬å ¥—ß°≈à“«¡’®”π«π‡ß‘π 13.5 ≈â“π∫“∑ ·≈– 13.6 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“– ¢Õß∫√‘…—∑œ : 4.5 ≈â“π∫“∑ ·≈– 4.5 ≈â“π∫“∑) µ“¡≈”¥—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈–Õ“§“√„Àâ‡™à“‰ª®¥®”πÕß‰«â°—∫ ∂“∫—π°“√‡ß‘π‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¢Õß∫√‘…—∑œ µ“¡∑’Ë °≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 20

15. ∑’¥Ë π‘ Õ“§“√·≈–Õÿª°√≥å (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡

∑’Ë¥‘π

π“¡°Õ≈åø

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 70,239,671 205,125,638 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ 31 ∏—π«“§¡ 2548 70,239,671 205,125,638 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 - 204,951,365 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 139,570 §à“‡ ◊ËÕ¡√“§“-®”Àπà“¬ 31 ∏—π«“§¡ 2548 - 205,090,935 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 31 ∏—π«“§¡ 2547 11,505,180 ‡æ‘Ë¡¢÷Èπ 952,175 31 ∏—π«“§¡ 2548 12,457,355 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 58,734,491 174,273 31 ∏—π«“§¡ 2548 57,782,316 34,703 §à“‡ ◊ËÕ¡√“§“´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2547 2548

Õ“§“√

‡§√◊ËÕßµ°·µàß ·≈–Õÿª°√≥å √–∫∫ ”π—°ß“π ¬“πæ“Àπ– “∏“√≥Ÿª‚¿§

§≈—∫‡Œ“ å

Õÿª°√≥å

12,607,918 12,607,918

40,617,285 40,617,285

2,656,572 1,981,403 4,637,975

85,471,721 25,794,432 9,509,240 16,399 (153,545) (5,900,000) 94,827,416 19,910,831

63,180,918 505,694,155 - 11,507,042 - (6,053,545) 63,180,918 511,147,652

10,251,439 235,241 10,486,680

14,727,939 2,030,864 16,758,803

2,528,702 117,460 2,646,162

39,186,463 11,133,793 (27,191) 50,293,065

18,282,594 2,861,289 (5,897,544) 15,246,339

63,159,314 353,087,816 - 16,518,217 - (5,924,735) 63,159,314 363,681,298

2,356,479 2,121,238

25,889,346 23,858,482

127,870 1,991,813

46,285,258 44,534,351

7,511,838 4,664,492

√«¡

11,505,180 952,175 12,457,355

21,604 141,101,159 21,604 135,008,999 30,147,717 16,518,217

115

(Àπà«¬ : ∫“∑)

∑’Ë¥‘π

π“¡°Õ≈åø

√“§“∑ÿπ 31 ∏—π«“§¡ 2547 57,782,316 205,125,638 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ 31 ∏—π«“§¡ 2548 57,782,316 205,125,638 §à“‡ ◊ËÕ¡√“§“ – ¡ 31 ∏—π«“§¡ 2547 - 204,951,365 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï 139,570 §à“‡ ◊ËÕ¡√“§“-®”Àπà“¬ 31 ∏—π«“§¡ 2548 - 205,090,935 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ 31 ∏—π«“§¡ 2547 57,782,316 174,273 31 ∏—π«“§¡ 2548 57,782,316 34,703 §à“‡ ◊ËÕ¡√“§“´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï 2547 2548

Õ“§“√

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡§√◊ËÕßµ°·µàß ·≈–Õÿª°√≥å √–∫∫ §≈—∫‡Œ“ å Õÿª°√≥å ”π—°ß“π ¬“πæ“Àπ– “∏“√≥Ÿª‚¿§

7,903,100 7,903,100

40,617,285 40,617,285

2,540,629 1,921,000 4,461,629

35,202,195 22,802,583 2,525,560 (3,745) (5,900,000) 37,724,010 16,902,583

63,180,918 435,154,664 - 4,446,560 - (5,903,745) 63,180,918 433,697,479

7,903,087 7,903,087

14,727,939 2,030,864 16,758,803

2,437,201 110,111 2,547,312

22,442,972 4,116,265 (1,461) 26,557,776

17,428,869 2,350,170 (5,897,544) 13,881,495

63,159,314 333,050,747 - 8,746,980 - (5,899,005) 63,159,314 335,898,722

13 13

25,889,346 23,858,482

103,428 1,914,317

12,759,223 11,166,234

5,373,714 3,021,088

21,604 102,103,917 21,604 97,798,757

√«¡

25,692,121 8,746,980

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â« ·µà¬—ß „™âß“πÕ¬Ÿà √“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘π 312 ≈â“π∫“∑ ·≈– 305 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß ∫√‘…—∑œ : 298 ≈â“π∫“∑ ·≈– 293 ≈â“π∫“∑) µ“¡≈”¥—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß‰ª®¥®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈– ∫√‘…—∑¬àÕ¬µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 17 ·≈– 19

16. ≈Ÿ°Àπ’ÈÕ◊Ëπ ‡¡◊ËÕ«—π∑’Ë 19 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑œ ‰¥â∑” —≠≠“¢“¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ √“™¥”√‘ ·≈π¥å ®”°—¥ ®”π«π 2.5 ≈â“πÀÿâπ √“§“Àÿπâ ≈– 10 ∫“∑ „Àâ°∫— ∫√‘…∑— ·ÀàßÀπ÷ßË „π√“§“¢“¬√«¡ 12,037,583 ∫“∑ ¿“¬„µâ ≠ — ≠“¥—ß°≈à“« °“√®à“¬™”√–‡ß‘π§à“¢“¬‡ß‘π≈ß∑ÿπ®–·∫àß‡ªìπ 2 à«π à«π·√°®–®à“¬™”√–‡ªìπ‡™Á§≈ß«—π∑’Ë≈à«ßÀπâ“®”π«π 6 ©∫—∫ ®”π«π‡ß‘π√«¡ 5,787,583 ∫“∑ ‡™Á§¥—ß°≈à“«®–∂÷ß°”Àπ¥∑ÿ°À°‡¥◊Õπ µ—Èß·µà‡¥◊Õπ∏—π«“§¡ 2541 ∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2544 ”À√—∫ à«π∑’Ë ÕßºŸâ´◊ÈÕ “¡“√∂‡≈◊Õ°∑’Ë®–®à“¬‡ªìπ‡ß‘π ¥∑—Èß®”π«π√«¡ 6,250,000 ∫“∑ (∂÷ß°”Àπ¥®à“¬™”√–¿“¬„πÀ°‡¥◊Õππ—∫·µà«—π∑’Ë∫√‘…—∑ √“™¥”√‘ ·≈π¥å ®”°—¥ ®¥∑–‡∫’¬π„Àâ‡™à“™à«ß·°à≈Ÿ°§â“√“¬∑’Ë 10 ¢Õß‚§√ß°“√) À√◊Õ ®—¥À“ ‘∑∏‘°“√‡™à“√–¬–‡«≈“ 29 ªï„π‚§√ß°“√¢Õß∫√‘…—∑ √“™¥”√‘ ·≈π¥å ®”°—¥ ®”π«π‰¡àπâÕ¬°«à“ 127.39 µ“√“ß«“ ∫√‘…—∑œ ‰¥â∫—π∑÷° ≈Ÿ°Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ ç≈Ÿ°Àπ’ÈÕ◊Ëπé „πß∫¥ÿ≈ ´÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¡’¬Õ¥§ß‡À≈◊Õ‡ªìπ®”π«π‡ß‘π ª√–¡“≥ 10 ≈â“π∫“∑ ∫√‘…—∑œ ‰¥âµ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‰«â‡µÁ¡®”π«π·≈â«

17. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ß∫°“√‡ß‘π√«¡ 2548

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π √«¡ 116

13,648,248 260,000,000 273,648,248

2547

19,361,261 840,000,000 859,361,261

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

13,648,248 260,000,000 273,648,248

19,361,261 840,000,000 859,361,261

∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¡’‡ß‘π°Ÿ¬â ¡◊ ®“°∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß ‚¥¬¡’Õµ— √“¥Õ°‡∫’¬È ‡ß‘π°Ÿ¬â ¡◊ ¢—πÈ µË”∫«°/≈∫Õ—µ√“§ß∑’µË Õà ªï ·≈–¡’°”Àπ¥™”√–§◊π¿“¬„πÀπ÷Ëßªï ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà à«π„À≠à·≈–®–¡’„π¿“¬Àπâ“‰ª®¥®”πÕß ‰«â°—∫ ∂“∫—π°“√‡ß‘π‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«

18. ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°ºŸâ∂◊ÕÀÿâπ√“¬Àπ÷Ëß¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«§‘¥¥Õ°‡∫’È¬ „πÕ—µ√“‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”¢Õß∏π“§“√æ“≥‘™¬å„πª√–‡∑»·ÀàßÀπ÷Ëß

19. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ∂“∫—π°“√‡ß‘π ß∫°“√‡ß‘π√«¡

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

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

2548

2547

3,782,185,000

3,084,339,823

700,000,000

104,507,945

(1,641,000,000)

(644,507,945)

(300,000,000)

(104,507,945)

2,141,185,000

2,439,831,878

400,000,000

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡√–¬–¬“«°—∫∏π“§“√À≈“¬·Ààß‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπµË”∫«°/≈∫Õ—µ√“√âÕ¬≈–§ß∑’ËµàÕªï „π√–À«à“ßªï 2542 ∂÷ßªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â≈ßπ“¡„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È·≈–¢âÕµ°≈ß„π°“√ª√–πÕ¡Àπ’È·≈–®à“¬ ™”√–Àπ’È°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß ‚¥¬¡’‡ß◊ËÕπ‰¢ ”§—≠§◊Õ∏π“§“√·≈– ∂“∫—π°“√‡ß‘π‡À≈à“π—Èπ‰¥â≈¥¿“√–Àπ’È∫“ß à«π„Àâ°—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫¿“√–Àπ’È à«π∑’Ë‡À≈◊Õ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–µâÕß∑¬Õ¬®à“¬™”√–§◊πµ“¡‡ß◊ËÕπ‰¢·≈–√–¬–‡«≈“∑’Ë√–∫ÿ‰«â„π —≠≠“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∫—π∑÷°√“¬°“√ª√—∫ª√ÿß∑’Ë‡°’Ë¬«¢âÕß‰«â„π∫—≠™’·≈â« ‚¥¬∫—π∑÷°¥Õ°‡∫’È¬§â“ß®à“¬∑’Ë¡’‡ß◊ËÕπ‰¢„ÀâºàÕπ™”√–‡ªìπ √–¬–‡«≈“¡“°°«à“ 1 ªï‰«â‡ªìπÀπ’È ‘πÕ◊Ëπ¿“¬„µâÀ—«¢âÕ ç¥Õ°‡∫’È¬§â“ß®à“¬√–¬–¬“«é „πß∫¥ÿ≈ ·≈–∫—π∑÷°¿“√–Àπ’È∑’Ë‰¥â√—∫°“√≈¥Àπ’È„Àâ‡ªìπ °”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È ‡ß‘π°Ÿâ¬◊¡ à«π„À≠à¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ à«π„À≠à‡¡◊ËÕ‰∂à∂Õπ‚©π¥∑’Ë¥‘π„πÕ—µ√“∑’Ë√–∫ÿ„π —≠≠“ ‡ß‘πµâπ à«π∑’Ë‡À≈◊Õ¡’°”Àπ¥™”√– §◊πµ“¡√–¬–‡«≈“∑’Ë√–∫ÿ‰«â„π —≠≠“ —≠≠“‡ß‘π°Ÿâ¬◊¡ à«π„À≠à‰¥â√–∫ÿ¢âÕªØ‘∫—µ‘·≈–¢âÕ®”°—¥∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µâÕß∂◊ÕªØ‘∫—µ‘∫“ßª√–°“√ ‡™àπ °“√¥”√ßÕ—µ√“ à«π Àπ’ È π‘ µàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ °“√§«∫À√◊Õ√«¡°‘®°“√°—∫∫√‘…∑— Õ◊πË °“√≈ß∑ÿπ„πÀ≈—°∑√—æ¬å °“√≈¥∑ÿπÀ√◊Õ®à“¬‡ß‘πªíπº≈ ·≈–°“√§È”ª√–°—π∫ÿ§§≈Õ◊πË ‡ªìπµâπ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âπ”∑’Ë¥‘π·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∑’Ë¡’Õ¬Ÿà à«π„À≠à·≈–®–¡’„π¿“¬Àπâ“‰ª®¥®”πÕß ‰«â°—∫∏π“§“√ ·≈–∫√‘…—∑¬àÕ¬‰¥â‚Õπ ‘∑∏‘°“√√—∫‡ß‘π®“°∫—≠™’‡Õ ‚§«√å∫“ß à«π„Àâ°—∫∏π“§“√ ‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«

20. Àÿâπ°Ÿâ ß∫°“√‡ß‘π√«¡

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

2548

2547

1,100,000,000 (396,000,000) 704,000,000

1,903,000,000 (803,000,000) 1,100,000,000

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

1,100,000,000 (396,000,000) 704,000,000

1,903,000,000 (803,000,000) 1,100,000,000

117

20.1

20.2

‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2545 ∫√‘…—∑œ ‰¥âÕÕ°®”Àπà“¬Àÿâπ°Ÿâª√–‡¿∑‰¡à¥âÕ¬ ‘∑∏‘·≈–¡’À≈—°ª√–°—π™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ®”π«π 1,100 ≈â“π∫“∑ (1.1 ≈â“πÀπà«¬ ¡Ÿ≈§à“µ√“‰«âÀπà«¬≈– 1,000 ∫“∑) Àÿâπ°Ÿâ¡’Õ“¬ÿ 3 ªï ‘Èπ ÿ¥«—π∑’Ë 9 µÿ≈“§¡ 2548 ·≈–¡’Õ—µ√“¥Õ°‡∫’È¬ §ß∑’Ë√âÕ¬≈– 4.95 µàÕªï ‚¥¬®à“¬™”√–∑ÿ° “¡‡¥◊Õπµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ °“√®à“¬™”√–§◊πÀÿâπ°Ÿâ¥—ß°≈à“«·∫àß®à“¬‡ªìπ‡®Á¥ß«¥ ‚¥¬®à“¬ ™”√–§◊πß«¥≈– 99 ≈â“π∫“∑ ‡ªìπ®”π«πÀ°ß«¥∑ÿ° “¡‡¥◊Õπ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 9 ‡¡…“¬π 2547 ·≈–™”√–ß«¥ ÿ¥∑â“¬®”π«π‡ß‘π 506 ≈â“π∫“∑„π«—π∑’Ë 9 µÿ≈“§¡ 2548 Àÿâπ°Ÿâ¥—ß°≈à“«¡’‡ß◊ËÕπ‰¢ ”§—≠∫“ßª√–°“√∑’Ë∫√‘…—∑œ µâÕß∂◊ÕªØ‘∫—µ‘µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ ‡™àπ °“√ ¥”√ßÕ—µ√“ à«πÀπ’ È π‘ µàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¡Ÿ≈§à“À≈—°ª√–°—πµàÕ¡Ÿ≈§à“Àπ’§È “â ß™”√–∑—ßÈ À¡¥µ“¡Àÿπâ °Ÿâ Õ—µ√“°“√®à“¬‡ß‘πªíπº≈ ‡ªìπµâπ ‚¥¬∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¥—ß°≈à“« „π√–À«à“ßªïªí®®ÿ∫—π ∫√‘…—∑œ ‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ¥—ß°≈à“«·≈â«∑—Èß®”π«π ‡¡◊ËÕ«—π∑’Ë 20 ‘ßÀ“§¡ 2546 ∫√‘…—∑œ ‰¥âÕÕ°®”Àπà“¬Àÿâπ°Ÿâª√–‡¿∑‰¡à¥âÕ¬ ‘∑∏‘·≈–¡’À≈—°ª√–°—π™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ®”π«π 1,100 ≈â“π∫“∑ (1.1 ≈â“πÀπà«¬ ¡Ÿ≈§à“µ√“‰«âÀπà«¬≈– 1,000 ∫“∑) Àÿâπ°Ÿâ¡’Õ“¬ÿ 5 ªï ‘Èπ ÿ¥«—π∑’Ë 20 ‘ßÀ“§¡ 2551 ·≈–¡’Õ—µ√“¥Õ°‡∫’È¬ §ß∑’Ë√âÕ¬≈– 3.2 µàÕªï ‚¥¬®à“¬™”√–∑ÿ° “¡‡¥◊Õπµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ °“√®à“¬™”√–§◊π‡ß‘π°Ÿâ¥—ß°≈à“«·∫àß®à“¬‡ªìπ ‘∫‡ÕÁ¥ß«¥ ‚¥¬®à“¬ ™”√–§◊πß«¥≈– 99 ≈â“π∫“∑ ‡ªìπ®”π«π ‘∫ß«¥∑ÿ° “¡‡¥◊Õπ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 20 °ÿ¡¿“æ—π∏å 2549 ·≈–™”√–ß«¥ ÿ¥∑â“¬®”π«π 110 ≈â“π∫“∑„π«—π∑’Ë 20 ‘ßÀ“§¡ 2551 Àÿâπ°Ÿâ¥—ß°≈à“«¡’‡ß◊ËÕπ‰¢ ”§—≠∫“ßª√–°“√∑’Ë∫√‘…—∑œ µâÕß∂◊ÕªØ‘∫—µ‘µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ ‡™àπ °“√ ¥”√ßÕ—µ√“ à«πÀπ’ È π‘ µàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ ¡Ÿ≈§à“À≈—°ª√–°—πµàÕ¡Ÿ≈§à“Àπ’§È “â ß™”√–∑—ßÈ À¡¥µ“¡Àÿπâ °Ÿâ Õ—µ√“°“√®à“¬‡ß‘πªíπº≈ ‡ªìπµâπ ∫√‘…—∑¬àÕ¬‰¥â®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬ ‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—πÀÿâπ°Ÿâ¥—ß°≈à“« ‡¡◊ËÕ«—π∑’Ë 29 ‡¡…“¬π 2548 ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπª√–®”ªï¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ¥”‡π‘π°“√„π‡√◊ËÕßµà“ßÊ ‚¥¬¡’ “√– ”§—≠§◊ÕÕπÿ¡—µ‘„Àâ∫√‘…—∑œ ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ°Ÿâ‡æ◊ËÕ‡ πÕ¢“¬·°àª√–™“™π∑—Ë«‰ª (Public Offering) ·≈–/À√◊Õ„Àâ·°à∫ÿ§§≈„π «ß®”°—¥ (Private Placement) ·≈–/À√◊Õ„Àâ·°àºŸâ≈ß∑ÿπ„πª√–‡∑» ·≈–/À√◊Õ„Àâ·°àºŸâ≈ß∑ÿπ„πµà“ßª√–‡∑»„π«ß‡ß‘π 3,000 ≈â“π∫“∑ Õ“¬ÿ 10 ªï ‚¥¬√“¬≈–‡Õ’¬¥·≈–‡ß◊ËÕπ‰¢µà“ßÊ „ÀâÕ¬Ÿà„π¥ÿ≈¬æ‘π‘®¢Õß§≥–°√√¡°“√¢Õß∫√‘…—∑œ ´÷Ëß ≥ ªí®®ÿ∫—π ∫√‘…—∑œ ¬—ß‰¡à‰¥â ¥”‡π‘π°“√„¥Ê

21. ‡®â“Àπ’È§à“Àÿâπ - ∫√‘…—∑¬àÕ¬ ¬Õ¥§ß‡À≈◊Õ¥—ß°≈à“«‡ªìπ‡®â“Àπ’È§à“Àÿâπ§â“ß™”√–·°à∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ®”π«π 153 ≈â“π∫“∑ (2547 : ∫√‘…—∑ “∏√∑√—æ¬å ‘π ®”°—¥ ®”π«π 153 ≈â“π∫“∑ ·≈–∫√‘…—∑ ‚°≈‡¥âπ·≈π¥å (‡¡¬å·ø√å) ®”°—¥ ®”π«π 10 ≈â“π∫“∑)

22. ”√Õßµ“¡°ÆÀ¡“¬ µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑œ ®–µâÕß®—¥ √√‡ß‘π ”√ÕßÕ¬à“ßπâÕ¬√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªï À≈—ß®“°À—°¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“ ”√Õß¥—ß°≈à“«¡’®”π«π‡∑à“°—∫√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¥â

23. „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ ∫√‘…—∑œ ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¥—ßπ’È :23.1 „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 12,266,665 Àπà«¬∑’ËÕÕ°„Àâ·°à°√√¡°“√·≈–/À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ‚¥¬‰¡à¡’√“§“ ‡ πÕ¢“¬ ‚¥¬¡’Õ—µ√“°“√„™â ‘∑∏‘ 1 Àπà«¬µàÕ 1 Àÿâπ “¡—≠ ·≈–¡’√“§“°“√„™â ‘∑∏‘ 10 ∫“∑µàÕÀÿâπ „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“« ‰¥âÀ¡¥Õ“¬ÿ≈ß„π«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2548 ´÷Ëß®π∂÷ß«—π∑’ËÀ¡¥Õ“¬ÿ‰¥â¡’ºâŸ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ®”π«π 1 √“¬ ‚¥¬ „™â„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 100,000 Àπà«¬ ‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠®”π«π 100,000 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 10 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 1 ≈â“π∫“∑ 23.2 „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 28,183,335 Àπà«¬∑’ËÕÕ°„Àâ·°àæπ—°ß“π¢Õß∫√‘…—∑œ ‚¥¬‰¡à¡’√“§“‡ πÕ¢“¬ „∫ ”§—≠ · ¥ß ‘∑∏‘¥—ß°≈à“«¡’Õ“¬ÿ∂÷ßªï 2551 ‚¥¬¡’Õ—µ√“°“√„™â ‘∑∏‘ 1 Àπà«¬µàÕ 1 Àÿâπ “¡—≠ ·≈–¡’√“§“°“√„™â ‘∑∏‘ 10 ∫“∑µàÕÀÿâπ ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2548 ‰¥â¡’ºŸâ„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ®”π«π 1 √“¬ ‚¥¬„™â„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕ Àÿâπ “¡—≠®”π«π 200,000 Àπà«¬ ‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠®”π«π 200,000 Àÿâπ „π√“§“„™â ‘∑∏‘Àÿâπ≈– 10 ∫“∑ √«¡‡ªìπ‡ß‘π®”π«π 2 ≈â“π∫“∑ 118

πÕ°®“°π’È®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2548 ‰¥â¡’„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë¬°‡≈‘°‡π◊ËÕß®“°æπ—°ß“πºŸâ‰¥â√—∫ ‘∑∏‘‰¥â ‘Èπ ÿ¥°“√‡ªìπ æπ—°ß“π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π 9,577,779 Àπà«¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ §ß‡À≈◊ÕÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠∑’Ë¬—ß‰¡à‰¥â„™â ‘∑∏‘‡ªìπ®”π«π 18,405,556 Àπà«¬ (31 ∏—π«“§¡ 2547 : 27,983,335 Àπà«¬)

24. ‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 §à“ß«¥∑’Ë‰¥â√—∫™”√–·≈â« ·µà¬—ß‰¡à√—∫√Ÿâ√“¬‰¥â´÷Ëß¡’¬Õ¥§ß‡À≈◊Õ®”π«π 1,002 ≈â“π∫“∑ ·≈– 239 ≈â“π∫“∑ µ“¡≈”¥—∫‰¥â· ¥ß‰«â‡ªìπ à«πÀπ÷Ëß¢Õß‡ß‘π¡—¥®”·≈–‡ß‘π√—∫≈à«ßÀπâ“

25. §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’‡È ªìπº≈ª√–‚¬™πå∑®Ë’ “à ¬„Àâ·°à°√√¡°“√¢Õß∫√‘…∑— œ µ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ∫‘ √‘…∑— ¡À“™π®”°—¥ ‚¥¬ ‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

26. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§”π«≥®“°°”‰√ ÿ∑∏‘À≈—ß®“°À—°º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“®“°ªï°àÕπ·≈–∫«°°≈—∫¥â«¬§à“„™â®à“¬·≈– ”√Õß §à“„™â®à“¬µà“ßÊ ∑’Ë‰¡àÕπÿ≠“µ„Àâ∂◊Õ‡ªìπ√“¬®à“¬„π°“√§”π«≥¿“…’ ”√Õß§à“„™â®à“¬‡À≈à“π’È®– “¡“√∂À—°‡ªìπ√“¬®à“¬„π°“√§”π«≥¿“…’‰¥â ‡¡◊ËÕ√“¬®à“¬∑’Ëµ—Èß ”√Õßπ—Èπ‰¥â‡°‘¥¢÷Èπ®√‘ß

27. °“√°√–∑∫¬Õ¥°”‰√µàÕÀÿâπª√—∫≈¥ ®”π«πÀÿâπ “¡—≠ ∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° 2548 2547 Àÿπâ Àÿπâ

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 2548 2547 ∫“∑ ∫“∑

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ (302,509,970) º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ ª√—∫≈¥ „∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 18,405,556 Àπà«¬ (2547 : 40,150,000 Àπà«¬) °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√ (¢“¥∑ÿπ) ∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√·ª≈ß‡ªìπÀÿâπ “¡—≠ (302,509,970)

°”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ 2548 2547 ∫“∑ ∫“∑

353,044,882

630,082,069

630,068,408

353,044,882

630,082,069

630,068,408

(0.48)

0.56

28. ¿“√–ºŸ°æ—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π¥—ßµàÕ‰ªπ’È :28.1 ∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ —≠≠“°“√ÕÕ°·∫∫·≈–°“√°àÕ √â“ß‡ªìπ®”π«π‡ß‘πª√–¡“≥ 2,694 ≈â“π∫“∑ 28.2 ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ‰¥â∑” —≠≠“‡™à“∑’¥Ë π‘ ‡æ◊ÕË æ—≤π“Õ“§“√æ—°Õ“»—¬„Àâ‡™à“°—∫¡Ÿ≈π‘∏·‘ ÀàßÀπ÷ßË —≠≠“‡™à“π’¡È √’ –¬–‡«≈“ 50 ªï ‡√‘¡Ë «—π∑’Ë 5 µÿ≈“§¡ 2546 §à“‡™à“„πÕπ“§µ∑’Ë®–µâÕß®à“¬µ“¡ —≠≠“‡™à“ ¡’¥—ßµàÕ‰ªπ’È

119

°”Àπ¥°“√®à“¬™”√–§à“‡™à“ ¿“¬„π 1 ªï √–À«à“ßªï∑’Ë 2 ∂÷ßªï∑’Ë 5 À≈—ß®“°ªï∑’Ë 5 √«¡

≈â“π∫“∑ 3.7 25.2 238.2 267.1

‡¡◊ËÕ§√∫°”Àπ¥Õ“¬ÿ°“√‡™à“µ“¡ —≠≠“°—∫¡Ÿ≈π‘∏‘¥—ß°≈à“«·≈â« ºŸâ„Àâ‡™à“ —≠≠“«à“®–µàÕ —≠≠“‡™à“ ÕÕ°‰ªÕ’° 10 ªï ‚¥¬¡’§à“ ‡™à“∑’Ë®–µâÕß®à“¬„πÕπ“§µ∑—ÈßÀ¡¥ 94.4 ≈â“π∫“∑ 28.3 ∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË ‰¥â∑” —≠≠“‡™à“∑’¥Ë π‘ ‡æ◊ÕË æ—≤π“Õ“§“√ ”π—°ß“π„Àâ‡™à“°—∫ ”π—°ß“πæ√–§≈—ß¢â“ß∑’Ë —≠≠“‡™à“π’¡È √’ –¬–‡«≈“ 30 ªï ‡√‘Ë¡«—π∑’Ë 1 °—π¬“¬π 2535 §à“‡™à“„πÕπ“§µ∑’Ë®–µâÕß®à“¬µ“¡ —≠≠“‡™à“¡’¥—ßµàÕ‰ªπ’È °”Àπ¥°“√®à“¬™”√–§à“‡™à“ ≈â“π∫“∑ ¿“¬„π 1 ªï 2.3 √–À«à“ßªï∑’Ë 2 ∂÷ßªï∑’Ë 5 10.4 À≈—ß®“°ªï∑’Ë 5 45.0 √«¡ 57.7 28.4 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â∑” —≠≠“‡™à“∑’Ë¥‘π‡æ◊ËÕæ—≤π“Õ“§“√ ”π—°ß“π·≈–Õ“§“√æ—°Õ“»—¬°—∫ ”π—°ß“π∑√—æ¬å ‘π à«πæ√–¡À“ °…—µ√‘¬å —≠≠“‡™à“π’È¡’√–¬–‡«≈“√«¡ 36 ªï ( ‘Èπ ÿ¥‡¥◊Õπµÿ≈“§¡ 2581) §à“‡™à“¢—ÈπµË”∑’Ë®–µâÕß®à“¬™”√–∑—Èß ‘Èπ„πÕπ“§µ √ÿª‰¥â ¥—ßπ’È °”Àπ¥°“√®à“¬™”√–§à“‡™à“ ≈â“π∫“∑ ¿“¬„π 1 ªï 67.8 √–À«à“ßªï∑’Ë 2 ∂÷ßªï∑’Ë 5 216.1 À≈—ß®“°ªï∑’Ë 5 1,350.0 √«¡ 1,633.9 πÕ°®“°π’È ºŸâ„Àâ‡™à“µ°≈ß„Àâ ‘∑∏‘„π°“√µàÕÕ“¬ÿ°“√‡™à“·°àºŸâ‡™à“°àÕπ‚¥¬®–·∫àß°“√µàÕÕ“¬ÿÕÕ°‡ªìπ Õß§√“« Ê ≈– 10 ªï ‚¥¬¡’ ‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥µ≈Õ¥®πÕ—µ√“§à“‡™à“µ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“ 28.5 °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·ÀàßÀπ÷Ëß‰¥â∑” —≠≠“‡™à“∑’Ë¥‘π‡æ◊ËÕæ—≤π“‚§√ß°“√Õ —ßÀ“√‘¡∑√—æ¬å°—∫ ”π—°ß“π∑√—æ¬å ‘π à«πæ√– ¡À“°…—µ√‘¬å —≠≠“‡™à“π’È¡’√–¬–‡«≈“√«¡ 33 ªï ( ‘Èπ ÿ¥‡¥◊Õπ¡°√“§¡ 2578) §à“‡™à“„πÕπ“§µ∑’Ë®–µâÕß®à“¬µ“¡ —≠≠“‡™à“¡’ ¥—ßµàÕ‰ªπ’È °”Àπ¥°“√®à“¬™”√–§à“‡™à“ ≈â“π∫“∑ ¿“¬„π 1 ªï √–À«à“ßªï∑’Ë 2 ∂÷ßªï∑’Ë 5 192.3 À≈—ß®“°ªï∑’Ë 5 1,863.9 √«¡ 2,056.2 πÕ°®“°π’È ºŸâ„Àâ‡™à“µ°≈ß„Àâ ‘∑∏‘„π°“√µàÕÕ“¬ÿ°“√‡™à“·°àºŸâ‡™à“°àÕπ‚¥¬®–·∫àß°“√µàÕÕ“¬ÿÕÕ°‡ªìπ Õß§√“« Ê ≈– 10 ªï ‚¥¬¡’ ‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥µ≈Õ¥®πÕ—µ√“§à“‡™à“µ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“ Õ¬à“ß‰√°Áµ“¡ ¢≥–π’È°Õß∑ÿπ¥—ß°≈à“«°”≈—ßÕ¬Ÿà√–À«à“ß°“√‡®√®“¢Õ¢¬“¬√–¬–‡«≈“°“√°àÕ √â“ß√–¬–·√°∑’Ë§√∫°”Àπ¥µ“¡ —≠≠“°—∫ ”π—°ß“π∑√—æ¬å ‘π à«πæ√–¡À“°…—µ√‘¬å ‚¥¬µ“¡ —≠≠“√–∫ÿ‰«â«à“À“°°Õß∑ÿπ¥—ß°≈à“«‰¡à “¡“√∂°àÕ √â“ß‰¥âµ“¡ °”Àπ¥ ”π—°ß“π∑√—æ¬å π‘ à«πæ√–¡À“°…—µ√‘¬¡å ’ ∑‘ ∏‘∑®Ë’ –‡√’¬°§à“‡™à“‡æ‘¡Ë ¢÷πÈ ‰¥âÕ°’ ‡∑à“µ—« (À√◊Õ‡ªìπ®”π«π‡ß‘π‡æ‘¡Ë ª√–¡“≥ 11 ≈â“π∫“∑) ´÷Ëß°“√‡®√®“¬—ß‰¡à √ÿªº≈„π¢≥–π’È 28.6 ∫√‘…—∑œ ¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ à«π¢Õß‡ß‘π≈ß∑ÿπ∑’Ë¬—ß‰¡à‡√’¬°™”√–„π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‡ªìπ®”π«π‡ß‘πª√–¡“≥ 52 ≈â“π∫“∑ 120

28.7 ∫√‘…—∑¬àÕ¬ Õß·Ààß‰¥â‡¢â“∑” —≠≠“°—∫∫√‘…—∑ Õß·Ààß¡’°”Àπ¥ 20 ªï ‡√‘Ë¡µ—Èß·µàªï∑’Ë‡√‘Ë¡¥”‡π‘π‚§√ß°“√ ·≈– “¡“√∂µàÕÕ“¬ÿ —≠≠“‰¥âÕ’°‡ªìπ‡«≈“ 10 ªï ∫√‘…—∑¥—ß°≈à“«®–„Àâ§«“¡™à«¬‡À≈◊Õ„π¥â“π°“√∫√‘À“√‚§√ß°“√Õ“§“√æ—°Õ“»—¬„Àâ‡™à“¢Õß∫√‘…—∑ ¬àÕ¬·≈–Õπÿ≠“µ„Àâ∫√‘…—∑¬àÕ¬„™â‡§√◊ËÕßÀ¡“¬°“√§â“‚¥¬®–µâÕß®à“¬§à“∏√√¡‡π’¬¡µà“ßÊ ´÷Ëß§‘¥µ“¡Õ—µ√“√âÕ¬≈–¢Õß¬Õ¥√“¬‰¥â √«¡·≈–/À√◊Õ°”‰√®“°°“√¥”‡π‘πß“π ÿ∑∏‘¢Õß‚§√ß°“√Õ“§“√æ—°Õ“»—¬„Àâ‡™à“µ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“

29. ¿“√–§È”ª√–°—π√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ ¡’¿“√–ºŸ°æ—πµàÕ∏π“§“√‡°’Ë¬«°—∫°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√„Àâ·°à ∫√‘…—∑¬àÕ¬®”π«π‡ß‘π 4,402 ≈â“π∫“∑ ‚¥¬∑—Ë«‰ª°“√§È”ª√–°—ππ’È¡’º≈ºŸ°æ—πµàÕ∫√‘…—∑œ π“π‡∑à“∑’Ë¿“√–Àπ’È ‘π¬—ß‰¡à‰¥â™”√–‚¥¬∫√‘…—∑¬àÕ¬ ¥—ß°≈à“« ∫√‘…—∑œ ‰¡à¡’°“√§‘¥§à“∏√√¡‡π’¬¡„π°“√§È”ª√–°—π¥—ß°≈à“«

30. Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ¡’Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√„ππ“¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡À≈◊ÕÕ¬Ÿà‡ªìπ®”π«π ‡ß‘π 269 ≈â“π∫“∑ ·≈– 210 ≈â“π∫“∑ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 6 ≈â“π∫“∑ ·≈– 20 ≈â“π∫“∑) µ“¡≈”¥—∫ ´÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫¿“√– ºŸ°æ—π∑“ßªØ‘∫—µ‘∫“ßª√–°“√µ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

31. §¥’øÑÕß√âÕß·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∂Ÿ°øÑÕß√âÕß„π§¥’µà“ß Ê ∑’Ë¡’ “√– ”§—≠¥—ßπ’È :31.1 §≥–°√√¡°“√§ÿâ¡§√ÕßºŸâ∫√‘‚¿§øÑÕß√âÕß∫√‘…—∑œ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß„Àâ™”√–§◊π‡ß‘π¡—¥®”®”π«πª√–¡“≥ 113 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑œ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π√à«¡°—π‚¶…≥“ª√–°“»™—°™«πª√–™“™π∑—Ë«‰ª„Àâ¡“´◊ÈÕÀâÕß™ÿ¥„π ‚§√ß°“√¢Õß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‚¥¬∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ß°≈à“«‰¥â√—∫‡ß‘π¡—¥®”®“°≈Ÿ°§â“¢Õß‚§√ß°“√·µà‰¡à “¡“√∂ °àÕ √â“ß·≈–‚Õπ°√√¡ ‘∑∏‘ÏÀâÕß™ÿ¥„Àâ°—∫≈Ÿ°§â“‰¥â ”À√—∫§¥’∑’Ë¡’¡Ÿ≈Àπ’Èª√–¡“≥ 17 ≈â“π∫“∑ ¢≥–π’È§¥’¬—ßÕ¬Ÿà„π√–À«à“ß°“√ æ‘®“√≥“¢Õß»“≈™—Èπµâπ ·≈– ”À√—∫§¥’∑’Ë¡’¡Ÿ≈Àπ’Èª√–¡“≥ 96 ≈â“π∫“∑ »“≈Õÿ∑∏√≥å¡’§”æ‘æ“°…“¬◊πµ“¡»“≈™—Èπµâπ‚¥¬„Àâ ∫√‘…—∑œ √à«¡√—∫º‘¥™”√–‡ß‘πæ√âÕ¡¥Õ°‡∫’È¬√âÕ¬≈– 7.5 µàÕªï ‚¥¬„Àâ¥Õ°‡∫’È¬∫“ß à«π§”π«≥®“°«—π ÿ¥∑â“¬∑’Ë≈Ÿ°§â“¢Õß ‚§√ß°“√‰¥â™”√–‡ß‘π·≈–∫“ß à«π§”π«≥®“°«—π∑’Ë≈Ÿ°§â“¢Õß‚§√ß°“√¬◊ËπøÑÕß»“≈®π∂÷ß«—π∑’Ë‰¥â√—∫™”√–‡ß‘π ∫√‘…—∑œ ‰¥â¬◊ËπÆ’°“ §—¥§â“π§”æ‘æ“°…“¢Õß»“≈Õÿ∑∏√≥å ¢≥–π’È§¥’¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈Æ’°“ 31.2 ≈Ÿ°§â“¢Õß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß‰¥âøÑÕß√âÕß∫√‘…—∑œ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·Ààßπ—Èπ„Àâ√à«¡°—π™”√–§à“‡ ’¬À“¬®”π«π ª√–¡“≥ 10 ≈â“π∫“∑ ‡π◊ËÕß®“°≈Ÿ°§â“¥—ß°≈à“«‰¥â™”√–‡ß‘π¡—¥®” ”À√—∫Õ“§“√„π‚§√ß°“√¢Õß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ·µà∫√‘…—∑ ∑’‡Ë °’¬Ë «¢âÕß°—π¥—ß°≈à“«‰¡à “¡“√∂°àÕ √â“ßÕ“§“√·≈– àß¡Õ∫ÀâÕß™ÿ¥„Àâ·°à≈°Ÿ §â“¥—ß°≈à“«‰¥â ”À√—∫§¥’∑¡’Ë ¡’ ≈Ÿ Àπ’ªÈ √–¡“≥ 3.6 ≈â“π ∫“∑ ¢≥–π’È§¥’¬—ßÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈™—Èπµâπ ·≈– ”À√—∫§¥’∑’Ë¡’¡Ÿ≈Àπ’Èª√–¡“≥ 6.4 ≈â“π∫“∑ »“≈™—Èπµâπ¡’§” æ‘æ“°…“„Àâ∫√‘…—∑œ √à«¡√—∫º‘¥™”√–‡ß‘πæ√âÕ¡¥Õ°‡∫’È¬√âÕ¬≈– 7.5 µàÕªï ‚¥¬„Àâ¥Õ°‡∫’È¬∫“ß à«π§”π«≥®“°«—π ÿ¥∑â“¬∑’Ë≈Ÿ°§â“ ¢Õß‚§√ß°“√‰¥â™”√–‡ß‘π·≈–∫“ß à«π§”π«≥®“°«—π∑’Ë≈Ÿ°§â“¢Õß‚§√ß°“√¬◊ËπøÑÕß»“≈®π∂÷ß«—π∑’Ë‰¥â√—∫™”√–‡ß‘π ∫√‘…—∑œ ‰¥â¬◊Ëπ Õÿ∑∏√≥å§—¥§â“π§”æ‘æ“°…“¢Õß»“≈™—Èπµâπ ¢≥–π’È§¥’¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈Õÿ∑∏√≥å ∫√‘…∑— œ ‰¥âµßÈ— ”√Õß ”À√—∫Àπ’ È π‘ ∑’ÕË “®®–‡°‘¥¢÷πÈ ®“°§¥’µ“à ßÊ ¥—ß°≈à“« ”À√—∫¡Ÿ≈Àπ’∑È ∂Ë’ °Ÿ øÑÕßæ√âÕ¡¥Õ°‡∫’¬È „πÕ—µ√“√âÕ¬≈– 7.5 µàÕªï ‚¥¬§”π«≥®“°«—π∑’Ë∑’Ë√–∫ÿ„π§”æ‘æ“°…“ ®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2548 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 166 ≈â“π∫“∑

32. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ß∫°“√‡ß‘π√«¡

æπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑)

2548

2547

367 204,544

332 189,231

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2548 2547

148 156,542

161 160,803

121

33. °“√‡ πÕ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®‡©æ“–„πª√–‡∑»‰∑¬„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ∏ÿ√°‘® π“¡°Õ≈åø „Àâ‡™à“æ◊Èπ∑’Ë·≈–∫√‘°“√¢âÕ¡Ÿ≈ ∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π¢Õßß∫°“√‡ß‘π√«¡ ≥ «—π∑’Ë·≈– ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ‡ªìπ¥—ßπ’È (Àπà«¬ : ≈â“π∫“∑) ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 2548 2547 √“¬‰¥â∑’Ë§‘¥®“°∫ÿ§§≈¿“¬πÕ° √“¬‰¥â∑’Ë§‘¥°—π‡Õß

„Àâ‡™à“æ◊πÈ ∑’Ë ·≈–∫√‘°“√ 2548 2547

Õ◊Ëπ Ê √“¬°“√µ—¥∫—≠™’ 2548 2547 2548 2547

√«¡ 2548 2547

2,255 2,255 912

3,761 3,761 1,496

23 23 17

24 24 1

367 17 384 152

231 15 246 70

60 372 432 59

116 449 565 116

(389) (389) -

(464) (464) -

2,705 4,132 2,705 4,132 1,140 1,683 7 11 (842) (848) (156) (8) (166) 10 (7) (7) 831 (262) (255) (87) (219) (356) 357 54 (4) (302) 353

111

115

3,439 -

3,475 -

3,439 3,475 135 141 9,933 10,390 13,507 14,006

°”‰√®“°°“√¥”‡π‘πß“π ¥Õ°‡∫’È¬√—∫ §à“„™â®à“¬ à«π°≈“ß ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“·≈–°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬å §à“„™â®à“¬®“°º≈¢Õß§¥’§«“¡ à«π·∫àß°”‰√ (¢“¥∑ÿπ) ®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ °”‰√ (¢“¥∑ÿπ) °àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√ (¢“¥∑ÿπ) °àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢“¥∑ÿπ (°”‰√) ÿ∑∏‘ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„Àâ‡™à“ - ÿ∑∏‘ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ‘π∑√—æ¬åÕ◊Ëπ ‘π∑√—æ¬å√«¡

∏ÿ√°‘® π“¡°Õ≈åø 2548 2547

34. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬·≈–¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»„πµ≈“¥ ·≈– §«“¡‡ ’¬Ë ß®“°°“√∑’§Ë Ÿà ≠ — ≠“‰¡àªØ‘∫µ— µ‘ “¡ —≠≠“ ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬‰¡à‰¥â„™âµ√“ “√Õπÿæπ— ∏å∑“ß°“√‡ß‘π„π°“√∫√‘À“√§«“¡‡ ’¬Ë ß¥—ß°≈à“« ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“

§«“¡‡ ’¬Ë ß‡°’¬Ë «°—∫Õ—µ√“¥Õ°‡∫’¬È §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬π’È‡°‘¥¢÷Èπ®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥„πÕπ“§µ ´÷Ëß®– àßº≈°√–∑∫µàÕº≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬¡’§«“¡‡ ’¬Ë ß®“°Õ—µ√“¥Õ°‡∫’¬È ‡π◊ÕË ß®“°¡’‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π ‡ß‘π ‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“« √“¬ ≈–‡Õ’¬¥‡ß‘π°Ÿâ¬◊¡‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿ¢âÕ 17, 19 ·≈– 20

122

§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’∑√—æ¬å ‘π/Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»

§«“¡‡ ’¬Ë ß¥â“π ‘π‡™◊ÕË ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å´÷Ëß¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ°—∫≈Ÿ°Àπ’È Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’ ∞“π¢Õß≈Ÿ°§â“∑’ËÀ≈“°À≈“¬·≈–¡’®”π«π¡“°√“¬ ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡™◊ËÕ«à“¡Ÿ≈§à“ Ÿß ÿ¥¢Õß§«“¡‡ ’Ë¬ß§◊Õ¡Ÿ≈§à“µ“¡∫—≠™’ ¢Õß≈Ÿ°Àπ’ÈÀ—°¥â«¬ ”√Õß‡º◊ËÕº≈¢“¥∑ÿπµ“¡∑’Ë· ¥ß„πß∫¥ÿ≈

¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–¡’‡ß‘π°Ÿâ¬◊¡·≈–Àÿâπ°Ÿâ¡’À≈—°ª√–°—π¡’Õ—µ√“¥Õ°‡∫’È¬„°≈â‡§’¬ß°—∫Õ—µ√“ ¥Õ°‡∫’È¬„πµ≈“¥ (πÕ°®“°‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡∫“ß à«π‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬) ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‡™◊ËÕ«à“¡Ÿ≈§à“ ¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“« (πÕ°®“°‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡∫“ß à«π‰¡à¡’°“√§‘¥¥Õ°‡∫’È¬) ®–‰¡à·µ° µà“ßÕ¬à“ß‡ªìπ “√– ”§—≠°—∫¡Ÿ≈§à“µ“¡∫—≠™’

35. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’È‰¥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 ∑—Èßπ’È‰¥â¡’°“√®—¥ª√–‡¿∑/√“¬°“√∫—≠™’∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 „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‘„Àâ‡º¬·æ√à®“°°√√¡°“√ºŸâ¡’Õ”π“®¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 28 °ÿ¡¿“æ—π∏å 2549

123

otes to Financial Statements Golden Land Property Development Public Company Limited and Its Subsidiaries

1. GENERAL INFORMATION Golden Land Property Development Public Company Limited was incorporated as a limited company under Thai laws and registered the change of its status to a public limited company under the Public Limited Company Act on 17 June 1994. The Company operates its business in Thailand and its principal activity is property development. Its registered address is at 153/3 Golden Pavilion Building, 8th Floor, Soi Mahardlekluang 1, Rajdamri Rd., Lumpini, Pathumwan, Bangkok.

2. BASIS OF CONSOLIDATION a) The consolidated financial statements include the financial statements for the years ended 31 December 2005 and 2004 of Golden Land Property Development Public Company Limited (hereinafter referred to as “the Company”) and its subsidiaries, which are incorporated in Thailand, (hereinafter referred to as “the subsidiaries”) as follows :Percentage of share Subsidiaries

held by the Company 2005

2004

Percent

Principal activities

Baan Chang Estate Company Limited

100

Property development

Narayana Pavilion Company Limited

100

Office building rental

United Homes Company Limited

100

Property development

Golden Land Development Company Limited

100

Engineering consultancy

Golden Land (Mayfair) Company Limited

100

Residential building rental

North Sathorn Realty Company Limited

100

Property development

Ritz Village Company Limited

100

Property development

Golden Land Polo Company Limited

100

Property development

Golden Land (Retail) Company Limited

100

Property development consultancy

Golden Land (Nichada Thani) Company Limited

100

Property development

Grand Paradise Property Company Limited

100

Property development

Golden Property Services Company Limited

100

Property development

Golden Habitation Company Limited

100

Property development

managements Golden Land Fund Two

Sathorn Thong Company Limited

Property development

Property Fund

S.R.E.F. (Manager) Company Limited

Fund advisor

Sathorn Supsin Company Limited

Residential building rental

Walker Homes Company Limited

Property development

(and 50% held by Narayana Pavilion Company Limited) MSGL Property Company Limited (100% held by Golden Land Polo Company Limited) As at 31 December 2005 and 2004, the total assets and revenues of the subsidiaries as a percentage to the consolidated totals are as follows :-

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Subsidiaries

Subsidiaries total assets

Subsidiaries total revenues

as a percentage to the

consolidated total

as at 31 December

for the years ended 31 December

2005

2004

2005

2004

Baan Chang Estate Company Limited

Narayana Pavilion Company Limited

United Homes Company Limited Golden Land Development Company Limited Golden Land (Mayfair) Company Limited

(including of MSGL Property Company Limited - 100 % holding)

Golden Land (Retail) Company Limited

Golden Land (Nichada Thani) Company Limited

Grand Paradise Property Company Limited

North Sathorn Realty Company Limited Ritz Village Company Limited Golden Land Polo Company Limited

Golden Property Services Company Limited

Golden Habitation Company Limited

Golden Land Fund Two

Sathorn Thong Company Limited

S.R.E.F. (Manager) Company Limited

Sathorn Supsin Company Limited

Walker Homes Company Limited

a-1) The Company invested in 90 percent of the fund units of Golden Land Fund Two, which is a close-end property fund set up to solve the problems of financial institutions and managed by MFC Asset Management Public Company Limited. The Company entered into a unit purchase agreement with MS Thai Investment Partners, Inc. under which the Company agreed to sell 44,938,843 investment units of Golden Land Fund Two so as continue holding 35 percent of this fund. The consolidated financial statements as at 31 December 2004 and for the year then ended exclude the financial statements of the fund since the Company intends to dilute its holding in the future. However, the Company recorded investment in Golden Land Fund Two under the equity method (share of losses from investment in such fund represented 0.9 percent of net profits of the consolidated statement of earnings for the year ended 31 December 2004). However, during current year, the agreement to purchase unitholders between the Company and MS Thai Investment Partners, Inc. was terminated and as a result the Company has control over Golden Land Fund Two. The Company therefore presents Golden Land Fund Two as a subsidiary and its financial statements are included in the consolidated financial statements for the year ended 31 December 2005 of the Company. a-2) The Company invested in 60 percent of the fund units of Siam Real Estate Fund which is a close-end property fund set up to solve the problems of financial institutions and managed by ING Mutual Funds Management (Thailand) Co., Ltd. However, the consolidated financial statements exclude the Fund’s financial statements since the Company intends its controlling holding in Siam Real Estate Fund only on a temporary basis and will dilute its holding in the near future, so as to reduce the percentage of units held by the Company to less than 50 percent such that the Company has neither majority voting power nor management control of the Fund. However, the Company recorded investment in Siam Real Estate Fund under the equity method (share of gain/losses from investment in such fund represented lower 1 percent of net profits (loss) of the consolidated statement of earnings for the year ended 31 December 2005 and 2004).

125

a-3) A subsidiary and a company agreed to terminate their joint investment contract and that company will transfer all of its shares in MSGL Property Co., Ltd. to a subsidiary. As a result of this termination the subsidiary has control over MSGL Property Co., Ltd. and the status of MSGL Property Co., Ltd. has thus changed from an associated company of the subsidiary to a wholly-owned subsidiary of a subsidiary. Currently, the subsidiary and its co-investor are in the process of transferring such shares. b)

Intercompany balances and significant intercompany transactions between the Company and its subsidiaries have been eliminated from the consolidated financial statements.

The cost of investments in subsidiaries and the value ascribed to the equity in such subsidiaries at the time of acquisition have been eliminated and the difference thereof has been shown as “Excess of cost of investment over net book value of the subsidiaries” and included in “Other non-current assets” in the consolidated balance sheets. It is amortised over a period of 10 years from the share acquisition date.

In 1998, the Company has written-off its investments of Baht 12.3 million and Baht 10.0 million in two subsidiaries, Langsuan Land Company Limited and Golden Gate Plaza Company Limited, respectively. The Company and its subsidiaries have no present or future obligations under guarantees or pledges of financial support provided for these two companies. In addition, these companies are in the process of debt restructuring and are operating under severe long-term restrictions, which significantly impair their ability to transfer funds to the Company. The financial statements of the two companies have not been included in the consolidated financial statements as of 31 December 2005 and 2004.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E. 2547. Significant accounting policies adopted by the Company and its subsidiaries are summarised below :-

3.1 REVENUE RECOGNITION a) Sales of land and houses Sales of land and houses are recognised as revenue when contracts to purchase and sell have been executed and initial payments have been received. For contracts to purchase and sell executed from 1 April 1994 and onwards, the minimum initial payment to be received is set at 20 percent. Revenue from sales of land and houses is recognised on a percentage of completion basis with the percentage of completion based on certain estimations made by the project surveyors. No income is recognised on the contracts which have overdue installments of over three consecutive periods.

b) Sales of condominium units Revenue from the lease units in condominiums, constructed on leasehold land, under long-term lease agreements which substantially transfer the risks and rewards of ownership to the lessee is recognised as revenue from sales of condominium units when sales contracts have been executed for units equivalent to not less than 40 percent of the area opened for sales, and initial payments have been received at 20 percent of their selling price. They are included in earnings under the percentage of completion method with the percentage of completion based on certain estimations made by the project surveyor and consultant. Sales of condominium units are recognised as revenue when sales contracts have been executed for units equivalent to not less than 40 percent of the area opened for sales, and initial payments have been received at 20 percent of their selling price. They are included in earnings under the percentage of completion method with the percentage of completion based on certain estimations made by the project surveyor and consultant.

c) Revenue from sales of land held for future development Sales of land held for future development are recognised as revenue when the ownership would be transferred to the customer.

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d) Revenue from rental and services Revenue from rental and related services from property, plant and equipment for rent is recognised as revenue on an accrual basis. Unearned lease rights are recognised as revenue over the period of the lease.

e)Revenue from golf course Deferred golf course membership fees are recognised as income over a period of ten years.

3.2 COST OF SALES In determining the cost of land and houses sold and cost of condominium units sold, the anticipated total development costs are attributed to units already sold on the basis of the sale value and then recognised as costs in the earnings statement in proportion to the revenue recognised. Development costs are stated at cost, consisting of cost of land, design fees, utilities, construction costs and related interest.

3.3 SELLING EXPENSES Selling expenses directly associated with the project, such as management fees, have been charged to earnings in proportion to the revenue recognised.

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

3.5 TRADE ACCOUNTS RECEIVABLE AND LOANS TO RELATED PARTIES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Trade accounts receivable and loans to related parties are stated at net realisable value. Allowance for doubtful accounts is provided for the estimated collection losses that may be incurred in the collection of receivables. The allowance is based on collection experience and the current status of receivables outstanding at the balance sheet date.

3.6 INVESTMENTS Investments in subsidiaries (in the Company’s financial statements) and in associates are stated under the equity method. Investments in property funds are stated in accordance with the net asset value, excluding the recognised unrealised gains from property valuation of the fund.

3.7 PROPERTY, PLANT AND EQUIPMENT FOR RENT AND DEPRECIATION Property, plant and equipment for rent are stated at cost less accumulated depreciation. Depreciation is calculated by reference to cost on a straight-line method over estimated useful lives of 5 - 50 years. No depreciation is provided for land for rent and construction in progress.

3.8 PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION Property, plant and equipment are stated at cost less accumulated depreciation and allowance for assets impairment. Depreciation of plant and equipment is calculated by reference to its cost on a straight-line method over estimated useful lives of 5 - 20 years. No depreciation is provided for land.

3.9 AMORTISATION The Company and a subsidiary recognise deferred interest discount from debt restructuring to offset against future interest expenses on loans after debt restructuring in proportion of principal repayment to reflect future interest expense at effective interest rate.

127

3.10 CAPITALISATION OF INTEREST COSTS The interest cost of borrowings for construction of projects is capitalised as part of the cost of those projects. Capitalisation ceases when most of the operations necessary to bring the assets to a condition ready for their intended use or for sale are completed or when construction is suspended, until active development resumes.

3.11 FOREIGN CURRENCIES Foreign currency transactions incurred during the year are translated into Baht at the rates ruling on the transaction dates. Assets and liabilities denominated in foreign currency outstanding on the balance sheet date are translated at the rates ruling on the balance sheet date. Exchange gains and losses are included in determining earnings.

3.12 IMPAIRMENT OF ASSET The Company and its subsidiaries review the impairment of assets whenever events indicate that the carrying value of an asset exceeds its realisable value. Realisable value is the higher of an asset’s net selling price and its value in use, and value is arrived at based on the results of appraisal by independent appraisers or estimates made by management. The Company and its subsidiaries recognise an impairment loss in the earnings statements whenever the carrying value of an assets exceeds its realisable value. The Company and its subsidiaries will reverse the impairment loss when there are indications that the value of the asset is no longer impaired or the amount of impairment has decreased.

3.13 EARNINGS PER SHARE Basic earnings per share is determined by dividing net earnings (loss) 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 earnings (loss) for the year after adjusting the effect of transactions relating to dilutive potential ordinary shares by the weighted average number of ordinary shares in issue during the year plus the weighted average number of ordinary shares to be issued for conversion of dilutive potential ordinary shares into ordinary shares.

3.14 GAINS FROM TROUBLED DEBT RESTRUCTURINGS The Company and its subsidiaries adopt an accounting policy related to troubled debt restructuring when the debt restructuring involves a waiver of debts, a portion of the waived debts that exceeds the aggregate amount of interest expenses to be incurred over the term of the new agreement is recognized as an extraordinary gain in the earnings statements.

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

4. CASH AND CASH EQUIVALENTS (Unit : Baht) Consolidated 2005

Cash on hand

The Company Only 2004

2005

2004

537,188

393,206

121,400

135,029

Cash at banks - current accounts

2,326,058

16,391,834

109,700

2,875,853

Cash at banks - saving accounts

420,460,147

479,180,978

23,959,261

14,259,633

3,000,000

426,323,393

495,966,018

24,190,361

17,270,515

Cash at banks - fixed accounts Total

128

5. SHORT-TERM INVESTMENTS SUBJECT TO RESTRICTIONS 5.1 As at 31 December 2005, saving accounts of the subsidiaries totalling approximately Baht 1,001 million (2004 : Baht 747 million) comprise escrow accounts opened for the purpose of receiving payments from customers under agreements to purchased and to sale land and houses. Withdrawal from escrow accounts is to be made under in accordance with the withdrawal conditions stipulated in the escrow agreements. The subsidiary has transferred its right of claim over part of the money’s in escrow accounts to certain banks to secure its loans. 5.2 As at 31 December 2005, the cash at banks, savings and the three-month fixed deposits with local commercial banks of the Company and its subsidiaries and the Company only totaling approximately Baht 96 million and Baht 8 million, respectively (2004 : Baht 112 million and Baht 22 million, respectively), were pledged to secure bank guarantees obtained from those banks.

6. TRADE ACCOUNTS RECEIVABLE (Unit : Baht) Consolidated

The Company Only

2005

2004

2005

2004

14,800,393,154

11,493,278,692

322,044,925

(10,010,697,233)

(8,835,558,731)

(322,044,925)

4,789,695,921

2,657,719,961

Value of sales contracts which have been executed Less : Recognised as revenue Not yet recognised

Amount recognised as revenue

10,010,697,233

8,835,558,731

322,044,925

Less : Collected

(8,993,357,216)

(7,303,126,781)

(303,733,497)

Unreceived completed work

1,017,340,017

1,532,431,950

18,311,428

27,126,381

13,044,835

1,044,466,398

1,545,476,785

18,311,428

Add : Installments due Accounts receivable - real estate Less : Accrued discount payment

(52,968,133)

Accounts receivable - real estate (net)

991,498,265

1,456,232,086

18,311,428

Accounts receivable - rental and service

26,932,343

25,265,500

4,076,256

11,406,808

1,018,430,608

1,481,497,586

22,387,684

29,718,236

(19,282,754)

(18,311,428)

Total trade accounts receivable

(89,244,699)

Less : Allowance for doubtful accounts

(23,707,756)

(33,707,718)

Trade accounts receivable - net

994,722,852

1,447,789,868

3,104,930

11,406,808

Unreceived installment due

142,017,453

660,284,586

18,311,428

Unbilled completed work

849,480,812

795,947,500

991,498,265

1,456,232,086

18,311,428

Accounts receivable - real estate (net)

The outstanding balances of trade accounts receivable as at 31 December 2005 and 2004 were classified by aging as follows :(Unit : Baht) Age of receivable

Consolidated 2005

The Company Only 2004

2005

2004

Accounts receivable - real estate Installments due Less than 3 months

53,568,208

615,578,021

More than 3 - 6 months

12,790,752

More than 6 - 12 months

40,594,110

More than 12 months

35,064,383

44,706,565

18,311,428

129

(Unit : Baht) Age of receivable

Consolidated 2005

142,017,453 Unbilled completed work

The Company Only 2004

2005

660,284,586

2004

18,311,428

849,480,812

795,947,500

991,498,265

1,456,232,086

18,311,428

19,857,352

15,965,483

2,813,012

7,604,898

868,629

3,468,628

120,424

2,303,991

1,298,826

1,354,302

631,573

849,391

Rental and service receivable Less than 3 months More than 3 - 6 months More than 6 - 12 months More than 12 months Total trade accounts receivable

4,907,536

4,477,087

511,247

648,528

26,932,343

25,265,500

4,076,256

11,406,808

1,018,430,608

1,481,497,586

22,387,684

29,718,236

(19,282,754)

(18,311,428)

3,104,930

11,406,808

Less : Allowance for doubtful accounts

(23,707,756)

Total trade accounts receivable, net

994,722,852

(33,707,718) 1,447,789,868

Because a delay in the division of the land into smaller plots, the subsidiaries have had to postpone the transfer of completed houses to customers. However, the subsidiaries are working to expedite the process. As at 31 December 2005, accountings receivable on which payment has been defaulted for 3 consecutive months and for which revenue recognising has stopped, have a total of 6 units , with contract value totaling approximately Baht 47 million.

7. PROPERTY DEVELOPMENT PROJECTS FOR SALE - NEW PROJECTS (Unit : Baht) Consolidated 2005

Land Leasehold land Construction cost Capitalised interest Others Total

2004

1,196,040,121

812,385,276

54,751,793

63,558,305

1,128,313,272

1,025,778,805

105,369,753

87,058,488

197,936,442

90,035,604

2,682,411,381

2,078,816,478

The subsidiaries have mortgaged land, including most present and future structures thereon, with financial institutions to secure their bank loans and bank guarantees. In addition, the subsidiaries have transferred the ownership of certain land to the purchaser in accordance with the agreements to purchase and sell. If the purchaser breaches the conditions of the agreements, the purchaser will have to transfer the ownership of the land back to the subsidiaries.

130

8. INVESTMENT IN SUBSIDIARIES / EXCESS LOSS OVER COST OF INVESTMENT IN SUBSIDIARIES The Company Only Investment Cost Method

Equity Method

Percentage of shares Paid up capital

Excess loss over cost of

held by the Company

Net Investment

investment in subsidiaries

2005

2004

2005

2004

2005

2004

2005

2004

2005

2004

Million

Percent

Baht

100

30,000,000

Baan Chang Estate Company Limited

Narayana Pavilion Company Limited

475

100

475,217,909

819,614,785 832,687,655

100

49,999,930

419,763,651 339,684,834

United Homes Company Limited Golden Land Development Company Limited Golden Land (Mayfair) Company Limited North Sathorn Realty Company Limited Ritz Village Company Limited

100

999,930

648,223

716,588

100

10,999,940

639

100

549,044,441

100

999,940

492,443,619 527,430,084 4,959,310

(60,301,398) (48,489,777)

(37,948,360) (31,086,281) -

(27,917,867)

Golden Land Polo Company Limited (including of MSGL Property Company 1

100

999,930

(27,919,989) (11,006,910)

Golden Land (Retail) Company Limited

Limited - 100% holding)

0.1

100

99,920

(14,547,567) (14,477,788)

Golden Land (Nichada Thani) Company Limited

100

999,930

Grand Paradise Property Company Limited

100

999,940

(1,566,907)

(1,499,344)

(21,332,620) (16,293,734)

Golden Property Services Company Limited

100

999,940

3,380,593

2,353,856

Golden Habitation Company Limited

100

4,999,930

(17,087,706)

(7,920,305)

Golden Land Fund Two

710

709,800,000

629,103,777

Sathorn Thong Company Limited

154

121,659,951

S.R.E.F. (Manager) Company Limited Sathorn Supsin Company Limited

(13,823,615) (11,138,895)

699,900

265,814

341,296

500

269,463,656

254,999,810

44,631,897

95,637,562

499,930

Walker Homes Company Limited (100% holding together with subsidiary) Total

(62,219,576) (58,148,955)

2,228,485,117 1,504,221,271 2,414,811,669 1,798,851,875 (256,747,738) (227,979,856)

Less : Allowance for doubtful accounts on accounts receivable from and loans to subsidiaries (Note 11) Total

(218,716,518) (203,966,924) (38,031,220) (24,012,932)

As at 31 December 2005 and 2004, accumulated share of loss from investments in certain subsidiaries exceeded the cost of these investments. The Company recorded part of such excess as an allowance against the accounts receivable from and loans to these subsidiaries (Note 11 to the financial statements) and the remainder was presented as “Excess loss over cost of investment in subsidiaries” in the balance sheets. During 2005 and 2004, the subsidiaries did not declare any dividends.

131

9. INVESTMENT IN ASSOCIATED COMPANIES Consolidated / The Company Only Percentage of shares held Principal activity

Paid up share capital 2005

2004

Thousand Thousand

Baan Jiaranai Company Limited

Investment

by the Company

Cost Method

Equity Method

2005

2004

2005

2004

2005

2004

Percent

Baht

Property development

20,000

Property development

9,230,000

MSGL Property Company Limited (changed to a subsidiary of a subsidiary)

50,930

9,230,000

9,280,930

During the current year, a subsidiary and a company agreed to terminate their joint investment contract, with that company to transfer all of its shares in MSGL Property Co., Ltd. to the subsidiary. As a result of this termination the subsidiary has control over MSGL Property Co., Ltd. and the status of MSGL Property Co., Ltd. has thus changed from an associated company of the subsidiary to a wholly-owned subsidiary. Currently, the subsidiary and its co-investor are in the process of transferring such shares. In addition, as a result of this termination the Company has recorded loss amounting to approximately Baht 11 million from writing off “Excess of cost of investment over net book value of the subsidiary” in the consolidated earnings statements of 2005, under “Loss from impairment and write-off of assets” since it may not generate future benefits. During 2005 and 2004, the associated companies did not declare any dividends.

10. INVESTMENT IN PROPERTY FUNDS Consolidated / The Company Only Percentage of units held Principal activity

Golden Land Fund Two (Changed to a subsidiary

Share paid up

by the Company

2005

2004

2005

2004

2005

At cost 2004

At net asset value 2005

2004

Million

Percent

Baht

707

Investment in property for sale or rent

in 2005) Siam Real Estate Fund

Investment

706,800,000

- 675,017,179

Investment in property for sale or rent

9,000,000

55,163,949 99,385,457

715,800,000

55,163,949 774,402,636

On 4 February 2005, Meeting No. 1/2005 of the Investment Committee of Siam Real Estate Fund approved the payment of a dividend of Baht 1 per unit to the unitholders, or a total of approximately Baht 15.6 million, on which the Company’s share was approximately Baht 9.4 million. In addition, the Investment Committee Meeting approved the reduction of its capital by Baht 75 million. On 18 July 2005, Siam Real Estate Fund has returned such capital reduction to its unitholders. In proportion to its equity, the Company received return of capital of Baht 45 million. During the current year, the agreement to purchase investment units between the Company and MS Thai Investment partner, Inc. was terminated, and as a result the Company has control over Golden Land Fund Two. The Company therefore presents Golden Land Fund Two as a subsidiary and its financial statements are included in the consolidated financial statements of the Company. In addition, as a result of this termination the Company has recorded loss amounting to approximately

132

Baht 51 million from writing off interest receivable from MS Thai Investment partner, Inc. in the earnings statements of 2005 and loss amounting to Baht 46 million from writing off “excess of cost of investment over net book value of the subsidiary” has been recorded in the consolidated earnings statements of 2005, under “Loss from impairment and write-off of assets” since it may not generate future benefits. During 2004, the funds did not declare any dividends.

11. RELATED PARTY TRANSACTIONS The Company and its subsidiaries have had significant business dealings with their associated and related companies, (related by ways of common shareholders or are under the control of certain common directors) and related person. These financial statements reflect the results of those transactions (except the Company’s intercompany transactions with its subsidiaries which have been eliminated from the consolidated financial statements) on the bases agreed between these parties (part of them no written agreement has been prepared). The significant transactions are summarized below :(Unit : Million Baht) Consolidated 2005

The Company Only 2004

2005

2004

Transactions with subsidiaries (eliminated from the consolidated financial statements) Interest income

55.1

108.8

Management fee income

344.4

452.1

Interest expenses

1.8

2.6

Rental expenses

15.0

12.9

Utility expenses

2.1

Management fee

0.9

Transactions with related company Interest income

7.0

Management fee income

0.7

Other income

1.5

1.8

8.3

11.7

8.3

11.7

Transactions with related person Interest expenses

The Company has entered into service agreements with subsidiary companies (100% and 60% held by the Company) in respect to provide service for general administration and management. The Company recorded management fee income amounting to Baht 344.4 million in the earnings statement of the year 2005 (2004: Baht 452.1 million). Such transactions were eliminated from the consolidated financial statements. The outstanding balances of the above transactions have been separately shown as “Amounts due from related parties” “Long-term loans to related parties” and “Long-term loans from related parties” in the balance sheets as follows :(Unit : Baht) Consolidated 2005

The Company Only

2004

2005

Interest policy

2004

Amounts due from related parties Subsidiaries United Homes Co., Ltd.

Walker Homes Co., Ltd.

2,140,082,000 1,827,000,000 27,000,000

27,000,000

Ritz Village Co., Ltd.

87,862,000

38,000,000

Golden Property Services Co., Ltd.

1,284,000

2,568,000

Sathorn Supsin Co., Ltd.

19,260,000

17,334,000

133

(Unit : Baht) Consolidated 2005

The Company Only

2004

2005

Interest policy

2004

Total

2,275,488,000 1,911,902,000

Less : Allowance for doubtful accounts (Note 8)

Total amounts due from related parties - net

Sathorn Thong Co., Ltd.

67,426,168

Total

67,426,168

Baan Chang Estate Co., Ltd.

279,125,194

284,023,316 No interest charge

United Homes Co., Ltd.

204,878,795

744,444,261 No interest is charged

(11,808,685)

(26,401,332)

2,263,679,315 1,885,500,668

Long-term loans to related parties Other receivable from related parties Subsidiary

Loans and advances to related parties (including interest receivable) Subsidiaries

(2004 : interest is charged at the rate of 3.2-4.25 percent per annum) Golden Land Development Co., Ltd.

72,412

72,112 No interest charge

Golden Land (Mayfair) Co., Ltd.

838,664,185

923,212,793 No interest charge (2004 : for an additional drawn-down since 2003, on which interest is charged at the rate of 3.2-3.95 percent per annum)

Ritz Village Co., Ltd.

1,516,535

1,516,535 No interest charge

Golden Land Polo Co., Ltd.

106,191,128

99,482,663 Average Loan Rate (2004 : Minimum Loan Rate)

Golden Land (Retail) Co., Ltd.

14,747,355

14,747,055 No interest charge

Golden Land (Nichada Thani) Co., Ltd.

2,386,663

2,386,363 No interest charge

S.R.E.F. (Manager) Co., Ltd.

1,337

1,037 No interest charge

Sathorn Thong Co., Ltd.

19,199,823

19,199,373 No interest charge

Sathorn Supsin Co., Ltd.

631,151,308 1,034,001,295 Minimum Loan Rate

Walker Homes Co., Ltd.

141,105,040

135,622,795 Average Loan Rate

North Sathorn Realty Co., Ltd.

426,731,100

413,820,512 No interest charge

Grand Paradise Property Co., Ltd.

35,600

35,600 No interest charge

(2004 : No interest charge) (2004 : Minimum Loan Rate) Golden Habitation Co., Ltd.

353,507

165,507 No interest charge

MSGL Property Co., Ltd.

9,201,630

- No interest charge

Total

Less : Allowance for doubtful accounts (Note 8)

(206,907,833) (177,565,592)

Total

2,468,453,779 3,495,165,625

(changed to a subsidiary of a subsidiary in 2005)

134

2,675,361,612 3,672,731,217

(Unit : Baht) Consolidated 2005

The Company Only

2004

2005

Interest policy

2004

Associated companies Baan Jearanai Co., Ltd.

70,256,049

70,202,370

49,508,935

49,455,257 No interest charge (2004 : Minimum Loan Rate)

MSGL Property Co., Ltd.

97,251,629

9,200,471 No interest charge

Total

70,256,049

167,453,999

49,508,935

58,655,728

Less : Allowance for doubtful accounts

(25,000,000) (25,000,000)

(17,000,000)

Total

45,256,049

142,453,999

32,508,935

41,655,728

Others

375,775

656,498

58,902

58,902 No interest charge

Total

375,775

656,498

58,902

(changed to a subsidiary of a subsidiary in 2005)

Related companies

Total long-term loans to related parties - net

45,631,824

143,110,497 2,568,447,784 3,604,306,423

Long-term loans from related parties Amounts due to related parties Subsidiaries Narayana Pavilion Co., Ltd.

74,172,901

57,072,077

Golden Land (Mayfair) Co., Ltd.

3,000,000

3,000,000 3,904,427

Sathorn Supsin Co., Ltd.

2,922,552

Golden Property Services Co., Ltd.

69,798

Total

80,165,251

63,976,504

Long-term loans and advances from related parties (including interest payable) Subsidiaries Narayana Pavilion Co., Ltd.

305,367,102

310,477,987 No interest charge

Sathorn Thong Co., Ltd.

63,475,745

65,709,485 Average Loan Rate

Ritz Village Co., Ltd.

32,546,900

55,546,900 No interest charge

(2004 : Minimum Loan Rate) North Sathorn Realty Co., Ltd.

160,000,000

No interest charge

Golden Habitation Co., Ltd

4,950,000

No interest charge

Total

566,339,747

431,734,372

Related companies Others

467,510

- No interest charge

Total

467,510

110,000,000 170,000,000

110,000,000

Related person

170,000,000 Minimum Loan Rate but not exceeding 15 percent per annum

Less : Current portion of long-term loan

(60,000,00) (60,000,000)

(60,000,000)

Total

50,000,000

110,000,000

50,000,000

110,000,000

Total long-term loans from related parties

50,000,000

110,467,510

696,504,998

605,710,876

135

On 31 December 2002, the Company and a subsidiary entered into a settlement agreement with an associated company under which the associated company agreed to settle loans totaling Baht 35 million (net of allowance for doubtful accounts of Baht 25 million) with the Company and the subsidiary by transferring ownership of its condominium units. However, the associated company has not yet transferred the ownership of condominium units to the Company and the subsidiary. Interest on “Long-term loan from related person” was charged at the minimum loan rate but not exceeding 15 percent per annum, and is payable in 60 monthly installments, with the first repayment due on 30 December 2002 and the last repayment due on 30 December 2007. During the year, movement of loans and advances to related parties (including interest receivable) and long-term loans and advances from related parties (including interest payable) are as follows :(Unit : Baht) Consolidated Balance as at 1 January 2005

During the year Increase

Balance as at

Decrease

31 December 2005

Loans and advances to related parties Associated companies Baan Jearanai Co., Ltd.

70,202,370

55,693

(2,014)

70,256,049

97,251,629

(97,251,629)

656,498

2,897,487

(3,178,210)

375,775

168,110,497

2,953,180

(100,431,853)

70,631,824

MSGL Property Co., Ltd. (changed to a subsidiary of a subsidiary in 2005) Related companies Others Long-term loans and advances from related parties Related companies Others Related person

467,510

(467,510)

170,000,000

(60,000,000)

110,000,000

170,467,510

(60,467,510)

110,000,000 (Unit : Baht)

The Company Only Balance as at 1 January 2005

During the year Increase

Balance as at

Decrease

31 December 2005

Loans and advances to related parties Subsidiaries Baan Chang Estate Co., Ltd.

284,023,316

7,001,878

(11,900,000)

279,125,194

United Homes Co., Ltd.

744,444,261

206,134,097

(745,699,563)

204,878,795

Golden Land Development Co., Ltd. Golden Land (Mayfair) Co., Ltd.

72,112

300

923,212,793

251,392

Ritz Village Co., Ltd.

(84,800,000)

72,412 838,664,185

1,516,535

Golden Land Polo Co., Ltd.

99,482,663

6,708,465

106,191,128

Golden Land (Retail) Co., Ltd.

14,747,055

300

14,747,355

2,386,363

300

2,386,663

Golden Land (Nichada Thani) Co., Ltd. S.R.E.F.(Manger) Co., Ltd.

1,037

300

1,337

Sathorn Thong Co., Ltd.

19,199,373

450

19,199,823

Sathorn Supsin Co., Ltd.

1,034,001,295

46,847,016

Walker Homes Co., Ltd.

135,622,795

5,482,245

136

(449,697,003) -

631,151,308 141,105,040

(Unit : Baht) The Company Only Balance as at

North Sathorn Realty Co., Ltd.

During the year

1 January 2005

Increase

413,820,512

12,938,185

Grand Paradise Property Co., Ltd.

Balance as at

Decrease

31 December 2005

(27,597)

426,731,100

35,600

165,507

193,604

(5,604)

353,507

9,200,471

1,159

9,201,630

49,455,257

55,692

(2,014)

49,508,935

58,902

3,731,445,847

285,615,383

(1,292,131,781)

2,724,929,449

Golden Habitation Co., Ltd. MSGL Property Co., Ltd. (changed to a subsidiary of a subsidiary in 2005) Associated company Baan Jearanai Co., Ltd. Related company Others Long-term loans and advances from related parties Subsidiaries Narayana Pavilion Co., Ltd.

310,477,987

4,003,568

(9,114,453)

305,367,102

Sathorn Thong Co., Ltd.

65,709,485

1,784,491

(4,018,231)

63,475,745

Ritz Village Co., Ltd.

55,546,900

2,000,000

(25,000,000)

32,546,900

732,425,572

(572,425,572)

160,000,000

North Sathorn Realty Co., Ltd. Golden Habitation Co., Ltd. Related person

4,950,000

170,000,000

(60,000,000)

110,000,000

601,734,372

745,163,631

(670,558,256)

676,339,747

12. PROPERTY DEVELOPMENT PROJECTS FOR SALE (Unit : Baht) Consolidated 2005

The Company Only 2004

2005

2004

Land

515,785,851

518,781,347

452,323,835

Construction cost

180,550,729

182,978,221

58,280,118

33,307,060

28,277,910

Capitalised interest Others

39,242,472

41,413,856

19,140,435

768,886,112

776,480,484

558,022,298

Less : Provision for impairment of projects

(21,028,362)

Projects value - net

747,857,750

755,452,122

558,022,298

The Company and a subsidiary hired an independent appraiser to appraise the fair market value of the Company and its subsidiary’s “Property development projects for sale” of which cost (before allowance for impairment of project) as at 31 December 2005 was approximately Baht 730 million (2004 : Baht 738 million). According to the report of the independent appraiser, the fair market values of these projects are higher than their cost. However, a subsidiary had already set up allowance for impairment loss amounting to Baht 10 million for non income-generating project assets in the accounts. The remaining “Property development projects for sale” is that of one subsidiary whose cost was approximately Baht 38 million, the subsidiary’s management estimated the amount of provision for impairment based on comparison of the project cost per unit with the net realisable value per unit. The subsidiary has already set up an allowance for impairment of the projects amounting to approximately Baht 11 million in its accounts.

137

The Company and its subsidiaries have mortgaged land, including most present and future structures thereon, to secure loans from financial institutions of the Company and its subsidiaries.

13. LAND AND LEASEHOLD LAND HELD FOR FUTURE DEVELOPMENT / ADVANCE PAYMENT FOR LAND AND BUILDING PURCHASE LAND AND LEASEHOLD LAND HELD FOR FUTURE DEVELOPMENT (Unit : Baht) Consolidated 2005

Land

1,944,527,527

Land improvement

The Company Only 2004

2005

2,609,118,852

236,468,782

2004

233,031,282

16,129,307

990,478

1,322,416,752

626,873,976

31,968,252

Capitalised interest

150,929,544

20,877,336

Others

324,160,092

126,581,598

11,471,483

11,438,483

3,758,163,222

3,529,633,277

301,776,331

298,305,831

(31,968,252)

3,529,633,277

269,808,079

298,305,831

Leasehold rights

Less : Provision for impairment of leasehold right

(31,968,252)

Land and leasehold land held for future development - net

3,726,194,970

On 6 June 1996, North Sathorn Realty Co., Ltd., a subsidiary, entered into a land lease agreement with the Crown Property Bureau for construction of a complex of buildings. The former lessee was the Russian Embassy, which cancelled the land lease agreement with the landlord in order that the landlord could transfer the leasehold right to the subsidiary. The subsidiary agreed to pay any expenses incurred in moving the embassy office to a new location. Total expenses incurred by the subsidiary thus amounted to approximately Baht 745 million, consisting of leasehold costs, other related expenses and capitalized interest. The Company has recorded “Excess of net book value of the subsidiary over investment cost” totalling of approximately Baht 156 million, by netting the acquisition cost of such leasehold right and presented as “Leasehold right” in the consolidated financial statements. Under the land lease agreement, the subsidiary must transfer ownership of the building and structures thereon to the landlord upon completion of construction work. On 7 October 2002, the subsidiary renewed the lease agreements for a period of thirty-four years. However, on 15 November 2004, an addendum was made to the lease agreements between the subsidiary and the Crown Property Bureau, of which the substance is the deferral of rental payment by 2 years and the extension of the term of the agreements to 36 years, ending October 2038. A property fund, which is a subsidiary, and a subsidiary have “Leasehold land held for future development” with book value of Baht 781 million as at 31 December 2005, which the subsidiaries plan to develop as commercial projects. However, the announcement of the new city plan for Bangkok has been postponed and the outcomes are not yet known. During the current year, the Company had set up allowance for impairment loss amounting approximately Baht 32 million on land held for future development which may not generate future income in the earnings statements of 2005, under “loss from impairment and write-off of assets”. The Company and its subsidiaries have mortgaged land and leasehold rights to secure loans from financial institutions of the Company and its subsidiaries and debentures of the Company, as discussed in Notes 17 and 19 to the financial statements.

ADVANCE PAYMENT FOR LAND AND BUILDING PURCHASE In the current year, subsidiary wrote off advance payment of approximately Baht 16 million made for land and building purchase, recording the amount in the 2005 earnings statements, under “Loss from impairment and write-off of assets” since such asset may not generate future benefits.

138

14. PROPERTY, PLANT AND EQUIPMENT FOR RENT (Unit : Baht) Consolidated Leasehold Land

Furniture and Construction

right

Buildings

Equipment

fixtures

in progress

1,920,663,870

21,450,135

262,806,818 7,023,212

Total

Cost 31 December 2004

735,763,350

867,467,995

Addition

1,229,191

Disposal

Transfer in

(190,800)

1,542,056

3,809,694,224

8,252,403

(190,800)

78,542,301

43,930,152

122,472,453

735,763,350

867,467,995

1,999,206,171

22,679,326

313,569,382

1,542,056

3,940,228,280

31 December 2004

146,661,225

126,128,316

8,631,148

53,654,947

335,075,636

Depreciation for the year

32,004,904

73,611,190

4,089,049

56,607,431

166,312,574

Depreciation - disposal

(85,860)

31 December 2005

178,666,129

199,739,506

12,720,197

110,176,518

31 December 2004

735,763,350

720,806,770

1,794,535,554

12,818,987

209,151,871

1,542,056

3,474,618,588

31 December 2005

735,763,350

688,801,866

1,799,466,665

9,959,129

203,392,864

1,542,056

3,438,925,930

31 December 2005 Accumulated depreciation

501,302,350

Net book value

Depreciation charge (included in earnings statements for the year) Year 2004

123,099,342

Year 2005

166,312,574 (Unit : Baht) The Company Only Furniture and Construction Land

Buildings

Equipment

fixtures

in progress

Total

Cost 31 December 2004 Addition

707,510,880

147,777,234

1,902,574

2,694,495

1,542,056

861,427,239

707,510,880

147,777,234

1,902,574

2,694,495

1,542,056

861,427,239

31 December 2004

69,618,905

1,868,998

2,692,747

74,180,650

Depreciation for the year

7,388,862

11,589

1,659

7,402,110

31 December 2005

77,007,767

1,880,587

2,694,406

81,582,760

31 December 2004

707,510,880

78,158,329

33,576

1,748

1,542,056

787,246,589

31 December 2005

707,510,880

70,769,467

21,987

1,542,056

779,844,479

31 December 2005 Accumulated depreciation

Net book value

Depreciation charge (included in earnings statements for the year) Year 2004

7,407,401

Year 2005

7,402,110

As at 31 December 2005 and 2004, certain plant and equipment for rent items have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets amounted to Baht 13.5 million and Baht 13.6 million, respectively (The Company Only : Baht 4.5 million and 4.5 million, respectively).

139

The Company and its subsidiaries have mortgaged their freehold land and buildings for rent thereon with financial institutions to secure the Company’s debentures, as discussed in Note 20 to the financial statements.

15. PROPERTY, PLANT AND EQUIPMENT (Unit : Baht) Consolidated Furniture and office Land

Golf course

Buildings Club House

Equipment

Facilities

equipment

Vehicles

system

Total

Cost 31 December 2004

70,239,671 205,125,638

Purchase Disposal

12,607,918

40,617,285

2,656,572

1,981,403

85,471,721 25,794,432 9,509,240

63,180,918 505,694,155

16,399

11,507,042

(6,053,545)

(153,545) (5,900,000)

70,239,671 205,125,638

12,607,918

40,617,285

4,637,975

94,827,416 19,910,831

63,180,918 511,147,652

31 December 2004

- 204,951,365

10,251,439

14,727,939

2,528,702

39,186,463 18,282,594

63,159,314 353,087,816

Depreciation for the year

139,570

235,241

2,030,864

117,460

2,861,289

16,518,217

Depreciation disposal

(27,191) (5,897,544)

(5,924,735)

31 December 2005

- 205,090,935

10,486,680

16,758,803

2,646,162

50,293,065 15,246,339

31 December 2005 Accumulated depreciation

11,133,793

63,159,314 363,681,298

Allowance for assets impairment 31 December 2004

11,505,180

952,175

12,457,355

31 December 2004

58,734,491

174,273

2,356,479

25,889,346

127,870

46,285,258

7,511,838

21,604 141,101,159

31 December 2005

57,782,316

34,703

2,121,238

23,858,482

1,991,813

44,534,351

4,664,492

21,604 135,008,999

Addition 31 December 2005 Net book value

Depreciation charge (included in earnings statements for the year) Year 2004

30,147,717

Year 2005

16,518,217 (Unit : Baht) The Company Only Furniture and office Land

Golf course

Buildings Club House

Equipment

equipment

Facilities Vehicles

system

Total

Cost : 31 December 2004

57,782,316 205,125,638

7,903,100

40,617,285

2,540,629

35,202,195 22,802,583

Purchase

1,921,000

4,446,560

Disposal

(3,745) (5,900,000)

(5,903,745)

57,782,316 205,125,638

7,903,100

40,617,285

4,461,629

37,724,010 16,902,583

63,180,918 433,697,479

31 December 2004

- 204,951,365

7,903,087

14,727,939

2,437,201

22,442,972 17,428,869

63,159,314 333,050,747

Depreciation for the year

139,570

2,030,864

110,111

2,350,170

8,746,980

Depreciation disposal

(1,461) (5,897,544)

(5,899,005)

31 December 2005

- 205,090,935

7,903,087

16,758,803

2,547,312

26,557,776 13,881,495

31 December 2005

2,525,560

63,180,918 435,154,664

Accumulated depreciation :

140

4,116,265

63,159,314 335,898,722

(Unit : Baht) The Company Only Furniture and office Land

Golf course

Buildings Club House

Equipment

equipment

Facilities Vehicles

system

Total

Net book value : 31 December 2004

57,782,316

174,273

25,889,346

103,428

12,759,223

5,373,714

21,604 102,103,917

31 December 2005

57,782,316

34,703

23,858,482

1,914,317

11,166,234

3,021,088

21,604

97,798,757

Depreciation charge (included in earnings statements for the year) Year 2004

25,692,121

Year 2005

8,746,980

As at 31 December 2005 and 2004, certain plant and equipment items have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets amounted to 312 Baht million and Baht 305 million, respectively (The Company Only : Baht 298 million and Baht 293 million, respectively). The Company and subsidiaries have mortgaged their land, including structures thereon, to secure loans from financial institutions of the Company and its subsidiaries, as discussed in Notes 17 and 19 to the financial statements.

16. OTHER RECEIVABLES On 19 June 1998, the Company entered into an agreement with a company to sell its investment in 2.5 million ordinary shares of Rajadamri Land Co., Ltd., with a par value of Baht 10 each, at a total price of Baht 12,037,583. Under the agreement, among certain other conditions, the Company was to be paid in two portions, with the first portion to be paid through six post-dated cheques for a total of Baht 5,787,583 and payable at six-monthly intervals between December 1998 and June 2001. For the second portion, the buyer has the option either to pay through a single cash payment of Baht 6,250,000 (payable within six months of Rajadamri Land’s registration of the subleasing of the 10th customer of its project) or by providing the leasehold to a minimum of 127.39 square wahs of the Rajadamri Land project for 29 years. The Company has already recorded such receivables as “Other receivables” in the balance sheets and on 31 December 2005 and 2004, the outstanding balance of such receivables is approximately Baht 10 million and the Company has recorded an allowance for doubtful debt in its entirety.

17. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS (Unit : Baht) Consolidated 2005

Bank overdrafts

The Company Only 2004

13,648,248

19,361,261

2005

13,648,248

2004

19,361,261

Short-term loans from financial institutions

260,000,000

840,000,000

260,000,000

840,000,000

Total

273,648,248

859,361,261

273,648,248

859,361,261

The Company and its subsidiaries’ short-term loans from banks and financial institutions carry interest at the minimum loan rate plus/minus a certain percentage per annum, and are due for repayment within one year. The Company and its subsidiaries have mortgaged most of their freehold land, leasehold land and the constructions thereon (both present and future construction) with financial institutions to secure the loans of the Company and its subsidiaries.

18. SHORT-TERM LOAN FROM MINORITY INTEREST OF SUBSIDIARY As at 31 December 2005 and 2004, the outstanding balance is a short-term loan from a shareholder of a subsidiary and interest is charged at the minimum loan rate of a local bank.

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19. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS (Unit : Baht) Consolidated

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

The Company Only

2005

2004

2005

2004

3,782,185,000

3,084,339,823

700,000,000

104,507,945

(300,000,000)

(104,507,945)

(1,641,000,000) 2,141,185,000

(644,507,945) 2,439,831,878

400,000,000

The Company and its subsidiaries’ long-term loans from banks carry interest at the minimum loan rate plus/minus a certain percentage per annum. Between 1999 up to 2002, the Company and its subsidiaries entered into debt restructuring agreements and debt compositions and payment with various banks and financial institutions. The significant conditions of the agreements are that the banks and financial institutions agreed to reduce the outstanding debt, where the Company and its subsidiaries are to repay the remaining debt in accordance with the conditions and terms stipulated in the agreements. The Company and its subsidiaries have recorded the related adjustment transactions in their accounts, with accrued interest expenses which are to be repaid over periods of more than one year recorded as other liabilities under the caption “Long-term interest payable” in the balance sheets. The Company recorded the reduction in its debt obligations as a gain from debt restructuring. For most of the loans, repayment of principal is generally due whenever a plot of land is redeemed from mortgage, at the rates stipulated in the loan agreements, with the remaining balance to be repaid within a specific timeframe. The loans agreements contain covenants and restrictions on the Company and its subsidiaries imposed by the lenders, related to such matters as the maintenance of a debt to equity ratio, merger or consolidation with or into any other corporations, investment in securities, share capital reduction or dividend payments, and guarantee of any other person. The Company and its subsidiaries have mortgaged most of their freehold land, leasehold land and the constructions thereon (both present and future construction) with banks and a subsidiary have transferred part of right to receive money’s in escrow accounts to certain banks to secure their loans.

20. DEBENTURES (Unit : Baht) Consolidated

Debentures

2004

2005

2004

1,100,000,000

1,903,000,000

1,100,000,000

1,903,000,000

(396,000,000)

(803,000,000)

Less : Current portion of debentures

(396,000,000)

Debentures, net of current portion

704,000,000

20.1

The Company Only

2005

(803,000,000) 1,100,000,000

704,000,000

1,100,000,000

On 9 October 2002, the Company issued Baht 1,100 million of unsubordinated, amortising, 3-year, secured debentures (1.1 million units with a face value of Baht 1,000 each) maturing on 9 October 2005 and bearing interest at a fixed rate of 4.95 percent per annum, payable every quarter. Principal is scheduled for repayment in seven installments, with six installments of Baht 99 million each to be paid quarterly, commencing 9 April 2004, and the final installment of Baht 506 million to be paid on 9 October 2005. The conditions of the issuance of the above debentures stipulate certain significant covenants with which the Company must comply throughout the life of the debentures. These relate to matters such as the maintenance of a debt to equity ratio, a ratio of collateral value to total debt outstanding under the debentures, and a dividend payment ratio, among others. The Company and a subsidiary have mortgaged its land and construction thereon as collateral against the above debentures. During the current year, such debentures were fully redeemed.

20.2

142

On 20 August 2003, the Company issued Baht 1,100 million of unsubordinated, amortising, 5-year, secured

debentures (1.1 million unit with a face value of Baht 1,000 each) maturing on 20 August 2008 and bearing interest at a fixed rate of 3.2 percent per annum, payable every quarter. Principal is scheduled for repayment in eleven installments, with ten installments of Baht 99 million each to be paid quarterly, commencing 20 February 2006, and the final installment of Baht 110 million to be paid on 20 August 2008. The conditions of the issuance of the above debentures stipulate certain significant covenants with which the Company must comply throughout the life of the debentures. These related to matters such as the maintenance of a debt to equity ratio, a ratio of collateral value to total debt outstanding under the debentures, and a dividend payment ratio, among others. The subsidiary has mortgaged its land and construction thereon as collateral against the above debentures. On 29 April 2005, the Annual General Meeting of the Company’s shareholders passed resolutions approving action by the Company in respect of several matters, with the significant resolutions being approval of the issue and offer of up to Baht 3,000 million of 10-year debentures through a public offering and/or private placements and/or offer to local investors and/or offer to foreign investors. Details and conditions are to be determined at the discretion of the Company’s Board of directors. At present, the Company has not yet proceeded.

21. SHARE SUBSCRIPTION PAYABLE TO SUBSIDIARIES These represent the share subscription payables to Sathorn Supsin Company Limited of Baht 153 million (2004 : Sathorn Supsin Company Limited of Baht 153 million and Golden Land (Mayfair) Company Limited of Baht 10 million).

22. STATUTORY RESERVE Under the Public Company Limited Act B.E. 2535, the Company is required to set aside a statutory reserve of at least 5 percent of its net profit, after deducting accumulated deficit brought forward (if any) until the reserve reaches 10 percent of its registered share capital. The statutory reserve cannot be used for dividend payment.

23. WARRANTS The Company issued the warrants as follows :23.1 The 12,266,665 warrants allocated to the directors and/or employees of the Company free of charge had an exercise price of Baht 10, with one warrant entitling the holder to purchase one ordinary share. These warrants expired on 30 June 2005, and as of the expired date one warrant holder had exercised 100,000 warrants to purchase 100,000 ordinary shares at an exercise price of Baht 10 each, a total of Baht 1 million. 23.2 The 28,183,335 warrants allocated to the employees of the Company free of charge. These warrants mature in 2008 and have an exercise price of Baht 10, with one warrant entitling the holder to purchase one ordinary share. Up to 31 December 2005, one warrantholder exercised 200,000 warrants to purchase 200,000 ordinary shares at an exercise price of Baht 10 each, totaling Baht 2 million. In addition, up to 31 December 2005, 9,577,779 warrants were terminated as the employees who get the right to gain such warrants, resigned from the Company. As of 31 December 2005, 18,405,556 warrants (31 December 2004 : 27,983,335 warrants) are outstanding.

24. DEPOSITS AND CASH RECEIVED IN ADVANCE As at 31 December 2005 and 2004, installments paid but not yet to recognised as revenue, amounting to Baht 1,002 million and Baht 239 million, respectively, are presented in “Deposits and cash received in advance”.

25. DIRECTORS’ REMUNERATION Directors’ remuneration represents benefit paid to the Company’s directors in accordance with Section 90 of the Public Limited Company Act, exclusive of salaries and related benefits payable to executive directors.

143

26. CORPORATE INCOME TAX Corporate income tax has been calculated on earnings for the year after deducting tax loss brought forward from previous years and adding back certain expenses and provisions which are disallowable for tax computation purposes. The provisions can be claimed as tax deducible expenses when incurred.

27. RECONCILIATION OF DILUTED EARNINGS PER SHARE Weighted average Net earnings (loss)

number of ordinary shares

Earnings (loss) per share

2005

2004

2005

2004

2005

2004

Baht

(302,509,970)

353,044,882

630,082,069

630,068,408

(0.48)

0.56

353,044,882

630,082,069

630,068,408

Basic earnings per share Net earnings (loss) Effect of dilutive potential ordinary shares 18,405,556 warrants (2004 : 40,150,000 warrants)

Diluted earnings per share Net earnings (loss) of ordinary shareholders assuming conversion of dilutive potential ordinary shares

(302,509,970)

(0.48)

0.56

28. COMMITMENTS As at 31 December 2005, the Company and its subsidiaries had the following outstanding commitments :28.1 The subsidiaries have outstanding commitments totalling approximately Baht 2,694 million with respect to design and construction contracts. 28.2 The subsidiary entered into agreements with a foundation, to lease land on which to develop residential building for rent, for periods of 50 years, commencing 5 October 2003. Future rental payments required under these lease agreements are as follow :Payment due

Within 1 year In 2nd to 5th year

Million Baht

3.7 25.2

After 5th year

238.2

Total

267.1

At the end of lease period with such foundation the lessor agrees to extend the lease period for another 10 years. Rental payables in the future are totaling Baht 94.4 million. 28.3 The subsidiary entered into agreements with the Privy Purse Bureau, to lease land on which to develop office building for rent, for periods of 30 years, commencing 1 September 1992. Future rental payments required under these lease agreements are as follow :Payment due

Within 1 year

2.3

In 2 to 5 year

10.4

After 5th year

45.0

Total

57.7

144

Million Baht

28.4 The subsidiary entered into agreements with the Crown Property Bureau to lease land for the development of a building complex, for a period of 36 years (ending October 2038). Future rental payments required under these lease agreements are as follow :Payment due

Within 1 year In 2 to 5 year nd

Million Baht

67.8 216.1

After 5th year

1,350.0

Total

1,633.9

In addition, the lessor agrees to grant the subsidiary the option renew these lease agreements for a two further periods of ten years each, under the conditions, covenants and with the rental fees as stipulated in the agreement. 28.5 The property fund entered into agreements with the Crown Property Bureau to lease land for the development of a property project, for a period of 33 years (ending January 2035). Future rental payments required under these lease agreements are as follow :Payment due

Within 1 year In 2 to 5 year nd

Million Baht

192.3

After 5th year

1,863.9

Total

2,056.2

In addition, the lessor agrees to grant the property fund the option renew these lease agreements for a two further periods of ten years each, under the conditions, covenants and with the rental fees as stipulated in the agreement. However, the property fund is currently negotiating with the Crown Property Bureau to extend the first construction period, which has expired. The lease agreement stipulates that if the lessee is unable to perform construction in accordance within the specific timeframe, the Crown Property Bureau has the right to double the rental fees (which would represent an increase of approximately Baht 11 million). The outcome of the negotiations is not yet known. 28.6 The Company has outstanding commitments totalling approximately Baht 52 million in respect of the uncalled portion of its investment in a subsidiary. 28.7 Two subsidiaries have entered into management and royalty agreements with two companies, whereby those companies will provide assistance with the management of the serviced apartments projects of the subsidiaries and permit the subsidiaries to use certain trademarks. The agreements are effective from the dates that projects commence a twenty-year period, with options to extend for further periods of ten years. The subsidiaries are to pay various fees at a percentage of the gross revenues and/or net operating profits of the projects, as stated in the agreements.

29. RELATED PARTY GUARANTEES As at 31 December 2005, the Company has provided guarantees to financial institutions against certain obligations of its subsidiaries of Baht 4,402 million. Generally, the guarantees are effective so long as the underlying obligations have not yet been discharged by those subsidiaries. No fee is charged for the provision of these guarantees.

30. BANK GUARANTEES As at 31 December 2005 and 2004, there were outstanding bank guarantees of approximately Baht 269 million and Baht 210 million (The Company Only : Baht 6 million and Baht 20 million), respectively which were issued by banks on behalf of the Company and its subsidiaries in respect of certain performance bonds as required in the normal course of their business.

145

31. LITIGATION AND CONTINGENT LIABILITIES As at 31 December 2005, the following significant litigation had been filed against the Company and its subsidiaries :31.1 The House Committee on Consumer Protection filed lawsuits against the Company and a related company, seeking the return of deposits totaling Baht 113 million on the grounds that the Company and the related company advertised and invited the public to purchase condominium units in a project of the related company, as a result of which the related company received deposits from customers, but the related company was not able to construct the condominium units and transfer ownership to the customers. For the cases valued at approximately Baht 17 million, the cases are being heard by the court of first instance. For the cases valued at approximately Baht 96 million, the appeals court judged the Company jointly liable for payment, together with interest at the rate of 7.5 percent per annum, calculated from the latest date that project customers made payment in some cases and from the date that the customers filed suit with the courts in other cases until such time all the outstandings have been paid, same as the decision of first instance. The Company has petitioned the decisions of the appeals court and the lawsuits are currently being heard by the supreme court. 31.2 The customers of a related company have filed lawsuits against the Company and that related company, suing for compensation totaling Baht 10 million on the grounds that they paid deposits for buildings in a project of that related company but the related company was not able to construct and transfer the condominiums to them. For the cases valued at approximately Baht 3.6 million, the cases are being heard by the court of first instance. For the cases valued at approximately Baht 6.4 million the court of first instance judged the Company jointly liable for payment, together with interest at the rate of 7.5 percent per annum, calculated from the latest date that project customers made payment in some cases and from the date that the customers filed suit with the courts in other cases until such time all the outstandings have been paid. The Company has appealed the decisions of the court of first instance and the lawsuits are currently being heard by the appeals court. The Company set up an allowance for this contingent liability based on the cases value plus interest at the rate of 7.5 percent per annum, calculated from the date stipulated in the judgement as of 31 December 2005 which valued at approximately Baht 166 million.

32. NUMBER OF EMPLOYEES AND RELATED COSTS Consolidated 2005

Number of employees at end of year (persons) Employee costs for the year (thousand baht)

The Company Only 2004

2005

2004

367

332

148

161

204,544

189,231

156,542

160,803

33. FINANCIAL INFORMATION BY SEGMENT The Company and its subsidiaries’ operations are carried on in a single geographic area in Thailand and involve the real estate, golf course, rental and service industries. The financial information in the consolidated financial statements as of and for the years ended 31 December 2005 and 2004 is as follows :-

146

(Unit : Million Baht)

Revenues from third parties Revenues from related parties Operating profit (loss)

Real estate

Golf course

Rental and

business

service business

2005

2004

2005

2004

2005

2004

2,255

3,761

367

2,255

3,761

912

1,496

Others

Eliminated

2005

2004

2005

231

116

372

449

(389)

384

246

432

565

(389)

152

116

Total

2004

2005

2004

2,705

4,132

(464)

2,705

4,132

1,140

1,683

Interest income

Central expenses

(842)

(848)

Loss from impairment and write off of asset

(156)

(8)

Loss from legal case

(166)

Share of gain (loss) from investments accounted for under equity method

(7)

Earnings (loss) before interest expenses and income tax

(7)

831

(262)

(255)

(87)

(219)

(356)

357

(4)

(302)

353

3,439

3,475

Interest expenses Corporate income tax Earnings (loss) before minority interest Loss (earnings) of minority interest Net earnings (loss) for the year Property, plant and equipment for rent - net Property, plant and equipment - net

3,439

3,475

111

115

135

141

Other assets

9,933

10,390

Total assets

13,507

14,006

34. FINANCIAL INSTRUMENTS FINANCIAL RISK MANAGEMENT AND POLICIES The Company and its subsidiaries are exposed to risks from changes in market interest rates and in currency exchange rates, and from non-performance of contractual obligations by counterparties. The Company and its subsidiaries do not use derivative instruments to manage such risks. They do not hold or issue derivative instruments for speculative or trading purposes.

INTEREST RATE RISK The interest rate risk is the risk that future movements in market interest rates will affect the results of the Company’s and its subsidiaries’ operations and their cash flows. The Company’s and its subsidiaries’ exposure to interest rate risk relates primarily to its deposits with financial institutions, bank overdraft, loan and debentures. The Company and its subsidiaries do not use derivative financial instruments to hedge such risk. The details of long-term loans are set out in Note 17, 19 and 20 to the financial statements.

FOREIGN CURRENCY RISK As at 31 December 2005 and 2004, the Company and its subsidiaries have no assets/liabilities denominated in foreign currency.

147

CREDIT RISK The Company and its subsidiaries operate in property development which is exposed to credit risk primarily with respect to trade accounts. However, due to the large number of entities comprising the Company and its subsidiaries’ customer base, the management believes that the maximum exposure to credit risk is limited to the carrying amount of receivable less allowance for doubtful debt as stated in the balance sheets.

FAIR VALUE Since the majority of the financial assets are short-term and the loans and secured debentures carry interest at rates close to current market rate (except for certain interest-free loans to associated companies), the management believes that the fair value of the Company and its subsidiaries’ financial assets and liabilities (except for certain interest-free loans to associated companies) not materially differ from their carrying value.

35. PRESENTATION The presentation of these financial statements has been made in compliance with the Notification of the Department of Business Development dated 14 September 2001, issued under the Accounting Act B.E. 2543. Certain amounts in the financial statements for the year ended 31 December 2004 have been reclassified to conform to the current year’s classifications, with no effect on previously reported net earnings or shareholders’ equity.

36. APPROVAL OF FINANCIAL STATEMENTS These financial statements were authorised for issue by the authorised director on 28 February 2006.

148